Seeka Provides Stakeholder Update

Stakeholder Update
October 2025

Agenda
2
Chair’s introduction
Chief Executive’s report
Questions
1
2
3

Seeka grows, processes and supplies produce
to domestic and international consumers
3
Orcharding service
Delivering value to growers and securing volumes to post harvest
Post harvest service
Supply chain management from orchard to market
SeekaFresh retail service
Marketing to NZ retailers, and exporting to Australia and Asia
Founded on kiwifruit
A cornerstone supplier of Zespri’s export programme
Australian produce business
Orchard-to-market service in the key Australian market
Our growing produce basket
Kiwifruit, avocado, kiwiberry, nashi, pears, jujube, plums
1
2
3
4
5
6

Performance to strategy
4
Operational excellence
Maximising grower returns by supplying quality fruit, on time and in spec to the markets
Financial performance
Cost efficiencies and economies of scale generate record profit and lower bank debt
Post harvest optimisation
Balanced capacity, timely harvest, low fruit loss, new automation upgrades underway, excellent offshore quality
New revenue streams
Contract packing service, expanded wholesale market, new produce lines brought to market
Excellence
Seeka delivered excellent service, quality and value to our stakeholders
1
2
3
4
5
Operational performance
✓
Financial performance
✓
Customer service
✓

FY25 Financial guidance
Guidance net profit before tax
between $39.0m to $43.0m
5
FY25 Guidance
FY25 Guidance
$ millionsLowerUpper
Net profit
before tax
$39.0m$43.0m
FY24
$ millionsActuals
Net profit / (loss)
before tax
$29.7m
Compared to $29.7m in FY 2024
Reflecting
−Improved third quarter performance and quality
−Focus on costs and margins
−Contract packing and fresh market performance
−Higher orchard gate returns and orchard earnings
−Australian earnings

Dividend announcement
Dividend of $0.10 per share
6
Record date
−19 December 2025
Payment date
−19 January 2026
Imputed to the maximum available
Dividend reinvestment plan applies
Per shareCumulative
January 2025
$0.10
April 2025
$0.05$0.15
October 2025
$0.15$0.30
January 2026
$0.10$0.40

Chief Executive’s report
Michael Franks

Harvesting Record Results
Record fruit volumes handled in New Zealand and Australia
47m class 1 kiwifruit trays packed in NZ – up 10% | 5,703 tonnes fruit produced in Australia – up 28%
Financial performance lifts with volumes
$308m Revenue | $83m EBITDA | $59m NPBT | $0.90 EPS
Delivered excellent operational performance
Excellent quality from growers | Efficient harvest management | Quality produce to markets
$131m net bank debt
$40m reduction in 12 months | $65m cash received July 2025 | Balance sheet resilience
New post harvest automation for 2026
Automated packlines for Seeka Kerikeri and Seeka Huka Pak | Improves post harvest efficiency
1
2
3
4
5
8

NZ Class 1 trays packed are full year finals Fy20 to FY23. H1FY24 is to June 2024.
Profitability lifts on volumes
$308m Revenue, up $24m on June 2024 ( H1FY24 )
−10% lift in kiwifruit volumes to post harvest
−Good growing conditions lift yields in NZ and Australia
$83m EBITDA, up $15m on H1FY24
−Optimisation of post harvest facilities
$59.4m Net Profit Before Tax
−Higher volumes improved earnings
$0.90 earnings per share NPAT
9
Post harvest capacity growth
Revenue
NZ Class 1
kiwifruit trays
packed
Revenue compared to kiwifruit volumes
Group revenue
H1 FY25H1 FY24FY24
$ millions
UnauditedUnauditedChangeAudited
Revenue307.9284.2
8%
411.4
Cost of sales188.2186.5
1%
306.5
Change in fair value of
biological assets - crop
( 22.8)( 18.7)
22%
-
Gross profit96.879.0
22%
104.9
EBITDA83.568.4
22%
76.1
EBIT67.354.5
23%
46.8
Net profit before tax59.445.0
32%
29.7
Net profit after tax37.817.1
121%
8.8
$224m
$247m
$213m
$284m
$308m
39.2m
42.0m
29.8m
43.0m
47.1m
H1FY21H1FY22H1FY23H1FY24H1FY25

Balance sheet
$3.7m increase in capital employed on H1 FY24
$17.3m increase in right-of-use lease assets
−Investing in post harvest infrastructure and Australia
$8.9m decrease in assets held for sale – now zero
−13.5 hectare Northland orchard sold February 2025
−Sharp Road accommodation facilityretained
Capital employed at 30 June
10
H1 FY25H1 FY24FY24
$ millionsUnauditedUnauditedChangeAudited
Current assets - excludes cash
Trade and other receivables121.8111.1
10%
29.3
Biological assets - crop2.43.1
( 22%)
25.3
Assets held for sale-8.9
( 100%)
3.3
Inventories and water rights28.521.0
36%
10.3
152.7144.1
6%
68.1
Current liabilities - excludes debt
Trade and other payables( 68.6)( 57.2)
20%
( 34.8)
Tax liability( 16.6)( 5.3)
211%
( 3.7)
( 85.2)( 62.5)
36%
( 38.5)
Net working capital67.581.6
( 17%)
29.6
Non current assets
Property, plant and equipment387.5383.2
1%
388.3
Lease assets66.349.0
35%
48.4
Investments in associates and JAs8.06.0
34%
8.0
Derivatives, financial assets & deferred
tax
4.58.8
( 49%)
6.0
Intangibles and receivables28.930.4
( 5%)
27.7
495.2477.4
4%
478.4
Capital employed562.7559.0
1%
508.0

Balance sheet
$130.6m net bank debt at June 2025
−$40.2m decrease on June 2024
−$64.8m banked in July 2025
$201m facility
−NZ and Australian banking syndicate
Net bank debt at 30 June
11
H1 FY25H1 FY24FY24
$ millionsUnauditedUnauditedChangeAudited
Non-current liabilities
( excludes debt )
Lease liabilities
(current & non current )
80.763.0
28%
62.6
Deferred tax liability
49.247.5
3%
41.7
129.9110.5
18%
104.3
Cash
( 5.8)( 4.1)
41%
( 3.0)
Borrowings
136.4175.0
( 22%)
140.3
Net bank debt
130.6170.9
( 24%)
137.3
Total equity
302.1277.6
8%
266.4
EBITDA multiple
1.57x 2.37x
( 34%)
1.76x
EBITDA multiple
pre NZ IFRS 16 Leases
1.76x 2.69x
( 34%)
2.24x

1.As required by NZ IAS 33, 1,884,494 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations.
If included, the weighted average EPS would be $0.86 (H1 FY24: ($0.40) ).
Earnings per share and dividends
$0.90 Earnings per share
1

−Up from $0.41 pcp
$0.30 Dividends paid to date in 2025
−$0.15 paid October
$6.44 Net tangible assets per share
−Up 9%
−NTA is elevated in June from crop receivables
12
H1 FY25H1 FY24FY24
$ millionsUnauditedUnauditedChangeAudited
Net profit$37.8m $17.1m
121%
$8.8m
Weighted shares on issue41.8m 41.6m 41.6m
Earnings per share$ 0.90 $ 0.41
120%
$ 0.21
Dividends
January 2025$ 0.10
April 2025$ 0.05
October 2025$ 0.15
Total dividends paid$ 0.30
Net tangible assets (NTA)$281.9m $257.4m $246.2m
Shares at period end43.8m 43.5m 43.5m
Net tangible assets per share$ 6.44 $ 5.92
9%
$ 5.66
Net assets per share$ 6.90 $ 6.38
8%
$ 6.12
Total assets per share$ 14.96 $ 14.38
4%
$ 12.64

Operating segment performance
13
Connecting sustainable produce to the world
Orcharding
Growing kiwifruit, avocado and kiwiberry for landowners on leased
and managed orchards
Post harvest
Picking, packing, coolstorage and dispatch of fruit for independent
growers and Seeka’s orcharding operations.
SeekaFresh retail services
Marketing and exporting fruit from Seeka’s post harvest operations,
and the import and sale of tropical fruit through SeekaFresh.
Seeka Australia
Fully-integrated orchard-to-market service from owned and leased
orchards in Australia.
Revenue by operating segment
$69m
$205m
$11m
$22m
OrchardingPost
harvest
Retail
services
Australia

Orchard operations
Supplied 41% of Seeka’s post harvest business in 2025
Focus on growing high-quality crops for post harvest
and generating high returns for orchard owners
Grew 19.1m class 1 trays of kiwifruit
−SunGold up 15%, Hayward up 4%
$69.4m Revenue – up 22% on pcp
$9.7m EBITDA – up 199% on pcp
Developing orchards on long-term leases
−70 hectares of kiwifruit in the Te Kaha region
−Orchards entering production
Growing kiwifruit, avocado and Kiwiberry in New Zealand
14
H1 FY25H1 FY24FY24
$ millions
UnauditedUnauditedChangeAudited
Revenue69.4 56.9
22%
102.7
EBITDA9.7 3.2
199%
6.2
EBIT7.9 1.8
341%
2.8
Segment assets104.2 101.0
3%
86.2
EBITDA pre NZ IFRS 16
8.2 1.9
333%
3.7
Kiwifruit grown - class 1 trays (millions)
Total kiwifruit trays grown
19.1 17.1
12%
SunGold trays (millions)
9.8 8.5
15%
SunGold yields - average per hectare
14,436 13,473
7%
Hayward trays (millions)
8.9 8.5
4%
Hayward yields - average per hectare
12,33211,224
10%
Organic and RubyRed
0.5 0.3
51%

Post harvest operations
Generated 66% of Seeka’s revenues H1FY25
Focus on supplying quality service and produce
Packed 47.1m class 1 trays of kiwifruit
−SunGold up 10%, Hayward & other varieties up 9%
$204.6m Revenue – up 6% on pcp
$78.5m EBITDA – up 13% on pcp
3 new automation projects for 2026
−Automation delivers efficiency gains
−New capacity for citrus and kiwifruit
Packing,coolstoringand shipping kiwifruit, avocado, persimmon & citrus for NZ orchard owners
15
H1 FY25H1 FY24FY24
$ millions
UnauditedUnauditedChangeAudited
Revenue204.6 193.9
6%
246.6
EBITDA78.5 69.3
13%
84.5
EBIT68.6 60.0
14%
65.6
Segment assets422.3 397.6
6%
349.6
EBITDA pre NZ IFRS 1674.1 65.5
13%
77.2
Kiwifruit packed - class 1 trays (millions)
SunGold
29.9 27.2
10%
Hayward and other varieties
17.2 15.8
9%
Total class 1
47.1 43.0
10%
Class 2
1.8 1.9
Total packed
49.0 44.9
9%

SeekaFresh retail services operations
Adding value to Seeka’s core supply chain operations
Creating new revenue streams
Strong performance of Kiwiberry, Kiwi Crush, avocado
and banana sales
−Bigger volumes and stronger market returns
$1.5m EBITDA – up 39% on pcp
Acquisition of Northland avocado and olive oil assets
−Local capacity to handle Northland oil-grade avocado
−New consumer brand
Marketing class 2 kiwifruit and avocado, packing Kiwiberry, selling imported fruit, and Kiwi Crush production
16
H1 FY25H1 FY24FY24
$ millions
UnauditedUnauditedChangeAudited
Revenue11.2 13.4
( 17%)
30.9
EBITDA1.5 1.1
39%
2.6
EBIT1.0 0.6
63%
1.6
Segment assets15.0 13.6
10%
12.7
EBITDA pre NZ IFRS 161.0 0.6
64%
1.6

Australian operations
Integrated orchard-to-market business
Grew 5,703 tonnes of fruit – up 28%
−Higher yields
−Pears up 105%, Nashi up 19%, Kiwifruit down 2%
$22.2m Revenue – up 14% on pcp
$6.4m EBITDA – up 32%
$12.3m invested in developing new orchards
−Planting for growth – first crops due 2026
−Kiwifruit, Nashi, jujube
−Ruby Roo red nashi launched to market
17
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased orchards
H1 FY25H1 FY24FY24
NZD millions
UnauditedUnauditedChangeAudited
Revenue22.2 19.5
14%
19.2
EBITDA6.4 4.9
32%
3.2
EBIT4.8 3.9
23%
0.7
Segment assets70.3 63.7
10%
63.4
EBITDA pre NZ IFRS 165.3 3.8
40%
1.0
Fruit grown - (tonnes)
Kiwifruit2,240 2,285
( 2%)
Nashi1,275 1,072
19%
Pears1,985 970
105%
Plums149 106
41%
Jujube54 18
200%
Total tonnes grown5,703 4,451
28%

2026 Focus
Deliver operational excellence and financial results
Drive efficiencies from three new automated packlines
Capacity increases to meet demand for Seeka’s services


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Questions
19

seeka.co.nz
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seeka.co.nz
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