SELECT HARVESTS LIMITED — Interim / Quarterly Report 2025

May 28, 2025

SELECT HARVESTS LIMITED ABN 87 000 721 380 AND CONTROLLED ENTITIES

HALF-YEAR INFORMATION FOR THE SIX MONTHS ENDED 31 MARCH 2025 PROVIDED TO THE ASX UNDER LISTING RULE 4.2A

This half-year financial report is to be read in conjunction with the financial report for the year ended 30 September 2024.

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Rule 4.2A.3

Appendix 4D Half Year Report for the six months to 31 March 2025

Name of entity

Select Harvests Limited

ABN 87 000 721 380

1. Reporting period

Report for the half year ended 31 March 2025

Previous corresponding period is the financial year ended 30 September 2024 and half year ended 31 March 2024

2. Results for announcement to the market

(All amounts in this report are expressed in $’000 unless otherwise stated)

. Results for announcement to the market (Allamounts inthis report are expressed in$’000 unless otherwise stated)	. Results for announcement to the market (Allamounts inthis report are expressed in$’000 unless otherwise stated)	. Results for announcement to the market (Allamounts inthis report are expressed in$’000 unless otherwise stated)
Revenues from continuing ordinary activities_(item 2.1) Up 54.1% to 104,498 Profit from continuing ordinary activities after tax attributable to members (_item 2.2) Net profit after tax attributable to members_(item 2.3)_ Up Up 1280.2% 1280.2% to to 28,668 28,668
Dividends(item 2.4)	Amount per security	Franked amount per security
Interim dividend	Nil	Nil
Previous corresponding period Interim dividend	Nil	Nil
Record date for determining entitlements to the interim and special dividend (item 2.5) Not applicable Brief explanation of any of the figures reported above necessary to enable the figures to be understood (item 2.6): Please refer to the attached announcement.	Not applicable

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3. Net tangible assets per security (item 3)

Net tangible asset backing per ordinary security

item 3)
Current period*	Previous corresponding period
$3.14	$2.89

• Includes Right-of-Use Assets and lease liabilities in accordance with AASB 16 Leases

4. Details of entities over which control has been gained or lost during the period: (item 4)

Control gained over entities

Name of entities (item 4.1)

Date(s) of gain of control (item - 4.2)

Contribution to consolidated profit (loss) from ordinary activities after tax by the controlled entities since the date(s) in the current period on which control was acquired (item 4.3)

$ -

Profit (loss) from ordinary activities after tax of the controlled entities for the whole of the previous corresponding period* (item 4.3)

$ -

5. Dividends (item 5)

. Dividends(item 5)
Interim dividend – year ended 30 September 2025 Interim dividend – year ended 30 September 2024	Date of payment	Total amount of dividend ($’000)
	Not Applicable	Nil
	Not Applicable	Nil

Amount per security

	Amount per security	Franked amount per security at 30 % tax	Amount per security of foreign sourced dividend
Total dividend:Currentyear(interim)	Nil ¢	Nil ¢	Nil ¢
Previousyear(interim)	Nil ¢	Nil ¢	Nil ¢

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Total dividend on all securities

otal dividend on all securities
Ordinary securities_(each class separately) Preference securities(each class separately) Other equity instruments(each class separately)_ Total	Current period $'000	Previous corresponding period $'000
	- - -	- - -
	-	-

6. Details of dividend or distribution reinvestment plans in operation are described below (item 6) :

Not applicable

The last date(s) for receipt of election notices for Not applicable participation in the dividend or distribution reinvestment plan

7. Details of associates and joint venture entities (item 7)

Name of associate or joint venture entity %Securities held N/A

Aggregate share of profits (losses) of associates and joint venture entities

Group’s share of associates’ and joint venture entities’: Profit (loss) from ordinary activities before tax Income tax on ordinary activities Net profit (loss) from ordinary activities after tax Adjustments Share of net profit (loss) of associates and joint venture entities	2024 $	2023 $
	- -	- -
	- -	- -
	-	-

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8. The financial information provided in the Appendix 4D is based on the half year condensed financial report (attached), which has been prepared in accordance with Australian accounting standards.

9. Independent review of the financial report (item 9)

The financial report has been independently reviewed. The financial report is not subject to a qualified independent review statement.

10. Matters relating to a qualified independent review statement

A description of the dispute or qualification in respect of the independent review of the half-year financial report is provided below (item 17)

N/A

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SELECT HARVESTS LIMITED ABN 87 000 721 380

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 MARCH 2025

SELECT HARVESTS LIMITED ABN 87 000 721 380

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 MARCH 2025

TABLE OF CONTENTS

	Page
Directors' report	3
Auditor’s independence declaration	9
Financial report for the half-year ended 31 March 2025
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	11
Consolidated Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Financial Statements	14
Directors' declaration	26
Independent auditor’s review report	27

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Financial Report for the year ended 30 September 2024 and any public announcements made by Select Harvests Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001

Select Harvests Limited and Controlled Entities

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DIRECTORS’ REPORT

The directors present their report together with the financial report of Select Harvests Limited and its controlled entities (referred to hereafter as “Select Harvests”, “the Company,” “the Group” or “the consolidated entity”) for the half-year ended 31 March 2025.

Directors

The Directors of the Group in office at any time during or since the end of the half-year are:

T Dillon (Chair) D Surveyor G Kingwill M Zabel M Somerville P van Heerwaarden

The Directors have been in office since the start of the financial period to the date of this report.

Review of Continuing Operations

Select Harvests is one of the world’s largest fully integrated almond companies and the second largest almond producer in Australia. The Company has world class assets, including an expanding processing capability which enables Select Harvests’ to source almonds externally. This helps ensure the Company is well placed to benefit from the global almond macro-economic environment and growth in the wider better for you plant based foods.

The Company is beginning to operate within stronger macro-economic conditions. Both the supply and demand side are driving increasing global almond prices. The Company continues to focus on the aspects of the business within its control.

Select Harvests continues to focus on safety and the development of our people. While our Total Recordable Injury Frequency Rate (TRIFR) at 7.3, was slightly higher than FY24 of 7.1, both our Lost Time Injury Frequency Rate (LTIFR) and Medically Treated Injury Frequency Rate (MTIFR) demonstrate positive trends, reflecting reductions in lost time and medical treatment injuries.

The Company has continued to make progress on its strategy, with a strong focus on pillars one through three, which will position it to leverage the positive almond macro-economic conditions. At this stage, the Company is not actively pursuing pillar four. The program is built over three horizons and across the following four 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 consolidated profit after tax of the Group for the half year amounted to $28.7m (31st March 2024: $2.4m Net loss after tax) which includes some one-off administrative costs and a one-off profit on sale of water rights worth $5.8m.

The Company is well advanced through the 2025 harvest. The Company forecast is for a crop of 24,000 MT - 26,500 MT with the midpoint of 25,250 MT used as the basis for fair value accounting. Based on contracted and current market prices, the forecast average selling price is $10.35kg.

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Select Harvests Limited and Controlled Entities

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Strategy

The Company continues to make progress against its strategy which will provide leverage to the positive almond macro-economic conditions.

Aligned with the strategic objective of maximising returns from almond crops, we have expanded our customer base to ensure that it is broad enough to consume increased volumes from Select Harvests. The Company is also using data to improve its pricing practices, has reviewed opportunities to obtain margin advantages against Californian supply and has accordingly increased weighting to China. Our work continues to see improvements in quality and reductions in customer complaints.

The Company is driving for increased crop productivity with better yields. As we benchmark our farm performance, we are confident we will get more yield over time as we optimise fertiliser, increase bee density and water. The return on these initiatives is substantial. We contracted an increase in external volumes in 2025 but given the Australian crop size we expect this will be reduced in 2025 before recovering in 2026 and beyond.

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

The Company continues to work on improving efficiency and costs. 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.

We see upside growth 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 (PMO) to ensure the operating discipline to deliver gains; and

• Staying low on the cost curve.

Growing and Harvesting – 2025 Crop

Consistent with the 2025 Business update, provided to the Australian Securities Exchange (ASX) on 16 April 2025, the Company is forecasting a 2025 Crop in the range of 24,000 MT – 26,500 MT. The Company has used the mid-point of this estimate (25,250 MT), to determine the half-year results.

At 31 March 2025, the Company had processed around 35% of the crop, consisting of the Nonpareil variety and we are yet to process our pollinator varieties. Accordingly, the forecast is an extrapolation of non-pareil and an estimate of pollinator varieties based on field weight and historical crack-out rates. The quality metrics are positive, and we expect another year with a good quality profile of inshell and kernel which will help support pricing.

Since the announcement to the ASX on 16 April 2025, there has been no new information that would result in a change to the crop forecast.

The 2024 crop was a strong rebound following a poor year and was grown under the prior horticultural programs. We have since evolved our farming strategy and from August 2024

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Select Harvests Limited and Controlled Entities

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have increased fertiliser application, however it will take time for the benefits to flow to crop size given the two-year reproduction cycle for almonds.

The 2025 forecast reduced crop is the result of:

• The trees having a larger hull size relative to kernel size and therefore the crack-out percentage on Nonpareil is low;

• The 2025 crop experienced a bloom below the strength of the previous bloom, in particular Nonpareil; and

• There were approximately 500MTof losses associated with frost.

The Company’s crop volumes are consistent with lower volumes being delivered by our external growers and announcements made by the Australian Almond Board.

Consistent with the requirements of Accounting Standard AASB 141 Agriculture (‘AASB 141’), the harvested portion of the 2025 crop has been valued at the estimated fair value less costs to sell. At the half year the Company recognises the fair value profit based on the proportion of the crop that is ‘at the point of harvest’ as at 31 March 2025. With an early start to harvest and the favourable harvest conditions, the Company completed most harvest operations by 31 March 2025. For 1H 2025, the Company is recognising 75% of the 2025 crop fair value profit within its 1H FY2025 accounts.

Total 2025 crop growing costs are forecast to finish below plan. PMO initiatives continue to deliver favourable results. Market pricing for fertiliser and chemical inputs were lower than the prior year due to effective procurement strategies employed however we increased volumes to further support our tree and nut growth. Water costs were higher due to increased temporary water prices due to drought conditions across growing regions and major storage catchments.

At reporting date, the Company’s processing facility is in full production with approximately 35% of the crop processed. The overall inshell quality mix is very good (also higher than historic averages) and we are awaiting data on kernel quality. The Company strategy to deliver additional capacity has been aided by increasing processing speed to ten tonnes per hour and our cost per kilogram rates are expected to be lower than last year adjusted for the smaller crop.

The Company has continued to increase market share of third-party processing, and it will make up approximately 25% of our total processing volumes being enabled by our process capacity increase to 40,000 MT.

The Company’s value adding facility continues to deliver positive outcomes. The facility is processing low grade material and producing higher valued product (e.g. paste and sliced material).

Cash Flows

Operational cashflows largely followed the normal seasonal profile with cash invested to grow the crop in the first half followed by the expected cash generation in the second half as the crop is sold. However, cash flows from operating activities were higher than the same period to FY24 due to the collection of debtors that carried over from FY25. We expect strong cash flows in the second half of 2025 with an improved operating result as the current year crop is sold through.

Investing cash outflows were higher than 1H FY2024 as the Company invested in capital expenditure on harvest equipment and drainage.

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Select Harvests Limited and Controlled Entities

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Safety and ESG

The Company is committed to improving its safety performance and looking after our people.

Our safety performance remains on track with our TRIFR at 7.3 as of 31 March 2025, slightly up from 7.1 at the end of the financial year. Both our LTIFR and MTIFR demonstrate positive trends, reflecting reductions in lost time and medical treatment injuries.

We are continuing with our behavioural-based safety (BBS) program, which has been integrated into our organisational culture. This program, based on the felt leadership model, emphasises engagement, personal connection, and purposeful action, and remains a cornerstone of our commitment to safety. We are ensuring the visibility of safety across the organisation. We are building better safety systems and processes. We are measuring performance as the Company continues its journey toward zero harm.

The Company is equally focussed on Environment, Sustainability and Governance (ESG). This commitment is evident through the activities of the Board's Sustainability Committee and the release of the Sustainability Report alongside our Annual Report in December 2024, which outlines clear focus areas and targets. The Company has recorded zero environmental incidents during the current reporting period.

Balance Sheet

Inventory and biological asset balances are higher than the same period last year reflecting the higher value of almonds, offset by the smaller crop size.

Property, plant and equipment balances have reduced with increased spending on capital ($14.0M of additions), offset by depreciation.

The Company maintains its policy of recording land and water assets at their cost of acquisition. As of 31 March 2025, the market value (as per the most recent 3 year rolling property valuations carried out by Herron Todd White) of the Company’s land assets are $119.9m higher and its water assets are $41m higher their respective recorded book values. The Company will complete a valuation process again in September 2025 for its land and water assets and this will be detailed in the FY2025 financial statements.

In line with expectations, debt levels approached their seasonal peak at 31 March. The March 2025 debt levels are materially lower than the corresponding period in FY2024 due to the capital raise in September 2024. The Company’s debt is expected to decrease during the second half of FY2025. All banking covenants continue to be met, and our debt position will reduce as the 2025 crop is sold.

Business Outlook

As previously noted in this report, the 2025 crop is forecast to be between 24,000 MT – 26,500 MT with an average expected sell price of $10.35 kg.

Our 2025 sales program is progressing well and as at 13 May 2025 we have contracted 42% of our total 2025 volumes comprising our own and external growers. Inshell and kernel sales are progressing well with its product quality. The Company continues to grow its customer base in China, India, Middle East and Southeast Asia allowing for an improved sales profile and customer diversification as we add more direct customers, consistent with our strategy.

The Company has hedging cover in place to align to crop volume certainty. We currently have 86% of the 2025 crop hedged at an average AUD/USD exchange rate of 64.8c.

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Select Harvests Limited and Controlled Entities

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The first half has seen consistent price rises across all grades of almonds. This can be attributed to the improvement of macro-economic conditions impacting the almond industry. These include indicators around Californian bloom and low levels of Californian carry-over stock.

On the 12[th] of May 2025, the US Department of Agriculture released its forecast Subjective Estimate for the 2024 Californian Almond Crop of 2.8B pounds. This crop forecast, when combined with carry in volumes have contributed to the favourable macro-economic environment.

Prices remain favourable and the Company’s price forecast of $10.35 kg remains current.

Business Risks

There are various risks that could have an impact on the achievement of the Company’s strategies and future performance.

The 2024 Financial report sets out the risks that the Company considers having the greatest possible impact to the business and an outline of what the Company is doing to mitigate these risks.

With the impact of geopolitical tensions and uncertainty, global inflation is continuously monitored and where possible managed for its resulting impact on key supply inputs (e.g. fertiliser) across the Company. As had been captured above the global macroeconomics of almonds are very positive and our forward forecast sees this continue. We do however note the US approach to tariffs and the retaliatory responses from various countries has created some uncertainty in global markets. We are not able to predict the future of these events however, where they exist Select Harvests is likely to be a net beneficiary.

Interim Dividend

No dividend has been declared for the half year financial period.

Subsequent Events

Subsequent to the half year-end on 28 May 2025, the Group successfully renewed its debt facilities of $240m by entering into a Syndicated Facility Agreement (SFA) with an effective date of 30 May 2025 with NAB, Rabobank and CBA while maintaining its bank overdraft facility limit of $10m with the NAB.

The SFA facility tenure is split $150m over a 3-year period expiring 30 May 2028, and $90m over a 5-year period expiring 30 May 2030. Each bank will have an equal share of the 3- and 5-year facility limits, at $50m each and $30m each respectively.

The covenants which are tested bi-annually on 31 March and 30 September each year under the new agreement include:

• Liquidity ratio requirement of >1.2, first testing date 30 September 2025

• Net gearing ratio requirement of <40%, first testing date 30 September 2025

The Fixed Charge Cover ratio (FCCR) will be tested annually on 30 September each year with a requirement of >3.0 with a first testing date of 30 September 2025.

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Select Harvests Limited and Controlled Entities

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Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 9.

Rounding

The amounts contained in this report and in the financial report have been rounded to the nearest $1,000 (where rounding is applicable) under the option available to the Group under ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191. The Group is an entity to which the Class Order applies. Signed in accordance with a resolution of the Directors:

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Travis Dillon Chairman Dated 29 May 2025

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Auditor’s Independence Declaration

As lead auditor for the review of Select Harvests Limited for the half-year ended 31 March 2025, I declare that to the best of my knowledge and belief, there have been:

• (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (b) no contraventions of any applicable code of professional conduct in relation to the review.

• This declaration is in respect of Select Harvests Limited and the entities it controlled during the period.

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Alison Tait Milner Partner PricewaterhouseCoopers

Melbourne 29 May 2025

PricewaterhouseCoopers, ABN 52 780 433 757 2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331 MELBOURNE VIC 3001

T: +61 3 8603 1000, F: +61 3 8603 1999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 MARCH 2025

Note Continuing operations Revenue Total revenue Other income/ (expenses) Fair value adjustment of biological assets 3.2 Gain on sale of assets Gain on sale of intangible assets Gain/ (Loss) on foreign currency transactions Interest income Total other income Expenses Cost of sales Administrative expenses Finance costs Profit / (Loss) before income tax Income tax (expense)/ benefit 2.2 Profit / (Loss) for the half-year attributable to members of Select Harvests Other Comprehensive Income Items that may be reclassified to profit or loss Changes in fair value of cash flow hedges, net of tax Other Comprehensive (Loss)/Income for the period Total Comprehensive Income / (Loss) Attributable to Members of Select Harvests Earnings / (Loss) per share for profit attributable to the ordinary equity holders of the Company: Basic earnings / (loss) per share (cents per share) Diluted earnings / (loss) per share (cents per share)

31 March 2025 $’000 31 March 2024 Restated $’000 104,498 67,818 48,839 14,643 47 273 5,755 - (164) 372 120 5 54,597 15,293 (101,663) (70,391) (12,001) (8,955) (5,253) (7,106) 40,178 (3,341) (11,510) 912 28,668 (2,429) (9,415) 1,124 (9,415) 1,124 19,253 (1,305)* 20.2 (2.0) 20.0 (2.0)

The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

*Refer to note 1.3 Comparative Information – 30 September 2024 for details of the restatement of comparative information

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories 3.1 Biological assets 3.2 Derivative financial instruments Total Current Assets NON-CURRENT ASSETS Other receivables Deferred tax assets Property, plant and equipment Right-of-use assets 3.3 Intangible assets 3.4 Total Non-Current Assets TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Borrowings 3.5 Lease liabilities 3.6 Derivative financial instruments Deferred gain on sale Provisions 3.7 Total Current Liabilities NON-CURRENT LIABILITIES Borrowings 3.5 Lease liabilities 3.6 Deferred tax liabilities Deferred gain on sale Provisions 3.7 Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity 4.1 Reserves Retained earnings TOTAL EQUITY	31 March 2025 $’000 30 September 2024 Restated $’000* 3,787 2,870 28,618 106,342 258,338 124,992 48,788 73,815 1 7,203
	339,532 315,222
	2,143 2,143 - 3,789 435,956 439,276 176,581 187,954 67,594 61,684
	682,274 694,846
	1,021,806 1,010,068
	91,753 122,193 20,000 20,000 33,131 32,415 6,308 60 175 175 7,302 7,395
	158,669 182,238
	152,000 145,200 191,008 202,904 3,390 - 1,664 1,751 614 713
	348,676 350,568
	507,345 532,806
	514,461 477,262
	478,977 461,331 4,984 14,099 30,500 1,832
	514,461 477,262

*Refer to note 1.3 Comparative Information – 30 September 2024 for details of the restatement of comparative information

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 MARCH 2025

Balance at 1 October 2023 (Loss) for the period Other Comprehensive Income Total comprehensive income for the half year Transactions with equity holders in their capacity as equity holders: - Employee performance rights reserve Balance at 31 March 2024 Balance at 1 October 2024 Profit for the period Other Comprehensive Loss Total comprehensive income for the half year Transactions with equity holders in their capacity as equity holders: - Share placement – net of transaction cost - Employee performance rights reserve Balance at 31 March 2025

Contributed Equity $’000 Reserves $’000 Retained Earnings Restated $’000 Total Restated $’000 401,615 6,081 934 408,630 - - (2,429) (2,429) - 1,124 - 1,124 - 1,124 (2,429) (1,305) - 300 - 300 401,615 7,505 (1,495) 407,625 461,331 14,099 1,832 477,262 - - 28,668 28,668 - (9,415) - (9,415) - (9,415) 28,664 19,253 17,646 - - 17,646 - 300 - 300 478,977 4,984 30,500 514,461**

*Refer to note 1.3 Comparative Information – 30 September 2024 for details of the restatement of comparative information

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 MARCH 2025

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Interest paid Net cash inflow / (outflow) from operating activities CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Proceeds from sale of water rights Payment for water rights Payment for property, plant and equipment Payment for tree development costs Net cash (outflow) from investing activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of shares, net of transaction costs Proceeds from borrowings Repayments of borrowings Principal and interest elements of lease payments Net cash inflow from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the half-year Cash and cash equivalents at the end of the half-year Reconciliation to cash at the end of the period: Cash and cash equivalents Bank overdraft

31 March 2025 $ ‘000 31 March 2024 $ ‘000 173,397 87,019 (160,960) (103,123) 12,437 (16,104) 120 5 (5,076) (7,111) 7,481 (23,210) 43 292 11,728 - (11,965) - (12,905) (9,426) (1,052) (1,237) (14,151) (10,371) 17,353 - 83,400 112,100 (76,600) (60,600) (16,566) (14,179) 7,587 37,321 917 3,740 2,870 (5,189) 3,787 (1,449) 3,787 296 - (1,745) 3,787 (1,449)

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. - 13 -

SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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1. BASIS OF PREPARATION

1.1 Basis of preparation of half-year report

This general-purpose financial report for the half-year ended 31 March 2025 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 .

This half-year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual financial report for the year ended 30 September 2024 and any public announcements made by Select Harvests during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

The accounting policies adopted are consistent with those of the previous annual financial report, except for the policies stated below.

New or amended Accounting Standards and Interpretations adopted during the financial year

The Group has adopted all relevant new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. These do not have a material effect on the Group’s financial statements.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Restatement of comparative information

Where necessary, comparatives have been reclassified and repositioned for consistency with the current year disclosures.

Rounding

The amounts contained in this half year financial report have been rounded to the nearest $1,000 (where rounding is applicable) under the option available to the Group under ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191. The Group is an entity to which the Class Order applies.

1.2 Comparative Information

The Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows provide comparative information for the half-year ended 31 March 2025. The Consolidated Statement of Financial Position provides comparative information as at 30 September 2024.

Where necessary, the comparatives have been reclassified and repositioned to be consistent with the current year disclosures.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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1.3 Comparative Information – 30 September 2024

(a) Revenue recognition for sale of external grower almonds

During the 31 March 2025 half year-end, the Group identified an offsetting duplication error of external grower revenue and cost of sales recognised at the end of 30 September 2024. The error resulted in a material overstatement of Total Revenue and Cost of sales recognised for the period ending 30 September 2024. This error did not impact the reported net profit for the 31 March 2024 half year.

The errors will be corrected within the 30 September 2025 financial statements by restating each of the affected consolidated financial statement line items for the 30 September 2024 period as follows:

follows:
$'000 For the financial year ended 30 September 2024 (Consolidated Statement of Comprehensive Income extract)	30 September 2024	Increase / (Decrease)	30 September 2024 (restated)
Total Revenue	337,285	(43,038)	294,247
Cost of sales	(331,024)	43,038	(287,986)

(b) Superannuation underpayment provision

During a routine payroll review of employee payments during the half year-end, the Company identified a superannuation underpayment dating back over five years. The estimated amount owed equals $3.5m and has been adjusted within the financial period in which the liability became payable. Accordingly, the prior year comparative information has been restated within the Consolidated Statement of Comprehensive Income for the period ending 31 March 2024 and within the Consolidated Statement of Financial Position as at 30 September 2024.

The restatements within the 31 March 2025 half year financial statements are as follows:

$'000 For the financial year ended 31 March 2024 (Consolidated Statement of Comprehensive Income extract)	31 March 2024	Increase / (Decrease)	31 March 2024 (restated)
Cost of sales	70,090	301	70,391

Basic and diluted Loss per share attributable to equity holders of the Company for the prior reporting periods have also been restated. For the half-year ended 31 March 2024, the amount of the correction for the basic and diluted Loss per share attributable to equity holders of the Company was a decrease of 0.2 cents and 0.3 cents per share respectively.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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1.3 Comparative Information – 30 September 2024 (continue)

The amount relating to prior years has been adjusted into opening retained earnings as follows:

$'000 For the financial year ended 30 September 2024 (Consolidated Statement of Financial Position)	30 September 2024	Increase / (Decrease)	30 September 2024 (restated)	1 October 2023	Increase / (Decrease)	1 October 2023 (restated)
Current Liabilities - Provisions	3,898	3,497	7,395	3,515	2,895	6,410
Retained Earnings	5,329	(3,497)	1,832	3,829	(2,895)	934

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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1.4 Critical Accounting Estimates and Assumptions

In addition to those critical accounting estimates and assumptions disclosed in the Group's previous annual financial report, the estimates and assumptions that have a risk of causing a material adjustment to the forecast cash flows and carrying amounts of assets and liabilities within the current and next financial year are discussed below.

Going concern

The directors of Select Harvests do not believe there to be a going concern issue at 31 March 2025. After the completion of the capital raise in September 2024 (which concluded in October 2024 after the finalisation of the Retail offer - $18.3M less transaction cost of $0.9M) the full amount received of $76.3M net of costs, were offset against the Group’s outstanding debt facilities.

The debt facility worth $270M is in the process of being renegotiated by Select Harvests given its maturity of 30 June 2025 of $20M and $240M at 30 June 2026. The forecast period indicates that covenants will be met and that cashflows will be sufficient to meet operating expenses.

There remain estimates for future forecasts related to the almond price and harvest tonnes, however there is reasonable headroom in covenants to allow for downside risks.

Carrying value of non-current assets

At 31 March 2025, an assessment has been performed on indicators of impairment including an assessment at an individual orchard (owned and right-of-use) level. This assessment did not identify any indicator of impairment on an overall company level as well as at the owned orchards.

Indicators of impairment were identified at two of the leased (ROU asset) farms (Yilgah and Mooral) due to a reduction in forecast 2025 crop tonnage produced, and as such impairment testing was completed for these two cash generating units (CGU’s). The Yilgah CGU value totals $55.6 million including a ROU asset of $27.6 million, and the Mooral CGU value totals $13.1 million including a ROU asset of $7.5 million.

The ROU assets carrying values were assessed by comparing the net present value (NPV) of future cashflows against the carrying value of the relevant orchard assets on Select Harvests’ balance sheet to ensure recoverability.

Key assumptions used in the value-in-use calculations for impairment included a real pre-tax weighted average cost of capital (of 11.1%), long term growth rate (of 2.96%), an average almond price over the lease period of $9.29/kg for Yilgah and $9.44/kg for Mooral, and a tonnage/acre in FY2026 of 1.01mt/acre for Yilgah and 1.09mt/acre for Mooral, which represent the forecast yield for both farms. The yield per acre for FY2027 onwards increases by 0.1mt/acre for both farms (Yilgah 1.11mt/acre and Mooral 1.19mt/acre) given the Company’s strategic initiative for increased yield across its orchard portfolio.

Modelling shows that there is limited headroom for both CGU’s tested.

The Directors and management have considered and assessed reasonably possible changes in key assumptions within the impairment models of both farms.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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1.4 Critical Accounting Estimates and Assumptions (continued)

The recoverable amount of Yilgah would equal its carrying amount if the key assumptions were to change as follows:

• tonnage assumption in FY2027 to FY2030 reduces by 9.0% to 1.01mt/acre from 1.11mt/acre; or

• price assumption changes by $0.71c/kg or 7.3% across the remaining life of the lease – ending 2030.

The following changes in assumptions could lead to a $1m impairment of Mooral:

• tonnage assumption in FY2027 to FY2030 reduces by 9.2% to 1.08mt/acre from 1.19mt/acre; or

• price assumption changes by $0.71c/kg or 7.3% across the remaining life of the lease – ending 2030.

Other Critical accounting estimates and assumptions include:

Inventory – 2025 Almond Crop: refer note 3.1 Inventories on page 21 Recoverability of booked tax losses: refer to note 2.2 Income Tax Expense on page 19

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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RESULTS FOR THE HALF-YEAR

2.1 Segment Information

Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer.

Segment products and locations

The Chief Executive Officer and Executive Management assess the performance of the Group on a consolidated basis.

The Group grows, processes and value-adds to almonds from owned and leased almond orchards. Raw and processed product is exported or sold domestically to consumers and Business to Business for food service-related almond products. The Group operates within the geographical area of Australia.

2.2 Income Tax Expense

		31 March	31 March
		2025	2024
		$’000	$’000
Profit / (Loss) from continuing operations		40,178	(3,341)
Tax	(expense)/benefit at the Australian tax rate of 30% (2024 –
30%)		(12,053)	1,002
Tax	effect of amounts that are not deductible / (taxable) in
calculating taxable income:
-	Other non-deductible items	(98)	(90)
-	Over provided in prior years	641	-
Income tax (expense)/benefit		(11,510)	912

Critical Accounting Estimates & Assumptions - Recoverability of booked tax losses.

The deferred tax assets include an amount of $43.9m which relates to carried-forward tax losses, predominately incurred in FY2022 and FY2023. The Group has concluded that the deferred tax assets will be recoverable using the estimated future taxable income based on the latest approved forecast. The Group is expected to generate taxable income from this year onwards. The losses can be carried forward indefinitely and have no expiry date.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380
2.3. Dividends
	31 March 2025	31 March 2024
	$’000	$’000
(a) Dividends paid during the half-year
Total dividends paid during the half-year	-	-
(b) Dividends not recognised at the end of the half-year:
In addition to the dividends detailed above, since the end of the
half-year the directors have not declared an interim dividend (31
March 2024: Nil). The aggregate amount of the declared
dividends but not recognised as a liability at the end of the half-
year, is:	-	-

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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ASSETS AND LIABILITIES

3.1. Inventories

3.1. Inventories
Raw Materials Finished Goods and work in progress Other Inventories	31 March 2025 $’000 30 September 2024 $’000 168,237 12,645 80,371 102,417 9,730 9,930
	258,338 124,992

Inventories are valued at the lower of cost and net realisable value.

There was no write-off made for the 2024 crop during the half year (2024: $2.4m).

Almond inventory held at 31 March 2025 that has been purchased from external growers amounting to $43.0m is included in the Group’s Inventory balance given the Group has control over the external grower inventory from the time of delivery to ultimate sale to customers.

Costs incurred in bringing each product to its present location and condition, are accounted for as follows:

• Raw materials and consumables: purchase cost on a first in first out basis.

• Biological assets reclassified as inventory (included within raw materials in the table above): the initial cost assigned to agricultural produce as part of raw materials is the fair value less costs to sell at the point of harvesting in accordance with AASB 141.

• Subsequently, the uncommitted inventory is valued at the lower of cost or net realisable value with changes recognised to the Consolidated Statement of Comprehensive Income.

• Finished goods and work in progress: cost of direct material and labour and a proportion of manufacturing overheads based on normal operating capacity; and

• Other inventories comprise consumable stocks of chemicals, fertilisers and packaging materials recorded at cost on a first in first out basis.

Critical Accounting Estimates & Assumptions

2025 Almond Crop

The 2025 almond crop is classified as a biological asset and valued in accordance with AASB 141. In applying this standard, the consolidated entity has made various assumptions at the interim balance date. The actual crop yield will not be known until it is completely harvested, processed and sold.

To estimate the total value of the 2025 crop at 31 March 2025, the following key assumptions have been made:

• Estimated average almond price of $10.35/kg based on a product quality split of inshell, kernel & manufacturing grade;

• Almond crop yield of 25,250 metric tonnes; and

• Total costs to grow, harvest and process of $196.2m.

Based on these estimates the 2025 crop is expected to result in a fair value gain of $65.1 million.

The percentage of the 2025 crop’s fair value to be recognised in the Company’s half year accounts is determined by what the assessed percentage of the crop is deemed to be at point of harvest at 31 March 2025.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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3.1. Inventories (continued)

At 31 March 2025, the Company has assessed that 75% of the 2025 crop (31 March 2024: 75%) was deemed to be at the point of harvest, resulting in the Company recognising 75% of the 2025 crop (31 March 2024: 75%) fair value result within its 1H FY2025 financial accounts. The 2025 crop will be further assessed in 2H FY2025 and the remaining percentage will be recognised.

As 75% of the crop is estimated to be harvested at the half year-end, 75% of the crop fair value is included in inventory in accordance with AASB 141. The remaining crop valuation is included in biological assets.

Based on these assumptions, during the half year:

• a fair value gain of $48.8m had been added to the 2025 crop inventory held, and

• the remaining 2025 crop biological asset was $41.7m.

2024 Almond Crop

The 2024 crop stock has been subject to volume and quality variations from estimates previously reflected in the Group’s 30 September 2024 accounts.

During the half year the Group performed a detailed assessment of the 2024 crop stock on hand and based on the result of these assessments no inventory was written down. The value of the 2024 crop inventory on hand as at 31 March 2025 is:

2024 crop year $10.7M

At the date of this report the majority of the 2024 crop year stock balance has been sold in the domestic and export markets as well as being used internally.

3.2 Biological Assets

3.2 Biological Assets
	31 March	30 September
	2025	2024
	$’000	$’000
Growing almond crop	48,788	73,815
Reconciliation of changes in carrying amount of biological assets
Opening balance	73,815	70,557
Increases due to purchases/ growing costs (including capitalised
depreciation)	102,072	195,692
Decreases due to harvest (i)	(175,938)	(219,502)
Gain arising from changes in fair value (ii)	48,839	27,068
Closing balance	48,788	73,815

(i) Includes biological assets reclassified as inventory at the point of harvest.

(ii) Includes physical changes as a result of biological transformation such as growth. Net increments in the fair value of the growing assets are recognised as income in the Statement of Comprehensive Income.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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3.3. Right-Of-Use Assets

3.3. Right-Of-Use Assets
Property Plant and equipment Orchards	31 March 2025 $’000 30 September 2024 $’000 995 1,174 1,435 1,629 174,151 185,151
	176,581 187,954

Please refer to note 1.4 – Critical Accounting Estimates and Assumptions, for the basis used in assessing the recoverability of the lease orchards above.

3.4. Intangibles

Intangibles include permanent water rights $66.2M (2024: $60.2M), software $1.4M (2024: $1.5M) and license $0.03M (2024: $0.04M).

Sale and purchase of Water Rights

During the 2024 financial year, the Group commenced with a water rights rebalancing program, whereby water rights have been sold and bought to improve the balance of the Group’s permanent water resources across the regions where its water needs are in growing its almonds.

Both the Group’s borrowing facility providers have agreed to the water rebalancing program. During the half year-end, 4,566ML of water rights with a book value of $5.9m have been sold for $11.7m, and 1,852ML of water rights worth $11.9m have been purchased. A profit of $5.8m has been recognised on sale of water rights.

3.5 Borrowings

Current- Secured Bank overdraft - AUD Borrowings Non-Current- Secured Borrowings	31 March 2025 $’000 30 September 2024 $’000 - - 20,000 20,000 152,000 145,200

The facility on the bank overdraft has a credit limit of $10m. At 31 March 2025, the undrawn overdraft facility amounted to $10m.

On 24 January 2025, the Group extended its debt facilities which were due to expire on 31 March 2026, for another three months to 30 June 2026.

The Company is in compliance with all required covenants at 31 March 2025.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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3.6. Lease Liabilities

3.6. Lease Liabilities
Current Lease liabilities Non-Current Lease liabilities 3.7. Provisions Current Employee benefits Others Non-Current Employee Benefits	31 March 2025 $’000 30 September 2024 $’000 33,131 32,415
	191,008 202,904
	31 March 2025 $’000 30 September 2024 Restated $’000 3,582 3,731 3,720 3,664
	7,302 7,395
	614 713

3.7. Provisions

During a routine payroll review of employee payments during the half year-end, the Company identified a superannuation underpayment dating back over five years. A provision of $3.5m has been recognised as it is probable that an outflow of resources will be required to meet this obligation. The provision amount has been recognised during the periods in which the liability was incurred. Please refer to note 1.3 Comparative Information – 30 September 2024 for details of the restatement of comparative information.

Accounting estimates and judgement have been made in calculating the provision. The provision is the current best estimate of the expenditure required to settle any obligation to meet unpaid superannuation entitlements. The final amount is uncertain and will depend on further analysis of historic wage data and regulatory requirements to meet the obligations.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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4. CAPITAL STRUCTURE

4.1. Equity Securities Issued

.1. Equity Securities Issued
31 March 2025 Shares No 31 March 2024 Shares No Issues of ordinary shares during the half-year Share Placement – net of transaction cost 4,806,953 - Deferred tax credit on transaction costs - - Dividend reinvestment scheme issues - - Long term incentive plan – tranche vested - - Contributions to equity	31 March 2025 $’000 31 March 2024 $’000 17,353 - 293 - - - -
	17,646 -

5. Other information

5.1. Events Occurring After the Balance Sheet Date

Subsequent to the half year-end on 28 May 2025, the Group successfully renewed its debt facilities of $240m by entering into a Syndicated Facility Agreement (SFA) with an effective date of 30 May 2025 with NAB, Rabobank and CBA while maintaining its bank overdraft facility limit of $10m with the NAB.

The SFA facility tenure is split $150m over a 3-year period expiring 30 May 2028, and $90m over a 5-year period expiring 30 May 2030. Each bank will have an equal share of the 3- and 5-year facility limits, at $50m each and $30m each respectively.

The covenants which are tested bi-annually on 31 March and 30 September each year under the new agreement include:

• Liquidity ratio requirement of >1.2, first testing date 30 September 2025

• Net gearing ratio requirement of <40%, first testing date 30 September 2025

The Fixed Charge Cover ratio (FCCR) will be tested annually on 30 September each year with a requirement of >3.0 with a first testing date of 30 September 2025.

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SELECT HARVESTS LIMITED AND CONTROLLED ENTITIES ABN 87 000 721 380

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DIRECTORS’ DECLARATION

In the directors’ opinion:

• a) the financial statements and notes set out on pages 10 to 25 are in accordance with the Corporations Act 2001 including:

• i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• ii) giving a true and fair view of the consolidated entity’s financial position as at 31 March 2025 and of its performance for the half-year ended on that date; and

• b) there are reasonable grounds to believe that Select Harvests Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Directors.

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Travis Dillon Chairman Dated 29 May 2025

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Independent auditor's review report to the members of Select Harvests Limited Report on the half-year financial report

Conclusion

We have reviewed the half-year financial report of Select Harvests Limited (the Company) and the entities it controlled during the half-year (together the Group), which comprises the consolidated statement of financial position as at 31 March 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, selected explanatory notes and the directors' declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Select Harvests Limited does not comply with the Corporations Act 2001 including:

1. giving a true and fair view of the Group's financial position as at 31 March 2025 and of its performance for the half-year ended on that date

2. complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the half-year financial report section of our report.

We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Responsibilities of the directors for the half-year financial report

The directors of the Company are responsible for the preparation of the half-year financial report, in accordance with Australian Accounting Standards and the Corporations Act 2001 , including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement whether due to fraud or error.

Auditor's responsibilities for the review of the half-year financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group's financial position as at 31 March 2025 and of its performance for the half-

PricewaterhouseCoopers, ABN 52 780 433 757 2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331 MELBOURNE VIC 3001 T: +61 3 8603 1000, F: +61 3 8603 1999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

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year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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PricewaterhouseCoopers

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Alison Tait Milner Partner

Melbourne 29 May 2025