Ballance Agri-Nutrients FY25 annual results

22 August 2025

Ballance Agri-Nutrients delivers solid underlying financial results; gas to urea plant write-down impacts reported earnings

  • Nutrient volume growth increases by 7.5 per cent after farm gate returns improve and confidence builds in ag sector
  • Revenue up four per cent to $965m as commodity prices moderated
  • Strong operating cash flows of $136m, debt reduced by $78m 
  • Underlying earnings before tax of $38m before one-off asset write-down of $88m on the Kapuni gas-to-urea plant, due to uncertain availability and affordability of future New Zealand gas supply
  • Nominal share value remains $9 per share 
  • No rebate reflects prudent balance sheet management.

Ballance reports strong underlying financial performance shown by increased nutrient volumes, positive cash flows and reduced debt for the 2025 financial year – positioning it well to deliver its refreshed strategy. Revenue lifted slightly to $965m as the co-operative partly shielded New Zealand farmers and growers from global price increases.

New Zealand gas supply uncertainty saw a one-off write-down of $88m of the Kapuni gas-to-urea plant asset in Taranaki. This one-off asset write-down took underlying earnings before tax of $38m to a net loss before tax of $49m.

Continuing its focus on prudent financial management, the Ballance Board made the necessary decision to not pay a rebate.

“While underlying earnings were strong, we’re taking a cautious approach in writing down the Kapuni plant asset given the uncertainty over future gas supply agreements. Nonetheless we remain committed to finding a gas supply solution for Kapuni,” confirms Ballance Chair, Duncan Coull.  

“Although it’s disappointing, it’s the appropriate thing to do. Our strong balance sheet, shareholder equity and reduced debt mean we’ve been able to absorb this one-off write-down which is reflected by our nominal share value remaining unchanged at $9 per share. Most importantly, the business remains in a strong position to continue to deliver affordable and reliable nutrients for farmers and growers.

“Despite challenges during the past year, with global commodity price increases and uncertain New Zealand gas supply, our core business continued to perform well. This meant we could partially protect our famers and growers from global price increases and show the strength and resilience of our co-operative.”

With a refreshed strategy in place, Ballance Chief Executive, Kelvin Wickham says the co-operative is well positioned for the year ahead and beyond.

“Once again, we’ve delivered strong results in challenging circumstances. With this year already off to an excellent start and with improved farmer confidence we’re firmly focused on what lies ahead. 

“Led by our refreshed strategy we’re gearing up to support farmers’ changing needs. We’re focused on delivering value to shareholders, ensuring agility in nutrient sourcing and refocusing business operations where we need to. 

“We will continue to deliver reliable, secure and affordable nutrients and maintain careful financial management and custodianship of shareholder capital. 

“I want farmers and growers to know that we are right there with them – we are all in for the future of farming and we want them to succeed.”