Origin Enterprises (OIZ) H2 2025 earnings summary

Executive summary

• Delivered strong results for FY2025, with group operating profit up 10.1% to €99 million, driven by resilience in agriculture and 39% growth in Living Landscapes, now 18.4% of group profit.

• Revenue rose to €2.1 billion, with agriculture growing 2.5% and Living Landscapes growth split between organic and acquisition-driven expansion.

• Strategic focus on diversification, innovation, and sustainability, including a new glasshouse facility and expanded biologicals portfolio.

• Board transition underway with Chair stepping down before 2026 AGM and two new non-executive directors appointed.

• Free cash flow conversion reached 117.9%, supporting €19.7 million returned to shareholders.

Financial highlights

• Group revenue reached €2,109.1 million, up 2.7% year-over-year on a constant currency basis, with 2.3% volume growth and 0.9% from acquisitions.

• Operating profit rose 8.7% to €90 million (constant currency), with group operating profit including JVs up 10.1% to €99 million.

• Operating margin improved by 20bps to 4.3%; EPS grew 12.8% to €0.5421 (14.4% constant currency).

• Free cash flow was €60.8 million, with a conversion rate of 117.9%.

• Net debt at year-end was €70.8 million, or 0.58x EBITDA.

Outlook and guidance

• Focus remains on optimizing agriculture, working capital, and return on capital employed, especially in Brazil and Romania.

• Living Landscapes expected to reach 30% of group operating profit run rate by FY2026, with organic growth and further M&A required.

• CapEx to decrease as major projects conclude; emphasis on debt reduction and margin-accretive growth.

• Integration of digital tools with TELUS Farm Management Systems planned for the next 12 months.

• Continued disciplined capital allocation and further investment in organic and M&A growth.