Highlights

• Lindsay lifted full-year revenue 26.2% to $1,072.7 million, its first year above $1 billion, while underlying EBITDA rose 25.6%.

• Reported net profit after tax climbed 31.5% to $22.9 million, with underlying earnings per share up 10.0% to 7.6 cents.

• A five-year Primary Connect contract will see Lindsay service about 40 Woolworths stores from Mackay to Cairns, starting October 2026.

• Net leverage eased to 1.92 times from 2.23 at half-year, and a fully franked 1.7 cent final dividend was declared.

Lindsay Australia Limited (ASX:LAU) has closed a heavy investment cycle with its biggest year on record and opened the next phase with a contract that takes it into supermarket freight. Shares were trading at A$0.69 on 23 October 2026, up 3.76%. For the year ended 30 June 2026, revenue rose 26.2% to $1,072.7 million, the first time the transport, rural supplies and produce group has passed $1 billion.

A Full Year of SRT Lifts the Numbers

Much of the growth came from the acquisition of SRT Logistics, which contributed for the entire year. Underlying EBITDA rose 25.6% to $127.8 million and underlying EBIT climbed 37.7% to $60.4 million. Reported net profit after tax increased 31.5% to $22.9 million. Underlying earnings per share reached 7.6 cents, up 10.0%, on a basis that now follows AASB 16, with the prior year restated from the 7.1 cents reported earlier.

Transport remained the engine. Revenue in the division grew 32.9% to $762.9 million and EBIT rose 25.9% to $77.4 million. The company expanded into South West Western Australia with a new Perth facility.

Rural revenue increased 15.3% to $190.8 million and EBIT rose 22.8% to $12.2 million. W.B. Hunter lifted revenue 7.9% to $118.9 million and EBIT 11.3% to $3.2 million. Management said SRT integration is complete.

Cash, Capital and a Tighter Balance Sheet

Operating cash flow was $75.2 million. After adjusting for the timing of earlier tax payments, cash conversion was 74%, against a five-year average of 70%. Capital investment came in at $40.5 million, at the lower end of the revised $40 million to $45 million range.

Net leverage fell to 1.92 times, inside the 1.0 to 2.0 times target range, from 2.23 times at the half year. Return on invested capital was 13.9%, compared with 14.3% a year earlier and 12.6% at the half-year mark.

The board declared a fully franked final dividend of 1.7 cents per share. The full-year dividend of 3.8 cents matched the prior year.

Primary Connect Opens the Secondary Freight Door

The most notable strategic step is a five-year agreement with Primary Connect to service about 40 Woolworths stores between Mackay and Cairns. Lindsay expects annual revenue of $30 million to $36 million from the work, with returns above its 15% internal ROIC hurdle. The contract requires about $20 million of dedicated capital and two new greenfield sites, in Townsville and Cairns.

Targets for the Year Ahead

Rollout of the Primary Connect contract begins in October 2026, with full implementation expected by July 2027. FY2027 will carry a partial year of revenue, with the full run rate expected from FY2028.

Capital investment in FY2027 is planned at about $57 million, weighted to the first half. Net leverage may temporarily exceed 2.0 times in that period, before the company targets about 1.8 times by 30 June 2027.

Management expects refrigerated transport conditions to stay competitive with subdued volumes, with growth to come from market share gains and secondary freight. Rural conditions are expected to remain favourable. Return on invested capital is expected to build toward the medium-term target of 15% to 20%.