Skellerup achieves another record result

Results Announcement
Results for announcement to the market
Name of issuer Skellerup Holdings Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
NZD 353,478 7%
Total Revenue NZD 353,478 7%
Net profit/(loss) from continuing
operations
NZD 54,549 16%
Total net profit/(loss) NZD 54,549 16%
Final Dividend
Amount per Quoted Equity
Security
NZD 0.16500000
Imputed amount per Quoted
Equity Security
NZD 0.03208333
Record Date 03/10/2025
Dividend Payment Date 17/10/2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
NZD 0.8860 NZD 0.8395
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to annual report
Authority for this announcement
Name of person authorised to
make this announcement
Tim Runnalls
Contact person for this
announcement
Tim Runnalls
Contact phone number 027 807 5080
Contact email address tim.runnalls@skellerupgroup.com
Date of release through MAP 21/08/2025

---

Annual Report

Contents
Business Review
Highlights FY25 4
Chair's Review 8
What We Do 12
Diversified Markets and Reach 14
CEO's Review 16
Skellerup's People 22
Board of Directors 26
Corporate Governance 28
Group Climate Statements 42
Financial Commentary 76
Consolidated Financial Statements
Independent Auditor’s Report 82
Directors’ Responsibility Statement 85
Income Statement 86
Statement of Comprehensive Income 87
Balance Sheet 88
Statement of Changes in Equity 89
Cash Flow Statement 90
Notes to the Financial Statements 91
Shareholder Information
Directors’ Disclosures and Shareholding 120
Corporate Directory 122
Skellerup Annual Report FY25Introduction
2

Skellerup designs, manufactures and distributes
essential high-performance components to
customers around the world. Our products are
trusted across dairy, potable and wastewater,
construction, sport and leisure, electrical, health and
medical, automotive and mining sectors globally.
We develop strong and enduring partnerships with
customers. We work closely with them to deliver
innovative new products and improvements, that
keep them ahead of the curve.
We have a diverse and highly skilled team of over
800 people, and manufacturing and distribution
facilities in New Zealand, Australia, China, Vietnam,
the UK, Europe and the US.
A global leader in precision
engineered products
Skellerup Annual Report FY25Introduction3

Skellerup Annual Report FY25Highlights
4
John Strowger
In many ways, there
is the potential for the
next 12 to 36 months
to be quite a watershed
period for Skellerup
as we move to best
configure the business
for the future

Strong
financial returns
Diverse &
experienced team
Skellerup Annual Report FY25Highlights5
Underlying
earnings (NPAT)
9%
$
54.5
M
(FY24: $50.0m*)
$
353.5
M
(FY24: $330.6m)
Revenue
growth
7%
Operating
cash flow
6%
$
66.5
M
(FY24: $70.8m)
Earnings
(EBIT)
7%
$
78.0
M
(FY24: $72.7m)
Dividend
per share

6%
25.5
cps
(FY24: 24.0 cps)
Financial return
ratio (RONA)
4%
22.7
%
(FY24: 21.8%*)
Underlying earnings
per share (EPS)
9%
2 7. 8
cps
(FY24: 25.5 cps*)
809
(FY24: 808)
People
*Calculated based on Underlying earnings (NPAT), being NPAT before abnormal tax item.
Ye ar s’
service for
staff
Fewer than 2 years (24%)
2 – 10 years (42%)
10 – 20 years (22%)
Greater than 20 years (12%)
(FY24: 23% / 42% / 24% / 11%)
Demographic
(gender)
Male (52%)
Female (48%)
(FY24: 49% / 51%)

Skellerup Annual Report FY25Highlights
6
Our strategy to design
and manufacture
predominantly polymer-
based products for use
in applications which
demand precision,
high-performance, and
conformance remains
unchanged
Graham Leaming

Delivering a diverse
product range for customers
Environmental
impact
Skellerup Annual Report FY25Highlights7
Revenue by
Application
FY25
Dairy (26%)
Potable Water & Wastewater
(incl Plumbing) (24%)
Roofing & Construction (16%)
Footwear (7%)
Automotive & Machinery (6%)
Exploration & Mining (5%)
Sport & Leisure (5%)
Electrical & Appliances (4%)
Health & Hygiene (4%)
Other (3%)
GHG*
emissions
( Tonne s C O
2
-e) (Scope 1 and 2)

1%
(unfavourable)
3,649
(FY24: 3,606)
*greenhouse gas
Emissions
Reduction Plan
developed for
Wigram facility
First
GHG emissions
/ revenue
(Scope 1 and 2)

6%
(favourable)
10.3
(F Y24: 10.9)
CO
2
-e tonnes per $1
million of revenue
over the past year
Customers
(FY24: over 3,900)
3,700
over
Countries
(FY24: 80)
87
sold to
New products
to market
last 24 months
(FY24: 580)
440
over
New
Distribution
Facility
opened in the
Netherlands

Chair’s
Review
Through sheer hard
work, and a bit of
travel, relationships
with key customers
in key markets were
greatly improved
John Strowger
Skellerup Annual Report FY25Chair’s Review
8
I am pleased to report to shareholders that it has
been another successful year at Skellerup.
In the 2025 financial year (FY25), we achieved a net
profit after tax (NPAT) of $54.5 million, off revenues
of $353.5 million and earnings before interest and tax
(EBIT) of $78.0 million.
All these metrics are record results for Skellerup –
again, and in one of the most challenging, volatile and
uncertain business environments that I think any of us
can recollect. This is a very good performance by
our team.
The respective contributions made to earnings from
our two divisions – Agri and Industrial – changed a
little from the previous financial year. In short, Agri
rediscovered its cadence with results significantly
up. Through sheer hard work, and a bit of travel,
relationships with key customers in key markets were
greatly improved. Some exciting new product lines
were developed, which we have high expectations
about for FY26 and beyond.
And as always, the quiet and unglamorous work on
continuous manufacturing improvements has been
maintained. Indeed, we are fortunate that as well as
having alert antennae to customer needs and market
opportunities, our Agri Division’s senior leadership
team also has a high level of technical knowledge,
which, in my experience, is a rare combination.
The Industrial Division continues to flourish, although
its rate of climb in FY25 was not as dramatic as that
seen in Agri. Some development projects of our
original equipment manufacturer (OEM) customers
(to whom we provide key componentry) were delayed
in response to market uncertainties, and other
customers paused investment decisions in response
to geo-political unpredictability. Notwithstanding
these headwinds, our team remained relentless in its
pursuit of new customers and opportunities and grew
the overall business despite challenging conditions in
several markets.
In both divisions, we are finding that our technical
expertise in new product development is a real
differentiator from our competitors.

Skellerup Annual Report FY25Chair’s Review9
Where appropriate, we are increasingly encouraging
the early involvement of our product development
centres in customer marketing initiatives. This, together
with the need to regularly monitor production and
product development at our most significant third-
party manufacturing partner in Vietnam, means that a
number of our people travel – a lot.
While we differentiate our business into the two
divisions, to reflect their different origins, there is an
increasing level of collaboration between the two,
and by each with our product development centres.
This is obviously a healthy trend, which the Board
encourages.
In last year’s report I talked about the need to
further develop ‘in market’ capabilities, to get us
geographically closer to our customers in key markets.
We have, in that regard, continued to develop ‘local’
resources in some key target markets. These initiatives
have been modest so far, which has been appropriate
given the fluid position in several of our key markets,
including obviously the United States (US). To date, our
‘wait and see’ strategy has been vindicated.
The luxury of maintaining this position is highly likely
to come to an end in FY26.
As we told the market in July, Skellerup generates
around 37 per cent of Group revenue from sales in
the US market. Approximately 85 per cent of this
revenue comes from products manufactured at our
own and partner facilities (in equal proportions)
in each of New Zealand (NZ), China and Vietnam.
The tariffs announced during April 2025 (and
subsequent changes) have not materially impacted
our FY25 results.
Plainly, tariffs will increase costs in future financial
years. Over the past four months, we have made
steady progress mitigating the impact of tariffs on our
business. Recent announcements appear to provide
greater certainty on tariffs applicable to products
manufactured at some of our global facilities. If incre-
mental tariff rates of 20 per cent in Vietnam, 30 per
cent in China and 15 per cent in NZ hold, we expect
to offset the impact on future earnings with sales
growth, pricing, costing and manufacturing initiatives.
At the time of writing, the final outcome of tariff
negotiations between China and the US is unknown;
the position appears to change every week. We cannot
determine an appropriate response (from the list of
the offset mechanisms, referred to above) until a final
position has been agreed. But, again, we would hope
to mitigate the impact of the final tariff outcome by
judicious deployment of one or more of the range of
options available to us.
I have talked previously of our preference for
incremental growth and development, as a least-risk
approach. We are, by nature, conservative. However,
some of the future initiatives we may implement (in
particular, if the establishment of in-market capability
is pursued) will be more significant, from both a
financial and operational perspective. In addition,
it will be important to develop new markets for our
products – the establishment of in-market capability
would result in capacity at existing facilities. The
management team is undertaking work in this area
now, in anticipation of this occurrence in the future.

Skellerup Annual Report FY25Chair’s Review
10
In many ways, there is the potential for the next 12
to 36 months to be quite a watershed period for
Skellerup, as we move to best configure the business
for the future. There are exciting times ahead.
Shareholders can be assured that we will be cautious
in the deployment of capital.
Of course, it helps that we have a very strong balance
sheet – net debt at 30 June was $12.4 million (a $3.0
million reduction from FY24). This has enabled the
Board to declare dividends totalling 25.5 cents per
share in FY25 – another record. The increase in
dividend (which amounts to a distribution of 92 per
cent of FY25’s NPAT) is also a reflection of the Board’s
confidence in Skellerup’s future.
You will note substantial climate-related disclosure
included in this report. Our investment and actions
have again resulted in a reduction in the intensity of
our scope 1 and 2 greenhouse gas emissions. Notably,
this year management completed the first edition of
our adaptation plan and an emissions reduction plan
for our largest facility in Christchurch. Implementation
of the actions identified in the emissions reduction plan
will deliver environmental and commercial benefits
for Skellerup.
I have previously (indeed, on several occasions)
cautioned shareholders against an expectation that
these record results can continue ad infinitum. For
the record, I now do so again – although, of course,
we are not planning to fail. Skellerup has never been
guilty of standing still. New process, product or market
initiatives are presented to the Board almost monthly
and there is an encouraging spirit and vigour about
the management team that augurs well for the future.
It would be wrong, though, to single out the senior
leadership team; as they will readily acknowledge,
success is derived from the collective efforts of all
our loyal staff. I take this opportunity to, on behalf of
the Board, sincerely thank each and every one of our
people for their tireless contribution to the FY25 result.
I thank shareholders for their continuing support of
Skellerup, our people and this Board.
John Strowger
Independent Chair

Skellerup Annual Report FY25Chair’s Review11

Industrial Division
The Industrial Division designs and manufactures high value components and
products that are often small but critical to applications and performance.
What we do
Skellerup Annual Report FY25What we do
12
North America (39%)
Australia (17%)
New Zealand (12%)
Europe (12%)
A s i a (11%)
UK & Ireland (8%)
Other (1%)
Potable Water & Wastewater (37%)
Roofing & Construction (24%)
Automotive & Machinery (9%)
Exploration & Mining (7%)
Sport & Leisure (7%)
Electrical & Appliances (6%)
Health & Hygiene (5%)
Other (5%)
Industrial
Revenue by
Market
FY25
Industrial
Revenue by
Application
FY25

Agri Division
The Agri Division is a global leader in essential
dairy consumable design and manufacture.
Skellerup designs and manufactures components and products used in a wide range of everyday
applications that often must meet stringent food, drinking water, hygiene and safety standards.
Skellerup Annual Report FY25What we do13
New Zealand (37%)
North America (34%)
Europe (15%)
UK & Ireland (7%)
Australia (3%)
Asia (2%)
Other (2%)
Dairy (77%)
Footwear (23%)
Agri
Revenue by
Market
FY25
Agri
Revenue by
Application
FY25

Diversified markets and reach
Skellerup Annual Report FY25Diversified markets and reach
14
Europe & UK
Revenue
$
75M
21% of Group
People
171
North America
Revenue
$
132M
37% of Group
People
53
Skellerup supplies more than 3,700 customers globally,
operating from 20 locations in 7 countries.
Other
Revenue
$
3M
1% of Group

Our Product Applications
Skellerup Annual Report FY25Diversified markets and reach15
Potable Water
& Wastewater
Sport &
Leisure
Roofing &
Construction
Electrical &
Appliances
Automotive
& Machinery
Health &
Hygiene
Dairy
Footwear
Exploration
& Mining
Australia
Revenue
$
44M
13% of Group
People
46
Asia
Revenue
$
30M
8% of Group
People
204
New Zealand
Revenue
$
70M
20% of Group
People
335
To t a l
Revenue
$
353M

CEO's
Review
We are proud of our
growth into a global
enterprise founded
on our heritage as
a New Zealand
headquartered
business
Graham Leaming
Skellerup Annual Report FY25CEO's Review
16
We are pleased to report on an excellent year
for Skellerup. Sales reached $353.5 million,
earnings before interest and tax (EBIT) were
$78.0 million and net profit after tax (NPAT)
was $54.5 million – all record results.
FY25 EBIT is the ninth consecutive record result,
2.6 times higher than what we achieved in FY16.
Delivering sustained growth in controllable earnings
(EBIT) has been enabled and supported by the robust
allocation of financial capital and the focus, quality,
adaptability and tenacity of our team across the world.
Adaptability has certainly been an important
competency in recent years. Having navigated the
challenges presented by the COVID-19 pandemic
and regional conflicts interrupting freight routes,
significant tariff cost increases became the dominant
issue in the second half of FY25. The United States
market is our largest, with 37% of Group revenue
generated from this market in FY25. We anticipated
these tariff increases (at least to some extent) and
mitigated the impact on FY25 by building inventory
ahead of their imposition and then by moving swiftly
with pricing and cost initiatives.
Also, and importantly – both ahead of and post their
imposition – we have been investing in modernising
our manufacturing capability to build a more flexible
platform capable of in-market deployment.
We are proud of our growth into a global enterprise
founded on our heritage as a New Zealand
headquartered business formed 115 years ago.
Today we have people, facilities and customers
throughout the world not only fuelling the growth
we have enjoyed over the past decade but also
providing local insight and understanding to
enable us to rapidly adapt to changing markets.
Strategy and Structure
Our strategy to design and manufacture
predominantly polymer-based products for use
in applications which demand precision, high
performance and conformance remains unchanged.
Our collective expertise in material science, product
design and manufacturing processes provide
us with a point of difference to deliver valuable,
critical products for our global customers.

Skellerup Annual Report FY25CEO's Review17
The original Red Band
TM
gumboot has been a staple
for generations of New Zealanders, recognised
for its durability, comfort and performance in tough
conditions.
During FY25 – in response to customer feedback and
market insight for a short, light and versatile version
of our iconic and classic Red Band
TM
gumboot – we
launched Red Band
TM
Low. A slip-on, lower-cut boot
offering the same quality materials and construction,
Red Band
TM
Low is tailored for quick jobs around the
home, garden or farm.
To mark the launch, we took the Red Band
TM
Low
to the streets, debuting the boot at the Red Bull
Trolley Race in Auckland. This high-energy, globally
recognised event provided a fun and fitting platform
from which to introduce the new style, aligning the
Red Band
TM
brand with Kiwi ingenuity, community
spirit and everyday adventure. Our involvement
was more than sponsorship – it was hands-on. A
team of Skellerup staff volunteered their time to
design and build the Red Band
TM
Low trolley cart,
which raced down the course in front of thousands of
spectators. Giant inflatable Red Band
TM
boots flanked
the track also, drawing attention and reinforcing
brand presence with impact and humour. It was a
celebration of teamwork, creativity and the iconic
status Red Band
TM
holds in New Zealand culture.
Scan the QR code below to watch the Red Band
TM

Low's racing debut. Red Band
TM
Low reflects our
continued commitment to insight-led innovation
and the evolution of trusted products to suit modern
lifestyles. Looking ahead, we are focused on
developing an expanded lifestyle footwear range
– products designed for how people live, work and
move today. The success of Red Band
TM
Low affirms
that even the most enduring brands can evolve while
staying true to their roots.
Extending an icon:
introducing Red Band
TM
Low
Case study
Ensuring our product development initiatives are
focused on a clear understanding of customer needs
is crucial to deploying human and financial capital
for the best return and (obviously) meet customer
requirements. We focus our time on applications
where we have expertise and that capitalise on our
capability to integrate multiple materials. We seek
to rapidly prototype products to offer our customers
with tangible items to evaluate. This builds trust and
confidence, and, with customer commitment or market
conviction, we are then able to convert these quickly
into production.
We continue to operate a business model that is
agile where decision-making and accountability are
with our business unit leaders where they need to
be – close to our customers, suppliers and people.
Our business unit leaders are responsible for the
financial results of their businesses. Their teams
collaborate and work closely with our development
centres, leveraging our intellectual property to deliver
solutions for their customers. Direction and support
are provided by our head office of seven people,
including Tim and me.
Results
A consistent performance over the year delivered a
record FY25 EBIT of $78.0 million, an increase of 7
per cent over the prior corresponding period (pcp).
This was another year of EBIT growth and was again
accompanied by a strong operating cash flow of $66.5
million, despite a planned increase in inventory to
mitigate against the imposition of tariffs by the US.
The Industrial Division recorded its fifth successive
record EBIT of $48.4 million in FY25, an increase of 3
per cent on the pcp.
Growth in FY25 was more modest than in recent
years. Sales of engineered polymer products and
vacuum systems for potable water, wastewater and
industrial control applications were up in the US and
Australia. These applications continue to provide
significant opportunity for growth, and it is an area
we will reinforce with more in-market resource.
They demand products that deliver high performance
and conformance – a perfect fit for our technical
capability. The quality and performance of our
products provide us with a leadership position in
the US, despite the headwinds of tariffs.

Skellerup Annual Report FY25CEO's Review
18
Smarter digging:
a new application for
Masport vacuum systems
Case study
Establishing a reputation for technical expertise,
innovation, quality and consistency provides a strong
platform for growth. Our Masport vacuum systems
are market leading due to outstanding quality,
performance and because our innovative system
design integrates many discrete components into a
compact footprint which provides significant time and
cost savings for truck system builders on installation.
During FY25 we developed a solution for hydro
excavation, a new application for our vacuum
systems. Hydro excavation is a non-destructive
digging (NDD) process using high-pressure water
to dig channels into the ground. The debris created
is evacuated with the use of a high-powered vacuum
pump. Compared to traditional methods, NDD is less
expensive, less invasive and minimises the risk of
damaging any underground utilities.
Traditionally hydro excavation is performed using
large trucks, but these are expensive and not suitable
for difficult-to-access locations, as the truck size
limits flexibility and manoeuvrability. A customer
approached us seeking a trailer-mounted solution to
overcome this limitation which is exacerbated by the
intensification of construction in urban areas. In less
than three months we engineered, built and delivered
a prototype system utilising our Cobra rotary vane
pump. This system is significantly more compact and
has a lower total weight, with a simplified mechanical
interface and connection between components. Its
design differentiates us from our competitors and
provides our customers with savings on installation
and operation time, and gives them more flexibility
in the use of their trailers. Our first systems are
already in operation and are likely to become a strong
platform for growth in FY26.
Roofing and construction sales grew, spurred by
the installation of solar systems in the UK, more than
offsetting the impact of a soft Australasian construction
market. Marine foam (U-DEK
TM
) sales into the US
began to strengthen in the second half of the year
after a prolonged period of low demand and inventory
adjustment by our customers.
We opened a U-DEK
TM
conversion and distribution
facility in Europe (located in the Netherlands) in April
2025, where we see excellent potential for growth.
The Agri Division bounced back from a softer result in
FY24 to a record FY25 EBIT of $35.3 million, up 15 per
cent on the pcp and an increase of 4 per cent on the
previous record result (achieved in FY23).
Demand for essential consumables for the global
dairy industry was consistently strong throughout
FY25 and in contrast to FY24 where the first half of
the year was impacted by customer destocking.
FY25 sales in the New Zealand market were up 6
per cent and sales in international markets were up
10 per cent. We have long adopted a multi-channel
approach to this market, supplying our food-grade-
compliant consumables and products to original
equipment manufacturers (OEM) of milking platforms
and our own branded products to customers
throughout the world. Growth in future years will
be underpinned by maintaining these key OEM
relationships, innovating our branded products to
deliver more value for farmers, and sales growth in the
developing eastern European and Asian markets.
Subdued demand in the first half of the year in
New Zealand, higher material costs (particularly in
the second half) and reduced production to manage
inventory levels negatively impacted our footwear
contribution in FY25. Countering these impacts, our
limited-edition Pink Band gumboot in support of the
Breast Cancer Foundation New Zealand (BCFNZ) was
again successful (raising over $80,000 for the BCFNZ)
and we launched the Red Band
TM
Low. We secured
new international business for our specialty footwear
range as well; this includes fire, forestry, di-electric
and mining.

Skellerup Annual Report FY25CEO's Review19
Skellerup has a long-established reputation for
world-leading design and manufacture of dairy
rubberware consumables which are essential for the
safe production of milk and milk products.
Global demand for food protein is expected to
continue to grow strongly in the years ahead (market
and industry estimates vary from 3 to 8% per
annum). To ensure we retain our current position as
well as capitalise on market growth, we have been
investing in the development of our dairy rubberware
manufacturing platform at our Wigram facility in
Christchurch, New Zealand, and will continue to do so.
During FY25 we commissioned new moulding
and rubber processing equipment used for the
manufacture of milking liners and accessories for
our global customers. By merging the benefits of
modern standard equipment with the decades of
product-specific processing expertise we will remain
a global leader.
The investment we are making not only increases our
capacity and reliability; it also reduces engineered
waste, reject rates, maintenance costs and energy
consumed to ensure our internationally competitive
cost base. Significantly our approach preserves
and enhances our critical intellectual property and
establishes a scalable manufacturing model at
Wigram, allowing for deployment in other locations
throughout the world to meet future market expansion.
Looking Ahead
We continue to invest in developing products, people
and manufacturing capability to ensure that we deliver
earnings growth in the future.
Dairy is one of the cornerstones of Skellerup and the
demand for protein globally continues to grow. Our
focus is to develop innovative products with features
that deliver productivity gains for farmers. Over the
past 18 months we have successfully launched new
high-performance milking liners in the US market and
the first products from our Thriver
TM
calf feeding range
into New Zealand and international markets. We have
also been investing in modernising our manufacturing
capability, which has reduced engineered and
production waste, energy consumption, improved
productivity and provides a platform for possible
future deployment in other markets.
Potable water is another cornerstone application
for Skellerup. We supply products critical to the
security of water infrastructure and performance of
tapware across the world. In late FY25 we launched
a new solution for high-pressure water systems in
New Zealand. Our proprietary fibre-infused rubber
gasket provides water authorities and installers with
a high-performance, compliant and easy-to-install
solution replacing legacy products prone to leakage.
The Red Band
TM
gumboot is synonymous with
Skellerup and in New Zealand is our most widely
recognised and loved brand. During FY25, we
launched the Red Band
TM
Low, tailored for quick
jobs around the home, garden or farm. In FY26, we
will launch an expanded lifestyle footwear range
to provide more customers with the opportunity to
enjoy the quality and performance of rubber footwear
designed and manufactured by Skellerup.
The common element across our activities at Skellerup
is material. Almost 90 per cent of what we sell includes
moulded or extruded polymer (be it black rubber,
silicone rubber, liquid silicone rubber, engineered
plastic or high-performance foam). Our Masport
vacuum pump systems are the exception as they
are not polymer based. However, the wastewater
applications they are used in and the philosophy of
integrating elements to provide customers with a more
valuable solution most certainly are common to how we
do business across the Skellerup Group. In FY25, we
launched a solution for hydro excavation, also known
as non-destructive digging. We see excellent growth
potential for this application over the next few years.
Investing to improve
productivity and agility
Case study

Skellerup Annual Report FY25CEO's Review
20
We fund these organic growth opportunities and
capability investments from the consistently strong
operating cash flow we generate. This cash flow and
the very low level of debt we carry offer possibilities
for acquisitions as well. We look for businesses that
complement our existing capability, expertise, market
application and geographic footprint. We also look for
businesses that may provide us with an opportunity
to accelerate our growth plans in markets where we
have a smaller position and consider will expand more
rapidly in the future. However, our focus remains tight,
and we will not deviate from our guiding parameters
and return expectations.
Climate Reporting
This Annual Report includes reporting under the
New Zealand Climate-related Disclosure Regime.
We acknowledge the impact of climate change and
our responsibility to seek and implement solutions
for Skellerup.
During FY25, we reviewed the risks and opportunities
we identified and reported on in FY24. We did not
identify any changes to what we determined last
year. Many of Skellerup’s products are, and will
continue to be, important to responding and adapting
to the impacts of climate change. This year we also
developed transition plans to mitigate the impacts
of climate change on our business and built an
emissions-reduction plan for our dairy rubberware
facility in Christchurch, New Zealand.
The intensity of scope 1 and 2 greenhouse gas (GHG)
emissions reduced for the fourth consecutive year in
FY25. As we grow our business this will not always
be easy to achieve, but, as noted in our emissions-
reduction plan, we have several initiatives that will
generate incremental reduction in emissions and
financial payback. We have again reported on scope 3
GHG emissions, which required a significant amount
of time from our global team members.
You can review the opportunities and risks, a
summary of our transition and emissions-reduction
plan and our GHG emissions on pages 42 to 75 of
this report.
Reducing Potable
Water leakage
Case study
Supplying engineered products for potable water
applications that demand high performance and
conformance to demanding standards is a significant
global focus for Skellerup.
In late FY24 we began a project with a leading
infrastructure distributor in New Zealand to deliver
a market-first solution for high-pressure potable
watermain gaskets to address a long-standing
industry issue where pipe joins using legacy fabric-
reinforced gaskets were susceptible to leakage.
Leveraging our deep expertise in polymer
development and understanding of industry standards,
we engineered a custom-moulded gasket with a
unique fibre-infused formulation that not only meets
potable water and material testing regulations but also
enhances on-site installation and improves sealing
performance. The product was launched in June 2025,
and with major water authorities in New Zealand
rapidly approving the gasket, it is now on the path to
becoming the nationally endorsed solution.

Skellerup Annual Report FY25CEO's Review21
Yo ur Te am
We are grateful to have a talented and committed
group of leaders, specialists and team members.
Across the world, we are committed to delivering
high-quality and innovative products, capitalising
on the platform and expertise we have. Our clear
guiding principle is to create outstanding solutions for
our customers that deliver great value for them and
increasing returns for you, our shareholders.
Thanks for investing in Skellerup.
Graham Leaming
Chief Executive Officer
Innovation on farm:
boosting productivity
with Thriver
TM
Case study
In FY25, Skellerup deepened its commitment to
practical on-farm innovation with the launch of
Thriver
TM
– a new generation of feeding solutions
designed to support animal health, streamline rearing
practices, and improve productivity for farmers.
Developed in New Zealand by our engineering
teams in Christchurch and Auckland, in collaboration
with technical specialists and calf rearers, Thriver
TM

responds directly to the challenges faced during calf
rearing – a critical, high-pressure period for dairy
and livestock operations.
Manufactured at our Christchurch facility, the
Thriver
TM
range includes both pull-through and
screw-on teats, offering flexibility to suit different
feeder systems and farmer preferences. While the
designs differ in fitting specifications, both deliver
consistent performance, hygienic handling, and a
strong focus on calf comfort and health.
Thriver
TM
incorporates a concave tip design that
helps the teat slit seal after feeding, reducing leakage,
minimising milk wastage, and keeping feeders
cleaner. The shell is durable, yet soft, developed
through ozone, ultraviolet and tensile testing, to
ensure long-lasting use and calf-friendly texture.
The range was rigorously tested on farms during
development, making sure that every feature – from
flow rate to fit – met the demands of daily use.
The market response has been extremely positive
and exceeded our expectations, with farmers noting
strong calf acceptance, reduced mess and handling
time, and the ease of integrating Thriver
TM
into
existing feeding routines.
The Thriver
TM
range sets a strong foundation for future
development – where design, durability and animal
well-being go hand in hand. Thriver
TM
development
represents Skellerup’s broader approach to
innovation: solving real-world problems with smart,
practical design.

Our team of 800-plus is based across the globe in
New Zealand, Australia, the USA, China, the UK
and Europe.
This geographic spread brings with it a diverse range
of skills alongside vast experience, broad expertise
and new ideas which we leverage across the Group.
Recognising sustained contribution
As befits the heritage of being a business founded 115
years ago, we have many long-serving employees.
During FY25, we celebrated some notable milestones:
2 employees reached 50 years of service, a remarkable
achievement of sustained contribution and loyalty; a
further 2 employees passed 40 and 2 passed 30 years’
service; and 1 employee reached the 25-year mark.
The outstanding service of these employees was
honoured at on-site functions around the world.
Prioritising health and safety
The safety of our people and others from accidental
harm in our workplaces remains our highest priority.
All our practices and programmes are established
with the objective of keeping our people safe and free
from workplace injury. Our shared objective is zero
harm, and we constantly seek and make improvements
in pursuit of this objective.
During FY25, we added a global programme of
external health and safety (H&S) audits to complement
our existing practice of internal and peer reviews.
The independent and expert perspective brought by
external reviews provides an opportunity to highlight
risks that may not otherwise be detected and enables
us to take additional actions to eliminate or mitigate
any new risks the reviews identify.
We have also introduced an internal Quarterly
Group Safety Bulletin. The Bulletin includes sharing
business unit results and trends, highlighting and
profiling common or significant incidents and near
hits experienced across the Group. This prompts
our teams to consider similar risks and, importantly,
elimination or mitigation actions to prevent similar
occurrences on their sites. The response to the
Bulletin has been excellent with several improvements
implemented at our sites across the world because
of the information shared.
We adapt and
change to meet
the needs of
our customers
and our people
Skellerup Annual Report FY25Skellerup’s People
22
Skellerup’s
People

A key element of H&S at Skellerup continues to be
the active H&S Committees we have at every site
throughout the Group. They meet monthly, and have an
annual plan of activities and improvements including a
review of hazards, designed to keep their workplaces
safe. Every H&S Committee reports the minutes of
their meetings to the CEO and the Skellerup Board
Health & Safety Committee.
For our most significant sites, we have been gradually
implementing ISO 45001 certification. This provides
an internationally recognised framework for managing
occupational H&S risks. Seven of our global sites are
certified, including our two largest in Christchurch,
New Zealand and Jiangsu, China. We plan to certify
three further sites in FY26.
Oversight of our H&S programmes is provided by the
Board’s H&S Committee, who meet four times each
year. In FY25, one of these meetings was held at our
dairy rubberware facility in Christchurch, one at our
Ultralon foam facility in Auckland and another at our
Skellerup Rubber Services facility also in Auckland;
this provided the opportunity for Board members to
observe activities, meet and discuss with our managers
and teams, and assure themselves of our plans and
behaviours. In addition to the oversight provided by
this Committee, a Group H&S Report is submitted by
the CEO and reviewed at every Board meeting.
Ultimately, the success of our programmes is
measured by the number of injuries and incidents that
occur. Our total injury rate
1
(TIR) increased slightly
during FY25, as shown in the table on page 25; this
follows consecutive reductions in the prior two years.
We complete and review incident reports for every
injury, medical treatment and near hit. The emphasis
of the report is on what actions will be implemented
to initially eliminate and, if not possible, reduce
or mitigate the risk of recurrence. While we are
disappointed with every injury and the increase in
TIR in FY25, we are pleased that for the seventh
successive year, we did not record any serious-harm
injuries or fatalities. We remain committed to leading,
educating and investing time and resources in
protecting our people and others from accidental harm
in our workplaces.
Working arrangements
We recognise and embrace the opportunity to retain
our best and attract new talent by offering differing
employment arrangements including various shift
patterns, permanent part-time and hybrid roles.
The key criterion is always that the arrangement is
both good for Skellerup and good for the employee.
We adapt and change to meet the needs of our
customers and our people and to optimise returns
for our shareholders. Some of our sites operate
four-day, ten-hour shifts, and have differing start and
finish times to more effectively and efficiently meet
the needs of customers and provide better working
arrangements for our people.
1 The total injury rate (TIR) is the total number of serious harm injuries, lost-time injuries and medically treated injuries multiplied
by 2,000 (the estimated annual hours worked by an individual), divided by the actual year-to-date hours worked, annualised
and expressed as a percentage. The TIR represents the percentage likelihood of being injured on each site. Zero TIR is the
benchmark that all sites are striving to achieve. Lost time injury rate (LTIR) is an equivalent measure for lost-time injuries only.
Skellerup Annual Report FY25Skellerup’s People23

Mechanisation and automation of manufacturing
activities and changes in customer demand impact on
the way we work also. This means that as we grow our
business, the number of people we need increases at
a slower rate and the make-up of our teams changes.
We need more people to design, implement and
support new products and equipment, more people
to secure new business and service customers but
smaller increases in operating personnel. We have
had no large-scale redundancies within the Group
over the past decade. At the end of FY25 our global
team stood at 809 (FY24: 808 people).
Supporting our people and partners
We operate a global business in a rapidly changing
world. Maintaining our reputation is critical to our
success. Each year, we provide training on the
behaviours that are required as outlined in our Code
of Ethics, as well as in our key Policies including
Modern Slavery, Diversity and Inclusion, and
Information Security. In FY25, this training was again
delivered by a video prepared by the CEO and CFO,
with local business leaders initiating subsequent
discussion including how staff respond and report
in the event they do witness or suspect behaviour
inconsistent with our Code of Ethics and Policies.
Skellerup’s global footprint includes working with our
manufacturing partners and international suppliers.
These partners and suppliers are important to
the successful delivery of critical products to our
customers. Our systems, processes and people ensure
our standards are met in all respects and include
seeking assurance that our supply chain is free of
modern slavery. During FY25, we again sought and
received confirmation of compliance with our Supplier
Code of Conduct from our leading global suppliers
and we did not receive any reports of, nor identify any
instances of, modern slavery within our supply chain.
A diverse workplace
We do not discriminate on the basis of gender or
gender identity, race, ethnicity, cultural background,
physical ability or attributes, age, sexual orientation,
religious or political beliefs. A breakdown of our
gender composition for our management group is
shown on page 31 and our entire team is shown on
page 5. Our 809-strong team identifies as 52 per cent
male and 48 per cent female.
Skellerup Annual Report FY25Skellerup’s People
24

Cyber security
We complete an annual cyber security risk assessment
of all businesses within the Skellerup Group to
ensure our platforms and security are at the required
standard and, if there is any gap, to implement a
remediation plan to eliminate. We also provide
regular online cyber security training, supplemented
by periodic internal audits to make sure our control
environment is working effectively and identify where
improvements are needed.
Our team
We are proud of the skill, commitment, tenacity and
adaptability our people bring to continue to improve
our business to deliver high-performing and quality
products for our customers and excellent returns for
our shareholders.
1.6
FY25
1.5
FY24
1.9
FY23
FY22
2.4
FY21
0.9
Total injury rate
(%)
1.1
FY25
0.5
FY24
1.0
FY23
FY22
1.6
FY21
0.3
Lost time incident rate
(%)
Skellerup Annual Report FY25Skellerup’s People25

Board of Directors
Director Core Competences
Skellerup Annual Report FY25Board of Directors
26

ESG (6/6)
Prior relevant Board and leadership
experience, ESG best practice

Financial (3/6)
Experience in international finance,
accounting, reporting, controls and taxation

Risk Management (6/6)
Financial and non-financial risk frameworks,
and risk evaluation

Capital Markets (6/6)
Experience with equity and debt markets
and capital structuring, including mergers,
acquisitions and divestments, and
investment analysis

Regulatory (5/6)
Experience across regulatory environments

Human Resources (5/6)
Leading team development, performance
and remuneration structures for
international business

Health & Safety (6/6)
Health and safety management for a
global business
John was appointed Chair in October
2022, and was previously appointed to
the Board in March 2015. John retired
as a partner at Chapman Tripp on 30
November 2022. John specialised in
corporate, contract and securities
law, mergers & acquisitions as well as
heading the firm’s China desk. He was
named NZ Deal Maker of the Year at
the 2015, 2017 and 2019 Australasian
Law Awards. John sits on the board of,
and advisory committees to, a number
of private sector businesses, and is a
director of listed company, Sanford
Limited. John is Chair of the Health and
Safety, Remuneration and Nomination
Committees and is a member of the
Audit Committee.
Independent Chair
John Strowger
(LLB Hons)
Alan was appointed to the Skellerup
Holdings Board in August 2016. He has
considerable experience governing
and leading businesses and sporting
organisations. Alan is currently
Chairman of the New Zealand
Community Trust. He is also
a director of Oceania Healthcare
Limited and Scales Corporation
Limited. He was Chairman of KPMG
NZ for 10 years until 2006, is a
past Chairman of Cricket NZ, past
President of the International Cricket
Council and the New Zealand Institute
of Directors. Alan’s contribution to
sport and business was acknowledged
with his appointment as a Companion
of the New Zealand Order of Merit
(CNZM) in 2013. He is Chair of the
Audit Committee and also a member
of the Sustainability and Remuneration
Committees.
Independent Director
Alan Isaac
(CNZM, BCA, FCA, DistFInstD)
David was appointed to the Skellerup
Holdings Board in August 2017. He
is currently Executive Chairman of
Rural Equities Limited and Managing
Director of private investment
company H&G Limited. David is a
former investment banker with over
25 years’ experience as a director of
listed companies. He has expertise
across a broad range of industries
having previously been a director of
Fruitfed Supplies Limited, Williams
& Kettle Limited, Tourism Holdings
Limited, Acurity Health Group Limited,
PGG Wrightson Limited, Red Steel
Limited, Webster Limited and NPT
Limited. David is a member of the
Audit, Health and Safety, Remuneration
and Nomination Committees.
Independent Director
David Cushing
(BCom, ACA)

Skellerup Annual Report FY25Board of Directors27
The experience and diverse range of skills across Skellerup’s Board ensures
our plans are robust and pursued with vigour and sound business discipline.

International (5/6)
Experience, across businesses with
a substantial global presence, and
understanding of OEM customers

Growth (6/6)
A track record of successful and sustainable
business growth strategy

Agriculture (3/6)
International and domestic agriculture
experience

Infrastructure, Leisure & Health (4/6)
Infrastructure for potable water,
construction, sport and leisure, health
and hygiene experience

Manufacturing & Supply Chain (4/6)
Manufacturing expertise, international
contract oversight, international logistics
and supply chain expertise. Understanding
of contractual arrangements with large
OEM customers

Te chnolog y (5/6)
Strong technological experience and
development and protection of IP
Paul was appointed to the Skellerup
Holdings Board in August 2020.
He was Senior Vice President - Sales
and Marketing for Fisher & Paykel
Healthcare for 30 years and has global
business experience with proven
success growing international markets
and leading multi-disciplinary teams
across 50 countries. He is a member
of the Health and Safety, Sustainability
and Remuneration Committees.
Independent Director
Paul Shearer
(BCom)
Rachel was appointed to the Skellerup
Holdings Board in May 2022. She is
a partner at BDO Wellington Limited
and has over 20 years’ experience in
chartered accountancy and business
advisory services and more than 10
years’ experience as a director across
a diverse range of sectors including
construction, technology, financial and
property. Rachel is currently a director
of New Plymouth Airport, The Property
Group Limited and Fairway Resolution
Limited and was previously a director
of Fulton Hogan Limited. She is Chair
of the Sustainability Committee and is
a member of the Audit Committee.
Independent Director
Rachel Farrant
(BCom, PGDipCom, FCA, CFIoD)
David was appointed to the
Skellerup Holdings Board in
November 2006. He led the Group
as CEO for over 12 years during
which time it achieved significant
revenue and earnings growth by
focusing on designing and delivering
critical engineered products for
OEM customers. In March 2022,
David was recognised as CEO of
the Year in the Deloitte Top 200
Awards. David is currently CEO and
a director of Sanford Limited and a
director of Forté Funds Management
Limited. David is a member of the
Health & Safety Committee and the
Sustainability Committee.
Non-Executive Director
David Mair
(BE, MBA)

Skellerup Annual Report FY25Corporate Governance
28
Corporate
Governance
This section of the Annual Report outlines our
corporate governance structures and processes,
and how they have been applied during the year.
This Corporate Governance statement was approved
by the Board of Skellerup Holdings Limited (Skellerup,
or the Company) on 20 August 2025. The information
contained in this Corporate Governance statement is
current as at that date.
Skellerup’s Board and management are committed to
achieving high standards of corporate governance.
We believe this is central to the effective management
of the business and to maintaining the confidence
of our shareholders. The Board and management
are focused on ensuring the long-term success of
the Company and its subsidiaries (Group) and are
committed to building long-term shareholder value.
The Board regularly reviews and assesses Skellerup’s
governance policies, procedures and practices to
ensure they are appropriate and effective. Skellerup
has reported against the recommendations of the
updated NZX Corporate Governance Code dated 31
January 2025 (the NZX Code) in respect of the financial
year ended 30 June 2025 (FY25). Skellerup is in full
compliance with all recommendations of the NZX
Code for FY25.
Skellerup’s Constitution and each of the Charters and
Policies referred to in this Corporate Governance
statement are available on the Governance section of
the Company’s website at www.skellerupholdings.com.
Our compliance with the NZX Code for the financial
year ended 30 June 2025 is detailed below under
headings for each of the eight Principles of the
NZX Code.
Principle 1 – Ethical Standards
Skellerup complies with the recommendations of
Principle 1.
Skellerup's Directors set high standards of ethical
behaviour and require members of the management
team to conduct themselves similarly. The Directors
hold management accountable for delivering these
standards throughout the Group.
Skellerup’s Code of Ethics provides a framework of
minimum standards of ethical behaviour according
to which Directors, management and all employees
of the Group are expected to conduct themselves.

Skellerup Annual Report FY25Corporate Governance29
The Code of Ethics outlines the Company’s
expectations for all personnel. It includes consideration
of conflicts of interest, conduct, compliance with
all applicable policies, laws and regulations,
confidentiality, the offering and acceptance of gifts and
the use of the Group’s property, assets and corporate
information. Skellerup’s Code of Ethics is reviewed
annually by the Board of Directors; the last review
being conducted in June 2025.
Skellerup communicates its Code of Ethics and where
to find it to Directors and employees, explaining the
Code’s purpose and the mechanism for reporting any
unethical behaviour. During FY25, the CEO and
CFO prepared a video presentation on the Code of
Ethics, together with other key Group policies.
This presentation was made available to all employees
to be trained on the Code of Ethics and other key
Group policies during June 2025. Group and Business
Managers then confirmed training attendance back
to the CFO. The Code of Ethics is available to all
employees on Skellerup’s website.
Under Skellerup’s Code of Ethics, contributions to
political parties are expressly prohibited.
Skellerup’s procedure for reporting and dealing with
any concerns in respect of the conduct of its Directors
or employees is set out in its Whistleblower Policy.
Skellerup has not received any reports of serious
instances of unethical behaviour during FY25.
Skellerup is committed to ensuring its Directors and
employees understand its policy on and rules for
dealing in Skellerup ordinary shares or any other
quoted financial products issued by Skellerup or
derivatives thereof. Skellerup’s Financial Products
Trading Policy notes that insider trading is always
prohibited and provides examples of material
information to assist Directors and employees
with compliance. It imposes further restrictions on
Directors and senior management by permitting
trading only in prescribed trading windows (unless an
exemption is granted by the Board) and requires such
persons to seek consent for any trading. The policy
is available on the Company’s website. Details of
Directors’ shareholdings as at 30 June 2025 are set out
in the Shareholder Information section on page 120.
Principle 2 – Board Composition and
Performance
Skellerup complies with the recommendations of
Principle 2.
The Board has adopted a written Board Charter, which
sets out the roles and responsibilities of the Board and
distinguishes and discloses the respective roles and
responsibilities of the Board and management.
Written agreements have been entered into for all
Director appointments since 2017.
The members of Skellerup’s Board collectively
provide the broad range of strategic, business,
commercial and financial skills and knowledge,
and the independence and experience required
to lead and govern the Company effectively.
The Board regularly reviews its performance and
composition to ensure it has the range of capabilities
required.
The Board recognises that a skills matrix can
assist with identifying and assessing existing
Directors’ skills and competencies as well as new
skills and competencies which may be needed to
meet Skellerup’s future governance requirements.
The skills and experience the Board has determined
are important to Skellerup’s strategic direction, and
those held by the current Directors, are shown on
pages 26 and 27.
The maximum and minimum number of elected
Directors and the procedures for their appointment,
retirement and re-election at Annual Meetings are
set out in Skellerup’s Board Charter, Nomination
Committee Charter, Constitution and the NZX Listing
Rules. All Directors must retire by rotation and, if
eligible, may stand for re-election at the third annual
meeting, or three years after their last election,
whichever is longer. Any Director appointed by the
Board since the previous annual meeting must also
retire and is eligible for re-election.
Currently, the Board comprises five non-executive,
independent Directors and one non-executive
Director. The independence of Directors is
reconsidered at least annually. Skellerup’s Board most
recently reviewed each Director’s independence at
its Board Meeting as at 30 June 2025. Having regard
to the NZX Listing Rules and the NZX Code, five of the
six non-executive Directors have been determined
to be independent. David Mair is not considered
independent as he is the former CEO of the Company,
having resigned on 31 March 2024. Mr Mair continues
on the Board as a non-executive director. None of the
factors in Table 2.4 of the NZX Code applies to any
of the independent Directors. The Directors and the
Board have specifically considered the applicability of
Code Factor 2 from Table 2.4 of the NZX Code, which
applies where a director derives a substantial portion
of his or her annual revenue from Skellerup. Each
independent Director has confirmed to the Board that
they are satisfied that they are independent under the
NZX Listing Rules and Corporate Governance Code,
specifically having considered the requirements of
Code Factor 2 at a meeting held on 29 May 2025.

Skellerup Annual Report FY25Corporate Governance
30
The Board Charter requires that the Chair be an
independent, non-executive Director and that the
roles of the Chair and CEO are separate. The Chair
is currently an independent, non-executive Director
and is also considered to be independent of the CEO.
The table on page 33 shows each Director’s Board
Committee memberships, the number of meetings of
the Board and its Committees held during the year and
the number of meetings attended by each Director.
Minutes are taken of all Board and Committee meetings.
The Board is responsible for managing conflicts
of interest identified by Directors. Each Director is
responsible for minimising the possibility of any
conflict of interest as regards their involvement with
the Company by restricting involvement in other
businesses that would likely lead to a conflict of
interest. A Directors’ interests register is maintained
by the Company. Particulars of the entries made in
the interests register during FY25 are disclosed in the
Shareholder Information section on page 120.
Directors are not required to own shares in the
Company, although five of the six Directors are
currently shareholders of Skellerup. Refer to page 120
for details of the current shareholdings of Directors.
Board procedures ensure that all Directors have
the information needed to contribute to informed
discussions and decisions consistently and to carry
out their duties effectively. Senior management makes
direct presentations to the Board as required to
give the Directors an understanding of management
strategies, priorities, style and capabilities. Directors
also visit Skellerup’s facilities throughout the world as
part of their ongoing engagement to ensure they are
familiar with all aspects of the business of the Group.
Training is made available to Directors, and in FY25
Directors participated in training on a wide range of
issues.
Skellerup has a written Diversity and Inclusion
Policy in place. Diversity at Skellerup includes (but
is not limited to) gender, race, ethnicity and cultural
background, disability and physical capability, age,
sexual orientation, and religious or political belief.
A gender composition table of the Skellerup Directors,
officers and management is included on the following
page, and a graph for the Group’s entire workforce
is on page 5. Skellerup maintains a merit-based
environment which provides equal opportunity for
development and recognition based on performance
and a flexible and inclusive work environment that
values differences that create value. Skellerup
equitably remunerates equivalent roles.
Skellerup’s Diversity Policy requires measurable
objectives to be set by the Board and reviewed
annually. For FY25 Skellerup set measurable
objectives and reports progress as follows:
1. No discrimination
Skellerup aims to operate an inclusive workplace
where employees are not discriminated against
on the grounds of gender, gender identity, sexual
orientation, colour, race/ethnicity/cultural background,
disability, age, or religious beliefs. Group and
business unit leaders are required to confirm that no
such discrimination has taken place within their areas
of responsibility, as part of the annual remuneration
review process, which takes place annually in June
and July.
Board Appointment and Independence – 1 July 2024 to 30 June 2025
DirectorQualificationsGender
Date of
Appointment
Tenure
(completed years)
Independence
John StrowgerLLB (Hons)Male4 March 201510Ye s
David CushingBCom, ACAMale21 August 20177Ye s
Rachel FarrantBCom, PGDipCom, FCA, CFIoDFemale2 May 20223Ye s
Alan IsaacCNZM, BCA, FCA, DistFInstDMale1 August 20169Ye s
David MairBE, MBAMale29 November 200618No*
Paul Shearer BComMale21 August 20204Ye s
*David Mair is not independent because he is the former CEO of Skellerup.
See pages 26 and 27 or the Company’s website for more information on the tenure, skills and experience
of Skellerup’s current Board. As at the date of this Annual Report, the Directors, including the dates of their
appointment and independence, are:

Skellerup Annual Report FY25Corporate Governance31
In FY25, Skellerup adopted a target of zero complaints/
findings of harassment, discrimination or victimisation.
No such incidents were reported in FY25.
2. Flexible workplace environment
Skellerup aims to provide a workplace that
accommodates flexible working arrangements to
encourage diversity in our workforce. Our goal is to
ensure that workplace arrangements do not impede
the retention of existing employees or the attraction
of new employees. Supported by a Working from
Home Policy, flexible workplace arrangements
are implemented throughout the Group where
suitable, to meet the needs of the business and the
circumstances of employees. These arrangements
include reviewing shift working hours for operating
activities and part-time employment and working-
from-home arrangements for certain roles. In recent
years, Skellerup moved operating hours at several
manufacturing sites to four-day, ten-hour shifts, which
more effectively and efficiently meet the needs of our
business and provide an additional clear non-working
day for our people. We plan to consider similar
arrangements for other facilities in the future. As of
30 June 2025, the Group employed 41 employees on
permanent part-time arrangements and 68 employees
on hybrid working-from-home arrangements.
3. Pay equity
Skellerup is committed to ensuring all employees
are paid equitably. We deploy a skills-based model
in our manufacturing facilities, which strengthens the
effectiveness of our teams and ensures employees
are rewarded in accordance with the skill level they
achieve and maintain. At each annual salary review,
our target is for there to be nil equity remuneration
issues arising. At the last annual salary review in
June and July 2025, business unit leaders reviewed
and confirmed all roles were clearly defined, and
that remuneration was based on relevant skills,
experience, responsibility, effort and performance,
independent of the person in the role. No equity issues
arose from this review. Leaders are also empowered
to monitor performance, development and changes in
the scope of roles so that remuneration changes can be
Gender and Diversity as at 30 June 2025
DirectorsOfficersManagement
Self-identify as:202520242025202420252024
Male55222424
Female11--88
Gender diverse------
Total66223232
recommended and considered outside of the annual
salary review. Recruitment for new or replacement
roles is based on documented job descriptions, with
the assistance of external agencies to establish a
shortlist of candidates that meet the requirements of
each role and to provide an insight into the market
level of remuneration for each role.
Principle 3 – Board Committees
Skellerup complies with the recommendations of
Principle 3.
The Board has appointed five Board Committees to
assist in carrying out its responsibilities effectively,
each of which operates under a written charter.
The Board regularly reviews the performance of
each standing Committee against its specific written
charter. The delegated responsibilities, powers and
authorities of these Committees are described below.
1. Audit Committee
The Audit Committee comprises four non-executive,
independent Directors, one of whom is appointed
as Chair. Other Directors are permitted to attend
meetings of the Audit Committee. The CEO, the Chief
Financial Officer (CFO) and representatives of the
external auditors attend by standing invitation of the
Audit Committee; unless the Chair requests otherwise.
The Audit Committee meets a minimum of four times
each year. Its responsibilities include (but are not
limited to):
• Advising the Board on accounting policies, practices
and disclosures;
• Reviewing the scope and outcome of the external
audit and the performance of the auditors; and
• Reviewing the annual and half-yearly statements
before approval by the Board.
The Audit Committee reports the proceedings of each
of its meetings to the full Board.

Skellerup Annual Report FY25Corporate Governance
32
The current composition of the Audit Committee is
Alan Isaac (Chair), John Strowger, David Cushing and
Rachel Farrant. The members of the Audit Committee
have a broad range of commercial, financial and
risk management experience, as well as relevant
qualifications, as outlined on pages 26 and 27.
2. Health and Safety Committee
The Health and Safety (H&S) Committee comprises
three non-executive, independent Directors, one of
whom is appointed as Chair, plus one non-executive
Director. Other Directors are permitted to attend
meetings of the H&S Committee. The CEO and CFO
also attend meetings at the invitation of the H&S
Committee.
The H&S Committee meets a minimum of three times
each year. Its responsibilities include:
• Providing leadership and policy for H&S
management within the Group;
• Advising the Board on H&S strategy and policy and
specifying targets to track performance;
• Reviewing management systems to ensure that they
are appropriate to manage the hazards and risks of
the business; and
• Monitoring and reviewing performance by
specifying and receiving timely reports on incidents,
investigations and resultant actions and with the
assistance of internal and external audits.
The H&S Committee reports the proceedings of
each of its meetings to the full Board. The current
composition of the H&S Committee is John Strowger
(Chair), David Cushing, Paul Shearer and David Mair.
3. Sustainability Committee
The Sustainability Committee currently comprises
three non-executive, independent Directors, one of
whom is appointed as Chair, plus one non-executive
Director. Other Directors are permitted to attend
meetings of the Sustainability Committee. The CEO
and CFO also attend meetings at the invitation of the
Sustainability Committee.
The Sustainability Committee meets a minimum of
three times per year. Its responsibilities include:
• Assisting the Board in setting a sustainability
strategy that captures the material issues relevant to
Skellerup and creates long-term value;
• Guiding the development and implementation of
sustainability policies, initiatives, programmes and
activities;
• Considering current and emerging sustainability-
related matters that may affect Skellerup and its
business, operations or performance and making
recommendations;
• Ensuring alignment between community
engagement and investment initiatives with
sustainability and business objectives;

Skellerup Annual Report FY25Corporate Governance33
It meets as required to recommend new appointments
to the Board.
Board composition is regularly reviewed by the full
Board and the Board Nomination Committee to ensure
the collective skillset is appropriate for the Group and
to ensure appropriate succession planning.
The current composition of the Board Nomination
Committee is John Strowger (Chair) and David
Cushing.
Skellerup has a Takeover Response Policy in place.
The purpose of the policy is to ensure that Skellerup
is well prepared for an approach relating to a control
transaction and, therefore, it will be better able to
control the response process and respond to any
approach in a professional, timely and coordinated
manner and the best interests of Skellerup and its
shareholders. The Takeover Response Policy includes
the option of establishing an independent control
transaction committee and the likely composition of
such a committee should it be required.
Principle 4 – Reporting and Disclosure
Skellerup complies with the recommendations of
Principle 4.
1. Financial Reporting
The Board demands integrity in financial reporting
and in the timeliness and balance of information
disclosed.
The financial progress of Skellerup’s two divisions is
reported separately to the Board each month to enable
divisional financial performance to be reviewed in the
context of the Company’s strategies and objectives.
Monthly reporting also provides information on H&S,
key opportunities, personnel, customers and suppliers,
risks facing the business, and the steps being taken to
optimise outcomes.
• Ensuring appropriate reporting mechanisms
are in place as well as processes to assess the
effectiveness of any sustainability policies and
initiatives; and
• Monitoring compliance with any relevant
sustainability policies and reviewing the alignment
of Skellerup’s activities with its commitment to
sustainability matters.
The Sustainability Committee reports the proceedings
of each of its meetings to the full Board. The current
composition of the Sustainability Committee is Rachel
Farrant (Chair), Alan Isaac, Paul Shearer and David Mair.
4. Remuneration Committee
The Remuneration Committee comprises four non-
executive, independent Directors, one of whom is
appointed as Chair. Other Directors are permitted to
attend meetings of the Committee.
The Remuneration Committee meets as required to:
• Review the remuneration packages of the CEO and
senior managers; and
• Make recommendations to shareholders concerning
non-executive Directors’ remuneration packages.
Remuneration packages are reviewed annually.
Independent external surveys are used as a basis for
establishing competitive packages. The CEO and CFO
only attend Remuneration Committee meetings at the
invitation of the Committee.
The current composition of the Remuneration
Committee is John Strowger (Chair), Alan Isaac,
Paul Shearer and David Cushing.
5. Board Nomination Committee
The Board Nomination Committee comprises two
non-executive, independent Directors, one of whom is
appointed as Chair. Other Directors are permitted to
attend meetings of the Board Nomination Committee.
Board and Committee Attendance – 1 July 2024 to 30 June 2025
DirectorBoardAudit Health & SafetySustainabilityRemunerationNomination
John Strowger8 of 84 of 54 of 4N/A2 of 2None
David Cushing8 of 85 of 54 of 4N/A2 of 2None
Rachel Farrant8 of 85 of 5N/A3 of 3N/AN/A
Alan Isaac8 of 85 of 5N/A3 of 32 of 2N/A
David Mair8 of 8N/A4 of 43 of 3N/AN/A
Paul Shearer 8 of 8N/A4 of 42 of 32 of 2N/A

Skellerup Annual Report FY25Corporate Governance
34
The Audit Committee oversees the quality and
integrity of external financial reporting, including the
accuracy, completeness and timeliness of financial
statements. The Company seeks to provide clear,
balanced and objective financial statements and
recognises the value of providing shareholders with
financial and non-financial information, including
environmental, economic and social sustainability risk
management, as reported in this Annual Report.
Management accountability for the integrity of the
Company’s financial reporting is reinforced in writing
by the certification of the CEO and CFO to the Board
that the financial statements fairly present the financial
results and position of the Group.
2. Non-financial Reporting
The Company combines its non-financial
reporting within its Annual Report, recognising the
interdependence of financial and non-financial matters
(including climate-related matters) to the long-term
sustainability of the business. Non-financial reporting
disclosures (other than scope 1 and 2 greenhouse
gas (GHG) inventories) are not subject to external
review. These disclosures are compiled by employees
with the appropriate knowledge and experience and
reviewed and approved by the CFO and CEO.
The Company continues to develop its climate-
related disclosures in line with the mandatory climate
reporting under the Climate-related Disclosures (CRD)
regime in New Zealand established by the External
Reporting Board (XRB). For the Group’s FY25 Climate
Statements, see page 42.
The Company continues to develop its wider
Environmental, Social Sustainability and Governance
(ESG) Framework and to pursue ESG initiatives on a
prudent and commercial basis.
3. Continuous Disclosures
The Company has a written Continuous Disclosure
Policy and clear processes in place to ensure
compliance with the continuous disclosure
requirements that come with being a listed company.
This policy is reviewed annually and circulated to
Directors and managers, along with further guidance
on the application of the policy and additional
reminders about its purpose and importance.
Continuous disclosure is a standing agenda item
for each Board meeting. At each meeting, the Board
considers whether there is any relevant material
information that should be disclosed to the market and
minutes the outcome of that consideration, whether or
not any disclosure obligation is identified.
Principle 5 – Remuneration
Skellerup complies with the recommendations of
Principle 5.
This section outlines the Group’s overall remuneration
governance and strategy for the year ended 30
June 2025 and provides detailed information on the
remuneration arrangements in place for the
Directors, CEO and other executives. This disclosure
is aligned with the NZX Remuneration Reporting
Template for Listed Issuers published by the NZX in
December 2023.
Remuneration Governance
Skellerup has a Board Remuneration Committee
comprised of a minimum of three independent non-
executive Directors, one of whom is elected by the
Board as chair of the Committee. Membership of
the Remuneration Committee and the attendance
of members at Committee meetings are listed on
page 33. Management only attends Remuneration
Committee meetings by invitation.
The Remuneration Committee operates under a
written Charter, outlining its membership, procedures,
responsibilities and authority. The Remuneration
Committee Charter is available to view on the
Company’s website.
The Remuneration Committee is responsible for:
• Reviewing and recommending changes to the
remuneration structure and policy of the Group,
including Directors’ fees,
• Reviewing the remuneration packages of the
CEO and senior managers reporting directly to
the CEO, and
• Reviewing the Group Diversity and Inclusion Policy,
the diversity objectives and achievement against
these objectives.
Skellerup has a written Remuneration Policy in
place, which is available on the Company’s website.
The Remuneration Policy outlines the remuneration
principles that apply to the Directors and senior
managers of Skellerup to ensure that remuneration
practices are fair and appropriate for the Group, and
that there is a clear link between remuneration and
performance. The guiding principles of this policy are
that the remuneration of Directors, officers and managers
will be transparent, fair and reasonable to meet the
needs of the business and shareholders. Skellerup does
not make discretionary sign-on, retention or departure
payments to incoming or existing employees (including
non-executive Directors).

Skellerup Annual Report FY25Corporate Governance35
The Remuneration Policy may be amended from
time to time and is reviewed at least annually by
the Remuneration Committee. The Group has also
established several additional key policies to support
a strong governance framework.
Disclosure of employees (other than employees who
are Directors) who received remuneration and any
other benefits in their capacity as employees, the
value of which was or exceeded $100,000 per year, in
brackets of $10,000, as required by the Companies Act
1993 is included on page 38.
No loans or other forms of financial assistance have
been provided to the CEO or any other executives or
non-executive Directors of the Skellerup Group.
Executive and Employee Remuneration
Executive and employee remuneration may be
comprised of a fixed and at-risk component,
depending on the scope and complexity of the role.
Fixed Annual Remuneration
Fixed annual remuneration includes base salary
and employer superannuation contributions, where
provided. Base salary is determined by the scale
and complexity of the role. The Group undertakes
remuneration reviews annually and as needed,
informed by an assessment of relative external market
data and organisational context.
Short-term Incentives (STI)
Senior executives’ remuneration comprises a
combination of fixed and at-risk components. Payment
of the at-risk component is linked to exceeding
the previous best annual financial performance in
the areas of the business for which each executive
is responsible or, in some circumstances, the
achievement of specific targets. The goals and targets
set in each category are specific, objective and
measurable, such that there is an accurate judgement
each year as to whether the goal has been achieved or
not. The STI earned is paid as cash remuneration.
The CEO approves (with notification to the
Remuneration Committee) the annual STI payments
for all entitled staff other than the CEO and CFO. STI
payments are fully accrued in the year to which they
relate. The Board approves the annual STI payments
for the CEO and CFO and their targets for the year
ahead.
In addition to the STI scheme, ad-hoc bonus payments
may be made to any employee where certain
outcomes are considered to positively impact the
performance of the Group. These payments are only
made with the express approval of the CEO.
Performance, Development and Remuneration Review
Performance and development reviews are completed
to inform decisions around remuneration adjustments.
The remuneration review process also includes
consideration of market information and, in the case of
employees under Collective Employment Agreements,
negotiations with unions.
CEO Remuneration
The CEO’s remuneration consists of fixed
remuneration and variable (at-risk) remuneration in
the form of a short-term incentive (STI) and long-term
incentive (LTI) scheme. This structure is reviewed
annually by the Remuneration Committee and is
subject to approval by the Board.
Total remuneration paid to the CEO in FY25 and
prior financial years, together with a description of
the share-based LTI scheme in place for the CEO, is
detailed below.
David Mair resigned as CEO on 31 March 2024 and
was replaced by Graham Leaming on 1 April 2024.
The disclosures below cover the period each served
as CEO of Skellerup.
Fixed Annual Remuneration
The fixed annual remuneration of the CEO
includes base salary and employer superannuation
contributions, where provided. Base salary is
benchmarked against comparable listed companies.
The latest benchmarking exercise was completed by
the Board in March 2024.
CEO Remuneration
$000
Fixed SalaryKiwisaverSTI
2
SubtotalLTITotal
Graham Leaming

FY25704212941,019-1,019
Graham Leaming
1
FY24176519201-201
David Mair
1
FY24 863 - - 863 -863
1 The remuneration above reflects the period of FY24 in the role as CEO (Mair until 31 March 2024 and Leaming from 1 April 2024).
2 The FY25 STI was accrued but not paid at 30 June 2025.

Skellerup Annual Report FY25Corporate Governance
36
Short-term Incentives (STI)
The CEO’s at-risk remuneration includes an
STI scheme that is directly linked to the overall
financial and operational performance of the Group.
Achievement of the STI is connected to exceeding
the previous best annual financial performance of the
Group under the CEO’s leadership, measured based
on earnings before interest and taxes (EBIT) adjusted
to exclude certain non-recurring items of income and
expense and changes in the composition of the Group,
such as acquisitions and divestments. The targets set
are specific, objective and measurable, such that there
is an accurate judgement each year as to whether the
target has been achieved or not. The STI earned is
paid as a taxable cash bonus. As the STI scheme is a
profit share scheme, there is no cap on the maximum
amount payable under the arrangement.
The FY25 STI is the amount assessed as earned in FY25
but will be paid in FY26 as the assessment of the STI
performance was made after the FY25 reporting date.
Long-term Incentives (LTI)
The Company operates a LTI scheme for the benefit of
the CEO and other senior executives. The LTI scheme
is intended to reward and retain key employees
(including the CEO), drive longer-term performance
and decision-making, and align incentives with the
interests of shareholders.
The LTI scheme is a share option scheme which
permits the Board to grant options to acquire fully paid
shares in the Company. Upon exercise, option holders
will be issued one share per option exercised. The
exercise price is payable by the option holder before
shares are issued or transferred. Alternatively, on
exercise, option holders may direct the Company to
facilitate a cashless (net settled) exercise by issuing to
the option holder, such number of shares as is equal to
the difference between the market value of a share and
the exercise price per option, multiplied by the number
of options being exercised, and divided by the market
value of a share. The most recent grant was made in
October 2024. Details of options granted in the current
and preceding financial years are shown below.
CEO Long-term Incentive Scheme
Financial
Year of Grant
Number of
Options
Price per
Option
NZ$
Exercise
Period
Share Price
at Exercise
NZ$
Value
at Exercise
$000
Graham LeamingFY25300,0004.851 Sept 2027 to 1 Nov 2027N/AN/A
Graham LeamingFY23800,0005.171 Sept 2024 to 1 Nov 2024Note 1Note 1

Skellerup Annual Report FY25Corporate Governance37
Graham Leaming was granted 300,000 options on
3 October 2024, at an exercise price of NZ$4.85
per share. The exercise price was the weighted
average share price on the twenty trading day period
preceding issuance. The options will be exercisable
in the period beginning on 1 September 2027 and
ending on 1 November 2027.
Note 1
Graham Leaming was granted 800,000 options on 1
November 2022, at an exercise price of NZ$5.17 per
share. The exercise price was the weighted average
share price on the twenty trading day period preceding
issuance. The options were exercisable in the period
beginning on 1 September 2024 and ending on 1
November 2024. As the Skellerup share price was
below the exercise price upon vesting, these options
were not exercised and lapsed on 1 November 2024.
CEO/Worker Ratio
The CEO/worker ratio represents the number of times
greater the CEO's remuneration is than an employee
paid at the median of all Group employees. As of 30
June 2025, the CEO’s base salary at $725,000 was
10.1 times that of the median employee at $71,652
per annum (30 June 2024 – the CEO’s base salary at
$725,000 was 10.9 times that of the median employee
at $66,500 per annum).
CEO Remuneration: Five Year Summary
$000
Fixed
SalaryKiwisaverSTISubtotalLTITotal
LTI
Exercise
LTI
Performance
Period
Graham LeamingFY25704212941,019- 1,019-Lapsed FY25
---2024-2027
Graham Leaming
1
FY24176519201-201-2022-2024
David Mair
1
FY24863--863-863-Lapsed FY24
David MairFY23 725 - 265 990 2,3033,293100%2020-2022
---2022-2024
David MairFY22 690 - 497 1,187 -1,187-2020-2022
David MairFY21 740 - 626 1,367 8132,180100%2018-2020
---2020-2022
1 The remuneration reflected above reflect the period of FY24 in the role as CEO (Mair until 31 March 2024 and Leaming from 1 April 2024).

Skellerup Annual Report FY25Corporate Governance
38
Gender Pay Gap
The gender pay gap measures the median base
remuneration between men and women regardless
of the nature of work. The Group operates in several
regions, which makes comparisons between
employees in different regions less meaningful.
Skellerup, as a New Zealand-listed Company, has
measured the gender pay gap of its New Zealand
workforce, which represents 41% of its total workforce
at 30 June 2025 (30 June 2024 – 40%).
As at 30 June 2025, the gender pay gap is 11.3% (30
June 2024 – 9.6%). That is, women earn $0.89 for every
$1 that men earn. The median pay is $75,020 (FY24 –
$70,300) for the Group’s New Zealand employees.
Remuneration Bands
The above table notes the number of employees
or former employees of the Group, not being
Directors, who, during the reporting period, received
remuneration and any other benefits in their capacity
as employees, the value of which was or exceeded
$100,000 per annum, in brackets of $10,000. The Group
paid remuneration above $100,000 to 186 current and
former employees in FY25 (FY24 - 169 current and
former employees).
Directors’ Remuneration
Non-executive Directors’ remuneration is paid in the
form of Director’s fees and non-executive Directors
have no entitlement to any performance-based
remuneration or to participate in any share incentive
schemes. Additional fees are paid to the Chairs of the
Board, Audit Committee and Sustainability Committee
to reflect the additional responsibilities of these
positions. Skellerup does not pay retirement benefits to
non-executive Directors.
The fee pool available for remuneration payable to
non-executive Directors is approved by shareholders.
The current approved annual fee pool available for
the payment of non-executive Directors is $850,000.
This was approved by shareholders at the Annual
Meeting on 24 October 2024. Skellerup’s Board
comprised five non-executive independent Directors
and one non-executive Director at the time the fee pool
was approved. In FY25, total fees paid to non-executive
Directors amounted to $750,000. Details of the Directors’
remuneration are shown on the following page.
Remuneration
Range $000
Number of
Employees
Remuneration
Range $000
Number of
Employees
100-11032300-3101
110-12016310-3202
120-13015320-3301
130-14014330-3401
140-15016350-3601
150-16012360-3701
160-17010370-3801
170-1805380-3901
180-1906390-4001
190-2002400-4101
200-2108410-4202
210-2208440-4501
220-2304460-4701
230-2404490-5001
240-2503510 - 5201
250-2604710 -7201
270-2801750-7601
280-2904820-8301
290-30011,010-1,0201

Skellerup Annual Report FY25Corporate Governance39
The Remuneration Committee may commission
studies and surveys and obtain external advice on the
remuneration structure and policy of the Company,
including Directors’ fees, and determine whether those
fees are appropriate. The Board and Remuneration
Committee seek to set aggregate remuneration for
non-executive Directors at a level which provides the
Company with the ability to attract and retain Directors
of the appropriate calibre and experience at a cost
which represents fair value for shareholders.
Non-executive Directors are encouraged but are not
required to hold shares in the Company.
Principle 6 – Risk Management
Skellerup complies with the recommendations of
Principle 6.
The Board is responsible for the Group’s risk
management and internal control system. Each
Director has a sound understanding of the key risks
faced by Skellerup. The Board reviews the Group’s
Risk Management Report prepared by the CEO and
management on a semi-annual basis and specific
items including the Group’s approach to managing
information systems risks are monitored monthly.
The Risk Management Report identifies key risks
and strategies to manage these risks. Climate
risk reporting is integrated into the Group’s risk
management systems. Climate risks are reviewed
by the Board at least annually, with significant
risks reported as part of the Group’s key risks.
The Sustainability Committee assists the Board in
setting appropriate sustainability strategies aligned
to Group objectives.
The Board ensures that adequate external insurance
coverage is in place appropriate to the Company’s size
and risk profile. The appropriateness of this coverage
is considered annually by the Audit Committee, with
recommendations presented by management.
There were no material information security breaches
in FY25, and the preceding year.
The Audit Committee monitors the Company’s system
of internal financial control with the aid of reviews and
reports prepared by external providers and periodic
certification by the CEO and CFO. This system
includes clearly defined policies controlling treasury
operations and capital expenditure authorisation.
The CFO is responsible for ensuring that all operations
within the Group adhere to the Board-approved
financial control policies.
The H&S Committee leads and monitors H&S
management within the Group. The Company
operates a comprehensive H&S framework across
all its businesses to identify and address workplace
hazards and to monitor and review compliance with
H&S policies and procedures. Board review of H&S is
a priority and is facilitated by both the activities of the
H&S Committee and the receipt and review of H&S
reports at each Board meeting. This review is further
facilitated by regular visits to key sites, providing the
opportunity to engage and query staff at all levels
of the Group. In FY25, the Board visited key sites in
Christchurch and Auckland.
Details of Skellerup’s key H&S risks and its
performance for FY25 are included in the People
section on pages 22 to 25.
Principle 7 – Auditors
Skellerup complies with the recommendations of
Principle 7.
The Board ensures the quality and independence of
the external audit process, which culminates in the
audit report issued in relation to the annual financial
statements.
The Board has an established framework for
Skellerup’s relationship with its external auditor, and
to ensure independence of the Company’s external
auditor is maintained, a written Audit Independence
Policy has been implemented.
Director Remuneration
Board ChairBoard DirectorAudit ChairSustainability ChairTotal
John Strowger100,000100,000200,000
David Cushing100,000100,000
Rachel Farrant100,00025,000125,000
Alan Isaac100,00025,000 125,000
David Mair100,000100,000
Paul Shearer100,000100,000
Total100,000600,00025,00025,000750,000

Skellerup Annual Report FY25Corporate Governance
40
The Audit Independence Policy sets out guidelines
to be followed to ensure that related assurance and
other services provided by Skellerup’s auditor are not
perceived as conflicting with the independent role of
the external auditor. The Audit Committee approves
any non-audit services that are provided by the
external auditor. Management and the external auditor
are invited to attend meetings of the Audit Committee.
The Audit Committee meets with the external auditor
without any representatives of management present at
least twice per year.
Skellerup’s external auditor is Ernst & Young (EY).
EY were first appointed as auditors of the Company in
2002. The Board annually reviews the appointment of
the external auditors. The EY audit partner responsible
for the Skellerup audit was appointed during FY23
and will act for a maximum of five years. The EY audit
partner attends the Annual Meetings and is available
to answer questions relating to the audit. The EY
audit partner attended the 2024 Annual Shareholders’
Meeting and is expected to attend the 2025 Annual
Shareholders’ Meeting.
EY provided the Audit Committee with written
confirmation that, in their view, they were able to
operate independently during the FY25 audit. The total
amount paid and payable to EY for the FY25 audit of
the Group financial statements is $944,000. During
the year, the external auditor provided approved
non-audit services as follows:
• Limited assurance services related to Skellerup’s
greenhouse gas emissions disclosures. The fee for
this service was $55,000.
• Provision of market remuneration information for
management roles within the Group’s Australian
subsidiaries. The fee for this service was $6,300.
Skellerup maintains an internal audit function with the
assistance of external advisors. Skellerup reviews the
residual risks from its semi-annual Risk Management
Report to determine priorities for consideration for
internal audit review. The Audit Committee reviews
and approves all internal audit activity and meets with
the internal auditors as required.
The significant issues and judgements considered by
the Audit Committee are disclosed in Note [f ] of the
financial statements on page 92.
Principle 8 – Shareholder Rights
and Relations
Skellerup complies with the recommendations of
Principle 8.
The Board aims to ensure that shareholders are
kept informed of developments affecting the
Company and encourages shareholders to engage
with the Company. Information is communicated to
shareholders and other key stakeholders through the
annual and interim reports, disclosures to the NZX,
and at Annual Meetings.

Skellerup Annual Report FY25Corporate Governance41
The Board encourages shareholders to attend and
participate fully at Annual Meetings to ensure they
exercise the opportunity to ask questions about the
Company and its performance. Voting of shareholders
is by poll, based on one share, one vote. In 2024, the
Company’s Annual Meeting was a hybrid meeting,
allowing those not present at the meeting venue in
Auckland, New Zealand, to actively participate, and
shareholders were provided with a virtual meeting
guide ahead of the Annual Meeting. Shareholders
and their proxies were able to vote, ask questions and
view the live presentations, whether they attended the
meeting in person or online.
All shareholders have the option to elect to receive
electronic communications from the Company through
the Company’s share registrar (Computershare) and
by electing to receive email notifications of investor
news from the Company.
In addition to shareholders, Skellerup has a wide
range of stakeholders and maintains open channels
of communication for all audiences, including
the investing community, regulators, employees,
customers and suppliers.
The Company maintains information for shareholders
on its website at www.skellerupholdings.com.
This includes a description of Skellerup’s business
and structure, copies of key corporate governance
documents and policies, and all information
released to the NZX. Shareholders can receive all
communication from Skellerup electronically.
The Board respects the interests of all shareholders in
the Company. Skellerup strives to manage its business
in a manner that delivers long-term shareholder
value by delivering consistent quality solutions
for customers, a work environment that is safe and
delivers development opportunities for its employees
and meets or exceeds the compliance requirements in
the environments in which the Group operates.
No major decisions which may change the nature of
Skellerup were made during FY25 and therefore no
such matters were required to be put to shareholders.
Similarly, Skellerup did not seek additional equity
capital in FY25 and therefore there was no such offer to
be made to shareholders on a pro-rata basis.
The Company’s Notice of its 2025 Annual Meeting
will be released on the NZX Market Announcement
Platform at least 20 working days before the Annual
Meeting and will also be made available on the
Company’s website. Notice of the 2024 Annual
Meeting (being the only meeting of shareholders
called in FY25) was given more than 20 working days
before the meeting.

The Group’s first
Climate Transition
Plan outlines how we
propose to respond
to the risks and
opportunities posed
by climate change
The new Evolution SST-Driver is
an innovative silicone liner with
a lightweight recyclable shell,
which reduces farm waste
Skellerup Annual Report FY25Group Climate Statements
42
Group Climate
Statements
We recognise that the effects of climate change
will impact where and how Skellerup will invest for
future growth and how we will ensure the safety of
our people and operations to continue to deliver to
our customers.
We also understand that the global transition to a low-
emissions, climate-resilient future will present both
risks and opportunities for the Group over the short,
medium and long term. A detailed understanding
of the current and future impacts of climate change
is necessary to ensure appropriate adaptation to, or
acceleration of, strategies to mitigate climate risks
and capitalise on the opportunities arising from
climate change.
Skellerup is classified as a climate reporting entity
and is required to report under the mandatory
climate-related disclosures framework in Part 7A of the
Financial Markets Conduct Act 2013, which came into
effect on 1 January 2023. This requires Skellerup to
prepare group climate statements in accordance with
the Aotearoa New Zealand Climate Standards (NZ CS).
The NZ CS require reporting under the four pillars
described below:
GovernanceThe role of the Board of Directors in
overseeing Skellerup’s climate-related
risks and opportunities, and the role
management plays in assessing and
managing those climate-related risks and
opportunities.
StrategyHow climate change is currently
impacting Skellerup and how it might do
so in the future. This includes scenario
analysis undertaken by Skellerup,
identified climate-related risks and
opportunities, anticipated impacts, and
how Skellerup will position itself as the
global economy transitions towards a
low-emissions, climate-resilient future.
Risk ManagementHow Skellerup identifies, assesses and
manages climate-related risks and how
these processes are integrated into
existing risk management processes
within the Group.
Metrics and TargetsDisclosures of information on how
climate-related risks and opportunities
are measured and managed.

Skellerup Annual Report FY25Group Climate Statements43
Statement of Compliance
FY25 is Skellerup’s second reporting period under
the Climate-related Disclosures regime. These
disclosures are prepared in compliance with the NZ
CS. Where necessary, allowable adoption provisions
have been applied to ensure compliance with the NZ
CS. The Group (as defined in the Glossary on page
75) has relied on the following adoption provisions in
preparing these climate-related disclosures:
Adoption Provision 2:
Anticipated
Financial Impacts
Exemption from the requirements to
disclose the anticipated financial impacts
of climate-related risks and opportunities
and a description of the time horizons
over which the financial impacts could
reasonably be expected to occur.
Adoption Provision 4:
Scope 3 GHG
Emissions
Exemption from the requirements to
disclose all scope 3 greenhouse gas
(GHG) emissions sources, or a selected
subset of the Group’s scope 3 GHG
emissions sources. Skellerup has elected
to disclose a subset of scope 3 categories.
Further details are included on pages
64 to 70.
Adoption Provision 6:
Comparatives for
Metrics
Exemption permits, in the second
reporting period, disclosure of only
one year of comparative information for
each metric disclosed. Skellerup has
included at least one year of comparative
information for all metrics, and two
years of comparative information for
those metrics where measurement was
previously undertaken.
Adoption Provision 7:
Analysis of Trends
Exemption from the requirements to
disclose an analysis of the main trends
evident from a comparison of each metric
from previous reporting periods to the
current reporting period. Skellerup
has disclosed trends for scope 1 and
2 GHG emissions, but not for other
disclosed metrics.
Adoption Provision 8:
Scope 3 GHG
Emissions Assurance
Exemption from the requirement
to include scope 3 GHG emissions
disclosures in the scope of the Group’s
assurance engagement. Skellerup also
relies on the Financial Markets Conduct
(Climate-related Disclosures—Assurance
Engagement) Exemption Notice 2025.
Disclaimer
Climate change is an evolving challenge, with high
levels of uncertainty as to the scale and timing of
anticipated impacts on Skellerup. This report sets
out Skellerup’s approach to scenario analysis, our
understanding of and response to our climate-related
risks and opportunities, our current and anticipated
impacts of climate change, and the transition plan
aspects of the Group’s strategy that aim to align
Skellerup with a low-carbon, climate-resilient future.
This reflects Skellerup’s current understanding as at
20 August 2025, in respect of the financial year ending
30 June 2025 (FY25).
These climate-related disclosures contain forward-
looking statements, including climate-related
scenarios, targets, assumptions, projections, forecasts,
statements of Skellerup’s future intentions, estimates
and judgements. These statements are based on
current expectations, estimates and assumptions and
are therefore subject to significant uncertainties.
The risks and opportunities described here might not
eventuate or might be more or less significant than
anticipated. Many factors could cause Skellerup’s
actual results, performance or achievement of
climate-related metrics (including targets) to differ
materially from those described, including economic
and technological viability, as well as climatic,
government, consumer, supplier and market factors
outside of our control. We have sought to ensure there
is a reasonable basis for forward-looking statements
and are committed to progressing our response to
climate-related risks and opportunities over time;
however, our assessment is necessarily constrained
by the novel and developing nature of this subject
matter. We therefore caution reliance on aspects of
this report that are necessarily less reliable than other
aspects of our annual reporting. We remain committed
to progressing our response to climate-related
risks and opportunities over time, and to report our
progress each year.
To the maximum extent permitted by law, Skellerup
and our subsidiaries, directors, officers, employees
and contractors shall not be liable for any loss or
damage arising in any way from or in connection with
any information provided or omitted as part of these
climate-related disclosures.
Nothing in this report should be interpreted as capital
growth, earnings or any other legal, financial, tax or
other advice or guidance.
Governance
The Group operates as a global designer,
manufacturer and distributor of precision-engineered
products. Skellerup has manufacturing and
distribution facilities in seven countries spanning
four continents. The Group operates as a collection of
closely aligned business units, with management and
resources close to our customers and end markets.
The Group supplies customers in a wide range of
end markets, focussing on delivering innovative and
enhanced products. Skellerup supplies over 3,700
customers globally across 87 countries.

Skellerup Annual Report FY25Group Climate Statements
44
Management
The CEO is responsible for the Group’s overall strategy and day-to-day management
(including climate related risks and opportunities as appropriate).
The CEO reports to the Board and/or Board Committees as required, including a formal risk report to
the Board (including climate risks).
The CFO leads the Group’s ESG strategy and development (together with the CEO), and is responsible
for management of operational climate-related matters, implementation of strategy to manage climate-
related risks and implementation of workstreams arising from climate-related opportunities.
The CFO reports to the CEO regularly, as required, on climate-related matters.
Board of Directors
Ultimate responsibility for response to climate change
Sustainability Committee
The Sustainability Committee receives
reporting from the CEO and CFO on climate
matters at each of its meetings and did so at
each meeting in FY25.
Audit Committee
The Audit Committee receives reporting
from the CEO and CFO on climate matters
at its quarterly meetings, as required,
including an annual review of CRD.
Climate change oversight and management
The Group operates across 20 locations, representing
a combination of manufacturing and distribution sites.
Skellerup also has a significant contract manufacturing
partner in Vietnam.
Skellerup’s Board of Directors has ultimate
responsibility for the Group’s approach to climate
change, including the approach to climate-related
risks and opportunities affecting the Group.
Membership of each of the Board committees is
summarised on page 33.
Responsibilities for the oversight and management
of the Group’s approach to climate change are
summarised below:
Governance process and frequency
The Board oversees and reviews Skellerup’s
sustainability framework and strategy, including
climate-related risks and opportunities. Climate-
related risks and opportunities are considered by the
Board when considering broader strategy, including
as part of Skellerup’s annual business planning cycle.
Examples of the Board’s consideration of climate-
related risks and opportunities in FY25 included:

Skellerup Annual Report FY25Group Climate Statements45
• Bi-annual review of the Group’s Risk Assessment
Report, with integrated climate-related risks,
• Discussion of the opportunities presented through
the impacts of extreme weather events in the key
US market on demand for the Group’s roofing and
construction products, and
• An update on environmental matters and
opportunities as part of the Board’s annual review
of the Group’s business plans.
Risk is a regular subject of discussion at Board
meetings. Formal updates and reporting on the
Group’s risk assessment are presented to the Board
approximately every six months. Where any new
or changed climate risks are identified outside of
the annual review cycle, these will be reviewed,
considered and reported to the Board and the
Sustainability Committee, as appropriate.
Key risks (including any material climate-related risks)
are monitored by the Board and are subject to formal
review at least twice per year. Risks are identified and
reported by management to the Board.
The Board has delegated responsibility for
sustainability-related (including climate) strategy,
policies, initiatives, measurement and reporting
to the Board Sustainability Committee, including
oversight of identifying, assessing, monitoring and
managing climate-related risks and opportunities.
The Sustainability Committee also has a role in
considering, approving and recommending targets to
the Board, including GHG emissions reduction targets.
The Sustainability Committee formally reviews
climate-change scenarios, climate-related risks and
opportunities and the development of, and progress
against climate transition plans, at least annually.
The progress made on the development of transition
plans during FY25 is summarised on pages 57 to 62.
The Sustainability Committee meets at least three times
per year. All proceedings at Sustainability Committee
meetings are reported back to the full Board.
The Board is assisted by the Audit Committee in
discharging its responsibilities relative to external
reporting (including climate-related disclosures),
the risk management framework and monitoring
compliance with that framework, regulatory
conformance and other accounting requirements.
The Audit Committee meets a minimum of four times
each year and reports the proceedings of each
of its meetings to the full Board. The Chair of the
Audit Committee presents an annual report to the
Board summarising the Audit Committee’s activities
throughout the year and any relevant significant
results and findings.
Board skill set
The Board aims to ensure appropriate skills and
capabilities are available to provide oversight of
climate-related risks and opportunities through
the maintenance of a skills matrix, which includes
competencies around environmental, social and
governance (ESG) strategies (refer to pages 26 and
27). To build on the education on Climate-related
Disclosures undertaken by the Board in the financial
year ended 30 June 2024 (FY24), management shares
relevant material with the Board, Audit Committee
and Sustainability Committee around developments in
climate reporting, in addition to the broader education
Skellerup directors undertake through their own
continuing professional development.
Management’s role
Management is responsible for monitoring
sustainability and climate-related risks and ensuring
these are integrated into the Group’s risk management
framework, as well as progressing climate-related
opportunities.
The CEO (in consultation with the Board) is
responsible for the Group’s overall strategy, and the
day-to-day management of the Group, including risk
management processes (which incorporate climate-
related risks and opportunities).
The CFO leads the Group’s ESG strategy and
development in conjunction with the CEO and is
responsible for the day-to-day management of:
• ESG data and analysis;
• Sustainability initiatives (in conjunction with the
CEO); and
• ESG reporting (including climate-related reporting).
In FY25, the CFO, with the support of external
advisers, led wider engagement with Group and
business unit leaders and other subject matter experts
from across the Group to review and update the
climate-related risks and opportunities identified
in FY24. Where material, climate-related risks are
incorporated into the Group-wide risk management
process, which is overseen by the Board of Directors.
The CEO and CFO attend each meeting of the
Audit Committee and Sustainability Committee by
invitation and maintain direct lines of communication
with the Committee Chairs.

Skellerup Annual Report FY25Group Climate Statements
46
In FY25, the CEO and CFO attended each of the
meetings of the Sustainability Committee to discuss
the review and update of climate change scenarios
and climate-related risks and opportunities, review
and approve Skellerup’s first Climate Transition Plan,
and to prepare for updates required to climate-related
disclosures. In FY25, the Audit Committee discussed
climate-related risk at two of its quarterly meetings,
attended by the CEO and CFO.
The CFO is supported by the Group Financial
Controller, Group and business unit managers and
other relevant subject matter experts in the preparation
of annual climate-related disclosures and the collation,
reporting and analysis of metrics and targets.
As per FY24, climate-related performance metrics are
not currently incorporated into remuneration policies.
Strategy
Current climate-related impacts
We acknowledge that climate change is already
having an impact on the markets in which the Group
operates. As an international business with operations
on four continents and customers in 87 countries, the
Group has been exposed to various physical impacts
of climate change during FY25, none of which have
had a material impact on the Group, its operations
or supply chains. Regular reporting of any physical
impacts of climate change is provided by Group and
business unit leaders.
The current impacts on the Group of the transition
to a lower-emission and climate-resilient economy
have been limited. Additional cost associated
with compliance with the mandatory reporting
requirements has been incurred, including engaging
external experts and the increased cost of assurance.
The financial impact of these transition impacts has not
been material in FY25 (FY24 – not material).
The Group has noted an increase in the number
of requests from customers around reporting ESG
initiatives and performance. This includes requests
for the Group to make commitments to customers and
suppliers, provide information to third-party platforms
and agree to comply with supplier codes of conduct.
Although this has had no material impact on the
Group in FY25 (FY24 – no material impact), non-
compliance with progressively more stringent
customer requirements might present a risk in future.
This is captured within the Group’s transition risks
on pages 53 and 54.
Scenario Analysis
Scenario analysis undertaken
In FY24, the Group engaged in a stand-alone process
of climate-related scenario analysis to support our
assessment of the potential physical and transitional
impacts of climate change on business, strategy and
planning. A comprehensive review of this climate-
related scenario analysis was carried out during
FY25, with the results of this review reported back
to the Sustainability Committee. The Sustainability
Committee provides oversight of the scenario analysis
process by reviewing and giving feedback on the
scenarios and associated risks and opportunities.
The most recent scenario analysis was reviewed
and approved by the Sustainability Committee in
December 2024.
Due to the diverse nature of its operations and the
varying markets served by the Group, Skellerup has
not been involved in any industry- or sector-level
scenario development. Accordingly, our scenario
analysis is based on publicly available scenarios
including the Shared Socioeconomic Pathways (SSPs)
developed as part of the Intergovernmental Panel on
Climate Change (IPCC
1
) Sixth Assessment Report,
with input from scenarios developed by the Network
for Greening the Financial System (NGFS
2
) and the
International Energy Agency (IEA
3
) public scenarios.
Given the nature of the Group, its extensive value
chains and end markets, the approach taken was
to utilise and adapt global reference scenarios
by developing foundational scenario narratives,
augmenting these scenarios through understanding
the Group’s contextual environment and challenging
these against the value chain drivers mapped for each
of the Group’s key product applications. Our chosen
scenarios were foundationally based on the IPCC
reference scenarios. The six steps followed in our
scenario development process are set out on page 47.
1 The IPCC is a body of the United Nations. Its remit is to advance scientific knowledge about climate change caused by human activities.
The IPCC has created reference scenarios that are widely used to understand the potential future impacts of climate change.
2 The NGFS is a network of 114 central banks and financial supervisors that aims to accelerate the scaling up of green finance and
develop recommendations for central banks’ role in climate change.
3 The IEA is an autonomous intergovernmental organisation that works with countries around the world to shape energy policies for a
secure and sustainable future. The IEA has created reference scenarios that focus on future energy usage.
4 Reports include environmental, chronic (slow onset) and acute (extreme) climatic variables. Future climate change scenarios are
modelled in accordance with the Group’s chosen baseline climate-change scenarios (i.e. SSP1-RCP2.6, SSP2-RCP4.5 and SSP3-RCP7.0).

Skellerup Annual Report FY25Group Climate Statements47
The NZ CS require a minimum of three climate-
related scenarios to be considered, including a 1.5°C
scenario and a scenario greater than 3.0°C. The
three scenarios developed by Skellerup are a 1.5°C
scenario (“Aggressive Transition Ambition”), a 2.5°C
scenario (“Middle of the Road”) and a 4.0°C scenario
(“Hothouse”).
The Aggressive Transition Ambition and Hothouse
scenarios are in line with the mandated scenarios
contained in the NZ CS. They represent a transitional
risk-weighted scenario (Aggressive Transition
Ambition) and an extreme physical risk-weighted
scenario (Hothouse). The Middle of the Road scenario
fulfils the requirement for a third climate-related
scenario and presents a middle ground where
transition and physical risks are both elevated.
All three scenarios continue to present plausible,
challenging descriptions of how the future might
unfold, both in New Zealand and the global markets
in which the Group operates. However, each scenario
presents a different set of challenges, issues and
opportunities that the Group would have to navigate.
Scenario development and review process
1. In FY24, initial scenario narratives were developed
utilising the SSPs, IEA and NGFS public scenarios.
These scenarios were used to identify and agree on
the macro-defining elements comprising each of the
three selected scenarios.
2. Drivers relating to Skellerup’s contextual
environment were then developed, considering
those drivers relating to policy and legal, market,
technology and consumer sentiment in the Group’s
key markets.
3. Initial scenarios were refined during FY24 through
workshops involving senior management and
subject-matter experts covering the Group’s five
most material (key) product applications (refer to
page 63).
4. A final review of scenarios was completed by
management to ensure internal consistency before
presentation to and final approval of the scenarios by
the Sustainability Committee.
5. During FY25, the Group undertook a review of
its climate-related scenarios, including industry
comparisons and reviews against market
publications and findings. This review identified
no material changes to the Group’s climate-related
scenarios. These scenarios were reviewed and
re-approved by the Sustainability Committee in
December 2024.
6. We continue to monitor market and sector scenario
development to augment our understanding.
An overview of each of our climate-related scenarios is
set out on page 48.
Climate-related Risks and Opportunities
Physical risk exposure and analysis
Physical risks are defined in NZ CS 1 as those risks
related to the physical impacts of climate change.
Physical risks emanating from climate change can be
event-driven (acute), such as increased severity of
extreme weather events, or can relate to longer-term
shifts (chronic) in precipitation and temperature and
increased variability of weather patterns, such as
sea-level rise.
Skellerup has manufacturing and distribution sites
in several locations across the globe. The Group
considers that the geographical diversity of its site
locations contributes to the Group’s resilience because
no singular climatic event is reasonably expected
to impact more than one of the Group’s key sites.
In FY24, detailed geospatial exposure assessments
4

were carried out by a specialist in physical climate
risk modelling on our six key manufacturing sites
(as outlined below), in relation to our core product
applications. The assessments covered baseline
(2005), short-term (2030), medium-term (2050) and
long-term (2100) timeframes. We consider annually
the need to review these assessments. We determined
a further review was not required in FY25 due to the
short time since their preparation and because no
significant updates have been made to these sites,
nor have material interruptions linked to climate
change been experienced. We will continue to monitor
the levels of climate-related disruptions at our sites to
inform the timing of further detailed reviews.
The sites identified, as listed below, are all managed
by the Group except for the site in Ho Chi Minh City,
which is owned and operated by our partner.
• Christchurch, New Zealand;
• Baocheng, Haimen City, Jiangsu Province, PR China;
• Ho Chi Minh City, Vietnam;
• Auckland, New Zealand (two sites); and
• Lincoln, Nebraska, United States of America.
Key climate-related hazards have been identified,
evaluated and rated, to the extent relevant for each
site. These hazards are evaluated on the baseline,
short-, medium- and long-term time horizons and for
the three climate-related scenarios outlined on page
48. We have reviewed the risk scores arising from
these assessments to determine the requirement and
timing of mitigation plans and actions.

Skellerup Annual Report FY25Group Climate Statements
48
Description
5
Aggressive
Transition Ambition
Middle of the RoadHothouse
In this scenario, the world pursues
aggressive emissions reductions,
and this succeeds in limiting global
temperature increases to 1.5°C, with
global net-zero emissions being
achieved by 2050. This scenario
envisions a relatively optimistic
trend for human development, with
substantial investments in education
and health, rapid economic growth,
and well-functioning institutions,
driven by an increasing shift towards
sustainability.
In this scenario, New Zealand and
most of the developed world continue
to pursue net-zero targets by 2050.
However, the rest of the developing
world does not follow suit, leading to a
rise in global temperatures between
2.0°C and 3.0°C by the end of
the century.
Global emissions continue to grow
unabated largely due to a failure
of principal emissions-reduction
policies in key developed, high-
emitting countries. This leads to
warming levels that reach 2.0°C by
2050, and continue to increase steeply
thereafter, reaching 4.0°C by the end
of the century. Climate ‘chaos’ enters
mainstream discourse, across all
sectors and communities.
Macro
Scenario
Trends
• Global co-operation
• Accelerated technological
development
• Global economic growth
• Strong environmental policy
• Low global population growth
• Declining inequity
• Renewables and energy efficiency
• Dietary shifts
• Continuation of past social,
economic and technology trends
• Uneven global economic growth
• Environmental degradation
• Uneven global population growth
• Persistent inequality
• Some renewables and energy
efficiency, principally in
developed countries
• Regional competition
• Low technological development
• Environmental and social goals are
low priority
• Focus on domestic resources and
resource security
• Uneven global population growth
• Slowing global economic growth
Policy
Ambition
6
1.5°C2.5°C4.0°C
Pathways
IPCC SSP1
RCP2.6
IPCC SSP2
RCP4.5
IPCC SSP3
RC P7.0
Policy
Immediate, strong and global policy
uniformity, carbon prices increasing
until 2035, policies and regulations
addressing land and resource use,
material use, transport and product
take-back schemes.
Delayed and inconsistent policy
adoption, increasing carbon prices
until 2035 and beyond, additional tariffs
imposed in key markets to protect
local industries, regulations focus on
adaptation to deal with extreme physical
impacts of climate change.
Policy focus shifts to adaptation, supply
chain and resource security and
managing disruptions,
low carbon prices and little
regulation of emissions-related
activities, regulations focus on limiting
development in hazard-exposed areas.
Social
Behaviour
Change
Customers and markets demand
action, including an increased scrutiny
of emissions, and a shift to localised
supply chains.
Response varies by jurisdiction and
sector, with an increasing focus on
product and supply chain resilience.
Sentiment focused on product and
supply chain resilience, increasing
prevalence of national protectionism
and market access restrictions.
Technology
Accelerated technological
development in new low-carbon
technology across all sectors,
increasing low-carbon material
innovations, and new low-carbon
modes of transport.
Development varies across sectors
and geographies, with divergence
leading to the proliferation of products
to meet varying market requirements,
and the rate of new transport
technology is slower.
Minimal focus on emissions reduction
technology, with focus shifting to
resilience, transport technology
remains dominated by fossil fuels,
no substantial shift to low carbon
materials.
Financial
Markets
Economic growth, significant
capital flows to low-carbon sectors
and technologies, with funding for
high-carbon sectors and businesses
becoming limited.
Access to finance is limited and
cost-restrictive, access to insurance
for extreme events becomes
more expensive and is subject
to increasing instances of
managed retreat.
Insurance is unavailable or
prohibitively expensive, capital
markets are constrained.
Environmental
Lower intensity, frequency, special
coverage and duration of physical
impacts of climate change.
Increasing disruptions to supply
chains and end markets, with ongoing
impacts of extreme temperatures on
facilities owned or operated by the
Group.
Access to raw materials impacted by
climate hazards, facilities and supply
chains impacted by extreme weather
events, ongoing impacts of extreme
temperatures on facilities owned or
operated by the Group.
Physical Risk
Severity
Lower in severity due to
aggressive transition efforts.
Moderate to high.High to extreme.
7
Climate-related scenario overview
5 These scenarios did not expressly consider carbon sequestration from afforestation and
nature-based solutions or technology assumptions such as negative emissions technology.6 Temperature change by the end of the century

Skellerup Annual Report FY25Group Climate Statements49
Skellerup have integrated the consideration of climate-
related risks and opportunities into our internal
capital approval process. Climate-related risks and
opportunities are considered when determining
the motivation and viability of a capital expenditure
project, while return on investment calculations ensure
its commercial viability. This approach has been
taken during FY25 when considering the emissions
reduction initiatives that will be implemented for
Skellerup’s emissions reduction plan. Refer to page 61
for further information on the emissions reduction plan
and outcomes.
Transition risk exposure and analysis
Transition risks are those risks related to the transition
to a low-emissions, climate-resilient global and
domestic economy, such as policy, legal, technology,
market and reputation changes associated with the
mitigation and adaptation requirements relating to
climate change.
To identify potential material transition risks affecting
the Group, a qualitative assessment was performed
against the three scenarios outlined on page 48 to
identify possible climate hazards. Given the nature of
the transition risk assessments driven by the scenarios
and for simplicity, it has been assumed for our
assessment that exposure to an identified transition
risk will be a certainty (as opposed to physical risks,
where different assets are exposed to different
physical risks).
Risk and Opportunity Identification
and Assessment
Drawing on the results of the physical and transition
exposure assessments, we have defined climate-
related risks and opportunities for each of our key
product applications (refer to page 63). Risks are then
assessed across our three climate scenarios for the
short-term (2030), medium-term (2050) and long-term
(2100) time horizons using the Group’s existing risk
management framework and based on consequence
and vulnerability:
• In the context of climate change, we have considered
vulnerability to be the predisposition to be
adversely affected by a climate hazard or transition
element. To determine the level of vulnerability, we
consider the sensitivity and the adaptive capacity
of each element, such as inputs, processes, outputs,
markets and customers, when exposed to a hazard
or transition element. Sensitivity can be influenced
by age, condition, material and design. Adaptive
capacity is how efficiently an at-risk element can
adapt or be adapted when exposed to a climate
hazard or transition element. Adaptive capacity can
be influenced by multiple factors such as ease or
cost of repair or the level of redundancy.
• Consequence is the outcome of a climate event
affecting the Group’s objectives. This is assessed
based on the severity of potential financial, health
and safety, staff, legislative and reputational impacts.
The residual risk rating is based on consequence
and vulnerability as outlined within the matrix below:
Climate
Risk Matrix
Vulnerability
Consequence
Very Low
VL
Low
L
Moderate
M
High
H
Extreme
E
Severe
5
VL5L5M5H5E5
Significant
4
VL4L4M4H4E4
Moderate
3
VL3L3M3H3E3
Minor
2
VL2L2M2H2E2
Low
1
VL1L1M1H1E1
7 Extreme climatic conditions cause global disruption from 2035, leading to widespread economic impacts for all economies. Global supply chains are
increasingly disrupted by extreme climatic conditions. This, in turn causes geopolitical unrest, exacerbating supply chain disruptions and constraining
availability of critical inputs and materials.

Skellerup Annual Report FY25Group Climate Statements
50
The tables on pages 51 to 56 set out the material
8

climate-related risks and opportunities identified
by the Group. To determine the potential impact,
these risks and opportunities were assessed against
the internal materiality thresholds applied by the
Group in its Group-wide risk management process.
Immaterial risks and opportunities, being those with a
present risk rating of low (or very low), have not been
disclosed unless our assessments have indicated
a high or extreme impact of physical or transition
risks in future. Material and immaterial risks and
opportunities continue to be monitored and will be
included in disclosures in future reflecting changes in
materiality and risk rating.
8 NZ CS 3 defines information as material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that primary users make
based on an entity’s climate-related disclosures.
The time horizons used to assess climate-related risks
and opportunities are:
PeriodDates
Short-term0 to 5 years2025 to 2030
Medium-term5 to 25 years2030 to 2050
Long-term25 to 75 years2050 to 210 0
The short-term time horizon aligns well with the Group’s
internal planning cycle of three years. Medium- and
long-term horizons are not aligned to strategic planning
and capital deployment planning timeframes, but more
broadly in line with the Group’s anticipated timeframes
for meeting climate-change targets.
12.7
SPACE
LED lighting upgrades as part of the site climate transition plan for Wigram.

Skellerup Annual Report FY25Group Climate Statements51
Risk Description and
Anticipated Impacts
Climate
Hazard
Aggressive
Transition
Ambition
Middle
of the Road
HothouseRisk level
change
from FY24
Mitigations
Currently
in Place
(SSP1-RCP2.6)(SSP2-RCP4.5)(SSP3-RCP7.0)
PR101- Extreme weather
can disrupt the operations
of key suppliers either
through physical impacts
or result from power supply
interruption, causing an
interruption of the supply
of key raw materials and
ingredients.
Revenue decrease,
cost increase
Drought,
Floods,
Temperature,
Humidity,
Wind
ST
MT
LT
ST
MT
LT
ST
MT
LT
Multiple suppliers for
key raw materials and
components, sourced from
different geographies.
Multiple formulations for
key compounds. Skellerup
has not experienced
climate-related impacts on
the availability of key raw
materials to date, however,
supply may become
constrained in future.
PR102 - Heat and humidity
can disrupt manufacturing
operations either through
physical impacts on the
production process, power
outages or impacts on the
health and safety of
our people.
Revenue decrease,
cost increase
Temperature,
Humidity
ST
MT
LT
ST
MT
LT
ST
MT
LT
Manufacturing sites are
in diverse locations.
Skellerup’s physical
risk modelling shows
resilience in the location
of key manufacturing sites.
Skellerup is undertaking
ongoing investigations of
alternative power sources.
The impacts of heat and
humidity on staff working
in the Group’s facilities are
currently managed with
cooling equipment and by
changing shift patterns.
PR103 - As a global
business, the disruptions
that extreme weather
causes to supply chains
(road, rail, sea) may be
significant, impacting both
supplies of raw materials
and ingredients and
delivery of products to
end markets.
Revenue decrease,
cost increase
Floods,
Temperature,
Wind
ST
MT
LT
ST
MT
LT
ST
MT
LT
Manufacturing sites are
in diverse locations and
resilient geographies;
suppliers and customers
are geographically spread.
Engagement in initial
in-market manufacturing
capabilities with plans to
develop further, which may
alleviate some of this risk.
Physical Risks (Acute and Chronic)
Legend
Very Low
Low
Moderate
High
Extreme
Risk Rating:
9,10
Time Horizon:
ST
Short-term
MT
Medium-term
LT
Long-term
Risk level change from FY24:
Increased risk level
No change in risk level
Decreased risk level
Risk Ratings
and Anticipated
Impacts for Climate-
related Risks and
Opportunities Across
Identified Scenarios
9 Risk ratings reflect the Group’s assessment of both
consequence and vulnerability of the specific risk.
10 No climate risks presented in the table above have an extreme risk rating (noting Group
risks with risk ratings of low and very low are considered immaterial and not presented).

Skellerup Annual Report FY25Group Climate Statements
52
Risk Description and
Anticipated Impacts
Climate
Hazard
Aggressive
Transition
Ambition
Middle
of the Road
HothouseRisk level
change
from FY24
Mitigations Currently
in Place
(SSP1-RCP2.6)(SSP2-RCP4.5)(SSP3-RCP7.0)
PR104 - A third of Group
revenue is derived
from products sold into
agricultural applications.
Extreme weather may
result in a shift of farming
location and change to
the method (e.g. pastoral
to barn) and in some
cases increased costs
will impact the viability of
some farming operations
altogether, impacting on
demand for products.
Revenue decrease
Drought,
Floods,
Temperature
ST
MT
LT
ST
MT
LT
ST
MT
LT
The Group has no control
over the location of farming
activities or the methods
applied. The key driver
of demand for products is
milk production; therefore,
sales are location (and
to some extent method)
agnostic. However,
changes in the viability of
farming operations may
impact overall milk volume
and consequently the
volume of products sold.
Skellerup has a presence
in all major dairy markets,
which helps to mitigate the
risk of a reduction in milk
production in any
one market.
PR105 - Extreme weather
(particularly flooding and
sea-level rise) may impact
customer and end-market
operations, with resultant
impacts on the demand for
the Group’s products.
Revenue decrease
Floods, Sea
Level Rise
ST
MT
LT
ST
MT
LT
ST
MT
LT
The Group has no control
over the location of
customer operations.
However, the Group sells
to many customers, none
of which individually
represent a material
portion of Group revenue.
As a large proportion of
Group revenue is derived
from products used in the
supply of fresh milk and
water, Skellerup anticipates
end markets will continue
to adapt to meet increasing
world demand for fresh
water and dairy protein.
Physical Risks (Acute and Chronic) (continued)

Skellerup Annual Report FY25Group Climate Statements53
Risk Description and
Anticipated Impacts
Transition
Risk
Element
Aggressive
Transition
Ambition
Middle
of the Road
HothouseRisk level
change
from FY24
Mitigations Currently
in Place
(SSP1-RCP2.6)(SSP2-RCP4.5)(SSP3-RCP7.0)
TR101 - Policy changes
such as tariffs, carbon
prices and carbon
import duties to favour
domestically produced
products, creating
additional cost for the
Group and potential
exclusion from certain end
international markets.
Revenue decrease,
cost increase
Policy
and legal
ST
MT
LT
ST
MT
LT
ST
MT
LT
Actions are already being
taken to trial and prove
in-market manufacturing
capabilities. Skellerup is
expanding distribution
activities closer to end
customers and markets
and will need to ensure
ongoing customer
engagement to understand
future requirements and
concerns.
TR102 - Risk that emissions
pricing and associated
costs drive up raw material
and/or freight costs,
which may not be fully
recoverable due to the
competitive environment.
Cost increase
Policy
and legal
ST
MT
LT
ST
MT
LT
ST
MT
LT
TR103 - Global dairy
industry shrinks due to
emission price increases
and shrinkage of land
suitable to farming as
substitution for lower-
carbon industries (e.g.
cropping, forestry, carbon
farming etc.) and the move
to perceived ‘greener’ or
cheaper sources of protein..
Revenue decrease
Policy
and legal
ST
MT
LT
ST
MT
LT
ST
MT
LT
High global demand for
protein means Skellerup
expects demand will
remain but may shift to
economies or methods
of production with
higher environmental
performance standards.
Customer engagement
continues to enable
understanding and
implementation of
development requirements.
TR104 - Risk of access to
capital if the business does
not decarbonise relative
to others. Implications
on demand if the Group
and its value chain fail to
decarbonise (i.e. customer
demand reduced due
to their own challenges
decarbonising). Debt may
become more expensive
because of the perception
of climate inaction.
Revenue decrease, cost
increase
Policy
and legal
ST
MT
LT
ST
MT
LT
ST
MT
LT
Comprehensive annual
climate-related reporting
is prepared. Skellerup
expects to maintain
continued engagement
with funding providers
(investors, analysts
and banks) around
requirements and
expectations, and to
evaluate operating and
distribution methods and
implement change where
necessary. First transition
plan developed in F Y25,
with emissions reductions
initiatives identified and
prioritised.
Transition Risks

Skellerup Annual Report FY25Group Climate Statements
54
Risk Description and
Anticipated Impacts
Climate
Hazard
Aggressive
Transition
Middle
of the Road
HothouseRisk level
change
from FY24
Mitigations Currently
in Place
(SSP1-RCP2.6)(SSP2-RCP4.5)(SSP3-RCP7.0)
TR105 - Coal and
other fossil fuels are
decommissioned, so
power becomes unreliable,
intermittent or more
expensive in some
markets. This could impact
production and raise costs
either through delays
or needing to invest in
backup power.
Revenue decrease,
cost increase
Policy
and legal,
technology
ST
MT
LT
ST
MT
LT
ST
MT
LT
Installation of solar has
already been completed
at one of the Group’s
facilities in New Zealand.
Consideration of the
commercial viability
of other installations is
ongoing. As appropriate
in future, Skellerup may
consider alternative
sources of power and the
appropriateness of the
location of manufacturing
facilities.
TR106 - Risk of higher
costs because of the need
to implement product
take-back or recycling
programmes.
Cost increase
Policy
and legal,
te ch nolo g y,
market
ST
MT
LT
ST
MT
LT
ST
MT
LT
Development underway
to support sustainable
or recyclable materials
being used in products.
Product recycling/take-
back schemes are being
considered, trial dairy
rubberware recovery
scheme launched in
New Zealand in F Y25.
TR107 - Customer scrutiny
and requirements for
low-carbon products
drive materials and/or
formulation changes and/
or relocation of activities to
manufacturing in market
to reduce transport miles
(manufacture closer to
customers and markets).
Cost increase
Market,
reputation
ST
MT
LT
ST
MT
LT
ST
MT
LT
Skellerup intends to
continue to work with
customers to understand
market and end-user
requirements. Skellerup is
considering development
of lower-emitting products
and implementation of
in-market manufacturing
which will help to limit
transport emissions.
Transition Risks (continued)

Skellerup Annual Report FY25Group Climate Statements55
Climate-related Opportunities and
Reasonably Anticipated Impacts
Legend
Part of the Group’s current strategic plans
Being considered as part of future strategic planning
Opportunity
Ty pe
Opportunity DescriptionPhysical
(P) or
Transitional
(T)
Anticipated
Impacts
Time horizonTransition
Planning
Customers
/ end
markets
O101 - More intensive farming or changes in farming
methods to control methane emissions, leading to
increased demand for dairy consumable products.
TIncreased
market
opportunity
Short-term
O102 - Increased demand for footwear due to climate
change (more extreme conditions).
PIncreased
market
opportunity
Short-term
O103 - Increasing global rainfall in certain areas may
result in increased milk production and higher demand
for dairy-consumable products.
PIncreased
market
opportunity
Short- to
medium-term
O104 - Vacuum systems are used in disasters and
clearing wastewater because of infrastructure damage
and are required for the rebuild.
PIncreased
market
opportunity
Short- to
medium-term
O105 - Increasing extreme weather events, damage
to buildings and local infrastructure and resilience
investment leading to renewals, upgrades and
maintenance spending and opportunities to develop new
climate-resilient products.
PIncreased
market
opportunity
Short- to
medium-term
O106 - Rising temperatures requiring increases in
HVAC installations (and therefore roof penetrations)
and physical impacts on power grids necessitating an
increase in solar installations may create more demand
for roofing products (existing and new).
P, TIncreased
market
opportunity
Short- to
medium-term
O107 - Regulation and legislation requiring an
increase in solar or other renewable installations and/
or requirements to lower-carbon and more resilient
solutions may create more demand for roofing products
(existing and new).
TIncreased
market
opportunity
Medium-term
O108 - Urban intensification (driven by physical or
transition impacts) leads to the opportunity to sell
more products used in infrastructural investment.
Dedensification is an opportunity as more remote
locations require liquid waste services.
P, TIncreased
market
opportunity
Medium-term

Skellerup Annual Report FY25Group Climate Statements
56
Opportunity
Ty pe
Opportunity DescriptionPhysical
(P) or
Transitional
(T)
Anticipated
Impacts
Time horizonTransition
Planning
Resource
efficiency
O109 - Ageing water infrastructure, combined with
increasing extreme events (causing pipe displacement
and leakage) and resilience investment, leading to
renewals, upgrades and maintenance spending.
PIncreased
market
opportunity
Short-term
O110 - Develop new and supply existing products
for water management and effluent management
in response to new legislation around, for example,
water management and quality. This may also
include increasing levels of investment in irrigation
infrastructure, hydroponics, automated harvesting, food
processing, and reforestation.
TIncreased
market
opportunity
Short- to
medium-term
O111 - Future shifts (through policy or cost) to electric
vacuum systems to complement changes in modes of
transportation (i.e. electrification of the vehicle fleet).
TIncreased
market
opportunity
Short- to
medium-term
O112 - The development of low-emission vacuum
systems presents an opportunity as the policy focus
shifts to ancillary equipment.
TIncreased
market
opportunity
Medium-term
Capital
markets
O113 - Access to green capital presents an opportunity
to reduce the overall cost of funding.
TReduced costMedium-term
Climate-related Opportunities and Reasonably Anticipated Impacts (continued)
Replacement cryogenic de-flasher at Wigram lowers cycle times and improves insulation and overall energy efficiency.

Skellerup Annual Report FY25Group Climate Statements57
Climate Transition Plan
The Group’s first Climate Transition Plan outlines how
we propose to respond to the risks and opportunities
posed by climate change, including how our business
model and strategy might change to address our
climate-related risks and seize opportunities. The plan
also addresses how the Group intends to decarbonise
its operations and supply chains, thereby reducing its
contribution to global GHG emissions. The Climate
Transition Plan was reviewed and approved by the
Skellerup Board in March 2025.
Our Climate Transition Plan is made up of two
components:
• An Adaptation Plan; and
• An Emissions Reduction Plan.
Our current business model and strategy
Our business model sees the Group operating as
a global designer, manufacturer and distributor
of precision-engineered products. Skellerup has
manufacturing and distribution facilities in seven
countries spanning four continents. The Group
operates as a collection of closely aligned business
units, with management and resources close to our
customers and end markets.
The Group supplies customers in a wide range of end
markets, through the implementation and delivery of
our four strategic objectives noted below:
While the identified adaptation responses to our climate-related risks and opportunities and emissions reduction
initiatives broadly align with our strategic objectives, we will continue to monitor and adjust the strategic aims
of our Climate Transition Plan to support our key strategic objectives, as we continue to embed our Climate
Transition Plan.
Our Strategic Objectives
Capacity
We focus on building in-market presence, development
hubs and manufacturing scalability. By increasing our
capacity to deploy more in-market manufacturing
(addressing geo-political, restrictive trade and climate
change impacts), we are reducing our existing
customers’ risk and the need to consider alternative
suppliers, as well as being attractive to new customers.
Customers
We service our Global customers through customer-
focused development, utilising our deep technical
expertise and rapid prototyping capabilities.
Capability
We focus on developing critical capability (people
and equipment) to design and manufacture
precision elastomer products for high-
performance and high-conformance applications.
We also ensure maintenance of our balance
sheet capability to fund organic growth through
innovation of new products and innovation.
People
We operate under a model of accountability,
capability and measurement for all our business
units. We focus on attracting, retaining and
developing the right skills to ensure we have the
people necessary to deliver to our customers.