Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — FY2026 Earnings Presentation
41 slides from Cobram Estate Olives's earnings presentation, Aug 28, 2026
Slide 1: Full-Year FY26 Results Presentation
Full - Year FY26 Results Presentation Cobram Estate Olives Limited ABN: 32 115 131 667 28 August 2026
Slide 2: Presenters
Presenters Leandro Ravetti Joint - CEO (Technical & Production) Executive Director (USA - based) Sam Beaton Joint - CEO (Finance & Commercial) Executive Director (Australia - based) Leandro Ravetti (left) and Sam Beaton (right) Cobram Estate Olives Limited 2
Slide 3: Disclaimer
Disclaimer The material in this presentation is general background information about Cobram Estate Olives Limited (“Cobram Estate Olives ” or “CBO” or “the Company” or “Group”) and is current at the date of the presentation or as otherwise stated. The information in the presentation is provided for
Slide 4: Agenda
Agenda 1. Welcome & Key Messages 2. FY26 Results & Commercial Update – Sam Beaton 3. Update on Operations, COR Integration, & USA Growth Projects – Leandro Ravetti 4. Questions 5. Close Cobram Estate® Classic Australian EVOO 4
Slide 5: Key Messages and Financial Highlights
Key Messages and Financial Highlights Financial results for the twelve months to 30 June 2026 EBITDA PROFIT (normalised)¹ Earnings before tax (normalised) 2 Acquisition of California Olive Ranch, Inc. (“ COR ”) in March 2026 to deliver 1 transformational sales and production growth in the USA and po
Slide 6: Creating the World's Leading Vertically Integrated Olive Oil Company
Creating the World’s Leading Vertically Integrated Olive Oil Company Eight stages, one continuous supply chain - from tree to table a nd leased ~6.2m Cobram Estate Olives Limited 6
Slide 7: FY26 Results & Commercial Update
FY26 Results & Commercial Update Sam Beaton 7 Cobram Estate® Australian EVOO Everyday Essentials
Slide 8: Group Profit (Statutory)
Group Profit (Statutory) Group normalised EBITDA of $61.4m, with a lower Australian result partly offset by an improved USA contribution Income Statement KEY POINTS: $’million FY26 FY25 Change • Group EBITDA 1 (normalised) of $61.4m in FY26 (FY25: $116.6m). Revenue • Australian Olive Oil Operations
Slide 9: Group Cash Flow Statement
Group Cash Flow Statement Operating cash flow of $47.5m, with growth capex and COR consideration funded by capital raising and additional debt Cash Flow Statement $’m FY26 FY25 Change KEY POINTS: Cash generated from operations 47.5 83.0 (35.5) • Total cash generated from operations of $47.5m in FY26
Slide 10: Operating Cash Flow
Operating Cash Flow Group operating cash flow of $47.5m in FY26 (FY25: $83.0m) Group Operating Cash Flow KEY POINTS: • Cash flow from operations materially $83.0m lower in FY26 ($47.5m) vs. FY25 ($83.0m). • Total tax paid of $27.6m in FY26 (FY25: $9.8m). FY26 tax payments $64.1m included $12.1m of F
Slide 11: Key Drivers of Operating Cash Flow in FY26 vs. FY25
Key Drivers of Operating Cash Flow in FY26 vs. FY25 Decrease in FY26 operating cash flows driven by increases in working capital Operating Cash Flow Bridge (FY25 to FY26) KEY POINTS: $83.0m • Key drivers of lower operating cash flow (before transaction & restructuring costs): $(6.2)m o Significantly
Slide 12: Group Balance Sheet
Group Balance Sheet Net assets of $517.6m; olive trees and irrigation infrastructure carried at written down cost Balance Sheet $’million Jun - 26 Jun - 25 Change KEY POINTS: Cash 12.2 4.0 8.2 • Total assets increased to $1.2bn at 30 June 2026, up $428.7m from $811.9m at 30 June 2025. Current assets
Slide 13: Tangible Asset Backing
Tangible Asset Backing Real tangible asset of $1.3bn against net debt of $437m $’million Jun - 26 Jun - 25 Real Tangible Assets vs. Borrowings Assets Total assets per CBO balance sheet 1,240.6 811.9 1,300 add: 1,200 Olive trees and irrigation External valuation, not on CBO B/S* 162.6 166.9 1,100 val
Slide 14: Accounting for the Acquisition of COR
Accounting for the Acquisition of COR Brands, goodwill and customer contracts of $90.5m have been recognised at the acquisition date As at 26 March 2026 COR Fair Value Recognition Adopted Balance of Brands & Balance KEY POINTS: (A$’m) Adjustment Sheet on Customer Sheet • The adjacent table summarise
Slide 15: Group Olive Oil Sales Results (including bulk sales)
Group Olive Oil Sales Results (including bulk sales) G roup olive oil sales up 11.8% to $265.5m¹; USA packaged goods the key growth driver Group Olive Oil Sales by Country (FY23 - FY26) 1 17% CAGR $265.5m $237.4m $220.9m $95.0m $64.6m $64.9m $164.2m $42.6m $172.7m $170.6m $156.0m $121.6m FY23 FY24 F
Slide 16: Sales Results - Australian Olive Oil Operations
Sales Results - Australian Olive Oil Operations Cobram Estate ® brand growth and market leadership maintained in a more competitive category Australian Olive Oil Operations Packaged Goods Sales ¹ ($) KEY POINTS: • Packaged goods sales up 1.6% to $163.1m $165.7m $165.7m, accounting for 97.2% of reven
Slide 17: Sales Results - USA Olive Oil Operations
Sales Results - USA Olive Oil Operations USA packaged good sales up 63.1%; CBO now the #3 branded olive oil supplier in USA supermarkets 2 Packaged Goods Sales (A$) (FY23 - FY26) 1 KEY POINTS: • Packaged goods sales up 63.1% to $87.5m (FY25: $87.5m $53.7m) including three months of California Olive
Slide 18: Key Brands and Marketing Highlights
Key Brands and Marketing Highlights Strong brand support across multiple channels, education initiatives, and partnerships Fresher the Healthier Campaign Jesse Greenwald – Melbourne Maverick California Olive Ranch® harvest lunch, 2025 Cobram Estate® HCP Dieticians Unite Australian harvest visits – M
Slide 19: Business Update and Outlook
Business Update and Outlook FY27 EBITDA¹ expected to be materially higher than FY26 2 USA Australia Outlook COR acquisition and grove Expected to continue to deliver - FY27 EBITDA and operating cash development provides platform to growing production yields over the flow are expected to be materiall
Slide 20: Dividend Announcement
Dividend Announcement Dividend Timetable Final FY26 Dividend Details Activity Date • Dividend Payment: 4.5 cents per share Ex - Dividend Date 15 October 2026 Record Date 16 October 2026 • 100% Franked DRP Final Election Date 19 October 2026 DRP Pricing Period begins 20 October 2026 • Payment Date :
Slide 21: Update on Operations, COR Integration, & USA Growth Projects
Update on Operations, COR Integration, & USA Growth Projects Leandro Ravetti Boort olive grove 21 California Olive Olive harvest Ranch® Bend at Boundary 100% California EVOOs
Slide 22: Group Operations Highlights - FY26
Group Operations Highlights - FY26 ¹ AUSTRALIA’S OLIVE GROVES AUSTRALIAN HARVEST MATURE GROVE AREA (INCL. THIRD PARTY) #1 OLIVE OIL PRODUCER 8,000 PLANTED HECTARES 3 IN 11.1m 5,250 LITRES 6 OF OLIVE OIL HECTARES IN AUSTRALIA AND MARKETER² AUSTRALIA USA’S OLIVE GROVES CALIFORNIA HARVEST NEW PLANTINGS
Slide 23: Australian Operations Update
Australian Operations Update 11.1 million litres produced in FY26¹ “off - year”; FY27 is an “on - year” and materially larger crop projected 2 FY26 AUSTRALIAN HARVEST: • 11.1m litres produced in FY26¹ (FY25: 14.2m), 9.9% above the previous off - year harvest (FY24: 10.1m), despite short - term yield
Slide 24: Grove Input Costs
Grove Input Costs Strong control over grove operating costs; water prices remain above CBO’s long - term WAP GROVE COSTS: CBO’s Australian Temporary Water Purchases and • Strong cost management in FY26 resulted in consistent operating WAP per Megalitre - FY14 to FY26 costs vs FY25 excluding water. W
Slide 25: Grove Maturity Profile and Production at Full Maturity
Grove Maturity Profile¹ and Production at Full Maturity² 33% natural uplift in mature grove area by FY32 to lift average annual production to ~21m litres KEY POINTS : • Currently 75% of CBO’s Australian groves are mature, 21% are immature, and 4% are not yet productive . • CBO’s mature grove area in
Slide 26: California Olive Ranch, Inc. Integration Update
California Olive Ranch, Inc. Integration Update Integration on track with majority of initial synergies implemented KEY POINTS: • COR acquisition completed 26 March 2026, adding two leading brands, ~1,675 hectares¹ of owned and leased groves, ~2,500 hectares of contracted third - party groves, and a
Slide 27: USA Brand Strategy – Making 'Fresh' the New Premium
USA Brand Strategy – Making ‘Fresh’ the New Premium Position California EVOO as the freshest, most trusted, and most desirable olive oil in the USA California - Grown Fresher Better More Trust Category Growth Local production Shorter path to shelf Taste • Health • Sustainability Verified quality Pre
Slide 28: Portfolio Architecture: The Role Each Brand Plays
Portfolio Architecture: The Role Each Brand Plays What California Olive Ranch® delivers: What Cobram Estate® delivers: What Lucini® delivers: The Best of Californian EVOO Sets the Benchmark for CA EVOO Premium Quality Alternative Draws premium shoppers with fresh, Recruits mainstream buyers and trad
Slide 29: CBO's USA Operational Footprint as at June 2026
CBO’s USA Operational Footprint as at 30 June 2026 CBO locations in Northern California Key Company owned / long term leased olive groves¹ (excl. third party growers) Artois olive mill, bottling, oil storage, and warehouse Woodland head office, olive mill, bottling, oil storage, laboratory, and ware
Slide 30: Growth Project: Expanding Californian Olive Oil Supply
Growth Project: Expanding Californian Olive Oil Supply¹ Total Grove Area Increased 225% in FY26; Mature Grove Area Up 126% KEY POINTS : • Planted grove area totalled ~3,000 hectares at 30 June 2026² (~1,391 owned, ~1,609 leased), including 340 - hectares of new plantings and 1,675 hectares of COR gr
Slide 31: USA Operations Update
USA Operations Update Favourable conditions support a larger FY27 crop as integration and capital projects progress USA OPERATIONS UPDATE: • The USA business continues to operate effectively while simultaneously progressing the integration of merged operations and implementing several significant ca
Slide 32: Growth Project: Hectares Planted in FY26
Growth Project: 340 Hectares Planted in FY26 FY26 new planting at Williams, California FY26 new planting at Ironhorse, California Cobram Estate Olives Limited 32
Slide 33: Growth Project: 1,260 Hectares to be Developed across FY27 & FY28
Growth Project: 1,260 Hectares to be Developed across FY27 & FY28 CBO’s total Californian grove area to increase 42% to ~4,260 hectares by end of FY28 NEW GROVE DEVELOPMENTS: CBO’s Californian Olive Grove Portfolio Including • ~840 hectares to be planted in FY27 and ~420 hectares in FY28, increasing
Slide 34: Growth Project: Preparation of FY27 Development Sites
Growth Project: Preparation of FY27 Development Sites Preparation for FY27 plantings completed; planting to commence in October 2027 Williams grove development, California Williams grove development, California Williams grove development, Williams grove development, Williams grove development, Calif
Slide 35: Growth Project: Woodland Site Expansion
Growth Project: Woodland Site Expansion Olive mill and warehouse expansion complete; office and lab expansion to be completed in FY27 Woodland office foyer Woodland olive mill Woodland finished goods warehouse Woodland olive mill Woodland oil storage Woodland break - out area Cobram Estate Olives Li
Slide 36: Sustainability Update
Sustainability Update Continued progress on our 2030 Sustainability Strategy goals and objectives KEY POINTS: Following the launch of our 2030 Sustainability Strategy in FY24 (see CBO 2030 Sustainability Strategy ), we continue to make meaningful progress towards our goals and objectives. Highlights
Slide 37: Questions
Questions 37 Cobram Estate® 2026 Ultra Premium Coratina EVOO
Slide 38: Appendix
Appendix 38 Olive harvest in California
Slide 39: Two-Year Rolling Average EBITDA (Normalised)
Two - Year Rolling Average EBITDA 1 (Normalised) Bridge between Group reported EBITDA to normalised EBITDA 1 EBITDA (Group) $’million FY23 FY24 FY25 FY26 Group Reported EBITDA 40.8 66.7 116.6 10.8 Transaction costs related to the COR acquisition - - - 4.8 Warrant expenses - - - 41.8 Impairment of Ha
Slide 40: Reconciliation Between Purchase Price and Business Combination Note
Appendix | Reconciliation Between Purchase Price and Business Combination Note Purchase price warrants have been independently valued at $19.8m at acquisition date Add: Total Fair Value Less: Consideration KEY POINTS: As at 26 March 2026 Purchase Less: Purchase Completion Transferred • Adjacent tabl
Slide 41: Thank you!
Thank you! 41 California Olive Ranch® 100% California EVOO