SPC Global has delivered normalised EBITDA of $38.5 million for FY26, up 27 per cent and ahead of guidance for 25 per cent growth, on net sales revenue of $331.8 million.
Revenue fell 11.8 per cent from FY25 proforma net revenue of $376.2 million, a reduction of $44.4 million. EBITDA margin widened from 8.1 per cent to 11.6 per cent.
SPC Global managing director, Robert Iervasi, said FY26 was a turning point.
“We improved the quality of our earnings by shifting deliberately from lower-return volume toward higher-margin products, better channels and a stronger branded mix, and we validated the rationale for bringing SPC, The Original Beverage Co., Nature One and Natural Ingredients together through real synergy delivery and tighter financial discipline,” Iervasi said.
International EBITDA rose 15.4 per cent from $13.6 million to $15.7 million while domestic business grew from $16.7 million to an implied $22.8 million, up 36.5 per cent.
That’s a flip from FY25, in which Nature One contributed 44.8 per cent of group normalised EBITDA and was the reason the group beat its $29 million target. In FY26, international accounted for about 41 per cent, with the domestic business lifting its share from 55 to 59 per cent.
New ranging at Costco Japan, Emart Traders in Korea, and NTUC FairPrice and Cold Storage in Singapore supported the international result.
Domestically, Ardmona became Woolworths’ exclusive Australian-branded canned tomato offering, SPC ProVital fruit pouches secured ranging with major retailers from July 2026, and Naked Life sodas went into Ampol petrol and convenience outlets. Naked Life was one of three beverage brands SPC Global signed to its distribution network in FY25 when it established The Original Beverage Co.
FY25 was heavily weighted to the second half, with normalised EBITDA of $7.5 million in H1 against $22.8 million in H2, which the group attributed to the seasonal nature of the domestic business.
FY26 narrowed that gap – H1 EBITDA of $13 million was up 73 per cent, while the implied second half of $25.5 million grew 11.8 per cent.
Net debt fell after the $100 million equity raise completed in May, priced at 10 cents a share, a 71 per cent discount to the last traded price. FY25 closed with net debt of $124 million, total borrowings of $131.1 million and net leverage of 4.1 times.
The raise was structured to bring pro forma leverage to 1.1 times and cut annual interest expense from about $15 million to an estimated $4.5 million to $5 million.
Free cash flow improved from negative $22.9 million to negative $4.1 million on a pre-equity raise basis, an $18.8 million improvement. It remains negative.
The FY26 release does not disclose NPAT compared to the FY25 normalised proforma NPAT was a loss of $12.3 million. It also didn’t offer a FY27 guidance, where the FY25 announcement set an explicit 25 per cent EBITDA growth target for the year ahead.
Inventory is not reported. FY25 closed with $142.2 million against a stated target of $110 million by the end of December 2025, and working capital was one of the group’s four strategic focus areas.
There is no update on the Mill Park juice site closure, on Nature One’s conditional approval to act as a third-party manufacturer for Fonterra, or on the Board-approved Mid-Term Plan for 2026 to 2030, all flagged in the FY25 announcement.
SPC Global has signed a non-binding memorandum of understanding with ATAYF 2 Pty Ltd, the family office of Khalil (Charlie) Shahin, to explore distribution across the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman. No terms or timetable were disclosed.
Group Chief Supply Chain officer, Moataz Ahmad, becomes Group COO from 1 September 2026, in a new role combining domestic commercial and supply chain functions.
