Origin Enterprises (OIZ) AGM 2024 presentation summary

FY24 performance

• Operating profit €83.5m (FY23: €90.8m); adjusted EPS 48.06c (53.16c); FCF €6.2m (€104.4m); ROCE 11.2% (12.6%).

• Segment operating profit: Ireland and UK €39.0m; Continental Europe €17.5m incl. crop marketing; Latin America €11.9m; Living Landscapes €15.1m.

• Northern Hemisphere weather reduced planted area and delayed farm activity, lowering Agriculture operating profit 10.1%; late applications supported adjusted EPS at the upper end of Q3 guidance.

• €38.5m returned through buybacks and dividends; total dividend maintained at 16.8c per share; year-end net debt/EBITDA below 1x.

• FCF conversion was 115% since FY22; FY24 FCF was affected by timing of sanctioned payments.

Capital allocation

• €34.1m strategic capex, largely IT, supported capacity and capability expansion; €44.3m M&A included Groundtrax, Suregreen and the remaining 35% of Fortgreen.

• €20.0m allocated to share buybacks, including €18.2m in FY24; €80m delivered in buybacks since FY22; €18.5m allocated to dividends.

• Capital allocation framework prioritises FCF generation and balances growth investment with shareholder returns and prudent financial policies.

Strategic ambition

• FY22–FY26 cumulative operating profit target: €415m; €294m delivered in FY22–FY24, or 71% of target.

• FY22–FY26 FCF target: €325m; €219m delivered, or 67% of target, with 115% average cash conversion versus a target above 80%.

• Target to grow Living Landscapes to 30% of operating profit by end FY26; expand into Western Europe and broaden complementary products and services.

• Priorities include improving product mix, scaling services, digital tools, talent investment, working capital and ROCE focus, and completing ERP rollout in UK/Ireland before starting in Continental Europe and Latin America.