• Double-digit growth across orders, revenue and EBIT for KWB Group
• Improved EBIT margins across Bedshed's franchised and company-owned stores
• Healthy balance sheet with $35.8M group cash and debt-free

Joyce Corporation Ltd (ASX: JYC) reported a strong operational and financial performance in the first half of FY26 (1HY26). The group's revenue increased by 11.2% to $81.7M, while normalised EBIT grew by 21.4% to $14.8M and normalised NPAT attributable to JYC shareholders increased by 29.2% to $5.1M. The KWB Group, which operates the Kitchen Connection and Wallspan brands, delivered double-digit growth across orders, revenue and EBIT. The business continued to expand its showroom network, opening a new showroom in Melrose Park, Adelaide in the first quarter of FY26. The company has a near-term expansion pipeline, with plans to open new showrooms in Moore Park (NSW), Fyshwick (ACT) and Fortitude Valley (QLD) over the next 18 months. Bedshed, the group's bedding and bedroom furnishings business, also performed well, with record promotional trading periods and improved EBIT margins across both franchised and company-owned stores. The company sold its Mackay company-owned store to a former store manager, realising a profit of $56k.The Joyce Group maintained a healthy balance sheet, with $35.8M in group cash and no debt at 31 December 2025. The company is committed to shareholder returns, declaring a record interim dividend of 13 cents per share (fully franked), with a NPAT payout ratio of 75%.Overall, the group's strong performance in 1HY26 was driven by the continued execution of its strategy, focused on organic growth, operational efficiency and disciplined capital management across its capital-light and high-margin businesses.

The company reported a 14.7% increase in EBIT for the KWB Group to $14.5M in 1HY26, with an EBIT margin of 21.6%. Bedshed's combined operations EBIT increased by 18.0% to $2.6M, with an EBIT margin of 18.1% in 1HY26.

The company is confident in its outlook for the remainder of FY26, noting record January 2026 orders written at attractive margins and the typically stronger revenue and EBIT performance in the second half of the financial year compared to the first half. The company remains focused on its long-term target of a 50+ showroom network for the KWB Group and a 65+ store network for Bedshed within Australia.