Ricegrowers (SGLLV) H2 2025 earnings summary

Executive summary

• Achieved near record profitability in FY25 with EBITDA up 3% to AUD 147.7 million and NPAT up 4%, despite a 2% revenue decline to AUD 1.85 billion, driven by operational efficiencies, product innovation, and strategic acquisitions.

• Strong branded sales (~70% of group sales), expanded premium rice categories, and successful integration of SavourLife and Simply Delish supported performance.

• Continued global expansion with 60% of revenue generated outside Australia and sales across 50+ countries.

• Launched over 40 new products, expanded into premium pet food, and advanced sustainability initiatives, including a validated net zero roadmap.

• Maintained a stable balance sheet with net debt at AUD 218 million and gearing at 26%, enabling continued investment in growth and innovation.

Financial highlights

• Group revenue was AUD 1.85 billion, down 2% from the previous year, mainly due to increased competition and pricing deflation.

• EBITDA increased 3% to AUD 147.7 million, with margin improving to 8.0% from 7.7% in FY24.

• Net profit after tax was AUD 70.7 million, up 4% year-over-year; basic EPS up 6% to 102.9 cents per B Class Share.

• Fully franked dividend per B Class Share increased 8% to AUD 0.65.

• 10-year total shareholder return of 350%, with AUD 252 million in dividends declared over the period.

Outlook and guidance

• FY26 expected to build on FY25 results, with growth anticipated in both revenue and profit, supported by a strong Australian crop, expanded product offerings, and innovation pipeline.

• Positive drivers include normalization of global rice prices, strong innovation pipeline, and large Australian rice crop for CY25 at ~511,000 tonnes.

• Challenges include intensified competition, weak AUD and PNG Kina, inflationary pressures, and regional uncertainties in the Middle East and PNG.

• CY25 paddy price guidance remains at AUD 380–450/tonne for medium grain, with lower than average mill-out rates expected to pressure returns.