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Team Veye   February 13, 2026

Are Temple & Webster shares a buy after falling 32% yesterday?

Team Veye   February 13, 2026
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Temple & Webster Group Ltd has delivered a strong H1FY26 results with 20% revenue growth, though earnings slightly missed expectations amid growth investments. Revenue per customer came in below the forecast yet active users hit 1.4M, underscoring strong execution towards the $1B FY28 target

Temple & Webster Group Ltd (ASX: TPW)Β 

Temple & Webster Group Ltd has released its half-year results for H1 FY26 on 12 February. The company has posted revenue of $375.9M, which is up by 19.8% YoY from $313.7M and market share hitting all-time high of 2.9% in Australian furniture/ homewares. Active customers have reached 1.4M (+14% YoY), repeat orders 62% and conversion 3.2%.

This builds on strategic growth plays, with home improvement revenue increasing by 47% to reach $30M, Trade Commercial by 24% to $31M, and NZ launch delivering $1M sales in four months at comparable AOV to Australia.Β 
Exclusive products (private label/drop-ship) have increased to 49% of total revenue, up from 45%, with 81% of top 500 selling products unique. AI tools have boosted shipping accuracy by 10% and the fixed costs fell to 9.4% of revenue from 10.5%.Β 

Average revenue per active customer held stable at $472, though down slightly from prior full-year levels amid new customer influx.

Financials showed EBITDA of $13.5M (3.6% margin), or $14.9M pre-NZ investment (4.0% margin) which was within the FY26 3-5% guidance range. PBT fell by 25% YoY to $9.4M and NPAT declined by 36% to $5.8M amid price and marketing investment for growth. reflecting price/marketing investment. Free cash flow $23M, cash

balance $160.6M (+15.3% HOH, debt-free); $7.5M deployed to on-market buyback, with $160M+ available for more. Early Feb trading +20% YoY.
The asset light model generated $23M in free cash flow which lifted the debt free cash balance by 15.3% half-on-half to $160.6M​

With brand awareness up, marketing ROI stable and asset-light model driving negative working capital, TPW remains positioned to capture online home retail dominance and compound shareholder value.

(Source: Company Announcements.)

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