ELDERS has announced underlying earnings before interest and tax of $76.6 million for the six months to 31 March 2026, up 33 percent on the prior corresponding period.

Statutory profit after tax jumped 17pc to $39.5M, with underlying sales revenue also rising 32pc to $1.77 billion during the half.

The company said these results were driven by improved seasonal conditions as well as the earnings from Delta Agribusiness which contributed $10.4M to underlying EBIT.

The divestment of the Killara Feedlot announced in February is reported to be on track for completion in June-July.

Elders managing director and chief executive officer Mark Allison said Elders delivered positive results despite the supply chain impacts from the Middle East conflict.

“Throughout the half-year, Elders demonstrated solid operational and financial resilience in the face of improved, although mixed, seasonal conditions,” Mr Allison said.

“Our diversified portfolio through its national geographical footprint and multi-product and service offering played a key role in mitigating the dry conditions across some key agricultural regions and the increased competitive activity in our retail business.

“Stronger activity in livestock and real estate and high financial discipline also supported the solid result.

“We’ve been dealing with the fertiliser, fuel and crop protection supply chain disruptions implications of the Iran conflict.

“These risks have been largely mitigated with credit to our highly diversified business model.

“They were also offset by agency, real estate and financial services businesses.”

Elders managing director and chief executive officer Mark Allison. Photo: Elders

Divisional results

Implementation of Elders’ new divisional model came into effect in October, with the revised structure introducing divisions that operate as standalone entities with dedicated management and operational accountability.

All divisions recorded underlying EBIT growth during the half with Crop Protection delivering $22.3M, Rural Services at $71.9M, Real Estate at $24.1M and AIRR with $19.4M.

“Elders Rural Services delivered a strong half, taking advantage of improved seasonal conditions in southern states, which resulted in growth across all products,” Elders chief financial officer Paul Rossiter said.

“Elders Crop Protection benefited from the new tolling facility, AgriToll, alongside a new internal trading agreement with rebased earnings with Elders Rural Services and AIRR.”

“AIRR showed improvement in the second quarter, culminating in record conference sales in February.”

Mr Rossiter said there was a drop in sheep volumes during the half of 25pc due to South Australia and Victoria recovering from “recent dry conditions”.

He said the outlook for fertiliser pricing and grower demand remained uncertain for the second half and was “largely dependent on international events”.

FY26 outlook

Elevated diesel prices remain a risk to Elders cost base in the second half, although current prices have eased from the highs experienced in March.

Key financial metrics are expected to improve in the second half as earnings from the recent Delta Agribusiness acquisition are progressively reflected over the rolling 12-month period, and proceeds of the Killara Feedlot divestment anticipated to reduce net debt, leverage and interest expense.

Fertiliser, crop-protection supply chains

Mr Allison said the outlook was expected to improve for fertiliser pricing and availability, but this was dependent on “any major escalation in the Iran conflict”.

“The phosphate and potash markets remain relatively balanced, although geopolitical risks continue to be present as we’re all quite aware.

“Australian growers expected to benefit from improved fertiliser availability and more predictable pricing over the next six-12 months.”

He said there was significant improvements in the crop protection supply chain with manufacturing capacity in China “largely normalised” with availability improving for key herbicides, fungicides and insecticides.

“The global crop protection supply chains, crop protection supply chains have improved materially compared with disruptions over the last three to four years.”

Aus ag outlook

He said Elders was “very optimistic on a broad outlook for Australian agriculture at a seasonal and commodity level with a return to average conditions”.

“The outlook and fundamentals for livestock remain sound with prices for sheep and cattle forecast to be supported by strong international demand across a backdrop of tightening supply.

“The combination of positive seasonal commodity outlook also provides a great backdrop for continued growth in our real estate and financial services businesses.”

Share price takes hit

Despite reporting a strong 17 percent increase in statutory profit ($39.5 million) and a 33pc increase in underlying EBIT ($76.6 million), Elders shares shares plunged by roughly 22 percent on Monday, with financial media pointing to a signifcant bill for an information technology upgrade and rising fertiliser and diesel costs for farmers as underlying reasons for the instability.

Source: ASX 3:58pm AEST Monday 18 May 2026.