Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — Shareholder Meeting (October 2025)
66 slides from Cobram Estate Olives's shareholder meeting presentation, Oct 31, 2025
Slide 1: 2025 Annual General Meeting
22 August 2025 2025 Annual General Meeting Cobram Estate Olives Limited ABN: 32 115 131 667 31 October 2025 1
Slide 2: Presenters
Presenters Rob McGavin Non-Executive Chair and Co-Founder Leandro Ravetti Joint-CEO and Executive Director (Technical & Production) Sam Beaton Joint-CEO and Executive Director (Finance & Commercial) Cobram Estate Olives Limited 2
Slide 3: Disclaimer
Disclaimer The material in this presentation is general background information about Cobram Estate Olives Limited ABN: 32 115 131 667 (“Cobram Estate Olives” or “CBO” or “the Company” or “the Group”) and is current at the date of the presentation. The information in the presentation is provided for
Slide 4: Agenda
Agenda 1. Chair’s Address – Rob McGavin 2. FY25 Results & Commercial Update – Sam Beaton 3. Business Operations & Growth Strategy Updates – Leandro Ravetti 4. Formal Business 5. Questions 6. Close Cobram Estate Olives Limited 4
Slide 5: Chair's Address
Chair’s Address Rob McGavin Non-Executive Chair and Co-Founder 5 Non-Executive Chair and Co-Founder, Rob McGavin
Slide 6: FY25 Results & Commercial Update
FY25 Results & Commercial Update Sam Beaton Joint-CEO and Executive Director (Finance & Commercial) Cobram Estate Olives Limited Private & Confidential 6 Olive harvest at Boundary Bend olive grove
Slide 7: Key Messages
Key Messages 1 Record EBITDA* and operating cash flow. Sustained demand for CBO’s extra virgin olive oil in 2 FY25 resulted in strong sales growth and improved trading performance. Double-digit sales growth in Australia, and 3 demonstrable growth in Cobram Estate® branded sales in the USA. Transitio
Slide 8: Full-Year FY25 – Financial Results Summary
Full-Year FY25 – Financial Results Summary Financial results for the twelve months to 30 June 2025 EBITDA* PROFIT GROUP OLIVE OIL SALES REVENUE $116.6m $237.4m ↑ 74.8% (vs FY24) ↑7.5% (vs FY24) NET PROFIT AFTER TAX $49.6m GLOBAL PACKAGED GOODS SALES ↑167.8% (vs FY24) $216.8m (COBRAM ESTATE® + RED IS
Slide 9: Group Profit (Statutory)
Group Profit (Statutory) 74.8% EBITDA* growth driven by larger Australian crop and prioritising growth in higher-value branded sales Income Statement $’million FY25 FY24 Change Key points: Revenue • The Group reported EBITDA* of $116.6m in FY25 (FY24: $66.7m). Sales revenue 241.7 227.8 13.9 • Austra
Slide 10: Group Cash Flow Statement
Group Cash Flow Statement Record operating cash flow of $83.0m, driven by improved product mix and pricing supported by customer demand Cash Flow Statement $’million FY25 FY24 Change Cash generated from operations 83.0 64.1 18.9 Key points: Net interest paid (15.1) (11.6) (3.5) • Record cash flow fr
Slide 11: Operating Cashflow
Operating Cashflow Strong operating cash flow continues to rise each year Group Operating Cash Flow 39% CAGR $83.0m Key points: $64.1m • Operating cashflow is more consistent than $58.1m reported profits (which is heavily influenced by $54.1m the biennial bearing cycle of the Australian $47.9m crop)
Slide 12: Capital Expenditure (CAPEX) Update
Capital Expenditure (CAPEX) Update >$250m invested over the last 5 years; Australian growth CAPEX largely completed; focus on growth investment in the USA Australia USA Capital projects completed over the period FY21 to FY25 include: Capital projects completed over the period FY21 to October 2025 in
Slide 13: Group Balance Sheet
Group Balance Sheet Net Assets of $365.5m; value of brands, olive trees, and irrigation infrastructure are carried at written down cost Balance Sheet $’million Jun-25 Jun-24 Change Cash 4.0 11.3 (7.3) Key points: Current assets (excluding cash) 182.1 128.8 53.3 • Total Assets increased from $690.1m
Slide 14: Real Asset Backing
Real Asset Backing Adjusted asset value (excluding cash) of $974.8m, against net borrowings of $263.9m $’million Jun-25 Jun-24 Assets vs. Borrowings Assets 1,100 Total assets per CBO balance sheet 811.9 690.1 Olive trees and 1,000 irrigation valuation add: not included on 900 CBO's balance External
Slide 15: Group Olive Oil Sales | Packaged Goods and Bulk
Group Olive Oil Sales | Packaged Goods and Bulk USA accounts for over one quarter of Group olive oil sales Group Olive Oil Sales by Country 20% CAGR $237.4m $220.9m $64.6m $64.9m $164.2m $138.1m $42.6m $31.5m $172.7m $156.0m $121.6m $106.6m FY2022 FY2023 FY2024 FY2025 Australia USA Cobram Estate Oli
Slide 16: Australian Olive Oil Operations Delivers Continued Sales Growth
Australian Olive Oil Operations Delivers Continued Sales Growth Australian branded sales up 16.6% in FY25 (vs FY24) Australian olive oil operations packaged goods sales 180 160 $21.8m 16.6% growth Key points: 140 $21.6m • Sustained growth in olive oil sales from CBO’s 21.9% 120 growth Australian oli
Slide 17: New Marketing Campaign launched in Australia in FY26
New Marketing Campaign launched in Australia in FY26 Health-led campaign aiming to increase usage through education and awareness Cobram Estate Olives Limited 17
Slide 18: Strong USA Sales Growth for Cobram Estate
Strong USA Sales Growth for Cobram Estate® Cobram Estate® branded product sales up 101.0% in FY25 (vs FY24) USA Olive Oil Operations Packaged Goods Sales (A$)* 60 Key points: • CBO’s USA strategy continues to focus its limited Californian 50 olive oil on long-term growth in packaged goods sales thro
Slide 19: Olive Oil Category in the USA is Growing Rapidly
Olive Oil Category in the USA is Growing Rapidly USA supermarket sales of olive oil valued at US$2.8 billion1 representing a significant growth opportunity for CBO 8 USA Cooking Oil Sales Growth in USA Supermarkets (US$’b)1 7 USA Olive Oil • The USA is now the second largest consumer of olive oil (1
Slide 20: 2025 Equity Raising
2025 Equity Raising Successful $178m equity raising conducted to accelerate USA growth plans New land for development in California New grove development in California USA grove during olive harvest Equity Raising to Accelerate USA Growth Strategy • In September/October 2025 the Company raised a tot
Slide 21: Business Update and Outlook
Business Update and Outlook Business outlook remains positive, as we execute our strategic growth plan in the USA Key points: • Australian sales are on track to sell all of the olive oil produced from the 2025 harvest by 30 June 2026 as planned. • USA sales continue to be robust and have performed b
Slide 22: Dividend Announcement
Dividend Announcement Final FY25 dividend of 4.5 cents per share, 100% franked, payable on 28 November 2025 Dividend Timetable Final Dividend Details Activity Date Ex-Dividend Date 6 November 2025 • Dividend Payment: $0.045 per share Record Date 7 November 2025 • 100% Franked DRP Final Election Date
Slide 23: Business Operations & Growth Strategy Update
Business Operations & Growth Strategy Update Leandro Ravetti Joint-CEO and Executive Director (Technical & Production) Cobram Estate Olives Limited 23 Outdoor ad on Interstate 5, California USA
Slide 24: Group Operational Highlights
Group Operational Highlights 1,385 AUSTRALIA’S #1 HECTARES OLIVE OIL PRODUCER** OF OLIVE GROVES IN CALIFORNIA* 7,000 ~2,200 HECTARES HECTARES Olive harvest in California Fresh olives OF NEW GROVES TO BE DEVELOPED IN OF OLIVE GROVES IN AUSTRALIA CALIFORNIA BY END OF 2027 14.2m 3.0m LITRES OF CALIFORN
Slide 25: California FY26 Harvest (October/November 2025)
California FY26 Harvest (October/November 2025) Expected increase in olive oil contribution from CBO-owned groves Olive harvest in California Fresh Californian olive oil FY26 harvest update: • Favourable seasonal conditions in California supported strong flowering, fruit set, and fruit development a
Slide 26: FY25 Australian Harvest
FY25 Australian Harvest Snapshot of FY25 harvest at Boundary Bend, Wemen, and Boort 11,446 km of olive trees harvested More than twice the width of Australia From Boort to Singapore and back Over ¼ the Earth’s circumference Boort olive grove26
Slide 27: Our 24/7 Harvesting Operation
Our 24/7 Harvesting Operation First tree harvested at Wemen on 7th April. Last tree harvested at Boort on 3rd July. Total harvest duration: 88 days Colossus olive harvester Optimus olive harvester Colossus olive harvester at night Colossus olive harvester at dusk 27
Slide 28: The Olive Journey – From Fresh Fruit to Liquid Gold
28 The Olive Journey – From Fresh Fruit to Liquid Gold FY25 harvest (CBO groves only): 74,308 tonnes of olives; 13.2 million litres of olive oil Harvest at Boundary Bend Unloading freshly picked olives at Boundary Bend Olive oil extraction Fresh extra virgin olive oil 28
Slide 29: Australian Olive Oil Storage
Australian Olive Oil Storage Boort: 4.8 million litres - Boundary Bend: 2.0 million litres - Lara 11.0 million litres Olive oil storage, Lara Olive oil storage, Lara 29
Slide 30: FY25 Australian Harvest Summary
FY25 Australian Harvest Summary 14.2m litres produced in FY25 (13.2m litres from CBO groves plus 1.0m litres from third-party groves) Key Points: Some of our • Total of 14.2m litres of olive grove team oil produced, up from 10.1m litres in FY24 — reflecting an ‘on-year’ in the natural biennial cycle
Slide 31: FY26 Australian Crop Outlook and Operations Update
FY26 Australian Crop Outlook and Operations Update FY26 crop expected to be only moderately lower than FY25 FY26 crop outlook • Flowering for the FY26 crop has commenced on CBO’s Australian groves, with full bloom at our Boundary Bend grove taking place this week and at our Boort grove next week. Th
Slide 32: Australian Grove Input Costs
Australian Grove Input Costs Stable operating costs with water costs to date higher than the prior year CBO’s Australian temporary water purchases and Grove and operating costs: price per megalitre - FY14 to FY25 • Grove input costs (excluding water) and overall general operating costs remain relati
Slide 33: Growth Strategy
Growth Strategy Four core pillars to drive future growth Increasing olive oil supply on our Australian groves to deliver material sales growth from Australian operations. 1. CBO’s maturing Australian olive grove area will increase by 42% over the next seven years. As of 30 June 2025, 30% of the Comp
Slide 34: Increasing Supply from CBO's Maturing Australian Groves
1. Increasing Supply from CBO’s Maturing Australian Groves CBO’s mature grove area will increase by 42% over the next 7-years, delivering material growth in oil supply Key points*: • Currently only 70% of CBO’s 7,000 hectares of Australian olive groves are mature, 20% are immature, and 10% are not y
Slide 35: Australian Growth Project: Capacity Increase for Boort Olive Mill
Australian Growth Project: Capacity Increase for Boort Olive Mill Olive mill processing capacity increase from 50 to 80 tonnes per hour Key points: • CBO’s Boort olive mill upgrade, commissioned in April 2023, delivered a capacity increase from 30 to 50 tonnes of olives per hour. • Equipment to deli
Slide 36: Expanding Californian Olive Oil Supply to Support Sales Growth
2. Expanding Californian Olive Oil Supply to Support Sales Growth Total grove area expected to reach ~3,600 hectares by end CY27, producing >9 million litres p.a. at maturity Key points: • CBO’s Californian olive grove portfolio currently totals 1,385 hectares* (as of 31 October 2025), of which only
Slide 37: USA Growth Project: Summary of Grove Developments
USA Growth Project: Summary of Grove Developments Additional 2,220 hectares planned for development by end of CY27, taking CBO’s Californian groves to ~3,600 hectares Summary of CBO's Californian Olive Grove Portfolio Including Projected Plantings (hectares) Key points: 1,240 3,605 • An additional ~
Slide 38: USA Growth Project: 180 Hectares Planted in FY25
USA Growth Project: 180 Hectares Planted in FY25 Greenfield plantings at CBO’s Dunnigan Hills and Esparto South sites, adjacent to existing groves New grove development at CBO’s Dunnigan Hills and Esparto South Ranches, October-November 2024 Dunnigan Hills Ranch – 122-hectare greenfield development
Slide 39: USA Growth Project: 360 Hectare Development in October 2025
USA Growth Project: 360 Hectare Development in October 2025 Preparing for greenfield planting at CBO’s Williams (102 hectares) and Ironhorse (258 hectares) sites Cobram Estate Olives Limited 39
Slide 40: USA Growth Project: 360 Hectares - Planting in Progress
USA Growth Project: 360 Hectares - Planting in Progress Planting now underway at CBO’s Williams (102 hectares) and Ironhorse (258 hectares) sites Cobram Estate Olives Limited 40
Slide 41: USA Growth Project: Woodland California Site Expansion
USA Growth Project: Woodland California Site Expansion Expansion of CBO’s Woodland bottling and warehousing capacity to meet growing demand Key points: • Currently undertaking an expansion of the finished goods warehouse and installation of a new bottling line. • The new bottling line will increase
Slide 42: CBO AGM 2025 video
To view this video, please click on the following link: CBO AGM 2025 42
Slide 43: The Positive Impact of Olives and CBO in California
The Positive Impact of Olives and CBO in California Growing a healthier planet through sustainable olive farming Sustainable & Restorative Agriculture • Olives and extra virgin olive oil are central to sustainable food systems and healthy diets. • Converting former grazing and crop lands into olive
Slide 44: The Vital Role of Grower Partners for CBO California
The Vital Role of Grower Partners for CBO California Partnering with local growers in California, like we do in Australia Strengthening Partnerships as We Grow • As we expand our orchard footprint in California, we’re committed to deepening our relationships with grower partners - just as we success
Slide 45: Cobram Estate USA Team and Board Strategy Session
Cobram Estate USA Team and Board Strategy Session Sincere thanks for driving this incredible growth story CBO Board and USA strategy session group CBO USA team Cobram Estate Olives Limited 45
Slide 46: Improvement of Net Return Per Litre Through Innovation
3. Improvement of Net Return Per Litre Through Innovation Continuous innovation including the use of new technologies to reduce costs Soil mapping trailer for use pre-planting Automated forklift AGV in Lara warehouse Key points: • During FY25, the Company installed three new AGV’s at our Lara bottin
Slide 47: Sustainability Strategy
4. Sustainability Strategy ‘2030 Sustainability Strategy’ developed and adopted in 2024 Key points: • CBO is well positioned to deliver a unique value proposition – the ability to produce food that is good for human health, the planet, and its business. • The Company strives to be a leading example
Slide 48: Sustainability Update – FY25
Sustainability Update – FY25 Continued focus on short and long-term sustainability objectives and targets Key points: Kangaroos in Boundary Bend grove Longreach Ilfracombe Tigers • The Company continues to focus on short and long- term sustainability objectives and targets, in line with its 2030 Sus
Slide 49: Company-wide Green House Gas Assessment
Company-wide Green House Gas Assessment* Net carbon sink position for CBO in FY25 FY25 Greenhouse Gas Inventory and Emissions by Scope* FY25 Greenhouse Gas Emissions * EMISSIONS 45,000 Employee commuting Australia USA Group Business travel Scope 1 14,193 1,859 16,052 40,000 End-of-life treatment of
Slide 50: Protecting Biodiversity - Malleefowl Project
Protecting Biodiversity - Malleefowl Project Continued focus on short and long-term sustainability objectives and targets Key points: The endangeredThe Malleefowl endangered Malleefowl • Since 2022, CBO has supported the nationally threatened Malleefowl (Leipoa ocellata) through tangible conservatio
Slide 51: Formal Business
Formal Business Rob McGavin Non-Executive Director and Co-Founder Cobram Estate Olives Limited 51
Slide 52: Shareholder / Proxyholder Voting Directions
Shareholder / Proxyholder Voting Directions Cobram Estate Olives Limited 52
Slide 53: Voting Online
Voting Online Only verified Shareholders, Proxyholders, and Corporate Representatives are eligible to vote Lodging your votes online Click “Get a Voting Card” (top and bottom of platform) Enter your SRN/HIN or your Proxy Number and Postcode Click “Submit Details and Vote” Fill out your voting card f
Slide 54: Asking Questions Online
Asking Questions Online Only verified Shareholders, Proxyholders, and Corporate Representatives are eligible to ask questions Asking questions online Only Shareholders, Proxyholders, and Corporate Representatives are able to ask questions Click on “Ask a Question” Select “General Business” or a spec
Slide 55: Asking Questions via Webphone
Asking Questions via Webphone Only verified Shareholders, Proxyholders and Corporate Representatives are eligible to ask questions Cobram Estate Olives Limited 55
Slide 56: Item 1: Financial Statements and Reports
Item 1: Financial Statements and Reports To receive and consider the Financial Report and the related Directors’ Report and Auditor’s Report for the year ended 30 June 2025. Note: This item is for discussion only and is not a resolution. 56
Slide 57: Item 2: Adoption of the Remuneration Report
Item 2: Adoption of the Remuneration Report To consider and, if thought fit, to pass the following resolution as a non-binding ordinary resolution: That the Remuneration Report of the Company for the year ended 30 June 2025 be adopted. Note: This resolution is advisory only and does not bind the Com
Slide 58: Item 3a: Re-election of Toni Brendish
Item 3a: Re-election of Toni Brendish To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That Toni Brendish, who retires, and being eligible, offers herself for re-election as a Non-Executive Director of the Company, is elected as a Director of the Company.
Slide 59: Item 3b: Re-election of Leandro Ravetti
Item 3b: Re-election of Leandro Ravetti To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That Leandro Ravetti, who retires, and being eligible, offers himself for re-election as an Executive Director of the Company, is elected as a Director of the Company.
Slide 60: Item 4: Ratification of Prior Issue of Placement Shares
Item 4: Ratification of Prior Issue of Placement Shares To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 54,687,500 Shares to the September Placement Pa
Slide 61: General Question Time
Cobram Estate Olives Limited” General Question Time 61
Slide 62: Meeting closed. Thank you for your support!
Meeting closed. Thank you for your support! Cobram Estate Olives Limited 62 Cobram Estate® everyday essentials, Australia
Slide 63: Appendix
Appendix Cobram Estate Olives Limited Private & Confidential 63 Flowering at Boundary Bend olive grove
Slide 64: Overview of Cobram Estate Olives Limited
Overview of Cobram Estate Olives Limited CBO is one of the world’s largest vertically integrated olive oil growers, processors and marketers of premium extra virgin olive oil (“EVOO”) with the following key competitive advantages Vertically integrated operations with strategically Proprietary Oliv.i
Slide 65: CBO's Strategic Advantages
CBO’s Strategic Advantages CBO’s strategic olive assets deliver significant competitive advantages and strong barriers to entry Vertically integrated operations with Proprietary Oliv.iQ® Premium market-leading Industry-leading strategically located, Integrated Olive brands Cobram Estate® sustainabil
Slide 66: Thank you for your support!
Thank you for your support! Cobram Estate Olives Limited 66
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