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Highlights

  • SHV reported AUD 28.7 million net profit in H1FY25, a turnaround from an AUD 2.4 million loss in H1FY24.
  • The company reaffirmed its 2025 crop forecast of 25,250 MT, with 75% of production already contracted.

Select Harvests Limited (ASX:SHV), a leading Australian producer of almond products, reported a revenue increase of 54.1% YoY to AUD 104.5 million for the six months ended March 2025 (H1FY25). The performance was supported by higher realised almond prices. Net profit for the period stood at AUD 28.7 million, reflecting a turnaround of AUD 31 million from a loss of AUD 2.4 million in H1FY24. Improved sales and lower finance costs contributed to the recovery of earnings.

Business Update

In a 3 September 2025 update, SHV confirmed the detection of varroa mite in bee colonies at its Jubilee Orchard in South Australia. The affected hives were isolated under guidance from the Primary Industries and Regions South Australia (PIRSA), and the company stated there is no expected impact on 2026 pollination, crop yield, or quality.

Outlook

The company reaffirmed its 2025 crop forecast midpoint of 25,250 MT, despite the US Department of Agriculture (USDA) projecting a 3 billion-pound US almond crop, which some industry participants consider overstated. While the USDA forecast has driven US almond spot prices down by USD 0.45 per pound, Australian almond prices remain supported by existing tariff regimes and potential upside from global trade uncertainties.

With 75% of the 2025 crop already contracted, only the remaining balance is exposed to price fluctuations. SHV added that its value-add product portfolio, consistent sales pacing, and expected annual almond demand growth of 5–7% provide resilience against market pressures.

Constructive Indicators from Broader Market

Australia’s overall business turnover rose 2.9% in July 2025 (seasonally adjusted), marking the highest monthly increase since May 2022, according to the Australian Bureau of Statistics. Turnover growth was recorded across all industries, led by a 15.8% rise in the Electricity, Gas, Water, and Waste sector due to higher wholesale energy prices. Sectors such as Professional, Scientific and Technical Services, Manufacturing, and Accommodation & Food Services also recorded significant gains, with the latter reporting a 10.5% year-on-year increase.

The upward trend in food services is considered supportive for the Food Services sector.

Share performance of SHV

SHV shares surged 6.65% to close at AUD 3.85 per share on 11 September 2025. In one year, the stock has eased 4.87% and is down 9.41% year-to-date. In contrast, it has posted gains of 5.19% over the past month and 3.22% in the last week, with quarter-to-date performance down 6.33%. The 52-week high for SHV is AUD 5.45, recorded on 15 April 2025, while the 52-week low is AUD 3.37, reached on 1 August 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 11 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.