Slide 1: FY25 Results
FY25 Results For the 12 months ending 30 September 2025 13 November 2025 This release has been authorised by the Board of GrainCorp Limited
Slide 2: Disclaimer
Disclaimer This presentation includes both information that is historical in character and information that consists of forward-looking statements. Forward-looking statements are based on current expectations of future results or events. The forward-looking statements are subject to risks, stakehold
Slide 3: Acknowledgement of Country
Acknowledgement of Country GrainCorp acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of Australia and embraces the spirit of reconciliation, working towards the equality of outcomes and ensuring an equal voice. This artwork was created by Lani Balzan, a proud Aborigin
Slide 4: Agenda
Agenda Speakers Contents Robert Spurway FY25 highlights Managing Director and CEO Strategy and growth FY25 financial performance Ian Morrison Chief Financial Officer Balance sheet and capital management Outlook and conclusion Appendices 4
Slide 5: Progressing strategy and maintaining balance sheet strength
Progressing strategy and maintaining balance sheet strength FY25 performance FY25 operating context Balance sheet strength • FY25 Underlying EBITDA(1) of • Strong global production • Balance sheet remains strong; $308m (FY24: $268m) competing with Australian grain $321m core cash and oilseeds • Tota
Slide 6: FY25 highlights
FY25 highlights Disciplined performance in a volatile global environment Financial metrics Underlying EBITDA Underlying NPAT(1,2) Core cash Total dividends $308m $87m $321m 48cps FY24: $268m FY24: $77m FY24: $337m FY24: 48cps Operating metrics Total grain handled Oilseed crush volumes Bulk materials
Slide 7: Health and safety
Health and safety Focus on continuous improvement as we strive for ‘zero-harm’ Health and safety performance • Recordable injury frequency rate(1) of 5.5 • Lost time injury frequency rate(2) of 3.0 FY25 progress • Strengthened our Critical Risk Framework • Reduced critical risk incidents in previous
Slide 8: Sustainability
Sustainability Meeting growing consumer demand for sustainable supply chains Validation of SBTi climate targets Building resilient, low-carbon supply chains Reducing our environmental impact • Driving science-based climate action with • GrainCorp Next is a sustainable agriculture • >2.5% energy effi
Slide 9: Strategy and growth
Strategy and growth
Slide 10: GrainCorp's vision and strategy
GrainCorp’s vision and strategy Delivering sustainable growth through-the-cycle 10
Slide 11: Macro trends supporting GrainCorp's strategy
Macro trends supporting GrainCorp’s strategy Attractive long-term fundamentals underpinning demand and earnings growth Population growth and changing demographics Diverse and attractive end markets Forecast population growth of Australia’s 20 largest grain Australian grain industry export destinatio
Slide 12: Our strategy in action
Our strategy in action Positioning GrainCorp for success today and into the future Enhance • Investing in up-country network to improve ECA supply chain efficiency Driving returns from our integrated footprint of • Lifted non-grain volumes and margins at our ports infrastructure and processing asset
Slide 13: Agribusiness: Investing in our up-country network
Enhance Expand Evolve Agribusiness: Investing in our up-country network Strengthening our capabilities to elevate grower experience Condobolin rail upgrade Burren Junction site expansion Improving turnaround time and capabilities • Completed $7 million(1) investment in • Completed $5 million investm
Slide 14: Agribusiness: Non-grain port earnings
Enhance Expand Evolve Agribusiness: Non-grain port earnings Extracting value from non-grain handling capabilities Improving contribution margin(1) Bulk materials Contribution margin $m Contribution margin/mmt $(2) 13.5 41 12.4 • 3.0mmt handled in FY25 (FY24: 2.6mmt) 36 36 31 29 • Largest year-on-yea
Slide 15: Agribusiness: GrainsConnect Canada
Enhance Expand Evolve Agribusiness: GrainsConnect Canada Strategic review continuing GrainsConnect Canada (GCC) • Strategic review ongoing; exploring options to maximise value of GCC • Non-cash impairment of A$26m recognised by GrainCorp in FY25 following review of carrying value • Update on strateg
Slide 16: Nutrition and Energy: Positioning for growth
Enhance Expand Evolve Nutrition and Energy: Positioning for growth Diversifying earnings by investing across our integrated value chain Human Nutrition Animal Nutrition Agri-energy • Enhancing edible oil refining capabilities at • Animal Nutrition sales have increased 83% • Progressing MOU with Ampo
Slide 17: Business Transformation Program
Enhance Expand Evolve Business Transformation Program Investing in a future growth enabler for GrainCorp Program rationale Targeted run rate benefits • Business-wide transformation program to unlock efficiencies and drive returns across our integrated value chain Early-Stage Underway Benefits • Oppo
Slide 18: FY25 financial performance
FY25 financial performance
Slide 19: FY25 financial performance
FY25 financial performance Disciplined execution in a challenging global margin environment $m FY25 FY24 • Agribusiness year-on-year uplift driven by strong ECA production leading to higher tonnes handled, offset by lower end-to-end margins • Nutrition and Energy reflects lower crush margins, partia
Slide 20: Agribusiness
Agribusiness Strong operational performance across our ECA network Agribusiness East Coast Australia (ECA) $m FY25 FY24 • ECA crop production of 34.7mmt in 2024-25 compared to 26.1mmt in 2023-24(1) Revenue Underlying EBITDA − Above average production in Queensland and New South Wales EBIT − Victoria
Slide 21: Agribusiness
Agribusiness Challenging global margin environment International(1) • Year-on-year increase in contracted grain sales reflects large Western Australian crop Contracted grain sales (mmt) – Western Australia winter crop production of 23.0mmt in 2024-25(2) International ECA − 55% above 2023-24 crop; 23
Slide 22: Nutrition and Energy
Nutrition and Energy Executing well across our processing facilities Human Nutrition Nutrition and Energy $m FY25 FY24 • Record oilseed crush volumes reflect extraction of operational efficiencies; improved restart time from planned maintenance shutdown window at Numurkah Revenue Underlying EBITDA •
Slide 23: Nutrition and Energy
Nutrition and Energy Positive underlying fundamentals driving growth in Animal Nutrition Animal Nutrition Animal Nutrition sales volumes (kmt) • Growth in sales volumes driven by record cattle on feed in Australia and strong demand from New Zealand dairy market • Excluding XFA, Animal Nutrition sale
Slide 24: Corporate
Corporate Disciplined cost management Corporate Corporate • Underlying corporate costs in line with FY24 $m FY25 FY24 • $2m growth projects spend reflects costs associated with ongoing oilseed crush Underlying corporate feasibility study Growth projects – FY24 growth projects included costs relating
Slide 25: Balance sheet and capital management
Balance sheet and capital management
Slide 26: Balance sheet strength
Balance sheet strength Maintaining balance sheet flexibility while returning capital to shareholders Core cash / (debt) ($m) Debt and liquidity profile 495 Components 30 Sep 2025 30 Sep 2024 349 Term debt 337 321 296 Inventory and working capital financing 177 200 Cash 129 Net cash / (debt) (102) (9
Slide 27: Capital allocation discipline
Capital allocation discipline Year-on-year increase in sustaining capex reflecting larger crop year Capex and investments ($m)(1) Depreciation & Amortisation (D&A) ($m)(2) Sustaining Growth Investments Business transformation D&A AASB 16 depreciation 117 117 119 120 95 92 107 86 4 81 77 36 36 42 44
Slide 28: Delivering consistently strong shareholder returns
Delivering consistently strong shareholder returns Returned over $600 million to shareholders since FY21 Dividend history (cents per share) 30 30 Ordinary dividend • Total FY25 dividends of 48cps Special dividend 24 24 24 24 24 24 16 16 10 10 10 10 10 − Interim dividend of 24cps, fully franked 12 10
Slide 29: Outlook and conclusion
Outlook and conclusion Yelarbon, Queensland
Slide 30: Outlook
Outlook Strong production in competitive margin environment • ABARES’ September 2025 Crop Report forecast for 2025-26 - ECA Winter Crop of 30.0mmt (FY25: 32.1mmt); conditions more favourable in Queensland and northern NSW - ECA canola crop forecast to be 11% below 2024-25 crop • 2025-26 harvest is u
Slide 31: Conclusion
Conclusion Delivered $308m of EBITDA in FY25 Completed several initiatives to increase volumes and efficiency Continuing to invest in the growth of our business Core cash balance of $321m at 30 September 2025 FY25 dividends of 48cps; $38m returned via share buy-back 31
Slide 32: Appendices
EA SS a= i] Appendices
Slide 33: Our investment proposition
Our investment proposition Providing exposure to the growing global demand for high-quality food, feed and agri-energy products Attractive long-term fundamentals Strategic infrastructure assets Supply chain resilience Strong balance sheet Disciplined capital management Track record of shareholder re
Slide 34: Our network of assets
Our network of assets GrainCorp is a leading Australian agribusiness and processing company, with integrated operations across four continents and a proud history of delivering for customers for more than 100 years >160 7 Grain receival sites Ports across in ECA ECA >500 290 Refining, bleaching, Oil
Slide 35: How we operate
How we operate We partner with growers to maximise the value of their crops, connecting them to domestic and global marketplaces through our end-to-end supply chain and infrastructure assets. We develop innovative solutions to create high-quality and sustainable products across Human Nutrition, Anim
Slide 36: Agri-energy is a significant opportunity for Australian Agriculture
Agri-energy is a significant opportunity for Australian Agriculture Low carbon liquid fuels demand expected to be strong Compelling fundamentals GrainCorp’s right to win • Rising global demand for low carbon liquid fuels to meet • A leading Australia-based feedstock supplier (canola oil, UCO, decarb
Slide 37: GrainCorp Ventures
GrainCorp Ventures Investing in opportunities that support long-term agricultural sustainability and productivity GrainCorp Ventures Portfolio Uses precision fermentation to produce nature identical oils as sustainable/ethical alternatives to traditional plant and animal oils. These components are t
Slide 38: Long-term ECA winter grain production
1. 2. 30.0 20.0 25.0 35.0 0.0 5.0 10.0 15.0 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 Based on ABARES’ September 2025 Crop Report 1999-00 2000-01 2001-02 Total ECA Winter Crop Production(1) 2002-03 CAGR based on 10-year rolling average from 1998-99 to 2025-26f 2
Slide 39: ECA tonnes handled
ECA tonnes handled mmt FY21 FY22 FY23 FY24 FY25 ABARES – total ECA winter + sorghum production(1) 34.3 33.9 32.8 26.1 34.7 Carry-in 0.7 4.3 4.9 3.9 2.5 Receivals(2) 16.5 16.3 13.9 10.1 13.3 Domestic outload 5.0 6.4 6.4 5.9 6.5 Exports(3) 7.9 9.2 8.3 5.6 7.0 Carry-out 4.3 4.9 3.9 2.5 2.3 Total grain
Slide 40: Delivering sustainable earnings through the cycle
Delivering sustainable earnings through the cycle GrainCorp earnings profile since FY20(1) excluding CPC impact Underlying EBITDA since FY20 excluding CPC(2) • Significant upside operating leverage when conditions are favourable, as demonstrated in FY21-23 Underlying EBITDA excl. CPC ($m) FY20-25 Av
Slide 41: Building blocks of $320m EBITDA in average earnings through-the-cycle
Building blocks of $320m EBITDA in average earnings through-the-cycle Key drivers - Agribusiness Agribusiness – TTC contribution ECA International • ECA crop production (winter & summer) • Western Australia and Canada crop production Agribusiness • Total grain handled ~66% • Contracted grain sales v
Slide 42: Crop Production Contract
Crop Production Contract GrainCorp has reached $270m cap following the FY25 payment Crop Production Contract – payments to date(1) Crop Production Contract – payments to date(3) • CPC was critical in facilitating demerger of GrainCorp and United Malt Payments received / (paid) Year Crop size (mmt)(4
Slide 43: Underlying EBITDA bridge: FY24 to FY25
Underlying EBITDA bridge: FY24 to FY25 20 69 8 (31) (2) 2 308 (22) (3) (2) 268 FY24 Higher ECA CPC Lower GCC XFA Lower crush Agri- UMG Corporate FY25 Underlying volumes Impact(1) International earnings margins energy Impact(2) & projects Underlying EBITDA margins EBITDA Agribusiness Nutrition and En
Slide 44: Cash flow
Cash flow ($m) 30 September 2025 30 September 2024 EBITDA 252 246 Net interest (60) (45) Income taxes paid (53) (94) Changes in working capital and other related items 112 40 Net operating cash flow excl inventory funding & commodity inventory 252 148 Repayments for bank loans – inventory funding (1
Slide 45: Core cash/(debt) bridge and net working capital
Core cash/(debt) bridge and net working capital Core cash / (debt) bridge (FY24-FY25) Net Working Capital(1) 112 308 800 (23) (77) (45) (30) 700 Net working capital ($m) (106) (38) 600 337 (60) 321 (53) (4) 500 400 300 200 Business Transformation Underlying EBITDA Interest Principal elements of leas
Slide 46: Reconciliation of Underlying NPAT and EBITDA
Reconciliation of Underlying NPAT and EBITDA Reconciliation of NPAT to Underlying NPAT $m FY25 FY24 NPAT 39.9 61.8 Business transformation costs 29.7 21.4 Less tax on business transformation costs (8.9) (6.4) Impairment of joint venture 26.0 - Underlying NPAT 86.7 76.8 Reconciliation of EBITDA to Un
Slide 47: Capital management framework
Capital management framework Service debt • Target minimal core debt obligations • Debt finance commodity inventory and working capital Sustaining capital expenditure • Target $40–50m p.a. Dividends • Payout ratio = 50-70% of NPAT through-the-cycle • Capital investment in growth Surplus cash flow pr
Slide 48: Glossary
Glossary Term Definition Term Definition AASB Australian Accounting Standards Board mmt Million metric tonnes ABARES Australian Bureau of Agricultural and Resource Economics Net debt Total debt less cash ASRS Australian Sustainability Reporting Standards NPAT Net Profit After Tax CAGR Compound Annua
Slide 49: GrainCorp Limited
GrainCorp Limited Level 20, Tower 2, International Towers 200 Barangaroo Avenue Sydney NSW 2000