Ridley Corporation Limited · ASX:RIC
Ridley — H1 FY2026 Earnings Presentation
31 slides from Ridley's earnings presentation, Feb 26, 2026
Slide 1: FY26 1H Results
ASX: RIC Replace with grain fields pic FY26 1H RESULTS Quinton Hildebrand – MD & CEO Richard Betts – CFO (outgoing) Chris Opperman – CFO (incoming) LEADING TOGETHER 1H FY26 RESULTS | 26 February 2026 1
Slide 2: FY26 1H Financial Summary
FY26 1H FINANCIAL SUMMARY1 EBITDA 2 Statutory NPAT $83.9m $52.7m EARNINGS GROWTH +66% vs. pcp +137% vs. pcp 9% EBITDA (underlying) growth vs pcp resulting from: 3 EBITDA (underlying) NPAT (Underlying) – Fertilisers contribution (3 months) at higher end of expectations – Bulk Stockfeeds earnings grow
Slide 3: Bulk Stockfeeds Segment
BULK STOCKFEEDS SEGMENT The Bulk Stockfeeds Segment EBITDA increased by $5.4m on pcp: • Volume growth in ruminant (+13%), monogastric volumes (+7%)1; • Higher margin supplementary feeding of beef and sheep; and • Ridley Direct made a meaningful contribution and delivered on strategies to support und
Slide 4: Packaged Feeds & Ingredients Segment
PACKAGED FEEDS & INGREDIENTS SEGMENT The Packaged Feeds & Ingredients Segment EBITDA decreased by $10.1m on pcp: INGREDIENT RECOVERY BRANDS • Short-term ovine supply constraints to OMP from lower industry slaughter rates; • Lower protein meal prices; and • Capacity constraints (one process water dam
Slide 5: Fertilisers Segment
FERTILISERS SEGMENT The Fertilisers Segment EBITDA contribution was $10.3m reflecting: Dispatched volumes: Seven-year average • Three months trading in the lowest seasonal demand quarter (see graph); 280,000 • Growth on pcp – distribution business under prior ownership delivered 240,000 $8.6m EBITDA
Slide 6: Financial Results
FINANCIAL RESULTS LEADING TOGETHER 1H FY26 RESULTS | 26 February 2026 6
Slide 7: Profit & Loss from Operations Before ISIs
PROFIT & LOSS FROM OPERATIONS BEFORE ISI’s +$4.8m (9%) growth from operations • EBITDA growth1 +$4.8m (+9%), see explanations on slides 3 – 5 • Higher corporate costs mostly due to expanded employee incentive programs following the acquisition • D&A of $18.6m reflects an increase of $3.5m from the p
Slide 8: Balance Sheet
BALANCE SHEET A pro-forma balance sheet has been prepared for comparative purposes, based on Ridley’s June 2025 balances and Fertilisers balances at acquisition FERTILISERS RIDLEY OPENING PRO- DEC BALANCE SHEET ($m) JUNE BALANCE FORMA ANALYSIS OF BALANCES AND MOVEMENTS 2025 2025 SHEET COMBINED1 (SEP
Slide 9: Working Capital
WORKING CAPITAL $26m movement Ridley pre-Fertilisers working capital increased $26m due to: • Receivables impacted by the increase in volumes. Debtors' days were 33 days, in line with the pcp ($m) • Lower payables due to shorter payment terms associated with increased ‘on farm’ sourcing of key raw m
Slide 10: Capital Management - Net Debt
CAPITAL MANAGEMENT - NET DEBT NET DEBT / (CASH) ($m) AND LEVERAGE1 (TIMES) Capital management supporting ongoing growth 0.7x (0.7x) 0.8x • Strong operating cash flow of $128m generated in 1H FY26 • Acquisition funded through the FY25 capital 257 proceeds of $125m and the new debt facilities Capital
Slide 11: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK DELIVERED IN FY26 1H OPERATING CASH FLOW • Earnings resilience with underlying EBITDA up 9%, with positive cash generation of $128M Maintenance & ESG Capital (~60 – 80% of Depreciation) • Maintenance & ESG capital of $18.4m (60% of Depreciation) and Working Capital Stron
Slide 12: Individually Significant Items
INDIVIDUALLY SIGNIFICANT ITEMS Following the acquisition a provisional gain on bargain purchase of $55.9m was recognised, partially offset by business acquisition and integration costs Acquisition completed 30 September 2025 Individually Significant Gross Net (before Tax (after Comments Items (ISIs)
Slide 13: Strategic Progress Year-to-Date
STRATEGIC PROGRESS YEAR-TO-DATE LEADING TOGETHER 1H FY26 RESULTS | 26 February 2026 13
Slide 14: Fertilisers
FERTILISERS The transition and integration of Incitec Pivot Fertilisers is progressing to plan. Transition • Business restructured in February to a regional distribution model, with the aim of: Cairns Primary Distribution Centre o aligning sales and execution to improve customer service; Regional Di
Slide 15: Bulk Stockfeeds
BULK STOCKFEEDS New Concentrates Line Gunbower Feedmill, VIC Ridley’s Flywheel strategy is supporting growth in market share and volume related operational efficiency. Increased Customer Demand • Securing new layer business as we bring nutritional performance to the consolidating sector • Winning da
Slide 16: Packaged Feeds & Ingredients
PACKAGED FEEDS & INGREDIENTS Investing capital in the underlying assets to improve processing performance. Efficiency in frozen block production • Ongoing commissioning of the new OMP facility in Timaru to deliver operational savings in FY26 2H Brett: please source a phot of Timaru Performance recov
Slide 17: Outlook
OUTLOOK LEADING TOGETHER 1H FY26 RESULTS | 26 February 2026 17
Slide 18: Outlook
OUTLOOK Ridley’s diversified businesses and market exposures provide the Group opportunities and resilience in commodity and weather cycles. In FY26 Ridley expects Group earnings1 growth to be driven by: • Nine-months contribution from the Fertilisers Segment, including 2H seasonal peak demand • Inc
Slide 19: Strategy for Growth
STRATEGY FOR GROWTH Investor Strategy Day Program Ridley is strategically well positioned: Geelong, 10 – 11 March 2026 • in the expanding Australian agricultural industry; Tuesday 10 March 2026 • occupying the #1 position in each business sector; Strategy and FY26-28 Growth Plan • performing a criti
Slide 20: Important Notice and Disclaimer
The material in this presentation is general background information about the activities of Ridley Corporation Limited (ACN 006 708 765) and its related entities (Ridley), current as at the date of this presentation, unless otherwise stated. The content is information given in summary form and does
Slide 21: Supplementary Financial Information
SUPPLEMENTARY FINANCIAL INFORMATION LEADING TOGETHER 1H FY26 RESULTS | 26 February 2026 21
Slide 22: Profit & Loss Summary
PROFIT & LOSS SUMMARY CONSOLIDATED RESULT ($m) FY26 1H FY25 1H ANALYSIS OF RESULTS EBITDA – Bulk Stockfeeds 27.1 21.7 See segment performance reporting – p3 EBITDA – Packaged Feeds and Ingredients 25.6 35.7 See segment performance reporting – p4 EBITDA - Fertilisers 10.3 - See segment performance re
Slide 23: Balance Sheet
BALANCE SHEET FERTILISERS RIDLEY OPENING PRO-FORMA DEC BALANCE SHEET ($m) JUNE ANALYSIS OF BALANCES AND MOVEMENTS BALANCE COMBINED1 2025 2025 SHEET Cash & cash equivalents 84.7 14.1 98.8 138.5 Cash balance reflects the timing of receipts and payables around the month end Trade receivables were impac
Slide 24: Cash Management
CASH MANAGEMENT CONSOLIDATED CASH FLOW ($m) FY26 1H FY25 1H ANALYSIS OF MOVEMENT Consolidated EBITDA 55.4 50.6 Movement in working capital (pre-Fertilisers) (25.4) 0.2 Refer to detailed explanation on slide 10 Operating Cash Flow – pre business acquisitions 30.0 50.8 Movement in working capital (bus
Slide 25: 5 Year Financial Information
5 YEAR FINANCIAL INFORMATION LEADING TOGETHER 1H FY26 RESULTS | 26 February 2026 25
Slide 26: Profit & Loss Summary
PROFIT & LOSS SUMMARY CONSOLIDATED RESULT ($m) FY26 1H FY25 1H FY24 1H FY23 1H FY22 1H EBITDA – Ongoing operations before significant items 63.0 57.4 54.5 50.8 45.7 Corporate Costs (7.6) (6.8) (6.5) (6.7) (6.5) Consolidated EBITDA before significant items 55.4 50.6 48.0 44.1 39.1 Significant items b
Slide 27: Balance Sheet - Assets
BALANCE SHEET – ASSETS BALANCE SHEET ($m) DEC 25 JUNE 25 DEC 24 JUNE 24 DEC 23 Cash & cash equivalents 138.5 84.7 40.9 34.2 38.9 Inventory 485.1 103.2 107.0 105.3 102.4 Trade and other receivables & prepayments 277.8 150.1 133.3 135.0 142.3 Tax assets and derivative financial instruments 8.5 0.3 - 0
Slide 28: Balance Sheet - Liabilities
BALANCE SHEET – LIABILITIES BALANCE SHEET ($m) DEC 25 JUNE 25 DEC 24 JUNE 24 DEC 23 Current trade and other payables 421.7 226.3 214.2 224.2 196.0 Current lease liabilities 22.0 4.3 6.5 5.1 7.0 Current provisions 27.2 15.7 15.2 14.6 15.9 Current tax liabilities - 4.4 2.2 5.0 1.0 Current derivative f
Slide 29: Cash Management
CASH MANAGEMENT CONSOLIDATED CASH FLOW ($m) FY26 1H FY25 1H FY24 1H FY23 1H FY22 1H Consolidated EBITDA 55.4 50.6 46.3 44.1 69.1 Movement in working capital (25.4) 0.2 (11.2) 12.4 21.2 Operating Cash Flow – pre business acquisitions 30.0 50.8 35.1 56.5 90.3 Movement in working capital – business acq
Slide 30: Net Debt, Gearing & Leverage
NET DEBT, GEARING & LEVERAGE Net debt and gearing ($m) DEC 25 DEC 24 JUN 24 JUN 23 JUN 22 Gross debt 395.0 110.0 85.0 72.5 50.0 Less: cash and cash equivalents 138.5 40.9 34.2 43.0 27.1 Reported net debt 256.5 69.1 50.8 29.5 22.9 Total equity 542.1 329.1 323.1 315.4 316.0 Gearing per banking covenan
Slide 31: Leading Together
LEADING TOGETHER