SPC Global reported solid Q4 FY26 growth driven by domestic beverage sales and a 50.8% jump in international revenue, while a $100 million equity raise slashed net leverage and paved the way for improved cash flow in FY27.
- Q4 FY26 net sales revenue and normalised EBITDA growth in line with guidance
- Domestic beverages up 11.7%, branded product mix improves by 5.2 percentage points
- International sales jump 50.8%, led by Asia Pacific markets including Japan and South Korea
- Mill Park facility closure and Shepparton restructuring on track to deliver $8 million EBITDA benefit
- $100 million equity raise reduces net leverage below 2x EBITDA, improving financial flexibility
Strong Q4 Performance Anchored by Domestic and International Growth
SPC Global Holdings Limited (ASX:SPG) closed FY26 with a robust Q4 performance, posting net sales revenue (NSR) and normalised EBITDA growth consistent with its guidance. Domestic beverage sales surged 11.7%, buoyed by a 5.2 percentage point increase in higher-margin branded products, underscoring a shift towards premiumisation. The Ardmona tomato range secured exclusive shelf space at Woolworths, reinforcing SPC’s foothold in core Australian categories, while new pack formats expanded distribution in the growing On-The-Go segment.
International Expansion Accelerates with Key Asia Pacific Wins
Internationally, SPC’s Nature One division delivered a striking 50.8% year-on-year uplift in NSR, adding approximately AUD$5.5 million in Q4. Notably, The Original Juice Co. Black Label secured listings with Costco Japan, targeting a juice market valued at nearly USD$9.8 billion. The product launch in South Korea through Emart Traders exceeded AUD$1.2 million in sales within 12 weeks, with projections of AUD$10 million over three years. Singapore’s market expansion continues via NTUC FairPrice and Cold Storage supermarkets, with Juice Lab Wellness Shots poised for a nationwide rollout across multiple channels.
Operational Efficiencies and Manufacturing Restructuring on Track
SPC Global’s FY26 synergy program is progressing well, delivering approximately AUD$8 million in cost savings across SG&A, procurement, and supply chain. The strategic closure of the Mill Park facility and transition of Juice Lab production to Shepparton remain on schedule for Q1 FY27, expected to generate around AUD$8 million in EBITDA benefits with a payback period under 12 months. Shepparton’s restructuring aims to enhance manufacturing capabilities and productivity, setting the stage for sustainable growth and operational resilience.
Balance Sheet Reset Enhances Financial Flexibility
The company’s fully underwritten AUD$100 million equity raise has materially transformed its balance sheet, reducing net leverage from 3.9–4.0x EBITDA to below 2x by FY26 year-end. Further deleveraging to approximately 1.0–1.2x is anticipated in FY27, significantly lowering financial risk. This capital injection supports SPC’s growth ambitions and is expected to reduce annual interest expenses from roughly AUD$15 million to AUD$5–6 million, bolstering free cash flow generation. Management’s disciplined cash focus has improved normalised EBITDA to free cash flow conversion from negative 75% in FY25 to an estimated negative 15–20% in FY26, pre-equity raise.
Outlook Underpinned by Synergies and Growth Initiatives
SPC Global confirms it remains on track to meet FY26 guidance with 25% normalised EBITDA growth over FY25. The company anticipates FY27 will benefit from the full-year impact of synergy initiatives, manufacturing consolidation, and balance sheet strength, supporting further earnings growth and improved cash conversion. Managing Director Robert Iervasi highlighted the company’s ability to convert strategy into tangible results, particularly through international market penetration and premium brand positioning.
Bottom Line?
SPC Global’s equity raise and operational reforms position it for stronger earnings and cash flow in FY27, but execution of international expansion and manufacturing transitions will be key to sustaining momentum.
Questions in the middle?
- How will SPC Global sustain growth momentum in competitive Asia Pacific juice markets?
- Can the manufacturing restructuring deliver the anticipated productivity gains without disruption?
- What impact will lower leverage and interest costs have on SPC Global’s capacity for further acquisitions or innovation?