Select Harvests Limited · ASX:SHV
Select Harvests — Investor Presentation (November 2025)
31 slides from Select Harvests's investor presentation, Nov 26, 2025
Slide 1: 2025 Full Year Results Presentation
2025 Full Year Results Presentation 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 AEDT on Wednesday 26th November 2025 You can participate in the webcast by using the following link https://us02web.zoom.us/webinar/register/WN_pzAUsTNLSSi9SCbns-t2xQ You are advised to log on at least 15 minutes before 10.30am. FO
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: Discussion Agenda
DISCUSSION AGENDA 1. Business Update 2. Financial Results 3. Strategy & Transformation 4. Outlook & Key Messages 5. Questions 3
Slide 5: Business Update
Business Update David Surveyor – Managing Director and CEO 4
Slide 6: Strategy Delivering Results
Strategy Delivering Results • Macro-economics for almonds continue to strengthen and support Revenue ($m) strong pricing 398 • The Company continues to deliver excellent results across its PMO 288 266 294 248 initiatives 206 - Safety and culture (TRIFR 5.5); - Horticultural practice and yields (out-
Slide 7: Safety – Continued Focus
Safety – Continued Focus Total Recordable Injury Frequency Rate Maturity of our Safety Culture Injuries per million hours worked 30.1 22.2 17.2 6.7 7.1 5.5 FY20 FY21 FY22 FY23 FY24 FY25 6
Slide 8: Strong Almond Macro Economics
Strong Almond Macro Economics Almond Market Price California almond tree vs plantings Global almond demand CAGR of 5-7%. US$/kg (FAS basis) acreage • Food mega trends favour healthy foods and $8.00 Bearing Non-bearing Planting convenience foods, which is almond $7.00 2.0 0.12 positive. $6.00 0.10 Lo
Slide 9: FY2025 Financial Results
FY2025 Financial Results • NPAT improvement of $30.9m YOY. NPAT • ROCE of 6.8% Vs Prior Year 1.9%. $31.8m • Production cost flat YOY and remain tightly managed. • No final dividend declared. • Almond price $10.18/kg on Select Harvests crop of 24,903MT. Almond Price • Mid year price dip and recovery
Slide 10: Key Results Drivers – Volume
Key Results Drivers – Volume Almond Volume 2025 Crop 28,312 29,527 MT 28,250 24,903 • Reduced SHV 2025 crop due to: 23,250 19,771 – Lower crack-out from Nonpareil due to larger hull sizes; – 2025 crop bloom below the strength of the prior year; – 500MT losses due to frost, the impact minimised due t
Slide 11: Key Results Drivers – SHV achieving price premium
Key Results Drivers – SHV achieving price premium Select Harvests Maximises Price supported by almond macro • Select Harvests 2025 almond crop price of $10.18/kg. • Select Harvests has outperformed the market benchmark price (adjusted for tariffs) through: - Price optimisation - discipline on price;
Slide 12: Key Drivers – Total Production Cost
Key Drivers – Total Production Cost Total Almond Production Cost 1 10.18 Production Costs $/kg Normalised 7.82 6.60 6.94 6.73 6.71 • Total Cost of Production was marginally lower 5.88 5.37 5.63 than FY2024 despite inflationary pressures, as Project Management Office (PMO) initiatives took effect. FY
Slide 13: Financial Results
FINANCIAL RESULTS Liam Nolan – Chief Financial Officer 12
Slide 14: Income Statement
Income Statement A$m Var. Var. FY2025 NPAT increased by $30.9 million: 1 (unless otherwise stated) FY25 FY24 $ % Almond volume (Mt) 24,903 29,527 (4,624) (15.7%) • Higher revenue from a 32.4% increase in almond price Almond price ($/kg) 10.18 7.69 2.49 32.4% ($10.18/kg vs $7.69/kg in 2024) and 19.4%
Slide 15: Group EBITDA: Sources of Change
Group EBITDA: Sources of Change 14
Slide 16: Balance Sheet – Net Debt of $79.1m
Balance Sheet – Net Debt of $79.1m A$m Key Features of the Balance Sheet (unless otherwise stated) FY25 FY24 Current assets ex. cash 261.0 312.0 • Stronger balance sheet with Net Debt reduction of 51% and gearing of Cash 1.4 2.9 15.1%. Right of use assets 169.2 188.0 Non-current assets (ex. ROU asse
Slide 17: Cash Flows
Cash Flows A$m 2025 Cash Highlights (unless otherwise stated) FY25 FY24 Customer receipts 441.3 285.6 • Positive operating cash flows for the full year driven by refreshed Supplier & employee payments (302.3) (249.7) order-to-cash process resulting in: Tax refund/ (paid) - 0.4 – Higher 2025 crop sal
Slide 18: Bank Facilities – Debt and Cash
Bank Facilities – Debt and Cash FY25 Decrease in Net Debt Drivers of Net Debt reduction: Millions, AUD - 24 • Order-to-cash enhancements, 111 (10) (5) resulting in efficient cash (50) conversion from FY2025 crop. (24) • Strong sales velocity. (30) (79) (100) • Lower interest cost due to lower debt l
Slide 19: SHV Capital Allocation Framework
SHV Capital Allocation Framework Managing capital to ensure the profitability and cash generation of the business creating an attractive proposition for investors Combination of Internal & Cashflow Generation External capital Manage debt level Base Capex Growth Capex Capital allocation to Target a p
Slide 20: Financial Matters – Summary of the FY24 restatement
Financial Matters – Summary of the FY24 restatement Income Statement Balance Sheet Impact Cash Flow Impact Current Liabilities Total (ex. Lease and $ millions Revenue EBITDA NPAT Assets Borrowings) Borrowings Operating Investing Financing Previously stated 337.3 46.0 1.5 1,010.1 126.3 165.2 21.3 (18
Slide 21: Strategy & Transformation
STRATEGY & TRANSFORMATION 20
Slide 22: Transformation – Results at each stage of the business
Transformation – Results at each stage of the business EBIT Contribution (1) Horticulture 47% Processing 28% Sales 25% 2025 Achievements: 2026 & Beyond – Building on Success Sales Initiatives Horticulture Initiatives Processing Capability Equipment Investment Horticulture Practices Kernel Recovery E
Slide 23: Strong Strategy Execution
Key On track Strong Strategy Execution At risk Behind schedule Strategic Pillars Safety & Enablers Substantially greater Leadership in processing Maximise returns from Innovate to drive Safety, efficient and almond volume scale and efficiency almond crops step-out growth scalable processes/ops F24 F
Slide 24: Project Optimus Phase - Leadership in Processing
Project Optimus Phase 2 - Leadership in Processing Stage 1: Upgrade provides uplift 5,000MT – Complete Shear Roller Speed Automation Line Balancing Automation (Hulling) Colour Sorter upgrade Stage 2: Upgrade provides uplift 5,000 MT – will be ready for 2026 processing Balance shell decks Capacity up
Slide 25: Kernel Recovery Line
Kernel Recovery Line Pilot Testing Improves Yield by approx. 3% - Advances in screening technologies allow us to reprocess hulls to recover any remaining marketable product; - Increases product recovery, reducing waste and maximising value from the crop. Strengthens profitability in a competitive ma
Slide 26: Investing in our future – Harvest Shakers
Investing in our future – Harvest Shakers Improve yield - Higher first-pass nut removal increases output per tree and reduces time on re-shakes, allowing earlier completion of blocks; - Shorter exposure to weather and pests increasing saleable tonnes. Enhance quality - Faster harvest reduces exposur
Slide 27: PMO – Strategy Execution and Discipline (EBIT impact)
PMO – Strategy Execution and Discipline (EBIT impact) Execution PMO Impact The 2025 P&L Impact Count of initiatives Millions AUD Millions AUD FY24 FY25 FY26+ FY23 FY24 FY25 26
Slide 28: Outlook
OUTLOOK 27
Slide 29: Positive Market Outlook FY2026
Positive Market Outlook FY2026 • We experienced normal but quick bloom conditions. • The Company procured the required number of bees to successfully SHV Crop pollinate the bloom (including from WA). • No frost damage. • Likely later harvest as weather has been cool to date. • Peak volume has passed
Slide 30: Key Messages
Key Messages • The profitability of Select Harvests substantially increased. • Strong balance sheet with gearing at 15.1%. • Select Harvests PMO initiatives are creating value. FY2025 • The business model is generating value from farming, processing and sales. • The almond macro supports favourable
Slide 31: Questions
QUESTIONS 30
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