Ricegrowers (SGLLV) H1 2025 earnings summary

Executive summary

• Revenue for H1 FY25 was AUD 912.5 million, down 0.7% year-over-year, with EBITDA up 7.3% to AUD 67.9 million and NPAT up 4.5% to AUD 31.9 million, driven by favorable product mix, new launches, and cost control.

• Acquisitions of SavourLife and Simply Delish expanded CopRice and Riviana Foods segments, strengthening presence in high-growth, higher-margin categories.

• Total Shareholder Return for 1H FY25 was 48.2%, with a five-year return of 408%, significantly outperforming the S&P/ASX 300 Accumulation Index.

• Declared fully franked interim dividend of AUD 0.15 per B-class share; inclusion in S&P/ASX Agribusiness Index due to increased share liquidity.

Financial highlights

• EBITDA increased by 7.3% year-over-year to AUD 67.9 million; NPAT up by 4.5% to AUD 31.9 million; revenue declined 0.7% due to global pricing pressures.

• Basic EPS for B Class shares was 47.2¢, up 0.6% year-over-year; EBITDA margin improved to 7.4%.

• Net debt reduced to AUD 202.1 million; core debt fully repaid in April 2024; leverage and gearing ratios improved to 1.4x and 25%.

• Fully franked interim dividend of 15¢ per B Class share declared.

Outlook and guidance

• Full-year FY25 revenue expected to be broadly consistent with FY24; moderate EBITDA growth anticipated, with NPAT impacted by a higher effective tax rate.

• Focus remains on branded product sales, cost and procurement savings, and operational improvements.

• Headwinds include northern hemisphere rice supply, geopolitical tensions, price competition, and ruminant/equine market challenges.

• CY24 paddy price range updated to AUD 380–420/tonne due to lower milling yields and global tender pricing lows.