• Challenging macroeconomic conditions driving lower customer demand and higher variability
• Acquired GJ Freight to expand into South-West WA horticulture market
• Underlying EBITDA of $47.3m, down 9.2% on pcp

Lindsay Australia delivered a solid HY25 result despite challenging macroeconomic conditions driving lower customer demand and higher variability. The company's Rural and Road operations were the standout performers, with Rural sales up 7.4% and underlying EBITDA increasing 13.3%. Transport revenues excluding fuel recoveries increased 4.5% on the prior period, supported by a marginal uplift in volumes, though horticulture volumes declined due to ongoing recovery in North Queensland and biennial low seasons in key growing regions. The company's Hunter division was impacted across trade and building-related categories, which remain subdued. Lindsay executed on its strategic priorities, acquiring the assets and staff of GJ Freight, an integrated logistics and packaging business in South-West WA, to expand into the sizable and growing horticulture market in the region. The company also continued to progress its facility developments and upgrades to expand capacity, enhance network reliability, and drive operational efficiencies across the network. Overall, Lindsay remains focused on executing its enterprise strategy across its three strategic pillars: Grow the Network, Transformation, and Performance and Sustainability.

Lindsay Australia expects operational headwinds to continue in the second half, driven by industry-wide capacity expansion, pricing pressures, weather disruptions, and subdued demand. The company's strong network, scalable asset portfolio, and robust balance sheet provide flexibility to continue capturing market share through both organic expansion and strategic acquisitions.

Lindsay Australia remains focused on executing its enterprise strategy across its three strategic pillars: Grow the Network, Transformation, and Performance and Sustainability. The company's recent bolt-on acquisition of GJ Freight will enhance its presence in Western Australia, adding additional transport and packaging services.