Breville reported FY26 EBIT of $207 million up 1%. The company showed improving sales growth and better profit margins in 2H26, which did benefit from a $4.4 million net tariff refund. Sales momentum should remain above 10% constant FX growth in FY27e as retail shop-in-shops, new product launches and additional countries of distribution boosts sales. We expect gross margins and EBIT margins to expand in FY27e as better sourcing and lower tariffs help margins.