Synlait FY26 Shows 2H Recovery; No TP26 Guide

Synlait (ASX:SM1) released FY26 results for the year ended 31 July 2026, describing a weak first half followed by a second-half operational recovery, and said it will not provide quantitative earnings guidance for the five-month transition to a December year-end.

Reported EBITDA was $8.1 million and underlying EBITDA $46.3 million. Reported net loss after tax was ($75.4 million), with an underlying net loss after tax of ($21.6 million). Net debt was $215.0 million, revenue $1.94 billion and gross profit $37.7 million. Those EBITDA and NPAT measures sit slightly outside the company's August performance update range after year-end processes and milk price finalisation. Manufactured in Spec rose from 91% in the first half to 95% in the second (99% in August), and plan attainment from 90% to 103%. Reported EBITDA moved from a first-half loss of ($34.7 million) to $42.8 million in the second half, and reported NPAT from a first-half loss of ($80.6 million) to a $5.2 million second-half profit. The final 2025/26 base milk price is $9.69 per kgMS plus average incentives of $0.38, for a total average payment of $10.07 per kgMS. The forecast 2026/27 base milk price is $9.50 per kgMS, excluding incentives. The balance date is changing from 31 July to 31 December, with TP26 from 1 August to 31 December 2026 and FY27 then on a calendar year.

Synlait will not provide quantitative earnings guidance for TP26 because of its short and non-comparable nature. The release does not state the currency of the dollar figures.