Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — FY2025 Earnings Presentation
42 slides from Cobram Estate Olives's earnings presentation, Aug 22, 2025
Slide 1: CBO Financial Year 2025 Results Presentation
ABN: 32 115 131 667 ASX: CBO Cobram Estate Olives Limited (“CBO” or “the Company”) ASX Announcement – 22nd August 2025 CBO Financial Year 2025 (“FY2025”) Results Presentation Cobram Estate Olives Limited (ASX: CBO) is pleased to present its FY2025 Results Presentation for today’s investor and analys
Slide 2: Cobram Estate Olives Limited
Cobram Estate Olives Limited ABN: 32 115 131 667 22 August 2025 22 August 2025
Slide 3: Presenters
Presenters Leandro Ravetti Joint-CEO and Executive Director (Technical & Production) Sam Beaton Joint-CEO and Executive Director (Finance & Commercial) Cobram Estate Olives Limited
Slide 4: 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 5: Agenda
Agenda 1. Welcome & Key Messages 2. FY25 Results & Commercial Update – Sam Beaton 3. Business Operations & Growth Strategy Update – Leandro Ravetti 4. Questions 5. Close Cobram Estate Olives Limited Outdoor ad on Interstate 5, Woodland California
Slide 6: 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 7: FY25 Results & Commercial Update
FY25 Results & Commercial Update Sam Beaton Joint-CEO and Executive Director (Finance & Commercial) Cobram Estate Olives Limited
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 FY25 include: •
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 $21.6m • Sustained growth in olive oil sales from CBO’s 21.9% 120 growth Australian oli
Slide 17: Strong USA Sales Growth for Cobram Estate®
Strong USA Sales Growth for Cobram Estate® Cobram Estate® branded product sales up 101.0% in FY25 (vs FY24) USA Olive Oil Operations Packaged Goods Sales (A$)* 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 18: Cobram Estate® – FY25 Australian Marketing Highlights
Cobram Estate® – FY25 Australian Marketing Highlights A multi-channel strategy highlighting the health benefits, usage, and premium quality of CBO’s extra virgin olive oils Key points: • Melbourne Mavericks partnership, enhancing national brand visibility through elite netball sponsorship. • Key eng
Slide 19: New Cobram Estate® Marketing Campaign launched in FY26
New Cobram Estate® Marketing Campaign launched in FY26 Health-led campaign aiming to increase usage through education and awareness Cobram Estate Olives Limited
Slide 20: Cobram Estate® – FY25 USA Marketing Highlights
Cobram Estate® – FY25 USA Marketing Highlights Aiming for Cobram Estate® to be recognised as the USA’s best, and a trusted, affordable choice for consumers Key highlights: • Expanded brand partnerships: Strengthened Curtis Stone USA collaboration and launched a new USA influencer partnerships. • Int
Slide 21: Business Update and Outlook
Business Update and Outlook Business outlook remains positive Key points: • Demand for CBO’s olive oil remains strong both in Australia and the USA. • The FY26 USA crop yield (to be harvested in October/November 2025), is not expected to be materially higher than FY25, although the percentage of oli
Slide 22: Business Operations & Growth Strategy Update
Business Operations & Growth Strategy Update Leandro Ravetti Joint-CEO and Executive Director (Technical & Production) Cobram Estate Olives Limited CBO’s Boundary Bend olive grove, Australia
Slide 23: FY25 Group Operational Highlights
FY25 Group Operational Highlights* 1,025 AUSTRALIA’S #1 HECTARES OLIVE OIL PRODUCER** OF OLIVE GROVES IN CALIFORNIA* 7,000 ~980 HECTARES HECTARES Olive harvest in California Fresh olives OF NEW GROVES TO BE DEVELOPED IN OF OLIVE GROVES IN AUSTRALIA CALIFORNIA IN 2025 / 2026* 14.2m 3.0m LITRES OF CAL
Slide 24: Australian Crop Results and Operations Update
Australian Crop Results and Operations Update 14.2m litres produced in FY25 with FY26 crop expected to be only moderately lower FY25 Australian crop results: • 14.2m litres of olive oil produced, up from 10.1m litres in FY24 — reflecting an ‘on-year’ in the natural biennial cycle. Total output was 1
Slide 25: FY25 Australian Harvest
FY25 Australian Harvest Snapshot of 2025 harvest at Boundary Bend and Boort Colossus harvester Day harvest Rachel Walker, Grove Manager, Fresh fruit delivery Boundary Bend Weighbridge inspection, Boundary Bend Night harvest Colossus harvester fleet, Boort Boort olive mill Cobram Estate Olives Limite
Slide 26: Grove Input Costs
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 relatively stable
Slide 27: California FY26 Crop Outlook (October/November 2025 harvest)
California FY26 Crop Outlook (October/November 2025 harvest) Expected increase in olive oil contribution from CBO-owned groves FY26 crop outlook: • Favourable seasonal conditions in California supported strong flowering and fruit set for FY26 in CBO’s groves. • The proportion of olive oil from CBO’s
Slide 28: 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 29: Increasing Supply from CBO’s Maturing Australian Groves
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 Australian groves are mature, 20% are immature, and 10% are not yet productive. • CBO’s matu
Slide 30: 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 31: Expanding Californian Olive Oil Supply to Support Sales Growth
Expanding Californian Olive Oil Supply to Support Sales Growth CBO’s USA grove area will increase from 1,025 hectares to ~2,000 hectares over the next 18 months* Key points: • CBO’s Californian olive grove portfolio total 1,025 hectares as of 30 June 2025, of which only 20% are mature, 28% are immat
Slide 32: USA Growth Project: 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 33: USA Growth Project: 1,596 Hectares of Additional Land Purchased
USA Growth Project: 1,596 Hectares of Additional Land Purchased Acquired land includes ~980 hectares suitable for olive grove development and a 109-hectare mature olive grove New land being prepared for planting - Ironhorse Key points: • The Company continues to expand its USA grove footprint with t
Slide 34: 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, currently bei
Slide 35: Improvement of Net Return Per Litre through Innovation
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 botting a
Slide 36: Sustainability Update
Sustainability Update Continued focus on short and long-term sustainability objectives and targets The endangered Malleefowl Longreach Ilfracombe Tigers Key points: • The Company continues to focus on short and long-term sustainability objectives and targets, in line with its 2030 Sustainability Str
Slide 37: Questions?
Questions? Cobram Estate Olives Limited Cobram Estate® everyday essentials, Australia
Slide 38: Appendix
Appendix Cobram Estate Olives Limited Flowering at CBO’s Boundary Bend olive grove, Australia
Slide 39: About Cobram Estate Olives Limited
About Cobram Estate Olives Limited One of the world’s leading vertically integrated producers and marketers of premium quality extra virgin olive oil Company snapshot • Established in 1998, Cobram Estate Olives Limited (ASX: CBO) is Australia’s largest vertically integrated producer and marketer of
Slide 40: 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 41: CBO’s Olive Growing, Milling, and Bottling Operations in Australia and USA
CBO’s Olive Growing, Milling, and Bottling Operations in Australia and USA Large-scale olive groves and olive mills, delivering efficiencies in olive growing, harvesting, milling, bottling, and distribution Olive groves, harvesters and Olive mills and olive oil storage Bottling, warehouse, and labor
Slide 42: Thank you for your support!
Thank you for your support! Cobram Estate Olives Limited Olive harvest at CBO’s Boundary Bend olive grove, Australia