Sea Forest Limited · ASX:SEA
Sea Forest — Investor Presentation (February 2026)
23 slides from Sea Forest's investor presentation, Feb 25, 2026
Slide 1: 1H26 Results
1H26 Results 25 February 2026 1
Slide 2: Important Notice & Disclaimer
Important Notice & Disclaimer This presentation has been prepared by Sea Forest Limited (ABN 46 631 662 283) (Company). Statements in this presentation are made only as at 25 February 2026 and the information in this presentation (Information) remains subject to change without notice. No responsibil
Slide 3: Acknowledgement of Country
Acknowledgement of Country We acknowledge the Traditional Custodians of Country throughout Australia and their connections to land, sea and community. We pay our respects to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander People. 3
Slide 4: Sea Forest's mission is to combat climate change through the mitigation of livestock methane
Kingston Farm | Tasmania, Australia Sea Forest’s mission is to combat climate change through the mitigation of livestock methane whilst supporting livestock productivity 4
Slide 5: Agenda
Agenda Presenters: Sam Elsom (CEO) and Teresa Garces (CFO) 1. Results highlights 2. Financials 3. Strategy & Outlook 4. Q&A 5. Appendix 5
Slide 6: Results Highlights
Results Highlights Sam Elsom (CEO) 6
Slide 7: 1H26 Financial Highlights
1H26 Financial Highlights Strong revenue growth and head commitments exceeding breakeven targets $796k $(3,381)k $(2,002)k SeaFeedTM Revenue EBITDA1 Underlying EBITDA2 IPO and ASX Listing Up 236% Down 26% Down 8% • Listed and commenced trading on the ASX on 26 November 2025 • IPO raised $20.5 millio
Slide 8: 1H26 Operating Highlights
1H26 Operating Highlights Strong operating momentum with new domestic and international commercial agreements Trial with Woolworths Providore Agreement Belterra Partnership Group, DIT AgTech, and Oisix Ra Daichi Providore Agreement Teys Australia Partnership First Distribution Centre • Three-year co
Slide 9: 1H26 Operating Highlights
1H26 Operating Highlights Strong operating momentum with new domestic and international commercial agreements First Distribution Centre Global Roundtable for Belterra Agroflorestas Oisix Ra Daichi (OISIX) Global Roundtable for Partnership Partnership Sustainable Sustainable Beef Beef (GRSB) • Strate
Slide 10: Financials
Financials Teresa Garces (CFO) 10
Slide 11: P&L Statement
P&L Statement $000 1H26 1H25 Change (%) • SeaFeed revenue of $796k, up 236% on pcp Product revenue 796 413 93 (1H25: $237k) Other revenue • Product revenue in 1H25 included $176k from 1,968 2,620 (25) oyster spat sales, which were part of the Total revenue 2,765 3,033 (9) decommissioned, non-core ma
Slide 12: Cash Flow
Cash Flow $000 1H26 1H25 Change (%) • Customer receipts of $700k, up 278%, reflecting Cash flows from operating activities continued commercial scale up Receipts from customers1 700 185 278 1 • Operating cash outflows improved by 10% on pcp Payments to suppliers and employees (5,449) (5,925) (8) or
Slide 13: Balance Sheet
Balance Sheet $000 31-Dec-25 30-Jun-25 Cash and cash equivalents 9,837 12,615 • IPO raised $20.5 million before capital raising costs Cash on deposit 19,109 - with $19.0 million placed in term deposits (6-9 Trade and other receivables 3,128 2,225 months maturities), resulting in total liquidity of P
Slide 14: Strategy & Outlook
Strategy & Outlook Sam Elsom (CEO) 14
Slide 15: Significant Market Opportunity
Significant Market Opportunity Global livestock feed supplement market to reach $90.7 billion in 2032 Key Market Drivers ▪ Over 3 billion livestock globally2 $90.7 ▪ Increasing demand for animal-based proteins CAGR: 5.7% driven by population growth and shifting consumer preferences toward more susta
Slide 16: Growth Strategy
Growth Strategy Building market leadership in Australia while expanding globally Horizon 1 Horizon 2 Horizon 3 Sea Forest’s growth strategy is focused on: ▪ Leading the Australian livestock feed additive ▪ Product innovation, including SeaFeed Sustain & Hybrid market through contracts and partnershi
Slide 17: Path to Market
Path to Market Initial Trials Jurisdiction Head of Cattle Regulatory Approval In Market Discussions Commenced Australia 30.0 million1 Africa 49 million2 Sea Forest has applied United Kingdom 9.4 million3 for regulatory approval Sea Forest is in the European Union 72.0 million4 process of applying fo
Slide 18: Outlook
Outlook • Continuing to strengthen production capability and distribution network • Advancing regulatory approvals and customer trials across priority international jurisdictions • R&D team is developing additional delivery mechanisms to facilitate wider adoption • Woolworths, DIT AgTech and Teys Au
Slide 19: Q&A
Q&A Fe-SEA AZ=FOREST
Slide 20: Thank you
Thank you CONTACT: Aileen Bodart +61 432 160 136 aileen.bodart@sodali.com
Slide 21: Appendix
Appendix Fe-SEA AZ=FOREST
Slide 22: Key Executives
Key Executives Experienced Board and Management Team Sam Elsom Teresa Garces Prof. Emeritus Rocky de Nys Dr Louise Edwards Managing Director, CEO and Co- Chief Financial Officer Chief Scientific Officer Head of Product Development & Founder Regulatory Affairs John McKillop Stephen Turner Brent Walla
Slide 23: Benefits of SeaFeed
Benefits of SeaFeed Rumen disruption is profitable for producers, processors, brands and retailers and essential for achieving enteric methane abatement Key Benefits The SeaFeedTM product is: 6% $0.74 80% Value Generating For producers, processors, brands and retailers delivering $0.74 value creatio