Ridley Corporation Annual Report Shows Strong FY26 Earnings Expansion

Key Highlights

• Ridley’s FY26 Annual Report confirms a significantly larger earnings base.
• Fertilisers emerged as a major contributor following nine months of ownership.
• FY27 performance will depend on integration gains and operational improvement.

Annual Report Highlights a Larger Operating Platform

Ridley Corporation Limited (ASX: RIC) released its FY26 Annual Report on 30 September 2026, providing a detailed update on the Group’s performance for the financial year ended 30 June 2026. The report showed underlying EBITDA of AU$157.8 million, representing growth of 61.8% compared to FY25. Underlying net profit after tax increased 41.5% to AU$61.0 million.

The Annual Report also reflected the broader scale of Ridley’s operations after the addition of Incitec Pivot Fertilisers, which expanded the Group across Fertilisers, Bulk Stockfeeds, and Packaged Feeds and Ingredients.

Fertilisers Adds Meaningful Earnings Support

The Fertilisers division contributed AU$72.2 million of EBITDA during its first nine months under Ridley ownership. Performance reached the upper end of management expectations, helped by stronger fertiliser pricing, although higher prices also affected farm economics and constrained volumes.

Bulk Stockfeeds generated EBITDA of AU$50.3 million, compared to AU$47.8 million in FY25. Growth was supported by a 7% increase in monogastric volumes and a 4% rise in ruminant volumes.

Packaged Feeds and Ingredients produced EBITDA of AU$51.6 million, down from AU$62.9 million previously. Operational limitations at Maroota, delays at Timaru and lower ovine supply weighed on the segment, partly offset by 33% growth in packaged dog-food volumes.

Preliminary Results Set the Earlier Financial Picture

Before releasing the Annual Report, Ridley announced its FY26 preliminary final results on 20 August 2026. Revenue from continuing operations rose 119.9% to AU$2.864 billion, while EBITDA after individually significant items increased 19.4% to AU$116.8 million.

Statutory net profit after tax fell 36.4% to AU$27.6 million, largely reflecting individually significant items associated with the Fertilisers acquisition and the NovaqPro impairment. Operating cash flow improved to AU$122.4 million from AU$68.3 million. Net debt, however, increased to AU$295.9 million following the funding requirements of the Fertilisers acquisition.

Dividend and FY27 Priorities

Ridley declared a fully franked final dividend of 5.35 cents per share, taking total FY26 dividends to 10.45 cents per share. For FY27, management expects earnings growth across all operating segments. Further Fertilisers integration, increased utilisation within Bulk Stockfeeds and improved performance across Packaged Feeds and Ingredients are expected to remain important drivers of the Group’s next phase of growth.

Outlook

Ridley expects FY27 earnings growth across all three business segments, supported by a full-year Fertilisers contribution, improved Bulk Stockfeeds volumes and utilisation, and recovery in Packaged Feeds and Ingredients. Further integration progress, stronger operating execution and careful capital deployment are expected to support the Group’s future performance.

Note- All data presented is based on information available at the time of writing.

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