Sigma reported FY26 EBIT sales up 16% and EBIT up 21% on a normalised basis. Sales trends were slightly slower in 2H26 and we expect 10% to 11% Australian like-for-like (LFL) sales growth in FY27e. For a company with double-digit sales growth, operating leverage is low. Sigma had 43bp of EBIT margin expansion in FY26, with lower gross margins partially offsetting fixed cost leverage. We forecast 43bp of margin expansion again in FY27e. We expect a bigger contribution from International earnings with faster store openings. International EBIT could double in two years.