Orora Group (ORA) H2 2025 earnings summary

Executive summary

• Delivered solid FY 2025 results with resilient performance, strong cash generation, and successful portfolio reshaping toward beverage packaging.

• Cans segment achieved growth through capacity investments; glass network optimization and major expansions underway.

• Strong balance sheet enabled significant shareholder returns via dividends and buybacks.

Financial highlights

• Revenue from continuing operations rose 24% to AUD 2.1 billion, driven by a full-year Saverglass contribution.

• EBITDA from continuing operations reached AUD 418.8 million, up 19.4% year-over-year.

• EBIT from continuing operations was AUD 262.1 million, up 9.5% year-over-year.

• NPAT from continuing operations (excluding significant items) was AUD 151.1 million, up 18%; EPS AUD 0.114, up 11%.

• Operating cash flow was AUD 333.6 million, with cash realization at 115%.

• Net debt at AUD 254 million, leverage at 0.7x EBITDA.

• Statutory NPAT was AUD 973.1 million, up 425.4% due to one-off items from discontinued operations.

• Final dividend of AUD 0.05 per share (total AUD 0.10 for the year), unfranked.

• Buyback of AUD 127 million, nearly 5% of issued shares.

Outlook and guidance

• Cans: EBIT expected higher in FY 2026, with volume growth at the low end of the long-term 4%-6% range.

• Saverglass: FY 2026 EBIT to be broadly in line with FY 2025; volume growth and cost reductions to support higher EBITDA, offset by higher depreciation.

• Gawler: EBIT expected at AUD 30 million, benefiting from two-furnace operation.

• Group EBITDA and cash flow growth expected, partially offset by higher corporate costs and depreciation; capex to decrease to AUD 190-210 million in FY 2026.

• Net finance costs for FY 2026 estimated at AUD 55-60 million, assuming completion of share buyback.

• Outlook subject to economic conditions, currency fluctuations, and U.S. tariff changes.