• Sales to date not at expected levels
• Stabilizing new operating model with focus on supply chain and in-store availability
• Suppliers adding surcharges due to macro-economic conditions
• FY26 EBITDA no longer expected to grow year-on-year, but majority weighted to 2H26
• Strong balance sheet and net cash position

McPherson's Limited (ASX: MCP) has provided a trading update, stating that its sales to date are not at the levels previously expected. The company continues to embed its new operating model, with a specific focus on optimizing the supply chain and improving in-store availability. Additionally, given macro-economic conditions, a number of McPherson's suppliers have added various surcharges to mitigate their increased operating costs. In view of these factors, the company no longer anticipates year-on-year growth in underlying FY26 EBITDA. However, FY26 EBITDA is still expected to be majority weighted to the second half of the financial year. McPherson's retains a strong balance sheet and remains in a net cash position. The company intends to continue with the share buy-back announced in February, reflecting confidence in its long-term strategy and prospects.