Orora Group (ORA) H1 2026 earnings summary

Executive summary

• Delivered robust first half FY26 results with strong execution, operational efficiency, and disciplined cost control, resulting in statutory NPAT of $58.9m and underlying NPAT of $77.8m, up 32.2% year-over-year.

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

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

• Major investments in cans and glass are nearing completion, with Rocklea expansion on track.

• Announced new AUD 270 million buyback after completing AUD 227 million buyback in 2025.

Financial highlights

• Group revenue up 9.7% to $1,127.6m year-over-year, driven by 11.2% volume growth in Cans.

• EBITDA increased 14.4% to $218.2m; EBIT up 8.5% to $131.1m; underlying NPAT up 32.2% to $77.8m.

• Operating cash flow up 50.9% to $189.7m; cash realisation at 112.4%.

• Interim dividend of 5.0cps unfranked, payout ratio at 79% of NPAT.

• EPS pre-significant items up 40.6% to 6.2cps.

Outlook and guidance

• FY26 outlook unchanged: Cans EBIT expected higher than FY25, with volume growth in line with long-term rates (4–6%).

• Saverglass FY26 EBIT expected broadly in line with FY25 (EUR); volume growth and cost reductions to support higher 2H EBITDA.

• Gawler EBIT expected at ~$30m, with benefits from two-furnace operation partly offset by higher depreciation.

• Group EBITDA and cash flow growth anticipated; capex forecast at $190–210m for FY26.

• Guidance subject to economic conditions, currency, and tariffs.