Orora has delivered a robust first-half result for FY26, with double-digit EBITDA growth, strong cash generation and continued momentum in its Cans business underpinning performance across the group.
For the half year ended 31 December 2025, revenue increased 9.7 per cent to $1.13 billion, EBITDA rose 14.4 per cent to $218.2 million, and underlying NPAT climbed 32.2 per cent to $77.8 million. Earnings per share increased 40.6 per cent to 6.2 cents, supported by earnings growth and the ongoing on-market buyback.
Statutory NPAT was $58.9 million, up $58.7 million, reflecting the prior period’s significant items.
Managing director and chief executive officer Brian Lowe said the result reflected disciplined execution and the benefits of recent investment.
“Orora has delivered a robust operating result for the first half of FY26, underpinned by disciplined execution. In line with our full year guidance, we achieved EBITDA growth across all businesses, reflecting the strength of our operating platform and the benefits of our recent investments and business optimisation actions,” Lowe said.
Cans momentum continues
Orora Cans delivered 11.2 per cent volume growth in the half, driving an 18.6 per cent lift in revenue to $442.1 million . Excluding aluminium pass-through pricing, revenue increased 15 per cent .
Lowe pointed to favourable market dynamics in beverage packaging.
“Favourable market dynamics in Cans, including the continued consumer preference shift to aluminium and growth in new beverage categories, has supported 11.2% volume growth,” he said .
Growth was strongest in non-alcohol categories, with energy drinks, carbonated soft drinks and alternate soft drinks all expanding strongly, while beer and RTDs also recorded solid growth .
Recent capacity investments are now translating into output. Revesby Line 2 has added around 10 per cent to network capacity, supporting elevated Queensland demand, and the third line at Rocklea is on track for completion in late FY26 .
“With this financial year marking the completion of Orora’s major capital expenditure cycle, those long-term investments are now shifting from capital investment to cash generation,” Lowe said.
Glass stabilising under pressure
In Global Glass, revenue rose 4.6 per cent to $685.5 million, with EBITDA up 17.1 per cent to $157.5 million.
Saverglass volumes increased 2.6 per cent, driven primarily by tequila and vodka, despite ongoing softness in premium wine and spirits categories. Reported revenue was up 5.9 per cent to $530.7 million, while EBIT was broadly flat at $62.1 million .
“Despite softness in premium spirits and wine, disciplined execution supported performance across Glass, with Saverglass volumes up 2.6% in the first half primarily driven by tequila and vodka categories,” Lowe said .
A new Saverglass leadership team, led by Emmanuel Ladent, is now in place and focused on margin improvement, cost discipline and cash generation .
Gawler Glass delivered a significant earnings uplift, with EBITDA up 54 per cent to $34.5 million and EBIT up 94.3 per cent to $17.4 million, reflecting operational efficiency benefits from the transition to a two-furnace operation . The G3 furnace is performing ahead of design scope, achieving a 31 per cent reduction in energy use .
However, management acknowledged continued structural decline in commercial wine and softness in beer volumes, partly due to format shift to aluminium cans .
Strong cash flow and shareholder returns
Operating cash flow increased 50.9 per cent to $189.7 million, with cash realisation of 112.4 per cent . Free cash available to shareholders improved to $74.9 million, compared with an outflow in the prior corresponding period .
Net debt rose to $386.5 million following buyback activity, with leverage at 0.9 times EBITDA, still below the company’s 1.5–2.5 times target range .
At the group level, Lowe said the balance sheet strength supports continued capital management.
“At a Group level, with strength in our operating cashflow, cash realisation and balance sheet, and with the major Cans capacity expansion completing in FY26, Orora can continue to make meaningful shareholder returns through regular dividends and an ongoing on-market buy-back. We enter the second half with confidence and a clear execution agenda,” he said .
The board declared an interim dividend of 5.0 cents per share, consistent with the prior period and representing a 79 per cent payout ratio .
Orora’s FY26 outlook remains largely unchanged, with Cans EBIT expected to be higher year on year and group EBITDA and cash flow growth anticipated across all businesses, subject to global economic conditions and no further changes to US tariffs .
