LIC · NZX

Livestock Improvement Corporation (LIC)

Primary Industries / Dairy geneticsCovered: FY20 - HY267 published briefings

Livestock Improvement Corporation is an NZX-listed primary industries / dairy genetics company with FY20 - HY26 of published result briefings.

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Snapshot

Latest metrics

HY26, released 22 January 2026

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LIC latest metrics
Metric	Value	Change
Revenue	$195.2m	↑ +13.5%
NPAT	$33.8m	↑ +16.6%
Operating cash flow	$12.2m	↑ +262.7%
Net debt	-$34.7m	↑ +9.5%
ROE %	10.7%	↑ +1.4pp
PBT	$46.8m	↑ +16.1%
Debtor days	83	↓ -10.1%
Total assets	$432.8m	↑ +5.4%

Source: latest published briefing (HY26, released 22 January 2026). Change compares against the prior equivalent period: HY24, released 24 January 2024.

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Longitudinal view

Performance over time

The latest period is shown first.

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LIC metric history
Metric	HY266 MONTHS22 January 2026	FY2512 MONTHS18 July 2025	FY2412 MONTHS19 July 2024	HY246 MONTHS24 January 2024	FY2212 MONTHS21 July 2022	HY226 MONTHS26 January 2022	FY2012 MONTHS22 July 2021	Trend
Revenue	$195.2m	$295.1m	$267.3m	$171.9m	$263.2m	$169.4m	$249m	Chart
Revenue growth %	5.2%	10.4%Outside range high revenue growth. 10.4%; 3-period range -3.3% to 5.7%. Revenue growth: 10.4%, above normal range; 3-period mean 0.1%, range -3.3%-5.7%.	-3.3%Outside range low revenue growth. -3.3%; 3-period range -2% to 10.4%. Revenue growth: -3.3%, below normal range; 3-period mean 4.7%, range -2.0%-10.4%.	-3.0%	5.7%	-0.2%	-2.0%	Chart FY24 Revenue growth %: Outside range low revenue growth. -3.3%; 3-period range -2% to 10.4%. Revenue growth: -3.3%, below normal range; 3-period mean 4.7%, range -2.0%-10.4%. FY25 Revenue growth %: Outside range high revenue growth. 10.4%; 3-period range -3.3% to 5.7%. Revenue growth: 10.4%, above normal range; 3-period mean 0.1%, range -3.3%-5.7%.
EBITDA	—	—	—	—	—	$61.2m	—	—
EBITDA margin %	—	—	—	—	—	36.1%	—	—
PBT	$46.8m	$40.3m	$13.8m	$40.3m	$12.6m	$49.6m	$31m	Chart
PBT growth %	-13.5%	192.0%Outside range high pbt growth. 192%; 3-period range -61.7% to 58.2%. PBT growth: 192.0%, above normal range; 3-period mean -21.0%, range -61.7%-58.2%.	-61.7%Outside range low pbt growth. -61.7%; 3-period range -59.4% to 192%. PBT growth: -61.7%, below normal range; 3-period mean 63.6%, range -59.4%-192.0%.	-13.1%	-59.4%	—	58.2%	Chart FY24 PBT growth %: Outside range low pbt growth. -61.7%; 3-period range -59.4% to 192%. PBT growth: -61.7%, below normal range; 3-period mean 63.6%, range -59.4%-192.0%. FY25 PBT growth %: Outside range high pbt growth. 192%; 3-period range -61.7% to 58.2%. PBT growth: 192.0%, above normal range; 3-period mean -21.0%, range -61.7%-58.2%.
NPAT	$33.8m	$30.6m	$7.7m	$29m	$26.7m	$50.8m	$22.9m	Chart
NPAT growth %	-13.6%	297.4%Outside range high npat growth. 297.4%; 3-period range -71.9% to 30.9%. NPAT growth: 297.4%, above normal range; 3-period mean -8.1%, range -71.9%-30.9%.	-71.9%Outside range low npat growth. -71.9%; 3-period range 16.6% to 297.4%. NPAT growth: -71.9%, below normal range; 3-period mean 115.0%, range 16.6%-297.4%.	-12.9%	16.6%	52.1%	30.9%	Chart FY24 NPAT growth %: Outside range low npat growth. -71.9%; 3-period range 16.6% to 297.4%. NPAT growth: -71.9%, below normal range; 3-period mean 115.0%, range 16.6%-297.4%. FY25 NPAT growth %: Outside range high npat growth. 297.4%; 3-period range -71.9% to 30.9%. NPAT growth: 297.4%, above normal range; 3-period mean -8.1%, range -71.9%-30.9%.
Operating cash flow	$12.2m	$56.4m	$40.1m	$3.4m	$57.1m	$21.9m	$40.5m	Chart
OCF / EBITDA %	—	—	—	—	—	35.8%	—	—
FCF pre-lease	—	$28.6m	$12.4m	-$12.3m	—	$13.7m	$25m	Chart
FCF post-lease	—	$28.6m	—	—	—	—	—	—
DPS	—	12.2c	5.8c	13.0c	18.4c	—	12.5c	Chart
Payout ratio vs NPAT %	—	55.6%Outside range low payout ratio versus npat. 55.6%; 3-period range 78.2% to 116.8%. Payout ratio versus NPAT: 55.6%, below normal range; 3-period mean 97.3%, range 78.2%-116.8%.	116.8%Outside range high payout ratio versus npat. 116.8%; 3-period range 55.6% to 97%. Payout ratio versus NPAT: 116.8%, above normal range; 3-period mean 76.9%, range 55.6%-97.0%.	65.0%	97.0%	—	78.2%	Chart FY24 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 116.8%; 3-period range 55.6% to 97%. Payout ratio versus NPAT: 116.8%, above normal range; 3-period mean 76.9%, range 55.6%-97.0%. FY25 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 55.6%; 3-period range 78.2% to 116.8%. Payout ratio versus NPAT: 55.6%, below normal range; 3-period mean 97.3%, range 78.2%-116.8%.
Annual payout ratio vs EPS %	—	55.6%	116.8%	—	97.0%	—	78.2%	Chart
ROE %	10.7%	10.3%	2.8%	9.3%	9.1%	15.5%	7.8%	Chart
Net debt	-$34.7m	-$57.1m	-$42.3m	-$38.3m	-$64.1m	—	-$18.8m	Chart
Debtor days	83	45	—	92	67	92	63	Chart
Inventory days	—	26	27Outside range high inventory days. 27d; 3-period range 15d to 26d. Inventory days: 27.2 days, above normal range; 3-period mean 20.3 days, range 15.3 days-25.7 days.	—	15Outside range low inventory days. 15d; 3-period range 20d to 27d. Inventory days: 15.3 days, below normal range; 3-period mean 24.3 days, range 19.9 days-27.2 days.	—	20	Chart FY22 Inventory days: Outside range low inventory days. 15d; 3-period range 20d to 27d. Inventory days: 15.3 days, below normal range; 3-period mean 24.3 days, range 19.9 days-27.2 days. FY24 Inventory days: Outside range high inventory days. 27d; 3-period range 15d to 26d. Inventory days: 27.2 days, above normal range; 3-period mean 20.3 days, range 15.3 days-25.7 days.
Total assets	$432.8m	$392m	$358.6m	$410.5m	$385.6m	$428.4m	$382m	Chart

Reference: annolyse.ai/companies/lic

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.

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The setup & the reality

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

From LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%

No forward targets or guidance are provided in the release. The 62.9% first-half share of revenue and the implied H2 NPAT loss line up with LIC's seasonal pattern around the spring mating season; this result does not, in itself, signal a deteriorating exit run-rate, but it does mean the FY25 outcome was substantially built in by the half-year. The HY25 release was flagged as an amendment, and the FY24 comparable is inferred rather than exact-matched, so growth percentages should be read with that selection caveat.

Open questions

Open questions from FY25

Why did every segment result decline year-on-year despite group revenue rising 10.4% and group PBT rebuilding to $40.3m – is this a corporate cost reallocation, a change in segment definition, or genuine segment margin pressure?
What drove the effective tax rate down from 43.9% to 23.9%, and is 23.9% a sustainable rate or itself a one-off?
What caused the $37.6m working-capital build, and how much of the $36.7m debtor balance will convert to cash in H1 FY26?
How should shareholders read the 80%-of-underlying-earnings payout policy alongside a 55.6% statutory NPAT payout – what reconciling items sit between statutory NPAT and underlying earnings?
Does management see FY25's H2 loss as in line with normal seasonality, or is any of the H2 softness structural?

This briefing cannot assess underlying earnings, segment cost allocations, or the durability of the lower tax rate from the supplied release.

Briefing archive

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

HY26 · Released 22 January 2026

Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply

Broad cost increases across NZ genetics, testing, and farm software compressed margins despite volume-led revenue growth, so the underlying earnings

Read briefing

FY25 · Released 18 July 2025

LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%

The operating recovery is real, but every reported segment showed a lower result and working capital built $37.6m against a 10.4% revenue lift.

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FY24 · Released 19 July 2024

PBT down 61.7% and H2 swung to a $21.2m NPAT loss

Operating deterioration plus a sharply higher tax rate left FY24 NPAT at $7.7m, well below the $17–22m underlying earnings guided at the half.

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HY24 · Released 24 January 2024

OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale

The 13.1% PBT decline understates the result: operating cash flow dropped to $3.4m and the special dividend was funded from asset disposal, not

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FY22 · Released 21 July 2022

Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%

A 47.3% dividend lift rests on a one-off automation disposal gain and a lower tax rate as continuing operations earnings dropped sharply.

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HY22 · Released 26 January 2022

NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%

A $15.2m discontinued-operations gain drove the headline jump, while underlying cash generation strengthened independently with OCF up 102.6%.

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FY20 · Released 22 July 2021

PBT up 58% on continuing ops, but operating cash flow fell 22%

Continuing-operations revenue grew 3.4% after the farm automation exit, while cash conversion weakened as capex more than doubled to $15.5m.

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Livestock Improvement Corporation (LIC)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply

LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%

PBT down 61.7% and H2 swung to a $21.2m NPAT loss

OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale

Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%

NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%

PBT up 58% on continuing ops, but operating cash flow fell 22%

Get notified when LIC publishes

Livestock Improvement Corporation (LIC)

Latest metrics

Ask about LIC

Ask about LIC

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply

LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%

PBT down 61.7% and H2 swung to a $21.2m NPAT loss

OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale

Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%

NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%

PBT up 58% on continuing ops, but operating cash flow fell 22%

Get notified when LIC publishes

Livestock Improvement Corporation (LIC)

Latest metrics

Ask about LIC

Ask about LIC

Sign in to chat

Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply

LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%

PBT down 61.7% and H2 swung to a $21.2m NPAT loss

OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale

Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%

NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%

PBT up 58% on continuing ops, but operating cash flow fell 22%

Compare this company

Get notified when LIC publishes

Livestock Improvement Corporation (LIC)

Latest metrics

Ask about LIC

Ask about LIC

Sign in to chat

Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply

LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%

PBT down 61.7% and H2 swung to a $21.2m NPAT loss

OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale

Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%

NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%

PBT up 58% on continuing ops, but operating cash flow fell 22%

Compare this company

Get notified when LIC publishes