Sydney, June 9, 2026, 08:01 (AEST)
- Nufarm finished last week at A$2.82, slipping about 6% from where it closed at A$3.00 a week before, ahead of the ASX shutting for Monday’s King’s Birthday holiday.
- Phoenix Group dropped off the list of substantial holders after it sold around 4.5 million ordinary shares following trades on May 28, according to a filing dated June 4.
- Brokers want to see if improved margins and free cash flow will help reduce leverage to management’s FY26 goal.
Nufarm Ltd heads into the shortened week in Australia trading lower, with shares last at A$2.82, slipping after gains made right after results. At the time, the ASX cash market was still in its pre-open phase; normal trading is set to begin just before 10 a.m. Sydney and goes through 4 p.m.
ASX trading was shut Monday for the King’s Birthday holiday, so Friday’s finish at 8,625.10, down 0.70% for the broader S&P/ASX 200, is still the last price. Nufarm starts trading again into that same softer market. The local tape isn’t clean after the break.
Nufarm’s shares are still trading off its May half-year update. The company posted statutory net profit after tax of A$38 million, 28% higher than last year, and underlying EBITDA at A$243 million, up 18%. EBITDA stands for earnings before interest, tax, depreciation and amortisation, a standard profit gauge. Free cash flow climbed by A$193 million and net debt was cut to A$1.23 billion.
The company is showing “clear progress” on earnings, cash and leverage, Chief Executive Rico Christensen told investors. He said the new strategy is focused on boosting cash generation and cutting capital intensity. That’s now the main bullish argument, not revenue growth.
Nufarm kept its FY26 outlook for underlying EBITDA and leverage. The company is still aiming for leverage, measured as net debt to underlying EBITDA, of around 2.0 times by the end of FY26. That’s down from 2.7 times at FY25. Capex is still set to stay below A$200 million.
Phoenix Group is off the list of substantial holders after dumping 4,276,581 shares in one trade and then another 238,812 on May 28, according to the shareholder register. The change came through its partnership for international shares, with the cut dropping Phoenix below the disclosure threshold, a filing showed.
Broker calls have turned more positive, but that hasn’t shown up in Nufarm’s share price. Market Index reported UBS lifted its rating to Buy from Neutral, RBC Capital Markets took Nufarm to Outperform from Sector Perform, and Bell Potter kept its Buy call with a A$3.60 target. Brokers are watching margins in crop-protection, cost cuts, free cash flow and leverage.
Nufarm CFO Brendan Ryan said on the results call that hitting the second-half debt target will need the usual working-capital unwind, cash coming in from first-half sales, and lower capex. He told analysts that “fish oil pricing has been firming,” which relates to Nufarm’s omega-3 platform, but told Morgans’ Belinda Moore it’s still “too early to determine” how much asset sales might bring in. Investing
Competitive signals are still coming in. Corteva missed its quarterly sales target this year as both crop protection and seed demand came in soft. Bayer’s Crop Science business lifted its first-quarter numbers, though. For Nufarm, this probably means execution matters more than hoping for a sector bounce.
Nufarm’s forecast counts on average seasonal and market conditions, but the company is facing higher costs for actives, plus freight and energy, with some of that last piece tied to Middle East instability. It dealt with dry weather in APAC in the first half, which weighed on earnings. If those conditions return, hitting the debt target gets tougher.
Week starts off steadier globally after the holiday pause, with Reuters reporting stocks bounced and oil trimmed gains as Iran and Israel held off further action. But Nufarm’s financial calendar lists its next result as the FY26 full-year on Nov. 19. No big updates expected before then, so the stock could move on cash conversion, shareholder flows, and management’s efforts to rein in costs.
