• Record orders in FY25 with strong momentum into FY26
• Focus on residential kitchen renovations with capital-light operating model
• Proprietary software and systems create high barriers to entry

The announcement outlines the history and growth of KWB Group, a subsidiary of Joyce Corporation Ltd. KWB Group was established in 2012 and has since grown to become a leading player in the kitchen renovation market, with a focus on the 'Do It For Me' segment. The presentation highlights the company's strong financial performance, with a compound annual growth rate of around 20% in revenue and 73% in EBIT since FY13. The company has also seen record orders in FY25, providing a healthy platform for continued growth in FY26. KWB Group's strategy is centered around building infrastructure ahead of growth, with a capital-light operating model, proprietary software and systems, and a strong focus on the renovation market. The company aims to be the clear market leader in the 'Do It For Me' segment of kitchen renovations, delivering an exceptional retail and installation customer experience. The presentation also outlines the company's customer profile, sales and marketing funnel, installation model, and growth strategy, which includes expanding its showroom footprint and exploring opportunities in the wardrobe category. Overall, the announcement paints a positive picture of KWB Group's performance and growth potential in the kitchen renovation market.

For 1HY26, KWB Group reported orders of $71.0M (+21.7% vs 1HY25), revenue of $67.4M (+13.9% vs 1HY25), operating gross margin of 52.4% (+1.3 percentage points vs 1HY25), and EBIT of $14.5M (+14.7% vs 1HY25). The company also had an order book of $47.7M as of 31 December 2025 (+33.6% vs 1HY25).

KWB Group plans to continue its growth strategy, including expanding its showroom footprint with target additions in New South Wales, Australian Capital Territory, and Queensland. The company also sees opportunities to grow its wardrobe category, with plans to expand the range and roll out in New South Wales in FY28.