Breville Group Limited (BRG.AX): De‘Longhi Q2 result suggests BRG‘s key market of USA remains strong

研报英文原文证据摘录

Breville Group Limited (BRG.AX): De‘Longhi Q2 result suggests BRG‘s key market of USA remains strong

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30 Jul 2026 18:19:41 ET │ 13 pages

Breville Group Limited (BRG.AX)

De' Longhi Q2 result suggests BRG's key market of USA remains strong

CITI'S TAKE

Buy We see positive readthroughs for Buy-rated Breville from De’Longhi’s

2Q26 result overnight, which revealed ongoing strength in the coffee Price (30 Jul 26 16:00) A$32.80

category, particularly revenue growth in the Americas (BRG’s key market) Target price A$39.65

accelerating from Q1 to Q2, driven by strong coffee machine performance Expected share price return 20.9%

and stabilisation in nutrition (blenders). Group-wide, the coffee segment Expected dividend yield 1.2%

grew at mid-single digits, an acceleration from low single digits in Q1 at Expected total return 22.0%

constant FX, supported by both automatic and manual machines and an

Market Cap A$4,751M acceleration in the coffee accessories category.

US$3,304M

Other points

• Americas region revenue growth accelerated from 18.2% in Q1 to Sam TeegerAC

20.8% in Q2 (constant currency) driven by the household division +61-2-8225-4319

(Breville’s key growth market – 56% of 1H26 revenue) including strong sam.teeger@citi.com

coffee machine performance and a stabilisation in nutrition (blenders). Eileen Li

This strength is directionally consistent with the recent results of

BRG’s key retailers which we discuss here. Professional coffee

maintained doubled digit growth during Q1 and Q2.

• APAC sees slower growth. 2Q constant currency growth slowed to 4%

from 17% in 1Q which the company attributed to a partial slowdown in

the household division. It is unclear the materiality of Australia in this

segment, however, there have been a number of broader retail