Orora Group (ORA) H1 2026 earnings summary

Executive summary

• Delivered robust first half FY26 results with strong execution, operational efficiency, and disciplined capital allocation, supported by significant cash flow and low leverage (0.9x).

• Cans segment drove revenue growth, supported by capacity expansions and strong demand; Saverglass and Gawler delivered operational improvements despite challenging market conditions.

• Statutory profit after tax for the half year ended 31 December 2025 was $58.9 million, compared to $907.6 million in the prior period, which included significant discontinued operations gains.

• Completed AUD 227 million buyback in 2025 and announced a new AUD 270 million buyback program, with significant shareholder distributions and ongoing investment in growth.

• The period included $18.9 million after-tax restructuring expenses related to the Le Havre furnace closure and corporate restructuring in the Global Glass segment.

Financial highlights

• Group revenue up 9.7% year-over-year to AUD 1.13 billion, driven by strong cans performance and 11.2% volume growth.

• EBITDA increased 14.4% to AUD 218 million; EBIT up 8.5% to AUD 131 million; underlying NPAT up 32% to AUD 78 million.

• Operating cash flow up 51% to AUD 190 million; cash realization at 112%.

• Interim dividend of AUD 0.05 per share unfranked, 79% payout ratio.

• Free cash flow to shareholders at AUD 74.9 million, up AUD 96 million year-over-year.

Outlook and guidance

• FY26 group EBITDA and cash flow expected to grow across all businesses, partially offset by higher corporate costs and depreciation.

• Cans EBITDA to be higher, with volumes in line with long-term growth rates; one-off AUD 30 million inventory build expected in 2H.

• Saverglass FY26 EBITDA expected broadly in line with FY25 in euros, with volume growth and cost reductions offset by higher depreciation.

• Gawler focused on delivering AUD 30 million EBITDA in FY26 despite softer 1H volumes.

• Outlook subject to economic conditions, currency, tariffs, and ongoing market and regulatory risks.