Key Highlights:

• For FY26, Ridley reported Revenue of A$2,864.2 million, up 119.9%, driven primarily by the first full contribution from its Fertilisers segment, acquired from Incitec Pivot on...

• The FY26 result was transformed by the fertilisers acquisition: revenue more than doubled and underlying EBITDA rose 61.9% to A$157.8 million, though the statutory profit was...

• Catalysts include successful integration of the fertilisers business, growth in the core animal-nutrition and new fertilisers segments, realisation of the acquisition's...

• Integrating the large fertilisers Acquisition carries execution risk, and the FY26 Impairment on NovaqPro shows how specific issues can hit statutory earnings.

Ridley Corporation is a leading Australian animal-nutrition company, producing stockfeed and nutritional products for the poultry, pig, dairy, aquaculture and other livestock sectors, and it has recently expanded into fertilisers. Its exposure to agricultural production gives it a defensive, staples-like Demand base, and its move into fertilisers has transformed the scale of the business.

A transformational FY26 result, driven by the new fertilisers business, has framed the question of whether a fresh re-rating is starting to build.

Latest Development

For FY26, Ridley reported revenue of A$2,864.2 million, up 119.9%, driven primarily by the first full contribution from its Fertilisers segment, acquired from Incitec Pivot on 30 September 2025. Underlying EBITDA before significant items rose 61.9% to A$157.8 million, and net profit before significant items increased 41.1% to A$61.0 million, though statutory net profit fell 36.4% to A$27.6 million after impairment and acquisition-related charges.

The company declared a fully franked final Dividend of 5.35 cents, following an interim of 5.10 cents, and reported Operating Cash Flow of A$122.4 million, up A$54.1 million, as the fertilisers acquisition reshaped the group.

Financial and Operational Picture

The FY26 result was transformed by the fertilisers acquisition: revenue more than doubled and underlying EBITDA rose 61.9% to A$157.8 million, though the statutory profit was reduced by impairment and acquisition charges, including a A$28.7 million write-down related to its NovaqPro product. Underlying net profit, up 41.1%, and strong operating cash flow better reflect the run-rate of the enlarged business.

For an agricultural business, the demand for animal nutrition is relatively defensive, and the new fertilisers segment adds scale and exposure to the broader agricultural-inputs market, so integrating that acquisition is central to the outlook.

What Could Drive the Shares Next?

Catalysts include successful integration of the fertilisers business, growth in the core animal-nutrition and new fertilisers segments, realisation of the acquisition's benefits, and the absence of the one-off charges that reduced statutory profit in FY26. Evidence that the enlarged group can grow underlying Earnings would support a re-rating.

A demonstration that the fertilisers acquisition is delivering, with clean earnings growth, would be the clearest positive driver.

Risks Investors Should Watch

Integrating the large fertilisers acquisition carries execution risk, and the FY26 impairment on NovaqPro shows how specific issues can hit statutory earnings. Agricultural demand can be affected by weather, livestock cycles and Commodity prices.

Input costs, the performance of the fertilisers business, and the sustainability of underlying earnings growth are additional considerations.

Investor Takeaway

Ridley Corporation's FY26 revenue more than doubled to A$2,864.2 million and underlying EBITDA rose 61.9% to A$157.8 million on its new fertilisers business, though one-off charges cut statutory profit. Whether a fresh re-rating builds depends on integrating fertilisers and growing underlying earnings. Fertiliser integration, underlying earnings and agricultural demand are the things to watch.