SELECT HARVESTS LIMITED - AGM Information 2026

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17 February 2026

ASX Market Announcements Office Australian Securities Exchange Limited 20 Bridge St SYDNEY NSW 2000

FY2025 AGM CHAIRMAN’S ADDRESS AND MANAGING DIRECTOR’S PRESENTATION

Attached are copies of the Chair’s address and Managing Director and CEO presentation to be given today at the Select Harvests Limited Annual General Meeting.

Authorised for release by the Board of Select Harvests Limited.

Yours sincerely

Jason Arnheim Company Secretary

Select Harvests Limited ABN 87 000 721 380

Building 7, Level 3 Botanicca Corporate Park 570-588 Swan Street Richmond VIC 3121 Australia Telephone +61 3 9474 3544 www.selectharvests.com.au

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SELECT HARVESTS LIMITED - CHAIRMAN’S ADDRESS FY2025 AGM 17/2/26 MR TRAVIS DILLON, CHAIR

SAFETY

At Select Harvests, safety and safety culture lie at the heart of our organisation and are critical to our strategic success. I am pleased to report that there has been significant progress in the Company’s safety performance and our ongoing objective of achieving zero harm. Whilst management is accountable for safety, it is a responsibility shared across all employees, and we support our team to care and look out for one another. In 2025, the Company reported a total injury frequency rate of 5.5, reduced from 7.1 in the previous period. However further work remains, and management and the Board will continue to focus on improvements in employee safety.

FINANCIAL PERFORMANCE

Select Harvests reported a net profit after tax of $31.8m in 2025. Significantly, debt was halved to $79.1m at year end with the gearing level reduced to 15.1%.

Although the crop yield remained within the projected range, it was lower than anticipated. This reduction was in line with nationwide figures reported by the Almond Board of Australia.

The Board and management remain committed to delivering against it key strategic pillars:

Substantially greater almond volumes;
Leadership in processing scale and efficiency;
Maximise the return from the crop; and 4. Step out growth.

During 2025, management was focused on pillars 1-3 which are aimed towards improving and growing our core business and once we have delivered sustainable gains in the base business, we will move onto pillar 4 which is more focussed on step out opportunities.

Whilst achieving the turnaround in profit and debt, the management team is continuing to make progress on its strategic plan and has made advancements in in the areas of sales velocity, processing capacity and sustainability initiatives. The Board actively participated with management in strategy planning days, and this will continue through 2026.

Our accomplishments in these areas position Select Harvests favourably from a financial perspective. A return to typical crop levels in the coming years will further enhance the Company’s results.

ALMOND MACROECONOMICS

Macroeconomic conditions for almonds continue to be robust. Demand is increasing across the Company’s primary export markets, including China, India, and Turkey. Given that almond acreage in California has not expanded in recent years, we remain confident that these favourable macroeconomic factors will persist over the medium term with global supply and demand dynamics more effectively supporting industry profitability.

RECOGNITION

The Company was awarded Regional Exporter of the Year in the Governor of Victoria Export Awards 2025, reflecting the substantial progress made during the year in all aspects of the business and the

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increased service levels to our customers around the world. The Company was also a National Finalist in the Regional Exporter category at the 63rd Australian Export Awards.

CAPITAL EXPENDITURE

The Company remains prudent in capital allocation and is positioned to achieve further net debt reduction in FY2026. In relation to capital expenditure, the Carina West Processing Facility is currently completing project Optimus Phase 2 which for a modest capital outlay will take productive capacity from 40,000T to 50,000T. Also at Carina West, a new dryer has been commissioned meaning that we now have increased capacity to dry wet almonds. Further investment in a new kernel recovery line has also occurred.

DIVIDENDS & GEARING

The Board is confident in our strategy and execution capability with the business now achieving a sustainable profit position, we expect to pay a dividend in 2026. Paying dividends, of course, needs to balance the long-term capital requirements of the business and the prudent reduction in debt. We will confirm the dividend amount at the half year results.

The Board has also spent a considerable amount of time over the last few reporting periods working through the correct settings for the balance sheet. In this regard the Board has agreed to a gearing level target of below 25% at year end. We believe Select Harvests should be on the conservative side of this target given the inherent agricultural and commodity risk associated with the industry.

SUSTAINABILITY

On the sustainability front, the Company continues to work with a range of partners to deliver on sustainability initiatives across our operations. We continue to advance environmental sustainability through practical initiatives that reduce waste and improve resource efficiency. The management team has taken pro-active steps to prepare for the mandatory sustainability reporting in 2027.

The Company is carefully monitoring water availability – it is an important part of our operational security. Water prices are increasing, and the continued implementation of government buybacks is impacting on the availability of water for irrigation in the Murray-Darling Basin, putting pressure on water prices. The Company will continue to advocate for the sensible allocation of water for the almond industry.

CORPORATE GOVERNANCE

Good corporate governance is integral to the culture and the way we do business at Select Harvests. It is embedded in all our processes and drives an appropriate risk and return framework. During 2025, the Board updated its Charter and each of the three committee charters. Our governance structure, which adopts the relevant ASX Corporate Governance Principles and Recommendations, is set out in our Corporate Governance Statement which you can find on the Company’s refreshed website.

PEOPLE

Developing our people skills and talent is an important Board priority. We continue to invest in leadership talent and adding new capability to the Company. The Company’s back office has been a particular focus of mine, and it is pleasing to see the progress we are making. It is exciting for the Board to witness our people grow and focus on improving business outcomes.

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The Board is continuing to improve the organisation across all functions, and we have seen positive recruitment of strong leaders across key roles with the Company’s performance improving. Select Harvests is committed to being an employer of choice.

SUMMARY

Before handing over to David, I wish to address the Company’s first strike against the 2024 remuneration report. Throughout the year, the Company has been engaging with its major shareholders on the reasoning behind the first strike last year and much of this was related to shareholder dissatisfaction with the timing and amount of the 2024 capital raise, and this message was received by way of a first strike at the 2024 AGM. It is important that we take the learnings from these discussions, and we do appreciate the feedback. The Board remains of the view that the capital raise was necessary at the time. I trust that shareholders recognise the substantial rebuild of the logistics function and the subsequent halving of net debt during the year. This together with a strong focus on disciplined capital allocation across the business means that shareholder return is being considered at every decision point by management and the Board.

Finally, I would like to thank all shareholders for your ongoing support of the Company and all Select Harvests team members for their ongoing hard work to deliver results.

I will now hand over to David for his overview of 2025 and our priorities for 2026.

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2025 Annual General Meeting 17 February 2026

Travis Dillon - Chairman

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AGENDA

1. Chairman’s Address

Managing Director’s Address
2025 Performance
Transformation Progress
Outlook

3. Business of the AGM

Board of Directors & Company Secretary

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Margaret Zabel Non-Executive Director Appointed October 2022 (standing for election)

Guy Kingwill Non-ExecutiveDirector Appointed November 2019

Travis Dillon Chairman Appointed May 2022

David Surveyor Managing Director & CEO Appointed February 2023

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Michelle Somerville Non-Executive Director Appointed December 2022*

Paul van Heerwaarden Non-Executive Director Appointed October 2023

Jason Arnheim General Counsel & Company Secretary Appointed April 2025

DISCLAIMER AND BASIS OF PREPARATION

This presentation is provided for information purposes only and has been prepared using information sourced by the company. The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider their own individual investment and financial circumstances in relation to any investment decision.

Certain statements contained in this presentation may constitute forward-looking statements or statements about future matters that are based upon information known and assumptions made as of the date of this presentation. These statements are subject to risks and uncertainties. Actual results may differ materially from any future results or performance expressed, predicted or implied by the statements contained in this presentation.

The Select Harvests Limited financial statements are prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. This includes application of AASB 141 Agriculture in accounting for the current year almond crop, which is classified as a biological asset. In applying this standard to determine the value of the current year crop, the Company makes various assumptions at the balance date as the selling price of the crop can only be estimated and the actual crop yield will not be known until it is completely processed and sold. The resulting accounting estimates will, by definition, seldom equal the related actual results, and have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Strategy Delivering Results

Macro-economics for almonds continues to be positive and support existing pricing
The Company continues to deliver excellent results across its PMO initiatives
Safety and culture (TRIFR 5.5);
Horticultural practice and yields (out-performing Industry);
Processing performance excellent & capacity expansion (Project Optimus phase 2 10,000MT);
Sales delivers margin capture ($8m);
Tight operational costs (flat YOY);
Supply chain speeds cash cycle, a $109.1m improvement in operating cashflow.
Financial discipline
Significant increase in profit (NPAT increased by $30.9m);
Net debt reduction to $79.1m (51% improvement);
Efficient capital expenditure (2024 $21.4m and 2025 $24.1m).[1]

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Revenue ($m)
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398
288 294
266
248
206
2020 2021 2022 2023 2024 2025
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Operating cashflows ($m)
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119
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25
15
10
1
(20)
2020 2021 2022 2023 2024 2025
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1) Excludes water purchases.

Safety – Continued Focus

Total Recordable Injury Frequency Rate Injuries per million hours worked

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30.1
22.2
17.2
6.7 7.1
5.5
FY20 FY21 FY22 FY23 FY24 FY25
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Maturity of our Safety Culture

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Capital Management and Shareholder Returns

Managing capital to ensure the profitability and an attractive proposition for investors – the current focus is on strengthening the core.

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Shareholder returns

The Company intends to return to a dividend paying stock, targeting a full year franked dividend of 25% - 50% of Net Profit After Tax (NPAT).
The company expects a fully franked dividend will be paid in 2026
(subject to Board discretion and compliance with the Corporations Act)

Strong Almond Macro Economics

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Almond Market Price California almond tree vs plantings Global almond demand CAGR of 5-7%.
US$/kg (FAS basis) acreage • Food mega trends favour healthy foods and
$8.00 Bearing Non-bearing Planting convenience foods is almond positive.
$7.00
2.0 0.12
$6.00 • Low inventory in global supply chains.
0.10
$5.00 1.5
0.08 •
$4.00 Dips can be distractions from the macro.
1.0 0.06
$3.00
0.04
$2.00 0.5
$1.00 0.02 Relative Competitive Advantage
0.0 0.00
$0.00 • Australia has a cost advantage to US.
2020 2021 2022 2023 2024 2025 2026
Source: Stratamarkets. Source: USDA National Agricultural Statistics Service, and Almonds.com. Supply cannot quickly increase
•
California almond acres appear to have
California vs SHV cost price ($ per kg) Australian almond production tonnage
peaked.
10.00 timeline
• Australia forecast volumes are also
200
8.00 reasonably flat.
150 • New trees 6-7 years to maturity.
6.00
100
8.70
4.00
6.77
50 Conclusion
2.00
- • Select Harvests is well placed to benefit.
0.00
1,2,3 4 •
California SHV Strong pricing expected for F26, F27 & F28.
Tree Acres
Planting Acres
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
$ per kg
Tonnes (thousans)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
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Food mega trends favour healthy foods and convenience foods is almond positive.

Source: Almond Board of Australia.

Note : 1 – UC Davis Cost & Returns study is based on Sacramento Valley, which align with the average yield per acre for California.

2 – Adjusted for non-operational costs to allow like for like comparison with an assumed processing cost included.

3 – $0.69 AUD/USD FX rate used at 10 year historical average.

4 – Normalised for 29,000MT per “Key Drivers – Total Production Cost” slide.

FY2025 Financial Results

NPAT improvement of $30.9m YOY.

NPAT $31.8m

ROCE of 6.8% Vs Prior Year 1.9%.
Production cost flat YOY and remain tightly managed.
No final dividend declared.
Almond price $10.18/kg on Select Harvests crop of 24,903MT.

Almond Price $10.18/kg

Mid year price dip and recovery caused by inaccurate US objective forecast.
Price rises across all almond grades due to a low carry-in, a smaller Californian crop and strong demand in key markets.

Operating Cashflow $118.6m

Operating cashflow has improved by $109.1m.
Increased sales velocity.
Order to cash efficiency improvement leading to strong cash generation and customer satisfaction.

Net Debt / equity ratio 15.1%

Net debt balance of $79.1m, $83.2m lower than FY2024 due to lower working capital and higher cash conversion.
Banking refinance $240m facility, being $150m 3-year term and $90m 5-year term.

Key Results Drivers – Volume

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Almond Volume
29,527
MT 28,250 28,312
24,903
23,250
19,771
FY20 FY21 FY22 FY23 FY24 FY25
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2025 Crop

Reduced SHV 2025 crop due to:
Lower crack-out from Nonpareil due to larger hull sizes;
2025 crop bloom below the strength of the prior year;
500MT losses due to frost, the impact minimised due to Select Harvests 310 frost fans infrastructure.
SHV 2025 crop consistent with the lower volumes reported by Almond Board of Australia.

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Crack-out
Percent
29% 30% 30% 29%
26%
24%
FY20 FY21 FY22 FY23 FY24 FY25
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Third-party processing volumes down 30% to 7,329MT which made up 23% of the total processing volumes.
Continued focus on improving quality was highlighted through a 27% reduction in customer complaints.

Key Results Drivers – SHV achieving price premium

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High-Grade Kernel
Almond Market Price [1]
In-shell
US$/kg Low-Grade Kernel
$8.0
$7.0
$6.0
$5.0
$4.0
$3.0
Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
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Select Harvests Maximises Price supported by almond macro

Select Harvests 2025 almond crop price of $10.18/kg.
Select Harvests has outperformed the market benchmark price (adjusted for tariffs) through:
Price optimisation - discipline on price;
Customer optimisation - growing 'direct to customer' channels by spending time in market;
Grade optimisation - creating customer specific grades.
No change in our view on 2025 California crop size 2.6b - 2.7b pounds.
SHV Treasury Policy manages FX risk.

(1) Source: Stratamarkets.

Key Drivers – Total Production Cost

Production Costs

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Total Almond Production Cost [1]
10.18
$/kg
Normalised
7.82
6.60 6.94 6.73 6.71
5.37 5.63 5.88
FY20 FY21 FY22 FY23 FY24 FY25 FY23 @ FY24 @ FY25 @
29,000 MT 29,000 MT 29,000 MT
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Total Cost of Production was lower than FY2024 despite inflationary pressures, as Project Management Office
- (PMO) initiatives took effect.
Savings in labour and fertiliser were offset by rising water and electricity costs.
Faster production rates at the Carina West Processing Facility helped lower our costs as we completed primary processing earlier.
In comparison US grower cost increased by 47-53% (2019-2024).
1)2) Production cost are growing, harvest, processing, lease and bearer plant depreciation costsCalifornia Almond board episode 85 Podcast ‘Almond economics’ with Brittney K. Goodrich Ph.D. .

Transformation – Results at each stage of the business

EBIT Contribution[(1)]

Horticulture 47%

Processing 28%

Sales 25%

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2025 Achievements:

Sales Initiatives Processing Capability Horticulture Practices Logistics Transformation

2026 & Beyond – Building on Success Horticulture Initiatives Equipment Investment Kernel Recovery Expansion Back Office Automation

Transformation – Value creation in our business model

(1) EBIT Contribution is a management calculated metric.

Stron Strate Execution g gy

Key On track At risk ~~Behind schedule~~

Strategic Pillars

~~Safety & Enablers~~

Substantially greater almond volume • Improved horticulture practices. • Early harvest to improve quality. • Scale opportunity through F24 F25 Crop size Hort practices Hygiene & Quality Leverage scale 3rdParty growers Water Mgmt	F24 F25 Capacity Processing yield (waste) Cust complaints Indirect costs Leadership in processing scale and efficiency • 40,000MT capacity in place and Project Optimus phase 2 10,000t in progress and on track.	F24 F25 Sales velocity Pricing optimise Customer optimise Logistics Value-add margin Maximise returns from almond crops ▪ Pricing gains against benchmarks. ▪ Logistics operating well.	Innovate to drive step-out growth	Innovate to drive step-out growth	Innovate to drive step-out growth	Innovate to drive step-out growth
					F24	F25
			▪ On hold

Scale opportunity through targeted actions: Labour, Freight, Procurement, Automation.
Contracted 3[rd] party processing ▪ Direct sales growing.
volume impacted by 2025 crop ▪
with growth in 2026. Value added margin held back
• by fixed price contracts.
Operating metrics are positive.
Tight cost management.
Customer complains continue to reduce.
Water rebalancing complete.
Yilgah lease handback 300 HA over 2026-2028.

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Safety & Back office -
efficient and scalable
processes
F24 F25
Safety - TRIFR
Logistics
Procurement
PMO
Technology & data
Engagement
• Focus on safety training and
accountability.
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High company engagement scores.
Progressing automation of operational data to integrate into Power BI.
Procurement disciplined approach to sourcing that lowers position on the cost curve.
PMO delivering target results.

Pro ect O timus Phase 2 - Leadershi in Processin j p p g

Stage 1: Upgrade provides uplift 5,000MT – Complete

Shear Roller Speed Automation

Line Balancing Automation (Hulling)

Colour Sorter upgrade

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Stage 2: Upgrade provides uplift 5,000 MT – will be ready for 2026 processing

Balance shell decks

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Capacity upgrade decks 7-9

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Kernel Conveyance capacity upgrade

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Kernel Recovery Line

Pilot Testing

Improves yield by approx. 3%

Advances in screening technologies allow us to reprocess hulls to recover any remaining marketable product;
Increases product recovery, reducing waste and maximising value from the crop.

Strengthens profitability in a competitive market

Strengthens Select Harvests’ position as the leader in processing;
Opportunity to grow third party volumes.

Minimises environmental impact by optimising resource use.

The Kernel Recovery Line aligns with Select Harvests’ sustainability goals by reducing waste and optimising yields.

Payback

Investment of $5m with a less than 1-year simple return.

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In-Line Processing Schematic

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Investin in our future – Harvest Shakers g

Improve yield

Higher first-pass nut removal increases output per tree and reduces time on re-shakes, allowing earlier completion of blocks;
Shorter exposure to weather and pests increasing saleable tonnes.

Enhance quality

Faster harvest reduces exposure to insects, weather and mould; cleaner harvest supporting almond quality;
Increased inshell from the first shake (re-shakes do not produce in-shell quality).

Increase labour efficiency

Shorter shake times and fewer operator adjustments;
Crews cover more hectares per shift with the same headcount, lowering labour hours per tonne.

Asset cost of Ownership

Replacing ageing units reduces unplanned downtime and spare-parts consumption, stabilising harvest scheduling;
Modern machines with longer component life and lower repair spend.

Payback

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Investment of $9.1m with a less than 2-year simple return.

PMO – Strategy Execution and Discipline (EBIT impact)

Execution PMO Impact Count of initiatives Millions AUD FY24 FY25 FY26+ FY23 FY24 FY25

The 2025 P&L Impact Millions AUD

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Positive Market Outlook FY2026

SHV Crop

Californian Crop

Margin

We will provide forecast crop size at mid year.
We experienced normal but quick bloom conditions.
Procured the required number of bees to successfully pollinate the bloom (including from WA).
No frost damage.
Commencing harvest now, as weather had delayed hull split.
Peak volume has passed, and few new plantings across California.
No change in estimate of final crop 2.6b – 2.7b (receipts at end January 1.4% behind prior year). Carry-out 480-550m pounds.
Crop receipts for key varieties Nonpareil, Carmel, Price and Monterey are down by an average 7% YOY. (Independence up by 18% but not material to SHV).
Pre-sold 10,000T of 2026 crop at strong prices.
Favourable macro-economic conditions support prices through FY2026 (FX cover on approx 60% of crop at 65.31c).
Some headwinds on uncontrollable costs (bees, water, fertiliser).
Gains through investment in shakers, Optimus, Kernel recovery.
Price optimisation will continue to outperform benchmark.

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Key Messages

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FY2025
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FY2026
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The profitability of Select Harvests substantially increased.
Strong balance sheet with gearing at 15.1%.
Select Harvests PMO initiatives are creating value.
The business model is generating value from farming, processing and sales.
The almond macro supports favourable pricing.
The Company will actively maximise returns through:
Higher yields in our Horticulture program and investment in harvesting equipment;
Processing leadership via Project Optimus and kernel recovery;
Capturing more price;
Remaining on the low end of the cost curve.
There is upside in cash which we will drive to deliver.

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Business of the AGM

Ordinary Business

Consideration of Financial Statements and Reports

Resolutions

Resolution 1 : Adoption of Remuneration Report
Resolution 2 : Election of Director – Margaret Zabel
Resolution 3 : Election of Director – Michelle Somerville
Resolution 4 : Participation by the Managing Director in the Long-Term Incentive Plan
Resolution 5 : Spill Resolution (conditional resolution)

Consideration of Financial Statements and Reports

Q & A Session

– Resolution 1: Adoption of the Remuneration Report proxy votes

RESOLUTION - That the Remuneration Report for the year ended 30 September 2025 be adopted.

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FOR OPEN AGAINST
77,863,414 248,161 1,826,876
97.40% 0.31% 2.29%
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