NEWS + VIEWS – 13/02/2026
MARKETS
Global share markets have been positive over the past week, despite a pullback in major technology stocks - particularly those linked to AI - as investors reassess valuations and heavy capital spending. Mixed economic data in the US such as stronger-than-expected jobs figures and ongoing inflation concerns have tempered rate cut expectations.
The ASX 200 has been driven mostly by volatility around domestic earnings results.
PROFIT REPORTING SEASON
The February 2026 reporting season has started in earnest. Early trends show solid earnings from banks and resources, some disappointment in sectors like healthcare, and a market poised for continued volatility as more results roll in during the rest of the month.
Amcor (AMC)
Global consumer packaging company AMC reported a strong uplift in sales and earnings in its half-year result, largely driven by its recently completed acquisition of Berry Global. Net sales for the period jumped 70% to US$11.2 billion while adjusted earnings rose 77% to US$1.29 billion from the previous year, reflecting the scale of the combined business and early synergy benefits from the Berry deal, even as some underlying volumes softened in parts of North America and Europe.
Management reaffirmed its full-year guidance, expecting adjusted earnings per share in the range of US$4.00 to 4.15 and free cash flow of US$1.8 to 1.9 billion, supported by continued integration and synergy capture from the Berry acquisition.
CAR Group (CAR)
Carsales parent CAR reported a strong performance for the six months to 31 December 2025, driven by growth across its global digital vehicle marketplaces. Revenue increased 8% to $626 million while net profit after tax (NPAT) rose 16% to $143 million compared with the previous corresponding period, reflecting resilient demand and solid operational execution across Australia, North America, Latin America and Asia.
The result was in line with guidance and management reaffirmed its full-year outlook, expecting revenue growth of 12-14% and earnings growth of 10-13%, supported by product innovation, expanded market penetration and strategic initiatives across its suites of online marketplaces.
Commonwealth Bank (CBA)
CBA reported a record first half-year cash profit of $5.4 billion, which was up 6% compared to the same period last year and ahead of market expectations. The result was driven by strong growth in lending and deposits, with home and business lending expanding and household deposits rising faster than system averages.
Despite CBA’s net interest margin falling -0.04% to 2.04% due to competition in a low-interest rate environment and higher operating costs partly due to technology and generative AI investments, the bank maintained solid credit quality and a robust capital position. It increased its interim dividend to $2.35 per share and management highlighted resilience in the Australian economy and ongoing strategic execution.
SGH
Formerly known as Seven Group Holdings, SGH delivered a solid half-year result with modest profit growth and strong cash flow. Revenue for the period was $5.4 billion, which was flat year-on-year, while NPAT increased 2% to $158 million across the group’s core businesses that include industrial services, construction materials and equipment hire.
A standout feature of the result was a 32% surge in operating cash flow to $1.1 billion, which helped strengthen the balance sheet and reduce leverage. Management reiterated its full year guidance of low-to-mid single-digit earnings growth, signalling cautious optimism about growth prospects amid varied market conditions.
CSL
CSL reported an underlying net profit for the half-year of US$1.9 billion, which was down -7% on the previous corresponding period, excluding one-off restructuring costs and asset impairments in its vaccine and iron-therapy divisions. Revenue declined -4% to US$8.3 billion, reflecting softer sales in key segments such as immunoglobulin therapies and influenza vaccines amid government policy and market headwinds.
The result triggered a negative market reaction, not helped by the announcement just before the results were released that CEO Paul McKenzie was retiring. Former CSL senior executive and non-executive director Gordon Naylor has been appointed interim CEO. Management reiterated its full year guidance, forecasting 2-3% revenue growth and 4-7% underlying earnings growth and emphasised an ambitious growth plan for the second half to be driven by immunoglobulin and albumin products.
Pro Medicus (PME)
Medical imaging provider PME reported a strong half-year performance with revenue increasing 28% to $124.8 million and underlying profit before tax rising 30% to $90.7 million compared with the previous corresponding period. Reported NPAT soared 231% to $171.2 million, boosted by an unrealised gain from its investment in 4DMedical (4DX). Contract wins were notable during the half, including major deals with large US healthcare networks that underpin future revenue growth.
Despite the strong earnings, the market reacted negatively, partly reflecting high growth stock valuation concerns. Management highlighted a strong contract pipeline and ongoing operational progress across key segments such as full-stack imaging and cardiology offerings
South32 (S32)
Diversified mining company S32 delivered strong profit growth in the first half despite a slight fall in revenue. Underlying earnings were up 16% to US$435 million, driven by higher metal prices, cost control and solid operating performance across commodities like manganese and base metals.
Management reaffirmed FY26 production and operating cost guidance, even as it adjusted the production outlook for its Brazil aluminium segment due to operational challenges.
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