Lindsay Australia (LAU) H1 2026 earnings summary

Executive summary

• Revenue rose 24.8% year-over-year to $540.3 million, driven by organic growth, the SRT Logistics acquisition, and strong horticultural volumes in Queensland and Western Australia.

• Underlying EBITDA increased 16.0% to $66.4 million, reflecting both organic expansion and SRT contributions.

• SRT Logistics acquisition completed July 1, 2025, expanded the geographic footprint, diversified earnings, and integration is ahead of expectations, delivering synergies and supporting double-digit EPS growth.

• Network expansion and facility upgrades completed in Perth, Adelaide, and Tasmania, supporting scalable growth.

• Investment in safety, people, and systems led to a 30% reduction in lost time injuries and improved LTIFR to 12.9.

Financial highlights

• Group revenue increased 24.8% to $540.3 million, driven by acquisitions and core growth across all divisions.

• Underlying EBITDA rose 16% to $66.4 million; underlying NPAT flat at $15.8 million due to higher depreciation and interest.

• Fully franked interim dividend of 2.1 cents per share declared, payout ratio 59.2%.

• Underlying EPS dropped 14% due to share issuance for SRT acquisition; pro forma EPS (including SRT for 12 months) up 13% year-over-year.

• Invested capital reached $425 million at period end, up 47.2% year-over-year.

Outlook and guidance

• Medium to long-term fundamentals remain strong, supported by population growth and higher freight demand.

• Near-term trading conditions remain competitive, with ongoing pricing pressure and elevated operating costs.

• Focus for the second half is on margin improvement, terminal efficiency, and further SRT and GJ integration.

• Expectation to deliver over $1 billion in revenue for FY 2026.

• Expansion into non-seasonal categories (dairy, protein, secondary freight) to improve earnings resilience.