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FY26 was a record year for Joyce Group, delivering strong financial and operational performance despite continued challenges in the consumer environment. Our results reflect the strength of our business models, the appeal of our brands, and the disciplined execution of our strategy across the Group.

Joyce Group revenue increased 14.7% to $169.9 million. Reported Group EBIT rose 39.0% to $31.5 million, with margin expanding from 16.1% to 18.5%, driven by revenue growth, improved margins and effective cost management.

Reported NPAT attributable to Joyce shareholders increased 47.1% to $10.8 million. Normalised NPAT was also $10.8 million, up 31.6%, reflecting the quality and resilience of our businesses and their capacity for sustainable earnings growth.

Joyce Group ended FY26 with net cash of $48.5 million, up from $39.2 million at the end of FY25.

KWB remained Joyce Group’s key growth driver, with revenue up 19.0% to $143.2 million and EBIT up 30.3% to $31.6 million. EBIT margin improved to 22.1%, reflecting the business’s scalability, disciplined margin management and cost control. KWB strengthened its market-leading position in kitchen and wardrobe renovations, expanding to 31 showrooms and delivering growth in orders, revenue and profitability.

FY26 also marked an important milestone for KWB with the successful completion of the leadership transition from Co-Founder and Managing Director John Bourke to Cameron Crowell. Cameron officially assumed the role of CEO of KWB Group following a structured transition process. The transition provides continuity while maintaining clear focus on KWB’s proven operating model and long-term growth strategy.

Bedshed also delivered a solid performance in FY26. While revenue was broadly in line with the prior year, improved margin management, operational efficiencies and disciplined cost control contributed to an 8.5% increase in EBIT to $4.7 million and an improvement in EBIT margin to 17.7%. The business continued to strengthen its franchise network, open new stores and execute initiatives designed to support franchisee success and long-term network expansion.

We remain confident in the significant long-term opportunity available to the Bedshed brand, with a network ambition of more than 65 stores nationally.

Looking ahead, we remain cautious about near-term trading conditions. Housing activity, consumer confidence and cost-of-living pressures continue to influence demand across our markets. However, our businesses have consistently demonstrated resilience through varying economic cycles, and we enter FY27 with strong balance sheet capacity, robust cash generation and clear operating priorities.

Both KWB and Bedshed have significant growth opportunities ahead of them. KWB continues to progress toward its long-term target of more than 55 showrooms in premium homemaker centre locations, while Bedshed remains focused on expanding its franchise network and strengthening its market position across Australia.

I would like to express my sincere gratitude to all Joyce Group employees, franchise partners, management teams and directors for their dedication, professionalism and commitment throughout the year. Their efforts continue to underpin the success of the Group and the strength of our culture.

To our shareholders, thank you for your ongoing support and confidence in Joyce Group. FY26 was a record year for the Company and demonstrates the quality of our businesses and the effectiveness of our long-term strategy. We remain focused on disciplined execution, sustainable growth and delivering enduring value for shareholders in the years ahead.

Dan Madden, CEO Joyce Corporation (Joyce Group)