SPC Global Holdings (ASX:SPG) Raises FY26 Normalised EBITDA as Net Debt Declines

Aditi Sarkar

06 November 2026 10:34 PM AEDT

SPC Global Holdings (ASX:SPG) Raises FY26 Normalised EBITDA as Net Debt Declines

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Highlights

SPC Global Holdings reported FY26 net sales of AUD 331.8 million, compared with pro forma Revenue of AUD 376.2 million.
Normalised EBITDA rose 27% to AUD 38.5 million, exceeding the company’s stated target for FY26 EBITDA growth of 25% overall.
Net Debt decreased from AUD 123.7 million to AUD 85.8 million during FY26, reflecting improved Operating Cash Flow generation overall.
SPC Global pursued a higher Margin sales strategy, supported by domestic and international operations and synergy initiatives across its divisions.

SPC Global Holdings Limited (ASX:SPG) is an ASX-listed diversified consumer products, food, beverage, and dairy company, formed by the Merger of SPC Limited and Pactum Dairy Group in December 2024. The company's portfolio includes SPC (canned fruit and vegetables, tomato products, baked beans), Nature One Dairy (infant formula and nutritional products), Original Juice Co (beverages), and Original Beverage Co. SPC Global is based in Shepparton, Victoria, and distributes products across Australia and to international markets including Asia Pacific. FY26 annual results for the year ended 30 June 2026 were released on 28 August 2026.

Revenue Strategy and Margin Expansion

SPC Global's FY26 net sales revenue of $331.8 million was 11.8% below the FY25 proforma revenue of $376.2 million. This decline was intentional: management deliberately reduced lower-margin Commodity Volume (bulk contract Manufacturing and undifferentiated products) in favour of branded, higher-margin products that generate better Earnings quality. This strategy, together with more than $20 million in delivered synergies from the December 2024 merger, expanded the normalised EBITDA margin from 8.1% (FY25) to 11.6% (FY26). The H1 FY26 domestic segment delivered a 304% increase in normalised EBITDA to $10.5 million, demonstrating the speed of margin recovery as the lower-margin volume was exited.

EBITDA, Synergies and Debt Reduction

Normalised EBITDA of $38.5 million for FY26 exceeded the company's publicly-stated guidance target of 25% growth, delivering instead 27% growth. Total synergies delivered since the December 2024 merger exceeded $20 million — ahead of initial guidance — comprising SG&A efficiencies, procurement savings, Supply chain productivity improvements, and commercial cross-selling between SPC, Nature One Dairy, and Original Juice Co. Net debt reduced from $123.7 million to $85.8 million, reflecting improved operating cash conversion. Free cash flow was -$4.1 million in FY26, an improvement from -$22.9 million in FY25, with management targeting positive free cash flow in FY27.

International Division and FY27 Outlook

SPC Global's international division contributed $14.8 million in EBITDA for FY26, with the Nature One Dairy infant formula Brand performing strongly in key Asia Pacific markets. Q4 FY26 international division performance saw Nature One add $5.5 million in sales with strong Asia Pacific growth. Looking ahead to FY27, management guided for continued margin improvement and growth through: further synergy extraction; the Factory of the Future manufacturing consolidation program (reshaping SPC's Shepparton facilities); continued international expansion of Nature One Dairy; and new product development across the branded portfolio.

Stock Price Information

Shares in SPC Global Holdings Limited (ASX:SPG) were trading around $0.089–$0.098 during the Q4 FY26 trading update (July 2026) and results period (August 2026). The stock had traded as high as approximately $0.350 in April 2026 before retreating. As of 6 November 2026, SPG shares were trading on the ASX. Investors should refer to ASX announcements at www.asx.com.au and Investor relations at www.spcglobalgroup.com for current pricing and company updates.

FAQs

Q: What is the SPC Global merger and when did it take place?

A: SPC Global was created by the merger of SPC Limited (the iconic Australian SPC fruit and vegetable brand, also owner of Ardmona and other brands) and Pactum Dairy Group (owner of Nature One Dairy infant formula and nutritional products, and Original Juice Co) in December 2024. The combined entity listed on the ASX as SPC Global Holdings Limited (ASX:SPG). The merger was designed to create a diversified Australian food and beverage company with scale across branded shelf-stable foods, infant nutrition, and beverages, with manufacturing facilities in Shepparton (Victoria) and other sites. FY26 is the first full financial year for the combined group.

Q: What is the Factory of the Future program?

A: The Factory of the Future (FoF) is SPC Global's manufacturing transformation program for its Shepparton, Victoria facilities. It involves consolidating and modernising the company's manufacturing footprint — reducing the number of production lines, investing in automation and efficiency, and exiting lower-margin manufacturing contracts — to create a leaner, higher-margin production base. The program is a key driver of the company's cost synergy targets (more than $20 million already delivered) and is expected to continue generating savings into FY27 and beyond. It is also designed to improve food safety, product quality, and sustainability performance at the Shepparton site.

Q: Why did SPC Global's revenue fall while EBITDA grew?

A: SPC Global deliberately reduced lower-margin commodity volume in FY26 — essentially declining to renew or continue manufacturing or supply contracts that generated revenue but minimal profit margin. By exiting these contracts, revenue fell 11.8%, but the revenue that remained was higher-quality branded revenue with better gross margins. At the same time, the $20+ million in merger synergies reduced operating costs. The net effect was a 27% increase in normalised EBITDA despite the revenue decline, and EBITDA margin expansion from 8.1% to 11.6%. This is a deliberate "quality over quantity" revenue strategy, common in post-merger integration programs.

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