Historical setup
What HY25 said to watch
From Synlait swung to $7.5m PBT on 40.4% revenue jump and deleveraging to 6.2x
No forward guidance or stated targets are supplied. The release notes EBITDA was "just above the guidance range announced in January 2025," indicating the company met its own near-term bar. The supplied second-half shape context is unreliable: HY24 represented 39.9% of FY24 revenue but -0.5% of FY24 EBITDA and 52.8% of FY24 NPAT, because FY24 carried large second-half write-downs (full-year EBITDA was -$4.1b). Annualising HY25 revenue would imply $1.8b versus FY24 reported revenue of $1.6b, but the seasonality assumption embedded in that figure cannot be supported from the supplied data.
The release does not state H2 milk-price assumptions, customer-contract phasing, or capex plans, so the read-through to FY25 is limited to: EBITDA delivery met the company's own range, and leverage has been reset.