ASX 200 Live Today - Tuesday, 26th August

Welcome to our live ASX coverage for Tuesday, August 26. We’re excited to trial this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Today's live blog will wrap up around 2:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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ASX 200 lower, miners retreat

[14:40 pm] The S&P/ASX 200 is in the midst of a pullback, with the market slipping 0.57% last Friday, fading a 0.97% rally on Monday and currently down 0.57% on Tuesday.

Better-than-expected numbers from Coles (+8.8%) is lifting the Staples sector, while a slight uptick in oil prices buoyed Energy stocks.

Cyclicals and value stocks have rallied strongly in the recent days amid a pivot from the more growth-y and richly valued pockets of the market. Though they are falling the most today, notably Materials (-1.1%) and Utilities (-1.0%).

Overall, some orderly weakness as we work our way through the tail end of reporting season. Signing off. Hope we posted some good stuff today. Catch you all tomorrow.

S&P/ASX 200 sector performance (Source: Market Index)

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Ord Minnett retains Spec Buy on rare earths hopeful Meteoric Resources

[14:05 pm] Broker Ord Minnett has a 20 cents price target on Brazil-based rare earths play Meteoric Resources.

"MEI’s share price fell sharply on the resumption of trading after the halt last Thursday to clarify news around a negative vote towards its Caldeira project by a conservation zone management council," Ord Minnett said.

"MEI has statements from the local council mayor that the vote was illegal, and the State environmental agency saying there will be no delay for its preliminary environmental licence. We expect the project will be confirmed, but there is uncertainty until the matter is resolved. We maintain our Spec."

Meteoric shares added 1 cent to 12 cents at lunchtime.

By Tom Richardson.

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NAB says RBA minutes "did not add much"

[13:44 pm] NAB's economics team says the release of today's RBA minutes on its monetary policy decision does not shed much new light on its thinking.

"The RBA Minutes from August were not expected to add much new information given the Governor’s post-Board press conference and the August SoMP," said NAB.

"The discussion though does highlight the Board’s sensitivity to labour market developments. And that the rate track based on market pricing at the time (2.9% by end 2026) was consistent with the economy being “close to full employment” and inflation being around 2½% over the forecast period."

By Tom Richardson.

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Jarden says Fortescue slightly ahead of forecasts

[13:19 pm] Broker Fortescue Metals says the miner's result is slightly ahead of its and the market's forecasts for profit at the operating profit (EBITDA) level.

"A solid result and robust dividend from Fortescue, whilst FY26 guidance maintains the company's industry- leading cost position despite sector-wide inflationary headwinds," said Jarden. "FMG enters FY26 in a strong financial position, with the RMB-denominated syndicated loan facility ~US$2bn at a fixed 3.8% pa interest rate representing the company's lowest ever cost of debt."

By Tom Richardson.

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Trump fires Fed Governor Lisa Cook

[13:14 pm] The US dollar sunk and gold jumped after US President Trump fired Fed Governor Lisa Cook around an hour ago.

The unprecedented move is going to create more controversy and likely move markets if they get a sense a board stacked with rate doves will take borrowing rates lower under the influence of the US executive.

This is something to follow.

By Tom Richardson.

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Corporate Travel Management: "Deloitted"

[12:14 pm] Corporate Travel Management shares have been voluntarily suspended as the company is unable to released their FY25 accounts by month end.

"This is isolated to the European region only. It is expected that, in aggregate, the nature of any restatement would be to increase prior year(s) earnings and reduce current year’s earnings (FY25)," the company said in a statement.

RBC Capital Markets analyst Wei-Weng Chen expects FY25 earnings to be less than $150 million following multiple downgrades and material restatements, implying a ~10% reduction.

"European earnings may fall below pre-COVID levels at around $38 million as one-off project work ceases and material corrections are applied," notes Chen.

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G8 Education FY25 earnings call highlights

[12:13 pm] The embattled G8 Education just wrapped up its earnings call. The stock has slumped 4.9% to multi-year lows today. Here are the key takeaways:

• Victoria incident affected specific centers but occupancy trends remain stable overall.

• Earnings expected flat year-on-year as cost savings taper and EBIT lease-adjusted figure guides expectations.

• Legal liabilities are covered by insurance and new regulations with CCTV rollout may increase costs.

• Slight improvement in older cohort occupancy with younger cohorts lighter and 2026 outlook supported by potential rate cuts and policy changes despite macro pressures.

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Investors pile into Coles

[12:08 pm] Coles opened 3.5% higher ($21.46), currently up 8.6% ($22.53%). There's clearly a lot to like about the FY25 result, with a clean beat across all key metrics including:

• Revenue up 3.6% to $44.35bn vs. $44.35bn ests (in line)

• Underlying EBITDA up 11% to $4.05bn vs. $3.96bn ests (2.3% beat)

• Underlying NPAT $1.18bn vs. $1.11bn ests (6.3% beat)

• Total dividend of 69 cps vs. Goldman Sachs ests of 64 cps (7.8% beat)

"Good, clean result with the one-offs and costs associated with supply chain known. Overall there feels like more optimism in the tone of the release, with a strong start to FY26 and signs of improving sales all supportive of operating leverage beginning to flow through the P&L," noted Jarden analysts this morning.

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Analysts take on Endeavour Group

[12:01 pm] Endeavour's FY25 result was broadly in-line with market expectations, with NPAT at the top end of guidance but EBIT below market expectations. The stock slipped 1.4% on Monday to $4.14. Here are the key takeaways from major brokers:

• UBS: Neutral maintained, target $4.25. NPAT beat guidance but EBIT missed; retail under pressure, hotels gaining from gaming and refurbishments, One Endeavour cost savings delayed.

• RBC Capital Markets: Sector perform maintained, target lowered to $4.30 from $4.35. Group in line with expectations; retail reliant on price, online sales strong but margin dilutive, hotels supported by gaming rollout.

• JPMorgan: Neutral maintained, target lowered to $4.40 from $4.50. Retail tracking sixth negative quarter with margin pressures; hotels benefiting from share recovery, One Endeavour resequencing de-risking project.

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Analysts take on Ansell

[11:55 am] Ansell delivered a solid FY25 result and FY26 guidance, driving the stock up 10.3% on Monday to $34.53.

Here are the key numbers:

• Revenue up 24% to US$2.0bn vs. US$2.05 bn ests (3% miss)

• Underlying EBIT up 44% to US$282m vs. US$278m ests (2% beat)

• EPS up 20% to 70 US cents per share, towards the upper half of guidance range

• Total dividend of 50 US cents per share vs. 52 cents ests (4% miss)

• FY26 EPS guidance of 133-145 US cents vs. 135 US cents ests (3% beat)

• On-market buyback of US$200m

And the analyst response:

• CLSA: Hold maintained, target raised to $39.20 from $37. Beat driven by strong margins; guidance achievable but upside limited, with tariffs a continued risk.

• JPMorgan: Neutral maintained, target lowered to $37.80 from $40. Result at top of guidance; KBU integration performing well and margins expected to rise despite tariffs.

• RBC Capital Markets: Outperform maintained, target raised to $39 from $34. Profit exceeded forecasts, supported by KBU synergies and lower costs, though macro uncertainty remains.

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Small caps making moves

[10:58 pm] Here are the top small caps ($200m to $1bn market cap) winners and losers.

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Top ASX 200 gainers and losers in early trade

[10:20 am] Coles is absolutely ripping higher on a broad beat and solid trading update, West African higher as it continues to print money in this gold price environment.

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Coles first take: RBC

[10:17 am] Group EBIT came in slightly ahead, +0.9% versus RBC estimates and +0.8% versus consensus. Underlying EBIT notably outperformed, beating RBC by +6.2% and consensus by +6.1%, reflecting strong cost-out potential once dual running and transition costs from the ADC and CFC integration are excluded. The beat was driven by robust supermarket growth, partly offset by weaker liquor performance, noted RBC Capital Markets analyst Michael Toner.

Coles opened 3.5% higher ($21.46), now surging 7.8% ($22.36).

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Kelsian FY25 results

[9:45 am] A clean result from Kelsian, beating consensus across most key metrics.

“Kelsian delivered a solid FY25 result with growth in revenue, EBITDA, and EBIT achieved across all three divisions and geographies," said CEO Graeme Legh.

"As a result of the near completion of the peak capital investment program, combined with the strong cashflow, pro forma leverage reduced to 2.7x. Kelsian continues to anticipate reaching its target leverage range of between 2.0 and 2.5x ... by 30 June 2026," he added.

• Revenue up 9.5% to $2.21bn vs. $2.19bn ests (0.9% beat)

• Underlying EBITDA up 7.4% to $285.0m vs. $282.5m ests (0.9% beat)

• Underlying NPATA up 2.4% to $94.8m vs. $89.4m ests (6.1% beat)

• Record net operating cashflow $205.2m, with cash conversion of 86.6%

• Full-year dividend of 17.5 cps vs. UBS ests of 17 cps (2.9% beat)

• FY26 guidance: Underlying EBITDA $297–310m vs. $301.0m ests (midpoint $303.5m, 0.8% beat)

Source: ASX Announcement | Company page: Kelsian (KLS)

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Jumbo Interactive FY25 results

[9:36 am] “In FY25, Jumbo achieved its second highest profit on record – surpassed only by the exceptional FY24, a year defined by unprecedented jackpot activity, including the record $200 million Powerball," said CEO Mike Veverka.

• Revenue down 8.8% to $145.3m vs. $142.9m ests (1.7% beat)

• Adjusted EBITDA down 10.8% to $68.3m vs. $65.6m ests (4.1% beat)

• Underlying NPAT $39.9m vs. $38.5m ests (3.6% beat)

• Underlying EBITDA margin down 110 bps to 47% vs. Macquarie ests of 46% (100 bp beat)

• Total Transaction Value (TTV) down 5.5% to $996.1m

• Full-year dividend of 54.5 cps vs. Macquarie ests of 51 cps (6.8% beat)

Source: ASX Announcement | Company page: Jumbo Interactive (JIN)

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Coles FY25 results

[9:30 am] Coles might've crushed FY25 results, with a clean beat across the board. Trading update highlighted Supermarket sales revenue growth of 4.9% for the first eight weeks of FY26, liquor sales over the same period was flat.

• Revenue up 3.6% to $44.35bn vs. $44.35bn ests (in line)

• Underlying EBITDA up 11% to $4.05bn vs. $3.96bn ests (2.3% beat)

• Underlying EBIT up 7.5% to $2.22bn vs. $2.10bn ests (5.7% beat)

• Underlying NPAT $1.18bn vs. $1.11bn ests (6.3% beat)

• Total dividend of 69 cps vs. Goldman Sachs ests of 64 cps (7.8% beat)

Source: ASX Announcement | Company page: Coles (COL)

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Nanosonics FY25 results

[9:18 am] “FY25 reflects a strong financial performance and a year in which we continued to lay the foundations for our next growth horizon," said CEO Michael Kavanagh.

• Revenue up 17% to $198.6m vs. $193.2m ests (2.8% beat)

• EBIT up 95% to $17.8m vs. $16.3m ests (9.2% beat)

• NPAT $20.7m vs. $18.2m ests (13.7% beat)

• Recurring revenue (consumables & services) up 20% to $146.1m

• Cash and equivalents at $161.6m, with no debt

• Recent FDA clearance for next-gen trophon technology and CORIS 510K, driving growth into FY26

• FY26 guidance includes revenue growth of 8-12% to $215-223m, gross margins of 75-77%

Gross margin impacted by current US tariff rates. Management noted "various mitigation strategies are expected to off-set the majority of the tariff impacts at a profit before tax level."

Source: ASX Announcement | Company page: Nanosonics (NAN)

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G8 Education 1H25 results

[9:11 am] A relatively upbeat set of numbers from G8 Education, though full-year guidance of flat growth may miss some analyst expectations (Macquarie ests ~2.5% y/y growth). Not sure what to make of everything, given the recent incident at G8 centres.

• Revenue down 3.3% to $464.7m vs. $459.9m ests (1.0% beat)

• EBIT up 2.8% to $40.5m vs. $40.4m ests (0.2% beat)

• Underlying NPAT $25.5m vs. $24.4m ests (4.5% beat)

• Interim dividend of 2 cps fully franked

• National occupancy 64.5%, up 5.9pts y/y

• FY25 guidance: earnings expected to be similar vs. FY24

Source: ASX Announcement | Company page: G8 Education (GEM)

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Fortescue FY25 results

[9:05 am] No major surprises from Fortescue, as quarterly updates provide a solid read-through for the full-year result and FY26 guidance reaffirmed. Full-year dividend down an unsurprising 44%, though broadly in-line with market expectations (miss vs. UBS ests but they assumed 68.7% payout ratio vs. 65% actual).

“As the industry’s lowest-cost producer, we’ve delivered another strong set of results – record shipments, disciplined cost performance, solid earnings and a continued focus on safety," said CEO Dino Otranto.

• Underlying EBITDA down 26% to $7.94bn vs. $7.77bn ests (2.2% beat)

• Attributable NPAT down 41% to $3.37bn vs. $3.40bn ests (0.9% miss)

• Net cash flow from operations $6.5bn and free cash flow $2.6bn

• Total dividend down 44% to 110 cps vs. UBS ests of 114 cps (3.5% miss)

• FY26 guidance reaffirmed: Iron ore shipments 195–205Mt; Hematite C1 cost $17.50–18.50/wmt; Metals capex $3.3–4.0bn; Energy capex ~$300m, net operating expenditure ~$400m

Source: ASX Announcement | Company page: Fortescue (FMG)

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Australian Clinical Labs FY25 results

[8:58 am] A broadly weaker-than-expected result from ACL, which shouldn't come as a surprise as the stock is down 11% in the past month and 27% year-to-date.

"Despite a challenging external environment, which saw slower market growth in the second half of FY 2025, the second half performance delivered our earnings guidance," said CEO Melinda McGrath.

• Revenue up 7.8% to $741.3m vs. $745.5m ests (0.6% miss)

• Underlying EBIT up 8.7% to $68.0m vs. $67.1m ests (1.3% beat)

• Underlying NPAT $34.0m vs. $34.5m ests (1.4% miss)

• Full year dividend down 4% to 12.5 cps

• Capital returns (dividends plus buyback) total $44m (or ~9% of market cap)

• FY26 revenue guidance of $760–780m vs. $779.9m ests (1.3% miss)

• FY26 underlying EBIT guidance $67–73m vs. $72.4m ests (3.3% miss)

Guidance flagged headwinds from government fee cuts, particularly B12 and urine fee reductions in the MBS and slower pathology market growth in the second half of FY25.

Source: ASX Announcement | Company page: Australian Clinical Labs (ACL)

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WEB Travel Group AGM takeaways

[8:50 am] “WebBeds continues to outperform its peers. TTV for the first half of the financial year is on track to exceed $3.1 billion, with strong growth continuing to come through in the Americas, as well as Asia Pacific and Europe," said Managing Director John Guscic.

"For a two-week period in June, we saw a material increase in cancellations globally due to the Israel-Iran conflict. Trading has since picked up in other regions, however the Middle East continues to see ongoing weakness," he added.

A few incremental updates from the AGM this morning:

• 1H26 bookings growth in the mid-to-high teens (%)

• 1H26 TTV margins will be less than 6.5%

• 1H26 TTV on track to be at least $3.1bn vs. $2.6bn a year ago

• FY26 EBITDA to be at record levels

• FY26 TTV margins to return to at least 6.5%

At a glance, no major surprises. Macquarie has EBITDA margins at 6.4% in the first half of FY26, and 6.6% in the second half. Unclear how bookings growth is tracking against market expectations.

Update: RBC Capital Markets analyst Wei Weng-Chen says the trading update represents a 5% downgrade vs. first-half estimates due to a material increase in cancellations globally for a two-week period due to the Israel and Iran conflict.

Source: ASX Announcement | Company page: WEB Travel Group (WEB)

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AUB Group FY25 earnings

[8:42 am] "FY25 was a pivotal year for AUB Group, marked by solid financial results, international expansion, and operational progress across all divisions,' said CEO Michael Emmett.

• Underlying revenue $1.50bn vs. $1.51bn ests (0.7% miss)

• Underlying NPAT up 17% to $200.2m vs. $198.2m ests (1.0% beat), at the top end of $190–200m guidance

• Full-year dividend up 15% to 91 cps vs. Morgan Stanley ests of 95 cps (4.2% miss)

• FY26 guidance: Underlying NPAT $215–227m (midpoint $221m) vs. $223.2m ests (1.0% miss)

A bit of a dicey result, with FY25 NPAT slightly ahead while the dividend and FY26 guidance falls short of some analyst forecasts.

Source: ASX Announcement | Company page: AUB Group (AUB)

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Acrow FY25 earnings

[8:37 am] "FY25 was a year of consolidation and preparation for the business, as we strengthened our foundations ahead of an anticipated lift in activity levels over the medium to longer-term," the company noted in its FY25 earnings announcement.

• Revenue up 23% to $265.1m vs. $265.8m ests (0.3% miss)

• Underlying EBITDA up 8% to $80.2m vs. $81.6m ests (1.7% miss)

• Underlying NPAT up 4% to $34.3m vs. $33.9m ests (1.2% beat)

• Dividend declared at 2.95cps fully franked (vs. 3.0cps prior), full year 5.85cps flat on pcp

• Guidance range: NPAT $32.5–35.0m (midpoint $33.8m) vs. $33.9m est (0.3% miss)

Outlook commentary: The Industrial Access division is set to grow to nearly $200m revenue in FY26, supported by cross-selling opportunities from recent acquisitions and expansion into WA and SA. Screens and Jumpforms are expected to expand nationally, while general formwork remains soft, particularly in Queensland, and M&A activity will pause as the company consolidates recent deals.

Source: ASX Announcement | Company page: Acrow (ACF)

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Symal FY25 earnings

[8:33 am] Some decent numbers out of the civil infrastructure and plant/equipment hire company. This marks its first full-year result after listing in late 2024.

• Revenue up 15% to $901.7m vs. $900.6m ests (0.1% beat)

• Normalised EBITDA up 22% to $106.1m vs. $105.3m ests (0.8% beat)

• Normalised NPAT up 50% to $45.7m vs. $43.5m ests (5.1% beat)

• Net cash position of $46.1m as at 30 June 2025

• Dividend declared at 5.9cps fully franked (in line with guidance), record 5-Sep, payable 3-Oct

• FY26 guidance: Normalised EBITDA $115–125m vs. $115.5m ests (3.9% beat at the midpoint)

Outlook commentary: "Symal has a strong platform for FY26 and beyond with strong WIH and future pipeline across a number of growing industries including infrastructure, power and renewables, data centres, utilities, defence and building and facilities."

Source: ASX Announcement | Company page: Symal (SYL)

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US Q2 earnings season coming to an end

[8:20 am] Q2 earnings season is almost done, though still a few high-profile tech and retail stocks to report in the last week of August. Overall numbers have been incredibly strong:

• Q2 earnings strength: Blended growth at +11.7% vs. +4.9% expected at the start of earnings season, with 82% beating EPS estimates (well above 77% one-year average). Average beat magnitude ~8% vs. 6.3% historical.

• Guidance momentum: 58% of companies raised full-year 2025 guidance, double the Q1 rate – showing broad-based corporate confidence.

• Earnings revisions: Street estimates moving higher across most sectors for the second half and 2026.

• Revenue trends: 44% of S&P 500 firms raised Q3 revenue guidance – strongest since Q3 2021. Only 14% cut revenue outlook, tied for the lowest on record, according to Jefferies.

• Revision breadth: Both S&P 500 and small-cap earnings revision breadth remain positive, signaling improving sentiment beyond just large-cap leaders.

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The state of play

[8:17 am] No major directional drivers from the overnight session, markets continue to be driven by:

• Fed outlook: Powell’s dovish tilt has markets pricing in an ~85% chance of a September cut and ~54 bps of easing for 2025, but doubts linger given tariff-driven inflation, softening labour data, and political pressure.

• Market dynamics: Breadth improving as easing expectations drive sector rotation, but index-level concentration (mega-cap dominance) remains an overhang.

• AI narrative: Still the biggest thematic driver of sentiment, though scrutiny rising around capex “bubble” risks, intensifying competition, and uncertain monetisation.

• Earnings backdrop: Positive guidance trends, upward revisions, and strong buyback activity supportive, offsetting seasonal headwinds and stretched tech positioning.

• Global factors: Hawkish BoJ, China policy stimulus and stock market rebound, alongside active M&A, slowing private equity fundraising, and the sharpest government job cuts since WWII all adding to the macro/micro volatility.

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Good morning!

[8:15 am] ASX 200 futures are down 19 pts (-0.21%). Major US benchmarks finished broadly lower overnight, with the S&P 500 down 0.43%.

Price action for the local market was rather weak on Monday, with the ASX 200 closing the session up just 0.06% higher, down from session highs of 0.97%.

If you’re new to the blog – catch up quick via today’s Morning Wrap.