Graincorp Ltd

XMUN:G3C

Guidance held: GrainCorp reaffirmed FY '26 guidance, with underlying EBITDA still expected to be between $200 million and $240 million and underlying NPAT between $20 million and $50 million.

Half-year result: First-half underlying EBITDA came in at $136 million, helped by strong operational execution even as grain margins were pressured by global oversupply and lower grower selling activity.

Segment mix: Agribusiness was weaker year-on-year because of lower tonnes handled and compressed East Coast Australia margins, while international benefited from a record West Australian crop and strong barley demand.

Timing impact: Nutrition and energy was hurt by derivative mark-to-market timing, which management said should fully unwind in the second half, making the back half stronger than the first.

Capital returns: The Board declared an ordinary interim dividend of $0.14 per share fully franked, while the company said its balance sheet remains strong with $163 million of core cash.

Strategy: Management highlighted continued cost reduction, portfolio optimization, and progress on the business transformation program, with expected run-rate savings of $5 million to $10 million from '26 and long-term EBITDA uplift of $20 million to $30 million.