Origin Enterprises plc (LSE: OGN), the international agri-inputs and agri-services group, reported FY26 group total operating profit up 1.8% to €100.7m, from €98.994m a year earlier.
The result exceeded the cumulative €415m ambition the group set for the five years to FY26 at its 2022 Capital Markets Day, delivering €474.2m over that period. Core Agriculture operating profit fell 2.2% to €71.8m, with Ireland and the UK down 5.1% to €41.6m and Continental Europe down 6.0% to €15.6m, though Latin America grew 12.5% to €14.6m.
Shares in Origin Enterprises, dual-listed on AIM and Euronext Growth Dublin, closed at 362.5p yesterday. They were up 3.24% to 374.25p today, on turnover of just 800 shares.
The resilience in the headline number masks a shift in where Origin’s profit comes from. Living Landscapes, the group’s sports, landscaping and environmental services arm, grew operating profit 7.1% to €17.7m. Living Landscapes’ growth means the division now accounts for almost a fifth of group profit, up from 18.4% a year earlier, while Agriculture — still the larger contributor — fell 2.2%.
Adjusted diluted earnings per share of 53.51c came in line with guidance, down from 54.21c in FY25. The board held the total dividend flat at 17.30c, a payout ratio of 36.3%.
We delivered a strong FY26 performance despite a challenging operating backdrop. Group Operating profit increased 1.8% to €100.7 million, and adjusted diluted EPS of 53.51 cent was in line with guidance.
Sean Coyle, Origin Enterprises
The balance sheet shows the cost of that resilience. Net debt rose to €77.8m, taking leverage to 0.71 times earnings before interest, tax, depreciation and amortisation (EBITDA), up from 0.58 times, though still well inside the group’s covenant limit of 3.5 times. Return on capital employed dropped to 10.9% from 12.0%, slipping below the group’s 12-15% target range.
Management is holding back on setting new medium-term financial ambitions until a Capital Markets Day at Craven Cottage in London on the 17th of November. That leaves FY26 looking like a bridge year ahead of the group’s next growth phase. That event is the next dated catalyst for investors weighing whether Origin’s diversification can keep offsetting a weaker core Agriculture business.