GrainCorp (GNC) H2 2025 earnings summary

Executive summary

• Underlying EBITDA for FY25 rose to AUD 308 million, up from AUD 268 million in FY24, reflecting improved operational performance and efficiency gains across the business.

• Underlying NPAT increased to AUD 87 million (FY24: AUD 77 million), while reported NPAT declined to AUD 40 million (FY24: AUD 62 million) due to a AUD 26 million non-cash impairment.

• Total grain handled reached 31.6 million tons, with record oilseed/canola crush volumes of 557,000 tons, up 3% year-over-year.

• Animal nutrition sales volumes surged 38% year-over-year to 713,000 tons, supported by increased feedlot capacity and dairy demand.

• Core cash position at year-end was AUD 321 million, with AUD 38 million returned via share buy-back and fully franked dividends totaling AUD 0.48 per share.

Financial highlights

• Statutory NPAT was AUD 40 million, down from AUD 62 million in FY24, due to a AUD 26 million non-cash impairment of GrainsConnect Canada.

• Agribusiness segment earnings increased to AUD 218 million (FY24: AUD 162 million), driven by higher East Coast crop production.

• Nutrition and Energy segment saw record oilseed/canola crush but lower crush margins; underlying EBITDA declined to AUD 117 million (FY24: AUD 134 million).

• Bulk materials handled grew to 3.0 million tons (FY24: 2.6 million tons), with contribution margin up to AUD 41 million.

• FY25 dividends totaled AUD 0.48 per share, matching the prior year.

Outlook and guidance

• Margin environment for FY26 expected to remain broadly similar to FY25, with continued strong demand in Asia and stable global supply.

• ABARES forecasts East Coast Australia winter crop of 30 million metric tons for 2025-26, with favorable conditions in Queensland and Northern NSW.

• Earnings guidance for FY26 will be provided at the AGM in February 2026.