Announcement PDF 2026 Annual Report About SunRice’s Structure 1 SunRice Group 2026 Annual Report FY26 Highlights 2 Who We Are 4 What We Do 5 2030 Growth Strategy 6 Chair’s Report 7 Group CEO’s Report 10 How We Create Value 21 → Our Value Creation Model 22 → Thriving People 25 → Thriving Communities 31 → Thriving Planet 35 → Inspiring Products 41 → Our Growers and Shareholders 46 Risks and Opportunities 51 Corporate Governance 59 Corporate Management Team 65 Sustainability Report 66 Directors’ Declaration on the Sustainability Report 92 Independent Auditor’s Report on Specified Sustainability Disclosures 93 Directors’ Report 100 → Remuneration Report 101 Auditor’s Independence Declaration 114 Financial Report 115 Consolidated Entity Disclosure Statement 154 Directors’ Declaration on the Financial Report 155 Independent Auditor’s Report on the Financial Report 156 Shareholder Information 162 Corporate Directory 165 Our Reporting Approach 166 About SunRice’s Structure The structure of Ricegrowers Limited ABN 55 007 481 156 (“SunRice”, “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 this 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. 1 SunRice Group 2026 Annual Report FY26 Highlights 1. 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. For a reconciliation of EBITDA, refer to Note 2a of the Financial Report. FY26 Highlights 26% 77% Reduction in scope 1 and 2 emissions Employee engagement score on the Group’s FY23 base year $400/T Paddy Price for medium grain rice ↓1% Variance based on FY25 on the Group’s FY24 score ↑1% $1.80b $143.6m $73.3m 70c 8% Revenue EBITDA1 Net Profit After Tax Total dividend per B Class Share EBITDA margin ↓2% ↓3% ↑4% ↑8% No Change 102.6c Diluted earnings per B Class Share ↑1% 2 SunRice Group 2026 Annual Report FY26 marked an important year for SunRice Group as the business accelerated execution of its 2030 Growth Strategy, which is driving decision-making, shaping investment and advancing transformation across the Group. Supported by a new divisional structure and strengthened capability, the Group progressed its ambition to become everyone’s favourite rice food company while continuing to deliver value for shareholders and its broader stakeholders. Building on this, the Group launched a refreshed corporate identity during FY26, honouring SunRice’s heritage as a proudly Australian business founded by Riverina rice growers in 1950, while reflecting what it has become: a leading global branded rice food company operating across nearly 50 markets worldwide. A commitment to strategy, people and brands has driven 75 years of success and will continue to shape the Group’s next chapter. 3 SunRice Group 2026 Annual Report Welcome to the SunRice Group FY26 Annual Report 3 SunRice Group 2026 Annual Report Rice sourced from more than countries, including Australia Who We Are 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 Australia and New Zealand (ANZ), where rice and rice-related products remain 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. Italy Spain Aqaba Processing Company (APC) Jordan Ricegrowers Japan Ricegrowers New Zealand Global Offices and Assets Source Locations Taiwan SolRice Solomon Islands Trukai Industries Papua New Guinea Ricegrowers Singapore Ricegrowers Middle East UAE SunFoods California USA SunFoods Hawaii USA Ricegrowers Vietnam Thailand China Pakistan Uruguay Argentina India Cambodia Ricegrowers Ltd Australia ~65 10 50 Sales in close to global markets across 4 key regions employees 12 ~2,300 Operations in countries across sites Who We Are SunRice Group is a leading global branded rice food business that brings people together through inspiring and delicious food. 4 SunRice Group 2026 Annual Report Pacific and Asia Australia and New Zealand (ANZ) Europe, Middle East and Africa (EMEA) North America What We Do Operations 33 offices, manufacturing and storage sites across ANZ. Supply chain Rice and finished products are sourced from ANZ, Europe and Asia. Operations 28 offices, manufacturing and storage sites across Singapore, Vietnam, Papua New Guinea (PNG) and Solomon Islands. Supply chain Rice and finished products are sourced from ANZ, North America, Asia and the Pacific. Operations Two offices, manufacturing and storage sites in the United Arab Emirates (UAE) and Jordan. Supply chain Rice and finished products are sourced from ANZ, Asia and North America. Operations Three offices, manufacturing and storage sites in the United States of America (US). Supply chain Rice and finished products are sourced from North America, ANZ and Asia. Key operating regions Australia and New Zealand Consumer Packaged Goods brands segments 45 4 What We Do Bulk Rice and Animal Feed Corporate International Consumer Packaged Goods 5 SunRice Group 2026 Annual Report With rice at our heart, we bring people together through inspiring and delicious food. 2030 Our recipe for success Integrity Collaboration Innovation Community Our Purpose How We Bring This To Life Our Values 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 Consumer focus We put our consumers at the centre of how we think and the decisions we make Our Ambition Commercial Strategies What Success Looks Like 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 Core Rice Meaningfully grow our ANZ rice business Significantly expand our 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 2030 Growth Strategy * These statements are aspirational targets, not a budget or forecast and assume reasonable macro conditions. 2030 Growth Strategy 6 SunRice Group 2026 Annual Report SunRice Group 2026 Annual Report Chair’s Report As I reflect on my first nine months as Chair of SunRice Group, I do so with a sense of optimism about the future. Over the past 75 years, SunRice has evolved from milling and marketing rice as a regulated commodity, into a global rice food business creating branded products for consumers around the world. That transformation has been built on the strength of our growers, the talent and skill of our people, and a capacity to create value through our great products and well-known brands. 7 2. FY24 included a special dividend of 5 cents per B Class Share. SunRice Group 2026 Annual Report 7 Chair’s Report Paddy Price for medium grain rice per tonne Basic earnings per B Class Share Fully franked dividend per B Class Share $400 102.8c 70c ↓1% ↓<1% ↑8% F Y2 6 F Y2 6 F Y2 6 $406 F Y2 5 102.9c F Y2 5 65c F Y2 5 $430 F Y2 4 97.5c F Y2 4 60c2 F Y2 4 $400 102.8c 70c Chair’s Report 8 SunRice Group 2026 Annual Report Chair’s Report Solid performance and progress against strategy SunRice delivered a solid performance in FY26 despite a challenging operating environment. While revenue was modestly lower year-on-year, the Group maintained the quality and resilience of its earnings and increased after-tax profitability by 4%. SunRice also continued its strong track record of dividend returns with a record total fully franked dividend of 70 cents per B Class Share for FY26, representing a payout ratio of 68% and reflecting the Group’s underlying financial strength, including its current balance sheet position and operating cash flow generation. The Board continued to support management in making good progress against the 2030 Growth Strategy, featuring accelerated product innovation, new product launches and targeted master brand campaigns in SunRice’s key markets. SunRice also continued to diversify its rice sourcing capability this year, with the harvest of the first commercial rice crop in South America. This represents an important step towards building greater supply resilience against Australia’s recent drier conditions and evolving policy landscape, subject to the successful scaling of volumes in future years. CY25 paddy returns The CY25 paddy return of $400 per tonne for medium grain remained largely consistent with last year’s $406 per tonne return. I understand growers will be disappointed with this final price given the current pressures of drier seasonal conditions and higher input costs caused more recently by the conflict in the Middle East. In particular, decade-low whole grain mill out rates placed downward pressure on the CY25 pool price, despite the Group’s ability to continue to place Australian rice in high returning markets and some improvement in global tender prices. Encouragingly, early testing of the recently harvested CY26 (FY27) paddy indicates that these quality issues are not recurring. This is thanks to more favourable growing conditions this season, increased usage of the Rice Management Dashboard — a decision-support tool that has helped growers better time their key crop decisions — and the linking of quality scores to payment incentives. End of rice vesting brings new opportunities SunRice moved forward meaningfully in the transition to a new operating environment without rice vesting in NSW. SunRice was able to introduce new contract pricing for Riverina rice growers, aligning quality scores to pricing for the first time, which helped to secure higher quality rice despite a smaller crop in CY26 (FY27). This has driven a significant improvement in quality scores, with the CY26 crop achieving the highest results on record, an average of 9.5, up from 7 in CY25. This uplift reflects favourable seasonal conditions and the strong focus growers placed on optimising the timing of planting, drainage and harvest to meet ideal moisture targets. Continued industry advocacy in the face of policy challenges Given the drier conditions, higher water prices and the Federal Government’s continued water purchase program, SunRice has maintained a direct program of advocacy with the Federal and NSW Governments, alongside the Ricegrowers’ Association of Australia (RGA), to advocate for no further water buybacks. My advocacy, alongside Management’s, has highlighted the significant contribution that SunRice makes to, and the adverse impact policy settings continue to have on, the long-term viability of the industry in Australia. Since the Basin Plan’s introduction in 2012, the recovery of around 2,100GL of water has left growers facing ongoing uncertainty, reduced production capacity, and policy settings that continue to overlook the social and economic toll on irrigation communities and water-dependent industries. That is why in SunRice’s submission to the 2026 Murray Darling Basin Plan Review we emphasised that the next 10 years of the Basin Plan must shift from water recovery to better water management, including improved use of environmental water already held by the government and pursuing more integrated approaches that protect regional communities, jobs and productive agriculture. Water policy uncertainty affects planting decisions, processing scale and the future competitiveness of the Australian rice industry. The Board remains committed to practical, evidence-based advocacy to ensure the voice of growers continues to be heard. Given these policy challenges, I have been pleased with the progress that has been made implementing SunRice’s strategy (see ‘Our Growers and Shareholders’) to help maximise grower returns and on-farm efficiency, including the increased adoption of tools such as the Rice Management Dashboard to enhance crop quality and yields. Through Rice Research Australia Pty Ltd (RRAPL), Rice Extension, workshops and focus sites, SunRice has continued to promote best practice adoption, such as precision water management, which directly supports improved crop productivity and water efficiency. In FY26, the Board also oversaw the Group’s first mandatory ‘Sustainability Report’. It reflects the importance of sustainability to SunRice, including its role in supporting long-term business resilience, value creation, and our responsibilities to stakeholders, and outlines the matters most relevant to our business and the environments in which we operate. Chair’s Report 9 SunRice Group 2026 Annual Report Chair’s Report Acknowledgements In closing, I would like to thank my fellow Directors, and I welcome Rachel Kelly to the SunRice Board. Thank you also to our Group CEO and Managing Director Paul Serra and the executive team for their leadership and discipline during the year. I also thank our growers, shareholders, employees, customers and partners for their continued support as I have transitioned into the role as Chair. On behalf of the Board, I would like to again acknowledge the previous Chair Laurie Arthur for the important role he has played in helping position the business strongly for this next chapter and his assistance in ensuring a smooth leadership transition. During his tenure, Laurie played a pivotal role in the SunRice Group’s transformation and growth – overseeing major milestones, including the Company’s listing on the ASX in 2019 and its expansion to operations across 10 countries. Finally, I also want to acknowledge Graeme Kruger for his outstanding contribution over 10 years as Executive Director of the RGA. Graeme, who will step down in late August, has been a strong advocate for growers and for the Australian rice industry during a period of significant change. It is the calibre of our people at every level of the organisation, the strength of our grower and stakeholder relationships, and the quality of the products we bring to market that gives me great confidence in the Group’s future – and that is the foundation of my optimism as we look to the next 75 years. John Bradford Chair Chair’s Report 10 SunRice Group delivered a 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. Group revenue for FY26 was $1.80 billion (FY25: $1.85 billion), and Earnings Before Interest, Tax, Depreciation, Amortisation and Impairment3 (EBITDA) was $143.6 million (FY25: $147.7 million). Despite these pressures, the Group’s EBITDA margin was maintained at 8% year-on-year as we continued to pursue strategic growth initiatives, and Net Profit After Tax (NPAT) increased to $73.3 million (FY25: $70.7 million), reflecting a change in the geographic earnings mix across the Group. Total Shareholder Return4 (TSR) for FY26 was 22.4%, outperforming the ASX 300 Accumulation Index TSR of 10.1%. Over the past five years, TSR has grown at a compound annual growth rate of ~22% – evidence that our long-term strategy is delivering real value for our B Class Shareholders. In addition, a CY25 paddy return of $400 per tonne for medium grain was achieved for our Australian growers and A Class Shareholders. 10 Group CEO’s Report 3. 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. For a reconciliation of EBITDA, refer to Note 2a of the Financial Report. 4. Investment period 30 April 2025 to 30 April 2026. TSR considers movement in B Class Share price and dividends paid, and assumes all dividends are reinvested on the dividend ex-date. Our FY26 performance reflects the Group’s focus on strategic growth and strengthening profit margins, coupled with disciplined and agile execution in a dynamic global environment. Paul Serra, SunRice Group CEO and Managing Director Group CEO’s Report SunRice Group 2026 Annual Report 11 Revenue EBITDA Net Profit After Tax EBITDA margin $1.80b $143.6m $73.3m 8.0% ↓2% ↓3% ↑4% Group overview Growth in some branded markets offset by external factors in other areas A combination of strategic growth initiatives and market factors supported revenue growth in some of the Group’s core branded markets in FY26, including in North America, Papua New Guinea (PNG) and parts of Australia and New Zealand (ANZ). When combined with additional revenue growth in Bulk Rice and Animal Feed, these areas grew by ~$65 million compared with FY25. These revenue gains were offset by external structural changes in other Pacific markets, where the Group is rebasing parts of the business to improve profitability, and delays in Middle East trades due to conflict-related supply chain disruption. Lower whole grain mill out rates for the CY25 crop and the need to preserve Australian paddy in light of a drier CY26 season also constrained product availability for lower value tenders, and evolving consumer spending behaviour impacted certain product categories in ANZ. Combined, these factors negatively impacted revenue by ~$75 million year-on-year. The appreciation of the Australian dollar (AUD) against the PNG Kina (PGK) during FY26 and the United States dollar (USD) towards year-end also impacted the Group’s translated earnings, further lowering revenue by ~$35 million compared with FY25. Resilient margins while investing for growth While EBITDA declined slightly year-on-year in line with revenue, EBITDA margin was maintained at 8%, reflecting the Group’s continued focus on profitable growth, disciplined execution and cost control. Lower input costs, particularly for United States (US) sourced rice, together with a more favourable business mix, further supported margin outcomes in FY26. NPAT also increased, supported by a change in the Group’s geographic earnings mix, which resulted in a lower effective tax rate. These results were delivered despite ongoing headwinds, including foreign exchange pressures on input costs for most of the year and increased competitive intensity, which required targeted pricing responses to maintain demand in some markets. Any benefits from the recent appreciation of the AUD are expected to be realised in FY27. Some up-front costs associated with executing our 2030 Growth Strategy were also incurred in FY26, including increased spend on brand building and talent. While this investment weighed on profitability in FY26, especially in ANZ, it supported the Group in advancing strategic initiatives aimed at positioning the business for future growth. $1.80b FY26 FY26 FY26 FY26 $1.85b FY25 $147.7m FY25 $70.7m FY25 8.0% FY25 $1.88b FY24 $143.9m FY24 $68.2m FY24 7.7% FY24 $143.6m $73.3m 8.0% Revenue generated internationally Revenue from branded products 57% 68% No change Group CEO’s Report SunRice Group 2026 Annual Report 11 SunRice Group transitioned to a new divisional structure with effect from 1 May 2025 and reshaped its Corporate Management Team (CMT) to better align with its 2030 Growth Strategy and market proximity. The Group’s reportable segments have been updated to reflect this change. A description of each of the new segment’s activities is included in Note 2a of the Financial Report. FY26 Revenue Segment performance These outcomes were achieved in the context of continued operating headwinds, including: • Intensified competition across Pacific markets, resulting in lower activity in some markets and increased discounting to maintain competitiveness in a price sensitive environment. The Group continues to rebase parts of its Pacific business to improve future profitability. • Operational and supply chain disruption in Europe, Middle East and Africa (EMEA), with Middle East conflict delaying some trades into FY27 and increasing freight costs, which have to date been recovered from local partners. • Lower whole grain mill out rates from the CY25 crop and the need to preserve Australian paddy amid a drier CY26 season also constrained product placement, impacting revenue and Paddy Price returns for Riverina growers. • Foreign exchange pressures, particularly the continued devaluation of the PGK against the USD and AUD, which impacted import costs in PNG and earnings translation, accounting for approximately half of the segment’s year- on-year revenue decline. Planned upfront investment was also made in FY26 to support long term growth, particularly in the Middle East with increased promotional activity and expanded in-market capability. 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% Total Revenue $736.7m $795.0m ↓7% EBITDA $87.1m $85.9m ↑1% EBITDA margin 11.8% 10.8% ↑1pp NPBT $69.0m $66.5m ↑4% International Consumer Packaged Goods Despite top line pressures, the International Consumer Packaged Goods segment delivered improved profit margins in FY26, with EBITDA, EBITDA margin and Net Profit Before Tax (NPBT) all increasing year-on-year. Key favourable performance drivers included: • Targeted execution in North America, delivering category share gains through new product launches and expanded distribution across the West Coast and Hawaii. • Brand strength and execution in PNG, supporting volumes and share despite intensified competition, with the launch of Bakers Flour under our market-leading Trukai brand in the final quarter further contributing to revenue growth and diversification. • Active management of input costs and trading conditions, including leveraging lower US rice costs and the normalisation of global prices following the lifting of India’s export ban on non-Basmati rice mid last year, supporting improved trading outcomes. • Ongoing supply chain and operational discipline, including freight, logistics and efficiency improvements. Revenue from branded products 85% International Consumer Packaged Goods Australia and New Zealand Consumer Packaged Goods Bulk Rice and Animal Feed $736.7m $735.3m $327.9m ↓7% ↑4% $736.7m FY26 FY26 FY26 $795.0m FY25 $734.4m FY25 $315.2m FY25 $805.6m FY24 $700.6m FY24 $368.0m FY24 $735.3m $327.9m ↑<1% Group CEO’s Report SunRice Group 2026 Annual Report 12 While its revenue for FY26 was in line with FY25, the Group’s ANZ Consumer Packaged Goods segment was impacted at the bottom line as it navigated external conditions and invested for growth. Key favourable performance drivers included: • Continued expansion of the Bakery portfolio, with strong volume and value growth in Toscano — particularly Pizza and Brioche — driven by targeted retail range expansion and supported by ongoing marketing investment to build awareness and drive consumption. • Volume growth in Core Rice, supported by distribution gains and new product launches, as well as changes in consumer purchasing behaviour in the final quarter following the Middle East conflict and customer stock building ahead of pricing adjustments in early FY27. • Solid performance in some adjacent categories, such as Soups and Broths, following new product launches and effective promotional activity. • Development of the Premium Pet Food portfolio, with SavourLife growth supported by product innovation, including Cat Food, expansion into New Zealand, and continued brand investment, alongside a full year contribution following its acquisition in FY25. • Active management of input costs and trading conditions, with cost savings and pricing initiatives helping to mitigate foreign exchange volatility and broader cost pressures. Segment performance Australia and New Zealand Consumer Packaged Goods However, these gains were offset by a number of headwinds during FY26, including: • Heightened competition across some retail categories, driven by evolving consumer spending behaviour and a shift towards lower priced offerings, particularly in Microwave Rice and Condiments. Increased discounting to maintain competitiveness further impacted margins. • Challenges in the Pet and Equine categories (excluding SavourLife), including increased competition and softer conditions in the Agricultural Retail sector. Operational challenges at our equine feed manufacturing plant earlier in the year also impacted supply. While these issues have since been resolved, demand recovery has been slower than expected. • A change in portfolio mix, with stronger growth in lower margin categories, alongside product rationalisation actions in some adjacent categories, which, while expected to support longer- term profitability, impacted revenue in FY26. The Group also invested significantly to support execution of the 2030 Growth Strategy. This included the launch of the ‘SunRice Baby!’ campaign to increase rice consumption and reinforce premium positioning, the ‘Together, We Eat’ campaign to accelerate Toscano’s growth, and increased investment in capability — particularly talent — to support sustained execution across commercial and enabling initiatives. While expected to deliver longer-term benefits, this investment weighed on segment profitability in FY26. Revenue from branded products 82% 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% Total Revenue $735.3m $734.4m ↑<1% EBITDA $62.6m $72.6m ↓14% EBITDA margin 8.5% 9.9% ↓1.4pp NPBT $45.2m $54.6m ↓17% Group CEO’s Report SunRice Group 2026 Annual Report 13 The Bulk Rice and Animal Feed segment delivered a strong performance in FY26, driving revenue and profitability growth year-on-year, supported by improving market conditions. Category / Metric FY26 FY25 Variance Bulk Rice $214.5m $212.3m ↑1% Animal Feed $113.4m $102.9m ↑10% Total Revenue $327.9m $315.2m ↑4% EBITDA $17.9m $6.9m ↑158% EBITDA margin 5.5% 2.2% ↑3.3pp NPBT $11.2m ($0.4m) n/a Key favourable performance drivers included: • Targeted growth in Animal Feed, supported by new customer onboarding and weather conditions, which increased demand for supplementary feed across ANZ. • Improving trading conditions in Bulk Rice, including higher global tender prices, lower US rice input costs and a more favourable sourcing mix, supporting improved trading outcomes from a particularly low base in FY25. Segment performance Corporate By nature, the Corporate segment’s results can be volatile as th