Hain Celestial(HAIN) - 2025 Q4 - Annual Results

Executive Summary Summarizes the CEO's strategic actions, Q4 and FY25 financial performance, and key cash flow and balance sheet metrics CEO's Strategic Actions Interim CEO Alison Lewis outlined a turnaround strategy focusing on cash optimization, deleveraging, sales stabilization, and profitability improvement - The company is taking decisive action to optimize cash, delever the balance sheet, stabilize sales, and improve profitability, acknowledging performance has not met expectations[2] - A leaner, more nimble regional operating model is being implemented, prioritizing speed, simplicity, and impact over global infrastructure[2] - The turnaround strategy is anchored on five actions: aggressively streamlining the portfolio, accelerating innovation, implementing pricing and revenue growth management, driving productivity and working capital efficiency, and enhancing digital capabilities[2] Summary of Fiscal Fourth Quarter Results Q4 FY25 saw significant declines in net sales and profitability, with a substantial net loss primarily due to impairment charges Fiscal Fourth Quarter 2025 Key Financial Highlights (YoY) | Metric | Q4 FY25 | Q4 FY24 | Change (YoY) | | :----- | :------ | :------ | :----------- | | Net Sales (Millions USD) | $363 | $418.8 | -13% | | Organic Net Sales | - | - | -11% | | Gross Profit Margin | 20.5% | 23.4% | -290 bps | | Adjusted Gross Profit Margin | 20.5% | 23.4% | -290 bps | | Net Loss (Millions USD) | $(273) | $(3) | Significant increase | | Adjusted Net Loss (Millions USD) | $(2) | $11 (income) | Shift to loss | | Adjusted EBITDA (Millions USD) | $20 | $40 | -50% | | Loss per Diluted Share (USD) | $(3.06) | $(0.03) | Significant increase | | Adjusted Loss per Diluted Share (USD) | $(0.02) | $0.13 (EPS) | Shift to loss | - Net loss included pre-tax non-cash impairment charges of $252 million ($248 million after-tax) related to goodwill, certain intangible assets, and assets held for sale[5] Summary of Fiscal Year 2025 Results Full fiscal year 2025 saw a 10% decline in net sales and a substantial net loss, largely due to significant impairment charges Fiscal Year 2025 Key Financial Highlights (YoY) | Metric | FY25 | FY24 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Net Sales (Millions USD) | $1,560 | $1,736.3 | -10% | | Organic Net Sales | - | - | -7% | | Gross Profit Margin | 21.4% | 21.9% | -50 bps | | Adjusted Gross Profit Margin | 21.5% | 22.4% | -90 bps | | Net Loss (Millions USD) | $(531) | $(75) | Significant increase | | Adjusted Net Income (Millions USD) | $8 | $30 | -73.3% | | Adjusted EBITDA (Millions USD) | $114 | $155 | -26.4% | | Loss per Diluted Share (USD) | $(5.89) | $(0.84) | Significant increase | | Adjusted EPS (USD) | $0.09 | $0.33 | -72.7% | - Net loss included pre-tax non-cash impairment charges of $496 million ($486 million after-tax) related to goodwill, certain intangible assets, and assets held for sale[9] Cash Flow and Balance Sheet Highlights The company saw a shift to negative operating cash flow and free cash flow, while total debt and net debt decreased Cash Flow and Debt Metrics | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Net cash (used in) provided by operating activities (Millions USD) | $(3) | $39 | $22 | $116 | | Free cash flow (Millions USD) | $(9) | $31 | $(3) | $83 | | Total debt (end of Q4, Millions USD) | $705 | $744 (beginning of FY) | - | - | | Net debt (end of Q4, Millions USD) | $650 | $690 (beginning of FY) | - | - | | Net secured leverage ratio (end of Q4) | 4.7x | - | - | - | Segment Performance This section details the financial performance of the North America and International segments for Q4 and full fiscal year 2025 North America Segment North America segment experienced significant organic net sales declines in Q4 and FY25, impacting gross profit and Adjusted EBITDA Q4 FY25 Performance Details the North America segment's financial performance for the fourth quarter of fiscal year 2025 North America Segment Q4 FY25 Performance (YoY) | Metric | Q4 FY25 | Q4 FY24 | Change (YoY) | | :----- | :------ | :------ | :----------- | | Organic Net Sales Growth | -14% | - | - | | Segment Gross Profit (Millions USD) | $40 | $58.6 | -33% | | Adjusted Gross Profit (Millions USD) | $40 | $58.6 | -32.6% | | Gross Margin | 19.2% | 22.6% | -340 bps | | Adjusted Gross Margin | 19.2% | 22.6% | -340 bps | | Adjusted EBITDA (Millions USD) | $10 | $21 | -50.2% | | Adjusted EBITDA Margin | 5.1% | 8.0% | -290 bps | - The decrease in organic net sales was primarily driven by lower sales in snacks and, to a lesser extent, meal prep[9] - Decreases in margin and Adjusted EBITDA were primarily driven by lower volume/mix and higher trade spend, partially offset by productivity and reduced SG&A expenses[10] FY25 Performance Details the North America segment's financial performance for the full fiscal year 2025 North America Segment FY25 Performance (YoY) | Metric | FY25 | FY24 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Organic Net Sales Growth | -9% | - | - | | Segment Gross Profit (Millions USD) | $193 | $230.7 | -16% | | Adjusted Gross Profit (Millions USD) | $195 | $238.8 | -18.5% | | Gross Margin | 21.7% | 21.9% | -20 bps | | Adjusted Gross Margin | 21.9% | 22.6% | -70 bps | | Adjusted EBITDA (Millions USD) | $65 | $99 | -33.7% | | Adjusted EBITDA Margin | 7.4% | 9.4% | -200 bps | - Fiscal 2025 organic net sales decreased by 9% year-over-year, primarily driven by lower sales in snacks and, to a lesser extent, meal prep[11] - Decreases in margin and Adjusted EBITDA were primarily driven by lower volume/mix, higher trade spend, and cost inflation, partially offset by productivity and reduced SG&A[12][13] International Segment International segment experienced organic net sales declines in Q4 and FY25, impacting gross profit and Adjusted EBITDA Q4 FY25 Performance Details the International segment's financial performance for the fourth quarter of fiscal year 2025 International Segment Q4 FY25 Performance (YoY) | Metric | Q4 FY25 | Q4 FY24 | Change (YoY) | | :----- | :------ | :------ | :----------- | | Organic Net Sales Growth | -6% | - | - | | Segment Gross Profit (Millions USD) | $35 | $39.4 | -12% | | Adjusted Gross Profit (Millions USD) | $35 | $39.4 | -11.7% | | Gross Margin | 22.1% | 24.8% | -270 bps | | Adjusted Gross Margin | 22.1% | 24.8% | -270 bps | | Adjusted EBITDA (Millions USD) | $21 | $27 | -22.5% | | Adjusted EBITDA Margin | 13.3% | 17.0% | -370 bps | - Fiscal fourth quarter organic net sales decreased by 6% year-over-year, primarily driven by lower sales in meal prep and beverages[14] - Decreases in margin and Adjusted EBITDA were primarily driven by cost inflation and lower volume/mix, partially offset by productivity and net pricing[15][16] FY25 Performance Details the International segment's financial performance for the full fiscal year 2025 International Segment FY25 Performance (YoY) | Metric | FY25 | FY24 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Organic Net Sales Growth | -3% | - | - | | Segment Gross Profit (Millions USD) | $141 | $150.1 | -6% | | Adjusted Gross Profit (Millions USD) | $141 | $150.9 | -6.5% | | Gross Margin | 21.0% | 22.1% | -110 bps | | Adjusted Gross Margin | 21.0% | 22.2% | -110 bps | | Adjusted EBITDA (Millions USD) | $86 | $95 | -9.4% | | Adjusted EBITDA Margin | 12.8% | 14.0% | -120 bps | - Fiscal 2025 organic net sales decreased by 3% year-over-year, primarily driven by lower sales in meal prep and beverages[16] - Decreases in margin and Adjusted EBITDA were primarily driven by cost inflation and volume/mix softness, partially offset by productivity and pricing[17][18] Category Performance This section highlights the organic net sales performance across key product categories for Q4 and full fiscal year 2025 Snacks Category Snacks category experienced significant organic net sales declines in Q4 and FY25 due to velocity challenges and distribution losses Snacks Category Organic Net Sales Decline | Period | Organic Net Sales Decline (YoY) | | :----- | :------------------------------ | | Q4 FY25 | -19% | | FY25 | -14% | - Declines were driven by velocity challenges and distribution losses[21] Baby & Kids Category Baby & Kids category saw organic net sales declines in Q4 and FY25, mainly due to puree softness, partially offset by snack growth Baby & Kids Category Organic Net Sales Decline | Period | Organic Net Sales Decline (YoY) | | :----- | :------------------------------ | | Q4 FY25 | -9% | | FY25 | -5% | - Declines were driven by softness in purees in both North America (partially due to strategic SKU reductions) and International segments[22][23] - The FY25 decline was partially offset by growth in snacks in both Earth's Best and Ella's Kitchen[23] Beverages Category Beverages category experienced a 3% organic net sales decline in Q4 and FY25, driven by softness in tea and non-dairy beverages Beverages Category Organic Net Sales Decline | Period | Organic Net Sales Decline (YoY) | | :----- | :------------------------------ | | Q4 FY25 | -3% | | FY25 | -3% | - Declines were driven by softness in tea in North America and private label non-dairy beverages in Europe[24] Meal Prep Category Meal Prep category saw organic net sales declines in Q4 and FY25, mainly due to softness in oils, nut butters, and meat-free products Meal Prep Category Organic Net Sales Decline | Period | Organic Net Sales Decline (YoY) | | :----- | :------------------------------ | | Q4 FY25 | -8% | | FY25 | -4% | - Q4 decline was primarily driven by softness in oils and nut butters in North America and meat-free products in the UK, partially offset by continued growth in yogurt in North America[25] - FY25 decline was primarily driven by softness in meat-free and private label spreads and drizzles in the UK and oils and nut butters in North America, partially offset by growth in soups in the UK and yogurt in North America[26] Personal Care Category Personal Care category experienced significant reported net sales declines in Q4 and FY25, as it is held for sale Personal Care Category Reported Net Sales Decline | Period | Reported Net Sales Decline (YoY) | | :----- | :------------------------------- | | Q4 FY25 | -49% | | FY25 | -41% | - Personal Care is a held for sale business, and organic net sales data is not applicable[8][20][57] Credit Agreement Amendment This section outlines the recent amendment to the company's credit agreement, enhancing operational flexibility Credit Agreement Amendment Details The company amended its credit agreement to increase operational flexibility, setting a maximum net secured leverage ratio of 5.50x - The company amended its credit agreement to provide for increased operational flexibility[27] - The amended credit agreement sets a maximum net secured leverage ratio of 5.50x for the quarter ending September 30, 2025, and thereafter[27] Company Information This section provides details on the conference call and an overview of The Hain Celestial Group Conference Call and Webcast Information Hain Celestial hosted a conference call and webcast on September 15, 2025, to discuss financial results and business outlook - Hain Celestial hosted a conference call and webcast on September 15, 2025, at 8:00 AM ET to discuss results and business outlook[28] - A replay of the call was available shortly after the conclusion of the live call through Monday, September 22nd, 2025[28] About The Hain Celestial Group The Hain Celestial Group is a global health and wellness company headquartered in Hoboken, N.J., marketing products in over 70 countries - Hain Celestial Group is a leading health and wellness company inspiring healthier living through better-for-you brands[29] - Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby/kids, beverages, and meal preparation are marketed and sold in over 70 countries globally[29] - Leading brands include Garden Veggie Snacks™, Terra® chips, Earth's Best® Organic and Ella's Kitchen® baby and kids foods, Celestial Seasonings® teas, Joya® and Natumi® plant-based beverages, The Greek Gods® yogurt, Cully & Sully®, Yorkshire Provender®, New Covent Garden® and Imagine® soups, among others[29] Legal and Non-GAAP Disclosures This section provides important disclosures regarding forward-looking statements and the company's use of non-GAAP financial measures Forward-Looking Statements This section discusses forward-looking statements, highlighting risks such as competition, consumer preferences, and supply chain issues - This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involving risks, uncertainties, and assumptions[30] - Risks and uncertainties that may cause actual results to differ materially include challenges from competition, changes to consumer preferences, ability to execute business strategy, supply chain effectiveness, input cost inflation, and compliance with the credit agreement[31] Non-GAAP Financial Measures The company utilizes various non-GAAP financial measures to supplement GAAP reporting, providing additional insights into operations and financial condition Definitions of Non-GAAP Measures This section provides clear definitions for the various non-GAAP financial measures used by the company - Organic net sales exclude the impact of acquisitions, divestitures, held for sale businesses, discontinued brands, exited product categories, and foreign exchange[34] - Adjusted gross profit and its related margin exclude plant closure related costs, net, warehouse and manufacturing consolidation and other costs, net, and other costs[34] - Adjusted EBITDA and its related margin exclude net interest expense, income taxes, depreciation and amortization, equity in net loss of equity-method investees, stock-based compensation, and various other non-recurring or non-operational items[34][35] - Free cash flow is defined as net cash (used in) provided by operating activities less purchases of property, plant, and equipment[37] - Net debt is defined as total debt less cash and cash equivalents[37] Consolidated Financial Statements This section presents the company's consolidated statements of operations, balance sheets, and cash flows Consolidated Statements of Operations Consolidated statements of operations show significant net loss increases for Q4 and FY25, driven by impairment charges Consolidated Statements of Operations Summary (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Net sales (Thousands USD) | $363,348 | $418,799 | $1,559,780 | $1,736,286 | | Cost of sales (Thousands USD) | 289,002 | 320,796 | 1,225,722 | 1,355,454 | | Gross profit (Thousands USD) | 74,346 | 98,003 | 334,058 | 380,832 | | Operating (loss) income (Thousands USD) | (251,678) | 12,012 | (461,603) | (18,948) | | Net loss (Thousands USD) | $(272,615) | $(2,937) | $(530,841) | $(75,042) | | Loss per diluted share (USD) | $(3.06) | $(0.03) | $(5.89) | $(0.84) | | Goodwill impairment (Thousands USD) | $227,364 | - | $428,882 | - | | Intangibles and long-lived asset impairment (Thousands USD) | $24,911 | $5,357 | $66,940 | $76,143 | Consolidated Balance Sheets Consolidated balance sheets show decreased total assets, primarily from reduced goodwill, and a substantial reduction in stockholders' equity Consolidated Balance Sheets Summary (in thousands) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Total assets (Thousands USD) | $1,603,278 | $2,117,548 | | Goodwill (Thousands USD) | $500,961 | $929,304 | | Trademarks and other intangible assets, net (Thousands USD) | $210,905 | $244,799 | | Total liabilities (Thousands USD) | $1,128,273 | $1,174,635 | | Total stockholders' equity (Thousands USD) | $475,005 | $942,913 | Consolidated Statements of Cash Flows Consolidated cash flows show a shift to net cash used in operating activities for Q4 FY25 and lower cash provided for FY25 Consolidated Statements of Cash Flows Summary (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Net cash (used in) provided by operating activities (Thousands USD) | $(2,648) | $39,396 | $22,115 | $116,355 | | Net cash provided by (used in) investing activities (Thousands USD) | $3,973 | $(673) | $3,619 | $(23,922) | | Net cash used in financing activities (Thousands USD) | $(7,411) | $(33,629) | $(43,886) | $(89,729) | | Net increase in cash and cash equivalents (Thousands USD) | $9,930 | $4,758 | $48 | $943 | Segment and Category Financial Details (Non-GAAP) This section provides detailed non-GAAP financial metrics for segments and categories, including reconciliations and organic net sales Net Sales, Gross Profit and Adjusted EBITDA by Segment (Q4 FY25) Detailed Q4 FY25 net sales, gross profit, and Adjusted EBITDA by segment, showing significant declines, especially in North America Net Sales, Gross Profit and Adjusted EBITDA by Segment (Q4 FY25, in thousands) | Metric | North America (Q4 FY25) | International (Q4 FY25) | Consolidated (Q4 FY25) | | :----- | :---------------------- | :---------------------- | :--------------------- | | Net Sales (Thousands USD) | $205,790 | $157,558 | $363,348 | | % change Y/Y | (20.8)% | (1.0)% | (13.2)% | | Gross profit (Thousands USD) | $39,522 | $34,824 | $74,346 | | Adjusted gross profit (Thousands USD) | $39,507 | $34,824 | $74,331 | | Gross margin | 19.2% | 22.1% | 20.5% | | Adjusted gross margin | 19.2% | 22.1% | 20.5% | | Adjusted EBITDA (Thousands USD) | $10,398 | $20,938 | $19,906 | | % change Y/Y | (50.2)% | (22.5)% | (49.7)% | | Adjusted EBITDA margin | 5.1% | 13.3% | 5.5% | Net Sales, Gross Profit and Adjusted EBITDA by Segment (FY25 YTD) Detailed FY25 year-to-date net sales, gross profit, and Adjusted EBITDA by segment, showing overall declines, especially in North America Net Sales, Gross Profit and Adjusted EBITDA by Segment (FY25 YTD, in thousands) | Metric | North America (FY25 YTD) | International (FY25 YTD) | Consolidated (FY25 YTD) | | :----- | :----------------------- | :----------------------- | :---------------------- | | Net Sales (Thousands USD) | $888,626 | $671,154 | $1,559,780 | | % change Y/Y | (15.8)% | (1.4)% | (10.2)% | | Gross profit (Thousands USD) | $192,910 | $141,148 | $334,058 | | Adjusted gross profit (Thousands USD) | $194,674 | $141,148 | $335,822 | | Gross margin | 21.7% | 21.0% | 21.4% | | Adjusted gross margin | 21.9% | 21.0% | 21.5% | | Adjusted EBITDA (Thousands USD) | $65,470 | $86,000 | $113,789 | | % change Y/Y | (33.7)% | (9.4)% | (26.4)% | | Adjusted EBITDA margin | 7.4% | 12.8% | 7.3% | Adjusted Gross Profit and Adjusted Operating Income Reconciliations Reconciles GAAP gross profit and operating income to adjusted non-GAAP figures, detailing adjustments for various costs and charges Reconciliation of Gross Profit (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Gross profit, GAAP (Thousands USD) | $74,346 | $98,003 | $334,058 | $380,832 | | Adjustments to Cost of sales (Thousands USD) | (15) | (12) | 1,764 | 8,961 | | Gross profit, as adjusted (Thousands USD) | $74,331 | $97,991 | $335,822 | $389,793 | Reconciliation of Operating (Loss) Income (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Operating (loss) income, GAAP (Thousands USD) | $(251,678) | $12,012 | $(461,603) | $(18,948) | | Total Adjustments (Thousands USD) | $263,373 | $15,487 | $526,710 | $120,227 | | Operating income, as adjusted (Thousands USD) | $11,695 | $27,499 | $65,107 | $101,279 | Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Diluted Share Reconciliations Reconciles GAAP net loss to adjusted net (loss) income and diluted EPS, detailing the impact of non-GAAP adjustments Reconciliation of Net Loss to Adjusted Net (Loss) Income (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Net loss, GAAP (Thousands USD) | $(272,615) | $(2,937) | $(530,841) | $(75,042) | | Total Adjustments (Thousands USD) | $270,931 | $14,269 | $538,910 | $105,015 | | Net (loss) income, as adjusted (Thousands USD) | $(1,684) | $11,332 | $8,069 | $29,973 | Diluted Net (Loss) Income per Common Share (Adjusted) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Diluted net loss per common share, GAAP (USD) | $(3.06) | $(0.03) | $(5.89) | $(0.84) | | Diluted net (loss) income per common share, as adjusted (USD) | $(0.02) | $0.13 | $0.09 | $0.33 | Organic Net Sales Growth by Segment Detailed organic net sales growth by segment for Q4 FY25 and FY25 YTD, showing impacts of divestitures and FX Organic Net Sales Growth by Segment (Q4 FY25, in thousands) | Metric | North America | International | Hain Consolidated | | :----- | :------------ | :------------ | :---------------- | | Net sales (Thousands USD) | $205,790 | $157,558 | $363,348 | | Less: Impact of divestitures, held for sale businesses, discontinued brands and exited product categories (Thousands USD) | 21,976 | 935 | 22,911 | | Less: Impact of foreign currency exchange (Thousands USD) | (224) | 8,353 | 8,129 | | Organic net sales (Thousands USD) | $184,038 | $148,270 | $332,308 | | Organic net sales decline | (14.4)% | (5.9)% | (10.8)% | Organic Net Sales Growth by Segment (FY25 YTD, in thousands) | Metric | North America | International | Hain Consolidated | | :----- | :------------ | :------------ | :---------------- | | Net sales (Thousands USD) | $888,626 | $671,154 | $1,559,780 | | Less: Impact of divestitures, held for sale businesses, discontinued brands and exited product categories (Thousands USD) | 101,789 | 2,771 | 104,560 | | Less: Impact of foreign currency exchange (Thousands USD) | (2,074) | 13,691 | 11,617 | | Organic net sales (Thousands USD) | $788,911 | $654,692 | $1,443,603 | | Organic net sales decline | (9.2)% | (3.2)% | (6.5)% | Organic Net Sales Growth by Category Detailed organic net sales growth by product category for Q4 FY25 and FY25 YTD, illustrating adjusted performance Organic Net Sales Growth by Category (Q4 FY25, in thousands) | Category | Net sales (Thousands USD) | Organic net sales (Thousands USD) | Organic net sales decline | | :------- | :------------------------ | :-------------------------------- | :------------------------ | | Snacks | $93,324 | $92,881 | (19.1)% | | Baby & Kids | $59,327 | $57,852 | (9.3)% | | Beverages | $55,783 | $54,135 | (3.1)% | | Meal Prep | $140,196 | $127,440 | (7.6)% | | Personal Care | $14,718 | $- | n/a | | Consolidated | $363,348 | $332,308 | (10.8)% | Organic Net Sales Growth by Category (FY25 YTD, in thousands) | Category | Net sales (Thousands USD) | Organic net sales (Thousands USD) | Organic net sales decline | | :------- | :------------------------ | :-------------------------------- | :------------------------ | | Snacks | $371,012 | $367,460 | (13.6)% | | Baby & Kids | $241,552 | $238,742 | (4.8)% | | Beverages | $245,147 | $244,438 | (3.4)% | | Meal Prep | $639,507 | $592,963 | (3.7)% | | Personal Care | $62,562 | $- | n/a | | Consolidated | $1,559,780 | $1,443,603 | (6.5)% | Adjusted EBITDA Reconciliation Detailed reconciliation of GAAP net loss to Adjusted EBITDA for Q4 FY25 and FY25 YTD, outlining specific adjustments Adjusted EBITDA Reconciliation (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Net loss (Thousands USD) | $(272,615) | $(2,937) | $(530,841) | $(75,042) | | Depreciation and amortization (Thousands USD) | 11,357 | 10,305 | 44,259 | 44,665 | | Interest expense, net (Thousands USD) | 11,689 | 12,954 | 47,773 | 54,232 | | Provision (benefit) for income taxes (Thousands USD) | 9,551 | (3,292) | 15,297 | (7,820) | | Goodwill impairment (Thousands USD) | 227,364 | - | 428,882 | - | | Intangibles and long-lived asset impairment (Thousands USD) | 24,911 | 5,357 | 66,940 | 76,143 | | Other adjustments (net) (Thousands USD) | 7,649 | 16,857 | 40,279 | 52,344 | | Adjusted EBITDA (Thousands USD) | $19,906 | $39,544 | $113,789 | $154,522 | Free Cash Flow Free cash flow was negative for Q4 FY25 and full fiscal year 2025, a significant decrease from prior periods Free Cash Flow (in thousands) | Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :----- | :------ | :------ | :--- | :--- | | Net cash (used in) provided by operating activities (Thousands USD) | $(2,648) | $39,396 | $22,115 | $116,355 | | Purchases of property, plant and equipment (Thousands USD) | (6,224) | (8,692) | (25,284) | (33,461) | | Free cash flow (Thousands USD) | $(8,872) | $30,704 | $(3,169) | $82,894 | Net Debt Total debt and net debt decreased from June 30, 2024, to June 30, 2025, reflecting deleveraging efforts Net Debt (in thousands) | Metric | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Total debt (Thousands USD) | $704,821 | $744,092 | | Less: Cash and cash equivalents (Thousands USD) | 54,355 | 54,307 | | Net debt (Thousands USD) | $650,466 | $689,785 |