Why Did Duxton Farms Ltd (ASX:DBF) Report an AUD 40.3 Million FY26 Loss?

Aditi Sarkar

28 October 2026 03:24 PM AEDT

Why Did Duxton Farms Ltd (ASX:DBF) Report an AUD 40.3 Million FY26 Loss?

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Highlights

FY26 continuing revenue was AUD 18.114 million, down 9.65% from AUD 20.048 million.
The statutory FY26 net loss was AUD 40.324 million, compared with AUD 12.505 million in FY25.
Acquisitions completed in October 2025 brought bees, dried fruit, dairy and orchard operations into the group.

Duxton Farms Ltd (ASX:DBF) was priced at AUD 0.345, up 4.55%, as its FY26 accounts recorded acquisitions, asset sales and a statutory loss. FY26 continuing revenue was AUD 18.114 million, down 9.65% from AUD 20.048 million. The statutory FY26 net loss was AUD 40.324 million, compared with AUD 12.505 million in FY25. Acquisitions completed in October 2025 brought bees, dried fruit, dairy and orchard operations into the group.

Revenue and Group Composition

Duxton Farms reported AUD 18.114 million in revenue from continuing operations for the year ended 30 June 2026, against AUD 20.048 million in FY25. The preliminary report also recorded AUD 1.252 million from the discontinued apples operation, taking combined revenue to AUD 19.366 million. Its established broadacre business contributed AUD 9.954 million, while acquired businesses contributed AUD 8.160 million for the eight months following their acquisition. The acquired contributions included AUD 6.075 million from dried fruits, AUD 1.532 million from bees and AUD 553,000 from the Cobram dairy business.

Statutory Result and One-Off Items

The company recorded a statutory loss attributable to owners of AUD 40.324 million, compared with a loss of AUD 12.505 million a year earlier. It identified AUD 6.912 million of business-combination transaction expenses, AUD 5.358 million of asset impairments and revaluation decrements, and goodwill impairment associated with the merger. The preliminary report also disclosed a remeasurement of assets held for disposal and a gain associated with obtaining control of Duxton Bees. Its separately disclosed, unaudited normalised EBITDA was negative AUD 12.921 million, while statutory EBITDA was negative AUD 27.192 million.

Business Combinations and Asset Sales

On 30 October 2025, Duxton Farms obtained control of Duxton Bees, Duxton Orchards including Duxton Apples, Duxton Dairies (Cobram) and Duxton Dried Fruits. The company reported consideration of AUD 76.865 million. During FY26 it sold Merriment for AUD 5.1 million and Cowaribin for AUD 6.0 million. At the year-end, the Forbes aggregation and apples disposal group remained classified as held for sale, with associated assets of AUD 74.9 million and liabilities of AUD 6.688 million. Completion of the apples transaction remained subject to lessor consents in the preliminary report.

Net Assets and Distributions

Statutory net asset value at 30 June 2026 was AUD 115.080 million, equal to AUD 1.07 per share, versus AUD 2.39 per share a year earlier. Net tangible asset value was reported at AUD 0.97 per share. Duxton Farms did not declare, propose or pay a dividend in respect of FY26. The previous FY25 dividend of 24 cents per share, 85% franked, had been paid in August 2025 partly in cash and partly through its dividend reinvestment plan. The year-end financial statements were still undergoing audit at the preliminary release date.

FAQs

Q: What was FY26 continuing revenue?

A: AUD 18.114 million, compared with AUD 20.048 million in FY25.

Q: How much was the statutory loss?

A: AUD 40.324 million attributable to owners.

Q: Was a FY26 dividend declared?

A: No FY26 dividend was declared, proposed or paid.

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