Origin Enterprises - Final Results
Origin Enterprises plc
Preliminary Results Statement
Resilient operating profit growth despite a challenging operating environment;
Adjusted diluted EPS of 53.51c in line with guidance
Dublin, London, 22 September 2026: Origin Enterprises plc ('Origin' or 'the Group'), the international group shaping the future of sustainable agriculture and land use, today announces its preliminary results for the financial year ended 31 July 2026 ('FY26').
FY26 Highlights:
· Group performance:
o Group operating profit³ of €100.7 million, an increase of 1.8%, 2.8% in constant currency ('cc') on prior year, supported by growth in Living Landscapes and Latin America, together with an increased contribution from associates and joint venture.
o Adjusted diluted EPS4 of 53.51c (54.41c cc) in line with full-year guidance and 0.4% ahead of prior year on a cc basis (FY25: 54.21c).
o Strong 5-year operating profit delivery of €474.2 million, 14.2% ahead of 2022 Capital Markets Day ambition.
· Agriculture:
o Resilient performance despite challenging market conditions. Operating profit1 of €71.8 million, 2.2% behind prior year (-1.2% cc), with growth in Latin America partly offsetting softer performance in Ireland/UK and Continental Europe.
o Acquisition of Clarendon Agricare completed in May 2026 strengthening our position in Northern Ireland.
· Living Landscapes:
o Operating profit of €17.7 million, an increase of 7.1% (10.4% cc), driven by 5.2% organic growth and the contribution of prior year acquisitions.
o Living Landscapes now contributes 19.8% of the Operating Profit¹ of the Group (FY25: 18.4%), reflecting continued progress in diversifying the Group's earnings base.
o Post year-end acquisitions of Lighthouse Development Consulting and Linemark International, further enhance our Environmental and Sports platforms.
· Balance Sheet and Capital allocation:
o Strong balance sheet with year-end net debt5 of €77.8 million (FY25: €70.8 million) with Net Bank Debt/EBITDA at 0.71x (FY25: 0.58x).
o Free cash flow €43.3 million (FY25: €61.5 million), representing free cash conversion ratio of 87.7%, ahead of our 80% target.
o 5-year Free Cash Flow generation of €324 million, in line with 2022 Capital Markets Day ambition.
o Proposed final dividend of 14.15c per share, with the total FY26 dividend at 17.30c (FY25: 17.30c), representing a payout ratio of 36.3%.
· Capital Markets Day:
o Capital Markets Day to be held on 17 November 2026 at Craven Cottage, London, where we will outline our strategy and medium-term financial ambitions for the next phase of growth.
Origin's Chief Executive Officer, Sean Coyle, commented: "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.
The benefits of our diversification strategy are increasingly evident. Living Landscapes now contributes 20% of Operating Profit and continues to expand in attractive higher-growth and higher-margin markets, improving the quality, resilience and consistency of Group earnings.
In Agriculture, Operating Profit declined 2.2% to €71.8 million. Market conditions became more challenging during the second half of the year as drought conditions, selective input cost inflation and weaker grain and oilseed prices reduced farm profitability and discretionary spending. Despite these headwinds, the business remained resilient, with growth in Latin America and a stronger contribution from Animal Nutrition partly offsetting softer performance across Ireland, the UK and Continental Europe. Strong customer focus and careful supply chain and cost management ensured that we maintained market share and reduced the impact of market challenges on operating profit.
Living Landscapes delivered another year of strong progress, with Operating Profit increasing to €17.7 million driven by good organic growth of 5.2% and the benefit of prior year acquisitions. Continued investment in environmental services, planning, biodiversity and sports infrastructure supports attractive long-term growth opportunities.
Over the last five years, we have delivered cumulative operating profit of €474 million, exceeding the €415 million target set out at our 2022 Capital Markets Day. We delivered an average cash conversion of 105%, ahead of our target of greater than 80%. Cumulative cash generation was in line with our overall target of €325 million. This allowed us to return over €170 million to shareholders through dividends and share buy backs; invest over €120 million in strategic capital expenditure on capacity, capability, R&D and upgraded ERP systems; and invest c.€100 million in M&A to expand the scale of the business, and drive diversification of our earnings base. Origin today is a more resilient diversified business with more consistent earnings, a stronger balance sheet and greater cash generation than seen in the previous 5-year cycle.
Having exceeded the operating profit ambition established at our 2022 Capital Markets Day, we look forward to outlining the next phase of Origin's development and establishing a new set of medium-term financial ambitions at our next Capital Markets Day in London on 17th November 2026.
I would like to thank all our colleagues for their contribution during the year, and our customers and partners for their continued support."
Financial Summary
FY26
€'000
FY25
€'000
Change
Constant
Currency
%
Group revenue
2,118,173
2,109,146
0.4%
2.3%
Operating profit
89,525
89,946
(0.5%)
0.5%
Associates and joint venture
11,209
9,048
23.9%
25.7%
Total group operating profit
100,734
98,994
1.8%
2.8%
Finance expense, net
(22,619)
(19,960)
13.3%
14.9%
Profit before tax
78,115
79,034
(1.2%)
(0.4%)
Taxation
(17,569)
(18,445)
(4.7%)
(3.8)
Adjusted net profit
60,546
60,589
0.07%
0.8%
Basic EPS (cent)
43.61
49.59
(11.9%)
(10.1%)
Adjusted diluted EPS (cent)
53.51
54.21
(1.3%)
0.4%
Return on capital employed (%)
10.9%
12.0%
(110bps)
Group net debt
(77,776)
(70,843)
Operating margin (%)
4.2%
4.3%
(10bps)
Free cash flow (€'000)
43,277
61,517
Dividend per ordinary share (cent)
17.30c
17.30c
Adjusted net profit reconciliation
FY26
€'000
FY25
€'000
Reported net profit
46,848
52,753
Amortisation of non-ERP intangible assets
11,802
12,758
Tax on amortisation of non-ERP related intangible assets
(2,575)
(2,815)
Exceptional items (net of tax)
4,471
(2,107)
Adjusted net profit
60,546
60,589
Minority interest
(67)
-
Adjusted net profit (attributable to equity shareholders)
60,479
60,589
Group revenue
Group revenue increased by 0.4% to €2,118.2 million on a reported basis and by 2.3% on a constant currency basis. Excluding crop marketing, revenue increased by 0.6%, with price contributing 3.7%, largely commodity price movement, and acquisitions 0.7%, partially offset by a 1.8% reduction in volumes and a 2.0% adverse currency impact.
Operating profit1
Operating profit¹ decreased by 0.5% to €89.5 million (FY25: €89.9 million). Agriculture operating profit decreased by 2.2% to €71.8 million, with lower profitability in our European markets partly offset by growth in Latin America. Living Landscapes operating profit increased by 7.1% to €17.7 million, representing 19.8% of operating profit (FY25: 18.4%), driven by growth in Sports and Landscapes and the contribution from prior-year acquisitions within Environmental. Group operating margin6 decreased by 10bps to 4.2% (FY25: 4.3%), reflecting lower margins in Agriculture, partly offset by the increased weighting of the higher-margin Living Landscapes business.
Associates and joint venture2
Origin's share of profit after tax from its associates and joint venture increased by 23.9% to €11.2 million (FY25: €9.0 million), reflecting a strong performance from Animal Nutrition, where higher feed demand in Ireland was driven by increased supplementary feeding requirements following prolonged dry conditions and reduced grass growth in Q4.
Finance costs and net bank debt5
Net debt5 at 31 July 2026 increased by €7.0 million to €77.8 million (FY25: Net debt5 of €70.8 million). Strong cash generation during the year financed net working capital outflow of €26.4 million (including previously suspended fertiliser payments of €5.1 million), a net acquisition spend of €6.9 million, capital expenditure of €29.4 million and returns to shareholders through dividends of €18.6 million.
Net finance costs amounted to €22.6 million, which represents an increase of €2.6 million on the prior year, primarily reflecting the impact of increased average debt year-on-year.
During the year the Group exercised its option to extend its €440 million sustainability-linked revolving credit facility ('RCF') by one year to 31 January 2031. The Group also has a €100 million uncommitted loan facility.
At year end the Group's key banking covenants were as follows:
Banking Covenant
FY26
FY25
Net debt to EBITDA
Maximum 3.5
0.71
0.58
EBITDA to net interest
Minimum 3.0
5.57
7.21
Working capital
A working capital outflow of €26.4 million was primarily driven by investment in inventory to mitigate against supply chain challenges arising from the conflict in the Middle East and timing on sales and purchases. Working capital outflow also includes the final payment of €5.1 million in respect of supplier amounts which had been previously suspended in accordance with international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022.
Adjusted diluted earnings per share ('EPS')4
Adjusted diluted EPS4 of 53.51 cent per share (FY25: 54.21 cent), represented a decrease of 1.3% on a reported basis and an increase of 0.4% on a constant currency basis.
Free cash flow
FY26
€'m
FY25
€'m
Free cash flow ('FCF')
43.3
61.5
Free cash flow conversion ratio
87.7%
119.4%
The Group generated FCF in the year of €43.3 million (FY25: €61.5 million) representing a FCF conversion of 87.7%, which is ahead of our Group target of 80%. The variance to prior year largely driven by a higher working capital outflow.
FCF is the total of earnings before interest, tax, depreciation (excluding depreciation of IFRS 16 Right of Use leased assets), amortisation of non-ERP related intangible assets and exceptional items of wholly owned businesses ('EBITDA') adjusted to take account of interest, tax, routine capital expenditure, working capital cash flows and dividends received.
FCF conversion ratio is FCF as a percentage of profit after tax of wholly owned businesses, excluding exceptional items and amortisation of non-ERP related intangible assets.
Return on capital employed
FY26
FY25
Return on capital employed ('ROCE')
10.9%
12.0%
ROCE decreased by 110bps to 10.9% (FY25: 12.0%), below the Group's target range of 12 -15%, reflecting higher average capital employed over the year. This was primarily due to higher inventory levels (price and volume) within Agriculture in order to mitigate the challenges arising from the CBAM implementation and the supply chain interruption arising from the conflict in the Middle East. ROCE represents Group earnings before interest, tax and amortisation of non-ERP related intangible assets from continuing operations ('EBITA') as a percentage of Group Net Assets. For the purposes of this calculation:
(i)
EBITA includes the net profit contribution from associates and joint venture (after interest and tax) and excludes the impact of exceptional and non-recurring items; and
(ii)
Group Net Assets means total assets less total liabilities as shown in the annual report excluding net debt, derivative financial instruments, put option liabilities, accumulated amortisation of non-ERP related intangible assets and taxation related balances. Net Assets are also adjusted to reflect the average level of acquisition investment spend and the average level of working capital for the accounting period.
Exceptional items
Exceptional items (net of tax) amounted to a charge of €4.5 million in the year (FY25: income of €2.1 million).
FY26
€'m
FY25
€'m
Acquisition related credit / (costs)
6.8
(2.9)
Romanian Competition Council Penalty
(3.5)
-
Costs in association with sanctions
(2.9)
(1.1)
Redundancy and restructuring costs
(4.9)
(0.6)
Fair value adjustment of investment properties
-
5.7
Write down of intangible assets
-
(6.5)
Arising in associates and joint venture
-
7.5
Total exceptional items, net of tax
(4.5)
2.1
Acquisition related items in FY26 include adjustments to the fair value of contingent consideration. Romania Competition Council Penalty relates to a fine from the Romanian Competition Council in the year following an industry wide review of pricing practices across manufactures and distributors of seed and plant protection products in Romania. The Romanian business fully intends to appeal the decision on the grounds they have always maintained commercial independence with regard to discounts and pricing policy for farmers and have raised legitimate concerns regarding procedural irregularities in the conduct of the investigation, the misapplication of EU and Romanian competition law and the principles of natural justice. Costs in association with sanctions relate to charges related to the close out on the historical trade payables impacted by the international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022. Redundancy and restructuring costs were largely driven by restructuring within Agrii UK, our Landscapes business and our digital business to position them for future growth.
Dividends
The Directors propose a final dividend of 14.15 cent per ordinary share for approval at the AGM on 19 November 2026, bringing the total dividend payment for FY26 to 17.30 cent. Subject to shareholder approval at the AGM, the final dividend will be paid on 5 February 2027 to shareholders on the register on 15 January 2027.
Board changes
During FY26, we completed the planned transition in Board leadership. John Hennessy joined the Board as an independent Non-Executive Director and Chair-Designate on 1 January 2026 and succeeded Gary Britton as Chairman on his retirement from the board on 4 March 2026. Christopher Richards retired from the Board as a Non-Executive Director on 1 October 2025.
Innovation and ESG
In FY26, Origin continued to invest in innovation across Agriculture and Living Landscapes, including biologicals and crop nutrition solutions, the development of digital capabilities across the Group, and the evaluation of practices and technologies to improve land management and resource efficiency. The Group also continued to develop its environmental and ecological capabilities and strengthen emissions measurement and reporting as it works towards its SBTi-validated emissions reduction targets. We were also pleased to achieve our women in leadership goal of 30% well ahead of our 2030 target timeframe.
Corporate development
During FY26, Origin invested €6.5 million in acquisitions, including the acquisition of crop protection specialists, Clarendon Agricare, expanding the Group's agricultural distribution activities in Northern Ireland and strengthening its position across key agricultural sectors. Post year end, Origin acquired Lighthouse Development Consulting, complementing the specialist planning and development expertise in our Environmental business and Linemark International which will give our Sports businesses access to a wider international distribution network. The acquisitions reflect a disciplined approach to capital deployment, focused on leveraging our core capabilities and providing a platform to extend into attractive markets and opportunities over time.
Investor relations
Origin's strategy is to create long-term shareholder value, supported by regular and transparent communication with capital market participants. Engagement with institutional investors is led by the executive management team, including the Chief Executive Officer, Chief Financial Officer, the Managing Director of Living Landscapes, and the Head of Investor Relations.
During FY26, the Group participated in eight investor conferences and held 142 meetings with existing and prospective shareholders across Ireland, the UK, key European financial centres and North America. This programme provides investors with regular access to senior management and facilitates an open dialogue on the Group's performance, strategy and approach to long-term value creation.
Annual General Meeting (AGM)
The AGM is scheduled to be held on 19 November 2026 at 11.00am (UK/Ireland time) in the Merrion Hotel, Upper Merrion Street, Dublin 2, Ireland.
1
Before amortisation of non-ERP intangible assets and exceptional items
2
Profit after interest and tax before exceptional items
3
Before amortisation of non-ERP intangible assets and exceptional items and including the contribution from associates and joint venture
4
Before amortisation of non-ERP intangible assets, net of related deferred tax (FY26: €9.2m, FY25: €9.9m) and exceptional items, net of tax (FY26: charge of €4.5m, FY25: gain of €2.1m)
5
Group net debt before impact of IFRS 16 Leases
6
Operating margin represents operating profit as a percentage of Group Revenue
Cautionary statement
This Preliminary Results Statement contains forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of the preparation of this document. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements.
The Directors undertake no obligation to update any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise.
Conference Call and Webcast details:
The management team will host a live conference call and webcast, for analysts and institutional investors today, 22 September 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.
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 (Communications Advisers)
Jonathan Neilan / Patrick Berkery
Tel: +353 (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
Divisional Review
Group Overview
FY26
Revenue
€'m
FY26
Operating profit1
€'m
FY26
Operating margin
%
FY25
Revenue
€'m
FY25
Operating profit
€'m
FY25
Operating margin
%
Agriculture:
Ireland and the UK
1,215.1
41.6
3.4%
1,231.1
43.8
3.6%
Continental Europe
561.8
15.6
2.8%
563.1
16.6
3.0%
Latin America
142.3
14.6
10.3%
128.5
13.0
10.1%
Total
1,919.2
71.8
3.7%
1,922.7
73.4
3.8%
Living Landscapes
199.0
17.7
8.9%
186.4
16.6
8.9%
Group
2,118.2
89.5
4.2%
2,109.1
90.0
4.3%
1
Before amortisation of non-ERP intangible assets and exceptional items
Agriculture
Agriculture revenue was €1,919.2 million, largely in line with the prior year, while operating profit decreased by 2.2% to €71.8 million. Lower profitability in Ireland and the UK and Continental Europe was partly offset by growth in Latin America. Operating margin decreased by 10bps to 3.7% (FY25: 3.8%).
Ireland and the UK
Change on the prior year4
FY26
€'m
FY25
€'m
Change
Constant Currency3
Revenue
1,215.1
1,231.1
(1.3%)
1.2%
Operating profit1
41.6
43.8
(5.1%)
(3.0%)
Operating margin1
3.4%
3.6%
(20bps)
(20bps)
Associates and joint venture2
11.2
9.0
23.9%
25.7%
1
Before amortisation of non-ERP intangible assets and exceptional items
2
Profit after interest and tax before exceptional items
3
Excluding currency movements
4
Percentage variances are based on actual unrounded numbers
Operating profit decreased by 5.1% (3.0% cc) to €41.6 million, with operating margin reducing by 20bps to 3.4% (FY25: 3.6%). Reduced operating profit reflects lower demand for seed and crop protection products in the UK agronomy business and reduced volumes in Soil Nutrition across Ireland and the UK. Revenue decreased by 1.3% to €1,215.1 million, with higher pricing, principally in fertiliser, offsetting lower volumes, while currency reduced reported revenue by 2.5%. The contribution from Animal Nutrition associates and joint venture increased by 23.9% to €11.2 million (FY25: €9.0 million), driven by higher feed demand in Ireland.
Sustainable Agronomy
The UK wheat area increased by 3% to 1.71 million hectares, providing a larger cropping base at the start of the year and supporting good early-season demand, particularly for fertiliser. Prolonged dry conditions through spring and summer subsequently affected the establishment and development of spring-sown crops, reduced yield potential and lowered demand for crop protection products. Seed demand was also lower as growers increased their use of farm-saved seed. Farm economics remained challenged with subdued grain and oilseed prices globally not keeping pace with input costs, although recent improvement in output prices over the past few weeks should help to mitigate some of the negative yield impact. Lower seed and crop protection demand, together with the resulting change in sales mix, adversely affected agronomy profitability.
Soil Nutrition
Soil Nutrition delivered a good performance in FY26, supported by effective procurement and inventory management. Volumes were lower year-on-year, reflecting dry growing conditions and constrained farm economics in the UK, while higher raw material costs were reflected in pricing. In Ireland, inventory levels were increased ahead of the introduction of the Carbon Border Adjustment Mechanism ('CBAM') in January, supporting product availability through the main application period. Global fertiliser markets subsequently tightened following disruption in the Middle East, including through the Strait of Hormuz, which affected international nitrogen supply and pricing. Despite that, the Group maintained continuity of supply to customers throughout the period.
Animal Nutrition
Animal Nutrition delivered a strong performance in FY26, with feed volumes marginally ahead of a strong prior year. Demand was supported later in the year by increased supplementary feeding requirements as prolonged dry conditions reduced grass growth in parts of Ireland. The Group's 50% associate, John Thompson & Sons Limited, also reported a strong performance, reflecting consistent feed demand across its core markets.
Continental Europe
Change on prior year3
FY26
€'m
FY25
€'m
Change
Constant Currency2
Revenue
561.8
563.1
(0.2%)
1.0%
Revenue (excl. crop marketing)
411.1
409.2
0.5%
2.1%
Operating profit1
15.6
16.6
(6.0%)
(4.9%)
Operating profit1 (excl. crop marketing)
15.1
16.0
(5.2%)
(4.0%)
Operating margin1
2.8%
3.0%
(20bps)
(20bps)
Operating margin1 (excl. crop marketing)
3.7%
3.9%
(20bps)
(20bps)
1
Before amortisation of non-ERP intangible assets and exceptional items
2
Excluding currency movements
3
Percentage variances are based on actual unrounded numbers
Continental Europe ('CE') delivered a solid performance in FY26, with operating profit decreasing by 6.0% (4.9% cc) to €15.6 million and operating margin reducing by 20bps to 2.8% (FY25: 3.0%). Revenue excluding crop marketing was €411.1 million, broadly in line with the prior year, with volume growth of 2.6% offset by lower pricing and adverse currency movements.
Poland
Poland delivered a solid performance in FY26 against a strong prior-year comparator. The cropping area remained broadly stable at approximately 9.0 million hectares, while lower grain prices and elevated input costs continued to constrain farm economics and influence grower purchasing decisions. Cold and dry conditions through the growing season also affected crop development, with cereal and rapeseed production forecast below the prior year. Against this backdrop, fertiliser and seed volumes were lower, while crop protection volumes increased year-on-year, albeit with famers favouring cheaper products. Harvest outcomes have been mixed however output prices have improved in recent weeks.
Romania
Romania delivered a good performance in FY26, supported by increased cropping activity and higher demand across fertiliser, seed and crop protection. The winter planted area increased by approximately 6%, providing a larger established crop base and supporting demand through the main application period, as growers continued to favour winter cropping following successive drought-affected seasons. Farm economics remained constrained by the cumulative impact of recent droughts and elevated financing costs, which continued to affect farm cash flows and credit conditions in parts of the market. The FY26 result included provisions for credit risk against this backdrop. Hot and dry conditions returned later in the season, particularly in western Romania, affecting the development of spring crops, however the harvest is expected to deliver improved results compared to prior years.
Latin America
Change on prior year3
FY26
€'m
FY25
€'m
Change
%
Constant Currency2
%
Revenue
142.3
128.5
10.7%
8.1%
Operating profit1
14.6
13.0
12.5%
9.8%
Operating margin1
10.3%
10.1%
20 bps
20bps
1
Before amortisation of non-ERP intangible assets and exceptional items
2
Excluding currency movements
3
Percentage variances are based on actual unrounded numbers
Latin America delivered a strong performance in FY26, with operating profit increasing by 12.5% (9.8% cc) to €14.6 million and operating margin increasing by 20bps to 10.3%. Revenue increased by 10.7% to €142.3 million, reflecting higher pricing, growth in underlying volumes and 2.6% positive currency impact.
Brazilian agricultural production increased further during the year, with the soybean harvest reaching approximately 180 million tonnes and total grain production estimated at approximately 361 million tonnes, alongside continued expansion in the planted area. This provided a supportive backdrop for Fortgreen, with continued demand for its specialist crop nutrition portfolio.
Farm economics remained constrained however, with crop prices, elevated financing costs and tighter credit conditions continuing to influence grower purchasing decisions. Credit management remained a key focus during the year, reflecting continued financial pressure across parts of the agricultural supply chain.
Living Landscapes
Change on prior year3
FY26
€'m
FY25
€'m
Change
%
Constant Currency2
%
Revenue
199.0
186.4
6.8%
9.8%
Operating profit1
17.7
16.6
7.1%
10.4%
Operating margin1
8.9%
8.9%
- bps
- bps
1
Before amortisation of non-ERP intangible assets and exceptional items
2
Excluding currency movements
3
Percentage variances are based on actual unrounded numbers
Living Landscapes delivered a good performance in FY26, with operating profit increasing by 7.1% to €17.7 million and operating margin maintained at 8.9%. Operating profit growth comprised a 5.2% contribution from the existing businesses and a further 5.2% from acquisitions, partly offset by a 3.3% adverse currency impact. Revenue increased by 6.8% to €199.0 million. Living Landscapes represented 19.8% of the operating profit of the Group in FY26 (FY25: 18.4%).
During the year, we continued investment in our people through Leadership and Technical training, together with selective external hiring into a number of senior roles, which has further strengthened the leadership capability across the Division.
Sports
Sports delivered a strong performance driven primarily by organic sales growth, supported by increased demand across professional and grassroots sports markets. Continued investment in playing surfaces and facilities supported demand for specialist turf management products and services. The prior-year acquisition of Elixir Garden Supplies also contributed to growth, strengthening the sector's online sales capability and extending its reach across professional and consumer markets.
Post year end the Group acquired Linemark International which will give our broader sports businesses access to key international customers.
Landscapes
Landscapes delivered a good first half performance, with the full year result reflecting a softer second half. Mild and relatively dry conditions shortened the tree-planting season, reducing demand for forestry and tree-protection products. The underlying market remains supported by investment in woodland creation, urban greening and infrastructure, although the timing of projects and seasonal planting activity can influence demand between reporting periods.
During the year, the Landscapes business evolved its operating model, moving from a business unit-led structure to a more commercially focused sector and portfolio-led one. The new structure aligns sales and marketing around key customer segments leveraging the strong equity and value of our brands. This evolution is designed to create a more integrated and customer-centric business, enabling a broader portfolio to be offered to both existing and new customers, while enhancing the overall customer experience.
Environmental
Environmental delivered a strong revenue performance in FY26, both organically and from acquisitions. Demand for ecological, environmental and planning services remained positive, supported by development and infrastructure activity and regulatory requirements, including Biodiversity Net Gain in England. The timing of contract awards and project mobilisation resulted in some variability in activity and profitability during the year. The recent ecology acquisitions performed well in the year. During the year the business, supported by the Group IT team, commenced the planning and design of a common ERP and project management system which will go live in FY27, and which will provide a key platform to support future organic and acquisition growth.
Post year end, Origin acquired Lighthouse Development Consulting, a specialist UK planning and development consultancy serving the renewable energy, clean technology and infrastructure sectors. Lighthouse complements the existing capabilities of Neo Environmental, broadening the Environmental business's planning and development expertise and strengthening its offering to clients across energy and infrastructure projects.
We have a healthy pipeline of acquisition opportunities across the three Living Landscapes sectors and expect to add a number of these to our portfolio. Expanding our presence in higher-margin, faster growing markets within Living Landscapes is a key pillar of the Group's future growth strategy.
ENDS
Origin Enterprises plc
Consolidated Income Statement
For the financial year ended 31 July 2026
Pre-
Pre-
exceptional
Exceptional
Total
exceptional
Exceptional
Total
2026
2026
2026
2025
2025
2025
€'000
€'000
€'000
€'000
€'000
€'000
Notes
(Note 3)
(Note 3)
Revenue
2
2,118,173
-
2,118,173
2,109,146
-
2,109,146
Cost of sales
(1,754,486)
-
(1,754,486)
(1,750,806)
-
(1,750,806)
Gross profit
363,687
-
363,687
358,340
-
358,340
Operating costs
(285,964)
(5,891)
(291,855)
(281,152)
(7,089)
(288,241)
Share of profit of associates and joint venture
11,209
-
11,209
9,048
7,493
16,541
Operating profit
88,932
(5,891)
83,041
86,236
404
86,640
Finance income
3,874
-
3,874
4,991
-
4,991
Finance expense
(26,493)
-
(26,493)
(24,951)
-
(24,951)
Profit before income tax
66,313
(5,891)
60,422
66,276
404
66,680
Income tax (expense) / credit
(14,994)
1,420
(13,574)
(15,630)
1,703
(13,927)
Profit for the year
51,319
(4,471)
46,848
50,646
2,107
52,753
Attributable to:
Equity shareholders
46,781
52,753
Non-controlling interests
67
-
Attributable to equity shareholders:
Notes
Basic earnings per share
4
43.61c
49.59c
Diluted earnings per share
4
41.39c
47.20c
Origin Enterprises plc
Consolidated Statement of Comprehensive Income
For the financial year ended 31 July 2026
2026
2025
€'000
€'000
Profit for the year
46,848
52,753
Other comprehensive income / (expense)
Items that will not be reclassified subsequently to the Consolidated Income Statement:
Group/Associate defined benefit pension obligations
-remeasurements on Group's defined benefit pension schemes
132
(18)
-deferred tax effect of remeasurements
(12)
(36)
-share of remeasurements on associate's defined benefit pension schemes
(93)
(290)
-share of deferred tax effect of remeasurements - associates
23
72
Items that may be reclassified subsequently to the Consolidated Income Statement:
Group foreign exchange translation details
-exchange difference on translation of foreign operations
(10,048)
(13,430)
Group/Associate cash flow hedges
-effective portion of changes in fair value of cash flow hedges
2,189
(4,426)
-fair value of cash flow hedges transferred to operating costs and other income
(1,218)
2,447
-deferred tax effect of cash flow hedges
(85)
19
-share of associates and joint venture cash flow hedges
1,145
(742)
-deferred tax effect of share of associates and joint venture cash flow hedges
(142)
93
Other comprehensive income / (expense) for the year, net of tax
11,987
(16,311)
Total comprehensive income for the year
58,835
36,442
Total comprehensive income for the year:
Attributable to equity shareholders
58,718
36,442
Attributable to non-controlling interests
117
-
Origin Enterprises plc
Consolidated Statement of Financial Position
As at 31 July 2026
2026
2025
Notes
€'000
€'000
ASSETS
Non-current assets
Property, plant and equipment
5
147,611
134,499
Right-of-use-asset
68,093
68,020
Investment properties
8,500
8,500
Goodwill and intangible assets
6
319,228
314,824
Investments in associates and joint venture
7
48,936
47,312
Other financial assets
900
892
Post employment benefit scheme surplus
9
7,312
6,805
Derivative financial instruments
1,171
314
Deferred tax assets
5,130
6,203
Total non-current assets
606,881
587,369
Current assets
Assets classified as held for sale
-
5,800
Inventory
290,396
228,854
Trade and other receivables
530,357
469,450
Derivative financial instruments
636
2,109
Cash and cash equivalents
11
178,913
169,778
Total current assets
1,000,302
875,991
TOTAL ASSETS
1,607,183
1,463,360
Origin Enterprises plc
Consolidated Statement of Financial Position (continued)
As at 31 July 2026
2026
2025
Notes
€'000
€'000
EQUITY
Called up share capital presented as equity
12
1,197
1,197
Share premium
160,526
160,526
Retained earnings and other reserves
306,763
262,531
TOTAL EQUITY
468,486
424,254
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings
11
256,597
240,551
Lease liabilities
52,974
56,040
Deferred tax liabilities
21,350
22,785
Provisions for liabilities
8
3,523
10,767
Put option liability
910
910
Derivative financial instruments
189
817
Total non-current liabilities
335,543
331,870
Current liabilities
Interest bearing loans and borrowings
11
92
70
Lease liabilities
15,589
12,257
Trade and other payables
767,049
674,702
Corporation tax payable
9,432
10,323
Put option liability
-
390
Provisions for liabilities
8
10,453
9,282
Derivative financial instruments
539
212
Total current liabilities
803,154
707,236
TOTAL LIABILITIES
1,138,697
1,039,106
TOTAL EQUITY AND LIABILITIES
1,607,183
1,463,360
Origin Enterprises plc
Consolidated Statement of Changes in Equity
For the financial year ended 31 July 2026
Share-
Foreign
Capital
Cash flow
based
currency
Non
Share
Share
Treasury
redemption
hedge
Revaluation
payment
Re-organisation
translation
Retained
controlling
capital
Premium
shares
reserve
reserve
reserve
reserve
reserve
reserve
earnings
interest
Total
€'000
€'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
Profit for the year
-
-
-
-
-
-
-
-
-
46,781
67
46,848
Other comprehensive income for the year
-
-
-
-
1,889
-
-
-
9,998
50
50
11,987
Total comprehensive income for the year
-
-
-
-
1,889
-
-
-
9,998
46,831
117
58,835
Share based payment charge
-
-
-
-
-
-
2,578
-
-
-
-
2,578
Proceeds received from non controlling interests
-
-
-
-
-
-
-
-
-
-
932
932
Re issue of treasury shares
-
-
3,433
-
-
-
-
-
-
(2,983)
-
450
Dividend paid to shareholders
Transfer of share-based payment reserve
to retained earnings
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,222)
-
-
-
-
(18,563)
2,222
-
-
(18,563)
-
At 31 July 2026
1,197
160,526
(43,533)
201
(825)
12,843
8,826
(196,884)
(60,849)
585,935
1,049
468,486
Origin Enterprises plc
Consolidated Statement of Cash Flows
For the financial year ended 31 July 2026
2026
2025
€'000
€'000
Cash flows from operating activities
Profit before tax
60,422
66,680
Exceptional items
5,891
(404)
Finance income
(3,874)
(4,991)
Finance expense
26,493
24,951
Profit on disposal of property, plant and equipment
(208)
(856)
Share of profit of associates and joint venture
(11,209)
(9,048)
Depreciation of property, plant and equipment
11,696
10,624
Depreciation of right of use assets
16,598
16,316
Amortisation of intangible assets
15,804
16,133
Employee share-based payment charge
2,578
2,564
Pension contributions in excess of service costs and administration costs
9
115
Non cash effect of RDEC tax credits
(958)
(753)
Payment of exceptional Ukraine related costs
(3,691)
(1,261)
Payment of exceptional acquisition and disposal related costs
(2,998)
(3,096)
Operating cash flow before changes in working capital
116,553
116,974
Movement in inventory
(56,646)
(3,680)
Movement in trade and other receivables
(56,288)
2,766
Movement in trade and other payables
86,561
(16,861)
Cash generated from operating activities
90,180
99,199
Interest paid
(19,051)
(15,985)
Income tax paid
(15,457)
(11,193)
Cash inflow from operating activities
55,672
72,021
Origin Enterprises plc
Consolidated Statement of Cash Flows (continued)
For the financial year ended 31 July 2026
2026
2025
€'000
€'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
2,240
2,802
Purchase of property, plant and equipment
(21,035)
(16,148)
Purchase of intangible assets
(8,472)
(13,349)
Consideration relating to acquisitions (net of cash acquired)
(5,812)
(15,666)
Payment of contingent acquisition consideration
(688)
(1,712)
Investment in associates
-
(386)
Payment of put option liability
(390)
-
Dividends received from associates
10,729
12,642
Cash outflow from investing activities
(23,428)
(31,817)
Cash flows from financing activities
Drawdown of bank loans
262,841
232,485
Repayment of bank loans
(248,321)
(186,647)
Lease liability payments
(19,585)
(18,041)
Share buy-back
-
(1,850)
Proceeds from re-issue of treasury shares
450
-
Proceeds received from non controlling interests
932
-
Payment of dividends to equity shareholders
(18,563)
(17,832)
Cash (outflow) / inflow from financing activities
(22,246)
8,115
Net increase in cash and cash equivalents
9,998
48,319
Translation adjustment
(885)
(3,150)
Cash and cash equivalents at start of year
169,708
124,539
Cash and cash equivalents at end of year (Note 11)
178,821
169,708
Origin Enterprises plc
Notes to the preliminary results statement
For the financial year ended 31 July 2026
1 Basis of preparation
The financial information included on pages 11 to 30 of this preliminary results statement has been extracted from the Group financial statements for the year ended 31 July 2026 on which the auditor has issued an unqualified audit opinion.
The financial information has been prepared in accordance with the accounting policies set out in the Group's consolidated financial statements for the year ended 31 July 2026, which were prepared in accordance with International Financial Reporting Standards as adopted by the EU.
The consolidated financial information is presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent.
2 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.
Segment results, assets and liabilities include all items directly attributable to a segment.
Segment capital expenditure is the total amount incurred during the period to acquire segment assets that are expected to be used for more than one accounting period.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
2 Segment information (continued)
(i) Segment revenue and results
Agriculture
Living Landscapes
Total Group
2026
2025
2026
2025
2026
2025
€'000
€'000
€'000
€'000
€'000
€'000
Revenue
Ireland & UK
1,215,114
1,231,103
198,969
186,378
1,414,083
1,417,481
Continental Europe
561,794
563,120
-
-
561,794
563,120
Latin America
142,296
128,545
-
-
142,296
128,545
Total
1,919,204
1,922,768
198,969
186,378
2,118,173
2,109,146
Segment Result
Ireland & UK
41,602
43,830
17,734
16,554
59,336
60,384
Continental Europe
15,574
16,573
-
-
15,574
16,573
Latin America
14,615
12,989
-
-
14,615
12,989
Total
71,791
73,392
17,734
16,554
89,525
89,946
Profit from associate & joint venture
11,209
9,048
-
-
11,209
9,048
Amortisation of non-ERP intangible assets
(8,385)
(9,392)
(3,417)
(3,366)
(11,802)
(12,758)
Operating profit before exceptional items
74,615
73,048
14,317
13,188
88,932
86,236
Exceptional items
(12,227)
3,329
6,336
(2,925)
(5,891)
404
Operating profit
62,388
76,377
20,653
10,263
83,041
86,640
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
2 Segment information (continued)
(ii) Segment earnings before financing costs and tax is reconciled to reported profit before tax and profit after tax as follows:
2026
2025
€'000
€'000
Operating profit
83,041
86,640
Finance income
3,874
4,991
Finance expense
(26,493)
(24,951)
Reported profit before tax
60,422
66,680
Income tax
(13,574)
(13,927)
Reported profit after tax
46,848
52,753
3 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:
2026
2025
€'000
€'000
Acquisition related (credit) / costs (i)
(6,796)
2,925
Romanian Competition Council (ii)
3,495
-
Creditor related costs in association with sanctions (iii)
2,980
1,251
Redundancy and restructuring costs (iv)
6,212
587
Fair value adjustment of investment properties (v)
-
(6,230)
Write down of intangible assets (vi)
-
8,556
Exceptional costs before tax and before associates and joint venture
5,891
7,089
Tax credit on exceptional items
(1,420)
(1,703)
Exceptional costs before associates and joint venture
4,471
5,386
Arising in associates and joint venture, net of tax (vii)
-
(7,493)
Total exceptional costs / (credit) after tax
4,471
(2,107)
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
3 Exceptional items (continued)
(i) Acquisition related (credit) / costs
Acquisition and other related costs principally comprised of a €7.5m adjustment to the fair value of contingent consideration and transaction costs incurred in relation to the acquisitions during the current year.
(ii) Romania Competition Council
The Group is subject to an accrued fine from the Romanian Competition Council following an industry-wide review of pricing practices across manufacturers and distributors of seed and plant protection products in Romania during the year. The Romanian business fully intends to appeal the decision on the grounds they have always maintained commercial independence with regard to discounts and pricing policy for farmers and have raised legitimate concerns regarding procedural irregularities in the conduct of the investigation, the misapplication of EU and Romanian competition law and the principles of natural justice.
(iii) Creditor related costs in association with sanctions
This charge is comprised of costs, and the final settlements, associated with historical trade payables impacted by international sanctions imposed by authorities in response to the Russian invasion of Ukraine. The tax impact of this exceptional item in the year was a tax credit of €0.1 million (2025: €0.2 million).
(iv) Redundancy and restructuring costs
Redundancy and restructuring costs were largely driven by restructuring within Agrii UK, our Landscapes business and our Digital business to position the business for future growth. The tax impact of this exceptional item in the year was a tax credit of €1.3 million.
(v) Fair value adjustment of investment properties
During the prior financial year, the Directors commissioned an independent valuations expert to conduct a valuation of the Group's investment properties. Following this assessment, an uplift of €6.2 million was reflected. The tax impact of this exceptional item in the prior year was a deferred tax charge of €0.2 million.
(vi) Write down of intangible assets
Following a strategic review during the prior financial year, intangible assets related to legacy acquisitions within the Agriculture
segment were written down by €8.6 million. The tax impact of this exceptional item in the prior year was a tax credit of €2.0 million.
(vii) Arising in associates and joint venture
During the prior financial year, R&H Hall Limited disposed of a property. A credit of €8.3 million, net of tax, represented the gain on disposal. Also included was a redundancy charge of €0.8 million.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
4 Earnings per share
Basic earnings per share
2026
2025
€'000
€'000
Profit for the year attributable to equity shareholders
46,781
52,753
'000
'000
Weighted average number of ordinary shares for the year
107,278
106,371
Cent
Cent
Basic earnings per share
43.61
49.59
Diluted earnings per share
2026
2025
€'000
€'000
Profit for the year attributable to equity shareholders
46,781
52,753
'000
'000
Weighted average number of ordinary shares used in basic calculation
107,278
106,371
Impact of shares with a dilutive effect
4,138
4,507
Impact of the SAYE scheme with a dilutive effect
1,613
885
Weighted average number of ordinary shares (diluted) for the year
113,029
111,763
Cent
Cent
Diluted earnings per share
41.39
47.20
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
4 Earnings per share (continued)
2026
2025
'000
'000
Adjusted basic earnings per share
Weighted average number of ordinary shares for the year
107,278
106,371
2026
2025
€'000
€'000
Profit for the year
46,781
52,753
Adjustments:
Amortisation of non-ERP related intangible assets (Note 6)
11,802
12,758
Tax on amortisation of non-ERP related intangible assets
(2,575)
(2,815)
Exceptional items, net of tax
4,471
(2,107)
Adjusted profit for the year
60,479
60,589
Cent
Cent
Adjusted basic earnings per share
56.38
56.96
Adjusted diluted earnings per share
2026
2025
'000
'000
Weighted average number of ordinary shares used in basic calculation
107,278
106,371
Impact of shares with a dilutive effect
4,138
4,507
Impact of the SAYE scheme with a dilutive effect
1,613
885
Weighted average number of ordinary shares (diluted) for the year
113,029
111,763
2026
2025
€'000
€'000
Adjusted profit for the year (as above)
60,479
60,589
Cent
Cent
Adjusted diluted earnings per share
53.51
54.21
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
5 Property, plant and equipment
2026
2025
€'000
€'000
At 1 August
134,499
132,665
Arising on acquisition (Note 10)
23
563
Additions
20,993
15,927
Transfer from leased assets
332
-
Transfer from assets held for sale
5,800
-
Disposals
(2,422)
(1,946)
Depreciation charge for the year
(11,696)
(10,624)
Impairment
(1,414)
-
Translation adjustments
1,496
(2,086)
At 31 July
147,611
134,499
6 Goodwill and intangible assets
2026
2025
€'000
€'000
At 1 August
314,824
308,852
Arising on acquisition (Note 10)
7,467
24,307
Additions
8,472
13,349
Disposals / retirements
-
(20)
Write-off of intangible assets
-
(8,556)
Amortisation of non-ERP intangible assets
(11,802)
(12,758)
ERP intangible amortisation
(4,002)
(3,375)
Translation adjustments
4,269
(6,975)
At 31 July
319,228
314,824
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
7 Investments in associates and joint venture
2026
2025
€'000
€'000
At 1 August
47,312
44,484
Share of profits after tax, before exceptional items
11,209
9,048
Share of exceptional items, net of tax (Note 3)
-
7,493
Dividends received
(10,729)
(12,642)
Investment in associate
-
386
Share of other comprehensive income / (expense)
933
(867)
Translation adjustments
211
(590)
At 31 July
48,936
47,312
Split as follows:
Total associates
26,181
25,058
Total joint venture
22,755
22,254
48,936
47,312
8 Provisions for liabilities
The estimate of provisions is a key judgement in the preparation of the financial statements.
2026
€'000
2025
€'000
At 1 August
20,049
15,874
Arising on acquisition (Note 10)
3,655
6,562
Provided in year
234
2,870
Paid / utilised in year
(1,501)
(4,132)
Released in the year
(8,525)
(702)
Translation adjustments
64
(423)
At 31 July
13,976
20,049
Split as follows:
Current liabilities
10,453
9,282
Non-current liabilities
3,523
10,767
13,976
20,049
Provisions primarily relate to contingent acquisition consideration arising on a number of acquisitions completed during the current and prior years.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
9 Post-employment benefit obligations
The Group operates a number of defined benefit pension schemes and defined contribution schemes with assets held in separate trustee administered funds. All of the defined benefit schemes are closed to new members.
The valuations of the defined benefit schemes used for the purposes of the following disclosures are those of the most recent actuarial valuations carried out at 31 July 2026 by an independent, qualified actuary. The valuations have been performed using the projected unit method.
Movement in net asset recognised in the Consolidated Statement of Financial Position
2026
2025
€'000
€'000
At 1 August
6,805
6,715
Current service cost
(89)
(113)
Administrative expenses paid from plan assets
(54)
(135)
Employer contributions
134
133
Other finance income
355
309
Remeasurements
132
(18)
Translation adjustments
29
(86)
At 31 July
7,312
6,805
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
10 Acquisition of subsidiary undertakings
During the financial year, the Group acquired 100% of shares in NiAgro Limited, which is the holding company of Clarendon Agricare Limited, a leading distributor of plant protection products and provides advice to distributors in the grassland, arable, horticulture and amenity sectors across Northern Ireland.
Fair
value
€'000
Assets
Non-current
Property, plant & equipment (including right-of-use assets)
46
Intangible assets
4,740
Total non-current assets
4,786
Current assets
Inventory
2,547
Trade and other receivables (i)
4,129
Cash and cash equivalents
4,691
Total current assets
11,367
Liabilities
Trade and other payables
(3,218)
Corporation tax
(307)
Deferred tax liability
(1,197)
Total liabilities
(4,722)
Total identifiable net assets at fair value
11,431
Goodwill arising on acquisition
2,727
Total net assets acquired
14,158
Consideration satisfied by:
Cash consideration
10,503
Contingent consideration arising from acquisition
3,655
Total consideration related to acquisitions
14,158
Net cash outflow - arising on acquisitions
Cash consideration
10,503
Less cash and cash equivalents acquired
(4,691)
Total consideration related to acquisitions
5,812
Details of the net assets acquired and goodwill arising from the business combinations are as follows:
(i) Trade Receivables acquired were €4.1 million. All amounts deemed recoverable.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
11 Analysis of net cash / (debt)
2025
Cash flow
Non-cash
movements
Translation adjustments
2026
€'000
€'000
€'000
€'000
€'000
Cash
169,778
10,020
-
(885)
178,913
Overdrafts
(70)
(22)
-
-
(92)
Cash and cash equivalents
169,708
9,998
-
(885)
178,821
Loans
(240,551)
(14,520)
(790)
(736)
(256,597)
Net debt
(70,843)
(4,522)
(790)
(1,621)
(77,776)
Lease liabilities
(68,297)
19,585
(19,362)
(489)
(68,563)
Net debt including lease liabilities
(139,140)
15,063
(20,152)
(2,110)
(146,339)
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
12 Share capital
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
Treasury shares in issue
At 1 August 2025
13,017,304
130,173
46,966
Re-issue of treasury shares (ii)
(951,451)
(9,514)
(3,433)
At July 2026
12,065,853
120,659
43,533
(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 year, the Group re-issued 951,451 treasury shares to satisfy the exercise of share options granted under the Company's Long-Term Incentive Plan (2015) and the exercise of share options granted under the Group's UK and Ireland Savings Related Share Option Schemes.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2026
13 Return on capital employed
Return on capital employed is a key performance indicator for the Group and represents Group earnings before interest, tax and amortisation of non-ERP related intangible assets taken as a percentage of Group net assets and is consistent with the definition approved as part of the 2015 Long Term Incentive Plan.
2026
€'000
2025
€'000
Total assets
1,607,183
1,463,360
Total liabilities
(1,138,697)
(1,039,106)
Adjusted for:
Net debt
146,339
139,140
Tax, put option and derivative financial instruments, net
25,483
26,987
Accumulated amortisation of non-ERP related intangible assets
86,806
73,619
Capital employed
258,628
239,746
Average capital employed
926,947
823,829
Operating profit (excluding exceptional items)
77,723
77,187
Amortisation of non-ERP intangible assets
11,802
12,758
Share of profit of associates and joint venture
11,209
9,048
Return
100,734
98,993
Return on capital employed
10.9%
12.0%
In years where the Group makes significant acquisitions or disposals, the return on invested capital calculation is adjusted accordingly to ensure that the impact of the acquisition or disposal is time apportioned appropriately.
14 Related party transactions
Related party transactions occurring in the year were similar in nature to those described in the 2025 Annual Report.
15 Dividend
The Directors are proposing a final dividend of 14.15 cent per ordinary share for approval at the AGM in November 2026, bringing the total dividend payment to 17.30 cent. Subject to shareholder approval at the AGM, this final dividend will be paid on 5 February 2027 to shareholders on the register on 15 January 2027.
16 Subsequent events
In August 2026, the Group announced the acquisition of Lighthouse Development Consulting Limited, a specialist UK planning and development consultancy serving the renewable energy, clean technology and infrastructure sectors.
In September 2026, the Group announced the acquisition of 100 per cent of Linemark International ApS, a sports and amenity paint manufacturer based in Denmark, specialising in line marking paint, grass marking machines and accessories.
There have been no other material events subsequent to 31 July 2026 that would require adjustment to or disclosure in this report.
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