GrainCorp (GNC) H1 2025 earnings summary

Executive summary

• Reported underlying EBITDA of AUD 202 million for H1 2025, up from AUD 164 million in H1 2024, driven by strong East Coast Australia production and operational execution.

• Upgraded FY2025 EBITDA guidance to AUD 285–325 million and underlying NPAT to AUD 65–95 million, reflecting confidence in business performance and positive production outlook.

• Declared interim dividends of AUD 0.24 per share (fully franked, including 10c special), and increased share buyback to up to AUD 75 million, with up to AUD 15 million completed as of May 2025.

• Continued disciplined capital management, investment in network efficiency, animal nutrition expansion, and renewable fuels supply chain.

• Demonstrated business resilience and transformation, supporting upgraded earnings guidance.

Financial highlights

• Underlying EBITDA of AUD 202 million and underlying NPAT of AUD 69 million for H1 2025; reported NPAT of AUD 58 million.

• Revenue increased 21% year-over-year to AUD 4,092.2 million, with total grain handled at 29.5mmt and oilseed crush volumes at 283kmt.

• Animal Nutrition sales volumes surged to 370kmt, boosted by XFA acquisition.

• Core cash position of AUD 296 million at balance date; net debt at AUD 1.3 billion due to larger crop inventory funding.

• Total CapEx of AUD 30 million in H1, with full-year sustaining CapEx expected at AUD 60–65 million.

Outlook and guidance

• Upgraded FY2025 EBITDA guidance to AUD 285–325 million and underlying NPAT to AUD 65–95 million.

• Expect continued strong global grain and oilseed supply, creating a competitive margin environment, especially in nutrition and energy.

• Positive outlook for 2025/26 crop in Queensland and northern NSW due to excellent rainfall; Victoria's outlook depends on upcoming rainfall.

• Guidance subject to second half grain volumes, export timing, supply chain and crush margins, and new season opportunities.

• Board expects continued capital investment in supply chain infrastructure to drive efficiency.