Orora Group (ORA) H1 2026 earnings summary

Executive summary

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

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

• Statutory NPAT was $58.9m, up $58.7m; underlying NPAT was $77.8m, up 32.2% year-over-year.

• 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 buyback program of up to 10% of shares (~$270m).

Financial highlights

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

• 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.

• Net debt at $386.5m; leverage at 0.9x EBITDA; strong liquidity over $1.2 billion.

Outlook and guidance

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

• Cans: EBIT expected higher than FY25, with volume growth in line with long-term rates (4–6%); one-off $30m inventory build in 2H.

• Saverglass: FY26 EBIT expected broadly in line with FY25 (EUR); volume growth and cost reductions to support results.

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

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