Select Harvests (SHV) H1 2025 earnings summary

Executive summary

• Net profit after tax for H1 2025 was AUD 28.7 million, reversing a prior year loss and reflecting a AUD 31.1 million year-over-year improvement, driven by higher almond prices, cost discipline, and a one-off AUD 5.8 million gain from water rights sales.

• Safety and sustainability remain core, with TRIFR improving to 6.3 and ongoing ESG initiatives, including emissions reduction and preparation for new reporting standards.

• Strategic transformation focuses on increasing almond volumes, processing efficiency, maximizing crop returns, and digital enablement.

• No interim dividend declared; full-year dividend decision pending annual accounts.

Financial highlights

• Revenue increased to AUD 104.5 million, up 54.1% year-over-year, with EBITDA rising to AUD 60.7 million, a 226.3% increase.

• Operating cash flow improved by AUD 30.7 million year-over-year, reaching AUD 7.5 million.

• Net debt reduced to AUD 168 million, with gearing at 32.7% versus 58% prior year.

• Return on capital employed increased to 6.1% from 0.5% in the prior period.

• Basic and diluted EPS at 20.2 cents, up from a loss of 2.0 cents per share.

Outlook and guidance

• Full-year almond price forecast is AUD 10.35/kg, with 86% of the crop hedged at an average AUD/USD rate of 64.8c.

• Crop forecast remains at 24,000–26,500 tonnes, with 42% of volumes contracted as of 13 May 2025.

• Second half earnings expected to improve due to timing of hull/shell sales, third-party processing, and crop sales.

• Cost pressures anticipated in 2026 from higher fertilizer and water prices, but offset by ongoing cost initiatives.

• Expectation of strong cash flows in 2H 2025 as crop is sold; debt levels to decrease as proceeds are realized.