Elders reports strong first half performance

Elders Limited has delivered a strong financial result for the first half of FY26, underpinned by improved seasonal conditions and progress on major transformation, integration and management initiatives.

For the six months to 31 March 2026, Elders reported underlying earnings before interest and tax (EBIT) of $76.6 million, up 33 per cent on the prior corresponding period.

Statutory profit after tax was $39.5 million, while sales revenue increased 32 per cent from HY25 to $1.77 billion, reflecting broader geographic diversification and improved conditions across key regions.

An interim dividend of 18.0 cents per share, fully franked, was determined.

Elders Managing Director and Chief Executive Officer Mark Allison said the result reflected disciplined execution across the business, alongside encouraging seasonal conditions.

“Elders delivered a strong first half result, supported by optimisation of improved seasonal conditions and the initial contribution from Delta Agribusiness, which has further strengthened the geographic diversity of our portfolio,” Mr Allison said.

“First-half performance demonstrates the underlying resilience of the business and the benefits of our diversified operating model during a period of both opportunity and external challenge.”

During the half, Elders completed the full implementation of its new divisional operating model, designed to improve accountability, efficiency and operational focus across the business.

Significant progress was also made on Elders’ multi year Systems Modernisation program. Wave 3 went live during the period, while detailed design commenced for the fourth and final Wave. Benefits from the program are expected to continue accumulating as the remaining phases are delivered.

“The new divisional structure is already delivering clearer accountability and improved alignment across our operations,” Mr Allison said.

“At the same time, we continue to make good progress on Systems Modernisation, which remains a critical enabler of efficiency, data capability and customer service into the future.”

Elders also progressed the integration of Delta Agribusiness, which contributed $10.4 million in EBIT during its first five months under Elders’ ownership. Integration work continued throughout the half, with synergy benefits expected to be weighted to the second half of FY26 and fully realised over three years.

“We are pleased with the early performance of Delta Agribusiness and the way the business has been welcomed into the Elders Group,” Mr Allison said.

“The focus now is firmly on execution, with integration well underway and synergy benefits expected to build over time.”

Improved seasonal conditions across key cropping and livestock regions supported activity during the first half, providing greater confidence ahead of the winter season. At the same time, Elders continued to manage short term international supply chain challenges driven by geopolitical events, which contributed to volatility and elevated prices for key agricultural inputs, including fuel and fertiliser.

“While international events have created price volatility in fuel and fertiliser, our long-standing supplier relationships and national agronomy network have allowed us to manage demand and support growers with timely advice,” Mr Allison said.

“Elders remains well positioned to navigate these short-term challenges and continue supporting customers through the season.”

During the first half, Elders also announced the appointment of René Dedoncker as Chief Executive Officer, to succeed Mr Allison. Mr Dedoncker will commence in the role on 1 October 2026, with Mr Allison remaining during the transition period to support continuity and onboarding.

Elders enters the second half of FY26 well positioned, with earnings expected to be supported by the continuing contribution from Delta Agribusiness, incremental benefits from Systems Modernisation, and renewed operational focus under the divisional structure. Elders expects a return to average seasonal conditions across most key cropping regions, and continued momentum in livestock and real estate markets.

To read the full results, go to the ASX announcement.