GrainCorp (GNC) H1 2026 earnings summary

Executive summary

• Underlying EBITDA for the half was AUD 136 million, reflecting disciplined execution and resilience amid global grain oversupply and margin compression.

• Net profit after tax for the half-year ended 31 March 2026 was $4.6 million, down 92.1% year-over-year from $58.1 million.

• The board declared a fully franked interim dividend of AUD 0.14 per share; no interim special dividend.

• FY26 earnings guidance reaffirmed, targeting underlying EBITDA of AUD 200–240 million and NPAT of AUD 20–50 million.

• Portfolio optimization and diversification continue, including the sale of GrainsConnect Canada JV and growth in bulk materials and animal nutrition.

Financial highlights

• Underlying EBITDA: AUD 136 million (down from AUD 202 million in 1H25); Underlying NPAT: AUD 33 million (down from AUD 69 million); Net profit after tax: AUD 4.6 million (down 92.1% year-over-year).

• Revenue: AUD 3,883.6 million (down 5.1% year-over-year).

• Total grain handled: 26.5mmt (down from 29.5mmt year-over-year); bulk materials handled increased to 1.5mmt.

• Oilseed crush volumes steady at 277kmt; Animal Nutrition sales volumes reached a record 390kmt, up 5% year-over-year.

• Core cash position at 31 March 2026: AUD 163 million (down from AUD 320.5 million at FY25).

Outlook and guidance

• FY26 underlying EBITDA guidance of AUD 200–240 million and NPAT of AUD 20–50 million reaffirmed.

• Weather remains a key driver for crop outcomes; favorable planting in Victoria and southern NSW, but rainfall needed in northern NSW and Queensland.

• Full-year canola crush margins expected to be broadly in line with FY25 despite first-half mark-to-market timing impacts.

• Working capital expected to unwind in H2, with net working capital and cash positions anticipated to be broadly in line with prior year.

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