Redox reports record $1.330b revenue in FY26 results presentation
In its FY26 full-year results presentation delivered on 20 August 2026, Redox (RDX.ASX) reported record sales revenue of $1.330b, an increase of 6.9% on the prior corresponding period (PCP). The chemical distribution group also posted statutory net profit after tax (NPAT) of $92m, up 19.2%, and lifted its full-year dividend to 13 cps.
Chief Executive Officer and Managing Director Raimond Coneliano and Chief Financial Officer Kim Yap presented the results, outlining a year of organic growth supplemented by acquisition contribution, delivered against a backdrop of subdued demand. Management framed FY26 as a period of margin improvement, strengthening cash generation and a debt-free balance sheet.
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FY26 headline results at a glance
The results presentation set out a scorecard of gains across every headline line item.
- Sales Revenue: $1.330b (+6.9%)
- Gross Profit: $298m (+11.0%); Gross Margin 22.4% (+0.8ppts)
- EBITDAFX: $134m (+9.9%)
- NPAT (statutory): $92m (+19.2%)
- After-tax ROIC: 14.6% (+1.1ppts)
- Basic EPS: 17.5 cps (+19.2%)
- Final Dividend: 6.5 cps, payout ratio 74%
The profit and loss overview compares FY26 with the prior year across key underlying metrics.
| Metric | FY26 $m | FY25 $m | Change |
|---|---|---|---|
| Revenue | 1,330 | 1,244 | 6.9% |
| Gross profit | 298 | 269 | 11.0% |
| Gross margin | 22.4% | 21.6% | 0.8ppts |
| Underlying EBITDAFX | 134 | 122 | 9.9% |
| Underlying NPATFX | 87 | 80 | 9.0% |
| Proforma EPS (cents) | 17.5 | 14.7 | 19.2% |
| ROIC | 14.6% | 13.5% | 1.1ppts |
Growth was recorded across the board, with gross margin lifting on an improved product mix in the Asia-Pacific region and a strengthening margin profile in North America.
North American breakout and segment performance
The standout growth story came from North America, where sales grew 33.8% to exceed $100m for the first time. Management attributed the expansion to several factors.
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Customer conversions and share-of-wallet wins across the Industrial, Food, Human Health and Personal Care segments
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47 new Active Products added to the portfolio
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Growth in the recently established US Southeast region, alongside first success in the Canadian market, extending the group’s US presence to “coast to coast”
Australian sales grew 6.1% to $1.120b, supported by the integration of acquired business Molekulis onto the Redebiz system. The acquisition added sales of Transformer Oil to transformer manufacturers, energy generators and transmission businesses. The completion of Redox’s acquisition of Molekulis Pty Ltd and Molekulis Limited occurred on 30 April 2025.
New Zealand revenue softened, declining 4.0% to $100m, impacted by lower demand from the Human Health industry segment.
What chemical distribution is and why the model matters
Redox describes itself as a globally significant chemical distributor, connecting suppliers and customers across a diverse range of industries.
The presentation detailed the scale of the platform underpinning this model:
- 8,700+ active customers
- 5,500+ SKUs
- 1,200+ active suppliers
- 100+ stock locations
- 1,200+ product groups
- 494-strong team
Management characterised the sector as highly attractive due to its fragmented structure, its essential role in global supply chains, and significant opportunities for organic growth and consolidation. Diversification across industries and geographies sits at the centre of the group’s resilience, reflected in a 30-year revenue CAGR of 10.1%.
Financial strength: cash generation and a debt-free balance sheet
The results presentation emphasised improved cash conversion and balance sheet quality. Cash from operations rose to $88m, up from $48m in the prior year, while free cash flow conversion improved by 21.8ppts to 62.5%, sitting within the long-term historical range of 60–80%.
Key balance sheet measures included:
- Cash from operations: $88m (up from $48m)
- Free cash flow conversion: 62.5% (+21.8ppts)
- Cash & cash equivalents: $123m with zero net debt (including $70m invested in short-term deposit)
- Net working capital as a % of revenue: 31.4% (improved, within long-term range)
CFO Commentary
The presentation noted that cash and cash equivalents of $123m, with zero net debt, provides abundant capacity to grow strongly, both organically and by acquisition.
The debt-free position gives Redox capacity to pursue both organic growth and acquisition opportunities.
Dividend lifted to 13 cps for the year
The presentation confirmed a continued focus on shareholder returns, with the dividend rising on the back of higher earnings.
- Final FY26 dividend: 6.5 cps
- Full-year dividend: 13 cps (up 4% on PCP)
- Payout ratio: 74% of profits (long-term target 60–80%)
- Payment date: 22 September 2026; record date 26 August 2026
The growing dividend is supported by rising earnings and remains within the group’s long-term payout ratio target.
Strategy and outlook: organic growth first
Management outlined a strategy built around four pillars from the Redox operating model: geographical expansion and M&A, diversification and resilience, strong purchasing power, and a leading sales force. The presentation reinforced that the primary focus is organic growth, complemented by acquisitions and geographic expansion.
Business growth and operations are supported by the group’s internally developed CRM/ERP system, Redebiz. Redox highlighted its extensive and growing customer, supplier and product base as a key competitive asset.
On outlook, management noted that performance is influenced by economic conditions, customer demand, product mix, supply chain developments and the timing of new business and acquisitions. Redox positioned itself as well placed to continue growing, supported by strong commercial teams, proprietary systems, a robust balance sheet and a diversified business model.
The presentation closed by reiterating that the chemical distribution sector remains highly attractive, with its fragmented structure and essential role in global supply chains offering ongoing opportunities for organic growth and consolidation.
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