JB Hi Fi Ltd. (JBH.AX): Bifurcated iPhone 18 release to drive an earnings shift from 1H27 to 2H27 for JB Hi Fi Australia

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JB Hi Fi Ltd. (JBH.AX): Bifurcated iPhone 18 release to drive an earnings shift from 1H27 to 2H27 for JB Hi Fi Australia

Equity Research

28 July 2026 | 12:04PM AEST

JB Hi Fi Ltd. (JBH.AX): Bifurcated iPhone 18 release to drive an earnings

shift from 1H27 to 2H27 for JB Hi Fi Australia

Our US Hardware team published their Apple F3Q26 preview overnight. Their Peter Marks

+61(02)9321-8846 |

updated product pipeline shows Apple is now expected to launch premium iPhone peter.marks@gs.com

Goldman Sachs Australia Pty Ltd

18 family models in September 2026 (iPhone foldable, iPhone Pro/Pro Max), and

Rayanne Haidar

lower-end models in Spring 2027 (iPhone 18e, iPhone 18 base, iPhone Air 2). This is a +61(2)9321-8739 |

break from Apple’s historical releases where all iPhone models are traditionally rayanne.haidar@gs.comGoldman Sachs Australia Pty Ltd

launched in September each year. Whilst we don’t expect a net change in FY27 sales, James Leigh, CFA

this is likely to shift JB Hi Fi Australia sales from 1H27 to 2H27, meaning LFL’s could +61(2)9321-8450Goldman Sachs Australia| james.leigh@gs.comPty Ltd

be negative in 1H27 for JBH (we now forecast -2% vs. VA consensus +2%). It also

highlights the risk of suppliers prioritising higher margin products at the expense of

entry level products given memory prices. We see 1H27 earnings declining given

further pressures including a weaker macro backdrop driven by falling Australian

house prices, CODB pressures driven by wages; increasing competition and an

elevated P/E Multiple (17.4x GSe FY27E EPS vs. 10 yr average 15.1x). Retain Sell

rating.

What does this mean for JBH?

n 1H27 JB Hi Fi Australia LFL sales growth could be negative, but 2H27 should

be much stronger Apple iPhone is a key product for JB Hi Fi Australia and we