Highlights

  • Orora reported underlying NPAT of AUD 77.8 million for 1H26, up 32.2% year-on-year.
  • Revenue increased 9.7% to AUD 1,127.6 million, supported by double-digit growth in its Cans division.
  • The company announced a new buyback of up to 10% of issued shares, valued at approximately AUD 270 million.

Orora Ltd (ASX:ORA) shares climbed 10.65% to AUD 2.39 by late morning trade on 12 February, significantly outperforming the broader market. The S&P/ASX 200 rose 0.58% to 9,067.40, while the S&P/ASX 300 Metals & Mining index gained 1.65% to 8,264.30. The rally followed the release of the company’s half-year FY26 results, which showed higher revenue, profit growth and increased cash flow, alongside a new on-market buyback announcement.

Profit and Revenue Climb in 1H26

For the half year ended 31 December 2025, statutory NPAT reached AUD 58.9 million, up AUD 58.7 million from the prior corresponding period. Underlying NPAT rose 32.2% to AUD 77.8 million.

Group revenue grew 9.7% to AUD 1,127.6 million, with earnings before interest and tax (EBIT) increasing 8.5% to AUD 131.1 million. EBITDA rose 14.4% to AUD 218.2 million. Earnings per share lifted 40.6% to 6.2 cents per share.

Operating cash flow increased 50.9% to AUD 189.7 million, while cash realisation stood at 112.4%. Net debt rose to AUD 386.5 million, largely reflecting capital management initiatives including share buybacks.

Cans Division Drives Volume Growth

The Cans business delivered revenue of AUD 442.1 million, up 18.6%, supported by 11.2% volume growth and higher aluminium pricing pass-through. EBITDA increased 8.1% to AUD 60.7 million, while EBIT rose 4.4% to AUD 51.6 million.

Volume growth was led by non-alcoholic beverages including energy drinks and carbonated soft drinks. Commissioning of Revesby Line 2 added 10% to network capacity, supporting customer demand in Queensland. Construction of a third production line at Rocklea remains on track for completion in late FY26.

Glass Segment Shows Mixed Performance

Global Glass revenue increased 4.6% to AUD 685.5 million. Saverglass revenue rose 5.9% on a reported basis to AUD 530.7 million, although EBIT declined marginally to AUD 62.1 million due to higher depreciation.

Gawler Glass reported revenue of AUD 154.8 million, broadly in line with the prior period. EBIT nearly doubled to AUD 17.4 million, reflecting efficiency gains following the transition to a two-furnace operation.

Saverglass recorded significant items of AUD 18.9 million (after tax), related to furnace closure and restructuring costs, with expected annual EBIT savings of approximately €6 million from late FY26.

Capital Management and Dividend

During 1H26, Orora bought back 47.6 million shares at an average price of AUD 2.12, totalling AUD 100.7 million. The prior calendar year buyback totalled AUD 227.4 million. The newly announced buyback of up to 10% of issued shares represents around 123 million shares, valued at approximately AUD 270 million.

The board declared an interim dividend of 5.0 cents per share, unfranked, representing a payout ratio of 79% of NPAT. The dividend will be paid on 2 April 2026.

Outlook for FY26

The company maintained its FY26 outlook. Cans EBIT is expected to be higher than FY25, with volume growth aligned to long-term rates of approximately 4–6%. Saverglass EBIT is anticipated to be broadly in line with FY25 at a euro level, while Gawler EBIT is projected at around AUD 30 million.

Total FY26 capital expenditure is expected to range between AUD 190 million and AUD 210 million.

Orora’s double-digit share price rise highlights investor response to improved earnings, higher cash generation and continued capital returns. With revenue exceeding AUD 1.1 billion for the half year and further buybacks underway, the company outpaced both the ASX 200 and the broader metals and mining index during the session.

Frequently Asked Questions (FAQ)

  1. Why did Orora shares rise today?
    Shares increased 10.65% following the release of 1H26 results showing higher profit, revenue growth and a new AUD 270 million share buyback announcement.
  2. What dividend did Orora declare?
    The company declared an interim dividend of 5.0 cents per share, unfranked, payable on 2 April 2026.
  3. How did Orora perform compared to the ASX 200?
    Orora rose 10.65%, significantly outperforming the S&P/ASX 200, which was up 0.58% on the same day.