What were the key financial results for Elders Limited (ASX:ELD) in HY26?

Elders delivered a strong first-half result, reporting an underlying EBIT of $76.6 million, up 33% compared to the previous year. Statutory profit after tax rose 17% to $39.5 million, whilst operating cash flow surged 115% to $67.0 million.

Is Elders Limited (ASX:ELD) paying a dividend this half?

Yes, the Directors have determined to pay an interim dividend of 18.0 cents per share. While the dividend amount matches last year's interim payout, this HY26 dividend is 100% franked, a significant improvement from the 50% franked dividend paid in the prior corresponding period.

Why did Elders Limited's underlying earnings per share decrease despite higher profits?

Elders reported a 4% dip in underlying earnings per share (EPS) to 18.1 cents, down from 18.8 cents last year. While the company did not explicitly detail the cause in the report, a drop in EPS alongside higher net profit typically signals shareholder dilution, likely stemming from the recent acquisition and integration of Delta Agribusiness.

What structural and operational changes did Elders Limited (ASX:ELD) make in HY26?

Elders fully implemented its new divisional model and progressed its Systems Modernisation (SysMod) program, launching its third "Wave" for livestock. Additionally, the company announced the sale of the Killara Feedlot; pending final approvals in H2, the asset has been classified as a discontinued operation and its financial results are excluded from underlying earnings.

What are the main bull points for Elders Limited (ASX:ELD) after this report?

The main bull case centers on massive operating cash flow growth (+115%) and a 33% surge in underlying EBIT, proving the company successfully capitalised on better seasonal weather. The 100% franking on the interim dividend adds tax-effective value for retail investors, whilst the fast-tracking of Delta Agribusiness synergies provides a clear medium-term growth catalyst.

What are the main bear points and risks for Elders Limited (ASX:ELD) shareholders?

The bear case highlights a 4% decline in underlying EPS and a lower return on capital (ROC), which fell from 12.6% to 10.7%. Externally, elevated diesel prices driven by ongoing conflicts in the Middle East remain a persistent industry challenge, and the business faces ongoing risks from potential fertiliser supply chain disruptions.

Image for illustrative purposes only. Not a real photo.

Elders profits surge 33% on strong first-half

Written by Liezl GambePublished May. 18 2026Last Updated May. 18 2026

Agribusiness giant Elders (ASX:ELD) has delivered a strong first-half result for the six months ended March 31, driven by improved seasonal conditions and the integration of Delta Agribusiness.

The company announced an underlying earnings before interest and tax of $76.6 million, marking a stellar 33% increase compared to the previous year.

Statutory profit after tax also climbed 17% to $39.5 million, whilst operating cash flow surged by an impressive 115% to $67.0 million.

Following the financial metrics, the directors have determined to pay an interim dividend of 18 cents per share.

Unlike last year's 50% franked dividend, this half-year payout will be 100% franked.

The positive performance comes amidst structural milestones, including the full implementation of Elders' new divisional model and advancements in its Systems Modernisation programme, with the livestock wave now live.

Operational adjustments also saw the Killara Feedlot classified as a discontinued operation held for sale, with its financial results excluded from underlying earnings pending final approvals.

Looking ahead, Elders expects to fast-track synergies from Delta Agribusiness, with initial benefits weighted towards the second half of FY26.

Despite a 4% dip in underlying earnings per share to 18.1 cents and a lower return on capital at 10.7%, management remains confident.

Safety performance also improved, with the total recordable injury frequency rate dropping to 3.5.

At the time of reporting, Elders' share price was $6.06.