Duxton Farms (ASX:DBF) Reports FY26 Revenue Following Expansion Into Diversified Agricultural Operations

Aditi Sarkar

06 November 2026 10:34 PM AEDT

Duxton Farms (ASX:DBF) Reports FY26 Revenue Following Expansion Into Diversified Agricultural Operations

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Highlights

Duxton Farms recorded FY26 total Revenue of AUD 19.4 million, including AUD 18.1 million from its continuing agricultural Business operations.
The company reported a statutory loss after tax of AUD 40.3 million alongside underlying negative EBITDA during FY26 financial results.
Duxton Farms acquired four businesses in October 2025 for AUD 76.9 million, expanding into horticulture, apiculture and diversified dairy operations.
The company recorded asset impairments and Revaluation decrements totalling AUD 8.3 million, while declaring no Dividend for ordinary FY26 shareholders.

Duxton Farms Limited (ASX:DBF) is an ASX-listed agricultural company managed by Duxton Capital (Australia) Pty Ltd. Historically focused on broadacre grain farming across South Australia, Duxton Farms expanded significantly in October 2025 through the Acquisition of four new businesses: Duxton Bees (apiculture), Duxton Orchards including Duxton Apples (horticulture), Duxton Dairies in Cobram (dairy farming), and Duxton Dried Fruits. FY26 results for the year ended 30 June 2026 were released on 28 August 2026, with the financial statements still subject to audit by Grant Thornton at the time of release.

FY26 Revenue by Segment

Duxton Farms' FY26 total revenue of $19.4 million included continuing operations revenue of $18.1 million and discontinued Apples revenue of $1.3 million. By segment: Agriculture (broadacre) contributed $10.0 million in revenue, Viticulture $6.1 million, Apiculture $1.5 million, and Horticulture $0.6 million. The year-on-year comparison is complicated by the acquisition on 30 October 2025 — FY25 comprised only the broadacre business for a full twelve months, while FY26 includes the newly acquired segments from their October 2025 acquisition date. Continuing operations revenue fell 9.6% from $20.0 million to $18.1 million on a like-for-like broadacre comparison, reflecting lower Commodity prices and seasonal variations.

Impairments, Going Concern and Asset Sales

Duxton Farms recognised total asset impairments and revaluation decrements of $8.3 million based on independent June 2026 valuations, including $2.1 million in Goodwill Impairment (primarily the Duxton Orchards/Apples segment) and $5.4 million in asset revaluation decrements. The statutory loss of $40.3 million included these impairments as well as large one-off costs associated with the October 2025 acquisition and integration. The FY26 Annual Report included a going concern assessment, with the Group stating it remained reliant on executing a combination of funding options. To address this, Duxton Farms completed two property sales during FY26: the Merriment property ($5.1 million, January 2026) and the Cowaribin property ($6.0 million, February 2026). Additionally, the Forbes aggregation and Apples business are classified as held-for-sale at 30 June 2026, with the Apples sale ($9.2 million) pending lessor consents expected in the September 2026 quarter.

Balance Sheet and Outlook

Net tangible Assets per share were $0.97 at 30 June 2026 (FY25: $2.39), reflecting the impairments, losses, and acquisition-related dilution. Statutory net asset value was $115.1 million, or $1.07 per share, covering a broader range of assets including goodwill. No dividend was declared for FY26; the most recent dividend was the FY25 dividend of 24 cents per share (85% franked), paid on 1 August 2025, funded by $4.7 million in cash and $5.2 million through the Dividend reinvestment Plan. Cash used in Operating Activities was $30.8 million for FY26. The Group is in a period of significant restructuring and rationalisation as it sheds non-core assets and focuses on its core performing agribusiness segments.

Stock Price Information

Shares in Duxton Farms Limited (ASX:DBF) fell approximately 28% on 30 April 2026 (the day of an adverse quarterly and financial update), trading around $0.450 from a prior close of $0.625. The shares fell to approximately $0.41–0.47 range through mid-2026. As of 6 November 2026, DBF shares were trading on the ASX. Investors should refer to ASX announcements at www.asx.com.au and Investor relations at www.duxtonfarms.com.au for the latest company updates.

FAQs

Q: What businesses did Duxton Farms acquire in October 2025?

A: On 30 October 2025, Duxton Farms acquired four businesses for total consideration of $76.9 million: (1) Duxton Bees — an apiculture (honey bee) business; (2) Duxton Orchards, including Duxton Apples — a horticulture business; (3) Duxton Dairies at Cobram — a dairy farming business; and (4) Duxton Dried Fruits — a dried fruit production business. These acquisitions transformed Duxton Farms from a pure broadacre grain farming company into a diversified agricultural group with operations across six segments: Agriculture, Viticulture, Apiculture, Horticulture, Dairy, and Dried Fruits.

Q: What is Duxton Farms' going concern issue?

A: The FY26 financial statements include a going concern note, indicating that the Group remains reliant on its ability to execute a combination of funding and asset disposal options to maintain solvency and meet obligations. The company is addressing this through: (1) the sale of the Merriment and Cowaribin properties (completed); (2) the pending sale of the Apples business (

Q: Why did Duxton Farms not pay a FY26 dividend?

A: Duxton Farms did not declare a dividend for FY26, in contrast to the FY25 final dividend of 24 cents per share (85% franked). The decision reflects the company's statutory loss of $40.3 million, negative operating cash flow of $30.8 million, and the going concern risk noted in the financial statements. Preserving cash is critical while the company completes its asset disposal program and stabilises the newly acquired business segments. The DRP (Dividend Reinvestment Plan) that was used for the FY25 dividend saved approximately $5.2 million in cash, but no dividend was declared to be partly satisfied through this mechanism for FY26.

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