Seeka Provides ASM Presentation

Annual Shareholder Meeting
20 April 2023

Agenda
2
Welcome to Seeka’s 2023 meeting
6
Questions
5
Meeting resolutions
4
Chief executive’s report
3
Chair’s commentaryand financial statements
2
Proxies and voting instructions
1
Introductions
7
Director retirement and general business

Introducing Directors
3
Cecilia TarrantMarty Brick
Retiring today
Ratahi Cross
Fred Hutchings
Chair
Ashley WaughHayden CartwrightStewart Moss
Robert Farron
Chair Audit & Risk Committee
For Election
For Election

Proxies
4
Chair5,943,440
Grant Oakley235,286
New Zealand Shareholders' Association988,084
Total7,166,810

Meeting process
5
Online voting and asking questions
The voting boxQuestion box

Chair’s Commentary
Fred Hutchings

A difficult year
Seekaand its growers experienced a very difficult year
Kiwifruit yields down on expectation | Up to 1,100 people short during peak operations| Covid-19 increased costs
KKP machine delay | Lower kiwifruit market returns from Zespri | Higher fruit loss at OPAC with insurance process enacted
Higher revenue from bigger business, but profitability below expectation
$348m Revenue | $46.1m EBITDA | $7.6m NPBT | $6.5m NPAT | $0.16 EPS | $548m Assets | No dividend
Seeka’s regional presence strengthened
OPAC (Ōpōtiki, May 2021) | Orangewood (Kerikeri, Nov 2021) | NZ Fruits (Gisborne, Feb 2022) | 11 packhouses
Tangible progress on sustainability
3 years of verified carbon footprint calculations | Reduction targets set for 2025 | Sustainability report published
1
2
3
4
7

All results and comparatives consistent with NZ IFRS 16 Leases. These financials should be read in conjunction with Seeka’s Annual Report 2022.
Group financials FY22
$348.4m Revenue
$46.1m EBITDA
−FY21 included $7.6m Crown settlement of
Kiwifruit Claim
$7.6m Net profit before tax
$6.5m Net profit after tax
8
NZD millions
FY22
FY21
Growth
Revenue
348.4 309.6 13%
Cost of sales
280.1 236.3 19%
Gross profit
68.3 73.2 ( 7%)
EBITDA
46.156.8( 19%)
Net profit before tax
7.623.5( 68%)
Net profit after tax
6.514.9( 56%)

FY22FY21
Earnings per share $ 0.16 $ 0.43
Dividends paid in year $ 0.13 $ 0.25
Net tangible assets
$251 m $229 m
Shares at year end42.0 m 40.2 m
Net tangible assets per share$ 5.97 $ 5.71
1.FY22 payment of $0.13 is FY21 final dividend. FY21 payment of $0.25 is FY20 final dividend of $0.12 plus FY21 interim dividend is $0.13.
Earnings per share and dividends
$0.16 earnings per share
No FY22 dividend
1
−FY22 payment of $0.13 is FY21 final dividend
−Focused on debt reduction
$5.97 net tangible assets per share
$2.88 current share price
9

Net bank debt
Syndicated five-bank funding
−$211m credit line
$6.3m of assets held for sale December 2022
−$3.4m Australian water shares – settled
February 2023
−$1.5m NZ orchard –settled March 2023
Sought and obtained covenant support from
Banking Syndicate
Targeting debt / EBITDA ratio 1.5x to 2.5x
10
$113m
Drawn
$151m
Drawn
$77m
Available
$60m
Available
$190m
Facility
$211m
Facility
Dec 2021Dec 2022
Bank debt facilities

ESG commitment
Seeka working to be an environmental leader
−Transparently report our environmental impact
First full sustainability report released June 2022
−Carbon footprint and reduction initiatives outlined
−Social programmes and governance reporting
Commitment to reduce Seeka’s carbon emissions
−30% by 2025, 50% by 2030 – from 2019 base year
−Net zero carbon by 2050
11
Reporting our sustainability journey and setting
carbon reduction targets

Outlook
Capacity in place for 50m+ trays and investment set for the future
Automation projects at 3 facilities | More RSE and international workers | Operational improvements enacted
Weather events have impacted 2023 volumes
Late spring frost | February floods | Cyclone Gabrielle | Volumes could be 20% down on 2022
Outlook to 2024 positive
2024 volumes expected to be higher | Strong canopy growth | More hectaresentering full production
Focus on operational excellence, cost management and debt reduction
1
2
3
12
4

Chief Executive’s Report
Michael Franks

People and safety
Labour availability has improved
Higher labour costs and inflation
Higher labour compliance costs
2022
Actuals
2022
Targets
Lead performance
Health and safety meetings
93%90%
Lag performance
Total recordable injury
frequency
2.75
Below
4.5
Lag performance
Serious harm injuries
1Zero
Health and safety statistics
14

Risk management
Initiated a Captive Insurance Structure in 2023
−Improved risk financing mechanism
Established Seeka Risk Management Limited
− Provides Seeka’s Material Damage and Business
Interruption (MDBI)insurance
−65% international participation
−Potential to expand coverage in 2024
15
Fire risk mitigation plan for high risk areas
Protecting switch boards, forklift charging bays & plant rooms
Automatic
power off
Thermographic
imaging
Containerise
heat sources
Heat detection
and alarms
Automatic
alerts to FENZ
24 / 7 site
security
Gas flood
protection

Orchard operations
$80.5m orchard revenue
−Lift in kiwifruit volumes, but yields down
− 2021 Ōpōtiki storm lowered yields – 2m trays
$4.6m EBITDA
−Lower Zespri returns, higher production costs
$40.2m net assets
−$19.5m long term lease developments
−$14.4m growing annual crops
−$5.8m orchard machinery
Growing kiwifruit, avocado and kiwiberry – led by Barry Penellum
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NZD $millionsFY22FY21Change
Revenue80.5 77.1 4%
EBITDA4.6 5.2 ( 13%)
EBIT2.2 3.0 ( 25%)
Net assets40.234.816%

1. Forecast financial information is based on assumptions, estimates, outlook and other judgements available at the time of preparation. Actual results may differ materially.
Investing in long term lease developments
$19.5m invested in developing long term kiwifruit leases
−Partnering with landowners, iwi and Kānoafund
−Includes packing supply contracts to 2050
−Seeka’s investment repaid from orchard profits
−Plus packing contribution
53 hectares of kiwifruit to enter full production in 2024
−Extra 33 hectares of SunGold; +263k trays
−Extra 20 hectares of Hayward; +159k trays
170 hectares of total long-term leases operating in 2023
−116 hectares of kiwifruit
−41 hectares of Gem and Hass avocado
−11 hectares of mature lemons
−2 hectares of kiwiberry in development
17
25
5858
5353
33
20232024202520262027
SunGold long term leases
Hectares
18
3838
35
40
25
10
21
16
11
16
11
20232024202520262027
Hayward long term leases
Hectares
Mature
Immature
In development
Mature
Immature
$13m
over 5 years
$684k
$3.1m
$3.4m
$2.7m
$3.0m
20232024202520262027
EBITDA forecast
1
Long term leases

NZD $millionsFY22FY21Change
Revenue233.8 195.9 19%
EBITDA59.0 61.6 ( 4%)
EBIT41.2 44.6 ( 8%)
Net assets215.3 207.7 4%
Post harvest operations
$233.8m post harvest revenue
− Estimated 2m trays lost in Ōpōtiki from 2021 storm
$59.0m EBITDA
−Impacted by labour costs and severe labour shortages
−Covid-19 overhang
Fruit damage in Ōpōtiki at OPAC site
−Awaiting final assessment of insurance claim
Primarily packing kiwifruit
−Along with citrus, persimmon and avocado
Capacity set for 50m+ trays
$215m net assets
−Packhouses and coolstores valued at fair value
Harvesting, packing, cool storing, and dispatching – led by Paul Crone
18

SeekaFresh retail services operations
$19.1m SeekaFreshrevenue
−Impacted by Covid-19 shut downs
Sales commissions down
−Slow start to 2022/23 avocado programme
−Lower kiwifruit volumes & early-season quality issues
2023 already significantly improved with a return to
normal operations post Covid-19 lockdowns
$0.8m EBITDA
Net assets ($0.9m)
−$3.7m plant and equipment
−Remainder working capital
Marketing produce to retail customers
Connecting producers to consumers – led by Kate Bryant
NZD $millionsFY22FY21Change
Revenue19.1 21.6 ( 12%)
EBITDA0.8 2.3 ( 66%)
EBIT( 0.8)1.4
Net assets( 0.9) ( 3.0)
19

Australian operations
Revenue of $14.0m
$1.0m EBITDA
Developing new orchards
−63 hectares of kiwifruit
−New variety pears
−New nashi varieties and dates
$19.8m net assets
−$16.6m land and buildings at fair value
−$11.6m orchards under development
−$5.4m permanent water shares
−$4.9m orchard machinery and packing equipment
Growing, packing and retailing kiwifruit, nashi and European pears
led by Jon van Popering
NZD $millionsFY22FY21Change
Revenue14.0 13.9 1%
EBITDA1.0 1.6 ( 40%)
EBIT( 1.1)( 0.1)
Net assets19.84.5340%
20

1. Forecast financial information is based on assumptions, estimates, outlook and other judgements available at the time of preparation. Actual results may differ materially.
Investing in Australian fruit production
$11.6m invested in orchards in development
62 hectares of Hayward kiwifruit in development
−66% increase in producing hectares by 2026
−Excellent demand and returns from the Australian market
25 hectares of Red nashi in development
−Well received by retailers and consumers
−57% increase in nashi producing hectares by 2027
31 hectares of jujube dates producing by 2027
−Excellent demand and returns
21
Growing our Australian kiwifruit, nashi and jujube business
Green
Brown
Red
46
51
57
66
73
20232024202520262027
Nashi
Productive hectares
57%
increase
93
114
138
155 155
20232024202520262027
Hayward kiwifruit
Productive hectares
66%
increase
$1.4m
$4.9m
$5.6m
$6.6m
$8.7m
20232024202520262027
EBITDA forecast
1
Seeka Australia
$27m
over 5 years

Forward focus
Focused on core business and operational improvement
−Operate safely
−Capacity for 50m+ trays
−No capacity capital in next 12 months
Anticipate profitability improvement with volume in 2024
−Automation where it achieves target financial return
−Capital expenditure within depreciation
−Cost reduction
Debt reduction focus
−Target debt / EBITDA ratio 1.5x to 2.5x
−Targeting increased profits and lower capex
−Reviewing non-core assets
Other opportunities being considered
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Meeting Resolutions
Fred Hutchings

Resolution 1. Director election – Cecilia Tarrant
“To re-elect Cecilia Tarrant as a Director.”
−Cecilia Tarrant retires by rotation and is standing for re-election
−Board supports and recommends Cecilia Tarrantfor re-election
Cecilia Tarrant to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
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Resolution 2. Director election – Hayden Cartwright
“To elect Hayden Cartwright as a Director.”
−Hayden Cartwright was appointed by the Board February 2023 and is
standing for election
−Board supports and recommends Hayden Cartwright for election
Hayden Cartwright to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
25

Resolution 3. Appointment and Remuneration of Auditors
"To record the re-appointment of PwC (PricewaterhouseCoopers) as auditor of
the Company, and to authorisethe Directors to fix the remuneration and
expenses of the auditor for the coming year."
−PwC automatically reappointed as auditors under the Companies Act 1993
−Resolution authorises the Board to fix PwC’s fees and expenses for 2023
To consider, and if thought fit, pass the following as an ordinary resolution:
26

Questions
27

Voting
Online voting
−If you have not already done so,
can shareholders now please cast your vote
28

Retirements and General Business

Retiring Director
30
Marty Brick
A former director of Te AwanuiHuka Pak,
Marty joined Seeka in 2012 when Huka
Pak amalgamated with Seeka

END OF MEETING
Shareholders have 5 minutes left to
cast your vote
31

seeka.co.nz