ArborGen Holdings Interim Results to 30 September 2025

ArborGen Holdings Interim Results to 30 September 2025
1H26 Summary
• Record sales volume and revenue, driven by continued growth momentum in Brazil
• Ongoing headwinds in US South; focus on customer partnerships and advancing the
adoption of value-added products ahead of key selling period in 2H26. Benefits of advanced
genetics products being recognised by customers and reinforced in market data.
• Brazil market remains strong, with growing demand for both pine and eucalyptus; continuing
strategic shift towards higher value protected clones.
25 November 2025 - ArborGen Holdings Limited (NZX: ARB) (ArborGen or the Company) has released
its unaudited results for the six months ended 30 September 2025. All dollar values are in US
currency unless otherwise stated.
The company has reported record half year sales volumes and revenue, driven predominantly by
continued momentum in the Brazil market with the majority of US sales to be recognised in the
second half of the year.
CEO Justin Birch said: “The continuing strong trajectory in Brazil is driving record sales results, with
significant upside expected when economic conditions in the US South recover. We remain focused
on our dual pathway strategy – growing demand and sales of higher value products and building our
operating strength. Improving economic drivers in the US, alongside ArborGen’s reputation as a
market leader and its long-standing partnerships with major customers in both regions, will provide a
solid foundation for our long-term growth.”
1H26 Financial Performance
Group sales revenue of $14.2m was a record half year result, increasing 11% on the prior
comparative period (pcp 1H25). As mentioned above, sales are predominantly from Brazil with the
majority of US sales to be recognised in the second half of the year.
The Brazil business has continued its positive trajectory, reporting record revenue and earnings.
Revenue was up 16% on pcp, driven by higher volumes along with an uplift in average selling price.
Cost of sales increased in line with the higher volumes and reflects sales mix, with an increased
number of seedlings purchased from partners to meet customer demand.
Group adjusted US GAAP EBITDA
1
of $(2.1)m was a 22% improvement on pcp (1H25: $(2.7)m).

1
Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items which may include
restructure costs, impairments and write downs on assets, acquisition/sale transaction costs and other one-off items. In
1H26, one-off and unusual items were $0.2m. Refer to page 9 in the Interim Report for reconciliation table. Management
believes this measure provides useful information, as it is used internally to evaluate performance, and it is also a measure
that equity analysts focus on for comparative company performance purpose.

2

Net loss after tax improved by $1.5m to $(0.6)m (1H25: $(2.1)m).
Cash was $3.6m as at 30 September 2025, with net debt of $30.4m compared to $20.9m as at 31
March 2025 (1H25: $19.9m), with the six month increase mainly due to timing of working capital
requirements and strategic capex projects. Primary investments include the continued expansion of
ArborGen’s containerised seedling offer, inventory build in the US, network upgrades and new
systems.
Brazil
The Brazil market remains strong, with growing demand for both pine and eucalyptus. In the past six
months, the majority of ArborGen’s Erval Grande nursery has been converted to pine, to leverage
favourable growing conditions and rising demand. In the eucalyptus market, the domino effect of
the drought last year has caused a eucalyptus seedling shortage across the entire market – ArborGen
is focused on managing supply and allocation to meet demand. The company continues to
strategically shift toward protected clones, which deliver higher value and long-term revenue
stability, with some short-term margin impact as production hedges are established.
A focus on operational excellence is driving improvements in both cost control and yield and remains
a key priority. Steps have been taken to better position the company for seasonal weather events,
particularly drought, with investment in overflow growth areas and improved planning processes.
The US remains an important export market for pine and, while there has been minimum impact to
date, the company continues to carefully monitor for any impact from recent US tariffs on imported
wood.
US South
Market conditions in the US South remain at the lower end of the cycle and cost and efficiency
measures have been put in place to reflect lower near-term demand.
The company is focused on building relationships with key customers ahead of the seasonal sales
period and advancing the adoption of value-added products like MCP and containerised seedlings,
which remain core to ArborGen’s growth.
A recent industry opinion leaders conference, hosted by ArborGen, bought together some of the
most influential private landowners and TIMOs in the country. The CEO of Resource Management
Service, LLC (RMS), one of ArborGen’s largest customers, opened the event by highlighting the
tremendous value advanced genetics, especially MCP, have brought to their portfolio since 2007.
ArborGen has recently launched a rebrand of its product categories, helping customers more clearly
understand the genetic attributes that drive performance. In addition, a new thinning study is
underway by ArborGen’s largest customer, comparing OP and MCP seedlings using real-world
commercial data. Early insights are extremely promising and reinforce the clear value that MCP
brings to sawtimber production.

3

Outlook
In Brazil, volume growth is expected to continue, with some short-term margin impact from the
current excess market capacity. The full-year benefit of the new Teresina nursery and the continued
shift into protected genetics, combined with a focus on improved product mix and pricing, position
us well for sustainable growth.
In the US South, market conditions are expected to remain weak until at least 2026. Nonetheless,
sales activity will support some revenue and volume growth, with a focus on higher-value products
such as MCP and containerised seedlings. ArborGen is also well positioned as the seedling supplier of
choice for the emerging carbon market. Given the slower return to normal market conditions in the
US, plus production losses from the Texas rains, limited growth is anticipated in the US South this
year.
The company confirms it remains on track to deliver year on year improvements in revenue and
gross margin, despite ongoing headwinds, particularly in the US South. Adjusted US GAAP EBITDA for
FY26 is expected to be between $11m and $12m, an increase of at least 25% on FY25.
ENDS
Authority for this announcement:
Justin Birch, President and CEO, ArborGen Holdings Limited
For more information, please contact:
Jackie Ellis, Ellis and Co e: jackie@ellisandco.co.nz, t: +64 27 2462505



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

---

1

Interim Report
for the six months ended
30 September 2025

1


Welcome

Our vision is to be the world-leading
provider of value-added, high-quality
seedlings for the forestry industry;
creating thriving forests that benefit
landowners, the environment, and future
generations through unmatched industry
expertise.


The Board of ArborGen Holdings Limited is pleased to
present the Interim Report for the six months ended 30
September 2025 (1H26).

All dollar values are in US currency unless otherwise stated.














Our Strategy and Market
Opportunity
2
Six Months at a Glance 3
Chairman and CEO’s
Report
5
Understanding our
Financials
8
Financial Statements 10
Investor Information 19


















Disclaimer: This report may contain forward-
looking statements with respect to the financial
condition, results of operations and business, and
business strategy of ArborGen. Information about
the future, by its nature, involves inherent risks
and uncertainties. Accordingly, nothing in this
report is a promise or representation as to the
future or a promise or representation that a
transaction or outcome referred to in this
presentation will proceed or occur on the basis
described in this report. Statements or
assumptions in this report as to future matters
may prove to be incorrect.

2

Our Strategy
Our dual pathway strategy is focused on driving growth and leveraging long-term demand trends. The US South
and Brazil remain ArborGen’s primary markets.
GO TO MARKET
Grow demand and sales of higher value
advanced genetics seedlings
OPERATING STRENGTH
Enable a strong foundation for the future
United States:
• Expand market and win market share
• Increase MCP
1
adoption
• Increase production capacity

Brazil:
• Leverage strong position in the pine and
eucalyptus seedling markets
• Replicate US strategy to convert the market to
products with superior genetics
• Enhanced technology sharing across the US and
Brazilian teams
• Expand production and grow capacity for
protected clones
Optimise total productivity

Strengthen the organisation

Develop a performance culture


Market Opportunity
Significant opportunity to build scale and win market share
2
.


1
MCP® - Mass Control Pollinated seedlings
2
Market size and Addressable Market based on management estimates and available market information

3

Six Months at a Glance
Financial Snapshot
Unaudited results for the six months ended 30 September 2025. All dollar values are in US currency unless
otherwise stated. Percentage comparatives to prior comparative period (pcp).
• Record half year sales revenue of $14.2m, up 11%
• Net loss after tax of $(0.6)m, an improvement of $1.5m from pcp
• Cash $3.6m as at 30 September 2025, with net debt of $30.4m
• Adjusted US GAAP EBITDA
3
of $(2.1)m, a 22% improvement on pcp


US$ millions 1H26 1H25 1H24
Seedling sales volumes (m) 58.2 52.0 55.8
Revenue 14.2 12.8 13.2
Gross profit 3.2 3.1 4.8
Operating profit before financing costs and tax (0.9) (2.5) 2.3
Net earnings/(loss) after tax (0.6) (2.1) (0.1)
Net debt 30.4 19.9 16.7
Adjusted US GAAP EBITDA (2.1) (2.7) (0.5)

No change to FY26 guidance of year-on-year improvements in revenue and gross margin. Adjusted US GAAP
EBITDA expected to be between $11m and $12m, an increase of at least 25% on FY25.


3
Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items which may include restructure
costs, impairments and write downs on assets, acquisition/sale transaction costs and other one-off items. In 1H26, one-off and unusual
items were $0.2m. Refer to page 9 in the Interim Report for reconciliation table. Management believes this measure provides useful
information, as it is used internally to evaluate performance, and it is also a measure that equity analysts focus on for comparative
company performance purpose.

4

Commercial Highlights
United States: Margin Expansion and Measured Growth
• US South remains at the low end of the cycle with soft demand; long term outlook remains positive
• Cost and efficiency measures put in place to reflect lower near-term demand
• Continued expansion of containerised seedling capacity
• Strengthening customer relationships ahead of key selling cycle
• Rebrand and launch of simplified pine product categories and AG scoring system
Brazil: Accelerated Growth
• Positive momentum with strong demand for both pine and eucalyptus
• Majority of Erval Grande nursery has been converted to pine, to leverage favourable growing conditions
and rising demand
• Continuing to shift sales from licensed products to proprietary ArborGen genetic seedlings, which deliver
higher value and long-term revenue stability
• Focus on operational excellence driving improvements in both cost control and yield
Operational Strength
• Continuing focus on efficiencies and cost management
• Investment in IT network upgrades and systems
• Increasing collaboration between US and Brazil teams

5

Report from the Chair and CEO
Dear Shareholder
We are pleased to report on a positive six-month result, with continued growth momentum in Brazil driving
record regional half year sales volumes, revenue and earnings. This creates a strong platform for significant
upside when economic conditions and volumes recover in the US South.
We remain focused on our dual pathway strategy – growing demand and sales of higher value products and
building our operating strength.
We have undertaken a number of initiatives over the past two years to optimise every part of our operation,
including evaluating our assets - from land to equipment and leases. Conversely, we have continued to invest in
those areas that will allow us to capitalise on demand – customer relationships, market positioning and higher
value products.
Investment in network upgrades and new systems are driving real improvements - modernising how information
flows through the company, increasing security, strengthening operations and empowering people with data
they can trust. As our business evolves, we’re also strengthening the culture that moves our strategy forward,
with improved collaboration and sharing of information across our US and Brazilian teams.
1H26 Financial Performance
We are pleased to report a record revenue result with sales revenue of $14.2m, an increase of 11% on the prior
comparative period (pcp 1H25). Sales in the first half are predominantly from Brazil with the majority of US
sales to be recognised in the second half of the year due to seasonal timing.
The Brazil business has continued its positive trajectory, reporting record revenue and earnings. Revenue was
up 16% on pcp, driven by higher volumes along with an uplift in average selling price. Cost of sales increased in
line with the higher volumes and reflects sales mix, with an increased number of seedlings purchased from
partners to meet customer demand.
Group adjusted US GAAP EBITDA
4
of $(2.1)m was a 22% improvement on pcp (1H25: $(2.7)m).
Net loss after tax improved by $1.5m to $(0.6)m (1H25: $(2.1)m).
Cash was $3.6m as at 30 September 2025, with net debt of $30.4m compared to $20.9m as at 31 March 2025
(1H25: $19.9m). The six-month increase is mainly due to timing of working capital requirements and strategic
capex projects. Primary investments include the continued expansion of ArborGen’s containerised seedling
offer, inventory build in the US, network upgrades and new systems.
Brazil: Opportunistic and measured expansion
The Brazil market remains strong, with growing demand for both pine and eucalyptus. It has been a productive
six months, with minimal weather impacts and an overall improvement in operational efficiency.
ArborGen is the only company in Brazil focused solely on supplying seedlings with superior genetics. Our US and
Brazil teams are working closely together to share knowledge, enhance our technology and develop new and
better seedlings.

4
Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items which may include restructure
costs, impairments and write downs on assets, acquisition/sale transaction costs and other one-off items. In 1H26, one-off and unusual
items were $0.2m. Refer to page 9 in the Interim Report for reconciliation table. Management believes this measure provides useful
information, as it is used internally to evaluate performance, and it is also a measure that equity analysts focus on for comparative
company performance purpose.

6

Harvesting by large customers and a higher demand for plywood logs has driven demand for pine and we have
recently converted the majority of our Erval Grande nursery to increase our pine volumes and leverage
favourable growing conditions.
In the eucalyptus market, the domino effect of the drought last year has caused a eucalyptus seedling shortage
across the entire market – we are focused on managing supply and allocation to meet demand. There is a
growing market for new, higher quality clones with higher yields that are also more resilient and biodiverse, and
this presents an opportune landscape for ArborGen. We continue to strategically shift toward protected clones,
which deliver higher value and long-term revenue stability. Some short-term margin impact is expected as
production hedges are established.
A focus on operational excellence is driving improvements in both cost control and yield, and it remains a key
priority. Steps have been taken to better position the company for seasonal weather events, particularly
drought, with investment in overflow growth areas and improved planning processes.
The US remains an important export market for pine and, while there has been minimum impact to date, we
continue to carefully monitor for any impact from recent US tariffs on processed wood.
US South: Thoughtful and considered growth
In the US, the market remains at the lower end of the cycle. Economic headwinds impacting the housing market
and pulp mill closures (11 pulp mills since 2022) have reduced near-term demand, reinforcing the need to align
our business to remain efficient and cost-competitive.
ArborGen is a long-term business, with our customers focused on a 25+ year harvest horizon. The exciting
opportunity for our company is the projected growth in sawtimber. Around 70% of timber use is residential
housing and home improvements. High interest rates, inflationary costs of home ownership, and turmoil in
economic and political realms have led to the current subdued housing market, however, there is significant
pent-up demand and a shortfall of 4 -5m homes
5
across the US.
As demand for pulp continues to fall, after significant declines seen already, more value will be on sawtimber
coming from higher quality trees. ArborGen’s MCP seedlings are ideally suited to higher grade sawtimber,
providing greater yield, faster growth and straighter logs. There’s also increasing demand for OSB – engineered
wood panels. This is well suited to plantation forestry as the trees can be smaller and lower quality, and can be
harvested earlier. Again, this is a good opportunity for ArborGen as our MCP trees grow faster.
Customers are increasingly turning to genetics that maximise returns. While other suppliers remain focused on
low-cost OP options, our investment in MCP is proving to help customers grow stronger, more valuable forests,
acre by acre. Given the 25+ year harvest horizon, customers have recently begun harvesting early MCP
plantations. The comparison of OP and MCP seedlings, supported by customer and market data, is very
promising and reinforces the clear value that MCP brings to sawtimber production.
A recent industry opinion leaders conference, hosted by ArborGen, brought together some of the most
influential private landowners and TIMOs
6
in the country. The CEO of RMS opened the event by highlighting the
tremendous value advanced genetics, especially MCP, have brought to their portfolio since 2007.
We believe strongly that MCP is the right solution for customers seeking returns through higher-quality trees,
and we see a real opportunity for a second wave of adoption. To support that momentum, we have refreshed
the way we communicate the value of our genetics across all segments of the market.

5
Forest Economic Advisers 1st Quarter 2025 Timber Quarterly Forecast, P21
6
Timber Investment Management Organisation (TIMO) is a management group that aids institutional investors in managing their
timberland investment portfolios.

7

Building on a decade of testing across the Southeast and deeper integration of proprietary and cooperative
data, we have developed the AG Score, a single index that evaluates families in each region based on the traits
that most impact plantation success: volume gain, stem straightness, fusiform rust resistance, and reduced
forking.
The result is a simplified lineup of product categories, with products easier to explain, compare and position in
the market. This is a shift aligned with our strategy: a market-driven approach that pushes advanced genetics
toward the segments where they matter most and where they can deliver the highest value.
Outlook
In Brazil, volume growth is expected to continue, with some short-term margin impact from the current excess
market capacity. The full-year benefit from the acquisition of the Teresina nursery and the continued shift into
protected genetics, combined with a focus on improved product mix and pricing, position us well for sustainable
growth.
In the US South, market conditions are expected to remain weak until at least 2026. Nonetheless, sales activity
will support some revenue and volume growth, with a focus on higher-value products such as MCP and
containerised seedlings. ArborGen is also well positioned as the seedling supplier of choice for the emerging
carbon market. Given the slower return to normal market conditions in the US, plus production losses from the
Texas rains, limited growth is anticipated in the US South this year.
An improvement in economic drivers in the US, alongside ArborGen’s reputation as a market leader and its
long-standing partnerships with major customers, will provide a solid foundation for our long-term growth.
The company confirms it remains on track to deliver year on year improvements in revenue and gross margin,
despite ongoing headwinds, particularly in the US South. Adjusted US GAAP EBITDA for FY26 is expected to be
between US$11m and $12m, an increase of at least 25% on FY25.
We remain confident and optimistic about ArborGen’s future. Thank you to our shareholders for your continued
support.




Dave Knott
Chairman

Justin Birch
Chief Executive Officer

8

Understanding our Financials
Key Reporting Measures
Historically, the majority of ArborGen’s operating business has been based in the US. Therefore, financial
statements are presented in US dollars.
As a New Zealand listed company, our financial statements are prepared in accordance with NZ International
Financial Reporting Standards. The Company uses US GAAP EBITDA and Adjusted US GAAP EBITDA when
discussing financial performance.
US GAAP EBITDA is a non-GAAP financial measure and is not recognised within IFRS. Non-GAAP financial
measures should not be viewed in isolation nor considered as a substitute for measures reported in
accordance with GAAP. Management believes that US GAAP EBITDA provides useful information, as it is used
internally to evaluate performance, and it is also a measure that equity analysts focus on for comparative
company performance purposes, as the measure removes distortions caused by differences in asset age,
depreciation policies and debt:equity structures.
Adjusted US GAAP EBITDA excludes transactions considered to be non-trading in their nature or size,
and one-off or unusual transactions, which can arise as the result of a specific event or circumstance or
transaction that is not expected to occur frequently. Excluding these items can assist users in forming a view on
the underlying performance of the group.
IFRS EBITDA vs US GAAP EBITDA
In contrast with US-GAAP, IFRS requires the capitalisation of ArborGen’s development spend, the amortisation
of intellectual property, the accrual of the change in fair value of biological assets on the seedling crop each
year prior to its sale, and the differences in accounting for leases. Because of these differences, US GAAP
results, and in particular ‘Adjusted US GAAP EBITDA’ cannot be easily derived from reported IFRS numbers.
Harvest, Sales and Revenue Recognition Timeline
In the US, we recognise the majority of revenue in the second half of the financial year, however, harvesting
and production costs are incurred and recognised throughout the year.
In year 1, we collect pollen from selected trees, bag flowers and pollinate. We then leave these for 18 months
to mature.
In year 2, between October and December we harvest the pinecones and extract the seeds, and then sow the
seeds from January to March. These seedlings take approximately nine months to grow and are classified as
‘biological assets’ in our inventory. Each financial period, we adjust the fair value of these biological assets,
based on our expected sales price. This is a non-financial fair value adjustment.
We pre-sell these seedlings to customers from March and throughout the planting season and then lift and
dispatch them to customers December through to March of the following year. We recognise the revenue at
the time of sale, that is, in the second half of our financial year.
In Brazil, the sales cycle is less cyclical with year-round sales. This is due to the more temperate climate and
growing conditions where seedlings can be grown and planted year-round, both for eucalyptus and pine.

9

Fair Value Adjustment of Biological Assets
ArborGen assesses the value of seedlings in the US (the expected sales price) and adjusts the fair value of
these biological assets, as required under NZ IFRS. The impact of this is in the interim results, with most
seedlings lifted and sold by financial year end.
Foreign Exchange
ArborGen operates in the United States and Brazil. The Brazil operations are to a large degree internally self-
sufficient from a funding perspective, which limits the effect of relative currency movements to the net
earnings and balance sheet translation impacts when reporting consolidated results.

Adjusted US GAAP EBITDA Reconciliation
Financial year ending March 1H26 1H25
Revenue - US 0.1 0.6
Revenue - Brazil 14.1 12.2
Total Revenue 14.2 12.8
Gross Margin (excluding DDA)
7

4.0 3.9
Less SG&A 5.4 5.7
Less R&D 1.3 1.6
Plus Other income (expense) 0.8 2.6
US GAAP EBITDA (1.9) (0.7)
Adjustments:
Restructuring and transition costs - 0.4
Seed provision - -
Value-added taxation reversal - (0.7)
Sale of assets (0.2) (2.3)
Other - 0.6
Adjusted US GAAP EBITDA (2.1) (2.7)


7
Depreciation, depletion and amortisation

10

Financial Statements
ArborGen Holdings Limited and Subsidiaries
Interim Consolidated Condensed Income Statement
For the six months ended 30 September 2025

The accompanying notes form part of, and are to be read in conjunction with, these interim consolidated condensed
financial statements.

Unaudited
Audited
Unaudited
6 mont hs
Year ended
6 mont hs
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Not es
US $ m
US $ m
US $ m
Revenue
14.2


63.2


12.8


Cost of sales
5
(11.0)


(45.0)


(9.7)


G ros s profi t
3 .2


1 8 .2


3 .1


Change in fair value of biological assets
4
5.8


-


4.3


Intellectual property amortisation
5
(3.1)


(6.1)


(3.9)


Administration expense
(7.0)


(13.3)


(6.3)


Operat i ng earni ngs excl udi ng i t ems bel ow
(1.1)


(1.2)


(2.8)


Impairment
-


(21.8)


-


CEO transition and other
-


-


0.3


Gain on sale
11
0.2


2.2


-


Operat i ng l os s before fi nanci ng expens e
(0 .9 )


(2 0 .8 )


(2 .5 )


Financial income
0.1


0.3


0.1


Financing expense
(1.2)


(2.0)


(0.8)


Los s before t axat i on
(2 .0 )


(2 2 .5 )


(3 .2 )


Tax benefit (expense)
1.4


1.0


1.1


Net l os s aft er t ax
(0 .6 )


(2 1 .5 )


(2 .1 )


Earnings per share
(0.0012)


(0.0410)


(0.0040)

11

ArborGen Holdings Limited and Subsidiaries
Interim Consolidated Condensed Statement of Comprehensive Income
For the six months ended 30 September 2025




ArborGen Holdings Limited and Subsidiaries
Interim Consolidated Condensed Statement of Changes in Equity
For the six months ended 30 September 2025


The accompanying notes form part of, and are to be read in conjunction with, these interim consolidated condensed
financial statements.

Unaudited
Audited
Unaudited
6 mont hs
Year ended
6 mont hs
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Not es
US $ m
US $ m
US $ m
Net l os s aft er t ax
(0 .6 )


(2 1 .5 )


(2 .1 )


Items that may be reclassified to the Consolidated
Income Statement:
Movement in currency translation reserve
9
1.6


(1.7)


(1.1)


Movement in hedge reserve
9
(0.1)


(0.3)


(0.3)


Ot her comprehens i ve earni ngs (l os s ) (net of t ax)
1 .5


(2 .0 )


(1 .4 )


Tot al comprehens i ve earni ngs (l os s )
0 .9


(2 3 .5 )


(3 .5 )


Unaudited
Audited
Unaudited
6 mont hs
Year ended
6 mont hs
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Not es
US $ m
US $ m
US $ m
Tot al comprehens i ve earni ngs (l os s )
0 .9


(2 3 .5 )


(3 .5 )


Movement in ArborGen Holdings shareholders' equity:
Movement in issued capital
8
0.4


(0.2)


0.3


Movement in share-based payment reserve
9
(0.4)


(0.4)


-


Repurchase of warrants
9
-


-


-


Tot al movement i n s harehol der equi t y
0 .9


(2 4 .1 )


(3 .2 )


Opening Group equity
124.6


148.7


148.7


Cl os i ng G roup equi t y
1 2 5 .5


1 2 4 .6


1 4 5 .5

12

ArborGen Holdings Limited and Subsidiaries
Interim Consolidated Condensed Statement of Cash Flows
For the six months ended 30 September 2025

The accompanying notes form part of, and are to be read in conjunction with, these interim consolidated condensed
financial statements.

UnauditedAuditedUnaudited
6 mont hsYear ended6 mont hs
S ep 2 0 2 5Mar 2 0 2 5S ep 2 0 2 4
Not esU S $ mU S $ mU S $ m
Cash was provided from operating activities
Receipts from customers26.0 64.4 28.5
Cash provided from operating activities26.0 64.4 28.5
Payments to suppliers, employees and other(30.9) (60.0) (31.2)
Tax paid(0.5) (1.7) (1.0)
Cash (used in) operating activities(31.4) (61.7) (32.2)
Net cas h from/(us ed i n) operat i ng act i vi t i es(5 .4 ) 2 .7 (3 .7 )
Interest received0.1 0.3 0.1
Proceeds on sale of fixed assets110.5 4.1 4.1
Investment in fixed assets(1.8) (7.8) (1.9)
Investment in intellectual property- - (1.6)
Net cas h from/(us ed i n) i nves t i ng act i vi t i es(1 .2 ) (3 .4 ) 0 .7
Debt drawdowns16.6 28.5 13.2
Repayment of lease liabilities(1.6) (1.9) (1.0)
Debt repayment(7.3) (24.0) (10.1)
Interest paid(1.3) (3.0) (0.1)
Repurchase of warrants and/or share buyback- (0.5) -
Net cas h from/(us ed i n) fi nanci ng act i vi t i es6 .4 (0 .9 ) 2 .0
Net movement i n cas h(0 .2 ) (1 .6 ) (1 .0 )
Opening cash, liquid deposits and restricted cash
3.5 5.6 5.6
Effect of exchange rate changes on net cash0.3 (0.5) (0.3)
Cl os i ng cas h and cas h equi val ent s3 .6 3 .5 4 .3
Net loss after taxation(0.6) (21.5) (2.1)
Adjustment for:
Financial income(0.1) (0.3) (0.1)
Financing expense1.1 2.0 0.8
Depreciation and amortisation4.4 10.3 7.3
Tax expense(1.4) (1.0) (1.1)
Foreign exchange0.3 (0.5) (0.4)
Change in fair value of biological assets(5.8) - (4.3)
Other non cash items- 21.8 (0.2)
Cash flow from operations before net working capital movement(2.1) 10.8 (0.1)
Trade and other receivables6.6 (0.3) 7.4
Inventory(10.5) (3.3) (9.5)
Trade and other payables1.1 (2.8) (0.5)
Net working capital movement(2.8) (6.4) (2.6)
Cash tax paid(0.5) (1.7) (1.0)
Net cas h from/(us ed i n) operat i ng act i vi t i es(5 .4 ) 2 .7 (3 .7 )

13

ArborGen Holdings Limited and Subsidiaries
Interim Consolidated Condensed Balance Sheet
As at 30 September 2025



Dave Knott Paul Smart
Chairman of the Board Audit Committee Chairman

25 November 2025

The accompanying notes form part of, and are to be read in conjunction with, these interim consolidated
condensed financial statements.


Unaudited
Audited
Unaudited
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Not es
US $ m
US $ m
US $ m
Current as s et s
Cash and cash equivalents
3.6


3.5


4.3


Trade and other receivables
6.5


12.8


4.9


Inventory
4
48.8


38.4


48.8


Assets held for sale
12.9


13.6


-


Tot al current as s et s
7 1 .8


6 8 .3


5 8 .0


Non-current as s et s
Fixed assets
35.0


27.6


37.1


Derivative financial instruments
0.2


0.3


0.3


Right-of-use assets
9.3


8.7


7.3


Intellectual property
57.1


60.2


83.5


Deferred taxation asset
13.8


10.4


11.5


Tot al non-current as s et s
1 1 5 .4


1 0 7 .2


1 3 9 .7


Tot al as s et s
1 8 7 .2


1 7 5 .5


1 9 7 .7


Current l i abi l i t i es
Trade, other payables and provisions
(14.4)


(12.9)


(15.2)


Current lease obligation
(2.2)


(1.7)


(1.6)


Current debt
6
(1.9)


(1.8)


(1.2)


Current taxation liability
(0.5)


(0.4)


(0.1)


Tot al current l i abi l i t i es
(1 9 .0 )


(1 6 .8 )


(1 8 .1 )


Term l i abi l i t i es
Term debt
6
(32.1)


(22.6)


(23.0)


Lease obligation
(6.5)


(6.5)


(4.7)


Deferred taxation liability
(3.6)


(4.2)


(6.2)


Other (security deposit)
(0.5)


(0.8)


(0.2)


Tot al t erm l i abi l i t i es
(4 2 .7 )


(3 4 .1 )


(3 4 .1 )


Tot al l i abi l i t i es
(6 1 .7 )


(5 0 .9 )


(5 2 .2 )


Net as s et s
1 2 5 .5


1 2 4 .6


1 4 5 .5


Equi t y
Share capital
8
203.6


203.2


203.7


Reserves
9
(78.1)


(78.6)


(58.2)


Tot al G roup equi t y
1 2 5 .5


1 2 4 .6


1 4 5 .5

14

ArborGen Holdings Limited and Subsidiaries
Notes to the Interim Consolidated Condensed Financial Statements
For the six months ended 30 September 2025

1 BASIS OF PRESENTATION
The interim consolidated condensed financial statements presented are those of ArborGen Holdings Limited (the
Company) and subsidiaries (the Group) for the six months from 1 April 2025 to 30 September 2025. The interim
consolidated condensed financial statements have been prepared in accordance with New Zealand International
Accounting Standard 34. Because they are interim consolidated condensed statements, they do not include all of the
information required to be disclosed for full annual financial statements.
These interim consolidated condensed financial statements should be read in conjunction with the audited financial
statements for the periods ended 31 March 2025 and 31 March 2024, which have been prepared in accordance with
New Zealand International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards
(IFRS).
The Company is registered in New Zealand under the Companies Act 1993, is listed on the New Zealand Stock
Exchange, and is a FMC Reporting Entity under the Financial Markets Conduct Act 2013.
The presentation currency used in the preparation of these interim consolidated condensed financial statements is
United States dollars (US$), rounded to the nearest hundred thousand dollars. Consequently, all financial numbers
are in US$ unless otherwise stated.
Changes in prior year disclosure comparatives have been made to align with the current year presentation.
Accounting Policies
The accounting policies applied are consistent with those applied in the annual financial statements for the period
ended 31 March 2025.

2 APPROVAL OF ACCOUNTS
These interim consolidated condensed financial statements have been prepared on a consolidated Group basis and
were approved for issue by the Board of Directors on 25 November 2025.

3 USE OF ESTIMATES AND JUDGEMENT
The preparation of the interim consolidated condensed financial statements in conformity with NZ IFRS requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period (refer to March 2025 statutory report, note 4, for greater detail).
Actual results could differ from those estimates.

4 INVENTORY AND FAIR VALUE ADJUSTMENT ON BIOLOGICAL ASSET


At 30 September, only the US crop (to be lifted prior to year end) is fair valued. This fair value uplift will reverse at
year end upon lifting of the crop.

Unaudited
Audited
Unaudited
6 mont hs
Year Ended
6 mont hs
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
US $ m
US $ m
US $ m
Opening balance continuing operations
-


-


-


Change in fair value of biological assets recognised in the income statement
Fair value change for crop to be lifted in the coming period
5.8


-


4.3


Tot al change i n fai r val ue of bi ol ogi cal as s et s recogni s ed i n t he
5 .8


-


4 .3


i ncome s t at ement
Cl os i ng fai r val ue upl i ft bi ol ogi cal as s et
5 .8


-


4 .3

15

ArborGen Holdings Limited and Subsidiaries
Notes to the Interim Consolidated Condensed Financial Statements
For the six months ended 30 September 2025

5 EXPENSES INCLUDE


(1) In March 2025 financials, Sale of Assets are related to invitro business which resulted in a gain on sale of $2.2 million.
September 2025 interim results reflect a gain on sale of a parcel of land in Texas.
(2) A valuation allowance of $1 million was applied to certain value-added taxation credits at 31 March 2024 that, due to
uncertainty, might not be collectable. Upon further review of these value-added tax requirements as of 30 September 2024,
it was determined that $0.7 million of this allowance should be reversed.
(3) CEO transition costs of $0.4 million accrued for CEO Justin Birch's equity grant.

6 CURRENT DEBT AND TERM DEBT
At 30 September 2025, the Group had debt facilities with the following banks: Synovus Financial Corporation
(Synovus) and AgSouth Farm Credit (AgSouth) in the United States, ArborGen has two non-revolving promissory
notes issued to AgSouth. The first is for $6.8 million bearing interest at 4.95%, with a maturity date of 1 May 2036
and an annual principal repayment of $0.6 million due 1 May each year. The second is a $2.2 million facility, bearing
interest at 8.2%, with a maturity date of 1 March 2044 and an annual principal repayment of $0.26 million due 1
March each year. Both facilities are secured against ArborGen's US real estate properties. The credit agreement with
AgSouth includes a covenant requiring ArborGen to maintain a net worth of $25 million. ArborGen has a three-year
revolving facility with Synovus (expiring June 2026), bearing interest at the 30-day SOFR base rate plus 2.75%, with a
minimum annual rate of 4.75%, an annual 60-day (continuous) pay down maximum borrowing limit (between 1
March and 15 June) of $17 million, and with no equity covenants.
Rubicon Industries USA LLC (RIUSA) has a $8.8 million mortgage from Synovus, which is secured by the headquarters'
land and buildings. The mortgage is a seven-year term facility that expires August 2026 and is based on a 20-year
amortising loan, incurring interest at the 30-day SOFR base rate plus 2% . The Group has entered into a seven-year
interest rate swap with Synovus, with terms that match that of the mortgage, at a fixed rate of 3.52%. The mark-to-
market valuation provided by Synovus resulted in an unrealised gain of $0.2 million for the six months ended 30
September 2025 which is disclosed as a derivative financial instrument on the balance sheet and as a cash flow
hedge reserve (see Note 9). The mortgage requires RIUSA to maintain a debt service coverage ration of not less than
1.25:1 for the trailing 12 months.
At 30 September 2025, the Group held cash and liquid deposits of $3.6 million and had gross debt of $34 million and
lease liabilities of $8.7 million.


Unaudited
Audited
Unaudited
6 mont hs
Year Ended
6 mont hs
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
US $ m
US $ m
US $ m
Depreciation and amortisation included in:
Cost of sales expense
(0.9)


(2.8)


(0.7)


Intellectual property amortisation
(3.1)


(6.2)


(3.9)


Administration expense: general and administration
(0.3)


(0.9)


(0.5)


Total depreciation and amortisation
(4.3)


(9.9)


(5.1)


Sale of Segments/Assets
(1)
0.2


2.2


-


Value added taxation - valuation allowance
(2)
-


0.2


0.7


CEO transition costs
(3)
-


-


(0.4)


CEO t rans i t i on, s eed revi ew and ot her
0 .2


2 .4


0 .3

16

ArborGen Holdings Limited and Subsidiaries
Notes to the Interim Consolidated Condensed Financial Statements
For the six months ended 30 September 2025

7 SEGMENTAL INFORMATION SUMMARY
The Group has only one reportable segment, being 'forestry genetics' and each of the primary statements reflects
the full segmental operations.




Unaudited
Audited
Unaudited
6 mont hs
Year Ended
6 mont hs
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Fores t ry genet i cs
US $ m
US $ m
US $ m
Operating revenue
14.2


63.2


12.8


Net income (loss) after tax
(0.6)


(21.5)


(2.1)


Total assets
187.2


175.5


197.6


Liabilities
(61.7)


(50.9)


(52.0)


The Group's geographical analysis is as follows:
S out h A meri ca
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Operating revenue
14.1


25.7
12.2


Non Current Assets
13.6


9.4


12.5


Nort h A meri ca
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Operating revenue
0.1


37.5
0.6


Non Current Assets
101.7


97.8


82.0

17

ArborGen Holdings Limited and Subsidiaries
Notes to the Interim Consolidated Condensed Financial Statements
For the six months ended 30 September 2025

8 CAPITAL


(1) Pursuant to Justin Birch's employment agreement an equity grant of restricted ordinary shares (Restricted Shares) equal to
4% of ordinary shares in ArborGen Holdings was made. On 27 July 2023, 9,780,000 shares were issued to the Trustee.
Following shareholder approval at the ASM on 20 September 2023, a further 10,471,477 shares were issued to the Trustee.
The total 20,251,477 restricted shares are split into two being; 50% time-based shares and 50% performance-based shares.
The time-based shares will vest one third on the first anniversary of the employment commencement date (16 June 2023);
and two thirds on the second anniversary, subject to completion of continuous service with the Group (refer to Note 5).
The performance-based shares will vest 50% on the 1 June 2024 and the other 50% on 1 June 2025, subject to satisfaction
of applicable performance criteria determined by the compensation committee and completion of continuous service with
the Group until the applicable vesting date. Pursuant to the above June 2025 vesting date 3,655,392 treasury shares and
535,719 shares were redeemed respectively. 3,095,100 shares were cancelled.
(2) In accordance with the resolution passed at ArborGen Holdings Board of Directors’ meeting held on 26 August 2024, a share
buyback programme was approved for a US dollar total of $500,000, which commenced in 2024 September. Through
September to black out date commencing 1 October 2024, 286,029 shares were bought back, and through March 2025 a
total of 5,908,529 were bought back.

Unaudited
Audited
Unaudited
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
S hare capi t al
US $ m
US $ m
US $ m
Share capital at the beginning of the period
203.2


203.4


203.4


Redeem shares
(2)
-


(0.5)


-


Vesting of shares - share plans
(1)
0.4


0.3


0.3


S hare capi t al
203.6


203.2


203.7


Number of s hares
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Opening shares on issue
520,848,638
526,957,789
526,957,789


Issue/Redeem shares
(1)
(2,559,381)


(200,622)


(200,622)


Issue/Redeem shares
(2)
-


(5,908,529)


(286,029)


Number of s hares on i s s ue
518,289,257
520,848,638
526,471,138
Treas ury s t ock
S ep 2 0 2 5
Mar 2 0 2 5
S ep 2 0 2 4
Opening shares on issue
17,076,853


20,251,477


20,251,477


Issue of shares
(1)
(6,951,115)


(3,174,624)


(3,375,246)


Vesting of shares
-


-


-


Number of s hares on i s s ue
10,125,738


17,076,853


16,876,231

18

ArborGen Holdings Limited and Subsidiaries
Notes to the Interim Consolidated Condensed Financial Statements
For the six months ended 30 September 2025

9 RESERVES


(1) The cash flow hedging reserve records the net movement of cash flow hedging instruments, being interest rate swaps. Refer
to Note 6.
(2) Pursuant to Justin Birch's employment agreement, an equity grant of Restricted Shares equal to 4% of ordinary shares in the
Company was made. The total 20,251,477 restricted shares are split into two being; 50% time-based shares and 50%
performance-based shares (refer to Note 10). For FY2024, Justin was guaranteed a short-term incentive of $425,000; 27% of
which was settled in the Company shares. The movement in the share based payment reserve represents the share based
payment portion of these accrued expenses. For FY2025, Justin was awarded a bonus of $167,162; 27% of which was settle
in Company shares.
(3) Pursuant to Justin Birch's employment agreement, the movement in the share based payment reserve represents an
expense accrual that will be subsequently settled by the issuance of shares (see item 2 above).

10 RELATED PARTY TRANSACTIONS
Pursuant to Justin Birch's employment agreement, an equity grant of restricted ordinary shares (Restricted Shares)
was made equal to 4% of ordinary shares in the Company. On 27 July, 9,780,000 shares were issued to the Justin
Birch Trust. Following shareholder approval at the ASM on 20 September 2023, a further 10,471,477 shares were
issued to the Justin Birch Trust. The 20,251,477 restricted shares are split into two being; 50% time-based shares and
50% performance-based shares. Pursuant to the July 2025 vesting date 535,719 shares were redeemed.

11 PROCEEDS ON SALE OF FIXED ASSETS
A parcel of land in Texas was sold in April 2025 with a nominal gain on sale after netting of any depreciation or
associated transaction costs.

12 SUBSEQUENT EVENTS
No subsequent events to report.
UnauditedAuditedUnaudited
S ep 2 0 2 5Mar 2 0 2 5S ep 2 0 2 4
Ret ai ned earni ngs
US $ mUS $ mUS $ m
Opening balance(77.2) (55.7) (55.7)
NPAT(0.6) (21.5) (2.1)
Cl os i ng bal ance(77.8) (77.2) (57.8)
Cas h fl ow hedge res erve
(1)
Opening balance0.3 0.6 0.6
Fair value gains (losses) for the year(0.1) (0.3) (0.3)
Cl os i ng bal ance0.2 0.3 0.3
S hare bas ed pay ment s res erve
Opening balance0.4 0.8 0.8
Executive share plan - shares vested
(2)
(0.4) (0.3) (0.3)
Executive share plan
(3)
- (0.1) 0.3
Cl os i ng bal ance- 0.4 0.8
Currency t rans l at i on res erve
Opening balance(2.1) (0.4) (0.4)
Translation of independent foreign operations1.6 (1.7) (1.1)
Cl os i ng bal ance(0.5) (2.1) (1.5)
Tot al res erves(78.1) (78.6) (58.2)

19


Investor Information
Registered Office and Investor
Enquiries
Level 15, PwC Tower
15 Customs Street West,
Auckland 1010, New Zealand
PO Box 68 249, Victoria Street West,
Auckland 1141, New Zealand

Telephone: +64 9 356 9800
Email: info@arborgenholdings.com
Website: www.arborgenholdings.com
Stock Exchange Listing
The Company’s shares (ARB) are listed on the
NZSX.
Shareholder Enquiries
Shareholders with enquiries about share
transactions or changes of address should
contact the Share Registrar:

Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland
Private Bag 92 119,
Auckland 1142, New Zealand

Telephone: 64 9 488 8777
Facsimile: 64 9 488 8787
Email: enquiry@computershare.co.nz

Electronic Communications
You can elect to receive your shareholder
communications electronically.

To register, visit www.investorcentre.com/nz.

To initially access this website, you will need
your CSN or Holder Number and FIN. You will
be guided through a series of steps to register
your account, including setting up a new user
ID and password for on-going use of the
website. Once logged in, click on “My Profile”.
In the Communication preferences panel, click
“update”.

Alternatively send your name, address and CSN
or holder number to
ecomms@computershare.co.nz advising you
wish to receive your ArborGen Holdings
shareholder communications by email.

20


www.arborgenholdings.com

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer ArborGen Holdings Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency US dollars
Amount (millions) Percentage change
Revenue from continuing
operations
US$14.2 10.9%
Total Revenue US$14.2 10.9%
Net profit/(loss) from
continuing operations
US$(0.6) 71.4%
Total net profit/(loss) US$(0.6) 71.4%
Interim/Final Dividend
Amount per Quoted Equity
Security
The company does not propose to pay a dividend at this time.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
US 13 cps US 12 cps
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the Unaudited Interim Report that accompanies
this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Christina Green
Contact person for this
announcement
Jackie Ellis
Contact phone number 027 246 2505
Contact email address jackie@ellisandco.co.nz
Date of release through MAP

25 November 2025

Unaudited financial statements accompany this announcement.