Orora Group (ORA) H2 2026 earnings summary

Executive summary

• FY26 revenue rose 6.5% to AUD 2.2 billion ($2,225.9m), driven by strong Cans growth, while group EBIT fell 5.3% to AUD 248 million ($248.2m) due to lower Saverglass earnings and higher D&A.

• Statutory NPAT was a loss of AUD 616.6 million ($616.6m) due to significant items, mainly a non-cash impairment in Glass of AUD 742.8 million ($742.8m).

• Cans segment delivered robust volume and revenue growth, offsetting ongoing weakness in Glass, particularly Saverglass, which faced adverse price/mix and geopolitical headwinds.

• Strong operating cash flow (AUD 291 million/$290.7m) and a solid balance sheet supported shareholder returns, including a resumed on-market buyback and a final unfranked dividend of AUD 0.04 per share (4.0cps).

• Major Cans capacity expansions were completed, with Rocklea commissioning in Q1 FY27, and continued focus on cost efficiency and sustainability.

Financial highlights

• EBITDA was broadly flat at AUD 420.3 million ($420.3m); EBIT down 5.3% to AUD 248.2 million ($248.2m) year-over-year.

• Underlying NPAT declined 5.9% to AUD 142.2 million ($142.2m); underlying EPS flat at AUD 0.114 per share (11.4cps).

• Statutory NPAT was a loss of AUD 616.6 million ($616.6m) due to significant items, mainly the Glass impairment.

• Operating cash flow was AUD 291 million ($290.7m) with 98% cash realization; free cash flow to shareholders was AUD 58.7 million.

• Net debt increased to AUD 481 million ($481.1m), leverage at 1.2x EBITDA, and interest cover at 8.1x.

Outlook and guidance

• Cans EBIT expected to rise in FY27, supported by new capacity at Rocklea and sustained 4%-6% volume growth.

• Saverglass EBIT forecast to decline further in FY27 due to persistent price/mix pressures, US tariffs, and ongoing geopolitical disruptions.

• Gawler EBIT expected around AUD 30 million (~$30m), with operational benefits from the two-furnace model.

• Group EBIT projected to be lower in FY27, reflecting higher D&A and weaker Saverglass performance.

• Free cash flow to improve as growth CapEx moderates post-cans investment cycle; FY27 CapEx forecast at AUD 140-145 million ($140-145m).