Earnings

Sales up 11.3% to A$268.9M on the California Olive Ranch acquisition, but normalised EBITDA fell 47.3% to A$61.4M and operating cash after interest and tax fell to A$3.4M. A low-oil-content Australian harvest, dearer water and a first part-year of COR ownership left net debt at A$437.3M. The statutory A$4.2M loss is mostly a non-cash warrant charge.

Lower volumes and softer revenue were offset by a sharp recovery in margins, pushing EBITDA 51.5% higher and net profit to €19.4M.

Off-year production came in materially above the previous comparable season (evidence of structurally higher grove capacity), while the COR earn-out now looks unlikely to be payable.

A turnaround year: EBITDA rose 50% and net profit swung to €20M from a €54.5M loss, with volumes up 11% even as pass-through pricing cut nominal revenue.

A challenging half shaped by aggressive competitor discounting in Australia and the US, while the California Olive Ranch acquisition cleared antitrust review and the balance sheet was reinforced.

A record on-year across the board (revenue up 22%, net profit up 168%), capped by the US$173.5M California Olive Ranch acquisition creating the largest US olive oil producer.

Double-digit top-line growth on high olive oil prices, but a €48.1M Italian tax provision tied to Carapelli Firenze pushed the bottom line to a €54.5M loss.