Highlights

  • Ricegrowers Limited (ASX:SGLLV) reported FY26 net profit after tax of A$73.3 million, up 4%.
  • Revenue was A$1.80 billion and EBITDA was A$143.6 million, an 8.0% margin.
  • The total fully franked dividend of 70 cents per B Class share was a record, up 8%.
  • Net debt fell to A$151.0 million, with gearing of 19% at 30 April 2026.

Ricegrowers Limited, trading as SunRice Group, is a global branded rice food business with sales in close to 50 markets and operations in 10 countries. Its latest disclosures cover FY26 results, a record dividend and an FY27 outlook pointing to lower earnings because of a much smaller Australian rice crop.

Company Business

SunRice employs about 2,300 people and reports four segments: International Consumer Packaged Goods, ANZ Consumer Packaged Goods, Bulk Rice and Animal Feed, and Corporate. The Australia and New Zealand segment and the international segment both market consumer-packaged rice products, while Bulk Rice and Animal Feed covers rice sold in bulk and animal feed.

Ricegrowers (ASX:SGLLV) has a dual-class share structure. A Class shares carry voting rights but no dividends, are unlisted and are limited to rice growers meeting production quotas. B Class shares are listed on the ASX and carry dividend rights but generally no voting rights, with no person permitted to own more than 10% of those on issue.

Recent Development

The FY26 results were released in June 2026 for the year ended 30 April 2026. The board declared a final dividend of 50 cents per B Class share, adding to the 20 cent interim dividend for a total of 70 cents, fully franked. The paddy price for medium grain rice for the CY25 crop was A$400 per tonne compared with A$406 for CY24, with lower mill-out rates pressuring returns.

The annual general meeting and B Class meeting were held in Leeton, New South Wales, in early September 2026. Shareholders approved all resolutions, including the remuneration report, the re-election of Ian Glasson as a director and the grant of B Class share rights to CEO and Managing Director Paul Serra under the long-term incentive plan. The annual report also noted that the company is reviewing the non-standard elements of its structure, namely the dual-class shares, shareholding limits and board composition, with an update expected in FY27.

Financial Performance and Sector Context

FY26 revenue for SunRice (ASX:SGLLV) was A$1.80 billion, down 2% from A$1.85 billion. EBITDA fell 3% to A$143.6 million from A$147.7 million, keeping the margin at 8.0%. Net profit after tax rose 4% to A$73.3 million from A$70.7 million, and diluted earnings per B Class share were 102.6 cents, up 1%.

By segment, International Consumer Packaged Goods revenue was A$736.7 million, down 7%, with EBITDA of A$87.1 million and an 11.8% margin. ANZ Consumer Packaged Goods revenue was A$735.3 million with EBITDA of A$62.6 million, an 8.5% margin. Bulk Rice and Animal Feed revenue rose 4% to A$327.9 million, with EBITDA of A$17.9 million. Corporate costs were A$24.0 million at the EBITDA level.

Net debt declined to A$151.0 million from A$218.2 million, gearing was 19% and the leverage ratio was 1.1 times.

Management said Australian rice was placed in higher-return markets and benefited from better global government tender prices during the year. For FY27, the Australian crop harvested in calendar 2026 is much smaller, which affects milling volumes and cost absorption. The company expects revenue slightly below FY26, net profit after tax materially lower, a compressed EBITDA margin and earnings weighted to the second half.

Risks to Consider

For Ricegrowers (ASX:SGLLV), crop volume is a key operating risk, as a smaller harvest leads to under-absorption of fixed milling and supply-chain costs. The company has also stated that Middle East geopolitical and shipping disruption could pressure revenue and profitability if conditions worsen, and that currency movements are expected to affect FY27. Paddy prices, mill-out rates and global tender pricing also influence returns.

What to Watch Next

During FY27, the company expects to provide an update on the review of its non-standard elements and to launch SunRice Protein+ Rice and Trukai Bakers Flour. Half-year trading will show whether earnings follow the second-half weighting described in the outlook.

Key Insights

Ricegrowers Limited (ASX:SGLLV) finished FY26 with higher net profit despite lower revenue and EBITDA, a record 70 cent dividend and a reduction in net debt. The International segment lifted its margin, while the ANZ segment reported lower EBITDA. FY27 guidance points to lower earnings, reflecting a smaller Australian crop and currency effects. Points to monitor include crop and milling outcomes, global shipping conditions, margin progress through the second half and the structure review.