Announcement PDF ASX Announcement 4 September 2025 Ricegrowers Limited (SunRice) 2025 Annual General Meeting – Chairman and Group CEO addresses and presentations Attached are the following documents to be presented at SunRice’s 2025 Annual General Meeting (AGM) and B Class Meeting, both of which are being held in person in Griffith, New South Wales, today: • • • • Chairman’s address; Group CEO address; AGM presentation slides; and B Class Meeting presentation slides. The AGM will take place at 10:00am today, Thursday 4 September 2025, with registration commencing at 9:00am. The separate meeting of B Class Shareholders will be held at 11:30am or immediately after the AGM, whichever time is the later. The AGM and B Class Meeting will also be livestreamed and can be watched through the following link: https://meetings.openbriefing.com/SGL25 If Shareholders require any support, they can contact MUFG Corporate Services (which provides Share Registry services for the SunRice Group) on 1300 554 474. The results of the 2025 Annual General Meeting and B Class Meeting will be communicated to the ASX following the conclusion of the Meetings, along with a separate ASX announcement from the SunRice Group. Authorised by Kate Cooper, Group General Counsel and Company Secretary Investor inquiries: Media inquiries: Richard Rose Anthony McFarlane Vice President of Corporate Development Group Corporate Affairs Director 0410 300 986/ rrose@sunrice.com.au 0447 324 674/ amcfarlane@sunrice.com.au To ask any questions about this announcement, or other investor queries, please visit the SunRice Investor Hub. About SunRice’s structure The structure of SunRice contains non-standard elements including its dual class share structure comprising A Class Shares and B Class Shares. A Class Shares confer on their holders the right to vote at general meetings but no right to dividends. A Class Shares are not quoted on ASX and may only be held by rice growers who meet the production quotas prescribed by the SunRice constitution. No person may hold more than 5 A Class Shares. In practical terms the voting rights held by A Class Shareholders give those shareholders the right to control the election of directors and any changes to SunRice’s constitution. Ricegrowers Limited ABN 55 007 481 156 Registered Office 57 Yanco Avenue, Leeton, NSW 2705 Australia Locked Bag 2, Leeton, NSW 2705 Australia T +61 2 6953 0411 www.sunrice.com.au Stay updated Scan to join SunRice’s Investor Hub ASX Announcement B Class Shares are quoted on ASX and confer on their holders the right to receive dividends, as determined by the directors from time to time. Holders of B Class Shares do not generally have the right to vote at general meetings of SunRice. This means B Class Shareholders have no right to vote on the election of directors of SunRice. No person may hold more than 10% of the total number of B Class Shares on issue. For more details of the non-standard elements of SunRice’s structure see: https://investors.sunrice.com.au/ Manage your shareholding If you are a Shareholder and have questions about your holding or need to update your contact details, visit the MUFG Investor Centre: MUFG Pension & Market Services Locked Bag A14 Sydney South NSW 1235 P: +61 1300 554 474 F: +61 2 9287 0303 E: support@cm.mpms.mufg.com W: au.investorcentre.mpms.mufg.com Link Market Services (part of Link Group) was acquired by Mitsubishi UFJ Trust & Banking Corporation, a consolidated subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG) on 16 May 2024. Link Group is now known as MUFG Pension & Market Services. Link Market Services have rebranded to its new name, MUFG Corporate Markets, a division of MUFG Pension & Market Services. 2 RICEGROWERS LIMITED 2025 AGM Ricegrowers Limited (SunRice) Chairman’s Address – Laurie Arthur Thank you, Kate. Welcome again everyone, it is great to be here with you in Griffith in the heart of Riverina rice growing. I also want to welcome those A and B Class Shareholders, and other valued stakeholders, who are viewing today’s Annual General Meeting via the webcast. Many of us were together recently in Whitton and Leeton for the Australian Rice Conference and Rice Industry Awards Gala Dinner. We heard from growers and experts on global trade, water reform, innovation, and succession – and we celebrated 100 years of rice growing in Australia, and 75 years of SunRice. Thank you to the organising committee, including the Ricegrowers’ Association of Australia, AgriFutures Australia, and SunRice, for putting on such an important event. The Riverina rice industry is a national treasure—and one worth preserving. We’ve built something here that no other country can match. Some of the best growers in the world, producing rice that’s recognised and sought after in markets right across the globe. It’s a reputation earned over decades of hard work and innovation, and something we should all be proud of and determined to keep building on. Reflections on 75 Years of SunRice As we reflect on the last 75 years of our business, it’s a story of steady progress. From our beginnings at the Whitton Hall in 1950, SunRice has grown from a local cooperative to a listed global food business— now supplying over 50 markets and operating across around 60 sites in 10 countries. That growth has been built on resilience, adaptability, and the passion of our people and growers— qualities that remain as important today as they were 75 years ago. Along the way, we’ve reached major milestones that have helped shape who we are today—changing from a cooperative to a corporation listed on the NSX in 2007, which gave our grower shareholders greater flexibility and access to capital, and our listing on the ASX in 2019, which broadened our investor base and set us up for the next phase of growth. RICEGROWERS LIMITED 2025 AGM Our 2030 Growth Strategy—now in its first year of execution—puts rice at the centre of our ambition and aligns our purpose, vision and values around that goal. Group performance Turning now to Group performance. FY25 was another year of solid results for the SunRice Group. Revenue was $1.85 billion, EBITDA $147.7 million and NPAT $70.7 million. Revenue was slightly down on last year, but profitability improved reflecting a favourable mix shift towards higher value branded products, manufacturing efficiencies, and overall cost discipline. Paul will take you through more of the detail shortly. Liquidity in B Class Shares has improved materially over the past year, with the daily volume of shares traded more than quadrupling. I want to acknowledge the clear disappointment across the industry with the CY24 medium-grain paddy price of $406 per tonne. We all recognise the hard work and investment that goes into producing a crop like this, and while branded performance in key markets remained strong, we faced challenging global market conditions — including falling tender prices — and the lowest wholegrain mill-out rates we’ve seen in more than five years, which put pressure on returns. I want to touch on the season and the CY25 crop. Over the coming year, we’ll be marketing CY25, and we’ve seen exceptional on-farm yields across valleys and varieties. I believe a 32-hectare crop from one of our growers of Matilda that averaged 17.3 T/ha is a world record for medium grain. Over 400,000 tonnes of Matilda was produced at an average of 12.5 T/ha. These yields are world-class, and I don’t believe any other rice-producing country can replicate them. With growers of this calibre and access to leading technology, we should expect a strong future. Industry challenges and opportunities However, we operate in a challenging policy environment, and water reform remains front and centre. The continual uncertainty of water reform is a plague on irrigation communities. Large-scale, rapid buybacks destabilise water markets, drive prices up and erode confidence — impacting everything from planting decisions to long-term investment. This threatens the sustainability of industries like ours. We have consistently urged governments to return to the original intent of the 2007 Water Act — a balanced and forward-looking water policy for the Murray-Darling Basin that supports both environmental outcomes and the long-term viability of our irrigation industries and regional communities. We call on policymakers to engage meaningfully with growers and industry to implement pragmatic outcomes that protect food security and regional livelihoods. Alongside partners like the RGA and United RICEGROWERS LIMITED 2025 AGM Workers Union, SunRice will continue to advocate strongly as we did through Paul’s meeting in Canberra last week with Ministers Watt, Ayres, and Collins – because the Riverina deserves nothing less. The vesting of rice since 1928 has enabled the NSW rice industry to achieve a critical mass, thrive and achieve best possible prices for NSW rice. Over more recent years, the burden of additional regulation and regional carve-outs became problematic. On 1 July this year, we entered a new era with the end of vesting. We now have more flexibility to align volumes with demand, and reward consistency and quality – all aimed at improving farm-gate returns over time. In FY25, we launched a new value proposition for our Riverina growers and engaged close to 300 growers and their families at CY26 launch dinners. We’re now planning CY26 settings, and the newly constituted Board will be meeting to finalise an offer for CY26 which will be communicated early next week. The fundamentals of our business remain strong, and we’re committed to making sure our growers and B Class investors understand what these changes mean as they are introduced. The Board is very pleased with the progress Paul and the team are making under the 2030 Growth Strategy, which is setting us up to grow, adapt, and create value well into the future. Paul will take you through more detail on that shortly. Reflections and acknowledgements This is my last AGM as your Chairman after 18 years on the Board, and 10 of them in this role. It’s been an honour to serve. When I sought re-election in 2023, I made it clear that my priority was to oversee a smooth transition to new leadership. I am confident that has been achieved. I’ll be leaving the company in very capable hands. John Bradford will take over as Chair at the conclusion of today’s B Class Meeting. John has been my Deputy since 2022, chairs our Trukai Board in Papua New Guinea, and has deep connections with growers. He understands the business, the industry, and its people, and he will lead with integrity and vision. John, please stand up and accept the meeting’s congratulations on your appointment. Paul Serra has now been CEO for two years, and he has shown capable and decisive leadership, building on the work of his predecessor, Rob Gordon, who has joined us today, delivering strong results while positioning SunRice for growth. The Board has full confidence in John, Paul and in the team. I want to thank my fellow Directors, past and present; the Ricegrowers’ Association; the Rice Marketing Board; and our many industry partners. I want to congratulate our newly elected Grower Director, Rachel Kelly. I’ve been very impressed with her capability, and I’m confident she will bring valuable insight and energy to the Board. To Drew and RICEGROWERS LIMITED 2025 AGM Jeremy, thank you for putting yourselves forward, it is never easy, and I encourage you both to keep actively engaging with the business. To our growers, shareholders, and employees – you are the heart of SunRice. Everything we do starts with you, and I look forward to seeing what you can achieve over the years to come. And to my wife Deb and our family. Deb and I share our 45th wedding anniversary tomorrow. Thank you for your support through the many years of meetings, calls, and travel. It is much appreciated. This is a great company that I am very proud of. We’ve weathered challenges, embraced change, and delivered for our stakeholders. I believe SunRice has a bright future – one that will last well beyond the next 75 years if we keep the same focus and commitment. As for me, I’ll continue to supply paddy exclusively to SunRice and remain an engaged shareholder. I look forward to seeing what John, Paul and the team achieve in the years ahead. Thank you for the trust you’ve placed in me and for the opportunity to serve you all. I now invite Paul Serra to present the Group CEO’s address. RICEGROWERS LIMITED 2025 AGM Ricegrowers Limited (SunRice) Group CEO’s Address – Paul Serra Thank you, Laurie. And good morning to everyone here in person and online. It’s a privilege to be standing here in Griffith in the Riverina where our story began 75 years ago, surrounded by some of the people who help make the SunRice Group what it is today – our growers, our employees, and our shareholders. It has now been two years since my appointment as CEO and Managing Director of the Group, and I’m pleased to report that during this time, the business has demonstrated its ability to adapt and deliver meaningful progress. We have defined a clear path forward with our 2030 Growth Strategy, navigated significant industry changes, including the end of rice vesting on 1 July this year, strengthened our global branded platform through strategic acquisitions, reorganised our internal organisation to achieve our 2030 Growth Strategy, and most importantly, delivered robust financial performance and outstanding TSR for our shareholders. In FY25, we effectively managed a complex operating environment while growing the value of our established brands and pursuing strategic growth initiatives. This led to a solid set of financial results, supported by improved profitability across the business, highlighting the quality of the Group’s earnings despite pressures on the top line. Importantly, the Group’s successes are now being recognised by the market, with positive movement in our B Class share price over the year. Today, I’ll take you through these results and our strategic progress as we continue to build on our strong foundations. An Australian Success Story As we come together today, we’re not just reviewing another year of the SunRice Group’s performance – we’re celebrating a remarkable milestone; the 75th anniversary of our business. And what an extraordinary journey it has been. RICEGROWERS LIMITED 2025 AGM From the entrepreneurial spirit of a group of Riverina rice growers who pooled 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, resilience, and growth. And we are only getting started! Today, the SunRice Group has evolved into a global food business with deep Australian heritage. We operate across 10 countries with a presence in close to 50 global markets. We manage a portfolio of over 1,500 products across 45 brands and employ approximately 2,400 people. Around 60% of our revenue is now generated outside of Australia. Importantly, around 70% of our sales coming from branded products, which I will talk more about shortly. This evolution of our business has been fundamental to our resilience and growth, allowing us to capitalise on opportunities across different markets, while managing regional challenges – leading to a stronger business that is delivering long-term value for both classes of shareholders. FY25 Financial Performance I will now provide a high-level financial overview before our Chief Financial Officer, Dimitri Courtelis shares more detail on our segment and Group performance. Turning to our FY25 performance. I’m pleased to report that we have continued to deliver across key metrics while embedding our 2030 Growth Strategy. We are indeed shaping our future “with rice at our heart”, building on the legacy of the last 75 years. As you can see on screen, in FY25 we: • • • • Delivered improved profitability, with Net Profit After Tax of $70.7 million and EBITDA of $147.7 million, up 4% and 3% respectively on the prior financial year; Delivered Group revenue of $1.85 billion, slightly down (2%) on last year; Continued to maintain a disciplined approach to capital management and declared a fully franked final dividend of 50 cents per B Class Share, bringing the total dividend for FY25 to 65 cents per B Class Share, an increase on the 60 cents total dividend for FY24; and Delivered our growers a naturally determined paddy price of $406 per tonne for medium grain rice, down on our FY24 paddy price of $430 per tonne. As the Chairman said earlier, this year the paddy price was challenged largely due to the lowest average wholegrain mill-out rates in more than five years achieved on the CY24 crop, and the rebound of the Californian rice crop from severe drought which impacted international tender markets and pricing. Overall, our solid performance was driven by the efforts of our team and underpinned by our discipline and agility in navigating a dynamic global environment, the ongoing execution of the SunRice Group 2030 Growth Strategy, and our strong brand and supply chain integration. RICEGROWERS LIMITED 2025 AGM The Group’s performance was driven by several key factors: • • Revenue was supported by: o The strength of our brands, with approximately 70% of Group sales coming from branded products; o Volume growth in the Middle East, boosted by new product launches and a successful Ramadan campaign; o Strong performance of our Toscano brand, and expansion into the pet food channel, supported by our acquisition of SavourLife; o An expansion of the customer base and distribution in Rice Flour and Rice Cakes; and o Increased exports of rice in the US, due to the renewed availability of Northern Hemisphere rice supply. Profitability and improved quality of earnings were enhanced through: o A favourable shift to higher-value branded products; o Cost savings throughout the value chain, including in procurement, logistics and distribution; o Operational and manufacturing efficiencies, particularly in Rice Foods and CopRice; and o Product innovation and agile pricing strategies to help absorb inflationary pressures. We navigated several headwinds in FY25, including: • • • • • • • Sales price deflation together with the need for additional discounting in a number of our markets and product categories; Increased competition across the Pacific and in the US; Global rice price fluctuations resulting from the Indian Government’s export ban on non-Basmati rice varieties during 1H FY25; The depreciation of the PGK against USD denominated rice imports in PNG and the depreciation of the AUD against the USD and EUR, which impacted our portfolio of imported products; Cost-of-living pressures causing a contraction of the Food Service Sector and impacting consumer spending in Microwave Rice, Pickled Vegetables, Premium Biscuits and Equine Feed particularly; A contraction of the dairy feed market in Australia and New Zealand; and As we have touched on, low wholegrain mill-out rates of the CY24 crop, which in turn impacted our ability to place product in some markets. I’d now like to invite SunRice Group CFO, Dimitri Courtelis to discuss our FY25 Financial Results and each of our business segments in more detail. RICEGROWERS LIMITED 2025 AGM Segment Performance Thank you, Paul. Across our business segments, we saw mixed but generally positive results: • • • • • • The Australian Rice Pool Business delivered revenue of $370.2 million, down 4% on the prior year. Ample Riverina rice supply and strong sales volumes supported the Pool, though Paddy returns were pressured by the lowest average wholegrain mill-out rates in more than five years as well as weaker global tender prices. International Rice generated revenue of $860.4 million, down 4% on the prior year. Increased competition in Pacific and US markets along with falling global tender prices weighed on the top line despite strong growth in the Middle East. And while profitability was challenged by higher rice sourcing costs and foreign exchange pressures, it was maintained through agile pricing actions. Rice Food delivered particularly strong performance, with revenue up 10% to $132.5 million and EBITDA up 33%. Volume growth was driven by new opportunities in Rice Flour and Rice Cakes and product innovation across the portfolio, despite pressures from lower priced offerings in Microwave Rice. Margins further benefited from operational and manufacturing efficiencies. Riviana Foods saw revenue grow 4% to $230.8 million, driven by Toscano and Hart and Soul brand momentum and the acquisition of Simply Delish, despite a softening Food Service Sector and increased competition in some categories. While still constrained by foreign exchange pressures on imported products and integration challenges, EBITDA increased 11% to $7.9m through operational changes in our distribution network and cost savings. Despite a contraction in the equine and dairy feed sectors in ANZ, CopRice maintained revenue at $250.6 million through growth in the pet food channel, supported by the acquisition of SavourLife. A product mix shift towards higher-value branded products together with cost savings and manufacturing efficiencies further drove a solid uplift in profitability, with EBITDA up 40%. Corporate EBITDA declined to $40.5 million due to lower asset financing charges and non-repeat of FY24 asset sales, partly offset by the absence of one-off costs incurred in FY24. NPBT however slightly improved on the back of lower impairment charges in FY25. Track Record of Performance Before Paul covers our 2030 Growth Strategy, I’d like to reflect on our longer-term track record. As we look at our performance over the past 10 years, we have delivered total shareholder returns (TSR) of 350% to 30 April 2025, significantly outperforming the ASX300 Accumulation Index return of 110%. We’ve returned $252 million in total dividends to B Class shareholders while investing $397 million in capital expenditure and acquisitions. Based on more recent share price appreciation, the 10-year TSR to last week was 590% vs. 156% in the ASX300 Index. RICEGROWERS LIMITED 2025 AGM This performance gives us confidence in our ability to continue creating value and delivering consistent returns as we progress through changing market dynamics. With our improved trading liquidity, we entered the Agri Index last year November. I also note the S&P Index inclusion update is expected to be communicated tomorrow, and we are hopeful that SunRice will be included in the ASX300. Financial Position and Cash Flow Let me now provide some additional detail on our balance sheet and cash flow performance. The Group’s leverage ratio improved to 1.5x from 1.6x in FY24, while our Return on Capital Employed increased to 13.6% from 12.7%. This reflects the strong EBITDA generated in FY25 coupled with largely stable net debt. Net debt and gearing remained stable at $218.2 million and 26% respectively as at 30 April 2025, compared to $223.8 million and 27% as at 30 April 2024. This reflects our continued financial discipline in managing net working capital, which remained largely consistent at $452.4 million as at 30 April 2025 despite a 24% increase in the size of the Australian rice crop. This was due to the lower-than-average wholegrain mill-out rates of the CY24 crop which led to faster inventory consumption and reduced stock holdings in other key markets. We continue to exercise discipline in our capital management to maintain balance sheet flexibility and strength. The Group has no core debt, only seasonal debt, with our strategic acquisitions of SavourLife and Simply Delish funded through existing cash reserves. During the year, we invested $42.8 million in capital expenditure, which included approximately $15 million to upgrade our Leeton manufacturing operations in the Riverina. Following the release of our FY25 results, SunRice successfully executed a partial underwriting of the Dividend Reinvestment Plan, raising $10 million in new equity placed with seven institutional investors, five of whom are new to our register. This initiative was designed to preserve cash and improve liquidity. The DRP attracted participation from 1,209 investors and has since delivered strong returns to participants. The success of the underwriting of the DRP not only strengthened SunRice’s capital position but also introduced high-quality institutional investors to our register. I’ll now hand back to Paul to provide an update on our strategy and our outlook for FY26. RICEGROWERS LIMITED 2025 AGM 2030 Growth Strategy Thanks, Dimitri. FY25 marked the first year of implementation of our 2030 Growth Strategy, and I’m pleased to report good progress against our strategic priorities. During the year, we pursued strategic and organic growth initiatives. We reshaped our vision, purpose, values and organisational structure to align with our ambition of becoming everyone’s favourite rice food company. We made progress across all six key areas of our strategic priorities, which you can see on screen. Let me highlight four of these in more detail. Product Innovation Product innovation is at the heart of any consumer food business, and in FY25, the SunRice Group launched 40 new product lines across key categories including Core Rice, Microwave Rice, Snacks, Bakery and Ready Meals – including our YUM Noodle Cups, Riviana One Pan Risotto, and the Hinode Ready to Heat range. This innovation is central to strengthening SunRice’s position as an increasingly highly differentiated, value-added food company with global relevance, which will help deliver long-term value for shareholders, consumers and customers. Sustainability Leadership This year, we took an important step towards embedding sustainability at the heart of our business with the creation of our new Sustainability Strategy. Our strategy focuses on four key pillars: Thriving People, Thriving Planet, Thriving Community, and Inspiring Products. We achieved several important sustainability milestones this year, including: • • • The validation of our Science Based Targets by the Science Based Targets initiative, making us one of only a few companies in Australia with Forestry, Land and Agricultural emissions targets; The release of our Net Zero Roadmap, focusing on the next five years to support SunRice to meet its near-term (FY33) emissions reduction targets, with some actions targeted for delivery by FY33 and other actions providing direction to support SunRice meeting its long term FY50 targets; We engaged Monash University to undertake a benchmarking review of the Group’s FY24 Modern Slavery Statement and received an A rating for the first time; placing the Group’s Statement on par with those of the top-performing half of the ASX100 and higher than our sector average. The rating RICEGROWERS LIMITED 2025 AGM • reflects the result of the Group’s ongoing commitment to continuous improvement in its approach to modern slavery risk mitigation and on our ability to report on such progress; and We made important progress against our APCO targets, with 95% of our Australian packaging now recyclable, reusable or compostable. Australian Rice Strategy and Industry Transition A key component of our 2030 Growth Strategy relates specifically to our Australian rice operations and the significant transition occurring in our industry. At the heart of our Australian Rice Strategy are three key metrics that can drive significant value creation for our A Class Shareholders: 10 megalitres per hectare, 15 tonnes per hectare, and $500 per tonne – better use of water, better yield to improve economics for growers, and a better price for Australian rice. A key focus in FY25 was preparing for the end of rice vesting which occurred on 30 June 2025. We launched our new value proposition to Riverina growers, transitioning from being the buyer of last resort to becoming the buyer of choice for Riverina rice growers. As the Chairman said, we continue to advocate for more balanced water policy, as evidenced by our ongoing engagement with industry partners and government stakeholders. Divisional Restructure and Leadership Alignment Turning to our people. In order for us to achieve our 2030 Growth Strategy, it is imperative that we position the business appropriately, with the right people, talent, structures and systems to achieve a bold and ambitious strategy. In FY25, we implemented a new market-based divisional structure and leadership alignment to take greater advantage of our scale in ANZ, whilst deepening our expertise and presence in key international markets. Geographic-based commercial divisions will support us to grow our presence across these key markets by leveraging the expertise of local teams who are close to the market, understand the culture and can execute quickly to drive results, and utilise our global presence to drive efficiencies. Looking Ahead – FY26 Outlook Consistent with the outlook set out in our FY25 Annual Report, the SunRice Group expects to build on the solid results achieved in FY25 to continue to grow the business at both the top and bottom line in FY26. A number of positive factors expected to support our performance include: • A strong innovation pipeline; • The strength of our brands, with additional investment aimed at driving the awareness of and expanding market shares for our product ranges including Toscano and SavourLife in particular; RICEGROWERS LIMITED 2025 AGM • • • Opportunities for market growth particularly in Australia, the U.S and the Middle East, where we will look to meet consumer preferences and expand our presence and product offering; An ongoing focus on implementing operational improvements across the Group and a normalisation of global rice prices, which should benefit some of the Group’s more price sensitive markets; and A solid Aust