Highlights

  • Select Harvests (ASX:SHV) shares closed at A$4.67, down 7.34% on 9 September 2026.
  • The company forecast a 2026 almond crop of around 29,500 metric tonnes, compared with 24,903 metric tonnes in FY25.
  • HY26 underlying NPAT increased 32.9% to A$29.1 million, while EBITDA was A$59.0 million.
  • Kristina Hermanson commenced as Managing Director and CEO on 3 August 2026, marking a Leadership transition as the company enters its value-realisation phase.

Select Harvests Limited (ASX:SHV) shares recorded one of the larger moves within the Consumer Staples group on Wednesday, closing at A$4.67, down 7.34% on 9 September 2026.

The broader Australian market was comparatively subdued. The S&P/ASX 200 (ASX:XJO) closed at 8,911.40 points, down 0.11% on 9 September 2026, while the S&P/ASX 300 (ASX:XKO) closed at 8,842.30 points, down 0.12%.

The Consumer Staples sector moved in the opposite direction. The S&P/ASX 200 Consumer Staples (ASX:XSJ) closed at 13,170.4 points, up 0.25% on 9 September 2026.

Select Harvests therefore materially underperformed both the broader market and its sector benchmark. However, the size of the daily decline should not automatically be linked to a specific company announcement. Short-term movements can reflect trading flows, valuation changes and investor positioning, while the longer-term Investment case rests on crop volumes, almond pricing, costs, processing efficiency and Capital allocation.

Integrated Almond Business

Select Harvests is one of Australia’s largest almond producers and operates a vertically integrated Business spanning orchards, harvesting, primary processing and value-added almond products.

The company manages a geographically diversified orchard portfolio across Victoria, New South Wales and South Australia. Its almonds are processed through the Carina West Facility in Victoria, which has annual hulling and shelling capacity of around 55,000 metric tonnes.

Select Harvests supplies both domestic and international customers, including supermarkets, food manufacturers, retailers and the broader almond trade. It also produces value-added formats such as roasted, sliced, diced, blanched almonds, almond meal and paste.

For investors, Earnings are shaped by several agricultural and commercial variables. Crop yield, water costs, fertiliser, labour, processing efficiency and global almond pricing can all influence profitability from year to year.

HY26 Earnings

The company’s HY26 result, released on 28 May 2026, showed improvement in underlying profitability despite higher investment in the crop and a later harvest.

Underlying NPAT increased 32.9% to A$29.1 million from A$21.9 million in the prior corresponding period. Reported NPAT was A$26.6 million, while EBITDA came in at A$59.0 million compared with A$62.7 million in HY25.

Underlying Earnings Per Share rose to 20.5 cents from 15.3 cents. The company also declared a fully franked Interim Dividend of 3.5 cents per share and announced an on-market share buyback of up to 10% of issued capital.

Net Debt increased to A$182.6 million from A$168.2 million in the prior corresponding period, reflecting investment in the crop and the timing of harvest and inventory movements. Select Harvests also secured an additional A$60 million of committed debt, taking available facilities to A$300 million and extending the tenor of its debt portfolio.

These figures suggest investors need to consider both earnings progression and the seasonal working-capital demands inherent in the business.

2026 Crop Outlook

Crop performance remains the most important operating variable for Select Harvests.

At the half-year result, management forecast the 2026 company crop at approximately 29,500 metric tonnes, with a range of 28,000 to 31,000 tonnes. That compared with a FY25 crop of 24,903 tonnes.

External grower volumes were estimated at 15,400 tonnes, more than double the 7,329 tonnes recorded in FY25. Processing greater external volumes can potentially improve utilisation of Select Harvests’ expanded processing infrastructure and provide additional Margin opportunities.

The estimated almond price used in the HY26 result was A$10.21 per kilogram, compared with A$10.18 per kilogram in FY25. Management has also highlighted supportive industry fundamentals, including lower US bearing acreage and continuing global demand.

Higher crop volumes can create operating leverage, but investors will still need to monitor crop quality, processing yields and production costs before assessing the ultimate earnings contribution.

Leadership and Strategy

A more recent company development was the leadership transition completed in August.

Kristina Hermanson commenced as Managing Director and CEO on 3 August 2026, succeeding David Surveyor. The company’s current executive team identifies Hermanson as Managing Director and CEO, with Liam Nolan continuing as Chief Financial Officer.

The leadership transition comes as Select Harvests moves from what it has described as reset, stabilisation and capacity-building phases toward value realisation.

Management has invested in orchard productivity, harvesting equipment, processing expansion, kernel recovery and sales execution. The company’s half-year report said processing capacity had expanded to 55,000 tonnes and highlighted materially higher external grower volumes as one avenue for improving utilisation.

The investment question is now increasingly about returns. Investors are likely to assess whether larger crops and more efficient processing translate into stronger cash generation and sustainable profitability.

Investor Focus

Select Harvests’ 7.34% fall on 9 September 2026 is a sharp daily movement, particularly against a Consumer Staples sector that closed higher, but a single session should not be treated as a definitive judgement on the company’s fundamentals.

The main variables investors are likely to monitor are crop tonnage, realised almond pricing, production costs and cash conversion.

External grower volumes are another important measure because higher throughput can improve processing efficiency without requiring the same level of orchard capital investment.

Balance-sheet discipline will also remain relevant after the seasonal increase in net debt. The company has greater debt capacity, but investors will likely want to see cash generated as the crop is processed and sold.

Leadership execution under Kristina Hermanson is another developing theme. The existing strategy has already produced material operating improvements, and the market will now assess how the new CEO approaches capital allocation, efficiency and growth.

Final Takeaway

Select Harvests (ASX:SHV) shares closed at A$4.67, down 7.34% on 9 September 2026, while the S&P/ASX 200 Consumer Staples index gained 0.25%.

The company’s fundamentals are currently centred on a larger expected 2026 crop, higher underlying first-half profit and increased processing scale. HY26 underlying NPAT rose 32.9% to A$29.1 million, while management forecast a 29,500-tonne company crop and 15,400 tonnes of external grower volume.

With Kristina Hermanson having taken over as CEO in August, investors are likely to focus on crop execution, almond pricing, cost control, processing utilisation, Cash Flow and balance-sheet management. Those factors will provide a clearer measure of Select Harvests’ longer-term progress than one day’s share-price movement.