Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — Corporate Update (December 2025)
34 slides from Cobram Estate Olives's corporate update, Dec 24, 2025
Slide 1: Acquisition of California Olive Ranch, Inc. and Business Update
UPDATE IMAGE – no words Investor Presentation Acquisition of California Olive Ranch, Inc. and Business Update 24 December 2025 Cobram Estate Olives Limited ABN: 32 115 131 667 Private & Confidential
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared in relation to Cobram Estate Olives Limited’s (“Cobram Estate Olives” or “CBO” or “the Company” or “the Group”) (ABN: 32 115 131 667) acquisition of California Olive Ranch, Inc. (“COR”) olive oil business ("Acquisition") under a stock and purchase agree
Slide 3: Contents
Contents 1. Transaction Summary 2. Overview of USA Market and California Olive Ranch, Inc. 3. Strategic Rationale 4. Transaction Details and Funding 5. Business Update Appendix California Olive Ranch® 100% California Everyday EVOO Cobram Estate Olives Limited Private & Confidential 3
Slide 4: Transaction Highlights
Transaction Highlights CBO has entered into a binding agreement to acquire California Olive Ranch, Inc. (“COR”), a leading ✓ producer and marketer of Californian extra virgin olive oil (“EVOO”), for US$173.5m, comprising cash (US$88.5m), issuance of vendor notes (US$70.0m)1, and earn-out payment (US
Slide 5: Transaction Overview
Transaction Overview Transaction • CBO has entered into a binding agreement to acquire 100% of the issued share capital of COR for a total consideration of US$173.5m. Summary • The acquisition price is calculated on a cash-free and debt-free basis, with a purchase price adjustment for net working ca
Slide 6: Strategic Alignment – CBO USA and COR
Strategic Alignment – CBO USA and COR Strategic Benefits from COR Acquisition: ✓ Immediate expansion of CBO’s Californian olive growing operations from ~1,422 hectares to ~3,292 hectares of planted groves (~2,106 hectares mature). Third-party grower footprint increased from ~2,100 hectares to more t
Slide 7: Overview of USA Market and California Olive Ranch, Inc.
Overview of USA Market and California Olive Ranch, Inc. California Olive Ranch® 100% California everyday range California Olive Ranch® 100% California Everyday EVOO Cobram Estate Olives Limited Private & Confidential 7
Slide 8: The USA Olive Oil Opportunity
The USA Olive Oil Opportunity USA olive oil consumption has achieved 4.5% CAGR since 1990/91; the USA is now the world’s #2 olive oil market The USA is Now The World’s Second-largest Olive oil Market USA Olive Oil Sales Growth Outpaces Other Cooking Oils Total consumption of ~398,000 tonnes in 2024/
Slide 9: Overview of California Olive Ranch, Inc.
Overview of California Olive Ranch, Inc. A leading California producer and marketer of premium EVOO California Olive Ranch, Inc. (COR) • Founded in 1998, COR is a leading producer of EVOO in the USA and operates a vertically integrated business model spanning olive cultivation, milling, bottling, an
Slide 10: COR is Vertically Integrated | From Tree to Table
COR is Vertically Integrated | From Tree to Table California Olive Ranch, Inc. Third Party Third Party Retail California Operations Supply Chain Distribution Largest olive mill in the Californian USA, zero-waste facility California olive oil supply Groves from ~4,370 90K+ 72 hectares¹ of Tonsper Ton
Slide 11: COR’s Operational Footprint Alongside CBO’s USA Footprint
COR’s Operational Footprint Alongside CBO’s USA Footprint COR currently operates ~1,870 hectares of mature groves across six sites in Northern California, plus an olive mill, oil storage bottling and warehousing facility in Artois Northern California COR Olive Grove Summary Planted Hectares¹ COR own
Slide 12: Leading Olive Oil Brands in USA Grocery
Leading Olive Oil Brands in USA Grocery (excl. Costco, Ingles, Wholefoods, and HEB) California Olive Ranch®, Cobram Estate® and Lucini® Italia combined generated US$211m of retail sales in the 12 months to Nov-251 USA Retail Sales (US$’m)1 US$457m US$330m US$249m US$211m US$144m US$74m US$76m US$28m
Slide 13: COR Brand Snapshots
COR Brand Snapshots COR is #4 olive oil brand in the USA with annual EVOO sales of US$144m1,2; and Lucini is #1 in the ‘super premium’ category with annual EVOO sales of US$28m1,3 Premium Premium Super Super US$1.7m US$14.2m Annual Sales2 Annual Sales3 Everyday California US$60.8m US$13.8m 100% Annu
Slide 14: COR Financial Profile
COR Financial Profile COR generated US$16m of EBITDA from US$135m of revenue in 12 months to 30 September 2025 Reported Net Revenue1 Reported EBITDA1 160 20 18.0 US$16m US$15m US$150m 10 16.0 0% 150 US$144m 14.0 - US$12m -100% 12.0 US$135m 140 (10) 10.0 -200% 130 US$123m (20) 8.0 US$7m 6.0 -300% 120
Slide 15: Strategic Rationale
Strategic Rationale CORolive COR olivegrove, grove,California California Cobram Estate Olives Limited Private & Confidential 15
Slide 16: Strategic Rationale
Strategic Rationale The acquisition of COR positions CBO for continued growth, leveraging its olive industry expertise and strong foundations established across its existing USA and Australian business 1 Accelerates CBO’s growth in the USA by acquiring well established, premium household brands. Cal
Slide 17: Accelerates CBO’s Growth in the USA by Acquiring Premium EVOO Brands
1 Accelerates CBO’s Growth in the USA by Acquiring Well Established, Premium Household EVOO Brands California Olive Ranch® is the best-selling brand in the Californian EVOO segment3 California EVOO Dollar Sales3 Key Points: US$69m • CBO’s portfolio of premium brands will be strengthened by the addit
Slide 18: COR’s Vertical Integration Adds ~4,370 Hectares of Californian Olive Groves
2 COR’s Vertical Integration Adds ~4,370 Hectares of Californian Olive Groves to CBO’s USA Supply Chain Vertical integration fundamentally aligned with CBO’s successful operating model California supply footprint ▪ ~261 hectares owned groves ▪ ~1,609 hectares of long-term leased groves ▪ 2,500+ hect
Slide 19: Expansion Opportunities for Cobram Estate USA Branded Sales and Australian EVOO Sales
3 Expansion Opportunities for Cobram Estate® USA Branded Sales and Australian EVOO Sales in the USA Key Points: Example COR Ranging • COR has a diversified customer base and long-standing, collaborative relationships with key retail accounts across the USA, resulting in wide distribution and optimal
Slide 20: Increases Supply of Californian Olive Oil and Bridges the Maturity Gap
4 Increases Supply of Californian Olive Oil and Bridges the Maturity Gap Whilst New Groves Come on Stream Key Points: • CBO’s short-term Californian olive oil supply to be boosted by an 8x increase in hectares of mature Californian olive groves (from 236 hectares¹ to ~2,106 hectares). Total grove ar
Slide 21: Compelling Financial Returns for CBO Shareholders
5 Compelling Financial Returns for CBO Shareholders Leveraging CBO’s proprietary Oliv.iQ® production system and operational synergies Opportunity to realise run-rate synergies over US$20m by FY30F Sustainable financial returns expected Oliv.iQ® best in class ✓ Continued roll-out of CBO’s proven, gro
Slide 22: Transaction Details and Funding
Transaction Details and Funding California Olive Ranch® 100% California everyday EVOO Cobram Estate Olives Limited Private & Confidential 22
Slide 23: Transaction Details and Funding Structure
Transaction Details and Funding Structure Transaction will be funded with a combination of cash, debt, and vendor notes Key Points: • CBO has agreed to acquire COR for total consideration payable of US$173.5 million (see below), on a cash-free, debt-free basis, subject to a Net Working Capital (‘NWC
Slide 24: Vendor Notes
Vendor Notes Key terms of Vendor Notes to be provided to COR and AGR Partners Vendor Notes - Key Terms: • Total amount: US$70.0m (COR – US$45.0m, AGR Partners - US$25.0m). Amount • Issued at completion of the Transaction. Security • Subordinated to Commonwealth Bank of Australia debt, unsecured. • 8
Slide 25: Earn-out Payment Illustration
Earn-out Payment Illustration Calculated on a linear basis Earn-out Summary: Earn-out Payment Illustration • CBO will pay COR an earn-out payment up to US$15.0m post Payment to COR 30 June 2026. EBITDA (US$’000) % of Maximum Earn-Out (US$’000) • The earn-out payment is based on COR’s EBITDA results
Slide 26: Business Update
Business Update Cobram Estate® Australian EVOO essentials range Cobram Estate Olives Limited 26
Slide 27: CBO Business Update
CBO Business Update FY26 California harvest yielded 3.0m litres; ~397-hectare olive grove development completed FY26 California Olive Harvest • CBO has successfully completed its FY26 Californian harvest. The Company secured total olive oil supply of 3.8 million litres for the next 12 months. This r
Slide 28: CBO Business Update (cont’d)
CBO Business Update (cont’d) First half Group packaged goods sales to be broadly in line with last year’s record results Business Outlook • We expect first half Group packaged goods sales to be broadly in line with last year’s record results, despite global olive oil supply and prices normalising an
Slide 29: Important Note Regarding CBO’s Upcoming Half-Year Accounts
Important Note Regarding CBO’s Upcoming Half-Year Accounts IMPORTANT NOTE REGARDING CBO’s HALF-YEAR ACCOUNTS CBO’s annual Australian olive harvest takes place from April through June each year, with the harvest normally completed prior to 30 June. At 30 June each year, as required under Australian A
Slide 30: Appendix A – Supporting Information
Appendix A – Supporting Information COR olive grove, California Cobram Estate Olives Limited Private & Confidential 30
Slide 31: Operational Summary - Combined Entity
Operational Summary - Combined Entity Combined Entity Brands Cobram Estate® and Red Island® California Olive Ranch® and Lucini® Italia Four globally competitive brands Planted grove area (owned/leased, 8,422 hectares ~1,870 hectares 10,292 hectares excluding third-party) Owned groves to be ~1,245 he
Slide 32: COR Balance Sheet as at 30 September 2025
COR Balance Sheet as at 30 September 20251 30 September 2025 (million) USD1 AUD2 Net Assets Overview Current assets 84.4 129.9 • COR had net assets of US$132.6m / A$204m at 30 Property, plant and equipment 47.6 73.2 September 20251, excluding cash and debt. Right-of-use assets 42.4 65.3 Other non-cu
Slide 33: Hypothetical Warrant Calculation
Hypothetical Warrant Calculation Warrant Value - Calculation Illustration (A'$) Value Creation per Share Count Warrant Value Warrant Calculation Share Price Strike Price Warrant Amount Share (millions)3 ($'m) ▪ Holders of US$70.0m Vendor Note will receive warrants for 6.46% of CBO’s incremental equi
Slide 34: Thank you for your support
Thank you for your support Fresh olives Cobram Estate Olives Limited 34
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