Ridley (RIC) H1 2026 earnings summary

Executive summary

• Underlying EBITDA grew 9% year-over-year to AUD 55.4 million, driven by strong Bulk Stockfeeds and a three-month contribution from Fertilisers, with Packaged Feeds facing short-term headwinds.

• Statutory NPAT rose 137% year-over-year to $52.7m, reflecting a provisional gain on the Fertilisers acquisition.

• Revenue for the half-year ended 31 December 2025 was $1,026.4m, up from $658.9m, driven by the acquisition of Incitec Pivot Fertilisers Distribution (IPF).

• Net debt reduced with leverage ratio at 0.8x post-acquisition, supported by robust operating cash flow.

• Board declared a fully franked interim dividend of 5.10c per share.

Financial highlights

• Combined segment EBITDA for the half was AUD 63 million; underlying EBITDA AUD 55.4 million, up 9% year-over-year.

• Statutory NPAT rose to $52.7m, with a provisional gain on bargain purchase of $55.9m from the IPF acquisition.

• Depreciation and amortization rose to AUD 18.6 million, up AUD 3.5 million, due to new assets.

• Finance costs increased to AUD 8.7 million, reflecting debt for the fertilizer acquisition.

• Operating cash flow increased to $127.9m, supporting capital reinvestment and dividend growth.

Outlook and guidance

• Group earnings growth expected in FY26, driven by a full nine-month contribution from Fertilisers, increased market share in Bulk Stockfeeds, and operational improvements in Packaged Feeds & Ingredients.

• Modest commodity price recovery anticipated in 2H FY26, aiding Packaged and Ingredients segment.

• Longer-term growth plan to be detailed at Investor Strategy Day in March 2026.

• The group expects to finalise the accounting for the IPF acquisition, including fair value assessments and tax impacts, by 30 June 2026.