Orora has delivered a strong first-half result for FY26, with its Cans division again driving growth as investment in aluminium capacity, conversion capability and decoration technology translates into higher volumes and earnings.
For the six months to 31 December 2025, group revenue increased 9.7 per cent to $1.13 billion, EBITDA rose 14.4 per cent to $218.2 million, and underlying net profit after tax climbed 32.2 per cent to $77.8 million. Earnings per share lifted 40.6 per cent to 6.2 cents, supported by profit growth and the ongoing on-market buyback.
Managing director and chief executive officer Brian Lowe said the result reflected disciplined execution across the group and the benefits of recent capital investment. He highlighted favourable market dynamics in Cans – including the continued consumer shift to aluminium and growth in new beverage categories – which drove 11.2 per cent volume growth.
With the major capital expenditure cycle nearing completion, Lowe said the business is now shifting from heavy investment into stronger cash generation.
Cans division leads the uplift
Orora Cans delivered revenue growth of 18.6 per cent to $442.1 million, with volumes up 11.2 per cent, supported by improved mix and higher aluminium prices. Excluding aluminium pass-through pricing, revenue growth was 15 per cent.
Growth was strongest in non-alcoholic categories such as energy drinks, carbonated soft drinks and alternate soft drinks, while beer and RTDs also recorded solid gains. All three of Orora’s largest customers are investing in new filling capacity in Queensland, reinforcing demand for multi-size aluminium cans.
Recent network investments are now fully contributing. Revesby Line 2, commissioned in late FY25, has added around 10 per cent to capacity, while construction of a third line at Rocklea in Queensland is well progressed and on track for completion in late FY26.
Alongside capacity expansion, Orora has invested in advanced can conversion and decoration capability, including its Helio direct-to-can digital printing technology. The Velox-powered Helio system enables high-impact, short-run and variable designs printed directly onto aluminium cans, supporting beverage brands seeking premium finishes, faster turnaround and greater creative flexibility.
Glass stabilises, Gawler lifts earnings
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 recorded 2.6 per cent volume growth, driven primarily by tequila and vodka categories, despite ongoing softness in premium wine and spirits globally. EBIT was broadly in line with the prior period, reflecting higher depreciation following recent investment and restructuring.
At Gawler, EBITDA increased 54 per cent to $34.5 million and EBIT rose 94.3 per cent to $17.4 million, reflecting operational efficiencies from the transition to a two-furnace operation. The new G3 furnace is performing ahead of original design expectations, delivering a 31 per cent reduction in energy use.
Management acknowledged continued structural decline in commercial wine and softness in beer volumes, partly due to the ongoing shift toward aluminium cans.
Strong cash flow supports returns
Operating cash flow increased 50.9 per cent to $189.7 million, with cash realisation at 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 to 2.5 times target range. The board declared an interim dividend of 5.0 cents per share, consistent with the prior period.
Orora’s FY26 outlook remains largely unchanged, with Cans EBIT expected to be higher than FY25 and group EBITDA and cash flow growth anticipated across all businesses, subject to broader economic conditions.