Redox Earnings: Fair Value Downgrade After Result Misses Expectations

No-moat Redox first-half fiscal 2025 revenue of AUD 630 million was 9% higher than the prior year, on strong sales volumes despite softness in some industries. Underlying EBIT of AUD 58 million was 14% lower than the prior corresponding period on a soft economic market, resulting in a mix shift to lower-margin product sales, and higher operating expenses incurred with bigger sales volumes.