Lindsay Australia Limited · ASX:LAU
Lindsay Australia — Investor Presentation (February 2025)
23 slides from Lindsay Australia's investor presentation, Feb 21, 2025
Slide 1: HY25 Result Presentation – Lindsay Australia Limited
ASX: LAU 21 February 2025 ASX Announcement HY25 Result Presentation – Lindsay Australia Limited Attached is Lindsay Australia’s Results Presentation for the financial year ended 31 December 2024. Authorised for release by: Release authorised by Lindsay Australia Limited Board of Directors For furthe
Slide 2: Investor Presentation HY2025
Investor Presentation HY2025
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Lindsay Australia Limited (“LAU”). The In particular, no representation or warranty, express or implied, is given as to the information contained in this presentation is for information purposes only. The accuracy, completeness or correctness, likeli
Slide 4: Market Overview
Market Overview • Challenging macroeconomic conditions driving lower customer demand and higher variability • Capacity expansion across the sector, coupled with softening economic conditions, is intensifying competition • Economic pressures are driving shifts in supply chain dynamics and customer se
Slide 5: Strategic Focus
Strategic Focus To be the first choice in refrigerated transport throughout Australia WHY CHOOSE LINDSAY? People Customers Shareholders An employer of choice. Industry-leading service with Target consistent growth, Values driven, performance- over 70 years of experience with minimum 20% ROIC based c
Slide 6: Delivering on Strategy
Delivering on Strategy Grow the Network & Extend and Connect Entry into South-West, WA • A Sale Agreement was executed in February 2025 to acquire the assets and staff of GJ Freight, an integrated logistics and packaging business, with operations set to commence on 1 April 20251 • GJ Freight is a we
Slide 7: Delivering on Strategy
Delivering on Strategy Sustainability & Transformation Property Developments & Upgrades Timeline Transitioning to larger combinations Calendar Year B-Double Combination Max capacity: 34 spaces Capital cost: ~$0.9 million1 B-Triple Combination Max capacity: 46 spaces (+35%) Capital cost: ~$1.2 millio
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 9: Key Financials
Key Financials Rural and Road Deliver Positive results in Challenging Trading Conditions Group Revenue Underlying1 EBITDA Underlying1 NPAT Net Debt2 LTIFR3 $432.8m $47.3m $15.8m $127.4m 18.8 Up 3.6% Down 9.2% Down 19.6% Up 5.7% Up 21.7% Net leverage ratio4 ROIC5 Underlying1 EPS Half Year Dividend Ru
Slide 10: Group Performance
Notes: Group Performance 1 Underlying figures exclude the impact of AASB 16 and significant items that are non-recurring or items incurred outside of ordinary operations. HY25 underlying1 EBITDA Bridge ($’M) 52.1 • Rural and Road operations the standout in challenging trading conditions 0.6 47.3 • T
Slide 11: HY2025 Key Financials
HY2025 Key Financials Group Revenues 433 Underlying EPS1 6.3 418 ($’M) 5.7 5.0 337 4.1 274 216 219 Notes: 2.2 1 Refer to Appendix 1 for 1.9 reconciliation of underlying figures. Underlying figures exclude the impact of AASB 16 and significant items that are non- recurring or items incurred outside o
Slide 12: Capital Expenditure
Capital Expenditure KEY CAPITAL ITEMS FY2024 FY2025F CAPITAL EXPENDITURE ($’M) 22 $16.9m $13.5m 28 20 25 24 10 Prime Movers 12 26 27 32 25 15 14 FY20 FY21 FY22 FY23 FY24 FY25F $11.8m $12.0m Maintenance Growth SRL Assets Reefer Trailers • $50.2 million in capital expenditure planned for FY25, with $2
Slide 13: Borrowings
Notes: Borrowings 1 Group borrowings excludes property/other right of use lease liabilities 2 Net Leverage ratio = Net Debt/Underlying EBITDA as at 31 December 2024 Group Borrowings1 ($’M) 180 25.0% Millions 160 15 24 20.0% 140 3 13 • Net leverage declined from 1.21x to 1.46x impacted by the soft re
Slide 14: Cash Flow
Cash Flow Operating Cash Flow Free Cash Flow ($’M) ($’M) c 60 45 56.1 Millions Millions 52 40 50 47 43 35 (7.9) 40 30 31 25 (15.2) 30 26 20 (6.1) (3.4) 20 15 10 10 5 20 11 37 42 24 2.8 1.6 - 0 HY21 HY22 HY23 HY24 HY25 (24.7) EBITDA Op Cash • Operating and free cash impacted by increased tax payments
Slide 15: Dividends
Dividends Dividends per Share (cents) Unfranked • Declared final 2.3 cps dividend (fully franked) an increase of 3.0 2.8 9.5% compared to the prior period • Uplift in payout ratio1 from 33% in 1H24 to 46% 1H25 1.8 Dividends • Future dividends to be fully franked (franking credit balance of 0.5 2.1 2
Slide 16: Outlook
Outlook • Operational headwinds are expected to continue in the second half, driven by industry-wide capacity expansion, pricing pressures, weather disruptions and subdued demand • Recent weather-related challenges in North Queensland have impacted operations, adding further complexity to the region
Slide 17: Appendix
APPENDIX
Slide 18: Segment Performance
SEGMENT PERFORMANCE
Slide 19: Lindsay Transport
Lindsay Transport Transport Revenue ($’M) 261 248 • Transport freight revenues excluding fuel increased 4.5%, supported by a 194 marginal uplift in volumes (+0.8%) 176 • Horticulture volumes declined 4.2% due to the ongoing recovery in North 148 Queensland and biennial low seasons in key growing reg
Slide 20: Lindsay Transport
Lindsay Transport Rail Revenue1 80 ($’M) Millions 70 • Rail volumes declined 7.9% year-over-year, with 55% of the decrease due to 68 70 lower WA Avocado volumes (biennial crop). Volumes are expected to 60 recover in FY26. 50 44 40 • The new Perth facility (late 2025) will unlock major rail growth op
Slide 21: Lindsay Rural
Notes: 1 Underlying figures exclude the Lindsay Rural impact of AASB 16 and significant items that are non-recurring or items incurred outside of ordinary operations. Rural Sales ($’M) 86 85 82 79 • Strong performance in a difficult trading environment, with on-going recovery in North 68 Queensland
Slide 22: WB Hunter
Notes: 1 Excludes sales from the Grain WB Hunter Trading division 2 Includes pre-acquisition sales 38 • Hunter delivered sales of $50.8m compared to $38.1m in the prior period 37 36 1.9 35.6 supported by an additional month of trading (acquired August-2023) and the 1.3 35 addition of the Nagambie &
Slide 23: Reconciliations
Reconciliations Underlying results Key finance metrics 1H 2025 ($'000) EBITDA EBIT PBT NPAT Net Borrowings ($'000) 1H 2025 1H 2024 Statutory Result 56,095 27,399 21,385 14,655 Reported borrowings 33,379 39,059 Depreciation right of use properties (8,115) - - - Lease liabilities 208,764 207,597 Finan
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