Bendigo and Adelaide Bank Limited (BXRBF) Q2 2026 Earnings Call February 15, 2026 6:00 PM EST
Company Participants
Samantha Miller – Head of Investor Relations & ESG Richard Fennell – CEO, MD & Director
Conference Call Participants
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Annabel Ross – Barrenjoey Markets Pty Limited, Research Division Kelsey Bentley – JPMorgan Chase & Co, Research Division Sally Hong – Morgan Stanley, Research Division Andrew Lyons – Jefferies LLC, Research Division Thomas Strong – Citigroup Inc., Research Division John Storey – UBS Investment Bank, Research Division Matthew Dunger – BofA Securities, Research Division Ed Henning – CLSA Limited, Research Division Carlos Cacho – Macquarie Research Brendan Sproules – Goldman Sachs Group, Inc., Research Division Brian Johnson – MST Financial Services Pty Limited, Research Division Christian Mazza – Jarden Limited, Research Division Richard Wiles – Morgan Stanley, Research Division
Presentation
Operator
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Good day, and welcome to the Bendigo and Adelaide Bank 2026 Half Year Results Briefing. [Operator Instructions].
I would now like to hand the conference over to Sam Miller, General Manager, Investor Relations. Please go ahead.
Samantha Miller Head of Investor Relations & ESG
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Thanks, Rocco. Good morning, everyone, and thanks for joining us for Bendigo and Adelaide Bank’s 2026 Half Year Results Briefing. Let me begin today by acknowledging the traditional owners of the lands on which we meet today, the Gadigal People of the Eora Nation. I pay my respects to their elders, past, present and emerging. And I also extend my respects to the Aboriginal and Torres Strait Islander people who are present on the call today.
Moving towards the agenda. There’s been a minor change to our presentation today, and we will broadcast audio and slides only. Our CFO, Andrew Morgan, has tested positive to COVID, and our CEO, Richard Fennell, will present the first half 2026 results with Richard and I handling the Q&A.
Midcap stocks saw sharp declines in March as rising crude prices, geopolitical tensions and continued FII outflows dragged markets lower, with the Nifty falling over 11%. This list highlights 10 worst-performing midcaps, with losses of up to 29%, reflecting broad-based selling pressure across sectors during a volatile period.
COMEX (US) silver’s registered inventory has fallen to 13-14% coverage of outstanding open interest, while March 2026 delivery was unusually high and SHFE (Shanghai) futures now trade at a 12% premium to COMEX, together signaling extreme tightness that creates upside pressure on silver
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The NBA has launched an investigation into the Milwaukee Bucks for their handling of superstar Giannis Antetokounmpo’s injury status and potential violations of the league’s player participation policy, after the two-time MVP publicly stated he is healthy and wants to play while the team continues to hold him out.
ESPN’s Shams Charania reported Friday that the league is examining inconsistent statements regarding Antetokounmpo’s health. The Bucks have listed the 31-year-old forward as out for the past 10 games with a left knee hyperextension and bone bruise suffered March 15 against the Indiana Pacers. Antetokounmpo, however, has told investigators he is ready to return and the team will not medically clear him, sources said.
Antetokounmpo addressed the situation directly before Friday’s game against the Boston Celtics, expressing frustration and questioning his relationship with the organization. “You know who you are dealing with,” he told reporters. He added that he has never seen a player of his caliber publicly state he wants to play while being sidelined, and welcomed the NBA’s probe. “There should be” an investigation, he said, according to multiple accounts.
The conflict comes as the Bucks, already eliminated from playoff contention and headed for their first missed postseason since 2016, sit near the bottom of the Eastern Conference. Antetokounmpo has appeared in only 36 games this season due to multiple injuries, including a lengthy calf issue earlier in the year.
The National Basketball Players Association previously criticized the Bucks in late March, asserting that Antetokounmpo is healthy and ready to play. The union suggested the team might be engaging in tanking to improve lottery odds, stating the player participation policy exists to ensure stars like Antetokounmpo are on the court when able. “Anti-tanking policies are only as effective as their enforcement,” the NBPA said.
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Bucks coach Doc Rivers had maintained that Antetokounmpo is “progressing” but “just not healthy,” pushing back against the union’s claims in late March. Team officials have told league investigators they do not believe he is ready and that he actually wants to play, creating the conflicting narratives now under review.
The NBA has interviewed Antetokounmpo’s representatives, the Bucks and team doctors as part of the probe, sources told Charania and The Athletic. The investigation focuses on whether the franchise violated rules requiring teams to make healthy players available, particularly as the season winds down with no playoff implications.
Antetokounmpo’s public comments Friday marked a notable escalation. He described the situation as feeling like “a slap in the face” and suggested uncertainty about the future of his relationship with the Bucks. “I just don’t want to be part of it,” he said in one account, raising questions about his long-term commitment to the franchise amid ongoing injury concerns and the team’s direction.
The Greek Freak has averaged 27.6 points, 9.8 rebounds and 5.4 assists in his limited action this season while shooting a career-high 62.4% from the field. His absence has contributed to Milwaukee’s struggles, though the team has leaned on other veterans in recent games.
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League rules prohibit teams from resting healthy players for non-injury reasons, especially in the context of the new collective bargaining agreement’s emphasis on player availability. Similar investigations have targeted other franchises in recent years over load management and tanking concerns.
The Bucks have not issued a detailed public response to the latest reports beyond standard injury updates listing Antetokounmpo as out. The organization has emphasized caution with the star’s health after a season marked by multiple lower-body setbacks, including groin, calf and now knee issues.
Antetokounmpo’s desire to play contrasts with the team’s apparent preference to shut him down for the remainder of the regular season, which ends in mid-April. With the Bucks out of contention, some observers speculate the front office prioritizes preserving his long-term health and potentially positioning for a higher draft pick or future roster moves.
The situation has drawn widespread attention across the NBA. Fans, analysts and former players have weighed in on social media, with many expressing surprise at the public rift between a franchise cornerstone and his team. Antetokounmpo signed a contract extension in recent years and has been the face of the Bucks since being drafted in 2013, leading them to the 2021 NBA championship.
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The timing of the investigation adds pressure as the league office seeks to enforce participation rules uniformly. Outcomes of similar probes in the past have included fines, though more severe penalties are rare unless clear violations are proven.
As of Saturday, April 4, Antetokounmpo remained sidelined for upcoming games, with no updated timetable for his return. The NBA has not commented publicly on the investigation’s progress or potential timeline for resolution.
The episode highlights broader tensions in the modern NBA between player health, competitive integrity and strategic decision-making in a 82-game season. Stars often battle through injuries, but teams increasingly err on the side of caution, sometimes creating friction when a player feels ready.
For the Bucks, the drama unfolds against a backdrop of a disappointing season and questions about the roster’s future direction. Whether Antetokounmpo returns before the season ends — or at all — remains uncertain amid the ongoing probe.
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The Greek Freak’s comments Friday suggested he is eager to contribute while he can, emphasizing his competitive drive even in a lost season. “I want to f—ing play,” he said, underscoring the disconnect with the team’s medical and organizational stance.
League officials are expected to continue gathering information in the coming days. Any findings could influence not only the Bucks but also set precedents for how teams manage star players down the stretch of disappointing campaigns.
Antetokounmpo has not elaborated further since his pregame remarks, focusing instead on his personal preparation. The situation adds another layer of uncertainty to what has already been a challenging year for the franchise and its franchise player.
As the regular season concludes, all eyes remain on Milwaukee to see how the investigation unfolds and whether Antetokounmpo makes a late appearance. For now, the public disagreement and league scrutiny have thrust the Bucks into the spotlight for reasons far removed from on-court performance.
Commodity ETFs declined up to 15% in March, led by sharp losses in silver ETFs amid rising oil prices, geopolitical tensions and tightening liquidity. Gold ETFs also fell as stronger dollar dynamics weighed on prices. The outlook now hinges on inflation trends, liquidity conditions and central bank actions globally.
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