Livestock Improvement Corporation (LIC) H2 2025 earnings summary

Executive summary

• Achieved strong full-year results with revenue up 10.4% to $295.1m and NPAT up to $30.6m from $7.7m year-over-year.

• Underlying earnings rose 56.9% to $21.7m, and a dividend of 12.22c per share was declared, representing 80% of underlying earnings.

• Maintained a robust balance sheet with no debt at year-end and total assets up 9.3% to $392.0m.

• Continued investment in innovation, digital capability, and R&D, with R&D spend up 6.3% to $22.5m.

Financial highlights

• Revenue increased to $295.1m from $267.3m, and NPAT rose to $30.6m from $7.7m compared to the previous year.

• Operating cashflow improved to $56.4m from $40.1m year-over-year.

• Underlying earnings per share increased to 15c from 10c, and return on equity rose to 7.3% from 5.0%.

• Dividend payout increased to 12.22c per share from 5.84c per share.

Outlook and guidance

• Underlying earnings for 2025-26 expected in the range of $18-22m, assuming no major events or milk price changes.

• Planned multi-year investment in customer-facing systems and SaaS tools, with related costs excluded from underlying earnings but impacting reported NPAT.

• Ongoing commitment to R&D, including new methane research initiatives.