Ridley (RIC) H1 2026 earnings summary

Executive summary

• Underlying EBITDA grew 9% year-over-year to AUD 55.4 million, driven by strong bulk stock feeds and a three-month contribution from the new fertilizers segment, which performed above expectations.

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

• Revenue for the half-year ended 31 December 2025 was $1,026.4m, up from $658.9m, driven by the IPF acquisition.

• Net debt reduced post-acquisition, with leverage ratio at 0.8x and a fully franked interim dividend of 5.10c per share declared.

• The IPF acquisition positioned the group as the leading fertiliser distributor in Australia and diversified its agricultural services.

Financial highlights

• Combined segment EBITDA for the half was AUD 63 million; underlying EBITDA at 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 increased by AUD 3.5 million to AUD 18.6 million, reflecting new assets.

• Finance costs rose to AUD 8.7 million due to acquisition-related debt.

• Operating cash flow increased to $128 million, supporting increased dividends and capital investments.

Outlook and guidance

• FY26 group earnings growth expected from nine months of fertilizer segment contribution, increased market share in bulk stock feeds, and operational improvements in packaged feeds.

• Modest growth anticipated in core business EBITDA for FY26, with partial recovery in packaged and ingredients and modest commodity price recovery in 2H FY26.

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

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

• Interim dividend of 5.10c per share, fully franked, payable on 23 April 2026.