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Core

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Strong Signal: A re-rating with further to run Telstra’s first-half result was not a flashy beat, but the dialling up of dividends was music to the ears of income investors. Costs were well contained, and the share buyback increased. The market reaction was positive when the results were released in mid-February, and the shares have climbed about +7% YTD, extending gains over the past year to circa +25%. We like both the fundamental and technical picture at this juncture. Underlying Cash EPS

Special report: Feb ’26 Reporting Season

The February reporting season has left the Station Down Under. Australia’s February 2026 earnings season delivered results that were, on balance, better than feared. The ASX200 gained roughly +3.7% in February, the best month since last April and that rebound from Trump’s so-called “Liberation Day.” That isn’t to say the reporting season wasn’t without its drama, though. The market response has become particularly violent to companies that miss expectations or provide underwhelming guidance. Downside volatility is often proving sharper than rallies,

Scentre Group

Core

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The Boring Brilliance of Scentre Group Scentre Group delivered a fifth consecutive year of earnings and distribution growth in FY25, with Funds From Operations (FFO) up 4.9% to $1,187.5 million and distributions rising 3.4% per security. The operating fundamentals are strong. Portfolio occupancy hit 99.8%, the highest since 2013. Business partner (tenant) sales reached a record $30.0 billion (+3.6%) with accelerated growth in the second half, while like-for-like net operating income grew 4.8%. The balance sheet was actively strengthened via $2.2

Whitehaven Coal

Speculative

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Cyclicality Bites Whitehaven Coal (ASX: WHC) swung to an underlying loss of $19 million for the 1H26 from a $350 million profit as average coal prices fell 19% to $189 per tonne despite production rising 3% to 20m tonnes. Revenue dropped 28% to $2.48 billion while unit cash costs improved to $135 per tonne, tracking to the lower end of guidance. The board maintained a 4-cent dividend and $32 million buyback despite the loss, with net debt at $710 million. Despite the

Fortescue

Speculative

high

Record Shipments Lift Profit 23% Fortescue (ASX: FMG) posted net profit up 23% to $1.9 billion for the half year on record shipments of 100.2 million tonnes and a 7% rise in realized iron ore prices to $90.87 per tonne. Production costs fell 3% to $18.64 per tonne, among the lowest globally, lifting margins to 53%. The board raised the interim dividend 24% to 62 cents. Decarbonization spending hit $427 million with early diesel savings appearing in cost reductions. Shares rose

Downer EDI

Speculative

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The Proof Is in the Pudding: Margins Expand Downer (ASX: DOW) posted net profit up 30% to $98 million for the 1H26 as margins expanded to 4.6% from 3.7% despite revenue falling 4.9%. The company exited lower-margin work and refocused on government contracts, lifting the order book 8.9% to $38.2 billion. The board raised the interim dividend 19% to 12.9c. Meanwhile, a new $3 billion defence property services contract starting in February 2026 anchors future growth in less volatile government work. Since our last update, Downer has broken

Suncorp

Core

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Profit Crashes on Weather Blitz Suncorp (ASX: SUN) posted 1H26 profit down 76% to $263 million as storm and hail claims hit $1.32 billion, $453 million above allowance, from nine weather events affecting 71,000 customers. Premiums grew 6.3% in consumer insurance despite the claims surge, with underlying margins holding at 11.7% in the top half of the target range. That said, shares fell to near two-year lows on the result. Management is seeking additional reinsurance cover to reduce future earnings volatility from clustered mid-sized

Domino’s Pizza Enterprises

Core

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Tough Trade-Off: Volume vs Margin Domino’s (ASX: DMP) posted a 1H26 underlying profit up 2.2% to $60.1 million as franchise profitability rose 4.5% to $103,000 per store, the highest in three years. Management cut discounting to improve store economics, accepting lower sales volumes. Same-store sales fell 2.5% over the half and plunged 7.2% in the first eight weeks of the second half, driven by severe European weather and customer pushback on reduced promotions. The shares crashed to near four-month lows despite improved

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