GrainCorp Posts FY26 Underlying EBITDA of $223m, Underlying NPAT Falls to $31m

Sonal Goyal

12 November 2026 10:15 AM AEDT

GrainCorp Posts FY26 Underlying EBITDA of $223m, Underlying NPAT Falls to $31m

Image Source: Krish Capital Pty Ltd

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GrainCorp Limited (ASX:GNC) has reported FY26 Underlying EBITDA of $223 million for the 12 months ended 30 September 2026, down from $308 million in the prior corresponding period, with Underlying NPAT of $31 million compared with $87 million in FY25, as surplus global grain production and low commodity pricing weighed on results.

Key Points

FY26 Underlying EBITDA of $223 million, compared with $308 million in FY25
Underlying NPAT of $31 million, compared with $87 million in FY25
Closing core cash of $171 million, compared with $321 million in FY25
FY26 dividends of 28 cents per share; FY25 included 28 cents ordinary and 20 cents special
Total grain handled of 28.6 million metric tonnes, compared with 31.6 million metric tonnes in FY25

FY26 Financial Performance and Operating Metrics

GrainCorp's filing disclosed that below-average margin opportunities across the industry value chain characterised FY26, with surplus global wheat production outstripping demand by approximately 20 million metric tonnes in the 2026 marketing year, according to USDA WASDE data cited in the presentation. Grain pricing reached multi-year lows during the key Australian 2025–26 marketing window, which the company said reduced grower willingness to bring grain to market. Animal Nutrition sales volumes reached 751 thousand metric tonnes, up from 713 thousand metric tonnes in FY25, while bulk materials handled rose to 3.1 million metric tonnes from 3.0 million metric tonnes. Oilseed crush volumes were 553 thousand metric tonnes, compared with 557 thousand metric tonnes in FY25.

Transformation Program and Portfolio Optimisation

The filing disclosed that GrainCorp delivered $12 million in early-stage run-rate benefits from a group-wide Transformation Program during FY26. The company completed an operating model review for its Eastern Grain operations in the second half of FY26 and completed the sale of GrainsConnect Canada in the same period, following a previously announced divestment of the GrainsConnect Canada joint venture. The filing also noted that GrainCorp maintained steady underlying corporate costs despite an inflationary environment and continued targeted investment in Animal Nutrition and Bulk Materials capabilities as part of its strategy to diversify earnings.

Health, Safety and Climate Disclosures

GrainCorp reported a recordable injury frequency rate of 6.4 and a lost time injury frequency rate of 3.8 for the 12 months to 30 September 2026. The filing noted improvement in the Critical Incident Frequency Rate following the introduction of layered verification. On climate, the company disclosed it reduced operational emissions by 9.5% against an FY22 base year, representing year two of its Science Based Targets initiative validated targets. GrainCorp also published its first mandatory climate-related financial disclosures under AASB S2 during FY26. The company said FY27 harvest activity was accelerating strongly, with recent rainfall described as supportive for summer crop planting.

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