Slide 1: FY26 Results
FY26 RESULTS Quinton Hildebrand – MD & CEO Chris Opperman – CFO ASX: RIC This presentation includes non-IFRS information including EBITDA, Underlying and Pre AASB16 Leases, which Ridley considers useful for users of this presentation to reflect the underlying performance of the business. LEADING TOG
Slide 2: Our Strategic Progress in FY26
OUR STRATEGIC PROGRESS IN FY26 • Acquired Incitec Pivot Fertilisers (IPF) Broadened our portfolio • A diversified Ridley provides more resilience and greater opportunities • Each segment holds #1 positions in their respective markets Earnings • Step-change in earnings base growth • Optimised capital
Slide 3: FY26 Financial Summary
FY26 FINANCIAL SUMMARY EARNINGS GROWTH EBITDA (underlying) 1 NPAT (underlying)2 EBITDA (underlying) increased to $157.8m from $97.5m in pcp from: • Fertilisers contribution (9 months) at higher end of expectations $157.8m $61.0m +61.8% vs. pcp +41.5% vs. pcp • Bulk Stockfeeds earnings growth on incr
Slide 4: Fertilisers update
BC to FERTILISERS update EBITDA of $72.2m reflecting: • Nine months trading since acquisition completion • Higher margins due to rising global market prices (Middle East conflict), partially offset by lower than expected volumes as prices impacted farm economics • Business restructure and implementa
Slide 5: Fuel and Fertiliser Security Facility (FFSF)
FUEL AND FERTILISER SECURITY FACILITY (FFSF) Granular Urea CFR Middle East $/t vs Geelong FCA Bulk $/t In response to the Middle East conflict and concern that fertiliser in Australia would be in short supply, 28 Feb. 2026 31 Mar. 2026 22 Apr. 2026 the Federal Government established the FFSF to ME C
Slide 6: Bulk Stockfeeds
BULK STOCKFEEDS EBITDA of $50.3m increased by $2.4m on pcp: • Volume growth in Monogastric1 (+7%) and Ruminant (+4%) as we support the growth of our existing customers, and win over new customers • Raw material procurement activities improved margins and Ridley Direct earnings • More than offset the
Slide 7: Packaged Feeds & Ingredients
INGREDIENT RECOVERY BRANDS PACKAGED PRODUCTS BRANDS PACKAGED FEEDS & INGREDIENTS EBITDA of $51.6m decreased by $11.4m on pcp: • The capacity constraints at Maroota (one process water dam inoperable) and commissioning delays at Timaru continued through to the end of FY26 • Ovine supply constraints to
Slide 8: Financial Results
FINANCIAL RESULTS LEADING TOGETHER FY26 RESULTS | 20 August 2026 8
Slide 9: Profit & Loss
PROFIT & LOSS $m FY26 FY25 Change Growth in EBITDA1 and NPAT1 EBITDA excl. ISI’s 157.8 97.5 60.3 • Corporate costs increase driven by incentive payments – Fertilisers 72.2 - 72.2 for the enlarged employee base, and capability to – Bulk Stockfeeds 50.3 47.8 2.5 support the Group – Packaged Feeds & In
Slide 10: Individually Significant Items
INDIVIDUALLY SIGNIFICANT ITEMS Significant items after tax of ($33.5m) in FY26 INDIVIDUALLY SIGNIFICANT ITEMS • Gain on Bargain Purchase – Incitec Pivot Fertilisers Gross Tax Net acquisition, change from 1H1 provisional estimate of ($m) ($m) ($m) $55.9m2 Gain on Bargain Purchase1 37.5 - 37.5 • Acqui
Slide 11: Net Debt and Leverage
NET DEBT NET DEBT AND LEVERAGE Facility limits: $740m Strong Balance Sheet and liquidity position Liquidity headroom • Increase in Net Debt1 primarily due to funding of $444m Fertilisers acquisition Target range3 • Leverage2 at 0.85x, below 1.0x – 2.0x target range3 Net debt Leverage (times) ($m) 0.
Slide 12: Working Capital: FY25 to FY26
WORKING CAPITAL WORKING CAPITAL: FY25 TO FY26 Focus on optimising Working Capital • Higher working capital levels following ($m) Fertilisers acquisition • Closing working capital benefited from early seasonal sales, margins and strong cash conversion FERTILISERS NET WORKING CAPITAL AND DISPATCH VOLU
Slide 13: Capital Expenditure
CAPITAL EXPENDITURE CAPITAL EXPENDITURE ($m): FY23 TO FY26 Increase in Capital expenditure following the acquisition of Fertilisers ▪ Growth Maintenance • Elevated capital spend in FY26 ▪ Maintenance 67 capex as % of Depreciation ‒ Maintenance and ESG capital of $44m, above typical due to major proj
Slide 14: Capital Allocation
CAPITAL ALLOCATION DELIVERED IN FY26 SOURCE OF CAPITAL • Operating cash flow of $122m, net of Fertilisers acquisition and EQUITY ASSET DEBT OPERATING CAPITAL integration costs of $34m RECYCLING FUNDING CASH FLOW RAISE • Maintenance capital of $44m – c.100% of Depreciation1 Maintenance and ESG Capita
Slide 15: FY26 – FY28 Growth Plan Update
FY26 – FY28 GROWTH PLAN UPDATE Presented at Investor Strategy Day | 10 March 2026 20/08/2026 15 Bulk Stockfeeds; Terang Feedmill
Slide 16: Strategy on a Page
STRATEGY ON A PAGE Ridley expects to grow EBITDA across each of its businesses FERTILISERS BULK STOCKFEEDS PACKAGED FEEDS & INGREDIENTS “Gearing our ecosystem to amplify value." “Leveraging the flywheel effects of scale.” “Climbing the wall of value.” The #1 Rural Packaged The #1 Ingredient Feed & C
Slide 17: Progress on our FY26 – FY28 Growth Plan
PROGRESS ON OUR FY26 – FY28 GROWTH PLAN Growth Plan is on track, one year into three-year program Earnings growth expectation FY26-FY281 Efficiency Initiatives Growth Initiatives Disciplined M&A Fertiliser Fertiliser ● Reset distribution network ● Implement regional model ● Integrate IT systems ● Va
Slide 18: Plan Progress – Fertiliser
PLAN PROGRESS – FERTILISER The strategy to use our supply diversity and scale to deliver for customers is progressing to plan 3 • Reset the Primary Distribution Centre (PDC) network at two port locations: 3 - new 3P PDC now operational in Brisbane 1 - finalising the lease adjacent to Townsville PDC
Slide 19: Plan Progress – Bulk Stockfeeds
PLAN PROGRESS – BULK STOCKFEEDS The “flywheel” strategy is supporting growth in market share and volume related operational efficiency • Completion of the debottlenecking capital project at the Lara Feedmill to increase capacity for our existing monogastric customers • Commenced a debottlenecking ca
Slide 20: Plan Progress – Packaged Feeds & Ingredients
PLAN PROGRESS – PACKAGED FEEDS & INGREDIENTS The strategy of “climbing the wall of value” to meet the evolving needs of our customers • Secured long-term private label contracts with additional packaged customers, delivering scale benefits and reducing customer dependency • Completion of the new OMP
Slide 21: Outlook
OUTLOOK LEADING TOGETHER FY26 RESULTS | 20 August 2026 21
Slide 22: FY27 Outlook
FY27 OUTLOOK Ridley’s diversified business provides the Group with opportunities and resilience in weather extremes, biosecurity threats and commodity cycles. In FY27 Ridley expects Group earnings growth in each segment, driven by: • transition and integration benefits in Fertilisers, with a full ye
Slide 23: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER The material in this presentation is general background information about the activities of Ridley Corporation Limited (ACN 006 708 765) and its related entities (Ridley), current as at the date of this presentation, unless otherwise stated. The content is information
Slide 24: Supplementary & Five Year Financial Information
SUPPLEMENTARY & FIVE YEAR FINANCIAL INFORMATION LEADING TOGETHER F Y 2 6 PRESENTATION R E S U L T S |TITLE 2 0 A u12/08/2026 gust 2026 24 2 4
Slide 25: D&A and Interest – Impact from Fertiliser Acquisition
D&A AND INTEREST – IMPACT FROM FERTILISER ACQUISITION FY26 Depreciation & Amortisation build FY26 Finance Costs build ▪ Ridley exc. Fertiliser Lease D&A ▪ Fertiliser Funding Provision Lease interest $16.6m $8.1m ▪ Group 43.5 costs unwind1 32.2 10.6 D&A on PPE $26.9m 7.3 0.8 0.9 2.2 6.0 23.2 24.7 Fun
Slide 26: Profit & Loss Summary
PROFIT & LOSS SUMMARY PROFIT & LOSS ($M) FY26 FY25 FY24 FY23 FY22 EBITDA Operations before significant items 174.2 110.7 104.1 101.8 92.4 Corporate Costs (16.4) (13.2) (11.3) (13.3) (12.2) EBITDA before significant items 157.8 97.5 92.8 88.5 80.1 Significant items before tax (41.0) 0.2 (2.8) - 8.9 E
Slide 27: Balance Sheet – Assets
BALANCE SHEET – ASSETS BALANCE SHEET ($M) FY26 FY25 FY24 FY23 FY22 Cash & cash equivalents 251.6 84.7 34.2 43.0 27.1 Inventory 489.7 103.2 105.3 107.0 117.1 Trade and other receivables & prepayments 450.0 150.1 135.0 133.0 133.1 Tax assets and derivative financial instruments 50.8 0.3 0.4 0.7 - Tota
Slide 28: Balance Sheet – Liabilities
BALANCE SHEET – LIABILITIES BALANCE SHEET ($M) FY26 FY25 FY24 FY23 FY22 Current trade and other payables 643.3 226.3 224.2 205.2 202.2 Current borrowings 283.2 – – – – Current lease liabilities 23.7 4.3 5.1 4.2 4.4 Current provisions 29.2 15.7 14.6 15.6 15.2 Current tax liabilities – 4.4 5.0 – 11.9
Slide 29: Cash Management
CASH MANAGEMENT CASH FLOW ($m) FY26 FY25 FY24 FY23 FY22 Consolidated EBITDA (pre-ISI) 157.8 97.8 90.0 88.5 89.1 ISI impact (41.0) (0.9) (2.4) - - Movement in working capital 116.2 (5.1) 35.8 17.1 (29.6) Net finance costs (21.8) (9.0) (7.2) (4.6) (2.2) Net tax payments (38.8) (14.5) (11.1) (21.9) (10
Slide 30: Net Debt, Gearing & Leverage
NET DEBT, GEARING & LEVERAGE NET DEBT, GEARING, LEVERAGE FY26 FY25 FY24 FY23 FY22 Capital Expenditure ($m) Development capital expenditure 21.9 19.4 18.4 23.0 10.9 Maintenance capital expenditure 44.5 16.8 14.5 11.3 12.9 Net debt and gearing ($m) Gross debt 547.4 20.0 85.0 72.5 50.0 Less: cash and c
Slide 31: Leading Together
LEADING TOGETHER