Slide 1: 2026 Half Year Results Presentation
2026 Half Year Results Presentation 28 May 2026 Select Harvests Limited David Surveyor Managing Director and CEO Liam Nolan Chief Financial Officer 0
Slide 2: Webcast
WEBCAST This presentation deck accompanies a live webcast at 10.30am AEST on Thursday 28 May 2026. You can participate in the webcast by using the following link: https://us02web.zoom.us/webinar/register/WN_KsWtu4FORTiODDazEnAMhQ You are advised to log on at least 15 minutes before 10.30am. FOR FURT
Slide 3: Disclaimer and Basis of Preparation
DISCLAIMER AND BASIS OF PREPARATION This presentation is provided for information purposes only and has been prepared using information sourced by the Company. The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the i
Slide 4: Agenda
AGENDA 1. Business Update 2. Financial Results 3. Strategy & Transformation 4. Key Messages 5. Questions 3
Slide 5: Business Update
BUSINESS UPDATE David Surveyor – Managing Director and CEO 4
Slide 6: Select Harvests Delivering Results
Select Harvests Delivering Results Growing Profitability and Revenue with Financial Discipline Underlying NPAT • 33% increase in 1H FY2026 underlying NPAT1 $29.1m (Reported NPAT $M H2 $26.6m). 26 29 5 1 • SHV revenue continues to grow supported by YOY crop growth. • Disciplined capex and focus on ne
Slide 7: Operating Leverage - Safety
Operating Leverage - Safety Total Recordable Injury Frequency Rate Maturity of our Safety Culture Injuries per million hours worked 30.1 22.2 17.2 6.7 7.1 5.5 3.7 FY20 FY21 FY22 FY23 FY24 FY25 1HFY26 6
Slide 8: Almond Macro Economics - Strong Pricing Tailwinds
Almond Macro Economics - Strong Pricing Tailwinds Almond Market Price California almond tree vs Excellent Macro-economics for almonds. US$/kg (FAS basis) plantings acreage • Global almond demand CAGR of 5-7%. $8.00 Bearing Non-bearing Planting • Food mega trends are almond positive, $7.00 $6.00 2.0
Slide 9: 1H FY2026 Financial Results
1H FY2026 Financial Results • Underlying NPAT1 $29.1m (up 33%), 75% crop profit recognised in 1H FY2026. Underlying NPAT • Earnings profile substantively changed. 2H FY2026 will see the financial benefit $29.1m of external grower volumes and value-added sales. • Project Management Office (PMO) initi
Slide 10: Key Results Drivers – SHV & External Grower Volumes
Key Results Drivers – SHV & External Grower Volumes Almond Volume New horticulture strategy starting to pay off MT 29,527 29,500 • Outstanding yield results with trees in visibly good health. 28,312 24,903 • Maximise quality and minimise the impacts of wet harvest: 19,771 • harvest time reduced thro
Slide 11: Key Results Drivers – Almond Price $10.21/kg
Key Results Drivers – Almond Price $10.21/kg SHV premium over benchmark price SHV prices at a 6% premium to global markets (beating Stratamarkets index) • SHV will continue to customise quality grade offerings and collaborate with customers to tailor product specifications. Global market prices have
Slide 12: Key Drivers – Total Production Costs
Key Drivers – Total Production Costs Total Production Cost • The increase in production costs (as previously Total Almond Production Cost 1 communicated2) are a combination of inflation, $/kg Normalised at 29,000MT uncontrollable and one-off wet harvest costs. 7.57 • Normalised 29,000MT ($7.33/kg) -
Slide 13: Financial Results
FINANCIAL RESULTS Liam Nolan – Chief Financial Officer 12
Slide 14: Income Statement
Income Statement Crop profit up 25.3% with second half earnings uplift to come from third party processing and value-add A$m Var. Var. Factors driving 1H FY2026 earnings (unless otherwise stated) 1H FY2026 1H FY2025 $ % Almond volume (Mt) 29,500 25,250 4,250 16.8% Almond price ($/kg) 10.21 10.35 (0.
Slide 15: Group EBITDA: Sources of Change
Group EBITDA: Sources of Change After adjusting for the impact of the $5.8m water gain, EBITDA is higher half on half. Higher crop volume offsets the higher production costs and the timing impact of lower hull sales. 120.0 100.0 33.0 (3.1) (7.6) 80.0 $ millions 62.7 (18.6) 60.0 (2.0) 0.4 59.0 (5.8)
Slide 16: Capital Management and Shareholder Returns
Capital Management and Shareholder Returns Managing capital to ensure the profitability and an attractive proposition for investors – the focus has now expanded to returning capital to shareholders. • Over the past 3 years, the focus on capital management has been on managing debt and capital discip
Slide 17: Shareholder Returns
Shareholder Returns Dividend Share Buy-Back • 2026 sees Select Harvests return to paying dividends (first time since February 2023). • Select Harvests believes the current share price does not reflect the intrinsic value of the Company. • Company policy is to pay out 25-50% of NPAT as dividends. • T
Slide 18: Balance Sheet
Balance Sheet SHV Balance Sheet well placed. A$m (unless otherwise stated) 1H FY2026 FY25 1H FY2025 Key Features of the Balance Sheet Current assets ex. cash 438.9 261.0 335.7 • Strong balance sheet supports capacity for capital returns. Cash 3.4 1.4 3.8 Right of use assets 153.0 169.2 176.6 • Net D
Slide 19: Balance sheet – Net Debt
Balance sheet – Net Debt 1H FY2026 Increase in Net Debt Millions, AUD Drivers of Net Debt change - (50) • Lower carry-over of 2025 crop (100) (79) (2) ($32m sales of carryover stock vs $72m in pcp). (150) (56) (3) (200) (24) (18) (183) • Higher production and crop costs in 2026 due to water, pollina
Slide 20: Cash Flows
Cash Flows 1H FY2026 cash flow in line with expectations, but lower than 1H FY2025 due to small crop carry-over. A$m Main Cash Movements (unless otherwise stated) 1H FY2026 1H FY2025 Customer receipts 89.7 173.4 Operating cash flows for the half year driven by: Supplier & employee payments (147.4) (
Slide 21: Cash Flow Comparison - 1H FY2025 vs 1H FY2026
Cash Flow Comparison - 1H FY2025 vs 1H FY2026 Increase in Net Debt - 1H25 vs 1H26 1H26 Net Debt change is Millions, AUD unfavourable compared to 1H25 - due to: (20) • Equity raise in 1H25. (40) • 1H25 higher carryover of stock. (60) (80) • 2024 logistics issue resolution that (79) (100) resulted in
Slide 22: Financial Items – Additional Financing at a Lower Cost
Financial Items – Additional Financing at a Lower Cost Subsequent Event Facility Amount ($m) Tenor Maturity Date • Select Harvests secured additional committed debt capacity of $60 million on favourable pricing terms Tranche A 150 2 years May 2028 with a 5-year tenor as part of its Syndicated Facili
Slide 23: Strategy & Transformation
STRATEGY & TRANSFORMATION 22
Slide 24: Transformation – Results at each stage of the business
Transformation – Results at each stage of the business Reset Stabilisation Build Capacity Growth Ready 2023 2024 2025 2026 EBIT Contribution 1 Horticulture 43% Processing 32% Sales 25% Transformation – Value creation in our business model 23 1 - EBIT Contribution is a management calculated metric ba
Slide 25: Strong Strategy Execution
Key On track Strong Strategy Execution At risk Behind schedule Assets are in place, execution is repeatable and the balance sheet is more resilient Strategic Pillars Safety & Enablers Substantially greater Leadership in processing Maximise returns from Innovate to drive Safety, efficient and almond
Slide 26: Strategic Project Examples
Strategic Project Examples Harvest Shakers (Maximising crop capture) Optimus 1, 2 & 3 (Capacity expansion) Investment: $9.2m Payback 2 years Investment: $3.9m Payback 1-2 years Pre-Cleaner and Crop Dryer (Ensuring crop quality) Kernel Recovery (Maximising yield) Investment: $14.4m Payback 2-3 years
Slide 27: Profitable Growth - 65,000MT and Revenue $700m by 2030
Profitable Growth - 65,000MT and Revenue $700m by 2030 • Further improvement to horticulture practices for next step up in yield. Substantially • Increase the productive capacity of our farms (small replants, drainage, frost fans). greater almond • Judicious approach to farm leasing and SHV may not
Slide 28: PMO – Significant inflationary & one-off pressures to offset
PMO – Significant inflationary & one-off pressures to offset Execution Profit Impact FY26 EBIT Impact Millions AUD Millions AUD 2H impacts 34 32 22 1.5 3.7 (3.0) 13.3 (18.0) 3.4 (6.9) FY24 FY25 1HY26 27
Slide 29: Key Messages
KEY MESSAGES 28
Slide 30: Key Messages – Select Harvests
Key Messages – Select Harvests Growing, Processing & Selling as efficiently as we can……. • Value to shareholders, dividend and share buy-back. • SHV Board sets the next ambition at 65,000MT and Revenue $700m by 2030. • Earnings profile substantively changed with broader earnings base. • Key Operatin
Slide 31: Appendix
APPENDIX 30
Slide 32: Reconciliation of Reported to Underlying Results
Reconciliation of Reported to Underlying Results $m 1H26 1H25 Reported EBIT 41.8 45.4 Prior year crop adjustment 3.6 (3.9) Gain on water sale 0.0 (5.8) Underlying EBIT 45.4 35.7 $m 1H26 1H25 Reported NPAT 26.6 28.7 Prior year crop adjustment (tax-effected) 2.5 (2.7) Gain on water sale (tax-effected)
Slide 33: Thank You
THANKYOU 32