Highlights

  • Select Harvests (ASX:SHV) expects a FY26 almond crop of 28,800–29,600 metric tonnes.
  • The company lifted its estimated 2026 almond pool price to AUD 10.26/kg.
  • Wet-harvest and other one-off operational costs are now estimated at AUD 13.9mn.
  • FY26 results are scheduled for 25 November 2026, following the September trading update.

Select Harvests (ASX:SHV) grows, processes and markets Australian almonds through its orchard portfolio and processing facilities, with sales across domestic and export markets. Its September 2026 trading update narrowed the expected FY26 crop range while identifying additional costs associated with unusually wet harvesting conditions. In the equity market, Select Harvests (ASX:SHV) last had a corroborated session close of AUD 3.95 on 23 October 2026, down 0.50%. Attention is now directed towards the final crop outcome and the company’s scheduled FY26 results in November.

Company Business and Processing Operations

Select Harvests (ASX:SHV) operates an integrated almond business encompassing orchards, primary processing and value-added products such as roasted, blanched and sliced almonds. Its Carina West facility handles almond processing, storage and product preparation. These activities connect agricultural production to customer demand, but the operating model also exposes the business to seasonal weather, orchard yields, processing throughput and international almond prices.

September 2026 Trading Update: Crop Guidance

In its 8 September 2026 announcement, Select Harvests (ASX:SHV) revised the expected 2026 crop to 28,800–29,600 metric tonnes, compared with an earlier range of 28,000–31,000 tonnes. Management indicated that this would represent growth of approximately 16–19% against the preceding comparable period. The narrower range followed a harvest affected by substantial rainfall across certain orchard regions during February and March. The updated estimate remains subject to final production and reporting outcomes.

External grower throughput is expected to reach 13,800–14,200 metric tonnes during FY26, an estimated 88–94% increase on FY25, although below the previous guidance of 15,400 tonnes. Additional third-party volumes allow existing facilities to process more almonds; the resulting economics also depend on timing, operating costs and the product mix.

Almond Pricing and Contracted Crop

Select Harvests (ASX:SHV) increased its estimated 2026 pool price to AUD 10.26/kg from AUD 10.21/kg. At the 8 September announcement date, 81% of the 2026 crop was sold or contracted, and the company reported that 91% of the pool price exposure was hedged at USD 0.665. These figures provide context for revenue expectations but do not constitute a final FY26 revenue or profit result. Realised outcomes will also reflect sales timing, costs and foreign-exchange settlement.

Wet-Harvest Costs and Balance-Sheet Focus

The September update raised estimated operational costs relating to wet harvesting and other one-off items to AUD 13.9mn, compared with the prior AUD 6.9mn estimate. Management cited additional drying requirements, an extended processing period and other expenses. The extra AUD 7mn reported for the second half illustrates how a larger crop can coincide with higher processing expenditure. The company also referred to approximately AUD 30mn of investment in a pre-cleaner, kernel recovery line, shakers and added capacity.

Select Harvests (ASX:SHV) expected year-end net debt below AUD 65mn and gearing below 11%, based on its September update. These were forward-looking expectations, not confirmed FY26 year-end balances. Cash generation from almond sales, harvest expenditure and capital requirements will affect the final reported position.

Risks and Upcoming Results

Weather variability remains a central operating risk because rain during harvest can increase drying costs and delay processing. Additional exposure includes orchard productivity, almond market prices, export demand, foreign exchange, logistics, labour and energy expenses. The company’s FY26 results, scheduled for 25 November 2026, are expected to provide the reported financial effect of crop volumes, contracted pricing and additional harvest costs. Subsequent crop development and processing efficiency will also be relevant to later periods.

Key Insights

Select Harvests (ASX:SHV) has communicated higher expected FY26 crop volumes and a modest increase in its estimated almond pool price, alongside a material rise in wet-harvest and other one-off costs. The November results will establish how those factors affected revenue, earnings, cash flow and net debt. The supplied AUD 3.90 share-price reference remains distinct from the last independently corroborated close.