Ann: Investor Presentation FY2024 Results, page-11

I do think @madamswer's point is valid. LAU must wear the very fluctuating fortunes of the agricultural industry for a largish portion of its income. And nowhere more will this be felt than the retailers who service the country areas. Read: WB Hunters, for mine, very much an acquisition that has yet to be proved a correct move, as the FY24 results show. But, to the credit of management, in a tough year and Hunters aside, they did increase revenue (sans Hunters) organically by 6% - only to see it gobbled up by materials & transport costs which increased cost/rev from 33.4% in FY23 to 36.6% in FY24.
They did a fantastic job of keeping labour/subcontractor costs reasonably under control.
Overall, I think this is a competent management team - deserving of 27% of the STI's in a tough year, probably right. Mitigation of risk & greater damage deserves recognition.
But, reality is reality, this is a capital intensive company.
Return of assets (ROA) is a good indicator of a tough FY24 where it dropped from 7.1% to 5%.
NPAT/REV dropping from 5.1% to 3.39% is game, set & match.

The 'between the lines' readings of their outlook might suggest they see improvements in FY25 - top line in particular.
One would hope rev to increase 10%+ - inflation is probably running at around 5% & WB Hunters has to step up.
And NPAT/Rev to get back to around that 5% mark.
There are plenty of good expansionary things happening where the benefits will show in FY26.