• NPAT improvement of $31.1m YOY
• Almond price forecast at $10.35/kg, up 37.6% YOY
• Total production costs remain tightly managed

Select Harvests Ltd reported a strong 1H FY2025 result, with NPAT improving by $31.1m YOY to $28.7m. This was driven by a 37.6% increase in the almond price forecast to $10.35/kg, as well as tight management of total production costs. The 2025 crop is forecast to be 24,000MT-26,500MT, lower than previous years due to factors like larger hull sizes reducing crack-out percentage and frost events. However, the company noted positive macro-economic conditions, with lower Californian carry-over and a USDA Subjective Estimate of 2.8B pounds. SHV's balance sheet remains strong following a 2024 capital raise, with net debt/equity at 32.7%. The company has also successfully refinanced its debt facilities, obtaining $240m in new funding. Key transformation initiatives are progressing well, including in areas like safety, logistics, procurement, and data analytics. The company remains focused on growing, processing and selling as efficiently as possible to drive profitability.

SHV forecasts the 2025 almond crop to be 24,000MT-26,500MT, with the almond price forecast at $10.35/kg, up 37.6% YOY. The company expects continued strong global demand, particularly from China and India.

SHV is focused on driving profitability through its transformation initiatives, maintaining a strong balance sheet, and capitalizing on the positive macro-economic environment for almonds. The company expects to see continued pricing gains and tight cost management.