Orica Limited shares (ASX: ORI) were among the ASX 200 gainers around midday Friday, with the stock recently indicated around A$23.73, up about 1.65% at the time of Market Index’s live update. [1]
That move comes as investors continue to digest a busy stretch of Orica newsflow: a rolling on‑market share buyback that’s still actively shrinking the share count, a final dividend landing later this month, and management’s FY2026 growth outlook after a FY2025 result the company described as its strongest earnings performance in more than a decade.
Below is a detailed, news-style rundown of what’s current for Orica stock as of 12 December 2025, including the latest filings, management guidance, and the newest analyst consensus forecasts.
Orica share price today: why ASX: ORI is on investors’ radar
Orica’s day-to-day trading has increasingly been framed by capital management: the company is not only paying a larger full‑year dividend than last year, but is also still buying back stock in the market, creating steady background demand for shares. [2]
Another near-term catalyst is Orica’s upcoming investor calendar—Market Index lists the AGM on 16 December 2025, followed closely by the dividend payment date later in the month. [3]
Orica buyback: the latest daily update shows repurchases still accelerating
On 11 December 2025, Orica lodged an Appendix 3C (daily buy-back notification) outlining the latest progress on its on‑market repurchase program. Key takeaways from that filing:
- Total shares bought back before the previous day:20,232,113
- Shares bought back on the previous day (10 December 2025):122,268
- Total consideration paid before the previous day:A$409,316,898.93
- Consideration paid on the previous day:A$2,871,036.04 [4]
Adding those together implies Orica had repurchased ~20,354,381 shares for ~A$412.19 million in total consideration by the end of 10 December (based on the totals reported in the Appendix 3C). [5]
The same filing confirms the buyback is an on‑market buy-back, with Goldman Sachs Australia listed as broker, and the program’s stated end date remains 27 March 2026 (subject to Orica’s discretion to vary, suspend, or terminate). [6]
How this connects to the bigger A$500 million capital return plan
In Orica’s FY2025 results announcement, management said the A$400 million buyback announced in March was “substantially complete” and that the board had approved an additional A$100 million, lifting the program to up to A$500 million. [7]
In other words: the daily Appendix 3C updates investors see now are the “live feed” of that enlarged A$500 million program working its way through the market.
Orica dividend: what shareholders should know before the December payment
Orica declared a final dividend of 32.0 cents per share (unfranked), bringing the full‑year dividend to 57.0 cents per share, up year-on-year and representing a 50% payout ratio (per Orica’s presentation of earnings and payout metrics). [8]
The company stated the final dividend is payable on 22 December 2025, and shareholders registered by the record date (close of business 24 November 2025) are eligible. [9]
Orica also reiterated that its Dividend Reinvestment Plan (DRP) is suspended. [10]
FY2025 results recap: “highest earnings in 13 years,” plus stronger cash generation
Orica’s FY2025 ASX results announcement (dated 13 November 2025) highlighted a meaningful uplift in underlying performance:
- NPAT pre significant items:A$541 million, up 32%
- Statutory NPAT:A$162 million, after A$379 million of significant items (after tax)
- EBIT:A$992 million, up 23% (which Orica described as its highest in 13 years)
- Net operating cash flow:A$949 million, up 18%
- Earnings per share (pre significant items):111.8 cents, up 29%
- Leverage (excluding leases):1.39x
- RONA:13.8% [11]
Management attributed the earnings strength to a mix of demand and execution: strong premium product demand, higher adoption of technology solutions, and continued commercial discipline across the portfolio. [12]
Business mix: explosives + digital + chemicals
Orica positions itself as a global mining and infrastructure solutions provider spanning explosives and blasting systems, specialty mining chemicals, geotechnical monitoring, and digital solutions. [13]
In the FY2025 commentary, Orica pointed to:
- strong results in Blasting Solutions,
- an “uplift” in Digital Solutions supported by exploration activity and recurring revenue adoption, and
- strong Specialty Mining Chemicals performance, including record sodium cyanide sales tied to gold market fundamentals. [14]
FY2026 outlook: where Orica expects growth—and what could slow it down
In the same FY2025 results materials, Orica laid out its FY2026 outlook, with a clear headline: EBIT growth is expected across all segments. [15]
Here’s how management framed the segment drivers:
- Blasting Solutions: earnings growth supported by improved mix/margins and recontracting benefits, partly offset by lower demand in Indonesia and the U.S. thermal coal sector, a planned Carseland turnaround, and the non-repeat of a A$15 million carbon credit benefit. [16]
- Digital Solutions: growth expected from increasing adoption, recurring revenue, and higher exploration activity. [17]
- Specialty Mining Chemicals: growth supported by a positive gold outlook and higher output from manufacturing assets. [18]
Orica also guided:
- Depreciation & amortisation:A$520–540 million
- Net finance costs and effective tax rate: broadly in line with FY2025
- Litigation costs: expected A$50–60 million (ongoing)
- Capital expenditure: broadly in line with FY2025
- Capital management: the additional up to A$100 million buyback intended to be completed by March 2026. [19]
A key watch item: CF Industries “force majeure” notice
Orica also disclosed it received a notice from CF Industries claiming force majeure, indicating it was unable to produce industrial ammonium nitrate, and Orica said it was assessing the notice and would lean on its global manufacturing and supply network to minimise impacts. [20]
For investors, this reads as a classic “monitor closely” supply-chain variable: even if Orica can mitigate disruption, the event flags how sensitive parts of the sector can be to upstream production interruptions.
Orica stock forecast: analyst consensus targets cluster in the mid-to-high A$20s
Consensus analyst forecasts compiled by Investing.com (data based on the past three months) currently show:
- Overall consensus:Strong Buy
- 13 Buy, 0 Hold, 1 Sell
- Average 12‑month price target:A$26.076 (about +10.59% upside from the reference price shown) [21]
Investing.com’s table of recent broker actions also lists several notable targets and “Buy” stances, including:
- Goldman Sachs: Buy, A$25.35 (Maintain, Nov 26, 2025)
- RBC Capital: Buy, A$27.50 (Maintain, Nov 17, 2025)
- CLSA: Buy, A$27.00 (Maintain, Nov 14, 2025)
- Macquarie: Buy, A$25.95 (Maintain, Nov 14, 2025)
- UBS: Buy, A$27.00 (Maintain, Nov 14, 2025) [22]
These targets broadly align with the narrative investors have been trading: Orica is being valued less like a simple explosives supplier and more like a diversified mining services and technology platform—provided management can keep compounding earnings across its three segments while returning capital.
One more theme in the headlines: green hydrogen, gas costs, and long-term energy risk
Beyond the quarterly rhythm of earnings and capital returns, Orica’s longer‑dated story is increasingly tied to energy.
Recent Australian business reporting described Orica pursuing a green hydrogen project in the Hunter Valley/Newcastle area, supported by A$432 million in federal funding and A$45 million from the NSW government, while the company acknowledged the project is not currently economic without government support. The report also noted Orica is seeking an energy partner after Origin exited, and that the company is targeting a final investment decision in early 2026, with renewable electricity pricing a key factor. [23]
The same reporting framed gas-market conditions as strategically important for Orica’s east-coast manufacturing footprint. Whether investors treat this as “future-proofing” or “execution risk” will likely depend on how the economics evolve through 2026.
What to watch next for Orica Limited stock
With the current newsflow, Orica investors are likely to focus on a short list of “next questions”:
- Buyback pace vs. price: will Orica keep repurchasing at a similar daily cadence, and at what average price, as it works toward the expanded A$500 million cap? [24]
- FY2026 delivery vs. guidance: can Orica achieve EBIT growth across all three segments while managing outages/turnarounds and cost pressure? [25]
- Supply-chain resilience: how (and how quickly) does the CF Industries force majeure situation resolve—and does it change Orica’s sourcing or cost base? [26]
- Digital Solutions momentum: investors will want evidence that recurring revenue and customer adoption are translating into durable margin expansion. [27]
- Energy strategy milestones: any concrete steps toward a renewable power partner and a 2026 investment decision on hydrogen could shift longer-term sentiment. [28]
Bottom line
As of 12 December 2025, Orica’s stock narrative is being driven by an unusual combination for an industrial name: strong operating momentum, explicit growth guidance, and shareholder returns via both dividends and a still-active buyback—all while the company navigates energy and supply-chain uncertainties typical of a global manufacturing and mining-services business. [29]
References
1. www.marketindex.com.au, 2. company-announcements.afr.com, 3. www.marketindex.com.au, 4. company-announcements.afr.com, 5. company-announcements.afr.com, 6. company-announcements.afr.com, 7. www.orica.com, 8. www.orica.com, 9. www.orica.com, 10. www.orica.com, 11. www.orica.com, 12. www.orica.com, 13. www.orica.com, 14. www.orica.com, 15. www.orica.com, 16. www.orica.com, 17. www.orica.com, 18. www.orica.com, 19. www.orica.com, 20. www.orica.com, 21. www.investing.com, 22. www.investing.com, 23. www.theaustralian.com.au, 24. company-announcements.afr.com, 25. www.orica.com, 26. www.orica.com, 27. www.orica.com, 28. www.theaustralian.com.au, 29. www.orica.com
