Wesfarmers reported FY25 EBIT of $4,186 million, growth of 5%. The result was helped by higher equity profits and lower depreciation, so EBITDA growth of 3% is a better proxy of the performance in the year. Bunnings, Kmart and Officeworks outlook for earnings growth is modest with limited margin expansion likely as depreciation rises and cost savings are largely offset by cost inflation. We expect WesCEF EBIT to fall 15% in FY26e given larger losses for lithium and lower ammonia prices.