Last year’s cautious optimism has evaporated and Zambeef has warned that FY26E revenue is now expected to be 20% below market expectations with operating profit 4% below. Since the start of the Middle East crisis, trading has been poor and is expected to continue through 2H. Excellent cost discipline is expected to offset most of the impact of the fall in revenue. We have reduced our FY26E EPS (dil. adj.) forecasts by 40% to US$1.73c from US$2.90c and by 50% to US$1.47c from US$3.01c for FY27E. ....
