AVI Limited (AVSFY) Q4 2026 Earnings Call Transcript

Simon Crutchley
CEO & Executive Director

Good afternoon since it is almost 12:00 afternoon, not morning. It’s not a very good morning in Johannesburg. I don’t think we like presenting results unless the sun is shining. But welcome to everybody who’s taken the trouble to come and join us at the JSE today. Thank you and also to everybody online.

These are our results for the 30th of June 2026. We’ve got a pretty normal presentation. Key features and results history, I think I’ll cover. Justin will talk to you about some of the more detailed group financial numbers, and then we’ll go into the performance and prospects and then take questions. It’s certainly a tale of 2 halves. The first semester was much stronger. Second was much more challenging. Certainly, from February onwards, steep price increases in energy — and certainly, quarter 4 of the second semester was particularly challenging from a sales point of view where we saw a market slowdown with respect to anxieties with our wholesale and distribution channel.

So revenue only increasing by 1.4%, some leverage, 4.4% at the operating profit level, but strong protection of the margins across the portfolio, and we’ll go into some of that in more detail. Pretty tough semester, particularly the second semester with creamer, but still a very, very strong results, but a lot more competitive than the prior year.

I&J, a good recovery in the fishing