Select Harvests Limited · ASX:SHV
Select Harvests — Shareholder Meeting (February 2026)
38 slides from Select Harvests's shareholder meeting presentation, Feb 17, 2026
Slide 1: FY2025 AGM Chairman's Address and Managing Director's Presentation
17 February 2026 ASX Market Announcements Office Australian Securities Exchange Limited 20 Bridge St SYDNEY NSW 2000 FY2025 AGM CHAIRMAN’S ADDRESS AND MANAGING DIRECTOR’S PRESENTATION Attached are copies of the Chair’s address and Managing Director and CEO presentation to be given today at the Selec
Slide 2: Chairman's Address
SELECT HARVESTS LIMITED - CHAIRMAN’S ADDRESS FY2025 AGM 17/2/26 MR TRAVIS DILLON, CHAIR SAFETY At Select Harvests, safety and safety culture lie at the heart of our organisation and are critical to our strategic success. I am pleased to report that there has been significant progress in the Company’
Slide 3: Chairman's Address Continued
increased service levels to our customers around the world. The Company was also a National Finalist in the Regional Exporter category at the 63rd Australian Export Awards. CAPITAL EXPENDITURE The Company remains prudent in capital allocation and is positioned to achieve further net debt reduction i
Slide 4: Chairman's Closing Remarks
The Board is continuing to improve the organisation across all functions, and we have seen positive recruitment of strong leaders across key roles with the Company’s performance improving. Select Harvests is committed to being an employer of choice. SUMMARY Before handing over to David, I wish to ad
Slide 5: 2025 Annual General Meeting
2025 Annual General Meeting 17 February 2026 0
Slide 6: Travis Dillon - Chairman
Travis Dillon - Chairman 1
Slide 7: Agenda
AGENDA 1. Chairman’s Address 2. Managing Director’s Address 2025 Performance Transformation Progress Outlook 3. Business of the AGM 2
Slide 8: Board of Directors & Company Secretary
Board of Directors & Company Secretary Travis Dillon David Surveyor Guy Kingwill Margaret Zabel Chairman Managing Director & CEO Non-Executive Director Non-Executive Director Appointed May 2022 Appointed February 2023 Appointed November 2019 Appointed October 2022* (*standing for election) Michelle
Slide 9: 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 10: Chairman's Address
a . “chairman's Address
Slide 11: Managing Director's Address
Managing Director’s Address 6
Slide 12: Strategy Delivering Results
Strategy Delivering Results • Macro-economics for almonds continues to be positive and support Revenue ($m) existing pricing 398 • The Company continues to deliver excellent results across its PMO 288 266 294 248 initiatives 206 - Safety and culture (TRIFR 5.5); - Horticultural practice and yields (
Slide 13: Safety – Continued Focus
Safety – Continued Focus Total Recordable Injury Frequency Rate Maturity of our Safety Culture Injuries per million hours worked 30.1 22.2 17.2 6.7 7.1 5.5 FY20 FY21 FY22 FY23 FY24 FY25 8
Slide 14: Capital Management and Shareholder Returns
Capital Management and Shareholder Returns Managing capital to ensure the profitability and an attractive proposition for investors – the current focus is on strengthening the core. Shareholder returns • The Company intends to return to a dividend paying stock, targeting a full year franked dividend
Slide 15: Strong Almond Macro Economics
Strong Almond Macro Economics Almond Market Price California almond tree vs plantings Global almond demand CAGR of 5-7%. US$/kg (FAS basis) acreage • Food mega trends favour healthy foods and $8.00 Bearing Non-bearing Planting convenience foods is almond positive. $7.00 2.0 0.12 $6.00 • Low inventor
Slide 16: 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 17: 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 18: 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 19: Key Drivers – Total Production Cost
Key Drivers – Total Production Cost Production Costs Total Almond Production Cost 1 10.18 $/kg Normalised • Total Cost of Production was lower than 7.82 6.60 6.94 6.73 6.71 FY2024 despite inflationary pressures, as 5.88 5.37 5.63 Project Management Office (PMO) initiatives took effect. FY20 FY21 FY2
Slide 20: Strategy & Transformation
STRATEGY & TRANSFORMATION 15
Slide 21: Transformation – Results at Each Stage
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 22: Strong Strategy Execution
Key On track Strong Strategy Execution At risk Behind schedule Strategic Pillars Safety & Enablers Leadership in processing Safety & Back office - Substantially greater Maximise returns from Innovate to drive scale and efficiency efficient and scalable almond volume almond crops step-out growth proc
Slide 23: Project Optimus Phase 2
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 24: 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 25: 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 26: PMO – Strategy Execution and Discipline
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 21
Slide 27: Outlook
OUTLOOK 22
Slide 28: Positive Market Outlook FY2026
Positive Market Outlook FY2026 • We will provide forecast crop size at mid year. • We experienced normal but quick bloom conditions. • Procured the required number of bees to successfully pollinate the SHV Crop bloom (including from WA). • No frost damage. • Commencing harvest now, as weather had de
Slide 29: 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 30: Business of the AGM
Business of the AGM 25
Slide 31: Business of the AGM
Business of the AGM Ordinary Business − Consideration of Financial Statements and Reports Resolutions − Resolution 1: Adoption of Remuneration Report − Resolution 2: Election of Director – Margaret Zabel − Resolution 3: Election of Director – Michelle Somerville − Resolution 4: Participation by the
Slide 32: Consideration of Financial Statements and Reports
Consideration of Financial Statements and Reports Q & A Session 27
Slide 33: Resolution 1: Adoption of the Remuneration Report
Resolution 1: Adoption of the Remuneration Report – proxy votes RESOLUTION - That the Remuneration Report for the year ended 30 September 2025 be adopted. FOR OPEN AGAINST 77,863,414 248,161 1,826,876 97.40% 0.31% 2.29% Percentages may not add to 100% due to rounding 28
Slide 34: Resolution 2: Election of Director – Margaret Zabel
Resolution 2: Election of Director – Margaret Zabel – proxy votes RESOLUTION - That Margaret Zabel, who having been appointed by the Directors of the Company as a Director on 3 October 2022 in accordance with clause 63 of the Company’s Constitution and, being eligible, offers herself for election, b
Slide 35: Resolution 3: Election of Director – Michelle Somerville
Resolution 3: Election of Director – Michelle Somerville – proxy votes RESOLUTION - That Michelle Somerville, who having been appointed by the Directors of the Company as a Director on 13 December 2022 in accordance with clause 63 of the Company’s Constitution and, being eligible, offers herself for
Slide 36: Resolution 4: Managing Director LTIP Participation
Resolution 4: Participation by the Managing Director in the Long-Term Incentive Plan – proxy votes RESOLUTION - That for the purposes of ASX Listing Rule 10.14 and for all other purposes, approval is given to permit David Surveyor to acquire Awards under the Select Harvests Limited Long-Term Incenti
Slide 37: Resolution 5: Spill Resolution
Resolution 5: Spill resolution (conditional resolution) – proxy votes RESOLUTION - That, subject to and conditional on at least 25% of the votes validly cast on Resolution 1 (Adoption of Remuneration Report) being cast against the adoption of the Remuneration Report for the year ended 30 September 2
Slide 38: Thank You
THANK YOU Please direct any queries to: David Surveyor Liam Nolan Andrew Angus Managing Director CFO Investor Relations +61 3 9474 3544 +61 3 9474 3544 +61 402 823 757 Please note that background material/data regarding the global almond industry can be found on the Select Harvests Limited website.
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