• Total sales up 6.7%, with comparable store sales up 4.7%
• Gross margin of 41%, up 124 bps, in line with FY26 target
• Pro forma NPAT up 4.1% to $5.0m, underlying NPAT up 44% to $7.2m

Baby Bunting Group Ltd (Baby Bunting or the Group) has reported its financial results for the half year ended 29 December 2025 (1H FY26). The Group's Pro Forma Net Profit After Tax (NPAT) was $5.0 million, up 4.1% from $4.8 million in the prior corresponding period (pcp), within the Group's guidance range. Underlying NPAT, which excludes significant items, was up 44% to $7.2 million. Statutory NPAT of $1.8 million was down from $3.9 million in 1H FY25. Total sales of $271.4 million for the period were up 6.7% compared to 1H FY25, underpinned by strong comparable store sales growth of 4.7% - exceeding the Group's guidance range. Gross Profit Margin was up 124 bps on 1H FY25 at 41.0%, reflecting the benefit of annualised supplier trading terms and continued growth in the Group's private label and exclusive product ranges. The Group's Store of the Future refurbishment program delivered a 25% sales uplift, at the top end of the 15%-25% target. Looking ahead, the Group has maintained its pro forma NPAT guidance for the second half of $12.5 million to $14.5 million, and the full year pro forma NPAT guidance is now $17.5 million to $19.5 million.

Full year pro forma NPAT guidance is now $17.5 million to $19.5 million, assuming full year comparable store sales growth of 5%-7% and gross margin above 41%.

The Group plans to complete 6 refurbishments in 2H FY26 and open 2 new large format stores. The 2H FY26 pro forma NPAT guidance range is maintained at $12.5 million to $14.5 million.