ArborGen Holdings Results for Year Ended 31 March 2023

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ARBORGEN RESULTS FOR YEAR ENDED 31 MARCH 2023 (FY23)
Strong revenue growth and operating profit uplift under refocussed strategy
30 May 2023 - ArborGen Holdings Limited (NZX: ARB) (ArborGen or the Company) has reported its
audited results for the 12 months ended 31 March 2023 (FY23)
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, with an 18% increase in group
revenues to US$56.1 million, and a US$3.5 million increase in operating profit to US$2.2 million.
ArborGen also reported a 35% increase in US-GAAP EBITDA
2,3
to US$10.3 million in FY23, and positive
commercial progress under its new strategy.
ArborGen is the largest commercial global seedling supplier and a leading provider of advanced
genetics seedlings for the forest industry. As a result of the strategic review completed in Q1 FY23, the
business has refocussed on high growth markets in the US South and Brazil, as well as on new and
emerging high growth carbon markets.
In the US South, ArborGen continues to build on its position as the leading commercial supplier of
advanced genetics loblolly pine seedlings. In Brazil, the company is benefitting from being the only
company providing superior genetics to pine and eucalyptus growers in Brazil, and very strong
underlying demand conditions. The carbon market is in an early stage, however, ArborGen has entered
into seedling supply agreements in the US (one long term) with two well-funded companies with
programmes to afforest (plant new forests) on pastureland or farmland designed to sequester carbon
to help address global warming.
Chairman of ArborGen, Dave Knott, said: “It has been gratifying to see the benefits of the significant
work being done under our refocused strategy, with improved financial results and a stronger
foundation for ArborGen’s future. The commercial benefits of our higher value, advanced genetics
seedlings in both Brazil and the US are increasingly being recognised by customers. Our investments
this year will further expand our internal production capacity, allowing us to increase our sales and
market share.”

Financial performance
The strong FY23 financial performance has been driven by record sales volumes, seedling sales prices
and earnings in Brazil, resulting in an 18% increase in group revenues to US$56.1 million.

1
Audited results for the twelve months to 31 March 2023 (FY23). FY22 restated for continuing operations only following
the divestment of the NZ and Australian business in FY22. All dollar values in US dollars unless otherwise stated.
2
US GAAP EBITDA excludes NZ public company costs and strategic review costs. Please refer to page 20 of the FY23 Results
Presentation for a summary of US GAAP EBITDA.
3
The Company uses US-GAAP EBITDA when discussing financial performance. This is a non-GAAP financial measure and is
not recognised within IFRS. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute
for measures reported in accordance with GAAP. Management believes that US-GAAP EBITDA provides useful information,
as it is used internally to evaluate performance, and it is also a measure that equity analysts focus on for comparative
company performance purposes, as the measure removes distortions caused by differences in asset age, depreciation
policies and debt:equity structures.

2

Operating profit before financing costs and tax increased to US$2.2 million, up from a loss of US$1.3
million in the prior year. Including a non-cash net deferred tax loss recognition of US$2.6 million, net
earnings after tax was US$(2.5) million, a reduction on the prior year’s result of US$1.7 million which
included a US$4.7 million tax benefit. US-GAAP EBITDA
2,3
increased 35% to US$10.3 million in FY23.

Net debt increased to US$13.0 million at year end following investment into growth initiatives and
higher working capital requirements as the company expands, as well as delayed receipts of Employee
Retention Credits (ERCs) under the Coronavirus Aid Relief and Economic Security (CARES) Act (US$1.6
million since received in May). Investments have been made into expanding internal seedling
production capacity in both Brazil and the US, and growing advanced genetics (seed supply) in the US,
with benefits expected to be seen from FY24 onwards.


Seedling sales and production
During the year, ArborGen sold 375 million seedlings, with a growing percentage from Brazil (27% in
FY23 vs 21% in FY22) and the remainder from the US.
ArborGen is the only company offering superior genetics to pine and eucalyptus growers in Brazil and
is benefitting from very strong underlying demand conditions. Advanced genetics sales comprised
approximately 50% of total eucalyptus sales in FY23 and is expected to increase significantly in FY24.
Demand for advanced genetics Mass Control Pollinated (MCP) seedlings in the US remains strong,
particularly in the private landowner segment where the majority of sales growth is expected to occur.
In FY23, 41% of loblolly pine seedling sales were advanced genetics, in line with the prior year.
Pleasingly, the company has reported its highest ever MCP seed production from its orchards in the
US with cone harvested producing seed equivalent to approximately 240 million MCP seedlings. The
surplus seed will help mitigate the impact of the freeze experienced during last year’s MCP pollination
season (cones to be harvested in November 2023) on FY25 MCP seedling sales.

Growth initiatives
The company has invested in increasing seedling production capacity across both the US and Brazil.
In the US, internal container capacity has been expanded across two existing owned sites, increasing
in-house container seedling production by approximately 70% to nearly 20 million containerised
seedlings per annum.
In Brazil, ArborGen has successfully integrated a new 10 million capacity pine nursery, and a fourth
nursery for eucalyptus production, bringing ArborGen’s internal eucalyptus production capacity in
Brazil to nearly 50 million seedlings per annum. In early FY24, ArborGen leased its fifth eucalyptus
nursery, with 5 million seedlings production capacity, further expanding ArborGen’s capacity and
nursery footprint in Brazil.
In FY23, the status of ArborGen’s US seed orchards and seed production capacity was reviewed with
the goals being to build seed inventory where required, advance the genetics of the company’s
portfolio of products to maintain its strong competitive lead, while also controlling costs and working
capital related to seed production. Initiatives are underway including building at least two years of
MCP seed inventory for each provenance thereby minimising reliance on single year cone harvests, as
well as new, faster methods of trialling and producing new genetics.

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Outlook
Looking to FY24, ArborGen is projecting a materially improved performance, driven by higher seedling
sales in Brazil (eucalyptus and pine) and in the US (including MCP seedlings and seedling sales for
carbon markets).
In the US, while the overall market is not expected to grow in FY24 due to macro-economic headwinds,
gross margin and earnings are expected to improve as a result of increased internal container seedling
production, lower MCP seed cost, operational efficiencies and higher average selling prices.
In Brazil, strong underlying market demand for both eucalyptus and pine seedlings combined with the
annualised benefits of ArborGen’s newly acquired pine and eucalyptus nursery leases, and higher
pricing and margins for both pine and eucalyptus seedlings sold, support substantial increases in
profitability and cash flow generation.
Although only in the second month of ArborGen’s new fiscal year (FY24), approximately 65% of
budgeted seedling volumes in the US (including approximately 75% of budgeted MCP volumes) have
been sold. In Brazil, ArborGen has sold all of its budgeted eucalyptus seedlings and 80% of budgeted
pine seedlings’ sales.
The company is looking forward to progressing its strategic plans in FY24 under the leadership of new
CEO, Justin Birch, an experienced executive with significant exposure to the agriculture sector. Justin
will join the company on 1 June 2023.
ENDS

Any enquiries should be directed to:
Sharon Ludher-Chandra
Company Secretary & Performance Improvement Director (NZ-based)
E: info@arborgenholdings.com Tel: +64 9 356 9800

http://www.arborgenholdings.com






ArborGen
ArborGen is the largest commercial global seedling supplier and a leading provider of advanced
genetics, for the forest industry. Employing state-of-the-art technology, ArborGen is developing high-
value products that significantly improve the productivity of a given acre of land by enabling our
customers to grow trees that yield more wood per acre with greater consistency and quality in a
shorter period of time. For more information, please visit ArborGen’s website at www.arborgen.com.

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ARBORGEN HOLDINGS FY2023 RESULTS

FY23 Highlights
▪ Positive year of commercial progress following sale of Australian and New Zealand business in
FY22 and refocussing of business on higher growth existing and emerging markets.
▪ Investments made in increasing internal seedling production capacity in both Brazil and the US,
and in growing advanced genetics (mass control pollination (MCP)) seed supply in the US.
▪ Continued strong performance in Brazil in the second half of the fiscal year ending 31 March 2023
(FY23) with record sales volume, revenue, gross margin and earnings, benefitting from being the
only company providing superior genetics to pine and eucalyptus growers in Brazil, and strong
underlying demand conditions.
▪ Highest ever MCP seed production from US orchards with cone harvested producing seed
equivalent to approximately 240 million MCP seedlings – over 60% for the Eastern regions where
MCP seedling sales have been the highest but seed supply has been limited.
▪ Successful completion of internal container capacity expansion across two existing owned sites,
increasing in-house container seedling production by approximately 70% to nearly 20 million
containerised seedlings per annum in the US.
▪ Successful integration of a 10 million capacity pine nursery located in Canoinhas, Santa Catarina,
and of ArborGen’s fourth eucalyptus nursery in Brazil, bringing ArborGen’s internal eucalyptus
production capacity in Brazil to nearly 50 million seedlings per annum.
▪ 18% increase in Revenue to $56.1 million.
▪ Operating Profit before financing expenses of $2.2 million, up from a loss of $1.3 million.
▪ 35% increase in US-GAAP EBITDA
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to $10.3 million.

Outlook
▪ Materially improved performance projected in FY24 (fiscal year ending March 2024) driven by
higher pricing and seedling sales volumes in Brazil (eucalyptus and pine) and higher seedling sales
in the US (including MCP and hardwoods for carbon markets).
▪ Increased internal container production and lower MCP seed costs in the US and increased
internal pine and eucalyptus seedling production in Brazil driving improved gross margins in FY24.

1
US GAAP EBITDA excludes NZ public company costs and strategic review costs. Please refer to page 20 of the FY23 Results
Presentation for a summary of US GAAP EBITDA.
2
The Company uses US-GAAP EBITDA when discussing financial performance. This is a non-GAAP financial measure and is
not recognised within IFRS. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute
for measures reported in accordance with GAAP. Management believes that US-GAAP EBITDA provides useful information,
as it is used internally to evaluate performance, and it is also a measure that equity analysts focus on for comparative
company performance purposes, as the measure removes distortions caused by differences in asset age, depreciation
policies and debt:equity structures.

CHAIRMAN AND CEO’S REPORT

Dear Shareholder
ArborGen is the largest commercial global seedling supplier and a leading provider of advanced
genetics for the forest industry. Our transformative technology and advanced genetic seedling
products are a game changer for our forest landowners, delivering bigger and better trees, faster.
As a result of the strategic review completed in FY23, we have refocussed our business on our high
growth markets in the US South and Brazil, as well as on new and emerging high growth carbon
markets.
We are poised to benefit from our decades of investment in research, intellectual property and people
capability. With the foundations now laid, ArborGen’s focus will be on the continued conversion of
customers to higher value seedlings as our customers increasingly see the commercial potential of our
advanced genetics products.

Financial Performance
12 months ended 31 March

US $m FY23 FY22 % change
Revenue
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56.1 47.6 18%
Gross Profit
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18.2 17.8 2%
Operating Earnings (before Other Significant Items
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) 1.6 2.7 (41)%
Operating Profit before Financing Expenses 2.2 (1.3) N/A
Net Earnings after Taxation (2.5) 1.7 N/A
Net Cash from Operating Activities 6.5 7.5 (13)%

US GAAP EBITDA
1,2,3
10.3 7.6 35%
Adjusted US GAAP EBITDA
5,3
9.2 10.1 (9)%
Net Debt 13.0 11.5 (13)%



During the twelve-month period, the Group reported:

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Continuing operations
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Other significant items of $0.6 million comprise $1.2 million of Employee Retention Credits (ERCs) under the Coronavirus
Aid Relief and Economic Security (CARES) Act (net of costs) recognised as income in FY23, $0.3 million of strategic review
costs and $0.3 million of employment cessation costs (FY22: $(4) million; comprised Government grant income of $0.9m,
COVID-19 impact on unsold seedlings and associated write off of $1.6m, $1.5m related to a freeze event, and strategic review
and other costs of $1.8m (primarily financial, tax and legal advice, and including M&A activity during the period).
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Please refer to page 20 of the FY23 Results Presentation.

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▪ Revenue of $56.1 million, up 18% on prior period, comprising sales of $39.3 million in the US
(FY22: $39.9 million) and $16.8 million in Brazil (FY22: $7.7 million).
▪ Gross margin of $18.2 million, up from $17.8 million in FY22.
▪ Operating earnings (before other significant items
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) of $1.5 million, down from $2.7 million in the
prior year.
▪ Operating profit before financing expenses of $2.2 million, up from a loss of $1.3 million in FY22.
The $2.2 million includes $0.6 million of other significant items
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.
▪ Net loss of $2.5 million, down from net earnings of $1.7 million recorded in the prior period. Net
earnings include $3.4 million of tax expense including net deferred tax losses recognised of $2.6
million (FY22: $4.7 million deferred tax benefit).
▪ US-GAAP EBITDA
1,2
of $10.3 million, up 35% from $7.6 million in the prior year.
▪ Adjusted US-GAAP EBITDA
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of $9.2 million, 9% lower than the $10.1 million in the prior period.
▪ Net debt (excluding capitalised leases) of $13 million, up $1.5 million on the prior period – higher
than previously forecast due to delayed receipt of ERCs ($1.6 million since received in May),
higher costs associated with the US container expansion project (partly due to greater capacity
than initially planned), higher working capital in Brazil associated with the new pine and
eucalyptus nurseries, and lower earnings in the US.

Seedling Sales Performance
ArborGen sold 375 million seedlings globally in the 12-month period to 31 March 2023 – 273 million
seedlings in the US (including 250 million loblolly pine seedlings of which 41% were advanced genetics
seedlings), and 102 million seedlings in Brazil.

Seedling Sales
FY23 (m)
Seedling Sales
FY22 (m)
USA
273 284
USA Loblolly MCP%
41% 41%
Brazil
102 76
Total
375 360

In the US, seedling sales decreased by 4% to 273 million units in the period, from 284 million seedling
units in the prior period. Sales were down due to production losses of approximately 12 million
seedlings (both loblolly and non-loblolly), which otherwise would have been sold. Most of these losses
were due to matters that have been improved upon in FY24 including rationalisation of hardwood
species grown, ensuring seed sowing is completed within optimum planting windows, cessation of
pine production at a particular location, and planting buffer OP production.

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Advanced genetics sales were approximately 102 million seedling units in FY23, slightly down on 107
million in FY22. In particular, MCP seedling sales to the private landowner segment, where the
majority of sales growth will occur, was up 9% compared to prior year, driven by increasing recognition
of the value of ArborGen’s advanced genetics products albeit constrained by Eastern MCP supply.
Total seedling and advanced genetics seedling sales to National Account customers (primarily REITs
and TIMOs
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) were lower by 7% and 13% respectively primarily due to customer specific issues
including fires, changes in land holdings and annual site-specific planting regimes, as well as
constrained Eastern MCP supply. Advanced genetics sales as a proportion of total loblolly seedlings
sold to National Account and private landowner customers were 59% and 28% respectively (FY22: 64%
and 25%).
Advanced genetics sales to the private landowner segment now represent around 39% of total
advanced genetics volume sold.
In Brazil, unit seedling sales increased by 35% to 102 million units in the period, comprising 80 million
eucalyptus seedlings and 22 million pine seedlings. ArborGen is the only company offering proprietary,
advanced genetic pine and eucalyptus products to the market, including integrated companies with
their own tree improvement programmes needing genetic alternatives who represent approximately
40% of ArborGen’s sales in Brazil. Advanced genetics sales comprised approximately 50% of total
eucalyptus sales in FY23 and is expected to increase significantly in FY24.
In addition to strong volume growth, ArborGen’s Brazil operations also benefitted from solid increases
in seedling selling prices, and margin growth – leveraging strong demand conditions, and ArborGen’s
proprietary genetics and expanded internal pine and eucalyptus production capacity.

Growth and Strategic Initiatives
The sale of ArborGen’s Australian and New Zealand business in late 2021, which released NZ$22.25
million of capital, fundamentally changed the course of the Company by allowing us to invest in
targeted opportunities in high growth markets in the US South and Brazil.

Growing the Brazil business

Eucalyptus market dynamics
Eucalyptus pulp is an excellent short-fibre hardwood pulp due to its relatively uniform fibre, simple
cell structure, low degree of lignification, smoothness, bulk and water absorption characteristics.
Driven by the tremendous productivity of eucalyptus plantations in Brazil and a well-established
domestic industry, Brazil is, and will continue to be, the centre of global hardwood pulp production.

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Real Estate Investment Trusts and Timber Investment Management Organisations
We are leveraging our strong position in the pine and eucalyptus seedling markets to build a
sustainable, highly profitable business that is recognised as the preeminent seedling supplier in
terms of product breadth and quality, pipeline of new genetics and superior service.

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This has led to major expansion in the Brazilian pulp industry with several announced expansion
projects targeted for the rest of this decade, collectively projected to lift pulp production capacity by
approximately 30% in Brazil.
As a direct consequence of this strong end market growth, demand for eucalyptus seedlings is
projected to be approximately 1.2 billion seedlings per annum for the next several years, of which an
estimated 500 million will be met by the internal nursery production capacity of large integrated pulp
companies. A further 500+ million seedlings are supplied by a network of seedling suppliers, leaving a
supply / demand imbalance of around 100-200 million seedlings per annum.
The seedling industry in Brazil is fragmented and unsophisticated and has been shrinking over the last
decade due to the weak state of the market, poor management, and weak capitalisation of
independent nurseries. While the industry has stabilised more recently, there has been relatively
limited expansion in capacity due to capital constraints of owners, and nursery specific limitations (e.g.
access to land and water).
Added to this, after many years of increasing eucalyptus productivity, yields per acre have fallen over
10% since 2014 due to expansion of the eucalyptus growing area, increasing issues with disease and
insect pests, as well as heat and drought stress. Consequently, the market is actively seeking new
clones with higher yields, that are also more resilient against disease and certain pests.

ArborGen's relative positioning
ArborGen has grown to become one of the largest commercial suppliers of eucalyptus and pine
seedlings in the Brazilian market, replicating its US strategy to convert the market to products with
superior genetics in Brazil. We have successfully deployed the same sales and marketing principles we
are using in the US to sell our advanced genetics, and project proprietary product sales will increase
from ~50% to 75% of total unit seedling sales over the next few years, at superior prices and margins
compared to commodity clones.

Specifically, over the last decade, ArborGen has –
▪ Developed a portfolio and pipeline of best-in-class products through in-licensing and internal
product development.
▪ Established a network of in-house and contract nurseries that allows us to respond to market
demand reliably while maintaining capacity flexibility.
▪ Established operating and logistical systems that allow us to offer reliable, high-quality products
to meet demand across several markets and production sites.
▪ Established ourselves as the preferred partner for both suppliers and customers.

ArborGen’s portfolio of products licensed from Gerdau, Sylvamo, Vallourec and Rima as well as a
pipeline of our own products is very compelling. No other company operates a more extensive set of
trials across a broader geography than ArborGen in the industry. We believe that there is significant
room for innovation in eucalyptus tree improvement and are focussed on building a fully integrated
programme from development of new parents and crosses through to commercialisation of product
clones. We are also “regionalising” our products by determining where they are best adapted and
most competitive.

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Consistent with our growth aspirations for this market, and desire to produce approximately 50% of
our seedling requirements internally, over the last 12-18 months ArborGen has –
▪ Acquired a 10 million seedling capacity pine nursery located in Canoinhas, Santa Catarina, Brazil,
to cement our position in local pine markets
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.
▪ Expanded internal production capacity through leasing our fourth eucalyptus nursery in late 2022,
bringing ArborGen’s internal eucalyptus production capacity in Brazil to nearly 50 million
seedlings per year (located in Luis Antonio in Sao Paulo, Inimutaba and Martinho Campos in Minas
Gerais, and Ribas do Rio Pardo in Mato Grosso do Sul).
▪ Very recently leased our fifth, 5 million capacity, eucalyptus nursery in Rondonópolis in the state
of Mato Grosso, further expanding both our capacity and nursery footprint.

Although we are only in our second month of the current fiscal year (FY24), ArborGen Brazil has
already sold-out all of its budgeted eucalyptus seedlings and 80% of budgeted pine seedlings’ sales.
“As the only integrated seedling company in Brazil, we are in a great position to build on our strong
momentum to build a highly profitable business.”

Growing our advanced genetics seedlings pipeline and seedling capacity in the US South

In FY23, we reviewed the status of ArborGen’s seed orchards and seed production capacity with the
primary focus of this effort being to ensure that we continue to build seed inventory where required,
advance the genetics of our portfolio of products to maintain our strong competitive lead, while also
controlling costs and working capital related to seed production.

Building MCP seed inventory
ArborGen has vast seed orchards in the US South spanning 1,200 acres (85% of which loblolly pine),
across five genetic provenances.


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ArborGen purchased the equipment from the former lessee of this location, and is leasing the land and buildings for 10
years.
ArborGen is driving increased adoption of advanced genetics across the US South as the leading
commercial supplier of advanced genetics loblolly seedlings, leveraging years of investment in
developing best-in-class proprietary MCP products, and growing our supply of proprietary genetics.

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To ensure we have adequate seed each year to produce the volume of advanced genetics seedlings
required to meet demand and desired sales growth, we are targeting to build at least two years of
“buffer” MCP seed inventory for each provenance thereby minimising reliance on single year cone
harvests. With our current orchard footprint, we expect to achieve the current goal of 2 years of MCP
seed inventory in every region by 2028 assuming no significant adverse weather events or biological
factors during the intervening years. We have already met this target in Texas and expect to be close
to target in Arkansas and Piedmont in the next 1-2 years. In our largest Coastal market, we expect to
achieve the 2-year on hand inventory target by 2028 benefitting from the increasing productivity of
our younger orchards which represent approximately 70% of our overall orchard footprint. Once the
2-year supply is achieved in a provenance, the scale of the MCP effort for that provenance can be
tailored to maintain supply.
Pleasingly, ArborGen achieved its highest ever MCP seed production from its orchards in the US with
cones harvested in November 2022 producing seed equivalent to approximately 240 million MCP
seedlings – over 60% of which for the Eastern regions where MCP sales are the highest, but supply has
been limited. The surplus in advanced genetics MCP seed harvested last year, will help mitigate the
impact of the freeze experienced during last year’s MCP pollination season (i.e. cones to be harvested
in November 2023) on FY25 seedling sales. Expected MCP seed production from the cone harvest later
this calendar year (impacted by the freeze last year) is around 155 million (in MCP seedling equivalents)
based on our latest cone inventory counts. We have also completed our 2023 MCP pollination activity,
and based on preliminary cone inventory counts expect to generate seed equivalent to just under 200
million MCP seedlings in next year’s cone harvest (as we limit production in regions that have
surpassed buffer seed inventory targets).

Orchard diversification – geographic and age class
Risks are generally managed through having multiple orchard locations for each provenance. We are
actively addressing provenances that lack adequate geographic distribution as part of our on-going
orchard management plans.
In addition, to mitigate the risk of hurricanes hitting our Eastern orchards, we have begun establishing
Coastal and Piedmont orchards in the Western regions. Similarly, we will also use open acres in our
Eastern orchards as opportunities to establish Arkansas and Texas orchards. While the risk of a major
hurricane passing within 50 miles of an orchard facility is low based on the past 30 years of storm
tracking, a single major hurricane could dramatically affect our ability to produce seed for one or more
provenances.
An additional way to mitigate risk from storms is to maintain a distribution of orchard tree ages for
each provenance. By recycling older orchards and establishing new orchard blocks more regularly, we
can ensure there are younger orchards coming into production which can withstand tropical force
winds better than older orchards.

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Incorporating New Genetics
New genetics are essential to maintaining a competitive advantage and industry-leading orchards.
The traditional establishment of orchards using backward selections will be modified so we have the
opportunity to incorporate forward selections directly into new orchards. Backward selections are
parents whose seedlings have been tested in the field and performance is confirmed in progeny trials.
Forward selections are predicted to be good parents but their seed has not been tested in trials. This
has previously carried too much risk of failure but new analytical methods and breeding approaches
will allow higher confidence. The incorporation of genomic analysis and clonal progeny testing through
rooted cuttings will give us higher confidence (greater prediction accuracy) for forward selections.
This will increase our ability to offer greater volumes of superior proprietary genetics to our customers
more quickly.
Expanded container seedling capacity
While ArborGen has sufficient bareroot productive capacity to leverage growth in the regions in which
we operate, there are opportunities to expand internal container capacity supplementing existing
contract production. In FY23, ArborGen successfully completed the commissioning of a new container
facility at its Bullard nursery in Texas, and the expansion of its existing container facility in Belville,
Georgia. The benefits from these projects will be seen in the FY24 seedling sales year, comprising cost
savings from increased production efficiencies, and incremental margins from the additional volume
produced.

Ownership Changes
Earlier this month, we announced the repurchase of all outstanding warrants equating to
approximately 5% of ArborGen Inc.’s fully diluted common stock
8
for $1.35 million (ArborGen Inc. is
the US based wholly owned subsidiary of ArborGen Holdings).
The purchase price of US$1.35 million represents a significant discount and reflects factors that
include:
▪ the warrants are not traded on any market and are exercisable for shares of ArborGen Inc., rather
than shares of ArborGen Holdings
▪ ArborGen Inc. is not obligated to repurchase the warrants
▪ the purchase price consideration is in cash, giving the holders immediate liquidity
▪ ArborGen Inc. owes intercompany advances to ArborGen Holdings.
Following the repurchase of the warrants, there are no more warrants, options or other rights to
purchase ArborGen Inc. common stock, and ArborGen Holdings’ effective economic interest in
ArborGen Inc. will increase from 95% to 100% with no dilution overhang.

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These warrants relate to the acquisition of the assets, germplasm, technology, and intellectual property of the leading
loblolly pine varietal company in the US – CellFor Inc. (CellFor) in August 2012. As consideration for CellFor’s assets, ArborGen
Inc. (a) paid CDN $1.1 million in cash and (b) issued warrants to purchase shares of ArborGen Inc. common stock. Pursuant
to the warrant documents, each holder of a warrant is entitled, subject to certain terms and conditions and at any time no
later than June 19, 2032, to purchase the number of common shares calculated as specified in the warrant documents, at a
purchase price per share of US$0.001.

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Management Transition
In late April, ArborGen announced the appointment of Justin Birch as Chief Executive Officer (CEO)
following a comprehensive and extensive search process.
Mr Birch is an experienced executive with significant exposure to the agriculture sector and a strong
background in private equity, operations, finance, and strategy.
He will be based at ArborGen’s headquarters in Ridgeville, South Carolina, in the US, and will succeed
Andrew Baum who will remain as CEO until Mr Birch joins ArborGen in June, and thereafter continue
in a consulting capacity, to facilitate a seamless leadership transition.
Outlook
Looking ahead, ArborGen is projecting materially improved performance in FY24 (fiscal year ending
March 2024) driven by higher seedling sales in the US (including MCP seedlings) and in Brazil
(eucalyptus and pine), and growth in seedling sales for carbon markets.
In the US, while the overall market is not expected to grow due to aggressive tightening monetary
policy, increased internal container seedling production, lower MCP seed costs expensed in the cost
of seedlings sold, and various operational initiatives, combined with higher selling prices, are expected
to drive improved gross margins and earnings in FY24.
In Brazil, strong underlying market demand for both eucalyptus and pine seedlings combined with the
annualised benefits of ArborGen’s newly acquired pine and eucalyptus nursery leases, and higher
pricing and margins for both pine and eucalyptus seedlings sold, support substantial increases in
profitability and cash flow generation.
Although we are only in the second month of ArborGen’s new fiscal year, in the US we have sold
approximately 65% of budgeted seedling volumes (including approximately 75% of budgeted MCP
volumes), and in Brazil, ArborGen has sold all of its budgeted eucalyptus seedlings and 80% of
budgeted pine seedlings’ sales.
We are very excited about ArborGen’s future. We would like to thank all of our shareholders for your
continued support, which is very much appreciated. We are putting considerable effort into the
operational performance and cash generation of this business and are committed to delivering
increasing value for our shareholders.

Dave Knott Jr
Chairman
30 May 2023

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26 May 2023
FY23 Results Presentation
For the 12 months ended 31 March 2023
30 May 2023

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Disclaimer
ThispresentationhasbeenpreparedbyArborGenHoldingsLimited(“ArborGen”),toprovideanoverviewoftheperformanceofArborGenanditsactivitiesatthedateofthispresentation.
Itisnotpreparedforanyotherpurposeandmustnotbeprovidedtoanypersonotherthantheintendedrecipient.ThispresentationshouldbereadinconjunctionwithArborGen’sinterim
andannualreports,marketreleasesandotherperiodicandcontinuousdisclosureannouncements,whichareavailableatwww.nzx.com/companies/ARBandwww.arborgenholdings.com.
The information in this presentation is of a general nature only. It is not a complete description of ArborGen.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitationorsolicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor.It does not take into accountany particular prospective
investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective investor may require. Any person who is considering
an investment in ArborGen securities should obtain independent professional advice prior to making an investment decision, andshould make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation is not an indication of future performance and should not be relied upon as such.This presentation may also contain forward
looking statements with respect to the financial condition, results of operations and business, and business strategy of ArborGen. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or apromise or representation that a transaction or outcome
referred to in this presentation will proceed or occur on the basis described in this presentation. Statements or assumptionsinthis presentation as to future matters may prove to be
incorrect.
A number offinancial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in ArborGen’sfinancial
statements available at www.arborgenholdings.com. This presentation may include non-GAAP financial measures. This information has been included on the basis that ArborGen
management and directors consider that this non-GAAP information assists readers to understand the key drivers of ArborGen’sperformance which are not disclosed as GAAP measures in
ArborGen’sfinancial statements.
ArborGen and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to accuracy or
completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.
AllreferencestocurrenciesinthisdocumentareinUSdollars(US$)unlessotherwisestated.

3
3
“Our transformative technology and
advanced genetics seedling products are a
game changer for our forest landowners,
delivering bigger and better trees, faster.”
3

4
4
FY23 Operational Highlights
•Positive year of commercial progress following sale of Australasian business in FY22 and
refocussingof business on higher growth existing and emerging markets.
•Investments made in increasing internal seedling production capacity in Brazil and the
US, and in growing advanced genetics (mass control pollination (MCP)) seed supply in
the US.
•Continued strong performance in Brazil in the second half of the fiscal year ending 31
March 2023 (FY23) with record sales volume, revenue, gross margin and earnings,
benefitting from being the only company providing superior genetics to pine and
eucalyptus growers in Brazil, and strong underlying demand conditions.
•Highest ever MCP seed production from US orchards with cone harvested producing
seed equivalent to approximately 240 million MCP seedlings –over 60% for the Eastern
regions where MCP seedling sales have been the highestbut seed supply has been
limited.
•Successful completion of expansion across two existing owned sites, increasing in-house
container seedling production by approximately 70% to nearly 20 million containerised
seedlings per annum in the US.
•Successful integration of a 10 million capacity pine nursery located in Canoinhas, Santa
Catarina, and of ArborGen’sfourth eucalyptus nursery in Brazil, bringing ArborGen’s
internal eucalyptus production capacity in Brazil to nearly 50 million seedlings per
annum.

5
5
FY23 Financial Highlights
•18% increase in Revenue to $56.1 million.
•Operating Profit before financing expenses of $2.2 million, up from a loss of $1.3 million.
•35% increase in US-GAAP EBITDA
1,2 ,3
to $10.3 million.
Outlook
•Materially improved performance projected in FY24 (fiscal year ending March 2024)
driven by higher pricing and seedling sales volumes in Brazil (eucalyptus and pine) and
higher seedling sales in the US (including MCP and hardwoods for carbon markets).
•Increased internal container production and lower MCP seed costs in the US and
increased internal pine and eucalyptus seedling production in Brazil driving improved
gross margins in FY24.
1.US GAAP EBITDA excludes NZ public company costs and strategic review costs. Please refer to page 20 for a summary of US GAAP EBITDA.
2.The Company uses US-GAAP EBITDA when discussing financial performance. This is a non-GAAP financial measure and is not recognisedwithin
IFRS. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance with
GAAP. Management believes that US-GAAP EBITDA provides useful information, as it is used internally to evaluate performance, andit is also a
measure that equity analysts focus on for comparative company performance purposes, as the measure removes distortions causedbydifferences
in asset age, depreciation policies and debt:equitystructures.
3.Continuing operations

6
6
FY23 Performance
All financial results are in US dollars (US$) unless otherwise stated

7
7
FY23 Financial Performance
1.Continuing operations
2.Other significant items of $0.6 million comprise $1.2 million of Employee Retention Credits (ERCs) under the Coronavirus Aid Relief and Economic Security (CARES) Act (net of costs)recognisedas income in
FY23, $0.3 million of strategic review costs and $0.3 million of employment cessation costs (FY22: $(4) million; comprised Government grant income of $0.9m, COVID-19 impact on unsold seedlings and
associated write off of $1.6m, $1.5m related to a freeze event, and strategic review and other costs of $1.8m (primarily financial, tax and legal advice, and including M&A activity during the period).
3.Please refer to page 20of this FY23 Results Presentation.
12 months ended 31 March
US $m
FY23FY22% change
Revenue
1
56.1 47.6
18%
Gross Profit
1
18.2 17.8
2%
Operating Earnings (before Other Significant Items)
2
1.6 2.7 -41%
Operating Profit before Financing Expenses
2.2 (1.3)
N/A
Net Earnings After Taxation
(2.5) 1.7
N/A
Net Cash from Operating Activities
6.5 7.5
-13%
US GAAP EBITDA
1,3
10.3 7.6
35%
Adjusted US GAAP EBITDA
1,3
9.2 10.1
-9%
Net Debt
13.0 11.5
-13%

8
8
Year in Review
•Revenue of $56.1 million, up 18% on prior period, comprising sales of $39.3 million in the US (FY22: $39.9
million) and $16.8 million in Brazil (FY22: $7.7 million).
•Gross margin of $18.2 million, up from $17.8 million in FY22.
•Operating earnings (before other significant items
2
) of $1.6 million, down from $2.7 million in the prior year.
•Operating profit before financing expenses of $2.2 million, up from a loss of $1.3 million in FY22. The $2.2
million includes $0.6 million of other significant items
4
.
•Net loss of $2.5 million, down from net profit of $1.7 million recorded in the prior period. Net earnings include
include $3.4m of deferred tax expense including net deferred tax losses recognised of $2.6 million(FY22
benefit of 4.7m).
•US-GAAP EBITDA
1,3
of $10.3 million, up 35% from $7.6 million in the prior year.
•Adjusted US-GAAP EBITDA
3
of $9.2 million, 9% lower than the $10.1 million in the prior period.
•Net debt (excluding capitalisedleases) of $13 million, up $1.5 million on the prior period –higher than
previously forecast due to delayed receipt of ERCs ($1.6 million since received in May), higher costs associated
with the US container expansion project (partly due to greater capacity than initially planned), higher working
capital in Brazil associated with the new pine and eucalyptus nurseries, and lower earnings in the US.

9
9
Seedling Sales Performance
•US sales decreased by 4%, due to production losses (loblolly and non-loblolly)
•Factors resulting in the lost seedlings have been improved upon in FY24. e.g. rationalisinghardwood species grown, planting
within optimum planting windows, cessation of pine production at a particular location, and planting buffer OP production.
•Advanced genetics sales to private landowners were up 9% driven by increasing recognition of our products.
•Total seedling sales (including advanced genetics) to National Account customers were lower primarily due to
customer specific issues including fires, changes in land holdings and annual site-specifcplanting regimes.
•Advanced genetics sales as a proportion of total loblolly seedlings sold to National Account and private
landowner customers were 59% and 28% respectively (FY22: 64% and 25%).
•Advanced genetics sales to the private landowner segment now represent around 39% of total advanced
genetics volume sold
•Seedling sales in Brazil increased by 35% to 102 million units.
•Advanced genetics sales in Brazil comprised approximately 50% of total eucalyptus sales in FY23 and is
expected to increase significantly in FY24.
In addition to strong volume growth, ArborGen’sBrazil operations also benefitted from solid increases in
seedling selling prices, and margin growth –leveraging strong demand conditions, and ArborGen’s
proprietary genetics and expanded internal pine and eucalyptus production capacity.
million units
FY23FY22
USA273284
USA Loblolly MCP%41%41%
Brazil10276
Total375360

10
10
Growth and Strategic Initiatives
The sale of Australasian business in late 2021 released NZ$22.25m of capital, allowing
investment in high growth markets in the US South and Brazil.
Growing the Brazil business
We are leveraging our strong position in the pine and eucalyptus seedling markets to build
a sustainable, highly profitable business that is recognisedas the preeminent seedling
supplier in terms of product breadth and quality, pipeline of new genetics and superior
service.
Growing our advanced genetics seedlings pipeline and seedling capacity in the US South
ArborGenis driving increased adoption of advanced genetics across the US South as the
leading commercial supplier of advanced genetics loblolly seedlings, leveraging years of
investment in developing best-in-class proprietary MCP products, and growing our supply
of proprietary genetics.

11
11
Growing the Brazil Business
•Eucalyptus pulp is an excellent short-fibrehardwood pulp due to its relatively uniform fibre, simple cell
structure, low degree of lignification, smoothness, bulk and water absorption characteristics.
•Brazil is, and will continue to be, the centreof global hardwood pulp production. Expansion in the
Brazilian pulp industry is collectively projected to lift pulp production capacity by approximately 30%.
•Demand for eucalyptus seedlings is projected to be approx. 1.2 billion seedlings per annum for the next several years.
•An estimated 500 million will be met by the internal nursery production capacity of large integrated pulp companies. A
further 500+ million seedlings are supplied by a network of seedling suppliers, leaving a supply / demand imbalance of
around 100-200 million seedlings per annum.
•There has been relatively limited expansion in capacity due to capital constraints of owners, and nursery specific
limitations
•The market is actively seeking new clones with higher yields, that are also more resilient against disease and certain
pests
“As the only integrated seedling
company in Brazil, we are in a
great position to build on our
strong momentum to build a
highly profitable business.”
Eucalyptus market dynamics

12
12
Growing the Brazil Business continued
•ArborGen has grown to become one of the largest commercial suppliers of eucalyptus and pine seedlings
in the Brazilian market, replicating its US strategy to convert the market to products with superior genetics
in Brazil.
•Deploying the same sales and marketing principles used in the US to sell our advanced genetics, we project
proprietary product sales will increase from ~50% to 75% of total unit seedling sales over the next few
years, at superior prices and margins compared to commodity clones.
•Over the last decade, ArborGen has –
•Developed a portfolio and pipeline of best-in-class products through in-licensing and internal product development.
•Established a network of in-house and contract nurseries that allows us to respond to market demand reliably while
maintaining capacity flexibility.
•Established operating and logistical systems that allow us to offer reliable, high-quality products to meet demand across
several markets and production sites.
•Established ourselves as the preferred partner for both suppliers and customers.
•ArborGen’sportfolio of products licensed from Gerdau, Sylvamo, Vallourecand Rimaas well as pipeline of
our own products is very compelling. No other company operates a more extensive set of trials across a
broader geography than ArborGen in the industry.
ArborGen'srelative positioning

13
13
Growing the Brazil Business continued
•We believe that there is significant room for innovation in eucalyptus tree improvement and are focused
on building a fully integrated programmefrom development of new parents and crosses through to
commercialisationof product clones. We are also “regionalising” our products by determining where they
are best adapted and most competitive.
•Consistent with our growth aspirations for this market, and desire to produce approximately 50% of our
seedling requirements internally, over the last 12-18 months ArborGen has –
•Acquired a 10 million seedling capacity pine nursery located in Canoinhas, Santa Catarina, Brazil, to cement our position in
local pine markets
1
.
•Expanded internal production capacity through leasing our fourth eucalyptus nursery in late 2022, bringing ArborGen’s
internal eucalyptus production capacity in Brazil to nearly 50 million seedlings per year (located in Luis Antonio in Sao Paulo,
Inimutabaand MartinhoCampos in Minas Gerais, and Ribasdo Rio Pardo in Mato Grosso do Sul).
•Very recently leased our fifth, 5 million capacity, eucalyptus nursery in Rondonópolisin the state of Mato Grosso, further
expanding both our capacity and nursery footprint.
•Although we are only in our second month of the current fiscal year (FY24), ArborGen Brazil has already
sold-out all of its budgeted eucalyptus seedlings and 80% of budgeted pine seedlings’ sales.
ArborGen'srelative positioning
1.ArborGen purchased the equipment from the former lessee of this location and is leasing the land and buildings for 10 years.

14
14
Growing in the US South
In FY23, we reviewed the status of ArborGen’sseed orchards and seed production capacity with the primary
focus of this effort being to ensure that we continue to build seed inventory where required, advance the
genetics of our portfolio of products to maintain our strong competitive lead, while also controlling costs and
working capital related to seed production.
Building MCP seed inventory
•ArborGen has vast seed orchards in the US South spanning 1,200 acres (85% of which loblolly pine) across
five genetic provenances.
•We are targeting at least two years of “buffer” MCP seed inventory for each provenance thereby
minimisingreliance on single year cone harvests.
•We expect to achieve the current goal of 2 years of MCP seed inventory in every region by 2028 assuming
no significant adverse weather events or biological factors during the intervening years.
•Once the 2-year supply is achieved in a provenance, the scale of the MCP effort for that provenance can be
tailored to maintain supply.
•Our team achieved its highest ever MCP seed production from orchards in the US with cones harvested in
November 2022 producing seed equivalent to approximately 240 million MCP seedlings.
•The surplus in advanced genetics MCP seed harvested last year, will help mitigate the impact of the freeze
experienced during last year’s MCP pollination season on FY25 seedling sales.
•Expected MCP seed production from the cone harvest later this calendar year (impacted by the freeze last
year) is around 155 million (in MCP seedling equivalents) based on our latest cone inventory counts.
•We have also completed our 2023 MCP pollination activity, and based on preliminary cone inventory
counts expect to generate seed equivalent to just under 200 million MCP seedlings in next year’s harvest.

15
15
Growing in the US South continued
Orchard diversification –geographic and age class
•Risks are generally managed through having multiple orchard locations for each provenance. We are
actively addressing provenances that lack adequate geographic distribution as part of our on-going
management plans.
•To mitigate the risk of hurricanes hitting our Eastern orchards, we have begun establishing Coastal and
Piedmont orchards in the Western regions. While the risk of a major hurricane passing within 50 miles
of an orchard facility is low, a single major hurricane could dramatically affect our ability to produce seed
for one or more provenances.
•Maintaining a distribution of orchard tree ages for each provenance helps mitigate risk from storms.
Incorporating new genetics
•New genetics are essential to maintaining a competitive advantage and industry-leading orchards.
•Genomic analysis and clonal progeny testing will increase our ability to offer greater volumes of superior
proprietary genetics to our customers more quickly.
Expanded container seedling capacity
•In FY23, ArborGen successfully completed the commissioning of a new container facility at its Bullard
nursery in Texas, and the expansion of its existing container facility in Belville, Georgia. Results of these
will be seen in the FY24 seedling sales year.

16
16
Ownership Changes
•ArborGen has repurchased all outstanding warrants equating to approximately 5% of ArborGen Inc.’s
fully diluted common stock
1
for $1.35 million. (ArborGen Inc. is the wholly owned subsidiary of
ArborGen Holdings).
•The purchase price of US$1.35 million represents a significant discount and reflects factors that include:
•the warrants are not traded on any market and are exercisable for shares of ArborGen Inc., rather than shares of
ArborGen Holdings
•ArborGen Inc. is not obligated to repurchase the warrants
•the purchase price consideration is in cash, giving the holders immediate liquidity
•ArborGen Inc. owes intercompany advances to ArborGen Holdings
•Following the repurchase of the warrants, there are no more warrants, options or other rights to
purchase ArborGen Inc. common stock, and ArborGen Holdings’ effective economic interest in
ArborGen Inc. will increase from 95% to 100% with no dilution overhang.
1.These warrants relate to the acquisition of the assets, germplasm, technology, and intellectual property of the leading
loblolly pine varietal company in the US –CellForInc. (CellFor) in August 2012. As consideration for CellFor’sassets,
ArborGen Inc. (a) paid CDN $1.1 million in cash and (b) issued warrants to purchase shares of ArborGen Inc. common
stock. Pursuant to the warrant documents, each holder of a warrant is entitled, subject to certain terms and conditions
and at any time no later than June 19, 2032, to purchase the number of common shares calculated as specified in the
warrant documents, at a purchase price per share of US$0.001.

17
17
Management Transition
•Justin Birch has been appointed as Chief Executive Officer (CEO) following a comprehensive and
extensive search process.
•He is an experienced executive with significant exposure to the agriculture sector and a strong
background in private equity, operations, finance, and strategy.
•MrBirch will be based at ArborGen’sheadquarters in Ridgeville, South Carolina, in the US, and will
succeed Andrew Baum who will remain as CEO until MrBirch joins ArborGen in June, and thereafter
continue in a consulting capacity, to facilitate a seamless leadership transition.

18
18
Outlook
•ArborGen is projecting materially improved performance in FY24 driven by higher seedling sales in Brazil
(eucalyptus and pine) and in the US (including MCP seedlings, and seedling sales for carbon markets).
•In the US, while the overall market is not expected to grow due to macro factors, increased internal
container seedling production, lower MCP seed costs expensed in the cost of sales of seedlings sold, and
various operational initiatives, combined with higher selling prices, are expected to drive improved gross
margins and earnings in FY24.
•In Brazil, strong underlying market demand for both eucalyptus and pine seedlings combined with the
annualisedbenefits of ArborGen’snewly acquired pine and eucalyptus nursery leases, and higher pricing
and margins for both pine and eucalyptus seedlings sold, support substantial increases in profitability
and cash flow generation.
•Although we are only in the second month of ArborGen’snew fiscal year, in the US, we have sold
approximately 65% of budgeted seedling volumes (including approximately 75% of budgeted MCP
volumes), and in Brazil, ArborGen has sold all of its budgeted eucalyptus seedlings and 80% of budgeted
pine seedlings’ sales.

19
19
Two Year Performance
1.US GAAP EBITDA excludesNZ public company costs and strategic review costs. Please refer to page 20 for a summary of US GAAP EBITDA.
40
45
50
55
60
FY 22FY 23
Revenue
0
5
10
15
FY 22FY 23
US GAAP EBITDA
1
-4
-2
0
2
FY 22FY 23
NPAT
0
5
10
15
FY 22FY 23
Net Debt

20
20
US GAAP
1.Under US GAAP, from a statutory reporting perspective, the classification of the expense
items, and other significant items in this table may differ from what is presented here.
2.US GAAP EBITDA excludes NZ public company costs and strategic review costs.
3.The Company uses US-GAAP EBITDA when discussing financial performance. This is a non-
GAAP financial measure and is not recognisedwithin IFRS. Non-GAAP financial measures
should not be viewed in isolation nor considered as a substitute for measures reported in
accordance with GAAP. Management believes that US-GAAP EBITDA provides useful
information, as it is used internally to evaluate performance, and it is also a measure that
equity analysts focus on for comparative company performance purposes, as the measure
removes distortions caused by differences in asset age, depreciation policies and
debt:equitystructures.
US GAAP EBITDA
1,2,3
Fiscal year ending March
2023
2022
ArborGen - US GAAP
Revenue -
US
39.3
39.9
Brazil
16.8
7.7
Total
56.1
47.6
Gross Margin
(excluding DDA)
19.6
16.0
Less
SG&A
-7.4
-7.5
Less
R&D
-3.4
-3.1
Plus
Other Income
1.5
2.1
EBITDA
10.3
7.6
Adjustments -
ERCs (net of costs)
-1.2
Unsold seedlings written off due to Covid
1.6
Provision for Feb 2022 Freeze event
1.5
Gain on ANZ
-1.4
HQ lease termination costs
0.3
Other
0.1
0.5
US GAAP Adjusted EBITDA
9.2
10.1

21
21
At 31 March 2023 the net asset backing was 30 cents per share (cps) (NZ$48 cps), (2022: 30 cps, NZ$43 cps); and net tangible asset backing (including right-of-use assets)
was 11 cps (NZ$18 cps) (2022: 11 cps, NZ$16 cps), calculated on the basis of shares on issue at 31 March 2023 (excluding treasury stock) 502,772,082 (2022:
501,213,092).
Net Asset Backing Non-GAAP

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (millions)Percentage change
Revenue from continuing operationsUS$56.117.9%
Total RevenueUS$56.117.9%
Net profit/(loss) from continuing operations -US$2.5-247.1%
Total net profit/(loss) -US$2.5-247.1%
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date
Current period
Prior comparable
period
Net tangible assets per Quoted Equity SecurityUS 11 cps US 11 cps
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Interim/Final Dividend
No dividend is proposed for the period
Results for announcement to the market
ArborGen Holdings Limited
12 months to 31 March 2023
6 months to 30 September 2021
US Dollars
30 May 2023
Not applicable
Not applicable
Not applicable
Please refer to accompanying releases
Authority for this announcement
Sharon Ludher-Chandra
Sharon Ludher-Chandra
09 356 9800
info@arborgenholdings.com

---

ArborGen Holdings Limited and Subsidiaries
Consolidated Income Statement
For the year ended ended 31 March 2023
Year endedYear ended
Mar 2023Mar 2022
US$mUS$m
Revenue56.1 47.6
Cost of sales
(37.9) (29.8)
Gross profit18.2 17.8
Intellectual property amortisation(7.6) (7.3)
Administration expense
(9.0) (7.8)
Operating earnings excluding items below
1.6 2.7
Strategic review costs, government grants and other
0.6 (4.0)
Operating profit (loss) before financing expense2.2 (1.3)
Financial income0.1 -
Financing expense(1.4) (1.7)
Profit (loss) before taxation0.9 (3.0)
Tax expense(3.4) 4.7
Net earnings (loss) after taxation from continuing operations
(2.5) 1.7
Net earnings after taxation from discontinued operations
- -
Net earnings (loss)(2.5) 1.7
Earnings (loss) per share information (cents per share)
From continuing operations
Basic
(0.5) 0.3
Diluted
(0.5) 0.3
From continuing and discontinued operations
Basic
(0.5) 0.3
Diluted
(0.5) 0.3
Weighted average number of shares outstanding (millions of shares)
Basic502.4 500.8
Diluted506.6 503.5
Page 1

ArborGen Holdings Limited and Subsidiaries
Consolidated Statement of Comprehensive Income
For the year ended ended 31 March 2023
Year ended Year ended
Mar 2023Mar 2022
US$mUS$m
Net earnings (loss)(2.5) 1.7
Items that may be reclassified to the Consolidated Income Statement:
Movement in currency translation reserve(0.3) 0.9
Movement in hedge reserve0.4 0.6
Other comprehensive earnings (loss) (net of tax)0.1 1.5
Total comprehensive earnings (loss)(2.4) 3.2
ArborGen Holdings Limited and Subsidiaries
Statement of Changes in Equity
For the year ended ended 31 March 2023
Year ended Year ended
Mar 2023Mar 2022
US$mUS$m
Total comprehensive earnings (loss)(2.4) 3.2
Movement in ArborGen Holdings shareholders' equity:
Movement in issued capital0.2 0.3
Movement in share based payment reserve
0.1 (0.3)
Total movement in shareholder equity(2.1) 3.2
Opening group equity151.4 148.2
Closing group equity149.3 151.4
Page 2

ArborGen Holdings Limited and Subsidiaries
Consolidated Statement of Cash Flows
For the year ended ended 31 March 2023
Year endedYear ended
Mar 2023Mar 2022
US$mUS$m
Cash was provided from operating activities
Receipts from customers55.1 56.5
Cash provided from operating activities
55.1 56.5
Payments to suppliers, employees and other(48.3) (49.0)
Tax paid(0.3) -
Cash (used in) operating activities
(48.6) (49.0)
Net cash from (used in) operating activities
6.5 7.5
Interest received0.1 -
Proceeds on sale of discontinued operations- 15.2
Investment in fixed assets(2.2) (1.5)
Investment in intellectual property
(3.4) (3.1)
Net cash from (used in) investing activities
(5.5) 10.6
Debt drawdowns- 3.2
Repayment of lease liabilities(1.1) (0.9)
Debt repayment
(1.0) (10.1)
Interest paid(1.4) (1.7)
Net cash from (used in) financing activities
(3.5) (9.5)
Net movement in cash
(2.5) 8.6
Opening cash, liquid deposits and restricted cash
15.2 6.2
Effect of exchange rate changes on net cash
- 0.4
Closing cash, liquid deposits and restricted cash12.7 15.2
Net earnings after taxation
(2.5) 1.7
Adjustment for:
Financial income(0.1) -
Financing expense
1.4 1.7
Depreciation and amortisations
10.2 10.1
Taxation
3.4 (4.7)
Foreign exchange
(0.4) (0.3)
Gain on sale of discontinued operations
- (2.2)
Non cash inventory movement - (3.1)
Other non cash items
(0.1) 0.1
Cash flow from operations before net working capital movement
11.9 3.3
Trade and other receivables
(3.2) 1.4
Inventory
(4.3) 7.2
Trade and other payables
2.1 (4.4)
Net working capital movement
(5.4) 4.2
Net cash from operating activities6.5 7.5
Page 3

ArborGen Holdings Limited and Subsidiaries
Consolidated Balance Sheet
As at 31 March 2023
Mar 2023Mar 2022
US$mUS$m
Current assets
Cash and liquid deposits
12.7 15.2
Trade and other receivables
14.0 10.8
Inventory
31.6 27.3
Total current assets
58.3 53.3
Non current assets
Fixed assets
33.5 32.9
Derivative financial instruments
0.7 0.3
Right-of-use assets
4.9 4.7
Intellectual property
92.9 97.1
Deferred taxation asset
9.5 3.8
Total non current assets
141.5 138.8
Total assets
199.8 192.1
Current liabilities
Trade, other payables and provisions
(10.8) (8.7)
Current lease obligation(0.8) (0.8)
Current debt(8.1) (1.0)
Current taxation liability
(0.5) -
Total current liabilities
(20.2) (10.5)
Term liabilities
Term debt
(17.6) (25.7)
Lease obligation(4.1) (4.2)
Deferred taxation liability
(8.6) (0.3)
Total term liabilities
(30.3) (30.2)
Total liabilities(50.5) (40.7)
Net assets
149.3 151.4
Equity
Share capital
203.0 202.8
Reserves
(53.7) (51.4)
Total group equity
149.3 151.4
Dave Knott JrPaul Smart
Chairman of the BoardAudit Committee Chairman
30 May 2023
Both of the above signatories certifies that these financial statements comply with New Zealand generally
accepted accounting standards and present a true and fair view of the financial affairs of the ArborGen
Holdings Group.
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