Q4 2026 Origin Enterprises PLC Earnings Call

September 22, 2026

Speaker #2: Your line is muted.

Speaker #3: Call recording is on.

Speaker #4: Good morning, ladies and gentlemen, and welcome to the Origin Enterprises PLC 2026 preliminary results. Just a reminder that this call is being webcast live on the Internet, and the presentation is available to view on the Origin website.

Operator 2: Good morning, ladies and gentlemen, and welcome to the Origin Enterprises PLC 2026 preliminary results. Just a reminder that this call is being webcast live on the internet, and the presentation is available to view on the Origin website. I will now pass over to Sean Coyle, CEO of Origin Enterprises PLC. Please go ahead, sir.

Operator: Good morning, ladies and gentlemen, and welcome to the Origin Enterprises PLC 2026 Preliminary Results. Just a reminder that this call is being webcast live on the internet, and the presentation is available to view on the Origin website. I will now pass over to Sean Coyle, CEO of Origin Enterprises PLC. Please go ahead, sir.

Speaker #4: I will now pass over to Sean Coyle, CEO of Origin Enterprises PLC. Please go ahead, sir.

Speaker #5: Thank you, and good morning, everyone. I'm joined this morning by Colin Purcell, our CFO; TJ Kelly, the Divisional Managing Director of our Living Landscapes business; and Brendan Corcoran, our Head of Investor Relations.

Sean Coyle: Thank you, and good morning, everyone. I am joined this morning by Colm Purcell, our CFO, TJ Kelly, the Divisional Managing Director of our Living Landscapes business, and Brendan Corcoran, our Head of Investor Relations. We are delighted this morning to be bringing you a very resilient set of operating numbers, particularly given the context of the challenges that the business has faced over the last 12 months. We will start firstly with the normal safe harbor declaration. The business produced an increased overall group operating profit number of just over EUR 100 million, growth in constant currency of just under 3%. We also grew earnings per share in the period in constant currency, although we are slightly behind on a reported basis. Our free cash flow conversion, which Colm will talk to a little bit later on, was strong at almost 90%.

Speaker #5: We're delighted this morning to be bringing you a very resilient set of operating numbers, particularly given the context of the challenges that the business has faced.

Speaker #5: Over the last 12 months, we'll start firstly with the normal Safe Harbor declaration. The business produced an increased overall group operating profit number of just over $100 million.

Speaker #5: Growth in constant currency of just under 3%. We also grew earnings per share in the period in constant currency, although we're slightly behind on a reported basis.

Speaker #5: And our free cash flow conversion, which Colin will talk to a little bit later on, was strong at almost 90%. The business produced a very balanced performance, with challenging operations in a number of markets, which I'll touch on in a second. But growth in Latin America, growth within our Animal Nutrition business, and our Living Landscapes businesses balanced softer European agricultural markets.

Sean Coyle: The business produced a very balanced performance with challenging operations in a number of markets, which I will touch on in a second, but growth in Latin America, growth within our animal nutrition business and our Living Landscapes businesses balanced softer European agricultural markets, particularly in our farmer-facing agri-businesses in the UK, in Poland, and in Romania. We continued with our strategic progress on growing the Living Landscapes division. A combination of organic growth and prior year acquisitions saw the Living Landscapes business grow EBIT by 10% on a constant currency basis, roughly 50% coming from each of organic and acquired growth, continuing to broaden the overall earnings base of the group. Our financial position remains strong at year-end, and again, Colm will talk to those metrics later on.

Speaker #5: Particularly in our farmer-facing agribusinesses in the UK, Poland, and Romania. We continued with our strategic progress on growing the Living Landscapes division—a combination of organic growth and prior-year acquisitions.

Speaker #5: Saw the Living Landscapes business grow EBIT by 10% on a constant currency basis, with roughly 50% coming from each of organic and acquired growth. We are continuing to broaden the overall earnings base of the group.

Speaker #5: And our financial position remains strong at year-end, and again, Colin will talk to those metrics later on. So, the breadth of the business and the continued investment in the second quarter of Living Landscapes.

Sean Coyle: The breadth of the business and the continued investment in the second core of Living Landscapes has meant that the group has made significant progress over the last 5 years. We have just concluded our 5-year strategic cycle from 2022 to 2026 with a very resilient performance and a significant uplift in profit over that cumulative 5-year period versus the prior 5-year period. Some of the challenges and backdrop to what we faced in the last 12 months, with significant drought and difficult cropping conditions across European agriculture. Farm economics remain very challenged. Whether it is the cereal sector, whether you are growing oil seeds, or indeed in dairy production, profitability on farm is significantly lower this year than it has been in previous years.

Speaker #5: This has meant that the group has made significant progress over the last five years, and we've just concluded our five-year strategic cycle from 2022 to 2026 with a very resilient performance and a significant uplift in profit over that cumulative five-year period versus the prior five-year period.

Speaker #5: Some of the challenges and backdrop to what we faced in the last 12 months: we had significant drought and difficult cropping conditions across European agriculture.

Speaker #5: Farm economics remain very challenged. Whether it's the cereal sector, whether you're growing oilseeds, or indeed in dairy production, profitability on farm is significantly lower this year than it has been in previous years.

Speaker #5: And that hasn't helped because we've had significant input cost inflation, particularly in fertilizer markets. As a result of the conflict in Iran, the Straits of Hormuz, and the various impacts that that's had on global pricing of fertilizers, and the impact that we've had on oil markets generally, it's all played into a difficult time on farm.

Sean Coyle: That has not helped because we have had significant input cost inflation, particularly in fertilizer markets, as a result of the conflict in Iran, the Straits of Hormuz, and the various impacts that that has had on global pricing of fertilizers. The impact that we have had on oil markets generally has all played into a difficult time on farm for our customers. There continues to be significant sector consolidation and a number of exits in the market, particularly in Poland and Romania. We are seeing competitors go out of business. We are seeing court actions in terms of insolvency proceedings. In Latin America, we have got a significant number of insolvencies. The overall default rate on bank debt in the Latin American market is now well above 15%, and the previous high for defaults in the sector was running at about 6%.

Speaker #5: For our customers, there continues to be significant sector consolidation and a number of exits in the market. Particularly in Poland and Romania, we're seeing competitors go out of business.

Speaker #5: We're seeing court actions in terms of insolvency proceedings. In Latin America, we've got a significant number of insolvencies. The overall default rate on bank debt in the Latin American market is now well above 15%.

Speaker #5: And the previous high for defaults in the sector was running at about 6%. So a huge amount of turmoil within our competitor base, and to an extent within our customer base, across the Latin American and European markets that we're playing in.

Sean Coyle: A huge amount of turmoil within our competitor base and to an extent within our customer base across the Latin American and European markets that we are playing in. Despite that, though, we are seeing volume growth, continued growth in production, and a continued move towards specialty nutrition, Biological, Adjuvant and Micronutrient products, and products that are typically at the higher end of the margin scale, particularly in Latin America. Our Living Landscapes business saw continued structural market growth. As I said earlier on, a combination of organic growth and contribution from acquisitions saw that business grow in 2026. We will touch firstly on agriculture, and the overall contribution from agriculture is slightly ahead year on year when you include the feed contribution from our associates and joint venture partners.

Speaker #5: Despite that, though, we're seeing volume growth, continued growth in production, and a continued move towards specialty nutrition biological products and products that are typically at the higher end of the margin scale.

Speaker #5: Particularly in Latin America, our Living Landscapes business saw continued structural market growth. And as I said earlier on, a combination of organic growth and contribution from acquisitions saw that business grow in 2026.

Speaker #5: So we'll touch firstly on agriculture, and the overall contribution from agriculture is slightly ahead year-on-year when you include the feed contribution from our associates and joint venture partners.

Speaker #5: Operating margin was slightly down across pretty much all of our businesses, with the exception of Latin America, where we saw a small increase in operating margin.

Sean Coyle: Operating margin slightly down across pretty much all of our businesses, with the exception of Latin America, where we saw a small increase in operating margin. We have had lower profitability from both our Ireland, UK segment and our Continental European segment, reflecting those challenges on farm and some of the dry conditions which restricted the need for farmers to apply products, particularly in the latter part of the financial year. That final quarter, significant dry conditions meant that farmers were not applying product to the extent that they normally would. Our market share in sustainable agronomy continues to be strong.

Speaker #5: We have had lower profitability from both our Ireland UK segment and our continental European segment, reflecting those challenges on farm and some of the dry conditions which restricted the need for farmers to apply products, particularly in the latter part of the financial year.

Speaker #5: So that final quarter's significant dry conditions meant that farmers were not applying product to the extent that they normally would. Our market share in sustainable agronomy continues to be strong.

Speaker #5: Number one player in the UK, number two in Romania, where we've grown our market share in the last 12 months from 12% to 15%.

Sean Coyle: Number 1 player in the UK, number 2 in Romania, where we've grown our market share in the last 12 months from 12% to 15%, and we could be growing that far more aggressively, but we're being cautious given the credit market in Romania about the extent to which we want to grow market share there. Number 3 in Poland, again, small growth in market share in Poland. We may see that grow a little bit more in FY 2027, but again, being cautious, trying to focus on specialty higher margin products rather than the commodity end of the business. In soil nutrition, the business saw reduced volume. Typically, our Ireland and UK businesses, given the price increases and raw material inflation that we experienced, saw reduced volume of about 10% versus the previous year. Our Brazilian business continues to grow.

Speaker #5: And we could be growing that far more aggressively, but we're being cautious, given the credit market in Romania, about the extent to which we want to grow market share there.

Speaker #5: And number three in Poland: again, small growth in market share in Poland. We may see that grow a little bit more in FY27, but again, being cautious—trying to focus on specialty, higher-margin products rather than the commodity end of the business.

Speaker #5: In soil nutrition, the business saw reduced volume, typically in our Ireland and UK businesses, given the price increases and raw material inflation that we experienced. We saw reduced volume of about 10% versus the previous year.

Speaker #5: And our Brazilian business continues to grow. We're now a top-five player in Brazil with a 5% market share. And on the island of Ireland, our animal nutrition business continues to have a circa 50% market share.

Sean Coyle: A top 5 player in Brazil now with a 5% market share. On the island of Ireland, our animal nutrition business continues to have a circa 50% market share. So a strong market position overall. To get into a little bit more detail on Ireland and UK, you can see that with the exception of the 2022 year, which was a very unusual year with significant profitability from our fertilizer businesses, given the price inflation that occurred and the shutting off of Russian supply into the European market. We've returned to a pretty mean average across the Ireland and UK businesses, and that's despite a very sharp fall in profitability within our Agri UK business.

Speaker #5: So, a strong market position overall. To get into a little bit more detail on Ireland and the UK, you can see that with the exception of the 2022 year, which was a very unusual year with significant profitability from our fertilizer businesses given the price inflation that occurred and the shutting off of Russian supply into the European market.

Speaker #5: We've returned to a pretty mean average across the Ireland and UK businesses. And that's despite a very sharp fall in profitability within our Agri UK business.

Speaker #5: Our agronomy business, despite increased winter activity in the overall winter cropping base, did grow winter wheat to 1.7 million hectares. We also had extensive growth in the oilseed rape area last autumn as well.

Sean Coyle: Our agronomy business, despite increased winter activity in the overall winter cropping base, did grow in winter wheat to 1.7 million hectares, and we had an extensive growth in the oilseed rape area last autumn as well. But the dry spring and summer reduced crop development, reduced yields and also resulted in crop protection demand falling quite significantly. So the tail end in Q4 of the business saw reduced demand. Farm economics, profitability of farmers also controlled, I suppose the overall spend by farmers, certainly reducing fertilizer spend within the business and within the agri business. Our soil nutrition business saw a good performance, good procurement and inventory management through the period. SEAM was introduced within the Irish marketplace on 1 January this year and will be introduced on 1 January in the UK.

Speaker #5: But the dry spring and summer reduced crop development, reduced yields, and also resulted in crop protection demand falling. Q4 of the business saw reduced demand.

Speaker #5: Farm economics, profitability of farmers, also controlled, I suppose, the overall spend by farmers, certainly reducing fertilizer spend within the business and within the agri business.

Speaker #5: Our soil nutrition business saw a good performance good procurement and inventory management through the period. CBAM was introduced within the Irish marketplace on the 1st of January this year and will be introduced on the 1st of January in the UK.

Speaker #5: So managing supply and managing inventory in that context was hugely important. There was huge disruption to fertilizer availability—not just that coming from the Gulf, but a number of core raw materials also go from the Gulf to Morocco to produce additional fertilizers, and a lot of that was constrained.

Sean Coyle: Managing supply and managing inventory in that context was hugely important, and there was huge disruption to fertilizer availability. Not just that coming from the Gulf, but a number of core raw materials also go from the Gulf to Morocco to produce additional fertilizers. A lot of that was constrained. So managing supply in that kind of dynamic was difficult, but our teams managed it very well. From an animal nutrition perspective, huge demand across the feed businesses. Our associates and joint venture contribution was up significantly in the period, and demand was very strong right through to the end of the year and into the first quarter of this year as a result of fodder shortage, particularly within the Irish marketplace. So there is a need for farmers to continue to supplement feed as a result of the dry weather.

Sean Coyle: Managing supply and managing inventory in that context was hugely important, and there was huge disruption to fertilizer availability. Not just that coming from the Gulf, but a number of core raw materials also go from the Gulf to Morocco to produce additional fertilizers. A lot of that was constrained. So managing supply in that kind of dynamic was difficult, but our teams managed it very well. From an animal nutrition perspective, huge demand across the feed businesses. Our associates and joint venture contribution was up significantly in the period, and demand was very strong right through to the end of the year and into the Q1 of this year as a result of fodder shortage, particularly within the Irish marketplace. So there is a need for farmers to continue to supplement feed as a result of the dry weather.

Speaker #5: So, managing supply in that kind of dynamic was difficult, but our teams managed it very well. From an animal nutrition perspective, there was huge demand across the feed businesses.

Speaker #5: Our associate and joint venture contribution was up significantly in the period, and demand was very strong right through to the end of the year and into the first quarter of this year.

Speaker #5: As a result of fodder shortage, particularly within the Irish marketplace, there is a need for farmers to continue to supplement feed as a result of the dry weather. We're experiencing very strong demand, and our competitors are experiencing very strong demand as a result of that.

Sean Coyle: We are experiencing very strong demand, and our competitors are experiencing very strong demand as a result of that. Across continental Europe, overall volume was up by just under 3%, but there was a real mix in how that volume played out. Within our Polish business, fertilizer and seed volumes were down, but crop protection volumes were up, and spend on farm was again constrained by farm profitability. Within Romania, we are seeing a continued move and migration to winter cropping within the Romanian market. Planting spring cropping now with increased instances of dry weather for summer periods means that the crop itself becomes under risk if it has not established and rooted properly over the winter period. We have moved from roughly a 60/40 spring to winter cropping scenario to over 50% now in winter cropping in a Romanian context.

Speaker #5: Across continental Europe, overall volume was up by just under 3%. But there was a real mix in how that volume played out within our Polish business: fertilizer and seed volumes were down, but crop protection volumes were up.

Speaker #5: And spend on farm was again constrained by farm profitability. Within Romania, we're seeing a continued move and migration to winter cropping within the Romanian market.

Speaker #5: Planting spring cropping now, with increased instances of dry weather during summer periods, means that the crop itself becomes at risk if it hasn't established and rooted properly over the winter period.

Speaker #5: So we've moved from roughly a 60-40 spring-to-winter cropping scenario to over 50% now in winter cropping in a Romanian context. We saw strong volume growth in seed, crop protection, and fertilizer, all because of those market share gains that I pointed out earlier, and the very challenging situation that a lot of our competitors in the Romanian market are finding themselves in.

Sean Coyle: We saw strong volume growth in seed, crop protection, and fertilizer, all because of those market share gains that I pointed out earlier on, and the very challenging situation that a lot of our competitors in the Romanian market are finding themselves in. We have had to take higher credit risk provisions ourselves because of some of the farm economics and some of the challenges of historical debt. But despite that, we are seeing increased growth within our market share, and profit slightly down because of those higher credit risk provisions. We have also launched a couple of additional adjuvant products in the Romanian market for autumn of 2026, which you can see in the bottom of the page there.

Speaker #5: We have had to take higher credit risk provisions ourselves because of some of the farm economics and some of the challenges of historical debt.

Speaker #5: But despite that, we are seeing increased growth within our market share, and profit is slightly down because of those higher credit risk provisions. We've also launched a couple of additional adjuvant products in the Romanian market for autumn 2026, which you can see at the bottom of the page there.

Speaker #5: And then finally, moving to Latin America within the agriculture businesses, again, we saw strong growth. In constant currency, operating profit was up by about 9%.

Sean Coyle: Finally moving to Latin America within the agriculture businesses, again, we saw strong growth, in constant currency operating profit was up by about 9% and for once we saw the Brazilian real move in our favor. So operating profit on a reported basis grew by a slightly higher 12.5%. The business is seeing continued growth in all product categories. We had volume growth of 4.3% and that was broad based. Pretty much every product category that we were involved in saw growth. There is significant pressure on the competition and across our customer base, and we did have additional bad debt charges in the Brazilian market, included in this operating profit figure. So we would have shown a higher operating profit number had it not been for those bad debt charges. But the business continues to grow very well.

Speaker #5: And for once, we saw the Brazilian REI move in our favor. So, operating profit on a reported basis grew by a slightly higher 12.5%.

Speaker #5: The business is seeing continued growth in all product categories. We had volume growth of 4.3%, and that was broad-based—pretty much every product category that we are involved in saw growth.

Speaker #5: There is significant competition across our customer base, and we did have additional bad debt charges in the Brazilian market included in this operating profit figure.

Speaker #5: So, you know, we would have shown a higher operating profit number had it not been for those bad debt charges. But the business continues to grow very well, and I mentioned the record level of sector bankruptcies earlier on.

Sean Coyle: I mentioned the record level of sector bankruptcies

Sean Coyle: Earlier on. You can see some of our new product launches on the bottom right-hand side of the page there. I will hand over to TJ who will run through our Living Landscapes business.

Speaker #5: And again, you can see some of our new product launches on the bottom right-hand side of the page there. So I'll hand over to TJ, who will run through our Living Landscapes business.

Speaker #2: Thank you, Sean. Good morning, everybody. As Sean said, Living Landscapes is now a key pillar of Origin’s diversification strategy. We’re contributing approximately 20% of group operating profit, and we would say our broad sports, landscapes, and environmental offerings do differentiate us in the market now and provide multiple growth opportunities through both expansion, service development, and the longer-term land use trends that we see.

TJ Kelly: Thank you, Sean. Good morning, everybody. As Sean said, Living Landscapes is now a key pillar of Origin's diversification strategy. We are contributing approximately 20% of group operating profit. We would say our broad sports, landscapes, and environmental offerings do differentiate us in the market now and provide multiple growth opportunities through both expansion, service development, and the longer-term land use trends that we see. For FY2026, Living Landscapes delivered another strong year. Revenue increasing to EUR 199 million, and operating profit rising just over 7% to EUR 17.7 million. Maintaining a margin of 8.9% with growth driven by a combination of organic performance, in part synergy-led, and also contributions from prior acquisitions. Looking at each of the components of the division, sports performed particularly well despite the challenging dry summer conditions, supported by what was strong demand across amenity and sports markets.

T.J. Kelly: Thank you, Sean. Good morning, everybody. As Sean said, Living Landscapes is now a key pillar of Origin's diversification strategy. We are contributing approximately 20% of group operating profit. We would say our broad sports, landscapes, and environmental offerings do differentiate us in the market now and provide multiple growth opportunities through both expansion, service development, and the longer-term land use trends that we see. For FY2026, Living Landscapes delivered another strong year. Revenue increasing to EUR 199 million, and operating profit rising just over 7% to EUR 17.7 million. Maintaining a margin of 8.9% with growth driven by a combination of organic performance, in part synergy-led, and also contributions from prior acquisitions. Looking at each of the components of the division, sports performed particularly well despite the challenging dry summer conditions, supported by what was strong demand across amenity and sports markets.

Speaker #2: For FY26, Living Landscapes delivered another strong year, with revenue increasing to €199 million and operating profit rising just over 7% to €17.7 million, maintaining a margin of 8.9%. Growth was driven by a combination of organic performance, in part synergy-led, and also contributions from prior acquisitions. Looking at each of the components of the division, Sports performed particularly well despite the challenging dry summer conditions, supported by strong demand across immunity and sports markets.

Speaker #2: The successful integration of Elixir and the post-year-end acquisition of Limerick International further strengthened our market reach and cross-selling opportunities. Limerick International is our Danish-headquartered international distributor for our Landmark UK business, and through that acquisition it presents us the opportunity to accelerate further our international growth trajectory.

TJ Kelly: The successful integration of Elixir and the post-year end acquisition of Linemark International further strengthen our market reach and cross-selling opportunities. Linemark International is our Danish headquartered international distributor for our Linemark UK business. Through that acquisition, it presents us the opportunity to accelerate further our international growth trajectory. Landscapes was softer than the prior year, which reflected a shorter tree planting season and reduced activity in some of the categories we serve, although long-term growth fundamentals remained positive. During the year, within the landscapes businesses, we evolved the operating model, moving from a business unit-led structure to a more commercially focused, sector and portfolio-led one, therefore better aligning our sales and marketing functions with our key customers and segments. Within environmental then, we continued to grow strongly through a combination again of both organic and acquisition performance, supported by infrastructure investment and an ever-evolving environmental regulatory backdrop.

T.J. Kelly: The successful integration of Elixir and the post-year end acquisition of Linemark International further strengthen our market reach and cross-selling opportunities. Linemark International is our Danish headquartered international distributor for our Linemark UK business. Through that acquisition, it presents us the opportunity to accelerate further our international growth trajectory. Landscapes was softer than the prior year, which reflected a shorter tree planting season and reduced activity in some of the categories we serve, although long-term growth fundamentals remained positive. During the year, within the landscapes businesses, we evolved the operating model, moving from a business unit-led structure to a more commercially focused, sector and portfolio-led one, therefore better aligning our sales and marketing functions with our key customers and segments. Within environmental then, we continued to grow strongly through a combination again of both organic and acquisition performance, supported by infrastructure investment and an ever-evolving environmental regulatory backdrop.

Speaker #2: Landscapes was softer than the prior year, which reflected a shorter tree planting season and reduced activity in some of the categories we serve, although long-term growth fundamentals remain positive.

Speaker #2: During the year, within the Landscapes businesses, we evolved the operating model, moving from a business unit-led structure to a more commercially focused sector and portfolio-led one.

Speaker #2: Therefore, we are better aligning our sales and marketing functions with our key customers and segments. Within Environmental, we continue to grow strongly through a combination of both organic and acquisition performance, supported by infrastructure investment and an ever-evolving environmental regulatory backdrop.

Speaker #2: The post-year-end acquisition of Lighthouse Development Consulting further enhances our planning services capability, with a particular focus on the renewables energy and infrastructure sectors.

TJ Kelly: The post-year end acquisition of Lighthouse Development Consulting further enhances our planning services capability, with a particular focus on renewables, energy, and infrastructure sectors. During the year, we continued investment in our people through selective external recruitment, combined with leadership and technical training. In addition, we have been investing in the implementation of a common ERP and project management solution for our environmental businesses, again, key to supporting future organic and acquisition growth. As we look back then over the last five years, Living Landscapes has delivered over +200% operating profits growth over that period, establishing itself, as I said, as a significant second pillar of the group. With a strong pipeline of organic and acquisition opportunities across sports, landscapes, and environmental sectors, ranging from further distribution growth to potential further manufacturing capabilities being acquired and continuing growing our advisory businesses.

T.J. Kelly: The post-year end acquisition of Lighthouse Development Consulting further enhances our planning services capability, with a particular focus on renewables, energy, and infrastructure sectors. During the year, we continued investment in our people through selective external recruitment, combined with leadership and technical training. In addition, we have been investing in the implementation of a common ERP and project management solution for our environmental businesses, again, key to supporting future organic and acquisition growth. As we look back then over the last five years, Living Landscapes has delivered over +200% operating profits growth over that period, establishing itself, as I said, as a significant second pillar of the group. With a strong pipeline of organic and acquisition opportunities across sports, landscapes, and environmental sectors, ranging from further distribution growth to potential further manufacturing capabilities being acquired and continuing growing our advisory businesses.

Speaker #2: During the year, we continued investment in our people through selective external recruitment, combined with leadership and technical training. In addition, we have been investing in the implementation of a common ERP and project management solution for environmental businesses, again key to supporting future organic and acquisition growth.

Speaker #2: As we look back, then, over the last five years, Living Landscapes has delivered over 200% operating profits growth over that period, establishing itself, as I said, as a significant second pillar of the group, with a strong pipeline of organic and acquisition opportunities across sports, landscapes, and environmental sectors—ranging from further distribution growth to potential further manufacturing capabilities being acquired and continuing to grow our advisory businesses. We are confident that the division is well positioned to expand further in higher-margin and faster-growing markets as we look to the future.

TJ Kelly: We are confident that the division is well positioned to expand further in higher margin and faster-growing markets as we look to the future. With that, I will hand it over to Colm.

T.J. Kelly: We are confident that the division is well positioned to expand further in higher margin and faster-growing markets as we look to the future. With that, I will hand it over to Colm.

Speaker #2: With that, I'll hand it over to Callum.

Speaker #3: Thanks, TJ. And good morning, everybody. Starting with some of the highlights on financial performance on page 14 of the presentation. Overall, we've seen growth in revenue, operating profit, and earnings per share on a constant currency basis, with the weakness in sterling impacting the final reported numbers.

Colm Purcell: Thanks, TJ, and good morning, everybody. Starting with some of the highlights then on financial performance on page 14 of the presentation. Overall, we have seen growth in revenue, operating profit, and EPS on a constant currency basis, with the weakness in sterling impacting on the final reported numbers. Group revenue at EUR 2.1 billion is 2.3% ahead of prior year on a constant currency basis. This was largely driven by pricing up 3.1%, and again, due primarily to the higher commodity markets that Sean would have touched on earlier, and a 0.7% benefit from our acquisitions. Volumes were 1.5% behind prior year, and as highlighted earlier, again, in the reviews of the different sections, and higher input costs relative to output prices impacting on farmer spend in the year.

Speaker #3: Group revenue at $2.1 billion is 2.3% ahead of the prior year on a constant currency basis. This was largely driven by pricing of 3.1%, and again, due primarily to the higher commodity markets that Sean would have touched on earlier.

Speaker #3: And a 0.7% benefit from our acquisitions. Volumes were 1.5% behind prior year, and as highlighted earlier again in the reviews of the different sections, higher input costs relative to output prices impacted farmer spend in the year.

Speaker #3: We grew our wholly owned operating profit for the year by 0.5% on a constant currency basis to €89.5 million, with growth in our Living Landscapes segment and our LatAm agricultural business largely offset by lower performance in the European agricultural businesses.

Colm Purcell: We grew our wholly owned operating profit for the year by 0.5% on the constant currency to EUR 89.5 million, with growth in our Living Landscapes segment and our LATAM agriculture business largely offset by our lower performance in the European agricultural businesses. Overall, agriculture operating profit of EUR 71.8 million was 1.2% behind prior year. Living Landscapes had a strong year with operating profit of EUR 17.7 million, representing growth of 10.1%, and this was achieved equally through good organic growth and the full year impact of the prior year acquisitions. Our associates and joint venture results showed strong growth, and that was off the back of a very strong prior year, with share of profit up 23.9%, supported by strong animal feed demand in the year.

Speaker #3: Overall, agriculture operating profit of €71.8 million was 1.2% behind the prior year. Living Landscapes had a strong year, with operating profit of €17.7 million representing growth of 10.1%. This was achieved equally through good organic growth and a full year impact of the prior year acquisitions.

Speaker #3: Our associates in joint venture results showed strong growth, and that was off the back of a very strong prior year, with share of profit up 23.9%, supported by strong animal feed demand in the year.

Speaker #3: Our operating margin for the year, at 4.2%, was down 10 basis points, which was really due to the reduction that we've seen earlier in the agricultural margin as a result of lower operating profits.

Colm Purcell: Our operating margin for the year at 4.2% was down 10 basis points, which was due really to the reduction that we have seen earlier in the agricultural margin as a result of lower operating profits. Margins in our Living Landscapes business remained at 8.9%. Our overall EPS for the year was 53.51 cent, which was in line with our Q3 guidance and delivers growth of 0.4% on a constant currency basis. This result again demonstrates the benefits of the diversified nature of the group with strong contributions from Living Landscapes and from our LATAM business, more than offsetting the lower performance in the other markets in what was a challenging year for agriculture across all of our markets. Looking then at our cash performance and our balance sheet on page 15.

Speaker #3: Margins in our Living Landscape business remain at 8.9%. Our overall EPS for the year was 53.51 cents, which was in line with our Q3 guidance and delivers growth of 0.4% on a constant currency basis.

Speaker #3: This result again demonstrates the benefits of the diversified nature of the group, with strong contributions from Living Landscapes and from our LatAm business more than offsetting the lower performance in the other markets, in what was a challenging year for agriculture across all of our markets.

Speaker #3: Looking then at our cash performance and our balance sheet on page 15, it was a strong year for cash generation, with our free cash flow at €43.3 million, representing an 87.7% free cash flow conversion, ahead of our 2022 Capital Markets Day target of 80%.

Colm Purcell: It was a strong year for cash generation with our free cash flow at EUR 43.3 million, representing an 87.7% free cash flow conversion, ahead of our 2022 Capital Markets Day target of 80%. Our overall net debt position at the year-end was EUR 77.8 million, which was EUR 7 million higher than last year. This equates to a 0.71 times EBITDA and well within our banking covenant position at the end of the year. Overall, our finance costs amounted to EUR 22.6 million in the year, which was an increase of EUR 2.6 million, and that was really driven by a higher average debt level over the year, which was largely driven by a higher working capital investment, which we will touch on on the next slide. We also took the opportunity to extend our EUR 440 million revolving credit facility in the year, with maturity now in 2031.

Speaker #3: Our overall net debt position at year-end was €77.8 million, which was €7 million higher than last year. This equates to 0.71 times EBITDA and is well within our banking covenant position at the end of the year.

Speaker #3: Overall, our finance costs amounted to $22.6 million in the year, which was an increase of $2.6 million. That was really driven by a higher average debt level over the year, which was largely driven by a higher working capital investment—something we'll touch on in the next slide.

Speaker #3: We also took the opportunity to extend our €440 million revolving credit facility during the year, with maturity now in 2031. Our working capital outflow for the year amounted to €26.4 million, and, as I touched on earlier, we had an increase in our average working capital investment and, consequently, our average debt.

Colm Purcell: Our working capital outflow in the year amounted to EUR 26.4 million. Over the year, as I touched on there, we had an increase in our average working capital investment and consequently our average debt. Working capital investment was driven by the higher pricing of inventory as a result of the increase in commodity pricing, but also some early inventory purchases in advance of CBAM implementation in the EU on 1 January, and to mitigate some of the supply challenges that we saw as a result of the conflict in the Middle East. This investment ensured that our customers avoided any supply interruption during the key application windows. We also made payments in the year of EUR 5.1 million relating to previously withheld amounts due to sanctioned parties, which now closes off all those previously withheld supplier balances.

Speaker #3: Working capital investment was driven by a higher pricing of inventory as a result of the increase in commodity pricing, but also some early inventory purchases in advance of CBAM implementation in the EU on January 1st, and to mitigate some of the supply challenges that we saw as a result of the conflict in the Middle East.

Speaker #3: This investment ensured that our customers avoided any supply interruption during the key application windows. We also made payments in the year of $5.1 million relating to previously withheld amounts due to sanctioned parties, which now closes off all those previously withheld supplier balances.

Speaker #3: Overall our roughly for the year at 10.9% is below our target of 12 to 15% and the key driver being the higher average working capital over the year as discussed as when we look at our roughly we look at roughly using an average working capital for the year as opposed to our year end position.

Colm Purcell: Overall, our ROCE for the year at 10.9% is below our target of 12% to 15%, and the key driver being the higher average working capital over the year, as discussed. As when we look at our ROCE, we look at ROCE using an average working capital for the year as opposed to our year-end position. FY26 then, as Sean Coyle touched on, was the final year of our five-year strategy cycle, as previously presented at our 2022 Capital Markets Day. I am happy to report that we beat our operating profit target with total operating profit over the five years of EUR 474 million against our target of EUR 415 million. This represents growth in the five-year profits of 44% against our previous five years.

Speaker #2: FY26, then, as Sean touched on, was the final year of our five-year strategy cycle as previously presented at our 2022 Capital Markets Day, and I'm happy to report that we beat our operating profit target, with total operating profit over the five years of €474 million.

Speaker #2: Again, to our target of €415 million. This represents growth in the five-year profits of 44% against our previous five years. Our free cash flow delivery was also strong, with total free cash generation of €324 million, which was in line with our ambitious target set back in 2022.

Colm Purcell: Our free cash flow delivery was also strong, with total free cash generation of EUR 324 million, which was in line with our ambitious target back in 2022. We continue to pursue a disciplined approach to capital allocation with balance across investing in growth and returning cash to our shareholders. Achievement of our cash generation target over this five-year period has allowed us to invest to deliver on our promise to shareholders with the completion of the EUR 80 million share buyback program and the average annual dividend payout ratio above 35%. In total, we have returned EUR 172 million to shareholders over the period, which is approximately 40% of our market capitalization today.

Speaker #2: We continue to pursue a disciplined approach to capital allocation, with balance across investing in growth and returning cash to our shareholders. Achievement of our cash generation target over this five-year period has allowed us to invest to deliver on our promise to shareholders, with the completion of the 80 million share buyback program.

Speaker #2: And the average annual dividend payout ratio is above 35%. In total, we've returned €172 million to shareholders over the period, which is approximately 40% of our market capitalization today.

Speaker #2: Strong cash generation has allowed us to invest €99 million in our diversification strategy, which does include final payments in respect of our LatAm agricultural business, which we acquired in 2018, but also supports the organic growth in our Living Landscape business with selective M&A. This has allowed us to grow the contribution from Living Landscapes from 7.4% of operating profit in 2022 to just under 20% in FY2026.

Colm Purcell: Strong cash generation has allowed us to invest EUR 99 million in our diversification strategy, which does include final payments in respect of our LatAm agricultural business, which we acquired in 2018, but also to support the organic growth in our Living Landscapes business with selective M&A. This has allowed us to grow the contribution from Living Landscapes from 7.4% of operating profit in 2022 to just under 20% in FY 2026. We have also invested in the organic growth of the business with EUR 124 million spent over the five-year period to expand our capacity and our capability across the regions, invest in research and development, health and safety, and in technology for the future with investment in a new ERP platform in Ireland and the UK and expanding our digital capabilities to customers. We are well positioned to support the future growth of the business.

Speaker #2: We've also invested in the organic growth of the business, with €124 million spent over the five-year period to expand our capacity and our capability across the regions, invest in research and development, health and safety, and in technology for the future. We've invested in a new ERP platform in Ireland and the UK and in expanding our digital capabilities to customers.

Speaker #2: We're well positioned to support the future growth of the business. However, with increased working capital demands and a higher interest rate environment, we continue to monitor capital allocation and focus on managing our working capital. We will update our capital allocation strategy and introduce new five-year ambitions at our Capital Markets Day on November 17th.

Colm Purcell: However, with increased working capital demands and a higher interest rate environment, we continue to monitor capital allocation and continue to focus on managing our working capital. We will update our capital allocation strategy and new five-year ambitions at our Capital Markets Day on 17 November. Finally, for our shareholders in the current year, we are proposing a final dividend of EUR 0.1415, which will bring our full-year dividend to EUR 0.1730, which is in line with last year and above the 35% payout ratio that we outlined at the last Capital Markets Day. I will now hand back to Sean.

Speaker #2: Finally, for our shareholders in the current year, we're proposing a final dividend of 14.15 cents, which will bring our full-year dividend to 17.30 cents. This is in line with last year and above the 35% payout ratio that we outlined at the last Capital Markets Day.

Speaker #2: I'll now hand back to Sean.

Speaker #1: Thanks, Colin. So, from a strategic perspective, I think what you can see there is that the business has really moved to a different level compared to where it operated from in the previous five-year period.

Sean Coyle: Thanks, Colm. From a strategic perspective, I think what you can see there is that the business has really moved to a different level compared to where it operated at from the previous five-year period. The average group operating profit over the last five years, including contribution from the joint venture businesses, has been at over EUR 100 million on average across the period. That compares very favorably to an average of about EUR 70 million over the previous five-year period. The low point for total group operating profit in this five-year period was EUR 89 million, which was the high point in the previous five-year period. So we have produced more consistent, higher average profitability in this five-year period.

Speaker #1: The average group operating profit over the last five years, including contribution from the joint venture businesses, has been at over €100 million on average across the period. That compares very favorably to an average of about €70 million over the previous five-year period.

Speaker #1: The low point for total group operating profit in this five-year period was €89 million, which was the high point in the previous five-year period.

Speaker #1: So we've produced more consistent, higher average profitability in this five-year period. Living Landscapes now represents 20% of the group operating profit at a higher margin and lower capital employed level. Increasing Living Landscapes' contribution to overall group operating profit can only be positive for the financial dynamics within the group.

Sean Coyle: Living Landscapes now represents 20% of the group operating profit and at a higher margin and lower capital employed level. Increasing Living Landscapes' contribution to overall group operating profit can only be positive for the dynamics financially within the group. The Ireland UK businesses are a smaller, more consistent profit contributor within the overall picture, and SE, LATAM and our Living Landscapes businesses provide greater balance overall to the portfolio of assets that we have. We are extremely well invested now. The business has invested significantly in plant, in facilities. Just in the last 12 months, we have bought additional land beside our two Brazilian production facilities and our main Polish manufacturing facility to allow for additional expansion. We have invested in research.

Speaker #1: The Ireland and UK businesses are a smaller, more consistent profit contributor within the overall picture, and we see LatAm and our Living Landscapes businesses provide greater balance overall to the portfolio of assets that we have.

Speaker #1: And we're extremely well invested now, so the business has invested significantly in plant and facilities. Just in the last 12 months, we've bought additional land beside our two Brazilian production facilities and our main Polish manufacturing facility to allow for additional expansion.

Speaker #1: We've invested in research, we've invested in our digital tools and solutions, invested in biological manufacturing capability from an organic perspective with our first investment in Brazil, and we continue to invest in nature-based solutions.

Sean Coyle: We've invested in our digital tools and solutions, invested in Biological, Adjuvant and Micronutrient manufacturing capability from an organic perspective with our first investment in Brazil, and we continue to invest in nature-based solutions. The markets are continuing to evolve, and the complexity that our landowners and our customers are seeing is increasing the value of the specialist knowledge, the product, and the services that we're offering. We're beginning to tie together solutions from various parts of our businesses. Recent examples of that, for example, are where golf courses are now building irrigation lagoons to try and wean themselves off dependency on local natural water supplies from water authorities.

Speaker #2: The markets are continuing to evolve, though, and the complexity that our landowners and our customers are seeing is increasing the value of the specialist knowledge, the product, and the services that we're offering.

Speaker #2: And we're beginning to tie together solutions from various parts of our businesses. Recent examples of that, for instance, are where golf courses are now building irrigation lagoons to try and wean themselves off dependency on local natural water supplies from water authorities.

Speaker #2: We're involved in the construction of those lagoons, bringing together our OAS teams and our digital teams, who can provide advice on the best location for those lagoons, and the construction of the lagoons ourselves using our Keystone Habitats business and some of the products that are involved in that.

Sean Coyle: We're involved in the construction of those lagoons, bringing together our Origin Amenity Solutions teams, our digital teams who can provide advice on the best location for those lagoons, and the construction of the lagoons ourselves using our Keystone Environmental business and some of the products that are involved in that. There are plenty of examples now of us beginning to tie together the solutions and capabilities that we have across the group, which will drive additional synergies as the business continues to grow. We're well-positioned for the next phase of growth, continue to have strong and leading market share positions. As we mentioned earlier on, we are seeing continued challenges from the competition in the market going out of business, which essentially means that there's a migration to quality and a migration to some of the larger players within the competitive dynamic.

Speaker #2: There are plenty of examples now of us beginning to tie together the solutions and capabilities that we have across the group, which will drive additional synergies as the business continues to grow.

Speaker #2: We're well positioned for the next phase of growth, continue to have strong and leading market share positions, and as we mentioned earlier on, we are seeing continued challenges from the competition in the market going out of business, which essentially means that there's a migration to quality and a migration to some of the larger players within the competitive dynamic.

Speaker #2: We continue to push for technical differentiation of product, so whether that's higher-margin products within our BAM portfolio, differentiated seed offerings, differentiated crop protection offerings, controlled-release fertilizers, and higher-quality blended nutrient fertilizers that essentially replace the lost nutrients in the soil, rather than just applying straight nitrogen to grow a crop. The business is very much focused on differentiating ourselves from our competition through higher value add.

Sean Coyle: We continue to push for technical differentiation of product. Whether that's higher margin products within our BAMN portfolio, differentiated seed offerings, differentiated crop protection offerings, controlled-release fertilizers, and higher quality blended nutrient fertilizers that essentially replace the lost nutrients in the soil rather than just applying straight nitrogen to grow a crop. The business is very much focused on differentiating ourselves from our competition through higher value add. We continue to scale our Living Landscapes business through both organic growth, integration at the back end, and driving for commercial synergies between the businesses after we've acquired them. We're continuing to identify pockets of services and pockets of solutions where complementary M&A will add value to the overall Living Landscapes business. The next 5 years will be about converting that growth into value, continuing to grow our cash generation, continuing to see enhanced returns.

Speaker #2: We continue to scale our Living Landscapes business through both organic growth integration at the back end, and by driving commercial synergies between the businesses after we've acquired them.

Speaker #2: And we're continuing to identify pockets of services and pockets of solutions where complementary M&A will add value to the overall Living Landscapes business. So the next five years will be about converting that growth into value, continuing to grow our cash generation, continuing to see enhanced returns. We should have lower capex over the coming five years, given our heavy investment in ERP and facilities over the last five years, and continuing to drive capital efficiency across the group.

Sean Coyle: We should have lower CapEx over the coming 5 years given our heavy investment in ERP and facilities over the last 5 years, and continuing to drive capital efficiency across the group. Our Capital Markets Day in Craven Cottage on 17 November will speak to strategy, some of the growth opportunities that we see out ahead, our overall financial ambitions for the group, and how we intend to allocate capital over the coming 5-year period. To summarize, our FY2026 performance has demonstrated the strength, the diversity of the group, and the capability of all of the management team. I must thank all of the management team who have delivered a very strong result in what have been very challenging circumstances, both from a supply perspective and in terms of the challenges that we're facing on farm.

Speaker #2: So our capital markets day in Craven Cottage on the 17th of November will speak to strategy, some of the growth opportunities that we see out ahead, our overall financial ambitions for the group, and how we intend to allocate capital over the coming five-year period.

Speaker #1: So, to summarize, our FY26 performance has demonstrated the strength, the diversity of the group, and the capability of all of the management team—and I must thank all of the management team who have delivered a very strong result in what have been very challenging circumstances, both from a supply perspective and in terms of the challenges that we're facing on farm.

Sean Coyle: Our five-year operating profit ambition has been exceeded significantly, and we have over-delivered in that regard. We continue to generate strong cash, which is supporting our investment in the business and shareholder returns at an overall level. We believe the platform that we have right now is very well invested for the next phase of value creation for shareholders and for the group as a whole. We look forward to seeing investors, if not on the Capital Markets Day on 17 November, on the road over the next few days. We continue to be happy to engage with investors and explain our story to them. Hopefully, we are beginning to show and evidence that the management team that are in place now are delivering on the commitments given around the 2022 Capital Markets Day. That concludes our call.

Speaker #1: Our five year operating profit ambition has been exceeded significantly and we've we've over delivered in that regard we continue to generate strong cash which is supporting our investment in the business and shareholder returns at an overall level and we believe the platform that we have right now is very well invested for the next phase of value creation for shareholders and and for the group as a whole.

Speaker #1: So we look forward to seeing investors—if not on the Capital Markets Day on the 17th of November, then on the road over the next few days. We continue to be happy to engage with investors, explain our story to them, and hopefully we are beginning to show and evidence that the management team that is in place now are delivering on the commitments given around the 2022 Capital Markets Day.

Speaker #2: So that concludes our call.

Speaker #3: If you wish to ask a question, please dial pound key five (#5) on your telephone keypad. If you wish to ask a question via the webcast, please click on the green hand inside the player or type your question in the chat box below the player.

Operator 2: If you wish to ask a question, please dial #5 on your telephone keypad. If you wish to ask a question via the webcast, please click on the green hand inside the player or type your question in the chatbox below the player. The next question comes from Patrick Higgins from Goodbody. Please go ahead.

Operator: If you wish to ask a question, please dial #5 on your telephone keypad. If you wish to ask a question via the webcast, please click on the green hand inside the player or type your question in the chatbox below the player. The next question comes from Patrick Higgins from Goodbody. Please go ahead.

Speaker #3: The next question comes from Patrick Higgins from Goodbody. Please go ahead.

Speaker #4: Thanks. Morning, everyone. One question on agri, please, and then maybe one on Living Landscapes, if that's okay. Firstly, just on agri, obviously we've seen a much improved kind of output price backdrop since the year-end, which obviously should be supportive, but I guess has to be balanced against still kind of elevated input cost environment.

Patrick Higgins: Thanks. Morning, everyone. One question on Agri, please, and then maybe one on Living Landscapes, if that is okay. Firstly, just on Agri, obviously we have seen a much improved output price backdrop since the year-end, which obviously should be supportive but I guess has to be balanced against still elevated input cost environment. Just interested to hear how we should think about farmer sentiments across your key regions, I guess, versus this time last year at the start of 2026. Have you seen any notable differences in planting intentions across the regions for the year ahead? That is Agri.

Speaker #4: So, just interested to hear how you—how you're—how we should think about farming, farmer sentiments across your key regions, I guess, versus this time last year at the start of 2026.

Speaker #4: I'm I'm have you seen any kind of notable differences in planting intentions across the regions for the year ahead? That's that's agri and then on the on Living Landscapes how should we think about the pace and and and you know obviously you have the CMD coming up so maybe maybe you'll hold fire until then but but how should we think about the M&A activity over the the next kind of 12 to 24 months ahead given your comments on the strength of the pipeline and have you seen any changes in valuation expectations either kind of bold on acquisitions or or larger kind of platform opportunities that you might be looking at across continental Europe?

Patrick Higgins: Then on Living Landscapes, how should we think about the pace on. Obviously you have the CMD coming up, so maybe you will hold fire until then, but how should we think about the M&A activity over the next 12 to 24 months ahead, given your comments on the strength of the pipeline? Have you seen any changes in valuation expectations, either bolt-on acquisitions or larger platform opportunities that you might be looking at across continental Europe? Thank you.

Speaker #4: Thank you.

Speaker #1: Thanks Patrick. I'll take the the agriculture one and maybe TJ will answer the the Living Landscapes one. So yes I mean you're right farm sentiment has improved over the back end of the summer the return of rain was important and you know harvest was concluded pretty early right around our businesses and the lift in weed prices oil seed prices generally has been a positive and I would say farm sentiment is improving and has improved significantly in the early part of this year.

Sean Coyle: Thanks, Patrick. I will take the agriculture one and maybe TJ will answer the Living Landscapes one. Yes, you are right. Farm sentiment has improved over the back end of the summer. The return of rain was important and harvest was concluded pretty early right around our businesses. The lift in wheat prices, oil seed prices generally, has been a positive. I would say farm sentiment is improving and has improved significantly in the early part of this year. Not really seeing any change in planting at this point in time. We do expect in the UK a bigger overall oil seed rape area because oil seed rape was one of the crops that performed very well last year despite the very dry conditions. So, a continued return back to a higher oil seed rape planted area, which is a positive for us.

Speaker #1: Not really seeing any change in planting at this point in time. We do expect in the UK a bigger overall oilseed rape area. Oilseed rape was one of the crops that performed very well last year, despite the very dry conditions, so a continued return back to a higher oilseed rape planted area, which is a positive for us.

Speaker #1: Winter wheat we think will probably be in line maybe slightly ahead of last year in the UK and the indications are at this early stage that Poland and Romania will continue to move towards greater winter cropping we mentioned that dynamic earlier on and the kind of trend over the last three four years has been higher levels of autumn winter planting and lower levels of spring planting in in those markets.

Sean Coyle: Winter wheat, we think will probably be in line, maybe slightly ahead of last year in the UK. The indications are at this early stage that Poland and Romania will continue to move towards greater winter cropping. We mentioned that dynamic earlier on, and the trend over the last three, four years has been higher levels of autumn-winter planting and lower levels of spring planting in those markets. Brazil, I understand the soy area is expected to be about 3% or 4% higher than last year. Again, soy prices have moved upwards, so farm sentiment in Brazil is improving. Finally then, from an animal feed perspective, while dairy prices have been lower over the last 12 months, we did see dairy prices begin to tick up as the summer went on and as the year went on.

Speaker #1: Brazil I understand the the soy area is expected to be about three or four percent higher than than last year and again soy prices have moved upwards so farm sentiment in in Brazil is improving and finally then from an animal feed perspective while dairy prices have been lower over the last 12 months we did see dairy prices begin to tick up as the summer went on and as the year went on and and it looks like the short term trend will be slightly upwards although not at the higher levels seen at the end of 2025 calendar year.

Sean Coyle: It looks like the short-term trend will be slightly upwards, although not at the higher levels seen at the end of 2025 calendar year. So broadly speaking, I would say that where fertilizer prices have landed, where raw material prices have landed, that is driving to an extent a lift in commodity from a grain and oil seed perspective and perhaps from a milk perspective. The risk of El Niño, the risk of reduced cropping, the actual outturns for summer 2026 harvest. The French maize area, I think was 42% lower year on year. So there has been significant deterioration in harvest outcomes as a result of the very dry conditions experienced last winter. That is underpinning and supporting higher prices in grain markets for the coming year. So sentiment is improving, I would say, Patrick. Does that cover all of the agricultural part of the question?

Speaker #1: So broadly speaking I would say that the where fertilizer prices have landed where raw material prices have landed that's driving to an extent a lift in commodity from a grain and oil seed perspective and perhaps from a milk perspective and the risk of El Nino the risk of reduced cropping the actual outturns for summer 26 harvest you know the the French maize area I think was 42 percent lower year on year so there has been significant deterioration in harvest outcomes as a result of the very dry conditions experienced last winter and that's underpinning and supporting higher prices in grain markets for the coming year.

Speaker #1: So, sentiment is improving, I would say, Patrick. Does that cover all of the agriculture part of the question? You might have your mic on.

Sean Coyle: You might not have the mic on. TJ, go ahead, sorry, with the Living Landscapes part.

Speaker #1: So, TJ, go ahead—sorry— with the Living Landscapes part.

Speaker #2: Sure. Thanks Patrick. You know again as as you will know kind of predicting with any degree of certainty the timing on M&A is is is difficult just by by virtue and nature of of the M&A processes themselves.

TJ Kelly: Sure. Thanks, Patrick. Again, as you will know, predicting with any degree of certainty the timing on M&A is difficult just by virtue and nature of the M&A processes themselves. That said, what I would say is that our M&A hopper is active. We have moved into various stages of diligence across a number of businesses. I would say in terms of the profile of those businesses, we have been looking at the smaller scale ones. We are also looking at some larger ticket ones. So smaller being in the 1 to 5 million EBITDA range and the larger being north of 5 million EBITDA range. So I would say a healthy hopper progressing well. But I will not be predicting the timing because that is just not a predictable piece.

T.J. Kelly: Sure. Thanks, Patrick. Again, as you will know, predicting with any degree of certainty the timing on M&A is difficult just by virtue and nature of the M&A processes themselves. That said, what I would say is that our M&A hopper is active. We have moved into various stages of diligence across a number of businesses. I would say in terms of the profile of those businesses, we have been looking at the smaller scale ones. We are also looking at some larger ticket ones. So smaller being in the 1 to 5 million EBITDA range and the larger being north of 5 million EBITDA range. So I would say a healthy hopper progressing well. But I will not be predicting the timing because that is just not a predictable piece.

Speaker #2: That said what what I would say is that our M&A hopper is active we have moved into you know various stages of diligence across you know a number of businesses you know I would say in terms of you know the the kind of profile of those businesses we we we have been looking at the smaller scale ones but we're also looking at some larger ticket ones so smaller been in the the one to five million EBITDA range and the larger been north of five million EBITDA range.

Speaker #2: So I would say a healthy hopper progressing well but but I won't be predicting the timing because that that that that is that is that is just not a predictable piece but certainly confident and and I would say in in in a healthy shape relative to the last number of months.

TJ Kelly: Certainly confident and I would say in a healthy shape relative to the last number of months. In terms of multiple expectations, I would say again, break it between the smaller ticket acquisitions where it is typically owner-managed, family-owned type of businesses for multiple expectations there would have remained relatively consistent, I would say over the years. Even as you get into the larger businesses, I would say over the last 12, 18 months, multiple expectations have not increased. We would say they generally have been flat, maybe softening in some cases, and that is possibly in part due to interest rate movements and increases. But yeah, nothing significantly different, I would say, in terms of overall multiple expectations over the last 12, 18 months, I would have said.

T.J. Kelly: Certainly confident and I would say in a healthy shape relative to the last number of months. In terms of multiple expectations, I would say again, break it between the smaller ticket acquisitions where it is typically owner-managed, family-owned type of businesses for multiple expectations there would have remained relatively consistent, I would say over the years. Even as you get into the larger businesses, I would say over the last 12, 18 months, multiple expectations have not increased. We would say they generally have been flat, maybe softening in some cases, and that is possibly in part due to interest rate movements and increases. But yeah, nothing significantly different, I would say, in terms of overall multiple expectations over the last 12, 18 months, I would have said.

Speaker #2: In terms of multiple expectations I would say again you know break it between the the smaller tickets acquisitions where you know it's typically owner managed family owned type of businesses for multiple expectations there would would have remained relatively consistent I would say over the over the years even as you get into the larger businesses I I would say over the last kind of 12 18 months multiple expectations happened increased we would say the most generally have been flat to maybe softening in some cases and that's possibly in part due to interest rates movements and increases but yeah nothing significantly different I would say in terms of overall multiple expectations over the last 12 18 months I would have said.

Speaker #3: The next question comes from Adam Tomlinson from Berenberg. Please go ahead.

Operator 2: The next question comes from Adam Tomlinson from Berenberg. Please go ahead.

Operator: The next question comes from Adam Tomlinson from Berenberg. Please go ahead.

Speaker #1: Good morning, gents. Hopefully you can hear me okay.

Adam Tomlinson: Morning, gents. Hopefully you can hear me okay.

Speaker #2: Yes we can Adam.

TJ Kelly: Yes, we can, Adam.

Sean Coyle: Yes, we can, Adam.

Speaker #1: Great. Okay, great. So thank you for the—thank you for the presentation over at Clear. Three questions, if I can, just on the UK and Ireland, and other territories, for that matter.

Adam Tomlinson: Great. Okay, great. Thank you for the presentation, all very clear. Three questions if I can. Just in the UK and Ireland and other territories for that matter, you spoke a little bit about some improvement in farming sentiment. I am just interested in any color you can give on the consolidation trend you are seeing within your customers and maybe how that is impacting you and how you think that plays out. That is the first question. The second question was just on the Living Landscapes division. Just delve into the detail a little bit there. You mentioned the sports area delivering a good performance despite tough markets. I am just wondering, is that perhaps an area where adverse or challenging weather conditions perhaps allow you to step in a bit more and help people out? Does that give a bit of counterbalance in terms of performance?

Speaker #1: You spoke a little bit about some improvement in farming sentiment, but I'm just interested in any color you can give on the consolidation trend you're seeing within your customers, and maybe how that's impacting you and how you think that plays out.

Speaker #1: That's the first question. The second question was just on the Living Landscapes division, just delving into the detail a little bit there. You mentioned the sports area delivering a good performance despite tough markets.

Speaker #1: I'm just wondering, is that perhaps an area where adverse or challenging weather conditions allow you to step in a bit more and help people out?

Speaker #1: Does that provide a bit of counterbalance in terms of performance? And then, just on the third question, it's about cash management. So, a strong net debt position for the year-end, ahead of what we were expecting, despite some working capital outflow.

Adam Tomlinson: Just on the third question, it is just on cash management. So a strong net position for the year-end ahead of what we were expecting despite some working capital outflow. I am just wondering how to think about working capital perhaps in the year ahead and just from a modeling perspective. That is the third question. Thank you.

Speaker #1: I'm just wondering how to think about working capital, perhaps in the year ahead, and just from a modeling perspective. That's the third question.

Speaker #1: Thank you.

Speaker #2: Thanks, Adam. Carmen, do you want to go ahead first?

Sean Coyle: Thanks, Adam. Colm, do you want to go ahead first?

Speaker #4: Yeah, look, the year-end finished very strong—probably ahead of our expectations, to be honest, given some of the markets were quite challenged, as we touched on earlier, in regards to farmer affordability and spend patterns in the year.

Colm Purcell: Yeah. Look, the year-end finished very strong, probably ahead of our expectations, to be honest, given some of the markets were quite challenged as we touched on earlier on as regards farmer affordability and spend patterns in the year. We had a very strong cash collection in July, which would typically be our strongest month for cash collection anyway, but probably ahead of our expectations and certainly our net debt position was good at the end of the year. Looking forward to next year, it is difficult to predict, but I think when you look at where prices are right now as regards raw materials and we have CBAM coming in the UK. With some of the timing around year-end, we probably will see a small outflow next year in working capital. But as I said earlier on, that is an area that we are looking on to manage over the year.

Speaker #4: So we had a very strong cash collection in July, which would typically be our strongest month for cash collection anyway, but probably ahead of our expectations and certainly our net debt position was good at the end of the year.

Speaker #4: Looking forward to next year it's it's difficult to it's difficult to predict but I think when you look at where prices are right now as regards raw materials and we've got CBAM coming in in the UK with some of the timing around year end we probably will see a small outflow next year in working capital but as I said earlier on that's an area that we're looking on to manage over the year.

Speaker #4: And really, it's looking at the average over the year, and how we can contain that and manage that effectively, particularly with interest rates likely to rise over the coming year or 18 months.

Colm Purcell: Really, it is looking at the average over the year and how we can contain that and manage that effectively, particularly with interest rates likely to rise over the coming year or 18 months.

Speaker #2: Thanks, Carmen. You know, from a consolidation or customer perspective on the agriculture side, some of the challenges that UK farmers are facing, I suppose, was the inheritance tax issue.

Sean Coyle: Thanks, Colm. From a consolidation or customer perspective on the agriculture side, some of the challenges that the UK farmer is facing, I suppose, was the inheritance tax issue. So, there are certainly moves to exit farming via sale rather than transition farming from generation to generation. That is around the edges. Really what we are seeing though is more consolidation in continental Europe, and also in Latin America. So, a lot of the smaller distributors, regional distributors in Romania, in Poland, and to a certain extent in Latin America, going out of business or using creditor arrangements, court-ordered arrangements to wind up their businesses. So really a flight to quality from a distributor perspective seems to be what we are seeing. So minor consolidation, I would say, at farm level. Although that is a feature always in this business and has been for the last 20 years, continued farm consolidation.

Speaker #2: So, you know, there are certainly moves to exit farming via sale rather than transition farming from generation to generation. That's around the edges.

Speaker #2: Really what we're seeing though is is more consolidation in continental Europe and also in in Latin America. So you know a lot of the smaller distributors regional distributors in Romania in Poland and to a certain extent in Latin America going out of business or using credit arrangements and and creditor arrangements sorry court court ordered arrangements to wind up their businesses.

Speaker #2: So really, a flight to quality from a distributor perspective seems to be what we're seeing. So, minor consolidation, I would say, at farm level, although that's a feature always in this business and has been for the last 20 years—continued farm consolidation.

Speaker #2: But really, there is more opportunity within our competitors' space to win business and grow market share, because competitors are significantly challenged. I think we're the only distributor of agrochemicals in the UK who made a profit in the last 12 months.

Sean Coyle: Really more opportunity within our competitor space to win business and grow market share because competitors are significantly challenged. I think we are the only distributor of agrochemicals in the UK who made a profit in the last 12 months. So, that will give you some indication of the level of challenge that has been experienced by our competitors in the UK. Adam, just regarding your question on our sports business. Yeah, clearly the very dry, arid conditions over the summer negatively impact the kind of absorption characteristics for nutrition products onto the soil for herbicides and pesticides. That said, what we do see is that it presents opportunity around our irrigation solutions and also in certain product ranges such as wetting agents. But net-net, that very dry period is a negative for the business.

Speaker #2: So, you know, that will give you some indication of the level of challenge that's been experienced by our competitors in the UK.

Speaker #1: And Adam, just regarding a question on sports business. Yeah, clearly the very dry, arid conditions over the summer are negatively impacting the kind of absorption characteristics for, you know, nutrition products onto the soil for herbicides and pesticides.

T.J. Kelly: Adam, just regarding your question on our sports business. Yeah, clearly the very dry, arid conditions over the summer negatively impact the kind of absorption characteristics for nutrition products onto the soil for herbicides and pesticides. That said, what we do see is that it presents opportunity around our irrigation solutions and also in certain product ranges such as wetting agents. But net-net, that very dry period is a negative for the business.

Speaker #1: That said what we do see is that you know it presents opportunity around our irrigation solutions and also on certain product ranges such as wetting agents but net net that very dry period is is is a negative for the business but what we do see is that we entered the as we entered the early autumn period there's a lot of recovery work that starts to happen whether it's golf courses football pitches cricket grounds etc.

TJ Kelly: But what we do see is that as we enter the early autumn period, there is a lot of recovery work that starts to happen, whether it is golf courses, football pitches, cricket grounds, et cetera. And we see a real bounce in activity through September when conditions start to improve. So certainly, we do see recovery, and we will see recovery over the coming month or so as ground staff look to renovate pitches that have been damaged over the winter period. So that is just the nature of the business, I suppose. But net, as I said, a challenge when it is very dry but recovering well over early autumn.

T.J. Kelly: But what we do see is that as we enter the early autumn period, there is a lot of recovery work that starts to happen, whether it is golf courses, football pitches, cricket grounds, et cetera. And we see a real bounce in activity through September when conditions start to improve. So certainly, we do see recovery, and we will see recovery over the coming month or so as ground staff look to renovate pitches that have been damaged over the winter period. So that is just the nature of the business, I suppose. But net, as I said, a challenge when it is very dry but recovering well over early autumn.

Speaker #1: And we see a real bounce in activity through September, when conditions start to improve. So, certainly we do see recovery and we will see recovery over the coming month or so, as ground staff look to renovate pitches that have been damaged over the winter period.

Speaker #1: So that's just the nature of the business, I suppose. But, net-net, as I said, a challenge when it's very dry, but recovering well over early autumn.

Speaker #2: Okay, that's really helpful. Thank you very much.

Adam Tomlinson: Okay. That is really helpful. Thank you very much.

Speaker #3: As a reminder, if you wish to ask a question, please dial the pound key followed by 5 on your telephone keypad. If you wish to ask a question via the webcast, please click on the green hand inside the player or type your question in the chat box below the player.

Operator 2: As a reminder, if you wish to ask a question, please dial #5 on your telephone keypad. If you wish to ask a question via the webcast, please click on the green hand inside the player or type your question in the chatbox below the player. The next question comes from Rania Balaghi from TP ICAP. Please go ahead.

Operator: As a reminder, if you wish to ask a question, please dial #5 on your telephone keypad. If you wish to ask a question via the webcast, please click on the green hand inside the player or type your question in the chatbox below the player. The next question comes from Rania Balaghi from TP ICAP. Please go ahead.

Speaker #3: The next question comes from Rania Balogi from TP ICAP. Please go ahead.

Speaker #5: Good morning. I hope you can hear me well. Thank you for taking my question. I have three. The first one is: can you disclose more about your outlook, maybe for the next semester?

Rania Balaghi: Good morning. I hope you are hearing me well. Thank you for taking my questions. I have three. The first one is on what you can disclose more on your outlook, maybe for the next semester. The second one would be on the recent integration of Living Landscapes acquisition. Should we expect them to be relatively straightforward, or are there any maybe key challenges investors should be aware of? And the third one is on Brazil its credit risk and bad debts provision. How are you managing them? Are there any more information you can give on the next fiscal year? Thank you so much.

Speaker #5: The second one would be on the recent integration of Living Landscapes acquisitions. Should we expect them to be relatively straightforward, or are there any—maybe—key challenges investors should be aware of?

Speaker #5: And the third one is on Brazil. It's credit risk and the provisions. How are you managing them? Is there any more information you can give on the next fiscal year?

Speaker #5: Thank you so much.

Speaker #2: Okay, well, on Outlook, typically, Rania, we don't give Outlook in the business until our Q3 trading update, which is, I suppose, in the June time frame. And that's because 90% of our profit is weighted towards the second half of the year.

Sean Coyle: Well, on outlook, typically, Rania, we do not give outlook in the business until our Q3 trading update, which is I suppose, in June timeframe, and that is because 90% of our profit is weighted towards the H2 of the year. What I can say now is that the trading for the first six weeks of this year has been in line with our expectations. So one of the happy things about ending a challenging year that we have just come from is that we get on the flywheel and start all over again when the new agricultural year comes around, and the new planting season begins. So, I am happy to say that early seed sales, early sales of fertilizer, and early sales across our Living Landscapes businesses have been strong in the first six weeks of the year. So we are happy with how that is happening.

Speaker #2: What I can say now is that trading for the first six weeks of this year has been in line with our expectations. One of the happy things about ending a challenging year, which we've just come from, is that we get on the flywheel and start all over again.

Speaker #2: When the new agro agricultural year comes around and the new planting season begins so you know I'm happy to say that early seed sales early sales of of fertilizer and early sales across our living landscapes businesses have been strong in the the first six weeks of the year.

Speaker #2: So we're happy with how that's happening. But typically, we don't give an outlook until very late in the year. We are comfortable with the range of analyst expectations that are out there, but I suppose we don't give an outlook at this point of the year.

Sean Coyle: Typically, we do not give an outlook until very late in the year. We are comfortable with the range of analyst expectations that are out there. I suppose we do not give an outlook at this point of the year.

Speaker #1: And regarding your question on integration of acquisitions, maybe bring it into two components broadly. I mentioned in the Environmental businesses we're putting in a new ERP solution across those businesses and also a new project management solution.

TJ Kelly: Regarding your question on integration of acquisitions, we break them into two components broadly. I mentioned in the environmental businesses, we are putting in a new ERP solution across those businesses and also a new project management solution. Again, that is to support both the organic growth and also future acquisition onboarding as well, so that we have a common platform and set of solutions there. We already have that to an extent across our distribution businesses in sports and landscapes. That also is evolving, and we are continuing to invest behind our IT infrastructure in those businesses as well. Again, for the same reasons of supporting ongoing organic growth, but also to create that platform for future acquisitions. I also mentioned that within the Living Landscapes businesses, we have gone through an operating model change.

T.J. Kelly: Regarding your question on integration of acquisitions, we break them into two components broadly. I mentioned in the environmental businesses, we are putting in a new ERP solution across those businesses and also a new project management solution. Again, that is to support both the organic growth and also future acquisition onboarding as well, so that we have a common platform and set of solutions there. We already have that to an extent across our distribution businesses in sports and landscapes. That also is evolving, and we are continuing to invest behind our IT infrastructure in those businesses as well. Again, for the same reasons of supporting ongoing organic growth, but also to create that platform for future acquisitions. I also mentioned that within the Living Landscapes businesses, we have gone through an operating model change.

Speaker #1: And again, that's to support both organic growth and also future acquisition onboarding as well, so that we have a common platform and set of solutions there.

Speaker #1: We have already had that to an extent across our distribution businesses and sports and landscapes, but that also is evolving, and we're continuing to invest behind our IT infrastructure in those businesses as well.

Speaker #1: Again, for the same reasons of supporting ongoing organic growth, but also to create that platform for future acquisitions. I also mentioned that within the Landscapes businesses, we have gone through an operating model change—so migrating the businesses from a more BU-led structure to more of a commercially led structure that better aligns with our customers and segments.

TJ Kelly: So migrating the businesses from more of a BU-led structure to more of a commercially-led structure that better aligns with our customers and segments. I guess that is an ongoing focus to ensure that the organizational and operating model design of the business is best fit for future growth and meeting ultimately customers' needs and demands as we look out into the future. I think in terms of challenges around integration, I would say culture is particularly for M&A and new business onboarding, managing the cultural integration, cultural alignment, protecting the culture of those businesses that we have acquired because typically we have been acquiring the owner-managed smaller businesses in some cases that have a particular unique culture that has made them attractive for the workforce and has made them attractive for their customers ultimately.

T.J. Kelly: So migrating the businesses from more of a BU-led structure to more of a commercially-led structure that better aligns with our customers and segments. I guess that is an ongoing focus to ensure that the organizational and operating model design of the business is best fit for future growth and meeting ultimately customers' needs and demands as we look out into the future. I think in terms of challenges around integration, I would say culture is particularly for M&A and new business onboarding, managing the cultural integration, cultural alignment, protecting the culture of those businesses that we have acquired because typically we have been acquiring the owner-managed smaller businesses in some cases that have a particular unique culture that has made them attractive for the workforce and has made them attractive for their customers ultimately.

Speaker #1: And that's, I guess, an ongoing focus to ensure that the organizational and operating model design of the business is best fit for future growth and ultimately meeting customers' needs and demands as we look out into the future.

Speaker #1: I think in terms of challenges around integration I would say you know culture is is particularly for for M&A and new business onboarding managing the the the cultural integration cultural alignment protecting the culture of those businesses that we've we've acquired because you know typically we've been acquiring small the the owner managed smaller businesses in some cases that have a particular unique culture that has made them attractive for the workforce and has made them attractive for their their customers ultimately.

Speaker #1: So it's ensuring that in whatever integration work that we do that we're very conscious and aware of the the the importance of the the local cultural dynamics and operating norms in each of those businesses and to the extent possible protecting those as we as we grow the businesses.

TJ Kelly: So it is ensuring that in whatever integration work that we do, that we are very conscious and aware of the importance of the local cultural dynamics and operating norms in each of those businesses, and to the extent possible, protecting those as we grow the businesses.

T.J. Kelly: So it is ensuring that in whatever integration work that we do, that we are very conscious and aware of the importance of the local cultural dynamics and operating norms in each of those businesses, and to the extent possible, protecting those as we grow the businesses.

Speaker #4: And yeah I just in respect of credit risk I didn't hear all the question it broke up a little bit but maybe just to talk to how we approach credit risk in general I guess the two most challenging markets I guess are are Romania and Brazil as Sean mentioned earlier on the level of bankruptcies and court protections and restructurings in 2025 calendar year was the highest year on record.

Colm Purcell: Yeah, just in respect of credit risk, I did not hear all the question. It broke up a little bit. But maybe just to talk to how we approach credit risk in general, I guess the two most challenging markets, I guess, are Romania and Brazil. As Sean Coyle mentioned earlier on, the level of bankruptcies and court protections and restructurings in 2025 calendar year was the highest year on record. Our approach in that market is we have a high level of credit insurance, and we also engage in guarantees and in some cases mortgages to protect our credit that we advance in that market, which means that although we would have taken a higher provision relative to last year compared to some of our peers, it is obviously pretty minimal. It gives us a lot of protection as we sell on credit in that market.

Speaker #4: Our approach in that market is we have a high level of credit insurance, and we also engage in guarantees and, in some cases, mortgages to protect our credit that we advance in that market. This means that although we would have taken a higher provision relative to last year compared to some of our peers, it's obviously pretty minimal, and it gives us a lot of protection as we sell on credit in that market.

Speaker #4: Romania has gone through probably a difficult three years, following two years of consecutive droughts, putting a lot of pressure on farmers and their ability to spend and pay their bills. At the end of the period, there was improvement over the last 12 months in that market, and as I touched on, our credit collections in July were very strong in that market.

Colm Purcell: Romania has gone through probably a difficult three years following two years of consecutive droughts, putting a lot of pressure on farmers and ability to spend, and to pay their bills at the end of the harvest. Definitely, we have seen improvement over the last 12 months in that market, and as I touched on, our collections in July were very strong in that market. However, the previous years and collection of older debt, we took a position in the year to provide for the majority of that. If you remember, two years ago, there was an intervention by the government which stopped companies like ourselves chasing down debt for a period of six months to give farmers some relief. It has been challenging to collect and to go after that older debt.

Speaker #4: However, in previous years and regarding the collection of older debt, we took a position in the year to provide for the majority of that. If you remember, two years ago there was an intervention by the government which stopped companies like ourselves from chasing down debt for a period of six months to give farmers some relief.

Speaker #4: So it has been challenging to collect and to go after that older debt, so that's why we had that kind of spike in the year, to really protect us against the older amounts. But certainly, it has improved. Our approach in that market is similar in that we'll look to use guarantees and mortgages as best we can to try and protect ourselves against the recoverability of debtors.

Colm Purcell: That is why we had that kind of spike in the year to really protect us against the older amounts. But certainly, it has improved. But our approach in that market is similar in that we will look to use guarantees and mortgages as best we can to try and protect ourselves against recoverability of debtors. I would say outside of that, our approach is similar, and we have got a strong record on cash collection when it comes to receivables.

Speaker #4: And I'd say, outside of that, our approach is similar, and we've got a strong record on cash collection when it comes to receivables.

Speaker #5: The next question comes from Cathal Kenny from Davie. Please go ahead.

Operator 2: The next question comes from Cathal Kenny from Davy. Please go ahead.

Operator: The next question comes from Cathal Kenny from Davy. Please go ahead.

Speaker #2: Good morning. A couple of questions from my side. Firstly, on CBAM coming into the UK at the start of '27, just interested in your thoughts there.

Cathal Kenny: Good morning. A couple of questions from my side. Firstly, on CBAM coming into the UK at the start of 2027. Just interested in your thoughts there, particularly around inventory management ahead of that with regard to fertilizer. Same question, Living Landscapes on the service side. Interested to hear your thoughts, TJ, just on your visibility around the business pipeline as you look into the year ahead. Third question is the repeatability of the performance at the after-tax level for joint ventures. Very good performance this year. Just interested to know how you think that will perform in the year ahead. Thank you.

Speaker #2: Particularly around inventory management ahead of that with regard to fertilizer. Same question—Living Landscapes. On the service side, interested to hear your thoughts, TJ, just on your visibility around the business pipeline.

Speaker #2: As you look into the year ahead, the third question is about the repeatability of performance at the after-tax level for joint ventures. There was very good performance this year—just interested to know how you think that will perform in the year ahead.

Speaker #2: Thank you.

Speaker #1: Thanks, Kyle. Colin, do you want to do CBAM again?

Sean Coyle: Thanks, Cathal. Colm, do you want to do CBAM? Sure. Morning, Cathal. Yes, in respect to CBAM, I guess they were 12 months after the European implementation, so it comes in on 1 January 2027. Hard to predict as regards what that will mean. Our expectation is there probably will be some more inventory purchased pre-Christmas or pre-January. But again, it comes back to affordability and credit off the back of a challenging year. That will influence, I guess, the volumes of fertilizer that we see being bought before CBAM comes in. We are in a good inventory position. It is a different market over there, so there is not the same capability to bring in large quantities of inventory. But we will certainly be looking to demand profiles there and managing that over the months ahead. TJ, do you want to touch on-

Sean Coyle: Thanks, Cathal. Colm, do you want to do CBAM?

Speaker #4: Surely. Morning, Kyle. Yes, with respect to CBAM, I guess there were kind of 12 months after the European implementation, so it comes in on January 1, 2027.

Colm Purcell: Sure. Morning, Cathal. Yes, in respect to CBAM, I guess they were 12 months after the European implementation, so it comes in on 1 January 2027. Hard to predict as regards what that will mean. Our expectation is there probably will be some more inventory purchased pre-Christmas or pre-January. But again, it comes back to affordability and credit off the back of a challenging year. That will influence, I guess, the volumes of fertilizer that we see being bought before CBAM comes in. We are in a good inventory position. It is a different market over there, so there is not the same capability to bring in large quantities of inventory. But we will certainly be looking to demand profiles there and managing that over the months ahead.

Speaker #4: How to predict as regards what that will mean. Our expectation is there probably will be some more inventory purchased pre-Christmas or pre-January, but again, it comes back to affordability and credit off the back of a challenging year that will influence, I guess, the volumes of fertilizer that we see being bought before CBAM comes in.

Speaker #4: You know, we're in a good inventory position. It's a different market over there, so there isn't the same capability to bring in large quantities of inventory, but we'll certainly be looking to demand profiles there and managing that over the months ahead.

Speaker #2: TJ, do you want to touch on that?

Sean Coyle: TJ, do you want to touch on-

TJ Kelly: Sure. Morning, Cathal. Yes, as regards the advisory businesses, generally what we see in terms of pipeline, and we manage those businesses based on forward-looking pipeline. Pipeline is generally in good shape across the businesses going into the later autumn period. Certain businesses have different seasonal components to them, but generally positive. I mentioned in the press release that we had some challenges in the renewable space in the UK with the timing of award and consent around grid applications. So that slowed performance in one of our businesses near down to some extent last year. But confident that that is picking back up again as we enter the late autumn period. So overall, I would say in reasonably good shape. We announced also that just after the end of the year, we acquired Lighthouse Consulting, which is in the planning area.

T.J. Kelly: Sure. Morning, Cathal. Yes, as regards the advisory businesses, generally what we see in terms of pipeline, and we manage those businesses based on forward-looking pipeline. Pipeline is generally in good shape across the businesses going into the later autumn period. Certain businesses have different seasonal components to them, but generally positive. I mentioned in the press release that we had some challenges in the renewable space in the UK with the timing of award and consent around grid applications. So that slowed performance in one of our businesses near down to some extent last year. But confident that that is picking back up again as we enter the late autumn period. So overall, I would say in reasonably good shape. We announced also that just after the end of the year, we acquired Lighthouse Consulting, which is in the planning area.

Speaker #1: Sure. Morning Kyle. . Yeah as regards the advisory businesses you know generally what we see in terms of pipeline and we manage those businesses based on forward looking pipeline.

Speaker #1: Pipeline is generally in good shape across the businesses going into the kind of the later autumn period and certain businesses have have have have different seasonal components to them but but generally positive.

Speaker #1: I did mention, or I mentioned in the press release that we had some challenges in the renewable space in the UK with the timing of award and consent around grid applications.

Speaker #1: So, that slowed performance in one of our businesses, NeoDown, to some extent last year, but I'm confident that that's picking back up again as we enter the late autumn period.

Speaker #1: So overall I would say in reasonably good shape we announced also kind of that just after the end of the year we acquired lighthouse consulting which is in the in the planning area and we've also got a couple of other acquisitions in the hopper potentially around areas such as landscape architecture and the more those gateway type services that we get access to that's really our our strategies by accessing gateway services we open up the portfolio broader services that we offer to clients as well.

TJ Kelly: We have also got a couple of other acquisitions in the hopper, potentially around areas such as landscape architecture. The more of those gateway type services that we get access to, that is really our strategy is by accessing gateway services, we open up the portfolio of broader services that we offer to clients as well, and indeed across into potentially the product solutions as well. I am very pleased that we got the Lighthouse acquisition done and I would say confident as we look out into the future around the opportunities that that presents us and some of the other M&A prospects that are coming down at us as well over the coming months, hopefully. I think overall on the advisory businesses, we are confident and optimistic about the year ahead.

T.J. Kelly: We have also got a couple of other acquisitions in the hopper, potentially around areas such as landscape architecture. The more of those gateway type services that we get access to, that is really our strategy is by accessing gateway services, we open up the portfolio of broader services that we offer to clients as well, and indeed across into potentially the product solutions as well. I am very pleased that we got the Lighthouse acquisition done and I would say confident as we look out into the future around the opportunities that that presents us and some of the other M&A prospects that are coming down at us as well over the coming months, hopefully. I think overall on the advisory businesses, we are confident and optimistic about the year ahead.

Speaker #1: And indeed, across into potentially the product solutions as well. So, certainly, very pleased that we got the Lighthouse acquisition done, and I would say confident as we look out into the future around the opportunities that presents us, and some of the other M&A prospects that are coming down at us over the coming months, hopefully.

Speaker #1: So, yeah, I think overall on the advisory businesses, we're confident and optimistic about the year ahead.

Speaker #3: Okay and the final part of your question Kyle there was in relation to repeatability of the joint venture figure. I I would say that you know it it probably is not going to be consistently coming in at that level there may be some one-off years which which allow the business deliver that level of return but certainly if we're looking at an average for the next five years it'll be at a lower level than the performance this year because with the drought conditions it simply was a a very very very strong year from a a feed perspective.

Colm Purcell: The final part of your question, Cathal, there was in relation to repeatability of the joint venture figure. I would say that it probably is not going to be consistently coming in at that level. There may be some one-off years which allow the business deliver that level of return. Certainly, if we are looking at an average for the next 5 years, it will be at a lower level than the performance this year because with the drought conditions, it simply was a very strong year from a feed perspective. I would say both the R & H Hall and the Thompsons joint venture businesses were well positioned in terms of being able to take advantage of that. As you know, we had a fire there probably 4 years ago at this stage and completely refurbished our Ringaskiddy facility. There was a significant investment that went into our Belfast facility.

Sean Coyle: The final part of your question, Cathal, there was in relation to repeatability of the joint venture figure. I would say that it probably is not going to be consistently coming in at that level. There may be some one-off years which allow the business deliver that level of return. Certainly, if we are looking at an average for the next 5 years, it will be at a lower level than the performance this year because with the drought conditions, it simply was a very strong year from a feed perspective. I would say both the R & H Hall and the Thompsons joint venture businesses were well positioned in terms of being able to take advantage of that. As you know, we had a fire there probably 4 years ago at this stage and completely refurbished our Ringaskiddy facility. There was a significant investment that went into our Belfast facility.

Speaker #3: And I would say both the Holdings and the Thompsons joint venture businesses were well positioned in terms of being able to take advantage of that.

Speaker #3: As you know, there was a fire probably four years ago at this stage, and we completely refurbished our Ringaskiddy facility. There was a significant investment that went into our Belfast facility.

Speaker #3: So the kind of industrial-scale throughput that we can put through our production facilities, whether it's on grain distribution or manufacturing of feed, is now at a higher level.

Colm Purcell: The kind of

Sean Coyle: The kind of

Sean Coyle: industrial scale throughput that we can put through our production facilities, whether it is on grain distribution or manufacturing of feed, is now at a higher level. When there are bursts in demand, R & H Hall is probably better positioned than any other competitor in the market who is typically working through a flat store model rather than heavily automated stores. That opportunity is generally taken by R & H Hall when we have very strong closing bursts in demand.

Speaker #3: So, when there are bursts in demand, Holds is probably better positioned than any other competitor in the market, who's typically walking through a flat store model rather than heavily automated stores.

Speaker #3: That opportunity is generally taken by holds when we have very strong, close-in bursts in demand.

Speaker #2: Thank you. Very helpful.

Cathal Kenny: Thank you. Very helpful.

Speaker #3: There's one—sorry, there's one question which has come in online there from Alkil Patel from Shore. So, with Romania moving more towards winter cropping, is that an opportunity from a volume and margin perspective for your products?

Sean Coyle: There is one question which has come in online there from Ankeet Patel from Shore. With Romania moving more towards winter cropping, is that an opportunity for a volume and margin perspective for your products? I mean, the answer to that question is potentially yes. We do obviously sell winter wheat and oil seed rape, which are the two main winter crops in the Romanian market. As we know from our explanation of cropping in the past, the longer that the crop is in the ground, typically the more the farmer will spend on it. So it typically needs more applications of products through the season. It typically needs more servicing, and therefore that represents an opportunity. Maize, which this crop is potentially replacing, so winter wheat and oil seed rape would typically replace a maize crop, is not that profitable a crop from a Romanian perspective.

Speaker #3: I mean, the answer to that question is potentially yes. You know, we do obviously sell winter wheat and oilseed rape, which are the two main winter crops in the Romanian market. And as we know from our explanation of cropping in the past, the longer that the crop is in the ground, typically the more the farmer will spend on it.

Speaker #3: So, it typically needs more applications of products throughout the season; it typically needs more servicing, and therefore that represents an opportunity. Maize, which this crop is potentially replacing—so winter wheat and oilseed rape will typically replace a maize crop—is not that profitable a crop from a Romanian perspective.

Speaker #3: So I think, yes, it represents opportunity for us, and that's good news. Anything that makes our farmers more stable and more profitable is good news for agri, particularly in the Romanian market as well.

Sean Coyle: I think, yes, it represents opportunity for us, and that is good news. Anything that makes our farmer more stable and more profitable, is good news for Agri UK, particularly in the Romanian market as well. I think generally speaking, we would be happier with more winter cropping than spring cropping in the Romanian market.

Speaker #3: So yeah, I think, generally speaking, we would be happier with more winter cropping than spring cropping in the Romanian market.

Speaker #4: We have no more questions on the line, so I will hand the conference back to Sean Coyle to conclude today's call.

Operator 2: We have no more questions on the line, so I hand the conference back to Sean Coyle to conclude today's call.

Operator: We have no more questions on the line, so I hand the conference back to Sean Coyle to conclude today's call.

Speaker #3: Great. Well, look, thanks very much everybody for joining the call today. Hope you got some insight into the performance for the year. As I said earlier, we look forward to seeing you on the road over the next few days, or at our Capital Markets Day in Craven Cottage on November 17th, if we don't see you over the coming days.

Sean Coyle: Great. Well, look, thanks very much everybody for joining the call today. Hope you got some insight into the performance for the year. As I said earlier, we look forward to seeing you on the road over the next few days, or at our Capital Markets Day in Craven Cottage on 17 November, if we don't see you over the coming days. Thank you for joining.

Speaker #3: Thank you for joining.

Speaker #4: That concludes our conference call for today. Thank you for participating. You may now disconnect your lines.

Operator 2: That concludes our conference call for today. Thank you for participating. You may now disconnect your lines. The host has ended this call. Goodbye.

Operator: That concludes our conference call for today. Thank you for participating. You may now disconnect your lines. The host has ended this call. Goodbye.

Browse all earnings call transcripts

Q4 2026 Origin Enterprises PLC Earnings Call

Request TrialDemo

Origin Enterprises

Earnings