ASX Weekly Earnings Review — 28 February 2026

The ASX delivered a heavy week of corporate earnings with 455 companies reporting actual results and 27 providing trading updates or guidance revisions out of 665 total announcements. The overall tone was constructive with 247 positive results outweighing 104 negative outcomes, though several major companies faced operational headwinds despite revenue growth.

Earnings Results

Woolworths Group

WOW reported revenue growth of 3.4% to $37.1B but underlying profit before significant items declined 16.4% to $859M due to operational pressures. The standout issue was a massive $710M provision for payroll remediation following a Federal Court decision, causing reported NPAT to plunge 49.4% to $374M. Despite the provisions, the board maintained the interim dividend at 45 cents per share. This comes amid reports that the supermarket giant is facing margin squeeze challenges. Shares closed the week at $36.35, up 16.4%.

Sigma Healthcare

SIG delivered strong first half results with revenue growth of 14.9% to $5.5B and NPAT up 19.2% to $392M. Australian Chemist Warehouse store sales growth accelerated to 17.2% with 15.0% like-for-like growth, while international expansion continues with retail network sales up 24.5%. The company declared a 2 cent dividend and remains on track to deliver $100M annual synergies by FY29. Shares traded flat at $2.94 for the week following the results announcement.

Scentre Group

SCG posted solid annual results with revenue up 1.8% to $2.69B and funds from operations rising 4.9% to $1.19B. The Westfield operator achieved record business partner sales of $30B while maintaining 99.8% portfolio occupancy. NPAT surged 69.4% to $1.78B, though this reflected asset revaluations rather than operational performance. The company declared a distribution of 17.72 cents per share. Shares gained 0.5% to $3.83 over the week.

Lynas Rare Earths

LYC delivered strong H1 results with revenue surging 62.7% to $413.7M and NPAT jumping to $80.2M from $5.9M in the prior period. The company benefited from higher production volumes following completion of Mt Weld expansion projects and increased rare earth pricing. This follows news of strong pricing momentum with NdPr prices reaching US$111.5/kg in February, up from US$74/kg in December. Shares rose 9.9% to $17.24, capitalising on Trump's critical minerals focus.

WiseTech Global

WTC delivered revenue growth of 76.0% to $672.0M driven by the e2open acquisition which contributed $249.4M, with 7% organic growth in CargoWise. While statutory NPAT declined 36% to $68.1M due to higher finance costs, underlying NPAT grew 2% to $114.5M. The company declared a 6.8 cent dividend and reaffirmed FY26 guidance. This comes as WiseTech announced it would cut up to 2000 developer and customer service jobs citing AI transformation. CEO Richard White bought $1M of shares following the results. Shares advanced 4.0% to $49.00.

Light & Wonder

LNW reported FY2025 revenue growth of 4.0% to US$3.31B with adjusted NPAT rising 18.1% to US$567M. However, GAAP net income declined 18% due to litigation settlements and transition costs. The gaming technology company achieved record quarterly AEBITDA of $405M in Q4 and returned $877M to shareholders through buybacks during 2025. Shares closed at $135.38.

Greatland Resources

GGP posted NPAT of $342.9M and EBITDA of $560.3M driven by strong gold production of 167,163 ounces and higher commodity prices. The company completed its Havieron Feasibility Study showing a world-class development with post-tax NPV of $2.9B, while maintaining a debt-free balance sheet with $948.3M cash. This follows reports of progress on the Havieron project and new joint venture announcements. Shares traded at $13.49.

NextDC

NXT delivered record H1 results with revenue up 13.0% to $189.2M and underlying EBITDA rising 9% to $115.3M. Contracted utilisation surged 137% to 416.6MW with a forward order book of 296.8MW underpinning future growth. While the company posted a net loss of $39.4M, this improved 8% on the prior period, demonstrating progress toward profitability. Management increased capex guidance to $2.4-2.7B to accelerate capacity expansion. Shares gained 3.0% to $14.34.

Ramsay Health Care

RHC reported solid half-year results with revenue up 9.3% to $9.38B and underlying NPAT growing 8.1% to $171.7M. The hospital operator showed improving performance in Australia where underlying EBIT increased 7.1%. The company raised its fully franked interim dividend by 6.3% to 42.5 cents. This points to the hospital giant's operational turnaround gaining momentum. Shares surged 9.1% to $42.12.

Yancoal Australia

YAL achieved record coal production of 50.8Mt but revenue fell 13.3% to $5.95B due to a 17% decline in coal prices. Despite the challenging pricing environment, NPAT of $440M declined 63.8% from the prior year though the company maintained strong operations and ended with $2.1B cash. A 12.2 cent dividend was declared. Shares dropped 7.5% to $5.64 as investors focused on the margin compression challenges.

Trading Updates & Guidance

Fisher & Paykel Healthcare

FPH upgraded FY26 guidance due to favourable currency movements and strong hospital product growth. Revenue guidance increased to approximately $2.30B from the previous $2.17-2.27B range, while NPAT guidance lifted to $450-470M from $410-460M. The company highlighted good progress in changing clinical practice and improving margins. Shares rose 8.9% to $34.49 following the upgrade.

Flight Centre Travel Group

FLT delivered strong half-year results with underlying profit before tax growing 4% to $124.6M despite interest headwinds. Record total transaction value of $12.5B (+7%) and a record low cost margin of 9.6% demonstrated operational efficiency gains. The company reaffirmed FY26 guidance of $315M-$350M UPBT and declared a 12 cent interim dividend. Shares declined 9.4% to $12.69 despite the solid results.

Air New Zealand

AIZ reported a loss before taxation of $59M for the half year, primarily due to ongoing global engine maintenance delays affecting up to 8 aircraft. Despite receiving $55M compensation from engine manufacturers, the airline estimates $90M in lost earnings from fleet constraints. Second-half earnings are expected to be broadly in line with or modestly below first half performance. Shares traded at $0.48.

Notable Shareholder Movements

MS ceased to be a substantial holder in Pilbara Minerals at 77.3%, marking a significant reduction in institutional exposure to the lithium producer. Meanwhile, Mr Antanas Guoga became a substantial holder in Careteq Limited with an 11.64% stake, and State Street Corporation crossed the 5% threshold in Emerald Resources. Citigroup Global Markets also became a substantial holder in Lifestyle Communities with a 5.32% position.

Looking ahead, the heavy reporting season continues with many mid-cap companies yet to announce results. The mixed performance of major retailers and resources companies this week suggests investors remain focused on operational execution rather than just revenue growth, particularly as inflationary pressures and supply chain challenges persist across multiple sectors.