Select Harvests (SHV) H2 2025 earnings summary

Executive summary

• Net profit after tax rose to AUD 31.8 million, a significant turnaround from AUD 900,000 in 2024, driven by higher almond prices, operational improvements, and disciplined cost management.

• Operating cash flow reached AUD 118.6 million, supported by accelerated sales, improved logistics, and cash conversion.

• No dividend declared as focus remains on further debt reduction, with net debt halved to AUD 79.1 million and gearing at 15.1%.

• Strategic investments in processing, yield recovery, and logistics are delivering value and positioning for future growth.

• Transformation programs and investments in equipment and processing capacity positioned the business for continued value creation.

Financial highlights

• NPAT rose by $30.9m year-over-year to $31.8m, with revenue up 35.4% to $398.3m.

• EBITDA increased 81.5% to $82.4m, with AUD 5.8 million contributed by water rebalancing.

• Operating cash flow improved by $109.1m to $118.6m.

• Net debt reduced by 51% to $79.1m, with gearing at 15.1%.

• Average almond price achieved was AUD 10.18/kg, up 32.4% year-over-year.

Outlook and guidance

• Almond macro remains positive with global demand growing at 5%-7% CAGR and supply constrained.

• 2026 crop expected to benefit from improved horticulture and processing, with 55% of crop hedged at AUD 0.6485.

• Margin gains anticipated from investments in harvesting equipment, processing capacity, and kernel recovery.

• Anticipated cost headwinds in water, bees, fertilizer, and energy, with PMO initiatives targeting significant offsets.

• Focus remains on maximising returns through higher yields, processing leadership, and price optimisation.