Orora Group (ORA) H1 2026 earnings summary

Executive summary

• Delivered robust first half FY26 results with disciplined execution, strong cash flow, and operational improvements across all business segments.

• Cans segment drove revenue growth, supported by capacity expansions and strong demand; Saverglass and Gawler delivered efficiency gains 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.

• Balance sheet remains strong with low leverage (0.9x), enabling significant shareholder distributions and ongoing investment in growth.

• Completed AUD 227 million ($227.4m) buyback in 2025 and announced a new AUD 270 million (up to 10% of shares) buyback program.

Financial highlights

• Group revenue up 9.7% year-over-year to AUD 1.13 billion ($1,127.6m), driven by strong cans performance and 11.2% volume growth.

• EBITDA increased 14.4% to AUD 218 million ($218.2m); EBIT up 8.5% to AUD 131 million ($131.1m); underlying NPAT up 32% to AUD 78 million ($77.8m).

• Operating cash flow up 51% to AUD 190 million ($189.7m); cash realization at 112%.

• Interim dividend of AUD 0.05 per share (5.0 cps unfranked), $61.7m total, with a payout ratio of 79%.

• Basic earnings per share from continuing operations were 4.7 cents, up from 0.2 cents year-over-year.

Outlook and guidance

• FY26 outlook unchanged: EBITDA and cash flow growth expected for all businesses; capex forecast at AUD 200 million ($190–210m).

• Cans: EBITDA and EBIT to be higher, with volumes in line with long-term growth rates (4–6%); Rocklea expansion to support future growth.

• Saverglass: FY26 EBITDA/EBIT expected broadly in line with FY25 in euros; cost reductions and improved order intake to support results.

• Gawler: Focus on initiatives to deliver AUD 30 million EBITDA in FY26 despite softer 1H volumes.

• Guidance subject to economic conditions, FX, tariffs, and market pressures.