Announcement PDF SHAPING OUR FUTURE WITH FULL YEAR RESULTS PRESENTATION 2025 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART Important notice & disclaimer This presentation is for information purposes only. This information is given in summary form and does not purport to be complete. It should be read in conjunction with the most recent financial report, prior disclosures to the ASX and the Information Memorandum dated March 2019. The content of this presentation is provided as at the date of this presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this presentation as advice to investors or potential investors and, subject to any legal obligation to do so Ricegrowers Limited (trading as SunRice) does not have any obligation to correct or update content. Any person who receives this presentation must seek advice on and observe any such restrictions. This presentation does not purport to contain all information necessary to an investment decision, is not intended as investment or financial advice, is not a recommendation, offer or invitation by any person or to any person to sell or purchase securities in SunRice in any jurisdiction, and must not be relied upon as such. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. All amounts are in Australian Dollars, unless otherwise stated. Certain statements in this presentation (including those that contain terms such as "believe", "estimate", "plan", "project", "target”, "anticipate", "expect", "intend", "likely", "may", "will", "could" or "should") relate to the future, including forward looking statements relating to SunRice’s financial position and strategy. Whilst the forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed, these forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of SunRice to be materially different from the future results, performance or achievements expressed or implied by such statements. No representation or warranty, express or implied, is made as to the fairness, accuracy, reliability, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness, fairness, accuracy, reliability, completeness or correctness of any forwardlooking statements. There can be no assurance or guarantee that these forward-looking statements will be realised. This presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in SunRice, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs and obtain independent advice from a qualified financial adviser. The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. To the maximum extent permitted by law, SunRice, its related corporations, directors, officers, employees or agents disclaim liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement and whether that liability is direct, indirect or consequential) for any loss arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this (whether foreseeable or not). This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of SunRice is available on our website: investors.sunrice.com.au About SunRice’s structure The structure of Ricegrowers Limited (trading as SunRice) contains Non-Standard Elements, including: 1. The Company has a dual class share structure with differential voting rights; 2. The Company’s constitution imposes shareholding limits on A Class Shares and B Class Shares; and 3. The Company’s constitution outlines the composition of the Board of Directors. Details of these Non-Standard Elements are available on SunRice’s website. One of the conditions of the Company’s admission to the official list of the ASX in 2019 was the provision by SunRice of an undertaking to the ASX that it would disclose, in last year’s Annual Report, whether it had considered removing the Non-Standard Elements from its structure and operations, and if it had decided not to remove the Non-Standard Elements for the time being, its reasons for this. In line with this obligation, SunRice disclosed last year that it was conducting a strategic review including a review of its structure and operations and that this would include a review of the Non-Standard Elements to assess whether the structure continues to be in the best interests of the Company and its shareholders generally. As at the date of this report, no decision has been made or approved by the Board to modify the structure. The Board considers that any changes to the Company’s capital structure require careful consideration of a range of strategic, commercial, and stakeholder factors. Should any material recommendations arise from the Board’s periodic reviews, they will be the subject of consultation with the ASX and, where required, will be submitted to shareholders for approval. It should be noted that the interests of A Class Shareholders are in achieving returns through Paddy Prices. The interests of B Class Shareholders are in achieving dividends on B Class Shares and improvement in the market price of B Class Shares. The Directors are required to act in the best interests of the Company as a whole. SunRice’s Directors have actively managed the interests of both A Class and B Class shareholders, in a listed environment on both the NSX and ASX for more than 18 years and the Directors believe they have demonstrated a strong track record in balancing the interests of both classes of shareholders. In addition, the Board has adopted procedures to manage any potential conflict or divergence of interests which may arise, including establishing a committee of non-grower Directors (the Independent Committee). These procedures are set out in the SunRice Conflict of Interest Policy and the Paddy Pricing Policy. Copies of both policies are also available on SunRice’s website. For more details of the Non-Standard Elements of SunRice’s structure see: investors.sunrice.com.au 2 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART The SunRice Group is a global food business with deep Australian heritage. Our business was founded by rice growers in the heart of the Riverina region of NSW in 1950. Today, SunRice is listed on the ASX and the SunRice Group continues to grow with operations in 10 countries and a presence in close to 50 global markets. Our value chain spans all aspects of food creation, from partnering with our growers and researchers to the creation of innovative and nutritious food products for the meals, snacks and entertaining sectors. We also offer tailored animal nutrition and pet food across ANZ. We seek to create value at every stage for our consumers, customers, employees, growers, shareholders, community and our broader group of stakeholders. OUR STRUCTURE Our objective is to optimise returns for both classes of shareholders. A A Class Shareholders B B Class Shareholders GROWERS INVESTORS Australian Rice Pool Business Profit Businesses Receival, milling & selling of Riverina Rice International Rice, Rice Food, Riviana Foods, CopRice & Corporate Shared costs Asset financing charge Brand use charges Revenue – Expenses = Paddy Price Revenue – Expenses = Profit Payments for paddy rice to A Class Shareholders and growers B Class Shareholders entitled to dividends (when declared) For more details of the non-standard elements of SunRice’s structure see: www.investors.sunrice.com.au/investors 3 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART An Australian success story From the entrepreneurial spirit of a group of Riverina rice growers pooling their money to fund a single rice mill in 1950, to the truly global food group we are today, our journey spans 75 years of innovation. 2010s 1950 Ricegrowers’ Co-operative Mills Limited (RCM) formed. 1970s Deniliquin Mill built. Trukai Industries Ltd (PNG) established to extend Riverina rice markets. CopRice acquired to process and sell rice-milling by-products. 1990s SolRice (Solomon Islands) acquired extending markets for Riverina rice. Koshihikari developed for Japanese market. Riviana Foods (non-rice products) acquired. 1950s - 1960s Leeton and Coleambally Mills built. Sunwhite rice branded retail pack launched. 1980s Start of value-added products (rice cakes, rice bran, horticultural products). Rice Cakes plant built in Leeton. Rice Research Australia Pty Ltd (RRAPL) established. Ricegrowers Singapore Pte Ltd incorporated to extend markets and global sourcing capabilities across Asia. SunRice hits $1 billion in turnover (FY12). SunRice acquired 100% of SunFoods (US). Acquisitions of Roza’s Gourmet & Fehlbergs Fine Foods (Riviana Foods), Feed Rite’s Wangaratta, VIC assets (CopRice) and a rice processing mill in Vietnam. 2000s Growers vote to change co-operative’s structure. Company registered as Ricegrowers Limited (trading as SunRice). National Stock Exchange (NSX) listing (2007). 2020s Further organic and strategic growth pursued, including acquisitions of KJ&Co (Riviana Foods); Riverbank Stockfeeds Leongatha VIC business, NZ dairy nutrition business, Pryde’s EasiFeed and SavourLife (CopRice). 2019 SunRice lists on the Australian Securities Exchange (ASX), following A & B Class shareholder vote in 2018. 2024 SunRice achieves record revenue, with $1.88 billion in turnover (FY24). 2030 Growth Strategy launched. The NSW Govt. announces deregulation of the single-marketing export desk (known as vesting) from 1 July 2025. 4 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART ●SunFoods California, USA Source locations1 Aqaba Processing Company (APC) ●Jordan UNITED STATES ● Global offices and assets OTHER Ricegrowers ● Middle East, UAE ●SunFoods ~60% of revenue Hawaii, USA ●Ricegrowers MIDDLE EAST Ricegrowers ● Singapore Trukai Industries Papua New Guinea ● ● SolRice Solomon Islands is generated outside of Australia ~70% branded sales operations ~50 in 45 1,500+ 10 products, major countries across PACIFIC ISLANDS Vietnam brands 1. Note rice supply sources vary by year, depending on multiple factors countries SunRice, CopRice AGS, Riviana Foods Australia ● SunRice, CopRice New Zealand ● AUSTRALIA & NEW ZEALAND 5 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART FY25 Financial Highlights Discipline and agility in navigating a dynamic global environment: We effectively managed a complex operating landscape, balancing global scale with local relevance. Despite intensified competition, pricing pressures and foreign exchange headwinds, we delivered improved profitability through manufacturing and operational efficiencies and cost and pricing optimisation. Our diversified portfolio and disciplined execution allowed us to pursue new opportunities across a range of markets. Ongoing execution of the SunRice Group’s Growth Strategy: We advanced our 2030 Growth Strategy through strategic capex and acquisitions (SavourLife and Simply Delish) and a strong product innovation pipeline. We expanded in premium rice categories, enhanced traceability, and invested in recyclable packaging capabilities. These moves supported growth in a number of branded segments and reinforced our ambition to become everyone’s favourite rice food company. Strong brand and supply chain integration: Our vertically integrated model and brand strength underpinned our performance, supporting both earnings quality and long-term value creation. Revenue FY24 $1.85b 2 % $406/t 6% $147.7m ^3% $70.7m ^4% Basic Earnings 102.9¢ ^6% 65¢ ^8% Paddy price for medium grain EBITDA1 Net Profit After Tax Per B Class Share Fully franked dividend per B Class Share2 1. 2. ^ FY25’s performance was driven by the efforts of our team and underpinned by our: FY25 ^ In FY25 we continued to deliver across key metrics, while embedding our 2030 Growth Strategy. We are shaping our future with rice at our heart, as we build on the legacy of the last 75 years. $1.88b $430/t $143.9m $68.2m 97.5¢ 60¢ EBITDA is defined as earnings before net finance costs (asset financing charges are not considered a finance cost/income for the purpose of the EBITDA calculation), tax, depreciation, amortisation and impairment. FY25 includes a final dividend of 50 cents and an interim dividend of 15 cents per B Class Share. FY24 included a final dividend of 40 cents, an interim dividend of 15 cents and a special dividend of 5 cents per B Class Share. 6 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART FY25 Activity Volume opportunities and challenges • Brand Strength: ~70% of Group sales were through a broad portfolio of branded products. • Volume Growth: o Middle East: Boosted by new product launches and a successful Ramadan campaign. o United States: Increased exports due to ample Northern Hemisphere rice supply. o Australia & International: Strong performance of Toscano and pet food. Expanded distribution in rice flour and rice cakes. • Challenges: Revenue slightly declined to $1.85bn (from $1.88bn in FY24) due to weaker global tender prices, impact of cost-of-living pressures on consumer spending, contracting dairy feed market and increased competition across the Pacific and in the US. Profitability • EBITDA: Up 3% to $147.7m • NPAT: Up 4% to $70.7m • Margin Drivers: o Pricing optimisation, improved product mix and raw material usage. o Operational and manufacturing efficiencies (Rice Foods, CopRice). o Cost savings throughout the value chain. • Challenges: Pressured by lower CY24 mill-out rates which impacted the paddy price, higher sourcing prices driven by US crop pricing and the Indian Government’s ban on non-Basmati exports (lifted in late 2024) and FX pressures (AUD & PGK depreciation) which impacted import-heavy businesses like Riviana and Trukai. Strategic Progress: • Strategic capex and continued integration of SavourLife and Simply Delish. • Demonstrated performance and alignment with the Group’s 2030 Growth Strategy. 7 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART Our sustainability pillars Thriving People Thriving Planet Respecting Human Rights We understand and act on our responsibility to respect the human rights of people in our operations and supply chains. Climate Action Driving climate action across our business and value chain to reduce emissions, support good agricultural practices and build resilience to a changing climate. Supporting our Communities Investing in the communities, partnerships and initiatives where we can have the greatest impact for our business and the communities where we operate. Water Stewardship Improve water use in our operations and influence water efficiency in how we source and grow rice. Fostering engagement with Indigenous Peoples Fostering meaningful and engaged dialogue with First Nations Australians, and Indigenous Peoples in the communities where we operate. Diversity, Equity & Inclusion Creating a thriving, inclusive culture where everybody belongs. Health, Safety & Wellbeing Prioritising care for our people’s physical and mental safety and wellbeing. Waste Reduction Advance circularity by reducing our operational waste. Respecting Nature Be champions for good agricultural practices that support our natural environment and biodiversity. Thriving Community Inspiring Products Reducing Food Waste Educate consumers on reducing food waste. Quality Food Source and produce quality food to support healthy communities. Responsible Packaging Promote circularity by improving our packaging and reducing packaging waste. Resilient & Traceable Supply Chain Partner with our suppliers and co-manufacturers to improve traceability and enhance our approach to ethical sourcing. 8 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART ^3% $147.7m FY25 Group EBITDA FY25 Segment snapshot Australian Rice Pool Business Profit Businesses Rice Pool International Rice Segment share of Group EBITDA: Strong Riverina supply and robust branded/traded sales supported the Rice Pool, though revenue and paddy prices were pressured by lower CY24 mill-out rates and weaker global tender prices. $893.8m EBITDA CY23/FY24 FY24 CY24/FY25 $406 $56.7m 6% ^ Riverina crop size (000s) paddy tonnes harvested FY25 FY24 FY25 FY24 FY25 FY24 Corporate EBITDA declined due to lower asset financing charges from the Rice Pool and the non repeat of FY24 asset sales. This was partly offset by the one-off costs incurred in FY24 (including the strategy refresh and increased risk in specific markets) and lower impairment charges, which supported NPBT. FY25 FY24 $56.7m $14.0m - FY25 FY24 $18.6m $7.1m ^33% FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 $860.4m $121.0m $132.5m $221.8m $230.8m $252.7m $250.6m 4% ^10% ^ 4% 1% $7.9m $17.2m ^11% FY25 FY24 FY25 FY24 $24.0m $48.9m ^40% FY25 $40.5m 17% NPBT CY24/FY25 ~618 paddy tonnes harvested FY24 $42.5m $42.6m $11.8m - $17.0m $5.2m ^44% $4.1m $11.0m 21% ^ $430 ~500 CopRice Topline growth was driven by Toscano, The SavourLife acquisition Hart and Soul, and the Simply Delish boosted revenue growth in pet acquisition, despite headwinds in food but this was offset by declines Food Service, Always Fresh and a in equine and dairy feed. However, portfolio rationalisation. Distribution a stronger product mix in addition changes and cost savings supported to cost and manufacturing margins, though integration and FX efficiencies drove a solid uplift in challenges persisted. profitability. ^ $370.2m 4% FY24 Paddy Price/tonne (Medium Grain) CY23/FY24 Riviana Foods Revenue FY25 ^ $384.9m Volume growth was driven by new retail and export opportunities and product innovation, despite pressure from lower-priced competitors. Margins benefited from pricing strategies, manufacturing efficiencies, and better raw material use. ^ FY24 Rice Food ^ Revenue Increased competition in Pacific and US markets, plus lower tender prices, weighed on the top line despite growth in the Middle East. Profitability, though pressured by rice costs and FX, was maintained by pricing actions and the absence of FY24 working capital risks. $17.1m $16.3m ^55% FY25 $16.8m ^3% 9 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART History of Performance The Group’s FY25 performance reflects continued disciplined execution of the 2030 Growth Strategy, supported by strong brand equity, operational efficiencies, and strategic investments. Despite a modest decline in revenue, SunRice delivered near record profitability. This result underscores the Group’s ability to navigate volatile global conditions while maintaining earnings quality and positioning for long-term growth. CONSISTENTLY STRONG DIVIDENDS RESILIENCE DEMONSTRATED AU Crop and Group Revenue 1,270 1,113 690 1,177 802 1,193 1,135 FY17 FY18 1,334 417 FY19 54 45 FY20 FY21 Revenue ($m) FY22 1,851 80 60 1,026 623 244 FY16 1,638 1,880 688 FY23 500 FY24 61840 FY25 52 75 34 45 0 33 33 7.9% 7.7% 8.3% FY16 FY17 FY18 FY17 FY18 5.1% 5.0% 5.8% FY19 FY20 FY21 FY22 Dividend Yield (%) 144 148 66 33 23 FY19 FY20 50 8.1% 9.2% FY23 FY24 Payout ratio: 63.2% 5.9% FY25 Payout Ratio2 68 71 Basic Earnings per B Class Share and Price Earnings ratio1 117 91 79 33 40 33 6.4% STRONG EARNINGS 49 18 49 55 19.0x 88.0 4.8x 61.3 75.9 5.3x 7.0x FY16 33 Dividend (cents) AU Crop (kT) Group EBITDA & NPAT 94 33 20 ROBUST BUSINESS MODEL 108 Dividend (cents per B Class Share), Dividend Yield 1 65 and Payout Ratio2 60 FY21 EBITDA ($m) FY22 FY23 FY24 FY25 FY16 FY17 FY18 NPAT ($m) 11.9x 11.2x 54.5 45.8 FY19 FY20 34.6 FY21 Basic EPS (cents) 97.5 77.2 83.8 8.9x 7.4x 6.7x FY22 FY23 FY24 102.9 10.7x FY25 PE ratio (x) Over the last 10-years All years refer to Financial Years ending 30 April. For the ‘AU Crop’ graph, ‘FY25’ correlates with ‘crop year 24’ or ‘CY24’. 1. Dividend yield and Price Earnings ratio based on closing share price as at 30 April each year. FY22 and FY24 dividends include a 5 cents per B Class Share special dividend. 2. Payout ratio inclusive of special dividends. 10-year average payout ratio of 60%. 3. Investment period from 30 April 2015 until 30 April 2025, TSR considers movement in B Class Share price and dividends paid, and assumes all dividends are reinvested on the dividend ex-date. ASX 300 Accumulation Index extracted from Bloomberg (AS52T Index). TOTAL SHAREHOLDER RETURN (TSR)3 350% Compared to ASX300 Accumulation Index TSR of 110%. TOTAL DIVIDENDS DECLARED INVESTMENT IN GROWTH To B Class Shareholders. $135m invested across multiple strategic acquisitions and $261m invested in capital expenditure . $252m $397m 10 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART Group Financials Revenue down 2% ($’000s) Slight decline in revenue compared to FY24 was primarily due to increased competition and pricing deflation in some markets and categories, despite strong branded and traded sales volumes. FY25 FY24 Revenue from continuing operations 1,850.6 1,879.5 ^ EBITDA 147.7 143.9 ^3% Depreciation, amortisation & impairment 31.8 38.8 EBIT 115.9 105.1 Net interest 18.3 18.4 Tax 26.9 18.5 NPAT 70.7 68.2 ^4% Profit attributable to B Class Shareholders 68.4 63.1 ^8% While D&A and impairment decreased, there were no other significant one-off gains or losses in FY25, unlike FY24 which included $12.2m in property sales but also one-off costs associated with the increased risk of doing business in some markets. The Group’s effective tax rate for FY25 was 28%, compared with 21% for FY24. This reflects the blended nature of the Group’s local and international operations and was influenced by a change in the contribution of those jurisdictions to Group profit, as well the full utilisation of previously unrecognised tax losses in certain jurisdictions in FY24. Basic EPS (cents per B Class Share) 102.9 97.5 ^6% Basic EPS up 6% 2% ^10% EBITDA up 3% Increase in EBITDA and increase in EBITDA margin 8.0% (from 7.7%) reflects improved profitability across the Group. This uplift was driven by operational and manufacturing efficiencies, particularly in the Rice Foods and CopRice segments, as well as improved product mix, pricing optimisation and cost savings across procurement and logistics. NPAT up 4% Increase in line with NPAT offset by the slight dilutive impact of increase in the weighted average number of B Class Shares on issue. 11 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART EBITDA and Cash flow movement EBITDA MOVEMENT ($M) MOVEMENT IN NET DEBT ($M) +2.7% (8.4) 6.8 April 2024 Net Debt 0.8 4.7 143.9 At 30 April 2025, all remaining debt drawn down on our Seasonal facility relates to Net Working Capital funding, with this being primarily made up of near-term marketable inventory for our captured markets. Acquisitions of SavourLife and Simply Delish were funded from existing cash reserves. 147.7 Cash profit for the period1 103.1 Movement in NWC1 Dividends Capex International Rice Rice Food Riviana Foods CopRice Corporate FY25 EBITDA EFFICIENT USE OF CAPITAL 10.3% FY17 572 9.9% FY18 FY19 (223.8) (8.3) (218.2) -2.5% BALANCE SHEET FLEXIBILITY Capital Employed ($m) and ROCE2 490 (21.0) April 2025 Net Debt (38.8) 0.0 15.1% 477 Other items 13.3 (42.8) FY24 EBITDA Acquisitions 564 6.6% FY20 848 609 703 9.3% 9.8% 827 853 12.7% 13.6% Net Debt / EBITDA (x) and Gearing Ratio (%) Capital Employed ($m) FY22 28% 27% 26% 1.6x 1.5x FY24 FY25 15% 9% 3.9% FY21 19% 17% 24% 34% FY23 FY24 FY25 1.1x FY17 ROCE (%) 1. Cash Profit is Operating Cash Flow less movements in Net Working Capital. Refer Annual Report for definition of Net Working Capital. 2. Group’s Return on Capital Employed (ROCE – calculated as Profit Before Income Tax and Interest divided by Net Assets excluding Cash and Borrowings). 0.5x FY18 1.4x 1.3x FY19 FY20 Net Debt / EBITDA (x) 3.0x 2.2x 2.5x FY21 FY22 FY23 Gearing Ratio (%) 12 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART Capital 1.5x management 1. 2. 3. Net debt / EBITDA Core debt / Core debt + Equity Seasonal net debt (net of cash and incl. overdrafts and lease liabilities) Seasonal debt is driven, in part, by the timing and size of harvests, in particular the value and size of the carryover, as well as the payment capacity of some of our businesses. 221 452 Seasonal debt3 218 Apr-25 618 kt Oct-24 688 kt Apr-23 Oct-22 Apr-22 Apr-25 202 174 417 kt Seasonal debt3 Oct-24 Apr-24 Oct-23 Apr-23 Oct-22 72 81 70 66 224 221 126 Apr-22 Oct-21 Oct-20 217 218 37 38 Core debt 466 Apr-24 500 kt 94 202 Oct-23 224 40 448 341 174 74 46 46 479 416 126 74 n.a. Seasonal Net Debt3 and Net Working Capital ($m) 217 Apr-20 We continue to exercise discipline in our capital management to maintain balance sheet strength and flexibility—enabling us to pursue strategic investments, support innovation, and diversify earnings in line with our 2030 Growth Strategy. 26% 455 Net Working Capital remained largely consistent at $452.4 million (FY24: $465.7 million), despite a 24% increase in the Australian rice crop. This was due to lower-than-average mill-out rates, which led to faster inventory turnover and reduced stock holdings. The Group’s leverage ratio improved to 1.5x, down from 1.6x in FY24, supported by stable Net Debt and stronger earnings. n.a. Net Debt ($m) Apr-21 Net Debt and gearing remained stable at $218.2m and 26.0% respectively as at 30 April 2025, compared to $223.8m and 27% at 30 April 2024. This reflects the Group’s continued financial discipline and strong EBITDA performance of $147.7 million in FY25. CORE GEA RING RA TIO 2 GEARING RATIO CORE D EBT / EBITDA NET DEBT / EBITDA Net Working Capital Crop Size 13 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART Segment performance 14 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART Our SunRice brands and product portfolio remain aligned to premium markets, however FY25 was challenged by external factors, which we responded to with agility. Driving Performance • Ample Riverina rice supply to meet global demand and fully absorb overheads • Weaker AUD favouring exports • Dry CY24 crop requiring limited energy intensive aeration • Lower asset financing charges delivered to the Corporate segment Impacting performance • The lowest average wholegrain mill-out rates in more than five years, caused by variable seasonal conditions during the CY24 growing season • Falling global tender prices driven by Northern Hemisphere rice supply • Ongoing supply chain challenges, particularly in 1H FY25 REVENUE ($M) $370.2m 4% CY24 POOL PADDY PRICE1 $406 335.3 384.9 370.2 FY23 FY24 FY25 428 461 430 406 FY22 FY23 FY24 FY25 246.1 114.8 FY21 FY22 ($/tonne) 750* per tonne ^ Rice Pool Our FY25 Performance ^ AUSTRALIAN RICE POOL BUSINESS 6% FY21 HOW FY25 REVENUE WAS GENERATED WHERE FY25 REVENUE WAS GENERATED 57% 43% 42% Branded Unbranded 28% Australia & New Zealand EMEA2 2% 28% Other (international) Asia 1. Price per tonne for medium grain. 2. Europe, the Middle East and Africa * In FY21 fixed price contracts of $750 per tonne were offered for the entire CY20 crop to secure minimum quantities of rice during drought and enable SunRice facilities to remain open to service key markets. 15 FY25 YEAR IN REVIEW – SHAPING OUR FUTURE WITH RICE AT OUR HEART AUSTRALIAN RICE POOL BUSINESS OUR RICE HARVEST AT A GLANCE For the CY24 crop planted in September 2023, harvested between March and August 2024, and marketed throughout FY25: WATER EFFICIENCY 0.97T/ML average (all varieties / all regions) PERCENTAGE OF CROP DRILL SOWN1 ~65% per tonne for Medium Grain AREA GROWN PADDY PRICE >53,700 ha $406 hectares (ha) per tonne for Medium Grain PADDY TONNES HARVESTED REDUCTION IN SCOPE 3 FLAG EMISSIONS compared to the Group’s FY23 Scope 3 FLAG emissions. ^ ~618,000 T 5% tonnes (T) 11.50 T/ha paddy rice (all varieties/all regions) TOP YIELD 16.85 T/ha paddy rice achieved by Matilda (V071) CHANGES IN EMISSIONS FROM AUSTRALIAN RICE ^ AVERAGE YIELD paddy methane emissions per 9% intonne of Australian rice Investing in our Riverina assets We are investing ~$15 million in a major upgrade of our packing hall in Leeton; one of the most significant investments in the site’s history. The project involved replacing and modernising around 75% of our packing and production equipment. These enhancements, which are targeted for completion in the first quarter of FY26, will help boost productivity, improve operational efficiency, and significantly increase volume capacity, laying the groundwork to support the ambitions of our 2030 Growth Strategy. Becoming the buyer of choice Importantly, this investment will also help progress the ‘Thriving Planet’ pillar of our Sustainability Strategy, by increasing our ability to pack in recyclable materials and reducing wa