Breville reported strong constant currency sales growth of 9% in 1H26, but tariff headwinds resulted in an almost flat EBIT result. Sales momentum may soften a little as the retailer sell-in eases and price inflation drops over 2026. We expect the company to maintain a tight control on costs in 2H26e to meet EBIT guidance of “slight” growth. The continued growth of the coffee category, new product launches and new markets support ongoing EBIT growth near 10%, noting the company does face a headwind from a stronger Australian dollar in FY27e.