GrainCorp (GNC) investor relations material

Executive summary

• Underlying EBITDA for the half year was AUD 136 million, reflecting disciplined execution amid global grain oversupply and margin compression.

• Net profit after tax for the half-year ended 31 March 2026 was $4.6 million, down 92.1% year-over-year from $58.1 million.

• The board declared an ordinary interim dividend of AUD 0.14 per share, fully franked, with no special dividend.

• Balance sheet remains strong, with core cash of $163 million and net debt of $(1,414) million at 31 March 2026.

• Portfolio diversification and growth in bulk materials and animal nutrition supported resilience.

Financial highlights

• Underlying EBITDA declined to $136 million from $202 million in 1H25; Underlying NPAT fell to $33 million from $69 million.

• Revenue was $3,883.6 million, down 5.1% year-over-year.

• Total grain handled was 26.5mmt, down from 29.5mmt year-over-year.

• Oilseed crush volumes steady at 277kmt; Animal Nutrition sales volumes reached a record 390kmt, up 5% year-over-year.

• Core cash at $163 million, down from $296 million in 1H25.

Outlook and guidance

• FY26 earnings guidance reaffirmed: underlying EBITDA of AUD 200–240 million and NPAT of AUD 20–50 million.

• Full-year canola crush margins expected to be broadly in line with FY25 despite first-half mark-to-market timing impacts.

• Favorable planting conditions in Victoria and southern NSW; rainfall needed in Queensland and northern NSW.

• Guidance subject to grain volumes, export timing, supply chain and oilseed crush margins, and new season opportunities.