Ricegrowers Ltd. Class B · ASX:SGLLV
Ricegrowers Ltd. Class B — Shareholder Meeting (September 2025)
75 slides from Ricegrowers Ltd. Class B's shareholder meeting presentation, Sep 4, 2025
Slide 1: ASX Announcement
ASX Announcement 4 September 2025 Ricegrowers Limited (SunRice) 2025 Annual General Meeting – Chairman and Group CEO addresses and presentations Attached are the following documents to be presented at SunRice’s 2025 Annual General Meeting (AGM) and B Class Meeting, both of which are being held in pe
Slide 2: ASX Announcement
ASX Announcement B Class Shares are quoted on ASX and confer on their holders the right to receive dividends, as determined by the directors from time to time. Holders of B Class Shares do not generally have the right to vote at general meetings of SunRice. This means B Class Shareholders have no ri
Slide 3: Chairman's Address – Laurie Arthur
RICEGROWERS LIMITED 2025 AGM Ricegrowers Limited (SunRice) Chairman’s Address – Laurie Arthur Thank you, Kate. Welcome again everyone, it is great to be here with you in Griffith in the heart of Riverina rice growing. I also want to welcome those A and B Class Shareholders, and other valued stakehol
Slide 4: Our 2030 Growth Strategy
RICEGROWERS LIMITED 2025 AGM Our 2030 Growth Strategy—now in its first year of execution—puts rice at the centre of our ambition and aligns our purpose, vision and values around that goal. Group performance Turning now to Group performance. FY25 was another year of solid results for the SunRice Grou
Slide 5: End of vesting and Workers Union advocacy
RICEGROWERS LIMITED 2025 AGM Workers Union, SunRice will continue to advocate strongly as we did through Paul’s meeting in Canberra last week with Ministers Watt, Ayres, and Collins – because the Riverina deserves nothing less. The vesting of rice since 1928 has enabled the NSW rice industry to achi
Slide 6: Chairman's thanks and acknowledgements
RICEGROWERS LIMITED 2025 AGM Jeremy, thank you for putting yourselves forward, it is never easy, and I encourage you both to keep actively engaging with the business. To our growers, shareholders, and employees – you are the heart of SunRice. Everything we do starts with you, and I look forward to s
Slide 7: Group CEO's Address – Paul Serra
RICEGROWERS LIMITED 2025 AGM Ricegrowers Limited (SunRice) Group CEO’s Address – Paul Serra Thank you, Laurie. And good morning to everyone here in person and online. It’s a privilege to be standing here in Griffith in the Riverina where our story began 75 years ago, surrounded by some of the people
Slide 8: From a group of Riverina rice growers to a global food group
RICEGROWERS LIMITED 2025 AGM From the entrepreneurial spirit of a group of Riverina rice growers who pooled their money to fund a single rice mill in 1950, to the truly global food group we are today, our journey spans 75 years of innovation, resilience, and growth. And we are only getting started!
Slide 9: The Group's performance was driven by several key factors
RICEGROWERS LIMITED 2025 AGM The Group’s performance was driven by several key factors: • Revenue was supported by: o The strength of our brands, with approximately 70% of Group sales coming from branded products; o Volume growth in the Middle East, boosted by new product launches and a successful R
Slide 10: Segment Performance
RICEGROWERS LIMITED 2025 AGM Segment Performance Thank you, Paul. Across our business segments, we saw mixed but generally positive results: • The Australian Rice Pool Business delivered revenue of $370.2 million, down 4% on the prior year. Ample Riverina rice supply and strong sales volumes support
Slide 11: Financial Position and Cash Flow
RICEGROWERS LIMITED 2025 AGM This performance gives us confidence in our ability to continue creating value and delivering consistent returns as we progress through changing market dynamics. With our improved trading liquidity, we entered the Agri Index last year November. I also note the S&P Index
Slide 12: 2030 Growth Strategy
RICEGROWERS LIMITED 2025 AGM 2030 Growth Strategy Thanks, Dimitri. FY25 marked the first year of implementation of our 2030 Growth Strategy, and I’m pleased to report good progress against our strategic priorities. During the year, we pursued strategic and organic growth initiatives. We reshaped our
Slide 13: Australian Rice Strategy and Industry Transition
RICEGROWERS LIMITED 2025 AGM reflects the result of the Group’s ongoing commitment to continuous improvement in its approach to modern slavery risk mitigation and on our ability to report on such progress; and • We made important progress against our APCO targets, with 95% of our Australian packagin
Slide 14: Opportunities for market growth
RICEGROWERS LIMITED 2025 AGM • Opportunities for market growth particularly in Australia, the U.S and the Middle East, where we will look to meet consumer preferences and expand our presence and product offering; • An ongoing focus on implementing operational improvements across the Group and a norm
Slide 15: Paddy price and CY26 crop outlook
RICEGROWERS LIMITED 2025 AGM However, and as previously communicated, these positive factors in underlying growth are being offset by the historically low mill-out rates for the CY24 and CY25 crops, which are putting significant pressure on the expected CY25 paddy returns. As a result, the CY25 padd
Slide 16: We remain confident in our direction
RICEGROWERS LIMITED 2025 AGM We remain confident in our direction and believe we are well positioned to deliver ongoing value for our shareholders, growers, consumers, customers and communities. Our purpose, “with rice at our heart, we bring people together through inspiring and delicious food” – wi
Slide 17: Annual General Meeting
RICE AT OUR HEART Annual General Meeting 4 SEPTEMBER 2025 (ASX:SGLLV)
Slide 18: Important notice & disclaimer
ANNUAL GENERAL MEETING – RICE AT OUR HEART Important notice & disclaimer This presentation is for information purposes only. This Any person who receives this presentation must seek This presentation should be read in conjunction with information is given in summary form and does not advice on and o
Slide 19: Chairman's Welcome
ANNUAL GENERAL MEETING - RICE AT OUR HEART Chairman’s Welcome Laurie Arthur 4 SEPTEMBER 2025 3
Slide 20: Agenda
ANNUAL GENERAL MEETING - RICE AT OUR HEART Procedural matters Chairman’s address Group CEO’s address Financial Reporting, Agenda including questions and answers AGM resolutions AGM close B Class Meeting to follow 4
Slide 21: Procedural Matters
ANNUAL GENERAL MEETING - RICE AT OUR HEART Procedural Matters 1 Voting will be by way of poll 3 If you are the registered holder of a shareholding of First A Class Share(s), you are entitled 4 Proxy and direct voting results already received will be displayed for each 2 Ordinary resolutions to one v
Slide 22: Lodging your votes
ANNUAL GENERAL MEETING - RICE AT OUR HEART Lodging your votes Online and other forms of early voting are now closed A Class Shareholders present in Griffith are able to cast votes using the yellow voting card MUFG will collect votes at the end of the meeting and conduct the poll If you have to leave
Slide 23: Asking questions
ANNUAL GENERAL MEETING - RICE AT OUR HEART Asking questions Only Shareholders are able to ask questions Shareholders who were unable to attend today’s meeting were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a micropho
Slide 24: Chairman's Address
ANNUAL GENERAL MEETING - RICE AT OUR HEART Chairman’s Address Laurie Arthur 4 SEPTEMBER 2025 8
Slide 25: Reflections on 75 Years of SunRice
ANNUAL GENERAL MEETING - RICE AT OUR HEART Reflections on 75 Years of SunRice 9
Slide 26: Delivering for both A and B Class Shareholders
ANNUAL GENERAL MEETING – RICE AT OUR HEART Delivering for both A and B Class Shareholders A A Class B Class B Shareholders Shareholders GROWERS INVESTORS Naturally determined A Class Shareholders B Class Shareholders Total Dividend of paddy price of $406/t 65c per B Class Receival, milling Internati
Slide 27: Industry challenges & opportunities
ANNUAL GENERAL MEETING – RICE AT OUR HEART Industry challenges & opportunities We operate in a challenging policy environment, and water reform remains front and centre. Large-scale, rapid buybacks destabilise water markets, drive prices up and erode confidence. 11
Slide 28: New Era – End of Vesting
ANNUAL GENERAL MEETING – RICE AT OUR HEART New Era – End of Vesting Without vesting, we now 1 CONTRACT EARLIER have more flexibility to: 2 ALIGN VOLUMES WITH DEMAND 3 REWARD CONSISTENCY AND QUALITY 12
Slide 29: Thank you and acknowledgements
ANNUAL GENERAL MEETING – RICE AT OUR HEART Thank you and acknowledgements 13
Slide 30: Group CEO's Address
ANNUAL GENERAL MEETING - RICE AT OUR HEART Group CEO’s Address Paul Serra 4 SEPTEMBER 2025 14
Slide 31: An Australian success story
ANNUAL GENERAL MEETING - RICE AT OUR HEART An Australian success story From the entrepreneurial spirit of a group of Riverina rice growers pooling their money to fund a single rice mill in 1950, to the truly global food group we are today, our journey spans 75 years of innovation. 1970s 1990s 2010s
Slide 32: ~70% branded sales
ANNUAL GENERAL MEETING - RICE AT OUR HEART ●SunFoods Source locations1 California, USA Aqaba Processing UNITED Company ● Global offices and assets STATES ●Jordan OTHER Ricegrowers ● Middle East, UAE ●SunFoods ~60% Hawaii, USA ●Ricegrowers PACIFIC Vietnam ISLANDS MIDDLE Ricegrowers ● Trukai Industrie
Slide 33: FY25 key metrics
ANNUAL GENERAL MEETING - RICE AT OUR HEART In FY25 we continued to deliver across key metrics, while embedding our 2030 FY25 FY24 Growth Strategy. Revenue $1.85b 2 ^ % $1.88b We are shaping our future with Paddy price for medium grain $406/t 6% ^ $430/t rice at our heart, as we build on $147.7m ^3%
Slide 34: The Group delivered improved profitability and enhanced earnings quality
ANNUAL GENERAL MEETING - RICE AT OUR HEART The Group delivered Revenue drivers improved profitability ~70% of Group sales from branded products and enhanced earnings Growth from new product launches (Middle East), increased quality, despite a exports (US), and strong performance of Toscano and pet f
Slide 35: Segment & Financial Performance
ANNUAL GENERAL MEETING - RICE AT OUR HEART Segment & Financial Performance
Slide 36: FY25 segment snapshot
ANNUAL GENERAL MEETING - RICE AT OUR HEART FY25 segment snapshot $147.7m ^3% FY25 Group EBITDA Australian Rice Profit Businesses Pool Business Segment share of Group EBITDA: Rice Pool International Rice Rice Food Riviana Foods CopRice Corporate Strong Riverina supply and robust Increased competition
Slide 37: FY25 performance reflects continued disciplined execution
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESILIENCE DEMONSTRATED CONSISTENTLY STRONG DIVIDENDS The Group’s FY25 AU Crop and Group Revenue 1,638 1,880 1,851 80 Dividend (cents per B Class Share), Dividend Yield 1 and Payout Ratio2 performance reflects 1,270 1,113 1,177 1,193 1,135 1,026 1,334 60 60
Slide 38: EBITDA and cash flow movement
ANNUAL GENERAL MEETING - RICE AT OUR HEART EBITDA and cash flow movement EBITDA MOVEMENT ($M) MOVEMENT IN NET DEBT ($M) At 30 April 2025, all remaining debt drawn down on our Seasonal facility relates to Net Working Capital funding, with this being primarily made up of near-term marketable inventory
Slide 39: Net debt and gearing
ANNUAL GENERAL MEETING - RICE AT OUR HEART NET DEBT / EBITDA CORE DEBT / EBITDA GEA RING RA TIO CORE GEA RING RA TIO 1 Net Debt and gearing remained stable at $218.2m and 26.0% 1.5x n.a. 26% n.a. respectively as at Net Debt Seasonal Net Debt3 and 30 April 2025, compared ($m) Net Working Capital ($m)
Slide 40: 2030 Growth Strategy
ANNUAL GENERAL MEETING - RICE AT OUR HEART 2030 Growth Strategy 24
Slide 41: Purpose, vision and strategies
ANNUAL GENERAL MEETING - RICE AT OUR HEART OUR PURPOSE OUR VISION With rice at our heart, We grow, source and craft, with enduring care OUR AMBITION we bring people together for our people, communities and environment, through inspiring and quality food that brings authentic flavour and delicious fo
Slide 42: Progress on Strategy
ANNUAL GENERAL MEETING - RICE AT OUR HEART As we mark 75 years, FY25 Progress on Strategy marked the first year of implementation of our 2030 1. Product innovation and portfolio diversification Growth Strategy. We pursued strategic and 2. Sustainability milestones organic growth initiatives, while r
Slide 43: Launched more than 40 new products in FY25
ANNUAL GENERAL MEETING - RICE AT OUR HEART In FY25, the SunRice Group launched more than 40 new products across multiple categories, including Core Rice, Microwave Rice, Snacks, Bakery, Ready Meals and Savoury Biscuits. This innovation is central to strengthening SunRice’s position as a highly diffe
Slide 44: Sustainability Milestones
ANNUAL GENERAL MEETING - RICE AT OUR HEART Sustainability Milestones: In FY25, we took an Science-Based Targets Net Zero Roadmap important step towards Validated by SBTi released Set near-term (FY33) and long- embedding sustainability term (FY50) emissions reduction targets across Scope 1 and 2 and
Slide 45: Australian Rice Strategy key metrics
ANNUAL GENERAL MEETING - RICE AT OUR HEART At the heart of our Australian Rice Strategy are three key metrics* Better price for Australian Rice that can drive significant Better yield to improve value creation for economics for growers SunRice growers and Better use of water – a scarce resource A Cl
Slide 46: Water policy advocacy
ANNUAL GENERAL MEETING - RICE AT OUR HEART Water policy advocacy Water pricing SunRice continues to & availability advocate with industry partners for more 1. Water pricing balanced water policy & availability Rice Strategy 3. Paddy 2. On-farm Price profitability 30
Slide 47: Our people: new divisional structure and leadership
ANNUAL GENERAL MEETING - RICE AT OUR HEART Our people: In FY25, we implemented a new market-based divisional structure and leadership International alignment, to support ANZ us to grow our presence across target markets. Belinda Tumbers Chief Executive Officer, International & Global Sourcing Ganesh
Slide 48: Outlook remains positive for FY26
ANNUAL GENERAL MEETING - RICE AT OUR HEART Outlook remains positive for FY26 Consistent with the outlook set out in our FY25 Annual Report, the SunRice Group expects to build on the solid results achieved in FY25 to continue to grow the business at both the top and bottom line in FY26. However, some
Slide 49: Paddy price and crop outlook
ANNUAL GENERAL MEETING - RICE AT OUR HEART Paddy price and crop outlook CY25 CY26 Stronger than anticipated on As the CY26 Riverina crop farm yields for the CY25 planting window approaches Riverina crop have resulted in a over the coming 6 to 8 weeks, the ~511,000 paddy tonne harvest, Group will con
Slide 50: Thank you, Laurie.
ANNUAL GENERAL MEETING - RICE AT OUR HEART Thank you, Laurie. 34
Slide 51: Rice at Our Heart
ANNUAL GENERAL MEETING - RICE AT OUR HEART SHAPING OUR FUTURE WITH Rice at Our Heart 35
Slide 52: Formal Items of Business
ANNUAL GENERAL MEETING - RICE AT OUR HEART Formal Items of Business 4 SEPTEMBER 2025 36
Slide 53: Financial Reporting
ANNUAL GENERAL MEETING - RICE AT OUR HEART AGENDA ITEM 1 Financial Reporting Consideration of the Annual Financial Report, Directors’ Report and Independent Auditor’s Report for the year ended 30 April 2025. 37
Slide 54: Remuneration Report
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESOLUTION 1 Remuneration Report “That the Remuneration Report for the year ended 30 April 2025 be adopted.” 38
Slide 55: Remuneration Report votes
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESOLUTION 1 Remuneration Report “That the Remuneration Report for the year ended 30 April 2025 be adopted.” Votes Received For 180 Against 35 Open 13 Abstain - 39
Slide 56: Increase to Non-Executive Director Fee Pool
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESOLUTION 2 Increase to Non-Executive Director Fee Pool “That, for the purposes of ASX Listing Rule 10.17, Rules 11.4(a) and 11.4(b)(ii) of the Company’s Constitution, and for all other purposes, the Shareholders approve the amount of $2,000,000 (being an
Slide 57: Increase to Non-Executive Director Fee Pool votes
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESOLUTION 2 Increase to Non-Executive Director Fee Pool Votes Received For 139 Against 76 Open 13 Abstain - 41
Slide 58: Re-election of Luisa Catanzaro
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESOLUTION 3 Re-election of Luisa Catanzaro “That Luisa Catanzaro, being eligible, be re-elected as a Director of the Company for a period of three years.” 42
Slide 59: Re-election of Luisa Catanzaro votes
ANNUAL GENERAL MEETING - RICE AT OUR HEART RESOLUTION 3 Re-election of Luisa Catanzaro “That Luisa Catanzaro, being eligible, be re-elected as a Director of the Company for a period of three years.” Votes Received For 211 Against 14 Open 12 Abstain 2 43
Slide 60: AGM close
ANNUAL GENERAL MEETING - RICE AT OUR HEART AGM close B Class Meeting to follow in Griffith and via webcast on: https://meetings.openbriefing.com/SGL25 AGM results will be posted on the ASX and SunRice website Thank you for your attendance 44
Slide 61: With rice at our heart, we bring people together
ANNUAL GENERAL MEETING - RICE AT OUR HEART With rice at our heart, we bring people together through inspiring and delicious food. 45
Slide 62: B Class Meeting
RICE AT OUR HEART B Class Meeting 4 SEPTEMBER 2025 (ASX:SGLLV)
Slide 63: Important notice & disclaimer
B CLASS MEETING – RICE AT OUR HEART Important notice & disclaimer This presentation is for information purposes only. This Any person who receives this presentation must seek This presentation should be read in conjunction with information is given in summary form and does not advice on and observe
Slide 64: Chairman's Welcome
B CLASS MEETING - RICE AT OUR HEART Chairman’s Welcome Laurie Arthur 4 SEPTEMBER 2025 48
Slide 65: Agenda
B CLASS MEETING - RICE AT OUR HEART Procedural matters Agenda Meeting resolution General business Meeting close 48
Slide 66: Procedural Matters
B CLASS MEETING - RICE AT OUR HEART Procedural Matters 1 Voting will be by way of poll 3 Proxy and direct voting results already received will be displayed for the resolution 2 Resolution 1 requires a 50% majority of votes cast to pass 4 Voting will close once MUFG Corporate Markets has collected al
Slide 67: Lodging your votes
B CLASS MEETING - RICE AT OUR HEART Lodging your votes Online and other forms of early voting are now closed A Class Shareholders present in Griffith are able to cast votes using the white voting card MUFG will collect votes at the end of the meeting and conduct the poll If you have to leave early,
Slide 68: Asking questions
B CLASS MEETING - RICE AT OUR HEART Asking questions Only Shareholders are able to ask questions Shareholders who were unable to attend today’s meeting were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a microphone If y
Slide 69: Formal Items of Business
B CLASS MEETING - RICE AT OUR HEART Formal Items of Business 4 SEPTEMBER 2025 8
Slide 70: Long Term Incentive Award for the CEO
B CLASS MEETING - RICE AT OUR HEART RESOLUTION 1 Long Term Incentive Award for the CEO “That approval is given for all purposes, including ASX Listing Rule 10.14, for the Company to grant securities to the Chief Executive Officer, Mr. Paul Serra, as his Long Term Incentive Award on the terms set out
Slide 71: Long Term Incentive Award for the CEO votes
B CLASS MEETING - RICE AT OUR HEART RESOLUTION 1 Long Term Incentive Award for the CEO Votes Received For 10,541,325 Against 2,567,669 Open 585,620 Abstain 3,824 55
Slide 72: Questions and answers
B CLASS MEETING - RICE AT OUR HEART Questions and answers 4 SEPTEMBER 2025 56
Slide 73: B Class Meeting Close
B CLASS MEETING - RICE AT OUR HEART B Class Meeting Close Voting has now closed AGM and B Class Meeting results will be posted on the ASX and SunRice website Thank you for your attendance 57
Slide 74: Chair-elect John Bradford
B CLASS MEETING - RICE AT OUR HEART Chair-elect John Bradford 4 SEPTEMBER 2025 58
Slide 75: With rice at our heart, we bring people together
B CLASS MEETING - RICE AT OUR HEART With rice at our heart, we bring people together through inspiring and delicious food. 59