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How Livestock Improvement Corporation Limited makes money — FY2025
Revenue $295.0m · EBITDA $76.9m (26.1% of revenue) · Net profit $30.6m (10.4% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $295.0m | Reported | |
| Operating costs (net of other income) | −$218.1m | Derived * | Reported operating expenses $193.8m do not reconcile; not used. |
| EBITDA | $76.9m | Reported | |
| Depreciation & amortisation | −$28.1m | Reported | |
| EBIT | $48.8m | Reported | |
| Interest | — | Not reported | Included in the balancing item. |
| Income tax | −$9.6m | Reported | |
| Interest and other items (net cost) | −$8.6m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $30.6m | Reported |
- * operating costs: $218.1m = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Livestock Improvement Corporation Limited Annual Report (PDF, NZX)
Livestock Improvement Corporation Limited board of directors
9 current directors, 89% independent, average tenure 2.6 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Corrigan Sowman | Chair | No | 2023 | 3.0 yrs | Disclosure Committee (Chair) |
| Antony Coltman | Independent Director | Yes | 2024 | 2.1 yrs | — |
| Duncan Coull | Independent Director | Yes | 2025 | 1.2 yrs | — |
| Sophie Haslem | Independent Director | Yes | 2018 | 7.9 yrs | Disclosure Committee (Chair) |
| Blair O'Keeffe | Independent Director | Yes | 2025 | 1.3 yrs | — |
| Michael O'Connor | Independent Director | Yes | 2024 | 2.1 yrs | — |
| Nicola Shadbolt | Independent Director | Yes | 2025 | 1.1 yrs | — |
| Hamish Rumbold | Independent Director | Yes | 2025 | 1.7 yrs | — |
| Victoria Trayner | Independent Director | Yes | 2023 | 3.0 yrs | — |
LIC governance score breakdown
Livestock Improvement Corporation Limited scores 63/100 (Good) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 23/25
- Shareholder rights
- 4/20
- Executive remuneration
- 7.5/10
LIC dividends
The most recent Livestock Improvement Corporation Limited dividend on record is 12.26 cents per share, for FY2026 (final), 100% imputed, ex-dividend 30 Jul 2026, paid 14 Aug 2026.
Livestock Improvement Corporation Limited largest shareholders
Top 10 registered holders of LIC as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | Trinity Lands Limited | 4.95% |
| 2 | LIC Treasury Stock | 3.61% |
| 3 | Kotare Futures Limited | 2.05% |
| 4 | Sim Brothers Limited | 1.99% |
| 5 | David Lockhart Easton & Anthea Clare Easton & RFH Trustees | 1.51% |
| 6 | Melrose Dairy Limited | 1.08% |
| 7 | Anglesea Agriculture Limited | 1.03% |
| 8 | Cayuga Limited | 0.83% |
| 9 | Robert Laurentius Johannes Bruin & Annemarie Bruin | 0.78% |
| 10 | Kotare Pastoral Limited | 0.72% |
LIC government contracts
Livestock Improvement Corporation Limited has been named as an awarded supplier on 2 New Zealand government contracts published on GETS, most recently on 29 Mar 2023. 1 of them discloses an award value, totalling $2.8M. 1 was shared with other suppliers, and a shared contract is published with its full value.
Most frequent of 2 agencies: Ministry for Primary Industries, Landcorp Farming Ltd.
| Awarded | Agency | Contract | Value |
|---|---|---|---|
| 29 Mar 2023 | Landcorp Farming Ltd | Artificial Breeding and Herd Testing | not disclosed |
| 1 Jul 2021 | Ministry for Primary Industries | NZAGRC Innovation Fund 2021(shared) | $2.8M |
Full government procurement analysis on PublicData · All NZX companies with government contracts
Source: MBIE GETS Open Data. An award of $0 or blank is treated as undisclosed.
Recent LIC NZX announcements
The 10 most recent filings by Livestock Improvement Corporation Limited to the NZX.
- Determination of Director's IndependenceGeneral
- NZX Notice Pursuant to Listing Rule 3.13.1Capital Change
- Initial D&O Disclosure - RS SnellInsider/Shareholder Notice
- LIC Annual Meeting ResultsAGM
- LIC Annual Meeting PresentationAGM
- LIC 2025/26 Sustainability ReportESG
- NZX Notice Pursuant to Listing Rule 3.13.1Capital Change
- Director & Senior Manager Ongoing Disclosure - BD MealingsInsider Disclosure
- Director & Senior Manager Ongoing Disclosure MJ O'ConnorInsider Disclosure
- Director & Senior Manager Ongoing Disclosure BD MealingsInsider Disclosure
Livestock Improvement Corporation Limited (LIC) — frequently asked questions
What does Livestock Improvement Corporation Limited do?
Livestock Improvement Corporation is a farmer-owned genetics and herd improvement cooperative providing dairy bull semen, herd testing, farm automation, and genetic services to dairy farmers across New Zealand and internationally. Livestock Improvement Corporation Limited is listed on the NZX under the ticker LIC, in the Financials sector.
What is the Livestock Improvement Corporation Limited (LIC) share price?
Livestock Improvement Corporation Limited (NZX:LIC) shares closed at $1.12 on 21 October 2026, unchanged on the previous close. At that price its market capitalisation was about $159 million, based on 142,129,382 shares on issue as at 30 September 2026.
Who are the directors of Livestock Improvement Corporation Limited?
Livestock Improvement Corporation Limited has 9 current directors: Corrigan Sowman (Chair), Antony Coltman (Independent Director), Duncan Coull (Independent Director), Sophie Haslem (Independent Director), Blair O'Keeffe (Independent Director), Michael O'Connor (Independent Director), Nicola Shadbolt (Independent Director), Hamish Rumbold (Independent Director) and Victoria Trayner (Independent Director). 8 of the 9 are recorded as independent (89%). Average board tenure is 2.6 years.
Who is the chair of Livestock Improvement Corporation Limited?
Corrigan Sowman chairs the Livestock Improvement Corporation Limited board, and has been a director since 2023.
Who is the CEO of Livestock Improvement Corporation Limited?
David Chin is the Chief Executive of Livestock Improvement Corporation Limited.
What was Livestock Improvement Corporation Limited's most recent dividend?
The most recent Livestock Improvement Corporation Limited dividend on record is 12.26 cents per share for FY2026 (final), 100% imputed, ex-dividend 30 July 2026, paid 14 August 2026.
What is Livestock Improvement Corporation Limited's dividend yield?
Livestock Improvement Corporation Limited's trailing 12-month dividend yield is 10.95%, as at 21 October 2026. That is 12.26 cents per share of ordinary dividends with an ex-date in the 12 months to 22 October 2026, divided by the 21 October 2026 closing price of $1.12. Special dividends are excluded.
Who are the largest shareholders of Livestock Improvement Corporation Limited?
The largest registered holder of LIC shares in the FY2025 top-20 register was Trinity Lands Limited, with 4.95%, followed by LIC Treasury Stock (3.61%) and Kotare Futures Limited (2.05%).
What is Livestock Improvement Corporation Limited's governance score?
Livestock Improvement Corporation Limited has an NZXplorer Governance Risk Score of 63/100 (Good) for FY2026, based on 73% data coverage.
When was the last Livestock Improvement Corporation Limited annual meeting?
The most recent Livestock Improvement Corporation Limited annual meeting on record was held on 23 September 2026.
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