Select Harvests has reported its financial and operational performance, highlighting strategic progress, market conditions, and refinancing developments. The company continues to focus on improving safety metrics, reporting a Total Recordable Injury Frequency Rate (TRIFR) of 6.3, with positive trends in both lost time and medical treatment injuries.
The company is advancing its strategic priorities, which include increasing almond volumes, improving processing efficiency, maximising returns, and pursuing growth. Despite a previously reduced crop forecast of 24,000 to 26,500 metric tonnes, aligned with a smaller 2025 national almond crop, Select Harvests maintains confidence in improving yields through farm benchmarking and resource optimisation. Capital investments have been made in orchard drainage and processing capacity, including a two-phase expansion at the Carina West Processing Facility in Victoria, bringing total capacity to 50,000 MT. The second phase is currently ahead of schedule.
© Select Harvests
Select Harvests has already contracted 60% of its 2025 almond crop, with a forecast price of A$10.35/kg. Additionally, 86% of the crop is hedged at an average AUD/USD exchange rate of 0.648. Efficiency initiatives and cost control measures are ongoing across both farming and processing operations. Net debt stands at $168.2 million, with a debt-to-equity ratio of 32.7%. The company recently secured $240 million in refinancing across two tranches: $150 million with a three-year term and $90 million with a five-year term, maturing in May 2028 and May 2030, respectively. The refinancing reflects improved credit conditions post-2024 capital raising and includes the addition of a new banking partner.
Select Harvests also disclosed a superannuation underpayment dating back to 2020, with a $3.5 million provision recognised in the FY2024 accounts. A voluntary disclosure has been made to the Australian Taxation Office, and a third-party review is underway.
On the demand side, global interest in plant-based foods continues to support strong sales across Australia, China, India, the Middle East, and Europe. Tight supply conditions, particularly low carry-in volumes and a reduced U.S. almond crop forecast of 2.8 billion pounds, are supporting firm pricing. The orchard program for the 2026 crop has commenced, with trees in good condition and water allocations stable despite increased temporary market water prices. The Project Management Office has 60 active projects with a year-to-date value of $20.4 million and a net benefit of $8.1 million after operating costs of $12.3 million.
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For more information:
Liam Nolan
Select Harvests
Tel: +61 3 9474 3544
Email: [email protected]
www.selectharvests.com.au
