REG - Origin Enterprises - Interim Results Statement
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RNS Number : 0127V Origin Enterprises Plc 03 March 2026
Origin Enterprises plc
INTERIM RESULTS STATEMENT
Solid H1 performance; Group operating profit up 2.4%, driven by growth in
Living Landscapes
3 March 2026: Origin Enterprises plc ('Origin' or 'the Group'), the
international group shaping the future of sustainable land use solutions,
today announces its interim results for the half-year ended 31 January 2026
('H1 2026').
Results Summary 31 Jan 2026 31 Jan 2025 Change €'m
€'m €'m
Group revenue 852.6 831.7 20.9
Operating profit(1) 15.1 14.9 0.2
Associates and joint venture(2) 2.3 2.1 0.2
Total Group operating profit(1) 17.4 17.0 0.4
Finance cost, net (11.3) (10.0) (1.3)
Profit before tax(1) 6.1 7.0 (0.9)
Adjusted diluted earnings per share (cent)(3) 4.55 5.17 (0.62)
Group net bank debt(4) (283.5) (270.1) (13.4)
Interim dividend per ordinary share (cent) 3.15 3.15 -
Financial and Operational Highlights
· Solid H1 Revenue growth of 5.1% constant currency, supported by
underlying volume growth of 1.4%.
· Total Group operating profit¹ of €17.4 million, an increase of
2.4% on the prior year.
· Agriculture:
o H1 profit performance was broadly in line with prior year, with growth in
Ireland/UK and Latin America (LATAM) offset by a reduction in Central Europe
(CE).
o Planted areas in the UK are ahead of prior year and crop development is
progressing well. A continued move towards winter planting is evident in CE,
building on last year's growth, with crop development progressing well across
both countries. An expanded soybean and corn area in LATAM is driving volume
growth despite a challenging environment.
o Weaker grain, oilseed and dairy prices continue to dampen farm sentiment,
influencing timing and commitment to spend.
· Living Landscapes:
o Good H1 performance, with operating profit up 8.3%, driven by early season
organic growth in the Sports and Landscapes businesses. Our Environmental
business recorded a like-for like decline in H1 reflecting project timing
delays; however, with the benefit of acquisitions, delivered year on year
growth.
o Demand across Living Landscapes has had a robust start to the second half of
the year.
· Associates and joint ventures made a strong contribution to the first
half, reflecting sustained demand for animal nutrition products in the Irish
market.
· Adjusted EPS of 4.55 cent (H1 2025: 5.17 cent) with H1 performance
reflecting improved operating profit performance impacted by higher finance
costs as a result of higher average debt. As in prior years, operating profit
is second half weighted.
· Net bank debt of €283.5 million (H1 2025: €270.1 million),
reflects seasonal working capital requirements and inventory positioning in
advance of the introduction of CBAM (Carbon Border Adjustment Mechanism)
charges from 1 January 2026.
· Extension of the Group's €440 million sustainability-linked
revolving credit facility by one year to 31 January 2031.
· Interim dividend has been maintained at 3.15 cent per share (H1 2025:
3.15 cent per share).
· Mr. John Hennessy was appointed to the Board on 1 January 2026 and
will succeed Mr. Gary Britton as Chairman on 04 March 2026.
· Capital Markets Day to be held in London on 17 November 2026.
Commenting on Origin's interim results, Chief Executive Officer, Sean Coyle
said:
"The Group delivered a solid first-half performance. Activity across both
Agriculture and Living Landscapes was in line with expectations, establishing
a strong operational base across our markets as we move into the more
significant second half.
In Agriculture planting activity across our markets has set an encouraging
platform for the remainder of the year, while on-farm sentiment remains
cautious given output prices.
Our Animal and Soil Nutrition businesses had a strong performance, and our
order books are well positioned for the second half. Despite the introduction
of CBAM and broader geopolitical uncertainty, we have actively managed the
factors within our control and continue to work closely with customers to
ensure clarity on pricing, product availability and service delivery
throughout the season.
In our Agronomy businesses well-established cropping areas across key markets
provide a solid base for second half activity.
Living Landscapes had a good first half driven by Sports and Landscapes
combined with acquisition-led growth in Environmental. The integration of
recent acquisitions continues to progress well and provides a solid foundation
for the second half of the year. We have an active pipeline of further
acquisitions in this segment and remain excited about its performance and
prospects.
Planting areas and crop conditions are good across our markets, and demand for
animal and soil nutrition products has been solid. Consistent with prior
years, significant levels of spring volumes are still to be delivered across
all of our businesses and guidance for FY 2026 will be issued with our Q3
trading update on 11 June 2026.
We will host a Capital Markets Day in London on 17 November 2026, where we
will set out our next five-year strategy, including our capital allocation
framework and growth ambitions.
I am pleased to welcome John Hennessy to the Board and look forward to working
with him as Chairman. I would like to thank Gary Britton for his considerable
contribution to Origin as a Board member, particularly over the last three
years in his role as Chairman."
ENDS
Conference Call and Webcast details:
The management team will host a live conference call and webcast, for analysts
and institutional investors today, 3 March 2026, at 08:30 (Irish/UK time).
Registration details for the Conference Call and Webcast can be accessed at:
www.originenterprises.com
Alternatively, please contact FTI Consulting by email at
originenterprises@fticonsulting.com
Participants are requested to dial in 5 to 10 minutes prior to the scheduled
start time.
( )
(1 ) Before amortisation of non-ERP intangible assets and exceptional
items
(2 ) Profit after interest and tax
(3 ) Before amortisation of non-ERP intangible assets, net of related
deferred tax (2026: €4.7 million, 2025: €4.7 million) and exceptional
items, net of tax (2026: charge of €3.7 million, 2025: income of €10.5
million)
(4 ) Net bank debt excludes IFRS16 Lease liabilities
INTERIM RESULTS STATEMENT
Financial Review - Summary
6 months ended 6 months ended
31 Jan 2026 31 Jan 2025
€'m €'m
Group revenue 852.6 831.7
Operating profit(1) 15.1 14.9
Associates and joint venture, net(2) 2.3 2.1
Adjusted Group operating profit(1) 17.4 17.0
Finance cost, net (11.3) (10.0)
Pre-tax profit 6.1 7.0
Income tax charge (1.0) (1.2)
Adjusted net profit 5.1 5.8
Adjusted diluted earnings per share (cent)(3) 4.55 5.17
Adjusted net profit reconciliation
Reported net (loss)/profit (3.3) 11.7
Amortisation of non-ERP intangible assets 5.9 5.9
Tax on amortisation of non-ERP related intangible assets (1.2) (1.3)
Exceptional items, net of tax 3.7 (10.5)
Adjusted net profit 5.1 5.8
Adjusted diluted earnings per share
Origin delivered adjusted diluted earnings per share(3) in H1 2026 of 4.55
cent compared to 5.17 cent in H1 2025. On a like-for-like basis (excluding the
impact of currency movements and acquisitions) the underlying decrease in
adjusted diluted earnings per share(3) was 1.05 cent.
Group revenue
Group revenue for H1 2026 increased by 2.5% to €852.6 million (H1 2025:
€831.7 million). On a constant currency basis, revenue increased by €42.4
million (5.1%).
Excluding crop marketing, revenue grew by 4.3% (€32.0 million), driven by
underlying volume growth of 2.3% and a 1.0% contribution from prior year
Living Landscapes acquisitions. A 3.0% foreign exchange headwind was more than
offset by pricing movements of 4.0%, primarily reflecting higher price levels
for global fertiliser raw materials.
Operating profit(1)
Operating profit¹ for H1 2026 was €15.1 million (H1 2025: €14.9 million),
an increase of 1.3%. On an underlying basis, operating profit was 2.0% lower
year-on-year. Foreign exchange movements had a marginal positive impact of
0.2% on reported operating profit.
Associates and joint venture(2)
Origin's share of profit after interest and taxation from associates and joint
venture amounted to €2.3 million, a €0.2 million increase on H1 2025,
reflecting strong demand for animal feed in H1.
Exceptional items
€3.7 million exceptional costs (net of tax) in the period consist primarily
of costs in respect of the facilitation of payments to suppliers which had
been previously suspended in accordance with international sanctions in
response to the Russian invasion of Ukraine in 2022.
Net bank debt and financing costs
Net bank debt(5) at 31 January 2026 was €283.5 million compared to €270.1
million at 31 January 2025 and is 2.44 times EBITDA(4) for the twelve months
to 31 January 2026.
The increase in net bank debt, for the 12-month period ended 31 January 2026
is largely driven by an increase in working capital.
During the period, the Group exercised its option to extend its €440 million
sustainability-linked revolving credit facility ('RCF') by one year to 31
January 2031. Subsequent to the period end, confirmation was received by each
lender extending the RCF facility to 31 January 2031, with one further option
remaining to extend by a further year.
Net finance costs amounted to €11.3 million compared to €10.0 million in
H1 2025. The increase in net finance costs in the period was primarily driven
by higher average net debt levels year on year. At period end, the Group's
key banking covenants are as follows:
Banking Covenant H1 2026 H1 2025 FY 2025
Times Times Times
Net debt to EBITDA Maximum 3.5 2.44 2.42 0.58
EBITDA to net interest Minimum 3.0 6.37 6.64 7.21
Working capital
Following the seasonal investment in working capital in the period, the net
cash outflow from operating activities was €200.7 million (H1 2025: €175.3
million). Working capital at 31 January 2026 amounted to €235.8 million
compared to €200.8 million in the prior period. Investment in working
capital in the period was largely driven by an increase in inventory in
advance of the introduction of CBAM charges in January 2026, in addition to
volume related increases in trading. The period end working capital position
includes a €5.7 million balance due to sanctioned parties which had been
previously suspended in accordance with international sanctions imposed by
authorities in response to the Russian invasion of Ukraine in 2022.
Sustainability
The Group continues to align its product and service offering with evolving
customer requirements and regulatory developments across its markets,
delivering practical, technically-led solutions that support productivity,
environmental performance and compliance.
During the period, integration of recent acquisitions further strengthened our
environmental and ecology platform, extending our capabilities across habitat
creation, biodiversity services and environmental advisory. Within
Agriculture, innovation continues across biostimulants, adjuvants,
micronutrients and soil nutrition, improving input efficiency and supporting
sustainable land use. The Group remains focused on delivery of its Science
Based Targets transition plan, supported by continued investment in fleet
electrification, facility upgrades and enhanced data and reporting systems.
Interim dividend
We are pleased to announce that an interim dividend of 3.15 cent per share
will be paid on 19 June 2026 to shareholders on the register on 29 May 2026.
(1 ) Before amortisation of non-ERP intangible assets and exceptional
items
(2 ) Profit after interest and tax
(3 ) Before amortisation of non-ERP intangible assets, net of related
deferred tax (2026: €4.7 million, 2025: €4.7 million) and exceptional
items, net of tax (2026: charge of €3.7 million, 2025: income of €10.5
million)
(4 ) Net debt/EBITDA ratio as per the requirements of the Group's
syndicated bank loan agreement
(5 ) Net bank debt excludes IFRS16 Lease liabilities
Review of Operations
Group Overview
Change on prior period
H1 2026 H1 2025 Change Underlying(4) Constant Currency(5)
€'m
€'m €'m €'m €'m
Revenue
Agriculture 766.5 756.5 10.0 28.2 28.2
Living Landscapes 86.1 75.2 10.9 6.8 14.2
Group 852.6 831.7 20.9 35.0 42.4
Operating profit(1)
Agriculture 11.0 11.1 (0.1) (0.3) (0.3)
Living Landscapes 4.1 3.8 0.3 - 0.5
Group 15.1 14.9 0.2 (0.3) 0.2
Associates and joint venture(2) 2.3 2.1 0.2 0.3 0.3
Adjusted diluted EPS (cent)(3) 4.55 5.17 (0.62) (1.05) (0.74)
(1 ) Before amortisation of non-ERP intangible assets and exceptional
items
(2 ) Profit after interest and tax
(3 ) Before amortisation of non-ERP intangible assets, net of related
deferred tax (2026: €4.7 million, 2025: €4.7 million) and exceptional
items, net of tax (2026: charge of €3.7 million, 2025: income of €10.5
million)
(4 ) Excluding currency movements and the impact of acquisitions
(5 ) Excluding currency movements
Agriculture:
Ireland and the United Kingdom
Change on prior period
H1 2026 H1 2025 Change Underlying(3) Constant Currency(4)
€'m
€'m €'m €'m €'m
Revenue 438.0 430.5 7.5 23.1 23.1
Operating (loss)(1) (0.9) (1.2) 0.3 0.1 0.1
Associates and joint venture(2) 2.3 2.1 0.2 0.3 0.3
(1 ) Before amortisation of non-ERP intangible assets and exceptional
items
(2 ) Profit after interest and tax
(3 ) Excluding currency movements and the impact of acquisitions
(4 ) Excluding currency movements
( )
Ireland and the United Kingdom delivered revenue growth of €7.5 million in
the period. The operating loss reduced from €1.2 million in H1 2025 to
€0.9 million in the current year. As in prior years, earnings are weighted
towards the second half of the financial year.
Trading was supported by strong demand for fertiliser ahead of the spring
application season, with growers advancing purchases in anticipation of price
movements, alongside a recovery in UK winter cropping areas and sustained
demand for animal nutrition through Q2, supporting both volume and pricing
progression.
However, in the UK, there has been a cautious approach to pre-season purchases
of seed and crop protection, due to the ongoing impact of soft crop prices on
grower sentiment.
Sustainable Agronomy
Agronomy revenue increased by 1.6% during H1 2026, driven by fertiliser demand
and global pricing. Improved planting conditions and an earlier harvest
supported autumn drilling, resulting in winter wheat area rising approximately
4% year-on-year to c.1.7 million hectares and oilseed rape increasing to
c.0.25 million hectares (c.19% year-on-year growth). Crop establishment across
key cereal regions has been reported as satisfactory.
Growers selectively brought forward some of their fertiliser purchases in
anticipation of price movements, while input commitments across seed and crop
protection remained disciplined. Lower output price levels and tighter farm
margins continue to influence sentiment within the arable sector, with farmers
maintaining prudent working capital management.
Total autumn and spring plantings for the 2025/26 production year are expected
to be largely in line with prior year at just over 4 million hectares.
Soil Nutrition
Soil Nutrition delivered a good first-half performance, supported by globally
firmer fertiliser pricing and pre-season demand across Ireland and the UK.
Fertiliser markets strengthened through the period, reflecting tighter global
nitrogen supply and the phased introduction of the EU Carbon Border Adjustment
Mechanism ("CBAM"), which applies a carbon cost to certain fertiliser imports
into the EU to align them with EU carbon pricing. This has contributed to
greater price differentiation between EU and non-EU product, contributing to
increased pricing across the market.
In Ireland, improved visibility on CBAM implementation and pricing trends led
to increased order intake ahead of the main spring application window. Market
dynamics continue to reflect grassland-led demand and evolving regulatory
measures.
In the UK, purchasing behaviour remained more progressive through the winter,
with selective forward buying ahead of price movements. Consistent with our
agronomy operations, lower crop prices and margin considerations continue to
influence purchasing behaviour.
Across both markets, the Group enters the second half with a strong short term
order book and appropriate inventory positioning to meet expected customer
demand.
Animal Nutrition
Feed Ingredients delivered a good H1 2026 performance and growth against a
strong H1 2025 performance. John Thompson & Sons Limited, the Group's
50%-owned associate, also delivered a good performance. Feed demand remained
strong over H1 supported by resilient protein prices, although milk prices
have reduced in recent months.
Continental Europe(1)
Change on prior period
H1 2026 H1 2025 Change Underlying(3) Constant Currency(4)
€'m
€'m €'m €'m €'m
Revenue 233.8 236.0 (2.1) (1.0) (1.0)
Revenue(1) (excl. crop marketing) 160.3 151.4 8.9 10.8 10.8
Operating profit(2) 0.6 1.5 (0.9) (1.0) (1.0)
Operating profit(1,2) (excl. crop marketing) 0.6 1.2 (0.6) (0.7) (0.7)
(1 ) Excluding crop marketing. While crop marketing has a significant
impact on revenue, its impact on operating profit is insignificant. An
analysis of revenue and profit attributable to agronomy services and inputs
more accurately reflects the underlying drivers of business performance
(2 ) Before amortisation of non-ERP intangible assets and exceptional
items
(3 ) Excluding currency movements and the impact of acquisitions
(4 ) Excluding currency movements
( )
Continental Europe delivered a solid start to the year, with revenue growth of
5.9% in the first half, primarily reflecting volume growth and price inflation
in Romania, reflecting global fertiliser prices. Operating profit reduced to
€0.6 million for CE in the seasonally quieter period, reflecting lower
volumes in Poland, an underlying improved operating performance in Romania and
the impact of provision for credit risk in Romania.
Underlying volumes (excluding crop marketing) increased by 1.8% across the
region, supported by stable cropping areas and satisfactory winter crop
establishment. Soil moisture levels have improved entering the spring period,
providing a more supportive agronomic backdrop following recent volatility in
seasonal conditions.
Poland
Poland made a robust start against a strong prior-year comparator. Lower
volumes in certain categories reflected competitive market dynamics and more
measured farmer purchasing, particularly in fertiliser, with procurement
activity weighted toward later in the season. Trading momentum improved toward
period end, with stronger run-rates and a healthy order position heading into
the seasonally more significant Q3.
Autumn and winter plantings are broadly in line with the prior year harvested
area at approximately 5.3 million hectares, with winter crops generally well
established and total cropping area for 2026 anticipated to remain broadly
consistent with last year at approximately 8.8 million hectares.
Romania
Romania delivered an improved first-half performance, supported by growth
across product categories and a continued rotation toward winter cropping
(+4.4% YoY; +21% vs 2024), as growers seek to mitigate spring drought risk
following recent dry seasons. Total cropping is expected to remain broadly
stable at 8.2m hectares. Farm sentiment remains cautious but is gradually
improving as soil moisture conditions have stabilised over winter, supporting
crops into the spring, while confidence continues to be tempered by the impact
of recent droughts on farm cash flow and continuing credit challenges in the
market.
Latin America
Change on prior period
H1 2026 H1 2025 Change Underlying(2) Constant Currency(3)
€'m
€'m €'m €'m €'m
Revenue 94.8 90.1 4.7 6.1 6.1
Operating profit(1) 11.3 10.8 0.5 0.8 0.8
( )
(1 ) Before amortisation of non-ERP intangible assets and exceptional
items
(2 ) Excluding currency movements and the impact of acquisitions
(3 ) Excluding currency movements
Latin America delivered a solid underlying performance with volumes up 3.1%,
driven by continued growth in Controlled Release Fertiliser (CRF) and
biological products offset partially by lower volumes in some speciality
product categories. Operating profit increased 5% to €11.3 million, with
volume growth and cost management being partially offset by the negative mix
impact from the higher weighting of lower-margin CRF sales.
Brazil's cropping fundamentals remain supportive, with soybean planted area
projected at approximately 49 million hectares (up 3.8% year-on-year) and
production forecast at 181 million tonnes. Safrinha (second crop) corn
plantings are underway with total planting areas expected to be in line with
prior year. While expanded planting underpins demand for crop inputs, a
cautious approach to credit sales is being proactively adopted given market
challenges. Lower output pricing has resulted in more disciplined purchasing
and market pricing.
Currency movements in the Brazilian Real had a modest translational impact on
reported euro results with underlying performance in local currency remaining
robust.
Living Landscapes:
Change on prior period
H1 2026 H1 2025 Change Underlying(2) Constant Currency(3)
€'m
€'m €'m €'m €'m
Revenue 86.1 75.2 10.9 6.8 14.2
Operating profit(1) 4.1 3.8 0.3 - 0.5
( )
( )
(1 ) Before amortisation of non-ERP intangible assets and exceptional
items
(2 ) Excluding currency movements and the impact of acquisitions
(3 ) Excluding currency movements
Living Landscapes delivered a good first-half performance, with operating
profit increasing 8.3% to €4.1 million. Growth reflected strong
contributions from Sports and Landscapes, with Environmental like for like
performance behind last year due to the timing of projects but showing growth
with the inclusion of acquisitions.
Sports had a good performance in the period which benefited from sustained
demand for performance-led and technical solutions, driven by a focus on
surface recovery post the impact of last summer's drought and a push to ensure
year-round playability across professional and municipal facilities.
Landscapes also had a good performance, supported by expanded product
capability following recent acquisitions and ongoing investment in green
infrastructure.
Environmental activity was robust in the period supported by compliance-driven
demand, including Biodiversity Net Gain. The timing of contract awards and
mobilisation impacted like for like profitability in the first-half, with
earnings expected to be weighted toward the second half. Jon Garner succeeded
Mark Webb in the period as Managing Director of Environmental. Jon has been a
key part of the Environmental team following the acquisition of GE Consulting
in 2024 of which he was the founder and Director.
ENDS
Enquiries
Origin Enterprises plc
Colm Purcell
Chief Financial Officer Tel: +353 (0)1 563 4900
Brendan Corcoran
Head of Investor Relations Tel: +353 (0)1 563 4900
Goodbody (Euronext Growth (Dublin) Adviser)
Jason Molins Tel: +353 (0)1 641 9278
Davy (Nominated Adviser)
Anthony Farrell Tel: +353 (0)1 614 9993
Berenberg (Corporate Broker)
Clayton Bush Tel: +44 (0)20 3207 7800
FTI Consulting (Financial Communications Advisers)
Jonathan Neilan / Patrick Berkery / Conor Pierce Tel: +353 (0)86 602 5988
About Origin Enterprises plc
Origin Enterprises plc champions sustainable land use through technically-led
solutions, empowering our customers to enrich their land so it can achieve its
true potential. The Group has leading market positions in Ireland, the United
Kingdom, Brazil, Poland and Romania, and is listed on the Euronext Growth
Dublin market and the AIM market of the London Stock Exchange.
Euronext Growth (Dublin) ticker symbol: OIZ
AIM ticker symbol:
OGN
Website:
www.originenterprises.com
(http://www.originenterprises.com)
Origin Enterprises plc
Condensed Interim Consolidated Income Statement
for the six months ended 31 January 2026
Six months Six months Six months Six months Year
ended ended ended ended ended
January January January January July
2026 2026 2026 2025 2025
Pre-exceptional Exceptional Total Total Total
€'000 €'000 €'000 €'000 €'000
Notes Note 6 Note 8 Note 8
Revenue 5 852,610 - 852,610 831,676 2,109,146
Cost of sales (709,163) - (709,163) (689,546) (1,750,806)
Gross profit 143,447 - 143,447 142,130 358,340
Operating costs (134,275) (3,880) (138,155) (128,983) (288,241)
Share of profit of associates and joint venture 2,328 - 2,328 9,138 16,541
Operating profit 5 11,500 (3,880) 7,620 22,285 86,640
Finance income 2,403 - 2,403 4,888 4,991
Finance expense (13,748) - (13,748) (14,911) (24,951)
(Loss)/Profit before income tax 155 (3,880) (3,725) 12,262 66,680
Income tax credit/(expense) 297 169 466 (607) (13,927)
(Loss)/Profit attributable to equity shareholders 452 (3,711) (3,259) 11,655 52,753
Six months Six months Year
ended ended ended
January January July
2026 2025 2025
Basic (loss)/earnings per share 7 (3.04c) 10.98c 49.59c
Diluted (loss)/earnings per share 7 (3.04c) 10.42c 47.20c
Origin Enterprises plc
Condensed Interim Consolidated Statement of Comprehensive Income
for the six months ended 31 January 2026
Six months Six months Year
ended ended ended
January January July
2026 2025 2025
€'000 €'000 €'000
(Loss)/profit for the financial period (3,259) 11,655 52,753
Other comprehensive income/(expense)
Items that are not reclassified subsequently to the Group income statement:
Group/Associate defined benefit pension obligations
- remeasurements of Group's defined benefit pension schemes (111) (948) (18)
- deferred tax effect of remeasurements 50 225 (36)
- share of remeasurements on associate's defined benefit pension schemes - - (290)
- share of deferred tax effect of remeasurements - associates - - 72
Items that may be reclassified subsequently to the Group income statement:
Group foreign exchange translation details
- exchange difference on translation of foreign operations 2,518 2,261 (13,430)
Group/Associate cash flow hedges
- effective portion of changes in fair value of cash flow hedges (1,205) (1,132) (4,426)
- fair value of cash flow hedges transferred to operating costs (1,354) 1,785 2,447
- deferred tax effect of cash flow hedges 543 (295) 19
- share of associates and joint venture cash flow hedges (280) 2,592 (742)
- deferred tax effect of share of associates and joint venture cash flow 35 (324) 93
hedges
Other comprehensive income/(expense) for the period, net of tax 196 4,164 (16,311)
Total comprehensive (expense)/income for the period attributable to equity (3,063) 15,819 36,442
shareholders
Origin Enterprises plc
Condensed Interim Consolidated Statement of Financial Position
as at 31 January 2026
January January July
2026 2025 2025
Notes €'000 €'000 €'000
ASSETS
Non-current assets
Property, plant and equipment 9 142,431 135,523 134,499
Right of use asset 64,266 63,541 68,020
Investment properties 8,500 8,500 8,500
Goodwill and intangible assets 10 315,286 322,026 318,638
Investments in associates and joint venture 11 38,963 43,916 47,312
Other financial assets 888 921 892
Derivative financial instruments 54 1,850 314
Deferred tax assets 6,757 3,557 6,203
Post employment benefit surplus 6,816 5,900 6,805
Total non-current assets 583,961 585,734 591,183
Current assets
Properties held for sale - 5,800 5,800
Inventory 316,396 296,475 228,854
Trade and other receivables 429,518 365,438 469,450
Derivative financial instruments 338 1,592 2,109
Cash and cash equivalents 13 62,771 62,583 169,778
Total current assets 809,023 731,888 875,991
TOTAL ASSETS 1,392,984 1,317,622 1,467,174
Origin Enterprises plc
Condensed Interim Consolidated Statement of Financial Position (continued)
as at 31 January 2026
January January July
2026 2025 2025
Notes €'000 €'000 €'000
EQUITY
Called up share capital presented as equity 14 1,197 1,253 1,197
Share premium 160,526 160,526 160,526
Retained earnings and other reserves 244,212 243,599 262,531
TOTAL EQUITY 405,935 405,378 424,254
LIABILITIES
Non-current liabilities
Interest-bearing borrowings 13 336,245 328,179 240,551
Lease liability 13 52,851 51,302 56,040
Deferred tax liabilities 21,817 18,496 22,961
Provision for liabilities 12 16,568 13,908 10,767
Put option liability 2,587 - 4,522
Derivative financial instruments 762 758 817
Total non-current liabilities 430,830 412,643 335,658
Current liabilities
Interest-bearing borrowings 13 10,058 4,489 70
Lease liability 13 11,991 14,197 12,257
Trade and other payables 510,079 461,067 674,702
Corporation tax payable 2,264 2,552 10,323
Provision for liabilities 12 2,837 2,588 9,282
Put option liability 2,048 - 416
Dividend payable to shareholders 15 15,176 14,476 -
Derivative financial instruments 1,766 232 212
Total current liabilities 556,219 499,601 707,262
TOTAL LIABILITIES 987,049 912,244 1,042,920
TOTAL EQUITY AND LIABILITIES 1,392,984 1,317,622 1,467,174
Origin Enterprises plc
Condensed Interim Consolidated Statement of Changes in Equity
for the six months ended 31 January 2026
Share- Foreign
Capital Cashflow based currency
Share Share Treasury redemption hedge Revaluation payment Re-organisation translation Retained
capital premium shares reserve reserve reserve reserve reserve reserve earnings Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
At 1 August 2025 1,197 160,526 (46,966) 201 (2,714) 12,843 8,470 (196,884) (70,847) 558,428 424,254
Loss for the period - - - - - - - - - (3,259) (3,259)
Other comprehensive (expense)/income for the period - - - - (2,261) - - - 2,518 (61) 196
Re-issue of treasury shares - - 2,002 - - - - - - (1,994) 8
Change in fair value of put option - - - - - - - - - (88) (88)
Transfer of share-based payment reserve - - - - - - (1,354) - - 1,354 -
to retained earnings
Dividend payable to shareholders (Note 15) - - - - - - - - - (15,176) (15,176)
At 31 January 2026 1,197 160,526 (44,964) 201 (4,975) 12,843 7,116 (196,884) (68,329) 539,204 405,935
Origin Enterprises plc
Condensed Interim Consolidated Statement of Changes in Equity
for the six months ended 31 January 2025
Share- Foreign
Capital Cashflow based currency
Share Share Treasury redemption hedge Revaluation payment Re-organisation translation Retained
capital premium shares reserve reserve reserve reserve reserve reserve earnings Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
At 1 August 2024 1,253 160,526 (67,569) 145 (105) 12,843 7,602 (196,884) (57,417) 544,536 404,930
Profit for the period - - - - - - - - - 11,655 11,655
Other comprehensive income/(expense) for the period - - - - 2,626 - - - 2,261 (723) 4,164
Share buyback - - (1,850) - - - - - - - (1,850)
Re-issue of treasury shares - - 955 - - - - - - - 955
Transfer of share-based payment reserve - - - - - - (664) - - 664 -
to retained earnings
Dividend payable to shareholders - - - - - - - - - (14,476) (14,476)
At 31 January 2025 1,253 160,526 (68,464) 145 2,521 12,843 6,938 (196,884) (55,156) 541,656 405,378
Origin Enterprises plc
Condensed Interim Consolidated Statement of Cash Flows
for the six months ended 31 January 2026
Six months Six months Year
ended ended ended
January 2026 January 2025 July
2025
€'000 €'000 €'000
Cash flows from operating activities
(Loss)/profit before tax (3,725) 12,262 66,680
Exceptional items 3,880 (11,232) (404)
Finance income (2,403) (4,888) (4,991)
Finance expense 13,748 14,911 24,951
Profit on disposal of property, plant and equipment (135) (154) (856)
Share of profit of associates and joint venture (2,328) (2,118) (9,048)
Depreciation of property, plant and equipment 5,370 4,760 10,624
Depreciation of right of use assets 8,233 7,998 16,316
Amortisation of intangible assets 7,692 7,277 16,133
Employee share-based payment charge - - 2,564
Pension contributions in excess of service and administration costs 30 43 115
Payment of exceptional Ukraine related costs (467) (764) (1,261)
Payment of exceptional acquisition and disposal related costs (610) (1,254) (3,096)
Operating cash flow before changes in working capital 29,285 26,841 117,727
Increase in inventory (87,381) (67,125) (3,680)
Decrease in trade and other receivables 41,573 113,386 2,766
Decrease in trade and other payables (168,782) (235,572) (16,861)
Cash (absorbed)/generated from operating activities (185,305) (162,470) 99,952
Interest paid (6,817) (8,171) (15,985)
Income tax paid (8,540) (4,706) (11,946)
Cash (outflow)/inflow from operating activities (200,662) (175,347) 72,021
Origin Enterprises plc
Condensed Interim Consolidated Statement of Cash Flows (continued)
for the six months ended 31 January 2026
Six months Six months Year
ended ended ended
January 2026 January 2025 July
2025
€'000 €'000 €'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 1,981 768 2,802
Purchase of property, plant and equipment (9,371) (7,678) (16,148)
Additions to intangible assets (4,110) (6,207) (13,349)
Consideration relating to acquisition - (8,581) (15,666)
Payment of contingent acquisition consideration (437) (1,463) (1,712)
Investment in associates - (388) (386)
Payment of put option liability (390) - -
Dividends received from associates 10,310 12,549 12,642
Cash outflow from investing activities (2,017) (11,000) (31,817)
Cash flows from financing activities
Drawdown of bank loans 154,788 171,327 232,485
Repayment of bank loans (59,437) (40,383) (186,647)
Lease liability payments (9,374) (9,148) (18,041)
Share buyback - (1,850) (1,850)
Proceeds from re-issue of treasury shares 8 - -
Payment of dividends to equity shareholders - - (17,832)
Cash inflow from financing activities 85,985 119,946 8,115
Net (decrease) / increase in cash and cash equivalents (116,694) (66,401) 48,319
Translation adjustment (301) (44) (3,150)
Cash and cash equivalents at start of period 169,708 124,539 124,539
Cash and cash equivalents at end of period (Note 13) 52,713 58,094 169,708
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements
for the six months ended 31 January 2026
1 Basis of preparation
The Group condensed interim consolidated financial statements have been
prepared in accordance with International Accounting Standard 34, Interim
Financial Reporting (IAS 34), as endorsed by the EU. The condensed interim
consolidated financial statements have been prepared as information for the
shareholders and do not include all the information and disclosures required
in the annual financial statements. They should be read in conjunction with
the Group's annual financial statements in respect of the year ended 31 July
2025, which have been prepared in accordance with IFRSs. The financial
statements for the year ended 31 July 2025 are available on the company's
website www.originenterprises.com (http://www.originenterprises.com) . Those
financial statements contained an unqualified audit report.
The Group condensed interim consolidated financial statements for the six
months ended 31 January 2026 and the comparative figures for the six months
ended 31 January 2025 are unaudited and have not been reviewed by the
Auditors. The summary financial statements for the year ended 31 July 2025
represent an abbreviated version of the Group's full accounts for that year.
A comprehensive review of the Group's performance for the six months ended 31
January 2026 is included in the financial highlights included on pages 3 to
10. The group's business is seasonal and is heavily weighted towards the
second half of the financial year.
2 Going concern
The Group condensed interim financial statements have been prepared on the
going concern basis of accounting. The Directors have considered the Group's
business activities and how it generates value, together with the main trends
and factors likely to affect future development, business performance and
position of the Group. Having reassessed the principal risks facing the Group,
the Directors believe that the Group is well placed to manage these risks
successfully. There are no material uncertainties that cast a significant
doubt on the Group's ability to continue as a going concern over a period of
at least 12 months from the date of these financial statements.
The Directors report that they have satisfied themselves that the Group is a
going concern, having adequate resources to continue in operational existence
for the foreseeable future. In forming this view, the Directors have reviewed
the Group's forecast for a period not less than 12 months and the long-term
plans, and have taken into account the cash flow implications, including
capital expenditure, and compared these with the Group's borrowing facilities.
3 Accounting policies
The Group condensed interim consolidated financial statements have been
prepared on the basis of the accounting policies as set out on pages 141 to
148 of the Group's Annual Report for the year ended 31 July 2025.
There is a new standard which is also effective from 1 August 2025. The
following amendments, issued by the International Accounting Standards Board
('IASB') and the International Financial Reporting Interpretations Committee
('IFRIC'), are effective for the Group for the first time in the current
financial period and where relevant have been adopted by the Group:
· Amendments to IAS 21 'The Effects of Changes in Foreign Exchange
Rates': Lack of Exchangeability
The amendments listed above have had no material impact on the Group condensed
interim consolidated financial statements during the period. The Group has not
applied early adoption of any standards for which the effective date is not
yet required.
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
4 Reporting currency
The Group condensed interim consolidated financial statements are presented in
euro (denoted by the symbol '€') and rounded to the nearest thousand, which
is the functional currency of the parent. Transactions in foreign currencies
are translated at the foreign exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies
at the period end date are translated to functional currency at the foreign
exchange rate ruling at that date. Foreign exchange differences arising on
translation are recognised in the Consolidated Income Statement.
The principal exchange rates used for translation of results and balance
sheets into euro were as follows:
Average foreign exchange rate Closing foreign exchange rate
Six months Six months Six months Six months
ended ended Year ended ended ended Year ended
Jan 2026 Jan 2025 July 2025 Jan 2026 Jan 2025 July 2025
EUR €1= EUR €1= EUR €1= EUR €1= EUR €1= EUR €1=
Brazilian Real 6.29307 6.19855 6.26395 6.19540 6.11132 6.38668
British Pound Sterling 0.87117 0.83760 0.84219 0.86700 0.83670 0.86310
Polish Zloty 4.23656 4.28503 4.25691 4.21230 4.21050 4.26960
Romanian Leu 5.07993 4.97344 4.99545 5.09940 4.97860 5.07800
5 Segment information
IFRS 8, 'Operating Segments', requires operating segments to be identified on
the basis of internal reports that are regularly reviewed by the Chief
Operating Decision Maker ('CODM') in order to allocate resources to the
segments and to assess their performance.
The Group has determined there are two operating segments as follows:
Agriculture
This segment includes the Group's wholly owned Business-to-Business
Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in
Ireland, the United Kingdom, Poland, Romania, and Brazil. In addition, this
segment includes the Group's associate and joint venture undertakings.
Living Landscapes
This segment includes the Group's wholly owned Sports, Landscapes and
Environmental operations, providing a range of consultancy, inputs and
technical solutions in sports turf management, landscaping, and environmental
conservation.
Information regarding the results of each reportable segment is included
below. Performance is measured based on segment operating profit as included
in the internal management reports that are reviewed by the Group's CODM,
being the Origin Executive Directors. Segment operating profit is used to
measure performance, as this information is the most relevant in evaluating
the results of the Group's segments.
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
5 Segment information (continued)
(i) Segment revenue and results
Agriculture Living Landscapes Total Group
Jan 2026 Jan 2025 Jan 2026 Jan 2025 Jan 2026 Jan 2025
€'000 €'000 €'000 €'000 €'000 €'000
Revenue
Ireland & UK 437,958 430,502 86,099 75,152 524,057 505,654
Continental Europe 233,797 235,953 - - 233,797 235,953
Latin America 94,755 90,069 - - 94,755 90,069
Total 766,510 756,524 86,099 75,152 852,609 831,676
Segment Result
Ireland & UK (897) (1,235) 4,094 3,779 3,197 2,544
Continental Europe 571 1,563 - - 571 1,563
Latin America 11,331 10,798 - - 11,331 10,798
Total 11,005 11,126 4,094 3,779 15,099 14,905
Profit from associate & joint venture 2,328 2,118 - - 2,328 2,118
Amortisation of non-ERP intangible assets (4,097) (4,611) (1,830) (1,359) (5,927) (5,970)
Operating profit before exceptional items 9,236 8,633 2,264 2,420 11,500 11,053
Exceptional items (3,643) 12,440 (237) (1,208) (3,880) 11,232
Operating profit 5,593 21,073 2,027 1,212 7,620 22,285
(ii) Segment earnings before financing costs and tax is reconciled to
reported profit before tax and profit after tax as follows:
Operating profit 7,620 22,285
Finance income 2,403 4,888
Finance expense (13,748) (14,911)
Reported (loss)/profit before tax (3,725) 12,262
Income tax credit/(expense) 466 (607)
Reported (loss)/profit after tax (3,259) 11,655
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
5 Segment information (continued)
(iii) Segment assets
Agriculture Living Landscapes Total Group
Jan 2026 Jan 2025 Jan 2026 Jan 2025 Jan 2026 Jan 2025
€'000 €'000 €'000 €'000 €'000 €'000
Assets excluding investment in associates & joint venture 1,107,398 1,037,327 175,815 166,797 1,283,213 1,204,124
Investments in associates & joint venture 39,476 43,528 375 388 39,851 43,916
(including other financial assets)
Segment assets 1,146,874 1,080,855 176,190 167,185 1,323,064 1,248,040
Reconciliation to total assets as reported in Consolidated Statement of
Financial Position
Cash & cash equivalents 62,771 62,583
Derivative financial instruments 392 3,442
Deferred tax assets 6,757 3,557
Total assets as reported in Consolidated Statement of Financial Position 1,392,984 1,317,622
(iv) Segment liabilities
Agriculture Living Landscapes Total Group
Jan 2026 Jan 2025 Jan 2026 Jan 2025 Jan 2026 Jan 2025
€'000 €'000 €'000 €'000 €'000 €'000
Segment liabilities 542,989 485,722 55,972 57,340 598,961 543,062
Reconciliation to total liabilities as reported in Consolidated Statement of
Financial Position
Interest-bearing loans and borrowings 346,303 332,668
Derivative financial instruments 2,528 990
Dividend payable to shareholders 15,176 14,476
Current and deferred tax liabilities 24,081 21,048
Total liabilities as reported in Consolidated Statement of Financial Position 987,049 912,244
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
6 Exceptional items
Exceptional items are those that, in management's judgement, should be
separately presented and disclosed by virtue of their nature or amount. Such
items are included within the consolidated income statement caption to which
they relate. The following exceptional items arose during the year:
Six months Six months
ended ended
January January
2026 2025
€'000 €'000
Ukraine related costs (i) (3,271) (764)
Acquisition, disposal and other related costs (ii) (609) (1,254)
Fair value movement on investment properties (iii) - 6,230
Exceptional (costs)/credit before tax and before associates and joint ventures (3,880) 4,212
Tax credit/(charge) on exceptional items 169 (683)
Exceptional (costs)/credit before associates and joint ventures (3,711) 3,529
Arising in associates and joint ventures, net of tax (iv) - 7,020
Total exceptional (costs)/credit after tax (3,711) 10,549
(i) Ukraine related costs
Ukraine related costs comprise of costs associated with international
sanctions imposed by authorities in response to the Russian invasion of
Ukraine. The tax impact of this exceptional item in the period was a tax
credit of €0.1 million.
(ii) Acquisition, disposal and other related costs
Acquisition, disposal and other related costs principally comprised of
transaction costs incurred in relation to the acquisitions completed during
the current period. Also included is redundancy and restructuring costs
related to termination payments during the period. The tax impact of this
exceptional item in the period was a tax credit of €0.1 million.
(iii) Fair value movement on investment properties
Fair value movement on investment properties in the prior year related
principally to an uplift in the carrying value of development land arising
from a third party valuation. The tax impact of this exceptional item in the
prior period was a charge of €0.8 million.
(iv) Arising in associates and joint venture, net of tax
In the prior year, associates and joint venture recognised an exceptional
credit primarily related to the disposal of assets held under long leases of
€8.3 million and related restructuring costs incurred.
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
7 Earnings per share
Basic earnings per share
Six months Six months
ended ended
January January
2026 2025
€'000 €'000
(Loss)/Profit for the financial period attributable to equity shareholders (3,259) 11,655
'000 '000
Weighted average number of ordinary shares for the period 107,065 106,146
Cent Cent
Basic (loss)/earnings per share (3.04) 10.98
Diluted earnings per share
Six months Six months
ended ended
January January
2026 2025
€'000 €'000
(Loss)/Profit for the financial period attributable to equity shareholders (3,259) 11,655
'000 '000
Weighted average number of ordinary shares used in basic calculation 107,065 106,146
Potential impact of shares with dilutive effect 4,498 4,912
Potential impact of SAYE scheme with dilutive effect 1,623 832
Weighted average number of ordinary shares (diluted) for the period 113,186 111,890
Cent Cent
Diluted (loss)/earnings per share (3.04) 10.42
The effects of potential ordinary shares for the six months ended January 2026
are not reflected in the calculation of the diluted loss per share as the
impact of these is anti-dilutive.
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
7 Earnings per share (continued)
Adjusted basic earnings per share
Six months Six months
ended ended
January January
2026 2025
€'000 €'000
(Loss)/Profit for the financial period attributable to equity shareholders (3,259) 11,655
Amortisation of non-ERP related intangible assets 5,927 5,970
Tax on amortisation of non-ERP related intangible assets (1,234) (1,297)
Exceptional items, net of tax 3,711 (10,549)
Adjusted basic profit 5,145 5,779
Cent Cent
Adjusted basic earnings per share 4.81 5.44
€'000 €'000
Total adjusted basic earnings - as above 5,145 5,779
Cent Cent
Total adjusted diluted earnings per share 4.55 5.17
The calculation of basic adjusted earnings per share is based on the weighted
average number of shares in issue during the period of 107,064,864 (31 January
2025: 106,145,870). The weighted average number of shares used in the
calculation of adjusted diluted earnings per share is 113,185,676 (31 January
2025: 111,890,288).
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
8 Condensed Interim Consolidated Income Statements for the six
months ended 31 January 2025 and year ended 31 July 2025
An analysis of the Condensed Interim Consolidated Income Statement (including
exceptional items) for the six months ended 31 January 2025 and year ended 31
July 2025 is set out below.
Six months ended 31 January 2025
Six months Six months Six months
ended ended ended
Jan 2025 Jan 2025 Jan 2025
Pre-Exceptional Exceptional Total
€'000 €'000 €'000
Revenue 831,676 - 831,676
Cost of sales (689,546) - (689,546)
Gross profit 142,130 - 142,130
Operating costs (133,195) 4,212 (128,983)
Share of profit of associates and joint venture 2,118 7,020 9,138
Operating profit 11,053 11,232 22,285
Finance income 4,888 - 4,888
Finance expense (14,911) - (14,911)
Profit before income tax 1,030 11,232 12,262
Income tax credit/(expense) 76 (683) (607)
Profit attributable to equity shareholders 1,106 10,549 11,655
Year ended 31 July 2025
Year ended Year ended Year ended
July 2025 July 2025 July 2025
Pre-Exceptional Exceptional Total
€'000 €'000 €'000
Revenue 2,109,146 - 2,109,146
Cost of sales (1,750,806) - (1,750,806)
Gross profit 358,340 - 358,340
Operating costs (281,152) (7,089) (288,241)
Share of profit of associates and joint venture 9,048 7,493 16,541
Operating profit 86,236 404 86,640
Finance income 4,991 - 4,991
Finance expense (24,951) - (24,951)
Profit before income tax 66,276 404 66,680
Income tax (expense)/credit (15,630) 1,703 (13,927)
Profit for the year 50,646 2,107 52,753
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
9 Property, plant and equipment
January July
2026 2025
€'000 €'000
Net book value
At beginning of period 134,499 132,665
Arising on acquisition - 563
Additions 9,138 15,927
Reclassification of held-for-sale properties ((1)) 5,800 -
Disposals (1,846) (1,946)
Depreciation charge (5,370) (10,624)
Translation adjustments 210 (2,086)
At end of period 142,431 134,499
(1) During the financial period, the Group performed an assessment of
held-for-sale properties and it was deemed the held-for-sale criteria was no
longer met.
10 Goodwill and intangible assets
January July
2026 2025
€'000 €'000
Net book value
At beginning of period 318,638 308,852
Arising on acquisition - 28,121
Additions 4,110 13,349
Disposals - (20)
Write-off of intangible assets - (8,556)
Amortisation of non-ERP intangible assets (5,927) (12,758)
ERP intangible amortisation (1,765) (3,375)
Translation adjustments 230 (6,975)
At end of period 315,286 318,638
Included in the total goodwill and intangible assets above is goodwill of
€229,008,777 (July 2025: €228,752,000). There have been no indicators of
impairment in the first half of the year therefore a full assessment of the
carrying value of goodwill and intangibles will be carried out in the second
half of the year.
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
11 Investments in associates and joint venture
January July
2026 2025
€'000 €'000
At beginning of period 47,312 44,484
Investment in associate - 386
Share of profits after tax, before exceptional items 2,328 9,048
Share of exceptional items, net of tax - 7,493
Dividends received (10,310) (12,642)
Share of other comprehensive expense (245) (867)
Translation adjustments (122) (590)
At end of period 38,963 47,312
12 Provision for liabilities
The estimate of provisions is a key judgement in the
preparation of the condensed interim consolidated condensed financial
statements.
January July
2026 2025
€'000 €'000
At beginning of period 20,049 15,874
Arising on acquisition - 6,562
Provided in the period 322 2,870
Paid/utilised in the period (719) (4,132)
Released in the year (165) (702)
Translation adjustments (82) (423)
At end of period 19,405 20,049
Provisions primarily relate to contingent acquisition consideration arising on
a number of acquisitions completed during prior years.
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
13 Analysis of net cash / (debt)
31 July Non-cash Translation 31 January
2025 Cashflow movements adjustment 2026
€'000 €'000 €'000 €'000 €'000
Cash 169,778 (106,856) - (151) 62,771
Overdraft (70) (9,838) - (150) (10,058)
Cash and cash equivalents 169,708 (116,694) - (301) 52,713
Loans (240,551) (95,351) (373) 30 (336,245)
Net debt (70,843) (212,045) (373) (271) (283,532)
Lease liabilities (68,297) 9,374 (6,127) 208 (64,842)
Net debt including lease liabilities (139,140) (202,671) (6,500) (63) (348,374)
As at 31 January 2026, the Group had unsecured committed banking facilities of
€440.0 million (July 2025: €440.0 million), which will expire in January
2031.
14 Share capital
January July
2026 2025
€'000 €'000
Authorised
250,000,000 ordinary shares of €0.01 each (i) 2,500 2,500
Allotted, called up and fully paid
119,741,531 (2025: 119,741,531) ordinary shares of €0.01 each (i) 1,197 1,197
Number of treasury shares Nominal value of shares Carrying
value of shares
€'000 €'000
Treasury shares in issue
At 1 August 2025 (13,017,304) (130) (46,966)
Re-issue of treasury shares (ii) 554,842 5 2,002
(12,462,462) (125) (44,964)
(i) Ordinary shareholders are entitled to dividends as declared and
each ordinary share carries equal voting rights at meetings of the Company.
(ii) During the financial period, the Group re-issued 554,842 treasury
shares to satisfy the exercise of share options granted under the Company's
Long-Term Incentive Plan (2015).
Origin Enterprises plc
Notes to the Condensed Interim Consolidated Financial Statements (continued)
for the six months ended 31 January 2026
15 Dividends
On 6 February 2026 a dividend of 14.15 cent per ordinary share was paid in
respect of the year ended 31 July 2025. The dividend was approved by
shareholders at the Annual General Meeting on 20 November 2025.
An interim dividend of 3.15 cent per share will be paid on 19 June 2026 to
shareholders on the register on 29 May 2026. These condensed interim
consolidated financial statements do not reflect this dividend payable.
16 Taxation
The taxation charge for the interim period is an estimate based on the
expected full year effective tax rate on full year profits.
17 Contingent liabilities
The Group is not aware of any major changes with regard to contingent
liabilities in comparison with the situation as of 31 July 2025.
18 Related party transactions
Related party transactions occurring in the period were similar in nature to
those described in the 2025 Annual Report.
19 Subsequent events
There have been no other material events that would require adjustment to or
disclosure in this report.
20 Release of half yearly condensed interim consolidated financial
statements
The Group condensed interim consolidated financial information was approved
for release by the Board on 2 March 2026.
21 Distribution of Interim Report
This interim report is available on the Group's website
(www.originenterprises.com (http://www.originenterprises.com) ). A printed
copy is available to the public at the Company's registered office.
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