Full Year 2025 Elders Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Richard Barwick - CLSA Ltd - Analyst : Good morning, guys. Can I just double check, when you're talking SysMod and obviously it looks like some benefits from an EBIT perspective are expected in FY26, are you able to put some numbers around that and then equally what you would see as the non-underlying OpEx impact from SysMod in 26?

Question: Richard Barwick - CLSA Ltd - Analyst : Okay. Thank you. And my other question is to do with the ¡ there's quite a sizable impairment of goodwill obviously captured within this FY25 result. Give us a little bit more background, exactly what that related to, please.

Question: Richard Barwick - CLSA Ltd - Analyst : And I guess the obvious question is what are the risks? I mean, obviously, you've got something in place here to try and mitigate it, which would suggest you are a bit concerned that this could repeat with some because, I mean, you've made a lot of acquisitions in the last few years. Yeah, how do we think about that risk?

Question: Richard Barwick - CLSA Ltd - Analyst : Absolutely. Okay. All right. That's helpful. Thanks both.

Question: Ben Wedd, CFA - Macquarie Research Ltd - Analyst : Hi, Mark and Paul. Thanks for the question. Maybe just turning to your comments around capital allocation there and particularly with and potentially moving some of the receivables into third-party lenders there. I'd just be interested in sort of, I guess, any timeframes you can give around that and how that sort of looks from an operational standpoint. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 16, 2025 / 11:00PM, ELD.AX - Full Year 2025 Elders Ltd Earnings Call

Question: Ben Wedd, CFA - Macquarie Research Ltd - Analyst : Yeah, got it. Thank you, Paul. And then maybe just any comments you can sort of give us around Delta's sort of performance over the last 12 months as it might compare to Elders as well and some of those key categories like Ag Chem and other cropping areas.

Question: Ben Wedd, CFA - Macquarie Research Ltd - Analyst : Thank you.

Question: Paul Jensz - PAC Partners Pty Ltd - Analyst : Thank you. Just one at the top, Mark, if I can. You talk about the 5% market share you have in the wider farm input space. Can you see some additions to your business or the Elders' business, or is it a case of organic growth from where you are to get a larger part of that pie?

Question: Paul Jensz - PAC Partners Pty Ltd - Analyst : Right across the board, you had a chart there with the Delta acquisition where you're a small part of a very big pie in farm inputs. And you've got the new structure that you have, and I'm just wondering where to from here if you're just such a small part of the pie?

Question: Paul Jensz - PAC Partners Pty Ltd - Analyst : and that's across the broader elders business as well. If I look at the new structure that you have, it's really sticking to the core business. You don't see another bolt on there?

Question: Paul Jensz - PAC Partners Pty Ltd - Analyst : Okay, and then the second question, if I can, is if I build the building blocks towards the, say, 2027, 2028 numbers that ConsenSys have, there doesn't seem to be a lot of, I suppose, underlying organic growth. If you do the SysMod, the 250 staff that came across with the bolt-ons, Delta, and the small free kit you get from 25, some of the earnings come into '26. So I'm interested in that organic growth number because I don't think ConsenSys has got a big number in there for it, and neither do I at the moment.

Question: Paul Jensz - PAC Partners Pty Ltd - Analyst : And the final one, I thought others would ask this question, Mark, but I'll do it. The press, I love talking about management transition, Mark, and your term comes up at the end of next year. I'm interested in whether you could return fire with what the press like talking about with management change.

Question: Paul Jensz - PAC Partners Pty Ltd - Analyst : Thank you, Mark. Thank you, Paul. See you later in the week. Yeah, thank you.

Question: John Campbell - Jefferies LLC - Analyst : Hi, guys. Thanks for the opportunity. Paul, firstly, just clarity. What's the dollar value of adjustments that you've made to arrive at adjusted EBIT?

Question: John Campbell - Jefferies LLC - Analyst : Yeah. Yeah, just the $143 million, just for clarity, so I know what we're adjusting. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 16, 2025 / 11:00PM, ELD.AX - Full Year 2025 Elders Ltd Earnings Call

Question: John Campbell - Jefferies LLC - Analyst : Yeah, I can see where you've -- I just wasn't 100% sure which is included in your adjustment calculations. But I think we've got a call on this afternoon, Paul, so we can maybe touch base then. Thanks for that. And just, Mark, around, and you sort of touched on it, but I presume with the improving seasonal conditions in the southern regions that impacted in FY25, in terms of that competitive intensity in crop protection you've been talking about. I presume you see FY26, though, that sort of level of intensity and price competition and the like abating over the course of '26?

Question: John Campbell - Jefferies LLC - Analyst : Okay, so that all augurs pretty well for crop protection for '26.

Question: John Campbell - Jefferies LLC - Analyst : Yeah, yeah, okay. Thanks very much, guys. That's it.