Annual Meeting 2025

Annual
Shareholders
Meeting
23 October 2025

2
Directors and Executives
John Strowger
Independent Chair
Joined the Board in March 2015
Chair of the Health & Safety Committee
David Cushing
Independent Director
Joined the Board in August 2017
Alan Isaac
Independent Director
Joined the Board in August 2016
Chair of the Audit Committee
Tim Runnalls
CFO
Joined Skellerup as GFC in March 2021
Appointed CFO in March 2024
David Mair
Non-executive Director
Joined the Board in November 2006
CEO from July 2011 to March 2024
Rachel Farrant
Independent Director
Joined the Board in May 2022
Chair of the Sustainability Committee
Paul Shearer
Independent Director
Joined the Board in August 2020
Graham Leaming
CEO
Joined Skellerup as CFO in December 2012
Appointed CEO in March 2024
Annual Shareholders Meeting | 23 October 2025

3
Agenda
•Chair Address | John Strowger
•CEO Address | Graham Leaming
•Presentation from Executive GM – Agri Division | Dino Kudrass
•Resolutions
•Re-election of Rachel Farrant
•Re-election of David Mair
•Remuneration of the Auditors
•General Business
Annual Shareholders Meeting | 23 October 2025

Chair Address
John Strowger
Annual Shareholders Meeting | 23 October 2025

5
Annual Shareholders Meeting | 23 October 2025
Skellerup’s first shop

6
Annual Shareholders Meeting | 23 October 2025
Para Rubber

7Annual Shareholders Meeting | 23 October 2025
Sustained Growth
-
50
100
150
200
250
300
350
400
FY19FY20FY21FY22FY23FY24FY25
Revenue ($m)
CAGR 6%
-
10
20
30
40
50
60
70
80
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 10%
-
10
20
30
40
50
60
FY19FY20FY21FY22FY23FY24FY25
Underlying NPAT ($m)
CAGR 10%

8
Divisional Performance
Agri Division
Annual Shareholders Meeting | 23 October 2025
Industrial Division
-
10
20
30
40
50
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 12%
-
10
20
30
40
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 7%

9
Annual Shareholders Meeting | 23 October 2025
Group Revenue by Market
37%
20%
13%
13%
8%
8%
1%
FY25 Revenue
$353m
North AmericaNew ZealandAustraliaEuropeAsiaUK & IrelandOther

10
Low Debt, Dividend Growth
0.0
5.0
10.0
15.0
20.0
25.0
30.0
FY19FY20FY21FY22FY23FY24FY25
Dividend per share (cps)
CAGR 13%
Annual Shareholders Meeting | 23 October 2025
0
5
10
15
20
25
30
35
40
FY19FY20FY21FY22FY23FY24FY25
Net Debt ($m)

CEO Address
Graham Leaming
Annual Shareholders Meeting | 23 October 2025

12
Strategy & Focus Delivering
Products for precision, high
performance and conformance
applications
Customer-focused development
delivering innovation and performance
Investment in market presence,
development hubs and manufacturing
scalability
Business unit accountability, capability
and measurement
Deep technical
expertise
Annual Shareholders Meeting | 23 October 2025

13
FY25 Record Earnings
-
10
20
30
40
50
60
70
80
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 10%
-
10
20
30
40
50
60
FY19FY20FY21FY22FY23FY24FY25
Underlying NPAT ($m)
CAGR 10%
Annual Shareholders Meeting | 23 October 2025

14
Divisional Performance
Agri Division
Annual Shareholders Meeting | 23 October 2025
Industrial Division
-
10
20
30
40
50
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 12%
-
10
20
30
40
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 7%
-
50
100
150
200
250
FY19FY20FY21FY22FY23FY24FY25
Revenue ($m)
CAGR 7%
-
20
40
60
80
100
120
FY19FY20FY21FY22FY23FY24FY25
Revenue ($m)
CAGR 4%

15
Future
Agri
•Innovation to deliver on-farm productivity gains
•Emerging market growth
•Manufacturing modernisation
Industrial
•Potable, waste water and flow control
•Integrating elements to increase value to customer
FY26 NPAT Guidance of NZD 55 to NZD 60 million
Annual Shareholders Meeting | 23 October 2025

Agri Division
Presentation
Dino Kudrass
Annual Shareholders Meeting | 23 October 2025

17
Dairy Business Growth:
a Two-Dimensional Strategy
Annual Shareholders Meeting | 23 October 2025
Global Market Share
Prodcut Value Proposition
Growing the value proposition of our products
•Differentiated features
•On-farm development
•Strong brands
Growing global market share
•Emerging markets
•Industrialised farming
•In-market distribution
OEM relationships play a key role in this strategy

18
Global Dairy Market trends
per capita dairy consumption in kg/person
Annual Shareholders Meeting | 23 October 2025
Source: OECD/FAO (2025), ''OECD-FAO Agricultural Outlook'', OECD Agriculture statistics (database), http://data-explorer.oecd.org/s/1hc

Questions
John Strowger
Annual Shareholders Meeting | 23 October 2025

Resolutions
John Strowger
Annual Shareholders Meeting | 23 October 2025

21
Resolution 1
Re-election of Rachel Farrant
Annual Shareholders Meeting | 23 October 2025

22
Resolution 2
Re-election of David Mair
Annual Shareholders Meeting | 23 October 2025

23
Resolution 3
Remuneration of the Auditors
Annual Shareholders Meeting | 23 October 2025

General Business
John Strowger
Annual Shareholders Meeting | 23 October 2025

25Annual Shareholders Meeting | 23 October 2025

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SKL FY25 ASM Chair Address
It’s a pleasure to be here in Christchurch—Skellerup’s spiritual home. This City has played a central
role in our story, and it’s great to be back after quite some time. In fact, our roots here go all the way
back to 1910, when George Waldemar Skellerup, a Danish immigrant, opened a shop at 175
Manchester Street (not far from here) selling imported rubber products. So yes, rubber has always
been part of our DNA.
And growing up in Christchurch in the 1970s as I did, you couldn’t miss the Para Rubber brand or the
foreboding factories out in Woolston.
We’ve come a long way since those days. Today, Skellerup is a truly global business, but it’s nice to
bring the annual meeting roadshow back to where it all began.
Let’s turn to the present. In FY25, we delivered record results once again. Net profit after tax was
$54.5 million, revenue reached $353.5 million, and EBIT came in at $78 million. These are
outstanding numbers—especially considering the challenging and unpredictable environment we’ve
all been operating in. It’s a credit to our team and the way we do business.
Now, let me talk a bit about our two divisions—Agri and Industrial. Their contributions shifted
slightly this year. Agri found its rhythm again, with results significantly up. That came down to hard
work, renewed customer relationships, and some exciting new product lines that we’re optimistic
about for FY26 and beyond. You’ll hear more about some of that from Graham, shortly. As always,
work on incremental manufacturing improvement continued steadily. I want to acknowledge the
quiet, consistent work that goes on behind the scenes. It’s not glamorous, but it’s essential.
We have a leadership team in Agri that combines market awareness with deep technical expertise—
a rare and valuable combination.
You’ll hear more from Dino Kudrass a little later on.
On the Industrial side, growth continued, though not at the same pace as Agri. Some OEM projects
were delayed due to market uncertainty, and geopolitical tensions caused a few customers to pause
investment decisions. Still, our team pushed forward, found new opportunities, and grew the
business despite the headwinds.
In both divisions, our technical expertise in product development is proving to be a real competitive
advantage. We’re encouraging early involvement from our development centres in customer

marketing initiatives, and that’s paying off. Also and as you know, we have a significant third party
manufacturing partner in Vietnam, and our technical people need to be up there regularly,
monitoring production and product development. All of this adds up to a lot of travel - and that isn’t
glamorous either.
While we still distinguish between Agri and Industrial, collaboration between the two (and our
product development centres) is increasing, and that’s a healthy trend. The Board is very supportive
of this trend.
Last year, I spoke about the need to build more ‘in-market’ capabilities—to get closer to our
customers geographically. We’ve made progress here, developing local resources in key markets.
The Board acknowledges, though, that these steps have been modest so far, which feels appropriate
given the fluidity of the commercial environment in places like the United States. Our caution has
been vindicated to date, but the luxury of a “Do Nothing” approach may not continue forever.
As we shared with the market in July, around 37% of our revenue comes from the US – indeed, its
increased even since then. About 85% of that is from products manufactured in New Zealand, China,
and Vietnam. Because we built significant inventories in the US ahead of the imposition of tariffs,
Liberation Day (and subsequent variations on the theme) didn’t materially affect FY25, but they will
increase costs in future years.
If the current tariff rates hold, we believe we can offset most of the impact through several
mitigants. Pricing ( we pass some costs on - as usual, it is about who pays) , sales growth ( we absorb
costs where competitive pressures with US domestic competitors mean we have to, and build total
revenues through sales growth - lower margins, but more of it) and manufacturing initiatives (
including manufacturing and assembly in the US, with the result of course that no tariffs apply).
That said, as we all know the final outcome of the China-US negotiations is still unclear, and the
situation seems to change weekly. What works this week might not work next week.
Like you, we woke up a couple of Saturday mornings ago to learn that the Trump administration had
reignited trade wars with an announced intention to impose an additional 100% tariff on all goods
out of China from 1 November. Within a few hours, US$2 billion had been wiped off the value of US
shares. In response, the Leader of the Free World posted on social media “Don’t worry about China,
it will all be fine” and that the Chinese president, who is “highly respected” had just “had a bad
moment”.
Like many commentators, we do believe that a reasonable compromise will emerge. We believe the
tariff regime we are now operating under is unlikely to change materially, and adversely.
We’ll respond appropriately once we have certainty, using the full range of tools at our disposal.

I’ve spoken before about our disciplined approach to investment - we invest only when there is a
high conviction, backing projects where we can see a strong strategic foundation. We’re
conservative by nature, and that’s served us well. But some of the initiatives we’re considering—
especially around in-market capability—will be more significant, both financially and operationally.
Also, if we do develop new in market manufacturing capability and so satisfy local demand locally,
that will create capacity at existing facilities. The management team is already working on this,
seeking out a presence in markets in which we do not currently have a significant presence – and
should have.
In fact, in all of these ways, the next 12 to 36 months could be a watershed period for Skellerup.
We’re configuring the business for the future, and there’s a real sense of excitement about that. And
of course, we’ll remain disciplined with capital deployment.
The strong balance sheet helps. Net debt at 30 June was $12.4 million—a $3 million reduction from
FY24. That’s enabled us to declare dividends totalling 25.5 cents per share for FY25, another record.
That represents a distribution of 92% of NPAT and reflects the Board’s confidence in our future.
Now, I want to be clear: while these record results are outstanding, they won’t continue indefinitely.
I’ve counselled shareholders against expectations of growth every year (particularly if and when – at
the timing of our choosing - we move into the next phase of development I’ve mentioned earlier).
So, for the record. I register that caution again.
Of course, we’re not planning to fail. Skellerup doesn’t stand still. Encouraging new initiatives—
whether in process, product, or market—are presented to the Board almost monthly. There’s a real
energy in the management team, and that bodes well for the future.
You’ll also notice expanded climate reporting in this year’s annual report. Our investments have led
to a reduction in greenhouse gas emissions intensity. We’ve completed our first transition plan and
an emissions reduction plan for our Wigram facility. Implementing these actions will bring both
environmental and commercial benefits, for Skellerup.
A quick mention of your board.
I believe, by the way, that we have an excellent board (although this sounds a bit self-
congratulatory). Certainly, we all work together very constructively in an environment encouraging
an uninhibited exchange of views - which I think is essential to a board’s proper functioning. It’s fair
to say that several of us are long in the tooth in tenure terms. In some quarters that has traditionally
been viewed as an issue. Our friends at the proxy solicitation firms continue to take this stance. But
we are also now receiving feedback from institutional shareholders and representatives of
shareholder groups that value some longevity. They recognise that with tenure comes a depth of
knowledge about the business.

Surely it is about common sense. In this regard, I hope that my colleague David Mair who has served
on this board for almost 19 years and has provided such outstanding service to Skellerup over that
period, gets re-elected today. I am quietly confident.
But it’s not just about leadership. Success comes from the collective efforts of all our people. On
behalf of the Board, I want to sincerely thank every member of the Skellerup team for their
contribution to the FY25 result.
And to our shareholders—thank you for your continued support. We’re proud of what we’ve
achieved, and we’re excited about what’s ahead.
Thank you.

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SKL FY25 ASM CEO Address
Thank you, John.
Introduction
As John noted we are delighted to bring this year’s ASM to Christchurch. There may be people in the
audience that can recall an ASM being held here in the past, but certainly it is the first time it has
been held here in my time with the Group which began in December 2012.
Today I will give you a summary of our business and strategy, recap on FY25 results, discuss the
outlook for the current year, and introduce you to some of the people influential in what we have
achieved and importantly critical to delivering future growth and success.
Our Business
At last year’s ASM I talked a lot about the four key elements of how we do business at Skellerup. I
will briefly recap on this as collectively we think doing these things well is critical to our success:
Firstly, we focus on products and applications that demand high performance and/or conformance.
To capitalise on the deep technical expertise, we have in our organisation, we seek opportunities to
deliver real value such as designing and manufacturing milking systems that improve productivity
and improve animal health or integrating multiple materials to reduce discrete parts and complexity
for customers in potable water or hygiene applications.
Secondly, our development efforts are customer focused. This may sound glib or simple, but it is the
cornerstone of profitable growth. Practically this means when working with original equipment
manufacturing (OEM) customers we work rapidly to deliver prototypes to prove the solution works
and then get their commitment with a financial contribution to the development cost, and/or an
irrevocable commitment for product. The same customer focus principle applies when we
manufacture our own branded products for dairy, footwear, roofing and sport and leisure
applications. Our product development follows a robust testing of market opportunity and a
committed customer for market launch. In short by working hard to understand customer needs we
boost our opportunity to create strong value for customers and in turn capture a fair share of that
value we create.
The third element is our business model. We are a global business. 80% of our revenue is derived
from international markets. We have people and distribution facilities in market in NZ, Australia,

China, Europe, the UK and the USA. This on the ground presence has been and will continue to be
critical to growth. Our manufacturing footprint is also global and a mix of our own and contract
manufacturing facilities providing us with scale and flexibility. This model, alongside our customer
engagement model I discussed earlier means capital investment requirements are not excessive and
the product design and tooling intellectual property we create is retained.
Our largest operations are in NZ, China and with a partner in Vietnam. We continue to evaluate
options to expand what is currently smaller manufacturing capability in our largest markets including
the USA. Our priority has been to develop the necessary internal capability and versatility to deploy
in-market manufacturing. This focus has been successful, and we feel prepared. As with everything
we do any investment and the timing of will be robustly evaluated and be underpinned by growth in
demand.
The fourth element is accountability at business unit level. We organise Skellerup into business units
(within two Divisions – Industrial and Agri). These business units generally align with a location and
application focus. The leaders of these business units are accountable for growth and performance,
and this is matched with authority that enables them to make decisions where customer
requirements, supplier choices, resources and people needs are best understood. These business
units call on the technical expertise provided by our development centers the largest of which are in
Christchurch and Auckland. This structure has been and will continue to be a key plank to deliver
growth and enables robust, regular evaluation and prioritizing of strategic initiatives and decisions
around larger investments or commitment in equipment and people.
FY25
With that background the measure of success is of course sustained growth in profitability and cash
flow.
In FY25 we delivered a record EBIT of $78.0 million, an increase of 7% over the prior corresponding
period (pcp). This was the ninth successive year of EBIT growth. Net profit after tax of $54.5 million
was also a record, up 9% on pcp.
As I noted previously, we segment Skellerup into two divisions – Industrial and Agri.
The Industrial Division recorded its fifth successive record EBIT result of $48.4 million in FY25, an
increase of 3% on the pcp. Sales of engineered polymer products and vacuum systems for potable
water, wastewater and industrial control applications were up in the US and Australia. Roofing and
construction sales also 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.

The Agri Division bounced back from a softer result in FY24 to a record FY25 EBIT of $35.3 million, up
15% on the pcp and an increase of 4% on the previous record result (achieved in FY23). Demand for
essential consumables for the global dairy industry predominantly manufactured here in
Christchurch was consistently strong throughout FY25 and in contrast to FY24 where the first half of
the year was impacted by customer destocking. Products for the global dairy industry account for
the majority of Agri Division revenue, the balance comes from Footwear including products for
farming, urban and specialty safety applications for international and domestic customers.
Of course, earnings are very important, but cash flow remains a critical measure for any business. A
former boss of mine once told me cash was more important than your mother. Strong cash flows
enable investment in growth and flexibility to manage through disruption. In FY25 operating cash
flow was $66.5 million, a very strong result despite a deliberate increase in inventory to provide
some relief against the impact of the imposition of tariffs by the US. Our net debt remains very low,
closing FY25 at $12.4 million, meaning we are able to invest in the future growth of Skellerup and
sustain high dividend payouts.
Future
Looking forward, we are investing in developing products, people and manufacturing capability so
that we can continue to 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 support the long-standing relationships we have, develop innovative products with
features that deliver productivity gains for farmers and capture new opportunities in emerging
markets. Over the past 18 months we have successfully launched new high-performance milking
liners and the first products from our Thriver
TM
calf feeding range. 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. Dino Kudrass, Executive General Manager for the Agri Division is going to talk a
little more on the growth opportunities for the Agri Division shortly.
Potable and waste water is another cornerstone application for Skellerup. We supply products
critical to the security of water infrastructure and performance of tapware across the world. The US
is our largest market and in recent years we have achieved good growth in Australia with the supply
of check vales for new smart water meter applications and gaskets for the fast-growing
polypropylene pipe market. Another recent example is the development of a new gasket 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 common element across our activities at Skellerup is material. Almost 90% 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.
We fund organic growth opportunities and capability investments from the consistently strong
operating cash flow I referred to earlier. 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.
We have conviction in our plan for growth and FY26 has started well. Earlier today we reported FY26
Q1 earnings were up 10% on the same period last year. Demand across the range of applications our
products are used in has been reasonably robust, with dairy and infrastructural pipe the most
notable contributors to growth. Whilst we are pleased with this start, uncertainty over further
changes in costs of access to our largest market in the US remains and the possible impact of such
costs on market demand make forecasting future results difficult. Last week’s announcements on
possible increases in tariffs between the US and China is evidence of this uncertainty. However,
based on Q1 earnings, current expectations of customer demand and assuming no significant change
in trading conditions, we expect FY26 net profit after tax to be in the range of $55 to $60 million.
Our Team
I have discussed our business strategy and structure, recent results, the immediate outlook and the
future. Our results and future success very clearly depend on the skill, tenacity and contribution of
many people. We have a small but important group here that I will introduce now.
I am excited about the ambition these people share and the capability to initiate and embrace
change, to improve and grow our business. Please take the opportunity to chat to these folk if you
have not already done so before the meeting.
Close
To close, I express my appreciation to all the Skellerup team, our Board and you, our shareholders.
Our global team of around 800 people brings a diverse, international perspective. The application of
their expertise and diligence to the design and manufacture of the many critical products we provide

to our customers is first class and underpins the nine consecutive years of operating earnings growth
for you, our shareholders.
Our team are governed, and you the shareholders represented by an excellent Board who bring
commercial nous, experience, leadership, energy and robust discussion to every interaction we have.
Some of our Board have served Skellerup for terms more than or approaching what some
commentators and proxy advisers consider the “optimum maximum”. Their elevation of term ahead
of competence and results is very frustrating. The sustained good performance of Skellerup does not
happen without a very effective Board and should far outweigh some arbitrary assessment based on
the years directors has served. The engagement of our Board is invaluable and always available – it is
not limited to scheduled Board Meetings.
So, again, thanks to all in attendance today, both in person and virtual. We are grateful for your
interest and investment in Skellerup. We are committed to continuing to apply ourselves to deliver
critical products for customers, prolonging the long history of Skellerup and to deliver sustained
excellent returns to you.