• Acquisition of SRT Logistics delivering earnings and synergies
• Continued investment in safety, systems and people capability to support scalable growth
• Pathway to ROIC progression and optimized capital plan

Lindsay Australia Limited (ASX: LAU) has reported its results for the half-year ended 31 December 2025. The company delivered an underlying EBITDA of $66.4 million, up 47.2% compared to the prior corresponding period. This was driven by geographic diversification, recent acquisitions, and operational improvements. The Transport division achieved organic and acquisition-led growth, reinforcing earnings resilience despite ongoing margin pressure. The Rural division delivered double-digit growth, driven by expansion in Western Australia, continued growth in packaging, and favorable seasonal conditions. The company continued to invest in support functions and systems across the business, providing for organizational efficiency, enhanced security, and future operating leverage. The SRT Logistics acquisition completed on 1 July 2025 and is progressing ahead of expectations, with integration initiatives materially advanced and on track for $1 million in annualized cost synergies in FY26. The company's capital expenditure plan has been optimized from $58.7 million to $40-45 million, with a focus on utilization, free cash flow generation, and improvements in ROIC. Lindsay Australia remains well-positioned to capture structural growth opportunities, with its scalable, modernized national network and disciplined capital allocation framework.

The company expects to deliver double-digit EPS accretion from the SRT Logistics acquisition in FY26, with $1 million in annualized cost synergies on track. The company is also targeting net leverage of 1.7x-1.8x over the next 6-12 months, with a pathway toward the 1.5x midpoint.

Medium to long-term fundamentals remain supportive, underpinned by population growth, expanding horticultural output, and structurally higher freight demand. The company's scalable, modernized national network positions it to capture growth, enhance utilization, and deliver improved operating leverage as market conditions continue to normalize. Integration of SRT Logistics is progressing well, with a clear pathway to further operational, procurement, and network synergies. Growth will be driven by disciplined expansion into complementary, non-seasonal categories, supporting improved earnings resilience and balance across reporting periods.