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Big River Industries Ltd ASX:BRI

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

29 Feb 2024 to today

Commentary Showing 2 of 12

DateManagerActionSummary

4 Aug 2026Naos Asset ManagementHeldNAOS Asset Management continues to hold Big River Industries because it views the company as a capital-light distributor of building materials with significant M&A runway and margin improvement opportunities near the bottom of the earnings cycle. NAOS notes softness in fourth-quarter FY26 volumes was offset by growth in gross margins and strong cash generation, with initial FY27 guidance pointing to double-digit EBITDA growth. NAOS also highlights that the board has engaged an advisor for a strategic review announced in late June, aimed at assessing strategies to maximise shareholder value, alongside expectations for further quantitative guidance for FY27.

Quarterly Report, price recorded $1.40

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30 Jun 2026Naos Asset ManagementHeldNaos Asset Management continues to hold Big River Industries after the company updated the market late in the financial year on FY26 expectations, initial FY27 guidance, and a strategic review. Management stated FY26 EBITDA is expected to be broadly in line with consensus at approximately $31 million, up from $28.7 million in FY25, with Q4 affected by wet weather in Queensland. The manager views initial FY27 'double-digit' earnings growth guidance as conservative given the JBS acquisition alone should contribute an extra $2.5 million of EBITDA, and estimates the business could generate $10-11.5 million of NPATA, equating to roughly 11 cents per share of EPS. The Board's strategic review with Greenstone Partners follows a large private business acquiring a 19.99% stake on-market, and with three shareholders now holding over 80% of shares, Naos sees numerous strategic avenues to maximise long-term value.

Quarterly Report, price recorded $1.40

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10 more comments on BRIPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 3 managers first commented on BRI.

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Articles

30 Jun 2026Big River Industries' Acquisition Drive Draws a Mystery Steel-Linked Shareholder

About Big River Industries Ltd

Materials, Paper and Forest Products

Big River Industries (ASX:BRI) is a building materials distributor that NAOS Asset Management holds as a core investment at what it sees as near the bottom of the earnings cycle. In August 2026, NAOS described Big River as a capital-light distributor with a significant acquisition runway and margin improvement potential, noting FY26 guidance, gross margin growth and strong cash generation despite softer fourth-quarter trading. Big River also announced a strategic review, and NAOS has highlighted the interest of a new corporate shareholder with significant building products exposure. Big River Industries operates in the Materials sector within the Paper and Forest Products industry, and Thesis Tracker has captured 12 comments from 4 fund managers, including NAOS Asset Management. Big River manufactures veneer, plywood and formply and distributes commercial and formwork building supplies through a branch network across Australia and New Zealand.

Market cap: $113m
Price to earnings: 25.5x
Return on equity: 4.6%
Dividend yield: 3.0%
Price to book: 1.12x
Net margin: 1.2%
52-week range: $1.20 to $1.49

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Big River Industries Ltd (ASX:BRI)?

Fund managers including Cyan Investment Management, Naos Asset Management, QVG Capital and NAOS Asset Management have invested in Big River Industries Ltd (ASX:BRI).

What opportunities or catalysts do fund managers highlight for Big River Industries Ltd?

NAOS highlights margin improvement opportunities at cyclically depressed earnings, an acquisition runway including the accretive $17 million purchase of John's Building Supplies in Western Australia, a strategic review and potential interest from its new corporate shareholder. NAOS also sees Big River as a beneficiary of Queensland infrastructure work ahead of the 2032 Olympics.

What are the key risks to the Big River Industries Ltd investment thesis, according to fund managers?

NAOS acknowledges softer trading in the fourth quarter of FY26 and earnings near the bottom of the construction cycle, so a delayed recovery in building activity would weigh on volumes.

What does Big River Industries Ltd (ASX:BRI) do?

Big River Industries Limited (BRI) manufactures veneer, plywood, and formply. The company also distributes a comprehensive range of building supplies, specializing in commercial and formwork products.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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