ArborGen Holdings (ARB)

Snapshot

Latest metrics

FY26, released 29 May 2026

← Swipe to view more

ARB latest metrics
Metric	Value	Change
Revenue	$68.2m	↑ +7.9%
Operating profit	-$0.5m	↓ -104.5%
NPAT	-$7.5m	↑ +65.1%
Operating cash flow	$3.7m	↑ +37.0%
OCF / Operating profit %	-740.0%	↓ -764.1pp
Net debt	$25.1m	↑ +20.1%
Net debt / Operating profit	-50.2x	↓ -2784.5%
ROE %	-6.3%	↑ +11.0pp
PBT	-$3.4m	↑ +84.9%
FCF pre-lease	-$0.4m	↑ +92.2%

Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY25, released 30 May 2025.

Chat

Ask about ARB

Ask follow-up questions about ArborGen Holdings's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about ARB

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Longitudinal view

Performance over time

The latest period is shown first.

← Swipe to view more

ARB metric history
Metric	FY2612 MONTHS29 May 2026	HY266 MONTHS26 November 2025	FY2512 MONTHS30 May 2025	FY2412 MONTHS30 May 2024	HY246 MONTHS13 December 2023	FY2312 MONTHS30 May 2023	HY236 MONTHS29 November 2022	FY2212 MONTHS30 May 2022	HY226 MONTHS24 November 2021	Trend
Revenue	$68.2m	$14.2m	$63.2m	$67.7m	$13.2m	$56.1m	$7.4m	$47.6m	$4.6m	Chart
Revenue growth %	7.9%	7.6%	-6.6%	20.7%	78.4%Outside range high revenue growth. 78.4%; 3-period range -61.3% to 60.9%. Revenue growth: 78.4%, above normal range; 3-period mean 2.4%, range -61.3%-60.9%.	n/m	60.9%	11.2%	-61.3%Outside range low revenue growth. -61.3%; 3-period range 7.6% to 78.4%. Revenue growth: -61.3%, below normal range; 3-period mean 49.0%, range 7.6%-78.4%.	Chart HY24 Revenue growth %: Outside range high revenue growth. 78.4%; 3-period range -61.3% to 60.9%. Revenue growth: 78.4%, above normal range; 3-period mean 2.4%, range -61.3%-60.9%.
Operating profit	-$0.5m	-$2.1m	$11.2m	-$0.2m	-$0.5m	$10.3m	-$0.9m	-$1.3m	$0m	Chart
Operating profit margin %	-0.7%Outside range low ebitda margin. 16.8%; 3-period range 17.7% to 21.2%. EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.	-14.8%	17.7%	-0.3%	-3.8%	18.4%	-12.2%	-2.7%Outside range high ebitda margin. 21.2%; 3-period range 16.8% to 18.4%. EBITDA margin: 21.2%, above normal range; 3-period mean 17.6%, range 16.8%-18.4%.	0.0%	Chart FY26 Operating profit margin %: Outside range low ebitda margin. 16.8%; 3-period range 17.7% to 21.2%. EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.
PBT	-$3.4m	-$2m	-$22.5m	-$1.6m	-$1.5m	$0.9m	-$1.6m	-$3m	-$0.9m	Chart
NPAT	-$7.5m	-$0.6m	-$21.5m	-$0.2m	-$0.1m	-$2.5m	-$1.6m	$1.7m	$0.1m	Chart
NPAT growth %	—	—	—	—	—	—	—	—	-97.5%	—
Operating cash flow	$3.7m	-$5.4m	$2.7m	$11.7m	$2.1m	$6.5m	-$2.4m	$7.5m	$0.1m	Chart
OCF / Operating profit %	-740.0%	257.1%	24.1%Outside range low ocf / ebitda cash conversion. 24.1%; 3-period range 32.2% to 74.3%. OCF / EBITDA cash conversion: 24.1%, below normal range; 3-period mean 56.5%, range 32.2%-74.3%.	n/m	-420.0%	63.1%	266.7%	-576.9%Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 24.1% to 63.1%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 39.8%, range 24.1%-63.1%.	—	Chart FY25 OCF / Operating profit %: Outside range low ocf / ebitda cash conversion. 24.1%; 3-period range 32.2% to 74.3%. OCF / EBITDA cash conversion: 24.1%, below normal range; 3-period mean 56.5%, range 32.2%-74.3%.
FCF pre-lease	-$0.4m	-$7.2m	-$5.1m	$5.1m	-$0.8m	$4.3m	-$4.8m	$6m	-$1.8m	Chart
ROE %	-6.3%	-0.5%	-17.3%Unprecedented low roe. -17.3%; 4-period range -6.3% to 1.1%. ROE: -17.3%, unprecedented low; 4-period mean -1.8%, range -6.3%-1.1%.	-0.1%	-0.1%	-1.7%	-1.1%	1.1%Outside range high roe. 1.1%; 4-period range -17.3% to -0.1%. ROE: 1.1%, above normal range; 4-period mean -6.3%, range -17.3%--0.1%.	0.1%	Chart FY25 ROE %: Unprecedented low roe. -17.3%; 4-period range -6.3% to 1.1%. ROE: -17.3%, unprecedented low; 4-period mean -1.8%, range -6.3%-1.1%.
Net debt	$25.1m	$30.4m	$20.9m	$14.4m	$16.7m	$13m	$17.5m	$11.5m	$29.9m	Chart
Net debt / Operating profit	-50.2x	-14.48x	1.87x	-72x	-33.4x	1.26x	-19.44x	-8.85x	—	Chart FY26 Net debt / Operating profit: Outside range high net debt / ebitda. 2.2x; 3-period range 1.14x to 1.87x. Net debt / EBITDA: 2.20x, above normal range; 3-period mean 1.43x, range 1.14x-1.87x.
Debtor days	64	-8	-2	68	-88	-21	—	-13	-135	Chart
Inventory days	225	1254	222	294	1291	206	1365	209	3285	Chart
Total assets	$174.4m	$187.2m	$175.5m	$197.3m	$201.8m	$199.8m	$191.3m	$192.1m	$202.8m	Chart

Reference: annolyse.ai/companies/arb

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

Loading chart...

The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

From Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m

The shape context shows HY25 was 20.9% of FY25 revenue, implying NZ$50.0m of 2H25 revenue against the current annualised HY26 run-rate of NZ$28.4m. If a similar shape holds, FY26 revenue should materially exceed the HY annualisation. However, FY25 NPAT was NZ$-21.5m with only NZ$-0.1m booked in HY25, meaning effectively the entire FY25 loss landed in 2H.

No FY26 guidance, quantified 2H expectation, or stated target was provided. The seasonal shape means an HY26 loss does not by itself signal FY26 deterioration, but it also offers no early read on whether 2H26 will repeat the heavy 2H25 NPAT outcome.

Open questions

Open questions from HY26

What specifically drove the NZ$7.5m OCF swing beyond the disclosed inventory and receivables movements?
Why did gross borrowings rise NZ$13.0m when the year-on-year FCF gap was NZ$8.3m, and what is the remaining undrawn facility?
How does management expect the NZ$48.8m inventory balance to convert through 2H26 seedling sales?
Will US revenue recognition in 2H26 materially reduce the 99.3% Brazil concentration, and what level is management targeting?
Does management expect FY26 NPAT to repeat the heavy 2H25 loss pattern, or is the 2H NPAT trajectory expected to differ?

This briefing cannot assess management's specific 2H26 revenue, margin, or working-capital expectations because no quantitative forward guidance or target was disclosed in the release.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY26 · Released 29 May 2026

Net debt/EBITDA hits 2.2x as EBITDA margin falls below historical range

Revenue grew 7.9% to a five-year high, but margin compression and rising leverage leave cash generation well below ArborGen's historical baseline.

Read briefing

HY26 · Released 26 November 2025

Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m

A NZ$5.0m working-capital build ahead of the seasonally heavy 2H drove OCF from +NZ$2.1m to -NZ$5.4m and required NZ$13.0m of new borrowings.

Read briefing

FY25 · Released 30 May 2025

Adjusted EBITDA of $11.2m masked a $21.5m statutory loss

Operating cash flow fell 76.9% to $2.7m and free cash flow swung NZ$10.2m to -$5.1m, below the historical NZ$0.9m–$5.1m range.

Read briefing

FY24 · Released 30 May 2024

Revenue rose 20.7% but PBT swung to a $1.6m loss despite margin gains

NPAT looks 92.0% better on a tax swing while receivable days jumped 47 days and cash halved to $5.6m.

Read briefing

HY24 · Released 13 December 2023

Revenue jumped 78% on Brazil, but FY24 US seedling guidance cut

A strong first half driven by record Brazil volumes is shadowed by a downward revision to US seedling sales in the heavier second half.

Read briefing

FY23 · Released 30 May 2023

ArborGen FY23: $11.3m working-capital release drove the cash uplift

PBT swung to US$0.9m and EBITDA rose 35%, but an unusually favourable working-capital release supplied most of the cash flow lift.

Read briefing

HY23 · Released 29 November 2022

Continuing-ops revenue up 60.9% but FCF burn widened to NZ$4.8m

Strong gross-margin expansion was overshadowed by negative operating cash flow in a seasonally light half, with NPAT optics distorted by the

Read briefing

FY22 · Released 30 May 2022

Working capital absorbed US$25.6m as PBT swung to a US$3.0m loss

Continuing-ops revenue grew 11.2%, but a 156.7% effective tax rate flipped a PBT loss to US$1.7m NPAT while inventories built US$27.3m.

Read briefing

HY22 · Released 24 November 2021

Revenue fell 61% as a discontinued ANZ operation reshaped the result

Continuing-operations revenue lifted but a NZ$0.6m discontinued-operation gain is the only reason headline NPAT stayed positive at NZ$0.1m.

Read briefing

Related insights

Compare this company

The latest ARB metrics also appear in these cross-company views.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 19.8pp, with a distortion flag in the result.

Open insight

Insight

Cash conversion quality

This result converted 32.2% of EBITDA to operating cash flow.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 2.20x for this result.

Open insight

Insight

Working-capital pressure

Inventory days were 225 days, +3 days versus the prior comparable period.

Open insight

ArborGen Holdings (ARB)

Latest metrics

Ask about ARB

Ask about ARB

Sign in to chat

Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Net debt/EBITDA hits 2.2x as EBITDA margin falls below historical range

Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m

Adjusted EBITDA of $11.2m masked a $21.5m statutory loss

Revenue rose 20.7% but PBT swung to a $1.6m loss despite margin gains

Revenue jumped 78% on Brazil, but FY24 US seedling guidance cut

ArborGen FY23: $11.3m working-capital release drove the cash uplift

Continuing-ops revenue up 60.9% but FCF burn widened to NZ$4.8m

Working capital absorbed US$25.6m as PBT swung to a US$3.0m loss

Revenue fell 61% as a discontinued ANZ operation reshaped the result

Compare this company

Get notified when ARB publishes

ArborGen Holdings (ARB)

Latest metrics

Ask about ARB

Ask about ARB

Sign in to chat

Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Net debt/EBITDA hits 2.2x as EBITDA margin falls below historical range

Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m

Adjusted EBITDA of $11.2m masked a $21.5m statutory loss

Revenue rose 20.7% but PBT swung to a $1.6m loss despite margin gains

Revenue jumped 78% on Brazil, but FY24 US seedling guidance cut

ArborGen FY23: $11.3m working-capital release drove the cash uplift

Continuing-ops revenue up 60.9% but FCF burn widened to NZ$4.8m

Working capital absorbed US$25.6m as PBT swung to a US$3.0m loss

Revenue fell 61% as a discontinued ANZ operation reshaped the result

Compare this company

Get notified when ARB publishes