Highlights

  • Cobram Estate Olives (ASX:CBO) reported FY2026 normalised EBITDA of $61.4 million and normalised Earnings before tax of $13.0 million.
  • Group olive oil sales increased 11.9% to $265.5 million, supported by packaged goods growth in Australia and the USA.
  • The Acquisition of California Olive Ranch expanded CBO’s USA operations and contributed three months of trading results during FY2026.
  • USA packaged goods sales increased to $87.5 million, supported by the addition of California Olive Ranch® and Lucini® brands.
  • The Board declared a fully franked final Dividend of 4.5 cents per share for FY2026. 03128026

Cobram Estate Olives Limited (ASX:CBO) is a vertically integrated olive farmer and marketer of premium extra virgin olive oil (EVOO), with operations across Australia and the USA. The company owns olive groves, mills, bottling and storage facilities, premium brands and the Modern Olives® laboratory. During FY2026, CBO expanded its USA platform through the acquisition of California Olive Ranch, while continuing to grow its branded olive oil operations across key markets. 03128026

FY2026 Financial Results Overview

Cobram Estate Olives released its FY2026 Annual Report on 28 August 2026, reporting financial performance for the year ended 30 June 2026. The company recorded normalised EBITDA of $61.4 million compared with $116.6 million in FY2025, while normalised earnings before tax stood at $13.0 million compared with $76.1 million in the previous year. 03128026

The company reported Group olive oil sales of $265.5 million, representing an increase of 11.9% from $237.4 million in FY2025. Packaged goods sales increased to $253.2 million from $216.8 million, accounting for the majority of Group olive oil sales during FY2026. 03128026

Cash flow from operations before tax and interest was $47.5 million, compared with $83.0 million in FY2025. CBO attributed the movement to factors including strategic inventory investment, higher production costs and changing conditions in the global olive oil market. 03128026

The company’s adjusted asset value increased to $1.4 billion as at 30 June 2026, while net Debt increased to $437.3 million following Investment in the California Olive Ranch acquisition, USA land acquisitions, grove development and expansion projects. 03128026

Australia Operations Maintain Brand Position

CBO’s Australian operations delivered an FY2026 result during a lower-yielding phase of the olive production cycle. Australian olive oil sales totalled $170.6 million, compared with $172.7 million in FY2025. Packaged goods sales increased 1.6% to $165.7 million. 03128026

The Cobram Estate® brand recorded sales growth of 2.1% to $102.9 million, while Red Island® sales declined due to increased competition and internal oil allocation decisions. The company maintained its market position, with Cobram Estate® and Red Island® achieving a combined 35.7% value share of Australian supermarket olive oil sales during FY2026. 03128026

Australian olive oil production totalled 11.1 million litres during FY2026, reflecting the expected lower-yielding “off-year” within the natural biennial olive production cycle. CBO stated that production from company-owned groves was higher than the previous off-year harvest, supported by the continued Maturity of its Australian grove portfolio. 03128026

USA Expansion Following California Olive Ranch Acquisition

A major development during FY2026 was the completion of the acquisition of California Olive Ranch (COR) on 26 March 2026. The acquisition expanded CBO’s USA operations through additional brands, olive groves, milling capacity, storage facilities and distribution capabilities. 03128026

The acquired California Olive Ranch® and Lucini® brands contributed $41.7 million in sales during their first three months within the Group. USA packaged goods sales increased 63.1% to $87.5 million, while total USA olive oil sales increased 47.0% to $95.0 million. 03128026

USA operations generated EBITDA of $9.4 million in FY2026, compared with $6.6 million in FY2025. CBO expects the expanded USA platform to support future growth through increased Supply availability, operational efficiencies and integration benefits. 03128026

The company stated that integration of COR is progressing, with initial annualised synergies of approximately US$12 million targeted by the end of FY2027 and a longer-term target of more than US$20 million of annualised synergies by FY2030. 03128026

Outlook and Key Factors to Monitor

Cobram Estate Olives expects FY2027 performance to benefit from a larger Australian “on-year” harvest and a full-year contribution from California Olive Ranch, subject to agricultural production and market conditions. 03128026

The company continues to invest in USA growth initiatives, including additional grove development, Warehouse expansion and increased bottling capacity. During FY2027, CBO plans to complete further USA infrastructure projects and develop additional Californian olive groves. 03128026

Future performance will depend on several operating factors, including agricultural conditions, olive oil supply and pricing trends, consumer demand, integration of California Olive Ranch, production costs and foreign exchange movements due to CBO’s international operations. 03128026

Dividend Update

Cobram Estate Olives declared a final FY2026 dividend of 4.5 cents per share, fully franked, matching the FY2025 final dividend. The dividend is scheduled for payment on 6 November 2026. 03128026