恒定汇率增长稳健，毛利率超预期成为亮点

研报英文原文证据摘录

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M

Update

August 19, 2026 04:13 AM GMT

Morgan Stanley Australia Limited+

Breville Group Ltd. | Asia Pacific

Chenny Wang, CFA

Equity Analyst

Cc growth solid, GM beat a

highlight

James Bales

Equity Analyst

Edward Xu

Research Associate

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Breville Group Ltd. (BRG.AX, BRG AU)

Key Takeaways

FY26 result in-line at headline despite FX drag - underlying growth momentum

above cons.

GM 36% FY26 a clean beat +36.8% 2H26, a record high for BRG despite the

macro backdrop and manufacturing diversification headwinds...

...while noting minimal net impact from tariff refunds and vs VA cons FY27e GM

Australia Emerging Companies | Australia

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

In-Line

A$38.20

A$33.10

A$37.08-25.41

140

A$4,618

A$4,608

A$12

35.9%

More to come on execution - highlights - US store-in-store, solid new countries

performance, R&D acceleration with AI.

1st look - result in line despite FX headwinds, underlying momentum strong and GM

surprised much higher.

• Rev A$1,811m, +6.7% pcp vs A$1,841m VA cons - underlying growth trajectory

stronger with cc rev A$1,861m, +9.7% pcp.

• GM stood out - 36% vs 35.5% cons

° 2H26 GM 36.8% a record - despite 2H seasonally weaker, tariff

headwinds and manufacturing diversification.

° Appears GM is a "true" reflection, with BRG noting "minimal net P&L

impact" from tariff refunds.

° We seek to better understand impact of US Supreme Court decision in

late Feb.

° Strong GMs likely still had drag from higher raw material prices

(significant chemical price inflation post ME conflict).

° 2H26 GM has already eclipsed FY27e cons forecasts (35.9%).

• EBIT A$207m in line with guide / cons.

• Cash conversion solid 104%.

Execution

• US store-in-store performance solid - we think there's further rollout runway

here + global optionality.

…