SELECT HARVESTS LIMITED — Interim / Quarterly Report 2025

May 28, 2025

Select Harvests Limited ABN 87 000 721 380 Level 3, Building 7, Botanicca Corporate Park 570-588 Swan St, Richmond VIC 3121, Australia +61 3 9474 3544 www.selectharvests.com.au

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ASX Release – Company Announcement

29 May 2025

1H FY2025 Results Announcement | Strong Earnings and Favourable Market Conditions

1H FY2025 financial results

• Reported NPAT of $28.7 million (1H FY2024 NPAT loss of $2.4 million)

• EBITDA[1] of $60.7 million (1H FY2024 EBITDA of $18.4 million)

• Estimated 2025 almond crop of 24,000 MT - 26,500 MT (FY2024 29,527 MT)

• Forecast almond price of A$10.35/kg (FY2024 A$7.69/kg) with strong demand from China and India

• Operating cashflow of $7.5 million (1H FY2024 cash outflow of $23.2 million)

• Net debt of $168.2 million (1H FY2024 $237.9 million)

• Gearing – net debt (excluding finance lease liabilities)/equity ratio is 32.7% (1H FY2024 57.9%)

• Successful refinancing of existing debt facilities

• Earnings per share (EPS) of 20.2 cents per share (1H FY2024 EPS loss of 2.0 cents per share)

• No Interim Dividend declared for 1H FY2025

Strong Earnings

Select Harvests Limited (‘Select Harvests’, ‘SHV’ or ‘the Company’) reports a Net Profit After Tax (NPAT) of $28.7 million for the half year ended 31 March 2025 (1H FY2025), an improvement of $31.1m from 1H FY2024.

Managing Director, David Surveyor, stated “ Select Harvests’ strong financial performance in 1H FY2025 demonstrates clear progress against our strategic pillars, enabling us to capitalise on strong almond prices.

Operating cash flow improved by $30.7 million to $7.5 million and net debt reduced to $168.2 million ”.

1 EBITDA is a non-IFRS measure representing earnings before net interest, tax, depreciation and amortisation. Non-IFRS measures are relevant because they are consistent with measures used internally by management and by some in the investment community to assess the performance of the business.

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Safety

Select Harvests continues to focus on safety and the development of its people. As at today our TRIFR[2] is 6.3 with both our LTIFR[3] and MTIFR[4] demonstrating positive trends, reflecting reductions in lost time and medical treatment injuries.

Strategic Momentum

David Surveyor states “ The macro-economic conditions for the Australian almond industry remain positive and Select Harvests expects this to continue. When combined with our strategy we expect to bring future benefits for our shareholders ”.

Select Harvests continues to progress its strategic pillars:

1. Substantially greater almond volumes

2. Leadership in Processing Scale and Efficiency

3. Maximise the return from the crop

4. Step-out growth

The Company is driving for increased crop productivity with better yields. As we benchmark our farm performance, we are confident we will achieve increased yield over time as we optimise fertiliser, bee density and water.

Further supporting our goal of maximising our crops, we continue to protect our trees, with investment in drainage at the Piangil Orchard and the Mountview Orchard.

There is no change to the Company’s previously announced crop forecast 24,000 MT – 26,500 MT. The reduction previously advised is reflective of the reduced 2025 Australian almond crop size compared to the forecast, as published by the Almond Board of Australia[5] .

As previously noted, we contracted an increase in external almond volumes in 2025 but given the Australian crop size we expect this will be reduced in 2025 before recovering in 2026.

Last year we successfully completed our first phase expansion at the Carina West Processing Facility, Victoria taking capacity to 40,000 MT. We are now executing Phase 2 of the expansion that will increase capacity to 50,000 MT. For a total investment of approximately $6 million (Phases 1 & 2), Select Harvests will have added capacity equivalent to a new greenfield plant. Pleasingly, part of the second phase is operationally ahead of schedule.

2 TRIFR: Total recordable injury frequency rate; 3 LTIFR: Lost time injury frequency rate;

4 MTIFR: Medical treatment injury frequency rate;

5 https://almondboard.org.au/2025-26-crop-update/?v=8bcc25c96aa5

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The Company has contracted sales for 60% of the 2025 crop with our full year forecast price currently at A$10.35/kg, with 86% of the 2025 crop hedged at an average AUD/USD exchange rate of 0.648. We are seeing strong prices across all grades. We are also using data to improve pricing practices, and we have reviewed opportunities to obtain margin advantages against the Stratamarkets benchmark. Product is shipping smoothly to customers across the globe with noticeable improvements in documentation accuracy and speed.

The Company continues to work on improving efficiency and costs. The result is that our cost to grow, harvest and process almonds is stable, despite inflationary pressures and water price increases. On-farm improvements include spray efficiency, seasonal labour and a simpler organisational design. Processing improvements include cost savings with fewer line stops, lower packaging costs and lower labour costs. Our work continues to see improvements in quality with positive feedback from customers.

We see upside in the business through a series of operational gains:

• Capturing as much price as we can

• Maximising our yields and profitably adding external supply

• Expanding our processing capacity

• Continuing to use the Project Management Office to ensure the operating discipline to deliver gains

• Staying low on the cost curve

Debt is $168.2 million and follows the Company’s normal debt profile. It will reduce further as the current crop is sold through the remainder of FY2025 and the Company continues to exercise tight discipline in relation to cash collection and expenditure. Net debt (excluding finance lease liabilities)/equity ratio is 32.7% (1H FY2024 57.9%).

Refinance

The Company is pleased to announce the successful refinancing of its existing debt facilities, securing a total of $240 million in new funding across two tranches.

Subject to the satisfaction of customary condition precedents, the refinancing package includes:

• Tranche A: $150 million with a 3-year term, maturing in May 2028.

• Tranche B: $90 million with a 5-year term, maturing in May 2030.

Key features of the new facilities:

• Competitive margins reflecting the Company’s improved credit profile post 2024 capital raising.

• Replacement of existing facilities with improved covenant terms and extended maturities.

• Introduction of a third banking partner, to support the company’s strategic objectives.

David Surveyor, commented: “ This refinancing is a significant milestone for Select Harvests. It strengthens our capital structure, reduces funding risk, and positions us well to execute our strategic priorities. We thank our banking partners for their continued support ”.

Superannuation Underpayment

During a routine payroll review Select Harvests has identified an error in Superannuation Guarantee (‘SG”) payments that dates back to 2020.

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The Company recognised a provision of $3.5 million relating to the SG underpayment in the FY2024 accounts, $2.9 million is recognised in opening retained earnings with the remaining $0.6 million recognised in the income statement.

A third-party review is underway to ensure obligations to our people and regulatory requirements are swiftly met.

Select Harvests has made a voluntary disclosure to the Australian Taxation Office.

Outlook

• Demand side strength supported by the trend towards “better for you plant based foods” continues to drive strong global demand with Select Harvests engaging with customers across Australia, China, India, the Middle East and Europe.

• Supply side remains tight with limited inventory in supply chains and Californian volumes committed with an expectation that carry-in volumes will be low. On 12 May 2025, the US Department of Agriculture released its forecast Subjective Estimate for the 2025 Californian Almond Crop of 2.8 billion pounds. This crop forecast, when combined with market conditions supports a continuing favourable macro-economic environment.

• Price for almonds has risen substantially across the year, with Select Harvests forecast price at A$10.35/kg.

• • Orchard program for growing the 2026 crop has commenced and the trees are in good health. Water allocations remain favourable, however temporary market water pricing has increased.

• Project Management Office (PMO) has 60 active projects with $20.4 million in value delivered YTD, with net benefit of $8.1m after offsetting inflationary pressures and one-off operating costs of $12.3 million.

Summary

The Select Harvests Board has decided not to pay an Interim Dividend and will next consider a dividend at the completion of the FY2025 financial year accounts.

David Surveyor concludes “ 1H FY2025 shows the performance of the Company improving. The Company continues to focus on operational discipline, strategic execution and market positioning which provides a strong foundation for improved and sustainable profitability and shareholder value.

Importantly, we continue our journey towards world-class safety performance .”

This announcement has been approved by the Board of Directors of Select Harvests Limited.

ENDS

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FOR FURTHER INFORMATION, PLEASE CONTACT:

David Surveyor, Managing Director & CEO Liam Nolan, Chief Financial Officer Andrew Angus, Investor Relations

+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757

About Select Harvests:

Select Harvests Ltd (ASX:SHV) is an ASX-listed, fully integrated almond business consisting of orchards (Company owned, leased, joint venture and managed), primary processing (hulling, shelling, sorting and packing) and secondary value-added processing (blanching, roasting, slicing, dicing, meal and paste). Australia is a significant global almond producer and Select Harvests is one of Australia’s largest almond companies, supplying almonds domestically and internationally to supermarkets, health food stores, other food manufacturers, retailers and the almond trade. The Company is headquartered in Melbourne, Australia, while its orchards are in north-west Victoria, southern New South Wales and South Australia. Its almond processing and value-adding facility (Carina West) is located at Wemen in north-west Victoria. For more information, visit www.selectharvests.com.au.

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