Seeka (SEK) H1 2025 earnings summary

Executive summary

• Reported record unaudited six-month results to June 30, 2025, with strong operational and financial performance driven by increased kiwifruit volumes in New Zealand and Australia.

• Achieved record fruit volumes with 47m class 1 kiwifruit trays packed in NZ (up 10%) and 2.2k tonnes produced in Australia, driving strong financial results.

• Net profit before tax rose to $59.4m, up 32% year-over-year, driven by higher volumes and operational improvements.

• Net profit after tax surged 121% year-over-year to $37.8m, with EPS up to $0.90 from $0.41.

• Net bank debt reduced by $40m since June 2024 to $130.6m, supporting balance sheet resilience.

Financial highlights

• Revenue reached $308m, up 8% year-over-year; EBITDA rose 22% to $83.5m; profit before tax increased 32% to $59.4m.

• Net profit after tax up 121% to $37.8m; EPS at $0.90, up from $0.41; dividend declared at $0.15 per share.

• Net bank debt reduced by $40m to $130.6m; net tangible assets per share increased 9% to $6.44.

• Operating cash flow was $62.9m, up from $50.5m year-over-year.

• Leverage ratio (EBITDA multiple) improved to 1.57x, better than last year.

Outlook and guidance

• Upgraded full-year profit before tax guidance to $35–39m from previous $33–37m.

• Guidance subject to variables including fruit performance in storage and sales of Asian and European pears.

• Focus remains on automation, operational efficiency, and maintaining a resilient balance sheet.

• Early signs point to a potentially strong 2026 kiwifruit season due to favorable winter chill.