Eneco Refresh Limited (ASX:ERG) is an Australian bottled-water and plastics Business that reported higher profit for the year to 30 June 2026 while managing rising raw-material and fuel costs. The detail comes from its Preliminary Final Report of 31 August 2026 and Annual Report of 16 September 2026.

What the company does

The group, based in Malaga, Western Australia, has two segments. Refresh Waters produces and distributes bottled water and accessories and rents water coolers. The annual report describes it as Australia's largest producer of distilled drinking water, with capacity above 12,000 litres an hour. Refresh Plastics makes bottles, containers and jars for the beer, wine and beverage industries, plus water tanks and jerrycans.

This is an established operating business, not an exploration company. It also owns a spring water reserve in the Northern Territory that supplies a local bottling plant.

Latest results

According to the company's disclosures, FY26 Revenue was $17.73 million, up from $16.60 million. Refresh Waters contributed $14.78 million and Refresh Plastics $2.95 million. Profit after tax was $451,001, compared with $24,656 a year earlier, and EBITDA was $1.51 million, up from $1.12 million.

Management attributes part of the improvement to Western Australia, where profit rose by about 65 per cent on mining-sector Demand and favourable weather, and to Victoria, which returned to combined profitability of $111,000 after several loss-making years. Refresh Plastics revenue rose 19 per cent as it recovered from a factory fire in FY24. These are company statements, and the profit comparison starts from a very small base.

Cash, funding and dilution

The June 2026 quarterly Appendix 4C, released on 31 July 2026, showed cash of $5.02 million at 30 June, up from $4.63 million at the end of the previous quarter. Fourth-quarter net Operating Cash Flow was $661,000, and $1.71 million for the full year. Loan facilities were nil, with nothing drawn.

Lease liabilities total roughly $3.5 million. No Dividend was declared for FY26 or FY25. Directors prepared the accounts on a going-concern basis. The report discloses no share or option grants to directors during the year.

Sector context and risks

Bottled water and plastic packaging are exposed to input-cost swings. The annual report says a Middle East conflict that began at the end of February 2026 pushed some raw-material costs about 50 per cent higher in March and raised fuel and logistics costs. Management said there was no relief in raw-material pricing as FY26 closed, though it hopes for stabilisation in FY27.

Other listed risks include inflation, food-standards and water-extraction rules, cyber security, product quality, climate and water availability, and Leadership retention. Queensland profit fell despite 4 per cent revenue growth, which management linked to Margin pressure from one major customer, a tax-credit write-off and asset adjustments.

What to watch

Management's stated priorities are protecting operating margins, growing revenue in core markets, keeping the Balance Sheet disciplined and selectively pursuing acquisitions. It also plans to keep investing in automation and says Queensland is positioned for growth ahead of the 2032 Brisbane Olympics. Those are company intentions, not forecasts, and no dated milestones were confirmed.

A substantial holder notice dated 11 September 2025 lists Eneco Investment Pte Ltd as holding 51.00 per cent. Readers should check the latest ASX filings for current holdings.