Ricegrowers (SGLLV) H1 2026 earnings summary

Executive summary

• Achieved higher earnings in 1H FY26, with EBITDA up 5% to $71.3 million and NPAT up 14% to $36.6 million year-over-year, despite a 3% revenue decline to $884 million compared to 1H FY25.

• Celebrated 75 years with a focus on global growth, value creation, and a diversified supply chain spanning 12 countries and 45 brands.

• Total Shareholder Return for 1H FY26 was 63.3%, significantly outperforming the ASX 300 Accumulation Index TSR of 11.4%.

• Strategic focus on cost and operational efficiencies, brand growth, and innovation in priority markets.

• Transitioned to a new market-based divisional structure to drive scale in ANZ and deepen international market expertise.

Financial highlights

• Revenue: $884 million (down 3% year-over-year); EBITDA: $71.3 million (up 5%); NPAT: $36.6 million (up 14%); EBITDA margin improved to 8.1%.

• Diluted EPS: 53.3¢ per B Class Share (up 14%); interim dividend of 20¢ per B Class Share declared.

• Operating cash inflow: $80.2 million; investing cash outflow: $14.1 million.

• Net debt reduced to $169 million (from $218 million at April 2025); gearing improved to 20%.

• Return on Capital Employed (ROCE) at 14.4% (up from 13.6%).

Outlook and guidance

• Reaffirmed expectation for top and bottom line growth in FY26, supported by brand strength, innovation, expansion in the Middle East, recovery in rice tender pricing, and animal feed growth.

• Challenges include ongoing competition, FX headwinds, inflationary pressures, and the need to preserve paddy for premium markets due to a drier season.

• Updated CY25 paddy price range for Riverina growers to $385–$420 per tonne; lower than previous guidance.

• Australian rice crop for FY27 expected to be substantially lower due to dry conditions, but carryover inventory and diversified sourcing mitigate risk.

• Focus remains on supporting customers and growers, managing seasonal variability, and advancing growth initiatives.