GrainCorp (ASX:GNC) issued its fiscal 2026 earnings guidance, projecting underlying earnings before interest, taxes, depreciation, and amortization of AU$200 million to AU$240 million, down from the actual result of AU$308 million in fiscal 2025, according to a Monday filing with the Australian bourse.

Underlying net profit after tax is expected to be AU$20 million to AU$50 million, compared with the actual result of AU$87 million a year earlier, per the filing.

The guidance does not account for business transformation costs or the sale of GrainsConnect Canada and may be affected by market fluctuations, the filing said.

The lower margins in fiscal 2026 are primarily due to global grain oversupply and low commodity prices, which are reducing grower sales despite strong local production, said Chief Executive Robert Spurway.

The guidance remains subject to various factors, including grain volumes such as sorghum receivals, the timing and volume of grain exports, supply chain and oilseed crush margins, and new season opportunities in fourth quarter, the filing added.