Nufarm (NUF) H1 2026 earnings summary

Executive summary

• Delivered strong first half with 18% underlying EBITDA growth and 35% NPAT growth year-over-year, despite a 5% revenue decline, driven by margin focus, cost discipline, and capital efficiency.

• Free cash flow improved by AUD 193 million, and net debt reduced by AUD 135 million to AUD 1.23 billion, with leverage down to 3.6x net debt to underlying EBITDA.

• Strategic focus on higher-value markets, portfolio rationalization, and margin expansion in Crop Protection and Seed Technologies, supported by a strategy refresh and cost savings program.

• No interim dividend declared, consistent with capital management policy and free cash flow focus.

Financial highlights

• Underlying EBITDA increased 18% to AUD 243 million; underlying EBIT up 32% to AUD 136 million; statutory NPAT up 28% to AUD 38 million; underlying NPAT up 35% to AUD 52 million.

• Revenue declined 5% to AUD 1.71 billion, reflecting lower Crop Protection volumes and adverse FX.

• Gross profit margin reached 33.1%, the highest in 20 years, up 3.7 percentage points year-over-year.

• Free cash flow improved by AUD 193 million, driven by profitability, working capital, and lower CapEx.

• Net debt reduced by 10% year-over-year, with leverage down from 4.5x to 3.6x.

Outlook and guidance

• Full-year and FY26 outlook reaffirmed for strong underlying EBITDA growth and leverage target of approximately 2.0x by year-end.

• Positive free cash flow expected, with CapEx targeted below AUD 200 million.

• Crop Protection and Seed Technologies expected to deliver further EBITDA growth, with Emerging Platforms guidance raised to AUD 40 million improvement.

• Additional AUD 50 million cost savings program to reach full run rate by end of FY27.