GrainCorp (GNC) H2 2025 earnings summary

Executive summary

• Underlying EBITDA for FY 2025 rose to AUD 308 million, up from AUD 268 million in FY24, reflecting improved operational performance and efficiency gains.

• Net profit increased to AUD 87 million, supported by strong crop production and record oilseed crush volumes, while statutory NPAT fell to AUD 40 million due to a AUD 26 million impairment.

• The company maintained a robust core cash position of AUD 321 million at year-end and delivered fully franked dividends totaling AUD 0.48 per share.

• Strategic investments in infrastructure, animal nutrition, and energy segments contributed to growth and diversification.

• Animal Nutrition sales volumes surged 38% year-over-year to 713,000 tons.

Financial highlights

• Total grain handled reached 31.6 million tons, with record oilseed crush volumes of 557,000 tons, up 3% year-over-year.

• Agribusiness segment earnings increased from AUD 162 million to AUD 218 million, driven by higher East Coast crop production.

• Nutrition and energy segment saw record oilseed crush but lower crush margins; underlying EBITDA declined to AUD 117 million.

• Bulk materials business contribution margin rose to AUD 41 million, with volumes handled up to 3.0 million tons.

• Statutory NPAT was AUD 40 million, down from AUD 62 million in FY24, due to a AUD 26 million non-cash impairment of GrainsConnect Canada.

Outlook and guidance

• Margin environment for FY 2026 expected to remain broadly similar to FY 2025, with continued strong demand in Asia and stable global supply.

• East Coast crop forecast for the upcoming harvest is 30 million metric tons, with favorable conditions in Queensland and Northern NSW.

• Guidance for FY 2026 will be provided at the AGM in February 2026.