Sigma Healthcare Ltd. (SIG.AX): SIG FY26 Results Preview

研报英文原文证据摘录

Equity Research

11 August 2026 | 6:55PM AEST

Sigma Healthcare Ltd. (SIG.AX): SIG FY26 Results Preview

We provide our SIG FY26 result preview ahead of results

Cutting through the noise - our key points heading into results

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Expecting a modest beat vs. consensus: We are 6%/5%/4% ahead of Visible

Alpha consensus 2H26/FY27/FY28 EPS driven by margins.

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2H26 CW Australia LFL sales growths should be strong. GSe +14% vs.

consensus +13%. Channel checks suggest strong trading has continued in

May/Jun in Australia, and we expect GLP-1s to continue to provide a strong

Peter Marks

+61(02)9321-8846 |

Goldman Sachs Australia Pty Ltd

Rayanne Haidar

+61(2)9321-8739 |

Goldman Sachs Australia Pty Ltd

James Leigh, CFA

Goldman Sachs Australia Pty Ltd

tailwind into 2027.

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GLP-1 watch: We expect the launch of oral GLP1s in Australia in 2027 to support

CW LFL sales growth. The UK Wegovy launch has caused a positive inflection in

growth for the total UK GLP-1 obesity weekly volumes, up ~25% since the launch

(See Exhibit 10).

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Trading update key number: CW Australia LFL sales growth of 8-10% in

Jul-Aug would be consistent with consensus expectations for +9.9% in FY27.

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2H26 margins drivers: The key drivers are moderating cost growth +58bps (GSe

2H26 CODB ex-synergies growth to +9.3% vs. 13.8% in 1H); and synergies

+37bps; GSe $22m in 2H26 (vs. $13m in 1H).

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International store openings were light in 2H26 (GSe 7 vs. guidance for 11)

which may have been impacted by Dubai disruption, but Ireland also appears

light.

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UK market in focus: E.g., Boots acquisition discussions and the expected

conversion of Greenlight stores in FY27

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Escrow details: ~5bn shares will be released from voluntary escrow on 27

August. Mario Verrocchi (accounting for ~2.3bn) has confirmed he does not

intend to sell any shares in the near term. Jack Gance (~1.4bn) and Sam Gance

(~1.3bn) have confirmed they do not intend to sell more than 20% of their

respective shareholdings in the near term.

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Recent underperformer with plenty of upside: SIG is up 5% since 18th May vs.

Australian peers WES +26%; WOW +23% COL +15% (See Exhibit 2). We think the

has been driven by 1) the Boots acquisition discussions and 2)

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