Highlights

  • The S&P/ASX 200 (ASX:XJO) closed at 8,819.40 points, down 1.03% on 10 September 2026.
  • GrainCorp (ASX:GNC) closed at AUD 6.66, down 4.03% on the day.
  • The company expects FY26 Underlying EBITDA to be around the midpoint of its previously announced AUD 200–240 million guidance range.
  • GrainCorp’s Business Transformation Program remains on track to deliver AUD 12 million in run-rate benefits by the end of FY26.

GrainCorp (ASX:GNC) provided an update on its Business Transformation Program and reconfirmed its FY26 Earnings guidance on Thursday, 10 September 2026. The S&P/ASX 200 (ASX:XJO) closed at 8,819.40 points, down 1.03%, as broader market sentiment remained cautious.

GrainCorp closed at AUD 6.66, down 4.03% on the day, following the company’s update covering efficiency initiatives, systems transformation progress, operating model changes and earnings expectations.

Transformation program progress

GrainCorp’s Business Transformation Program continues to focus on improving efficiencies and strengthening returns across its integrated value chain.

The company stated that the program remains on track to deliver run-rate benefits of AUD 12 million by the end of FY26, exceeding the upper end of its previously announced commitment.

The initiative is also aimed at supporting a targeted increase of AUD 20–30 million in through-the-cycle EBITDA by the end of FY28.

Systems transformation update

A key component of GrainCorp’s transformation strategy involves modernising its systems infrastructure, including addressing an end-of-life version of SAP.

The first release of the systems transformation relates to the Nutrition and Energy segment. While progress has continued, the company has extended the deployment timeline following late-stage testing.

The deployment of Release 1 is now expected after the harvest period in the second quarter of calendar year 2027, compared with the previous expectation of the second half of calendar year 2026.

GrainCorp stated that the extension is intended to reduce implementation risk. Spending during the second half of FY26 remains unchanged at approximately AUD 25 million, while FY27 spending for Release 1 is expected to be AUD 30–35 million to complete the program.

The company has also decided to defer Release 2 of the systems transformation, which relates to the Agribusiness segment, while it focuses on operating model improvements.

Agribusiness operating model changes

GrainCorp has completed a review of its Agribusiness operating model, focusing on simplifying decision-making, improving coordination across its network and supporting future growth.

The review identified opportunities to reduce duplication and improve alignment across the company’s integrated ECA network and corporate support functions.

The resulting operating model changes have been implemented and affected approximately 80 roles. GrainCorp expects these changes to improve execution, safety, Customer Service and financial outcomes.

The company recorded one-off restructuring costs of AUD 5 million in FY26 as part of these changes.

FY26 earnings guidance

GrainCorp reconfirmed its FY26 earnings expectations, with Underlying EBITDA expected to be around the midpoint of its previously announced AUD 200–240 million guidance range.

Underlying NPAT remains expected within the previously announced AUD 20–50 million range, including the restructuring costs of AUD 5 million.

The company noted that FY26 outcomes remain subject to several variables, including grain export timing and volumes, Supply chain margins and new season opportunities during the fourth quarter.

Crop outlook and future opportunities

GrainCorp continues to monitor the progress of the 2026–27 winter crop. The company noted supportive conditions in New South Wales and Victoria, while Queensland production has been affected by drier conditions.

The company also highlighted updated industry forecasts indicating an east coast winter crop outlook of 26.6 million tonnes, representing an increase from the previous forecast.

GrainCorp is monitoring export opportunities following improved global Commodity prices. The company stated that its Balance Sheet position and revised operating model provide flexibility to respond to potential opportunities.

Outlook

Investors are likely to focus on GrainCorp’s progress in delivering transformation benefits, completing systems upgrades and improving operational efficiency.

The company’s FY26 results, scheduled for release on 12 November 2026, will provide further insight into earnings performance and the impact of ongoing initiatives.

GrainCorp’s latest update highlights continued efforts to improve efficiency while maintaining focus on earnings delivery, agricultural market conditions and future growth opportunities.