Highlights

  • SPC Global Holdings (ASX:SPG) reported FY26 normalised EBITDA of A$38.5 million, up A$8.2 million.
  • Net sales revenue was A$331.8 million, with gross margin of 31.9%.
  • Net debt fell to A$85.8 million after a A$100 million equity raise in May 2026.
  • FY27 guidance targets net sales revenue growth above 10% and EBITDA growth above 20%.

SPC Global Holdings is an Australian food and beverage group, headquartered in Melbourne with a major site in Shepparton, whose brands include SPC, Ardmona, Goulburn Valley, ProVital and Pomlife. The company reported its FY26 results in late August 2026, showing higher normalised earnings on lower revenue, a stronger balance sheet following an equity raising and guidance for growth in FY27.

Company Business

SPC Global Holdings (ASX:SPG) was formed through the combination of SPC, The Original Juice Company and the powdered milk business of Nature One Dairy. It now operates as three business units: SPC, which processes and cans fruit, tomatoes, baked beans and spaghetti; The Original Beverage Co, which makes chilled juices; and Nature One, which produces infant formula, nutritional formula and milk powder.

The group reports Domestic and International segments. Domestic is the larger, with FY26 net sales revenue of A$287.7 million and about 59% of group EBITDA. International reported A$45.9 million and about 41% of EBITDA, selling into 15 export markets. Segment revenue figures are before group eliminations.

Recent Development

In May 2026 the company launched a fully underwritten equity raising of about A$100 million, comprising a placement and a renounceable entitlement offer, to reduce net debt and support working capital. The company said interest expense on its banking facilities was expected to fall from about A$15 million in FY26 to an estimated A$4.5 million to A$5 million annually after the raise.

In late August 2026 the company presented FY26 results and said its guidance had been achieved, with normalised EBITDA up 25%. Operational initiatives include moving juice production from Mill Park to the Shepparton Juice Lab by October 2026 and a co-packing arrangement at Griffith for Black Label juice in the second quarter of FY27. In export markets, the Nature One infant formula range is being ranged in China from August 2026, Emart Traders in Korea is adding Black Label products from September 2026, and Costco Japan ranging starts in September 2026 with a launch in October 2026.

Financial Performance and Sector Context

Net sales revenue for FY26 was A$331.8 million, compared with A$376.2 million in the prior corresponding period. Gross profit was A$105.9 million, and gross margin improved to 31.9% from 28.8%. Normalised EBITDA rose A$8.2 million to A$38.5 million, lifting the margin to 11.6% from 8.1%. Synergies realised since the merger exceed A$20 million.

By segment, Domestic normalised EBITDA was A$22.8 million, up from A$16.7 million, with branded products representing 76% of the sales mix against 69% a year earlier. International normalised EBITDA was A$15.7 million, up from A$13.6 million, with second-half EBITDA of A$13.2 million, 53% higher than the prior second half.

Cash at 30 June 2026 was A$48.9 million, borrowings were A$134.8 million and net debt was A$85.8 million, compared with A$138.6 million at the half-year. Net debt to equity was 54.5%, and net leverage was about 2 times, with a target of 1 to 1.2 times by the end of FY27. Operating cash flow was an outflow of A$29.8 million, while financing cash flow was an inflow of A$81.6 million.

For FY27 the company is guiding to net sales revenue growth above 10%, EBITDA growth above 20% and positive free cash flow.

Risks to Consider

The company notes risks outside its control, including general economic conditions, exchange rates, interest rates and financial market conditions. Execution items include the Mill Park transition, the Griffith co-packing arrangement and continued integration of the three businesses. Operating cash flow was negative in FY26, and the group still carries borrowings of A$134.8 million alongside lease liabilities of A$160.2 million.

What to Watch Next

Near-term milestones include completion of the Mill Park to Shepparton transition by October 2026, the Costco Japan launch and further export ranging in Korea and China, with Griffith co-packing scheduled for the second quarter of FY27. For ASX:SPG, the half-year result will show whether sales growth, EBITDA and free cash flow are tracking against FY27 guidance.

Key Insights

SPC Global Holdings (ASX:SPG) ended FY26 with normalised EBITDA of A$38.5 million, net debt of A$85.8 million and a gross margin above the prior year, supported by synergy delivery and a higher branded mix. The balance sheet changed materially after the May 2026 raise. Key monitoring points for ASX:SPG are delivery against FY27 guidance, working capital and inventory reduction, export ranging and the pace of deleveraging toward the stated leverage target.