Slide 1: 1H26 Financial Results
1H26 Financial Results For the 6 months ending 31 March 2026 14 May 2026 This release has been authorised by the Board of GrainCorp Limited 1
Slide 2: Disclaimer
Disclaimer This presentation includes both information that is historical in character and information that consists of forward-looking statements. Forward-looking statements are based on current expectations of future results or events. The forward-looking statements are subject to risks, stakehold
Slide 3: Acknowledgement of Country
Acknowledgement of Country GrainCorp acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of Australia and embraces the spirit of reconciliation, working towards the equality of outcomes and ensuring an equal voice. This artwork was created by Lani Balzan, a proud Aborigin
Slide 4: Agenda
Agenda Speakers Contents Robert Spurway 1H26 performance and operating context Managing Director & CEO 1H26 financial performance Ian Morrison Balance sheet and capital management Chief Financial Officer Strategy Outlook and conclusion Appendices 4
Slide 5: 1H26 performance and operating context
1H26 performance and operating context
Slide 6: Executive summary
Executive summary Disciplined execution and resilience in the current environment 1H26 operating and financial Resilient business model Delivering on our strategy to drive highlights long-term value creation • 1H26 Underlying EBITDA(1) of • Global oversupply of grain • Growing and diversifying our $
Slide 7: 1H26 performance
1H26 performance Financial metrics Underlying EBITDA Underlying NPAT(1) Core cash(2) 1H26 dividend $136m $33m $163m 14cps 1H25: $202m 1H25: $69m 1H25: $296m 1H25: 14cps ordinary 10cps special Operating metrics Total grain handled(3) Oilseed crush volumes Bulk materials handled(4) Animal Nutrition sa
Slide 8: Responding to evolving global markets
Responding to evolving global markets Controlling what we can to manage risks and capitalise on opportunities Operating context How we are responding Global grain market Cost management • Cyclical oversupply of grain globally and lower prices have • Cost reduction program in place in response to cur
Slide 9: Health and safety
Health and safety Focus on continuous improvement as we strive for ‘zero-harm’ Health and safety performance • Recordable injury frequency rate(1) of 6.4 • Lost time injury frequency rate(2) of 4.0 Key initiatives • Reinforcing the fundamentals including pre-starts and site inspections • Focusing on
Slide 10: Sustainability
Sustainability Sustainable initiatives are creating long-term stakeholder value Climate GrainCorp Next Social impact • SBTi(1); Progressing towards emissions reduction • Successful launch of expanded Year Three • Launched 10-year anniversary of the targets core grower program, including alignment to
Slide 11: 1H26 Financial Performance
1H26 Financial Performance
Slide 12: 1H26 financial performance
1H26 financial performance Disciplined performance in a challenging global grain market Business segment EBITDA ($m) 1H26 1H25 • Agribusiness earnings lower in 1H26 due to lower tonnes handled and margins in ECA, partly offset by improved International result • Nutrition and Energy result reflects c
Slide 13: Agribusiness
Agribusiness Cyclical oversupply of grain limiting margin opportunities for grain handlers East Coast Australia (ECA) Agribusiness 1H26 1H25 Financial metrics ($m) • ABARES ECA crop estimate(1) of 34.9mmt in 2025-26 in line with 2024-25 production Revenue • Total grain handled of 26.5mmt with carry-
Slide 14: Agribusiness
Agribusiness Record Western Australian crop supported improved result International Contracted grain sales (mmt) • Record Western Australian winter crop of 26.9mmt in 2025-26(1) ECA International ‐ 17% above 2024-25 and 49% above 10-year average • Stronger financial contribution in 1H26 2.3 2.1 2.0
Slide 15: Nutrition and Energy
Nutrition and Energy Human Nutrition earnings lower due to edible oils sales volumes Human Nutrition Nutrition and Energy 1H26 1H25 Financial metrics ($m) • 1H26 crush volumes of 277kmt in line with 1H25 Revenue EBITDA • Underlying 1H26 crush margins broadly in line with 1H25; reported result lower
Slide 16: Nutrition and Energy
Nutrition and Energy Growth in Animal Nutrition offset by lower Agri-energy contribution Agri-energy Agri-energy sales volumes (kmt) 1H 2H • Agri-energy sales volumes and margins lower, driven by uncertainty in US biofuel policy • Sentiment improving on increased fuel refining margins due to Middle
Slide 17: Balance sheet and capital management
Balance sheet and capital management Moree, NSW
Slide 18: Core cash and net working capital
Core cash and net working capital GrainCorp’s strong balance sheet provides flexibility for reinvestment and capital returns Core cash / (debt) ($m)(1) Net Working Capital ($m)(2) 495 349 337 600 321 296 500 200 400 177 163 129 300 200 100 (1) 0 (90) FY21 1H22 FY22 1H23 FY23 1H24 FY24 1H25 FY25 1H26
Slide 19: Capital expenditure and D&A
Capital expenditure and D&A Disciplined capital investment Capex and investments ($m) Depreciation & Amortisation (D&A) ($m)(1) Sustaining Growth Investments Business transformation D&A AASB 16 depreciation 95 117 117 119 120 92 86 4 6 77 36 36 42 44 26 1 40 11 1 5 3 3 57 30 79 20 65 6 81 81 78 59 7
Slide 20: Delivering consistently strong shareholder returns
Delivering consistently strong shareholder returns Returned $640 million to shareholders since FY21 Dividend history (cents per share) 30 30 • Declared 14cps ordinary dividend Ordinary dividend Special dividend 24 24 24 24 24 24 • Buy-back extended for 12-months in February 2026; $38m of 16 16 12 10
Slide 21: Summary
Summary Delivered $136m of Underlying EBITDA Strong operational performance across our portfolio Balance sheet remains strong Declared ordinary dividend of 14cps Reaffirmed FY26 earnings guidance 21
Slide 22: Strategy
Strategy Y GrainCorp
Slide 23: GrainCorp's vision and strategy
GrainCorp’s vision and strategy Delivering sustainable growth through-the-cycle 23
Slide 24: Strategy supported by attractive long-term fundamentals
Strategy supported by attractive long-term fundamentals Population growth and changing demographics Diverse and attractive end markets Forecast population growth of Australia’s 20 largest grain • Population of Australia’s 20 Australian grain industry export destinations Share of export volume, 20-21
Slide 25: Investing in growth areas across our business
Enhance Expand Evolve Investing in growth areas across our business Growing and diversifying our earnings capabilities East Coast Australia Human Nutrition Animal Nutrition Improving port utilisation Enhancing edible oil refining capabilities Expanding Animal Nutrition capacity • Bulk materials prog
Slide 26: Business Transformation
Enhance Expand Evolve Business Transformation Investing in a future growth enabler for GrainCorp Program rationale Targeted run rate benefits • Business-wide transformation program to unlock efficiencies and drive returns across our integrated value chain Early-Stage Underway • Addressing end-of-lif
Slide 27: Delivering feedstock to unlock Australia's renewable fuel future
Enhance Expand Evolve Delivering feedstock to unlock Australia’s renewable fuel future Opportunity for domestic low-carbon liquid fuel production Domestic renewable fuel industry • Australia produces significant agricultural and waste-based feedstocks required to underpin a domestic renewable fuel i
Slide 28: Outlook and conclusion
Outlook and conclusion w GrainCorp
Slide 29: Outlook
Outlook Australian rainfall deciles – 3 months to 30 April 2026(1) Highest on record FY26 earnings guidance reaffirmed Very much above average • Underlying EBITDA of $200-240 million Above average • Underlying NPAT of $20-50 million Average Below average Very much below average Market outlook Lowest
Slide 30: Delivering sustainable earnings through-the-cycle
Delivering sustainable earnings through-the-cycle Through-the-cycle (TTC) average earnings Underlying EBITDA since FY20 excluding CPC ($m)(1,2) Underlying EBITDA excl. CPC ($m) FY20-26e Avg. Underlying EBITDA excl. CPC ($m) TTC average earnings provides a framework for GrainCorp’s Average earnings t
Slide 31: Why invest in GrainCorp
Why invest in GrainCorp GrainCorp has demonstrated its ability to respond to variable conditions Attractive long-term fundamentals Strategic infrastructure assets Supply chain resilience Strong balance sheet Disciplined capital management Track record of shareholder returns Coonamble, NSW 31
Slide 32: Appendix – Additional 1H26 disclosures
Appendix – Additional 1H26 disclosures Goroke, VIC
Slide 33: East Coast Australia tonnes handled
East Coast Australia tonnes handled mmt FY21 FY22 FY23 FY24 FY25 FY26 ABARES – total ECA winter + sorghum production(1) 34.3 33.9 32.8 26.1 34.7 34.9 Carry-in 0.7 4.3 4.9 3.9 2.5 2.3 Receivals(2) 16.5 16.3 13.9 10.1 13.3 11.2 – 12.0 Domestic outload 5.0 6.4 6.4 5.9 6.5 5.3 – 6.3 Exports(3) 7.9 9.2 8
Slide 34: Underlying EBITDA bridge: 1H25 to 1H26
Underlying EBITDA bridge: 1H25 to 1H26 Key 1H26 earnings drivers 202 10 2 34 4 (12) (9) 136 (9) (0) (85) 1H25 Lower ECA CPC Higher GCC Higher Timing impact Lower edible Lower Corporate 1H26 Underlying tonnes Impact(1) International Animal on crush oils sales Agri- & projects Underlying EBITDA handle
Slide 35: Cashflow
Cashflow ($m) 31 March 2026 31 March 2025 EBITDA 103 187 Net interest (34) (38) Income taxes paid (1) (41) Changes in working capital and other related items (132) (32) Net operating cash flow excl inventory funding & commodity inventory (64) 75 Proceeds from bank loans – inventory funding 903 989 C
Slide 36: Core cash bridge (FY25-1H26)
FY25 core cash 321 Underlying EBITDA 136 Core cash bridge Principal elements of lease repayments (24) Core cash / (debt) bridge (FY25-1H26) Inventory procurement 152 trade payable (82) GST on commodity inventory M2M asset/liabilities & (59) margin deposits Movements in (140) working capital Capex an
Slide 37: Debt and liquidity profile
Debt and liquidity profile Core cash / (debt) Short-term impact of export shipments on working capital and core debt Components ($m) 31 Mar 2026 30 Sep 2025 31 Mar 2025 Term debt Grain purchased using Inventory and working capital commodity inventory facility financing Commodity inventory facility C
Slide 38: Reconciliation of Underlying EBITDA and NPAT
Reconciliation of Underlying EBITDA and NPAT Reconciliation of EBITDA to Underlying EBITDA(1) $m 1H26 1H25 EBITDA 103 187 Business transformation costs 17 15 GrainsConnect Canada exit(3) 16 - Underlying EBITDA 136 202 Reconciliation of NPAT to Underlying NPAT(2) $m 1H26 1H25 NPAT 5 58 Business trans
Slide 39: Appendix – Additional information
Appendix – Additional information West Footscray, VIC
Slide 40: Our network of assets
Our network of assets GrainCorp is a leading Australian agribusiness and processing company, with integrated operations across four continents and a proud history of delivering for customers for more than 100 years >160 7 Grain receival sites Ports across in ECA ECA >500 290 Refining, bleaching, Oil
Slide 41: How we operate
How we operate We partner with growers to maximise the value of their crops, connecting them to domestic and global marketplaces through our end- to-end supply chain and infrastructure assets. We develop innovative solutions to create high-quality and sustainable products across Human Nutrition, Ani
Slide 42: Average ECA grain production continues to improve
30.0 20.0 25.0 35.0 0.0 5.0 10.0 15.0 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 Total ECA Winter Crop Production (mmt)(1) 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 Average ECA grain production
Slide 43: Crop Production Contract
Crop Production Contract GrainCorp reached $270m cap following the FY25 payment Crop Production Contract – payments to date(1) Crop Production Contract – payments to date(3) • CPC was critical in facilitating demerger of GrainCorp and United Malt Payments received / (paid) ($m) • 10-year contract (s
Slide 44: Building blocks of $320m EBITDA in average earnings
Building blocks of $320m EBITDA in average earnings Key drivers - Agribusiness Agribusiness – TTC contribution ECA International • ECA crop production (winter & summer) • Western Australia and Canada crop production Agribusiness • Total grain handled ~66% • Contracted grain sales volumes • Contracte
Slide 45: GrainCorp Ventures
GrainCorp Ventures Investing in opportunities that support long-term agricultural sustainability and productivity GrainCorp Ventures Portfolio DataFarming delivers low-cost, satellite-based precision agriculture tools that simplify crop management. Its Digital Agronomist platform provides actionable
Slide 46: Capital management framework
Capital management framework Service debt obligations Sustaining capital expenditure • Target $40–50m p.a. Dividends • Payout ratio = 50-70% of NPAT through-the-cycle • Capital investment in growth Surplus cash flow projects • Return capital to shareholders Maximise returns to shareholders 46
Slide 47: Glossary
Glossary Term Definition Term Definition AASB Australian Accounting Standards Board mmt Million metric tonnes ABARES Australian Bureau of Agricultural and Resource Economics Net debt Total debt less cash ASRS Australian Sustainability Reporting Standards NPAT Net Profit After Tax CAGR Compound Annua
Slide 48: GrainCorp Limited
GrainCorp Limited Level 20, Tower 2, International Towers 200 Barangaroo Avenue Sydney NSW 2000 graincorp.com.au