Orora Group (ORA) H2 2026 earnings summary

Executive summary

• FY26 revenue rose 6.5% to AUD 2,225.9m and EBITDA increased 0.3% to AUD 420.3m; EBIT fell 5.3% to AUD 248.2m as Cans growth was offset by Glass weakness.

• Statutory NPAT was a loss of AUD 616.6m, including AUD 758.8m of significant items after tax, mainly a non-cash Glass impairment.

• Underlying NPAT was AUD 142.2m, down 5.9%; the final dividend was AUD 0.04 per share and the on-market buyback is set to recommence.

Financial highlights

• Underlying EPS was flat at AUD 0.114; underlying operating cash flow was AUD 290.7m, down 12.8%, with cash realisation of 98.3%.

• Free cash flow available to shareholders was AUD 58.7m, down AUD 38.6m year over year.

• Net debt was AUD 481.1m; leverage was 1.2x EBITDA and interest cover was 8.1x.

• Statutory NPAT from operations was a loss of AUD 616.6m; significant items totaled AUD 758.8m after tax.

• Final dividend was AUD 0.04 per share, unfranked; FY26 dividends totaled AUD 0.09 per share with a 78% payout ratio.

Outlook and guidance

• FY27 group EBIT is expected below FY26, reflecting higher D&A and lower Saverglass EBIT; D&A is forecast at AUD 180m–185m and CapEx at AUD 140m–145m.

• Cans FY27 EBIT is expected higher, supported by volume growth; Rocklea commissioning is expected by end-Q1 FY27, followed by an estimated 12-month ramp-up.

• Saverglass FY27 EBIT is expected lower as price and mix pressure persists; Gawler EBIT is forecast at ~AUD 30m, supported by two-furnace operating efficiencies.

• FY27 cash costs from FY26 significant items are forecast at EUR 8.5m; cash conversion is expected at ~90%, with higher free cash flow available to shareholders as CapEx declines.

• FY27 outlook assumes no further changes to U.S. tariffs or the Middle East conflict.