Announcement PDF 2026 Full Year Results Presentation 2026 Full Year Results Presentation 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 (“SunRice ” or “Company”) does not have any obligation to correct or update content. 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. 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. Any person who receives this presentation must seek advice on and observe any such restrictions. 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). 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 forward -looking statements. There can be no assurance or guarantee that these forward -looking statements will be realised. This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of the SunRice Group is available on our website: investors.sunrice.com.au About SunRice’s structure The structure of Ricegrowers Limited ABN 55 007 481 156 (“SunRice ”, “the Company”) 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 Australian Securities Exchange (ASX) in 2019 was the provision by SunRice of an undertaking to the ASX that it would disclose, in its FY24 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 in its FY24 Annual Report 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 SunRice's FY26 Annual Report, the review of the Non-Standard Elements is continuing. The Board anticipates providing an update during FY27. 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 almost 20 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, which is available on SunRice’s website. For more details of the Non -Standard Elements of SunRice’s structure see investors.sunrice.com.au. Important notice & disclaimer 2 2026 Full Year Results Presentation SunRice Group is a leading global branded rice food business that brings people together through delicious and inspiring food. An ASX -listed company with sales in close to 50 markets, SunRice combines global scale with local expertise. The Group operates a global business model built on rice —a universal food and gateway to tables worldwide —and translates local consumer insights into innovative, trusted products. In ANZ, where rice remains central to the business, SunRice’s expertise is also driving expansion into adjacent categories, including Bakery, Condiments, Pet Food and Animal Feed. Central to the Group’s success are the values that have defined SunRice since its foundation: integrity, collaboration, innovation, and community. These values are lived by the Group’s employees and remain central to how SunRice conducts its business and serves its communities. Who We Are 3 2026 Full Year Results Presentation SunFoods Hawaii USA SunFoods California USA Argentina Uruguay Italy Aqaba Processing Company (APC) Jordan Ricegrowers Middle East, UAE Pakistan India China Cambodia Ricegrowers Japan Taiwan Ricegrowers Vietnam Ricegrowers Singapore Trukai Industries Papua New Guinea SolRice Solomon Islands Ricegrowers Ltd Australia Global Offices and Assets Source locations Bringing people together through inspiring and delicious food Revenue ~A$1.8 billion ~45 brands 50 across 4 key regions 12 countries, including Australia 57% of revenue generated outside of Australia 68% of revenue from branded sales Sales in close to Rice sourced from more than Thailand A leading global branded rice food business 2026 Full Year Results Presentation Spain 4 global markets Ricegrowers New Zealand 2026 Full Year Results Presentation 2030 Our recipe For success We have grown our revenue to $3 billion+* and expanded margin We have become one of Australia’s most valuable food companies We have created significant opportunities for our talented workforce We have a strong portfolio of brands, underpinned by quality and innovation, which delight our consumers We have realised value for our shareholders* We have continued to drive sustainable outcomes for our consumers, communities and planet through lower -emissions rice and a diversified, resilient and increasingly traceable supply chain Consumer focus We put our consumers at the centre of how we think and the decisions we make Our Purpose With rice at our heart, we bring people together through inspiring and delicious food. How We Bring This To Life Everyone’s favourite rice food company Rice at our heart Branded vertically integrated rice products are at our core Global mindset We balance global scale with local consumer relevance * These statements are aspirational targets, not a budget or forecast and assume reasonable macro conditions. Our Values Integrity Collaboration Community Innovation Our Ambition Commercial Strategies What Success Looks Like Core Rice Meaningfully grow ANZ rice business Significantly expand Middle East business Deepen our position in the US Maintain a long -term viable Australian rice industry Adjacent Portfolios Build rice -based snacking Drive our non-rice portfolio to its potential 5 2026 Full Year Results Presentation Revenue $1.80b $1.85b FY25 FY26 1. ‘FY26’ refers to the period ended 30 -Apr-26. In this presentation, 'Crop Year 2025' or ‘CY25’ refer to the rice crop harvested in 2025 but processed and marketed in FY26. 2. Diluted earnings per B Class Share is calculated by dividing profit for the period attributable to B Class Shareholders of the company by the weighted average number of additional B Class Shares that would have been outstanding assuming the conversion of all dilutive potential B Class Shares. 3. FY26 includes a final dividend of 50 cents and an interim dividend of 20 cents per B Class Share. FY26 Performance Maintaining margin and lifting after tax profitability amid top -line headwinds Key Highlights • SunRice Group delivered solid performance in a challenging operating environment in FY26, maintaining the quality and resilience of its earnings margin and improving after tax profitability, despite pressures on the top line • Continued focus on B Class Shareholder return with payout ratio of 68% and FY26 fully franked annual dividend of 70c per B Class Share ↓ 2% EBITDA $143.6m $147.7m ↓ 3% EBITDA margin 8.0% 8.0% No change Key Drivers of Performance • Product innovation and expanded ranging & distribution supporting branded growth in the US, PNG and key ANZ categories (Toscano & SavourLife ) • Volume growth in bulk animal feed • Lower global rice sourcing costs supporting margins • Freight, supply chain and other cost and operational efficiencies Key Financial Challenges • Intensified competition across Pacific markets and evolving consumer habits in some ANZ categories • Lower wholegrain mill out rates of the CY25 Australian rice crop • Upfront costs related to brand building and talent • FX pressures Net Profit After Tax $73.3m $70.7m Diluted Earnings Per B Class Share 2 102.6c 101.9c Fully Franked Annual Dividend Per B Class Share 3 70c 65c ↑ 8% ↑ 1% ↑ 4% 6 1 Paddy Price for medium grain rice $400/T $406/T ↓ 1% 2026 Full Year Results Presentation Progress against 2030 Growth Strategy Meaningfully grow ANZ rice business Significantly expand Middle East business • Strengthened brand salience • Expanded distribution • Accelerated innovation • Extended contracts with key food ingredients partners Deepen our position in the US • Continued momentum in core categories • Strengthened brand and demand generation • Enhanced in market execution and partnerships • Advanced innovation and product development • Accelerated growth in distribution network • Strengthened route -to- market and capability Commercial Strategies Core Rice Maintain a long -term viable Australian rice industry Drive our non -rice portfolio to its potential • Introduced flexible grower contracting and pricing aligned to quality scores • Advanced grower solutions, technology and innovation to support farmers Adjacent Portfolios • Continued expansion of the Toscano (bakery) and SavourLife (pet food) brands • Entered the commercial baking segment in PNG • Reinforced the Pryde’s & CopRice brand positions and visibility 7 2026 Full Year Results Presentation Over 1.5 million paddy tonnes* of demand, with nearly two -thirds sourced internationally from more than 12 countries, supporting a more resilient and scalable global supply base. * Paddy tonnes equivalent assuming average milling yields based on source country . This figure represents total demand based on current supply sources and existing market conditions, and potential opportunities given global rice market dynamics. 205 800 963 829 690 244 802 623 417 688 500 618 511 FY11 FY12 FY13 FY14 FY19 FY18 FY20 FY21 FY17 FY22 FY23 FY16 FY24 FY25 FY15 FY26 54 45 1,161 Australian Supply (kT) International Supply Total Global Potential ( kT) 8 Australia Argentina Cambodia China India Italy Pakistan Taiwan Thailand USA Uruguay Vietnam SunRice continues to diversify its International sourcing footprint Sourced from more than 12 Countries, including: 2026 Full Year Results Presentation 9 SunRice Group’s approach to sustainability supports long -term value creation and strengthens business resilience across global markets. We continue to embed the four pillars —Thriving People, Thriving Planet, Thriving Communities and Inspiring Products —across operations and the Group’s value chain. FY26 updates: • Progress against the Net Zero Roadmap with 26% reduction in scope 1 and 2 emissions in FY26 against FY23 base and a year-on-year 9 % reduction in emissions intensity in Australian rice production • Continued support for water efficiency solutions in rice production, and improvements in the Group’s approach to responsible ethical sourcing • 97% of paddy byproducts were reused or on -sold, supporting circularity and resource efficiency • Continued investment in people, safety, inclusion and a high performing culture contributed to a 77% employee engagement score • Community Investment Strategy launched, focusing on supporting food security, disaster relief and livelihoods • Sustainability remains a driver of growth t ogether with continued innovation in product quality, nutrition and traceability, brand strength and stakeholder value Environmental Topics Water management Emissions & decarbonisation Nature stewardship, soil health & biodiversity Waste Packaging & plastics Climate change & other natural impacts Governance Topics Supply chain continuity Innovation & collaboration Product quality & safety Ethics & integrity Geopolitics & regulatory environment Social Topics Impact on local communities Responsible supply chain & modern slavery Nutrition & food security Our people Thriving People Thriving Communities Thriving Planet Inspiring Products SunRice Group’s Material Topics SunRice Group’s Sustainability Pillars SunRice Group’s FY26 Sustainability Pillars 2026 Full Year Results Presentation International Consumer Packaged Goods Australia and New Zealand Consumer Packaged Goods Bulk Rice and Animal Feed Corporate FY26 vs PCP FY25 FY26 vs PCP FY25 FY26 vs PCP FY25 FY26 vs PCP FY25 Revenue $737m ↓ 7% $735m ↑ <1% $328m ↑ 4% EBITDA $87m ↑ 1% $63m ↓ 14% $18m ↑ 158% $(24m) ↓36% EBITDA margin 11.8% ↑ 1pp 8.5% ↓ 1.4pp 5.5% ↑ 3.3pp NPBT $69m ↑ 4% $45m ↓ 17% $11m $(31m) ↓33% This segment earns revenue from the sale of primarily branded rice and rice -based products, manufactured by the Group or sourced from third party producers, to retail, foodservice, and other industrial customers in global locations (primarily the US, Middle East, Pacific and Asia) outside of Australia and New Zealand. This segment earns revenue from the sale of primarily branded rice and rice -based products, as well as other grocery food and companion animal nutrition products, manufactured by the Group or sourced from third party producers, to retail, foodservice, and other industrial customers in Australia and New Zealand. This segment earns revenue from the bulk sale of unbranded rice manufactured by the Group primarily to government customers in global locations (primarily in Asia). It also earns revenue from the sale of branded and unbranded animal feed products manufactured by the Group to agricultural customers in Australia and New Zealand. This segment comprises the cost of central functions and activities that are not directly attributable to the operating segments. It also captures centrally managed income and cost items that are not allocated to the operating segments. The timing, extent and at times les recurring nature of these costs in any given year, mean that the Corporate segment’s results can be volatile. 10 85% branded revenue 82% branded revenue FY26 Segment snapshot 2026 Full Year Results Presentation Expanding global reach, strengthening supply chains and improving profit margins FY26 Performance Despite top line pressures, the segment delivered improved profit margins in FY26, reflecting lower global rice input costs and disciplined operational and cost management. $736.7m Revenue $795.0m $87.1m $69.0m ↑ 4% $85.9m $66.5m EBITDA Net Profit Before Tax 11.8% 10.8% EBITDA margin Region / Metric FY26 FY25 Variance Europe, Middle East & Africa $267.4m $273.3m ↓2% Pacific & Asia $376.6m $433.7m ↓13% North America $92.7m $88.0m ↑5% ↑ 1% 2026 Full Year Results Presentation ↓ 7% International Consumer Packaged Goods 11 FY25 ↑ 1pp Driving Performance Increased brand investment ↑ Product innovation and expanded ranging and distribution ↑ Lower US and global rice sourcing costs (post Indian export ban) ↑ Pricing strategies as well as freight, supply chain and other cost and operational efficiencies ↑ Lowering Performance Lower wholegrain mill out rates of the CY25 crop constraining supply ↓ Intensified competition and evolving consumer spending habits ↓ Supply chain disruptions (including Middle East conflict) ↓ FX pressures (PGK and USD) ↓ Upfront investment under 2030 Strategy (marketing and capability) ↓ 2026 Full Year Results Presentation 2026 Full Year Results Presentation Expansion in selected product categories offset by increased competition and unfavorable product mix FY26 Performance Continued strength in Core Rice, Bakery and SavourLife offset by softness in other categories in a period of volatile macroeconomic conditions and investment for future growth impacting bottom line. $735.3m Revenue FY25 $734.4m $62.6m $45.2m↓ 17% $72.6m $54.6m EBITDA Net Profit Before Tax 8.5% 9.9% EBITDA margin Category / Metric FY26 FY25 Variance Core Rice $230.7m $225.6m ↑2% Rice Foods & Ingredients $122.6m $124.3m ↓1% Bakery $94.7m $82.6m ↑15% Condiments $67.6m $69.4m ↓3% Pet & Equine $147.3m $148.5m ↓1% Other Categories $72.4m $84.0m ↓14% ↓ 1.4pp ↓ 14% ↑ <1% Australia and New Zealand Consumer Packaged Goods 12 Driving Performance Increased branded investment ↑ Product innovation and expanded ranging and distribution ↑ Full year contribution and underlying growth for SavourLife ↑ Cost and operational efficiencies and pricing strategies ↑ Lowering Performance Intensified competition and evolving consumer spending habits ↓ Inflationary pressures and operational disruptions ↓ FX pressures (EUR and USD) ↓ Upfront investment under 2030 Strategy (marketing and capability) ↓ Portfolio rationalisation ↓ 2026 Full Year Results Presentation 2026 Full Year Results Presentation Improved market conditions supporting strong profitability and revenue performance FY26 Performance Improved underlying market conditions have supported revenue and profitability uplift in both Bulk Rice and Animal Feed. $327.9m Revenue $315.2m $17.9m $11.2m $6.9m ($0.4m) EBITDA Net Profit Before Tax 2.2% EBITDA margin Category / Metric FY26 FY25 Variance Bulk Rice $214.5m $212.3m ↑1% Animal feed $113.4m $102.9m ↑10% ↑ 3.3pp ↑ 158% ↑ 4% Bulk Rice and Animal Feed 13 FY25 5.5% n/a Driving Performance New customers & underlying market conditions in ANZ ↑ Lower US rice sourcing costs ↑ Favourable sourcing mix and higher global tender prices ↑ Lowering Performance Lower wholegrain mill out rates of the CY25 crop constraining supply ↓ 2026 Full Year Results Presentation ($m) FY26 FY25 FY24 FY23 Revenue 1,804.6 1,850.6 1,879.5 1,638.0 EBITDA 143.6 147.7 143.9 117.0 EBITDA margin 8.0% 8.0% 7.7% 7.1% Depreciation, amortisation & impairment (34.2) (31.8) (38.8) (33.5) EBIT 109.4 115.9 105.1 83.4 Net finance costs (14.7) (18.3) (18.3) (13.7) Tax (21.4) (26.9) (18.5) (14.9) Net Profit After Tax 73.3 70.7 68.2 54.8 Profit attributable to B Class Shareholders 70.7 68.4 63.1 52.6 Diluted EPS (cents per B Class Share) 1 102.6 101.9 95.5 82.5 Cash Flow FY26 FY25 FY24 FY23 Cash Flow from Operating Activities 141.8 116.4 103.4 (48.6) Cash Flow from Investing Activities (30.2) (62.2) (4.0) (16.3) Cash Flow from Financing Activities (132.0) (38.0) (131.5) 99.8 FX changes (1.3) (0.3) 0.7 1.0 Cash and cash equivalents at end of year 27.1 48.7 32.8 64.2 FY26 Performance SunRice Group’s FY26 earnings reflect the Group’s focus on strategic growth and strengthening profit margins, coupled with disciplined and agile execution in a dynamic global environment marked by revenue softening macro conditions. Operating cash inflow: Increased to $141.8m in FY26 from prior $116.3m in FY25 driven by strong EBITDA generation and a reduction in net working capital. Investing cash outflow: Reduced in FY26 to $30.2m from prior $62.2m, reflecting lower capital expenditure, proceeds from non -core assets divestment and no acquisition activity (FY25 included the acquisitions of Simply Delish and SavourLife ). Financing cash outflow : rose to $132m vs $38m PCP mainly as operating cash inflow was used to repay debt (while PCP relied more on borrowings for acquisitions). Group Financials 1. Diluted earnings per B Class Share is calculated by dividing profit for the period attributable to B Class shareholders of the company by the weighted average number of additional B Class Shares that would have been outstanding assuming the conversion of all dilutive potential B Class Shares. 14 2026 Full Year Results Presentation International Consumer Packaged Goods US: Product innovation and expanded distribution PNG: Trukai maintained share of rice category and further grew top line through flour NPD Australia and New Zealand Consumer Packaged Goods Bakery: Range expansion and marketing initiatives growing consumer awareness SavourLife: Strong brand momentum and full year contribution in FY26 (partial in FY25) Core Rice: Change in consumer behaviour at the onset of the Middle East conflict and retail customers stock building prior to FY27 pricing adjustment have offset intensified competition from lower priced offerings. Bulk Rice and Animal Feed Animal Feed: New customers onboarded and increased demand across ANZ. Bulk Rice: Recovery in global government tender prices. 15 FY26 Group Activity Revenue Uplift (Gain) Offset to Revenue (Loss) Revenue FY25 Gains Declines Revenue (pre-FX Translation) ~(35) FX Revenue FY26 1,845 1,800 ~(75) ~65 FY25 -FY26 Revenue Bridge ($m) International Consumer Packaged Goods Pacific & Asia: Intensified competition impacting both volume and value as additional discounting is required to maintain competitiveness. Middle East: Lower mill out rates of the CY25 Australian rice crop constraining supply and shipment delays due to the Middle East conflict. Australia and New Zealand Consumer Packaged Goods Adjacent categories: Increased competition from lower priced offerings in Microwave Rice and Condiments together with range rationalisation in other adjacent categories. Pet & Equine: Intensified competition in Ag Retail and supply issues in Equine. Foreign Exchange FX Translation: Impact of the appreciating AUD against the PGK and USD at 30 April 2026 on the translation of the Group’s foreign results. 2026 Full Year Results Presentation 2030 Strategic Ambition Drive Economic Return Disciplined Allocation of Capital Reliability Through the Cycle Margin Improvement Consider Water Availability Risk Management Balance Sheet Flexibility Strong & Consistent Dividends Maximise Total Shareholder Return Optimisation of Cashflows Flow Cash Generation Management Considerations Organic Growth Inorganic Growth Auxiliary Investment Debt Management Shareholder Value 3 2 1 4 5 1 Organic Growth (Capex Target: > 75% of depreciation p.a.) Invest in capex (sustaining capex & growth capex), branding & promotion, product development, new locations and operational efficiencies 2 Inorganic Growth Invest in merger & acquisitions, strategic alliances, and joint ventures 3 Auxiliary Investments Invest in essential enablers including health & safety, sustainability and people & culture 4 Debt Management (Target: Overall Leverage Ratio 2.0x to 3.0x & Overall Gearing Ratio 30% to 40%) Maintaining a flexible and resilient balance sheet to support the 2030 Strategy These targets and principles are intended to provide a general guide for SunRice Group’s financial stewardship. SunRice may consider operating outside of the proposed targets if, following assessment, the circumstances justify it, and the Group’s long -term risk management profile is not adversely impacted. 5 Shareholder Returns (Target: Dividend Payout Ratio 50% to 60%) Return strong and sustainable dividends Capital Management Framework Objective Maximise Value For Investors 16 2026 Full Year Results Presentation - 1. Net debt / EBITDA 2. Core debt / Core debt + Equity 3. Refer to FY26 Annual Report Financial Statements Note 4D for detailed debt terms and conditions 1.1x - Capital Management 46 46 74 40 72 81 70 66 224 202 218 169 151 37 38 74 94 126 217 221 175 Apr-20 Oct -20 Apr-21 Oct -21 Apr-22 Oct -22 Apr-23 Oct -23 Apr-24 Oct -24 Apr-25 Oct -25 Apr-26 83 84 148 134 198 298 291 241 Net debt Seasonal debt (net of cash and incl. overdrafts and lease liabilities) Net debt / EBITDA Gearing ratio Core debt / EBITDA Core Gearing ratio2 Net Debt: Reduced to $151m (from $218m at 30 April 2025), supported by $141.8m operating cash flow —providing significant headroom to invest through the cycle. Gearing: Improved to 19% from 26% PCP. Leverage Ratio: Reduced to 1.1x from 1.5x PCP. 1 Balance Sheet Flexibility: Current levels of debt and gearing ratio under target levels provide a strong balance sheet with flexibility to support operating activities, continued capex and potential acquisitions. Debt capacity: as at 30 April 2026, core debt facilities were $130m, while seasonal debt facilities were $434.5m. 3 Core debt 19% 17 2026 Full Year Results Presentation 490 477 572 564 609 703 848 827 853 809 10.3% 15.1% 9.9% 6.6% 9.3% 9.8% 12.7% 13.6% 13.5% FY17 FY18 FY19 FY20 3.9% FY21 FY22 FY23 FY24 FY25 FY26 Capital Employed ($m) ROCE (%) 1.1x 0.5x 1.4x 1.3x 3.0x 2.2x 2.5x 1.6x 1.5x 1.1x 17% 9% 19% 24% 28% 34% 27% 26% 19% FY17 FY18 FY19 15% FY20 FY21 FY22 FY23 FY24 FY25 FY26 1. Group’s Return on Capital Employed (ROCE – calculated as Profit Before Income Tax and Interest divided by Net Assets excluding C ash and Borrowings). Balance Sheet Flexibility Net Debt / EBITDA (x) and Gearing Ratio (%) Efficient Use of Capital Capital Employed ($m) and ROCE 1 Positioned to invest through the cycle ROCE 1 steady at 13.5%: Improving 3x since FY21 low at 3.9%, reflecting efficient use of capital across a structurally stronger, more diversified earnings base. Capital employed down to $809m (from $853m), driven by lower working capital and disciplined asset management, including minor asset divestment. Leverage at 1.1x from prior 1.5x, well below target range of 2.0 –3.0x, providing flexibility in balance sheet to support future growth. Gearing ratio at 19%, well below target ranges of 30 –40%, further supporting balance sheet flexibility. Investment: $36.6m in capital expenditure for FY26 focused on continued maintenance of core assets, lower vs PCP due to offsetting divestment proceeds and absence of M&A activity. Net Debt / EBITDA (x) Gearing Ratio (%) 18 2026 Full Year Results Presentation 1. Free cash flow is operating cash flow minus capital expenditure for the year. Net Working Capital equals receivables plus inv entories less current payables less amounts payable to Riverina rice growers less current tax liabilities (net of current tax receivables) less current provisions. Strong cash position through the cycle Net Working Capital has scaled with crop size rising to a peak of $478.5m in FY23, demonstrating SunRice’s ability to flexibly support higher production volumes and remains at $398.8m in FY26. Free cash flow has remained resilient through the cycle, temporarily dipping in peak crop years (to –$68.7m in FY23) before rebounding strongly to $105.2m in FY26, highlighting effective cash recovery as working capital unwinds. Net working capital / Sales has remained stable through the crop cycle ranging from 22-29% reflecting disciplined and consistent working capital efficiency relative to revenue. 59 (50) 58 20 8 (69) 81 74 105 260 303 268 270 341 479 466 452 399 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Cash through the cycle F