GrainCorp (GNC) H1 2025 earnings summary

Executive summary

• Reported underlying EBITDA of AUD 202 million for H1 2025, up from AUD 164 million in H1 2024, driven by strong East Coast Australia production and operational execution.

• Upgraded FY2025 EBITDA guidance to AUD 285–325 million and underlying NPAT to AUD 65–95 million, reflecting a positive production outlook despite margin pressures.

• Declared total interim dividends of AUD 0.24 per share (fully franked, including 10c special), matching the prior year, and increased share buyback to up to AUD 75 million.

• Continued disciplined capital management, investment in network efficiency, animal nutrition expansion, and renewable fuels supply chain.

• Revenue increased 21% year-over-year to AUD 4,092.2 million, with NPAT rising to AUD 58.1 million.

Financial highlights

• Underlying EBITDA of AUD 202 million and underlying NPAT of AUD 69 million for H1 2025; reported NPAT AUD 58.1 million.

• Total grain handled reached 29.5 million tons (up from 25.4 million), oilseed crush volumes steady at 283,000 tons.

• Animal Nutrition sales volumes surged to 370,000 tons, boosted by XFA acquisition.

• Core cash position of AUD 296 million at balance date; net debt at AUD 1.3 billion due to larger crop inventory funding.

• Revenue: AUD 4,092.2 million (up 21% year-over-year); basic EPS: 26.2 cents.

Outlook and guidance

• Upgraded FY2025 EBITDA guidance to AUD 285–325 million and underlying NPAT to AUD 65–95 million.

• Expect continued strong global grain and oilseed supply, creating a competitive margin environment, especially in nutrition and energy.

• Positive outlook for 2025/26 crop in Queensland and northern NSW due to excellent rainfall; Victoria's outlook depends on upcoming rainfall.

• Board expects continued capital investment in supply chain infrastructure to drive efficiency.