Livestock Improvement Corporation Ltd · NZX:LIC
Livestock Improvement — Shareholder Meeting (September 2025)
46 slides from Livestock Improvement's shareholder meeting presentation, Sep 17, 2025
Slide 1: Generations Strong: Focusing on what matters
Generations Strong: Focusing on what matters LIC Annual Meeting 6.00 pm, 17th September 2025
Slide 2: Haere mai
Haere mai Corrigan Sowman Board Chair
Slide 3: Using the online platform
Using the online platform 03 | LIC AGM 2025
Slide 4: Meeting Agenda
1. Financial Overview Meeting 2. Creating Value on Farm 3. Our Generational Co-operative Agenda 4. Strategy Refocus 5. Honoraria Report 6. Meeting Resolutions 7. General Business 04 | LIC AGM 2025
Slide 5: Financial overview
Financial overview Brent Mealings Chief Financial Officer
Slide 6: Financial Highlights
Financial Highlights 06 | LIC AGM 2025
Slide 7: A solid financial result for the co-operative
A solid financial result for the co-operative Last years’ underlying earnings included two significant one-off events totalling just over $5m $21.7m Underlying Earnings Excluding the one-off events from last year, the 10% increase in revenue was converted into a 15% Up from $13.9m last improvement i
Slide 8: Focus on delivering consistent results
Focus on delivering consistent results Underlying Earnings** ($m) Operating Cashflow* ($m) * Excludes discontinued operations - the Automation business was divested in June 2021. ** Non-GAAP financial information: excludes bull team and nil paid share revaluations and discontinued operations. R&D Ex
Slide 9: Outlook
Outlook Underlying earnings for Multiyear investment Improvements 2025/26 expected to be into customer facing planned for LIC in the range of $18-22 systems and process share trading with million. improvements. Sharesies. 09 | LIC AGM 2025
Slide 10: Creating value on farm
Creating value on farm David Chin Chief Executive
Slide 11: Detecting the diseases that matter
Detecting the diseases that matter Johne’s Testing BVD 166,787 antibody positive animals identified. The number of herds with persistently infected The prevalence of Johne’s within herds is falling. animals are decreasing. Number of herds tested with JD milk ELISA and within- Number and percentage o
Slide 12: More Days in Milk from Short Gestation Length
More Days in Milk from Short Gestation Length Additional Days in Milk generated from Short Short gestation semen delivered (2018–2024): Gestation Length Semen (Beef and Dairy) 2,500,000.0 2,000,000.0 • Over 1m additional days in milk each year 1,500,000.0 1,000,000.0 • 10.7m additional days combined
Slide 13: Increasing genetic gain
Increasing genetic gain Genotype reference population Genetic gain in LIC herds 6,000,000 Geneticmerit Genetic merit of animals animalsborn born(average) (average) 5,000,000 200 4,000,000 150 3,000,000 gBW 100 2,000,000 1,000,000 50 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Year Total genotyp
Slide 14: The compounding effect of incremental genetic gain
The compounding effect of incremental genetic gain Changes in Fat kg BV and Protein kg BV in NZ Friesian Bulls Source:NZAEL BW Bull File 20 June 2025 60 40 In 30 years we have: 20 Added 52kg Fat (moved the Fat BV from -26kg to +26Kg) Protein Kg 0 -80 -60 -40 -20 0 20 40 60 80 -20 Added 39kg of Prote
Slide 15: The compounding effect of incremental genetic gain
The compounding effect of incremental genetic gain Changes in Fat% and Protein % in NZ Friesian Bulls Source: NZAEL BW Bull File 20 June 2025 4.5 In 30 years we have: 4.3 4.1 Increased Fat % from 3.9 4.1% to 4.8% 3.7 Increased Protein % Protein % 3.5 from 3.3% to 3.8% 3.3 Our elite Holstein 3.1 Frie
Slide 16: Value on Farm Summary
Product/Service Value (vs. 2020) $523m Genetic Gain: Value on Farm +$231m Summary: Dairy Beef: $10.2m - • The total estimated value on farm delivered by measured Up to: Short Gestation Length $20.5m LIC products and services $655m p.a. Dairy & Beef: +$9.1m increased from $391m in +$264m 10% 5-Year C
Slide 17: Value of collaboration
Value of collaboration Heat alerts received from Wearables • Farmer demand to connect MINDA with 3rd parties continues to increase • Our investment into data sharing over a modern API platform is benefiting the wider industry • 13 business partners connected into our ecosystem with 7 more in the pip
Slide 18: Future investments
Future investments Breeding for lower methane • There is variation in the sires • Variation is transmitted to their daughters • Variation is still present in the daughters during lactation 18 | LIC AGM 2025
Slide 19: Our Generational Co-operative
Our Generational Co-operative Corrigan Sowman Board Chair
Slide 20: Breeding better cows faster
Breeding better Generational Focused on future cows faster Co-op opportunities • Increasing competition • Sexed semen • Farmer succession • GeneMark® • Global genetic • SGL Protect the Stay awake to consolidation the present • AI & digital core transformation 20 | LIC AGM 2025
Slide 21: The value of a generational co-op
The value of a generational co-op • Improving productivity for everyone, faster and together • Making the experience of using our tools and genetics as rewarding and easy as possible • Aligning our energy and resources to the things that truly matter for our farmers • Reinvesting in R&D so we can co
Slide 22: Strategy Refocus
Strategy Refocus David Chin Chief Executive
Slide 23: The strategic challenge facing global agriculture
The strategic challenge facing global agriculture Increase food supply for Balancing Productivity and a growing population Social License Increasing food supply, farm Reduce emissions intensity and nutrient productivity and farmer profits loading to protect ecosystems 23 | LIC AGM 2025
Slide 24: The big question: What's the herd of the future?
The big question: What's the herd of the future? 24 | Lic acm 2025 6) Highly efficient, Aligned with the Lower-emitting producing more needs of processors and environmentally from less and global markets fit-for-purpose Our people are helping farmers breed for that future herd now - using the best t
Slide 25: Breeding better cows, faster
Breeding better cows, faster We're focused on the enablers ; ; The herd of the future of herd improvement: Customer experience Farm software to make ’ that makes LIC herd and breeding Highly efficient, TaN easy to deal with decisions easier producing more from less Genetics that International market
Slide 26: Our Strategy
Our Strategy What's the herd of the future? How we'll breed it faster The role of our people Breeding better cows faster with: Why this matters } producing more needs of processors environmentally © Highly efficient, is) Aligned with the Lower-emitting and from less oe and global markets fit-for-pur
Slide 27: Customer experience that makes LIC easy to deal with
Customer experience that makes LIC easy to deal with 27 | Lic acm 2025 Our people are committed to delivering a seamless experience every time =p Putting farmer needs at the heart of our decision making through connection and collaboration =» Customer insights to make sure we're working on the right
Slide 28: Genetics that continue to deliver value on farm
Genetics that continue to deliver value on farm 28 | Lic acm 2025 Better heifers every year =» Smarter breeding through connected mating programmes =» Purposeful breeding with conventional, sexed, beef, and short gestation semen that delivers value =» Better breeding decisions using technology that
Slide 29: Testing to predict performance and health issues
(2¢) Testing to predict performance and health issues 29 | Lic acm 2025 Turning every sample into a smarter decision => Connect more test data with MINDA to inform decisions =» Create more data from every milk sample and ear punch => Collaborate with dairy vets to minimise disease on-farm and lift o
Slide 30: Farm software to make herd and breeding decisions easier
Farm software to make herd and breeding decisions easier 30 | tic acm 2025 Making your data work harder = Easier on-farm data capture with MINDA =» A more connected herd improvement ecosystem through third party integration =» Scenario planning and comparisons to help guide your next move
Slide 31: International markets to strengthen our breeding scheme
International markets to strengthen our breeding scheme 31 | Lic acm 2025 The world's best pasture-based grazing genetics =» Focus on leading genetic improvement for pasture-based systems worldwide =» Use insights from international markets to accelerate genetic gain => Provide scale to fund more in
Slide 32: Why this matters
QLIC Why this matters ® bea iS High-performing herds Smarter tools that A generational through world-class connect data, insights co-operative that's easy breeding programmes and systems farmers use to work with 32 | Lic acm2025
Slide 33: What does it all mean?
What does it all mean? Click here to play 33 | LIC AGM 2025
Slide 34: Honoraria Report
Honoraria Report Shirley Trumper Honoraria Committee
Slide 35: Meeting Resolutions
Meeting Resolutions Corrigan Sowman Board Chair
Slide 36: Resolution to approve LIC Directors' remuneration
Item 2: Resolution to approve LIC Directors’ remuneration To receive and consider the LIC Honoraria Committee’s recommendation as to Directors’ remuneration, and if thought fit, to resolve by way of ordinary resolution to: “Approve the total remuneration of all nine Directors to be a maximum of $812
Slide 37: LIC Directors' remuneration
LIC Directors’ remuneration Current Recommended $ Increase Chair $145,000 $150,000 $5,000 Director $71,000 $74,000 $3,000 Discretionary Pool* $70,000 $70,000 $0 Total $783,000 $812,000 $29,000 *Maximum pool available for additional duties and specialist skills, including roles as Committee Chairs. 3
Slide 38: Resolution to approve LIC Shareholder Reference Group remuneration
Item 3: Resolution to approve LIC Shareholder Reference Group remuneration To receive and consider the LIC Honoraria Committee’s recommendation as to Shareholder Reference Group’s remuneration, and if thought fit, to resolve by way of ordinary resolution to: “Approve the total remuneration of all Sh
Slide 39: LIC Shareholder Reference Group remuneration
LIC Shareholder Reference Group remuneration Current Recommended $ Increase SRG Chair $42,000 $44,500 $2,500 SRG Deputy Chair $21,000 $23,000 $2,000 SRG Member $15,000 $16,500 $1,500 Total $213,000 $232,500 $19,500 Daily Allowance* $400 $500 $100 *Daily Allowance paid for time spent on extraordinary
Slide 40: Resolution to re-appoint KPMG as external auditor
Item 4: Resolution to re-appoint KPMG as external auditor To consider, and if thought fit, to resolve by way of ordinary resolution to: “Re-appoint the chartered accountancy partnership KPMG as the auditor until the conclusion of the Company’s next Annual Meeting, and that the Directors be authorise
Slide 41: Resolution to ratify the appointment of Hamish Rumbold
Item 5: Resolution to ratify the appointment of Hamish Rumbold to the Board of Directors To consider, and if thought fit, to resolve by way of ordinary resolution to: “Ratify the appointment of Hamish Rumbold as an Appointed Director to the Board of Directors for a term of two years from the conclus
Slide 42: Resolution to ratify the appointment of Blair O'Keeffe
Item 6: Resolution to ratify the appointment of Blair O’Keeffe to the Board of Directors To consider, and if thought fit, to resolve by way of ordinary resolution to: “Ratify the appointment of Blair O’Keeffe as an Appointed Director to the Board of Directors for a term of three years from the concl
Slide 43: Election of one Elected Director for the North Island region
Item 7: Election of one Elected Director for the North Island region To consider, and if thought fit: “Elect ONE (1) candidate representing the North Island, as an Elected Director to the Board of Directors for a term of three years from the conclusion of this Annual Meeting.” Note that only shareho
Slide 44: General Business
General Business Corrigan Sowman Board Chair
Slide 45: Q&A
Q&A
Slide 46: Ngā mihi
QLIC Nga mihi
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