Select Harvests (ASX: SHV) has reported a 32.9% lift in underlying NPAT for the half year to 31 March 2026 as larger crop expectations, increased external grower volumes and firm almond pricing reshape its earnings outlook.
The almond producer recorded underlying NPAT of $29.1 million, compared with $21.9m in the prior corresponding period, while reported NPAT was $26.6m.
EBITDA came in at $59m, with underlying earnings per share rising to 20.5 cents from 15.3c.
The board has declared a fully franked interim dividend of 3.5c per share and announced an on-market share buy-back of up to 10% of issued capital.
Larger Crop Forecast
Select Harvests is forecasting a 2026 crop of 29,500 metric tonnes, compared with 24,903t in FY25, and expects external grower crop volumes of 15,400t, more than double the 7,329t recorded last year.
Almond pricing remains firm, with the company forecasting a price of A$10.21 per kilogram, compared with A$10.18/kg in financial year 2025.
Harvest conditions were affected by rain events in South Australia and Victoria, although the company responded by accelerating harvest activity and using drying capacity at the Carina West Processing Facility.
Select has increased processing capacity to 55,000t as part of a broader push to capture higher crop volumes and improve operating efficiency, and has also operationalised a new crop dryer and invested in kernel recovery to improve yield.
Improved Earnings Profile
Select Harvests managing director David Surveyor said the first-half result showed the company’s earnings base had shifted.
“Underlying NPAT is up 33% in the first half […], and in the second half we will see the benefits of increased external grower volumes and value-added sales contributing to the profitability of what is expected to be a meaningfully improved FY2026 result,” Mr Surveyor said.
Demand and supply conditions remain supportive of a favourable almond pricing outlook, with strong consumer demand for healthy and convenient plant-based foods.
The company continues to grow its customer base in China and India and has redirected supply away from Middle East markets affected by supply chain disruption.
Select's longer-term growth target is to reach 65,000t production and $700m in revenue by 2030.
