How did GrainCorp (ASX:GNC) perform in its H1 FY26 results?

GrainCorp reported a significant downturn for the half-year ending March 31, 2026, with statutory net profit after tax (NPAT) falling to $5 million from $58 million the previous year.

Why did GrainCorp’s (ASX:GNC) profit decline so sharply this half?

The profit drop was primarily driven by compressed margins across the supply chain due to a global grain oversupply and suppressed pricing. Additionally, total grain handled in East Coast Australia decreased to 26.5mmt from 29.5mmt.

What is the current dividend outlook for GrainCorp (ASX:GNC) shareholders?

GrainCorp declared a fully franked interim dividend of 14 cents per share, maintaining the ordinary dividend level from the previous year. However, the company did not issue a special dividend this period, whereas it provided a 10-cent special dividend in H1 FY25.

What is GrainCorp's (ASX:GNC) earnings guidance for the full year 2026?

Despite the weak first-half performance, GrainCorp reaffirmed its FY26 full-year guidance. The company expects underlying EBITDA to land between $200 million and $240 million, with underlying NPAT projected at $20 million to $50 million.

How did the Agribusiness segment specifically impact GrainCorp (ASX:GNC)?

The Agribusiness segment, which is a core driver for the company, saw its EBITDA drop to $104 million from $141 million a year prior. This was largely due to multi-year low margins and a reduction in grain handling volumes in East Coast Australia.

Is the conflict in the Middle East affecting GrainCorp’s (ASX:GNC) operations?

According to CEO Robert Spurway, the ongoing conflict in the Middle East has had minimal impact on GrainCorp’s supply chain operations to date. The company reports that its integrated network continues to operate as normal.

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GrainCorp profits plunge amid challenging global market

Written by Liezl GambePublished May. 13 2026Last Updated May. 13 2026

Australian agribusiness firm GrainCorp (ASX:GNC) has reported a downturn in its half-year results for the period ended March 31.

The company’s statutory net profit after tax plummeted to $5 million, a sharp decline from the $58 million recorded during the same period last year.

Underlying EBITDA also saw a substantial contraction, falling from $202 million in H1 FY25 to $136 million in H1 FY26.

Managing Director and CEO Robert Spurway characterised the performance as "disciplined" despite a "challenging global grain market" defined by oversupply and suppressed pricing.

The agribusiness segment was particularly impacted, with EBITDA dropping to $104 million from $141 million a year prior.

Total grain handled across East Coast Australia fell to 26.5mmt, down from 29.5mmt, driven by lower carry-in positions and reduced selling activity from growers.

Despite these headwinds and compressed margins at multi-year lows, the company maintained a fully franked dividend of 14 cents per share, though it notably lacked the 10-cent special dividend issued in the previous period.

GrainCorp has reaffirmed its FY26 earnings guidance, projecting an underlying EBITDA of $200–240 million and an underlying NPAT of $20–50 million.

Spurway emphasised that the company remains focused on cost management and portfolio optimisation, noting that conflict in the Middle East has had minimal impact on supply chain operations to date.