Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — H1 FY2026 Earnings Presentation
43 slides from Cobram Estate Olives's earnings presentation, Feb 20, 2026
Slide 1: Half-Year FY2026 Results Presentation and Webinar
ABN: 32 115 131 667 ASX: CBO ASX Announcement – 20th February 2026 Half-Year FY2026 Results Presentation and Webinar Cobram Estate Olives Limited (“CBO” or “the Company”) is pleased to present its Half-Year FY2026 Results Presentation for today’s investor and analyst webinar briefing commencing at 1
Slide 2: Forward looking statements
Forward looking statements This announcement contains forward-looking statements, which address a variety of subjects including, development plans and potential acquisitions. Statements that are not historical facts, including statements about the Company’s beliefs, plans and expectations, are forwa
Slide 3: Half-Year FY26 Results Presentation
Half-Year FY26 Results Presentation 20 February 2026 Cobram Estate Olives Limited ABN: 32 115 131 667 1
Slide 4: Presenters
Presenters Leandro Ravetti Joint-CEO (Technical & Production) and Executive Director Sam Beaton Joint-CEO (Finance & Commercial) and Executive Director Cobram Estate Olives Limited 2
Slide 5: 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. The information in the presentation is provided for information purposes onl
Slide 6: Agenda
Agenda 1. Welcome & Key Messages 2. 1HFY26 Results & Commercial Update – Sam Beaton 3. Acquisition of California Olive Ranch, Inc. – Leandro Ravetti 4. Business Operations & Growth Update – Leandro Ravetti 5. Questions 6. Close 4 Cobram Estate® Classic EVOO, Australia
Slide 7: Key Messages – 1HFY26
Key Messages – 1HFY26 Sustained sales growth of 7.0% in 1HFY26 for Cobram Estate®, our largest and most profitable 1 brand, under more normal trading conditions. Overall Group packaged goods sales in line with 1HFY25, with Red Island® and Australian 2 private label sales impacted by more competitive
Slide 8: 1HFY26 Results & Commercial Update
1HFY26 Results & Commercial Update Sam Beaton Joint-CEO and Executive Director (Finance & Commercial) Cobram Estate Olives Limited 6 Cobram Estate® everyday essentials range, Australia
Slide 9: Important Note: Fair Value Impact on CBO’s Half-Year Results
Important Note: Fair Value Impact on CBO’s Half-Year Results Olive harvest in Australia AUSTRALIAN OPERATIONS 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
Slide 10: 1HFY26 – Financial Results Highlights
1HFY26 – Financial Results Highlights Financial results for the six months to 31 December 2025 EBITDA¹ GROUP OLIVE OIL SALES REVENUE $9.5m $113.7m vs $4.5m - $7.5m December 2025 guidance2, 8.0% (vs. 1HFY25) vs $14.5m in 1HFY25 NET LOSS AFTER TAX GROUP PACKAGED GOODS SALES $11.9m loss $109.7m (COBR
Slide 11: Group Profit (Statutory)
Group Profit (Statutory) Group EBITDA¹ of $9.5m (1HFY25: $14.5m) Income Statement 6 mths to 6 mths to 31-Dec 31-Dec Change Key points $’million 2025 2024 • Group EBITDA¹ of $9.5m in 1HFY26 (1HFY25: $14.5m), down 34.4%. Revenue • Australian Olive Oil Operations reported EBITDA¹ of $8.8m (1HFY25: Sale
Slide 12: Group Cash Flow Statement
Group Cash Flow Statement Available cash and undrawn debt facilities of $115.4m at 31 December 2025 Cash Flow Statement 6 mths to 6 mths to 31-Dec 31-Dec Change Key points $’million 2025 2024 • $9.9m cash generated from operations in 1HFY26 (1HFY25: $43.6m). Cash generated from operations 9.9 43.6 (
Slide 13: Operating Cash Flow
Operating Cash Flow Group operating cash flow of $9.9m (1HFY25: $43.6m) Group operating cash flow $43.6m Key points • Cash flow from operations $33.7m lower than 1HFY26 (1HFY25: $43.6m). • Refer to the following page for details of the $32.1m key drivers for the reduction in operating cash flow. $18
Slide 14: Key Drivers of Lower Operating Cash Flow in 1HFY26 vs. 1HFY25
Key Drivers of Lower Operating Cash Flow in 1HFY26 vs. 1HF25 Decrease in 1HFY26 operating cash flow largely expected to be non-recurring or timing related Operating Cash Flow Bridge (1HFY25 to 1HFY26) Key points • Key drivers of lower operating cash flow $43.6m (before interest and tax) in 1HY26 vs
Slide 15: Group Balance Sheet
Group Balance Sheet Strengthened balance sheet with net assets of $510.1m following 1HFY26 equity raising Balance Sheet 31-Dec 30-Jun $’million 2025 2025 Change Key points Cash 2.1 4.0 (1.9) • Total assets increased from $811.8m at 30 June 2025 to $868.3m Current assets (excluding cash) 193.3 182.1
Slide 16: Real Asset Backing
Real Asset Backing Adjusted asset value (excluding cash) of $1,036.5m, against net borrowings of $188.3m $’million Dec-25 Jun-25 Assets vs. Borrowings Assets 1,100 Olive trees and Total assets per CBO balance sheet 868.3 811.8 irrigation valuation 1,000 not included on add: CBO's balance sheet Exter
Slide 17: Group Olive Oil Sales | Packaged Goods and Bulk
Group Olive Oil Sales | Packaged Goods and Bulk Sustained demand for Cobram Estate® packaged goods despite aggressive competitor promotional activity 150 Group olive oil sales by country Key points • Total Group packaged goods sales of $109.7m in 130 1HFY26, in line with the prior period (1HFY25: $1
Slide 18: Australian Packaged Goods Sales
Australian Packaged Goods Sales Strong growth for Cobram Estate® (+9.3% vs 1HYFY25) as competitor pricing returns to historical levels Australian olive oil operations packaged goods sales 100 Key points • Total packaged goods sales¹ of $84.3m (1HFY25: 90 $86.4m $86.4m), largely in line with 1HYFY25.
Slide 19: Continued Growth Momentum for USA Packaged Goods Sales
Continued Growth Momentum for USA Packaged Goods Sales Packaged goods sales¹ up 6.2% in 1HFY26 USA olive oil operations packaged goods sales Key points • Total packaged goods sales¹ of $25.4m, up 6.2% versus $25.4m 1HFY25 (1HFY25: $23.9m). $23.9m • USA Cobram Estate® branded sales grew by 0.8% in 1H
Slide 20: CBO Business Update and Outlook
CBO Business Update and Outlook Key points • Acquisition of USA-based California Olive Ranch Inc. (“COR”), announced on 24 December 2025, remains subject to anti- trust approval which is expected to be completed by 12 March 2026, with completion of the acquisition occurring within two weeks of appro
Slide 21: Acquisition of California Olive Ranch, Inc.
Acquisition of California Olive Ranch, Inc. Leandro Ravetti Joint-CEO & Executive Director 19
Slide 22: Transaction Highlights
Transaction Highlights CBO has entered into a binding agreement to acquire California Olive Ranch, Inc., 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$15.0m).
Slide 23: California Olive Ranch® is one of the Leading Olive Oil Brands in the USA
California Olive Ranch® is one of the Leading Olive Oil Brands in the USA California Olive Ranch®, Cobram Estate®, and Lucini® combined generated US$211m of retail sales in the 12 months to Nov-251 (excl. Costco, Ingles, Wholefoods, and HEB) USA Retail Sales of Oil Olive by Brand (excl. Private Labe
Slide 24: California Olive Ranch Inc. Financial Profile
California Olive Ranch Inc. Financial Profile EBITDA of US$16m from US$135m of revenue in 12 months to 30 September 2025 | Net assets of US$132.6m Reported Net Revenue1 Reported EBITDA1 Balance Sheet as at 30 September 20252 160 20 18.0 US$16m US$15m US$150m 10 16.0 0% $’million USD2 AUD3 150 US$144
Slide 25: Compelling Financial Returns for CBO Shareholders
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, grove
Slide 26: COR’s Vertical Integration Adds ~4,370 Hectares of Californian Olive Groves
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 hectar
Slide 27: COR’s Operational Footprint Alongside CBO’s USA Footprint
COR’s Operational Footprint Alongside CBO’s USA Footprint CBO and COR COR olive grove summary locations in Northern Planted Hectares¹ California COR owned ~261 Long-term leased² ~1,609 Total ~1,870 Key COR olive mill, bottling, oil storage, and warehouse at Artois COR olive groves CBO head office, o
Slide 28: Acquisition of COR Increases CBO’s Supply of Californian Olive Oil
Acquisition of COR Increases CBO’s Supply of Californian Olive Oil and Allows Continued Growth of Californian Produced Oil Key points • CBO’s short-term Californian olive oil supply to be boosted by a 9x increase in hectares of mature Californian olive groves (from 236 hectares¹ to ~2,106 hectares).
Slide 29: Strategic Alignment – Summary
Strategic Alignment – Summary Strategic benefits/opportunities from COR acquisition ✓ Positions CBO as a leading player in the USA, one of the world’s largest olive oil markets, with total consumption of ~465,000 tonnes in 2025¹. USA olive oil consumption has achieved 4.5% CAGR since 1990/91 and is
Slide 30: The exciting American olive oil market
The exciting American olive oil market The USA is among the world’s largest olive oil markets Evolution of Olive Oil Consumption & Production in Italy (‘000s tons) Evolution of Olive Oil Consumption (‘000s tons) 1000 900 800 800 600 400 700 200 600 0 500 Italy (Consumption) Italy (Production) 400 Ev
Slide 31: Business Operations & Growth Update
Business Operations & Growth Update Leandro Ravetti Joint-CEO and Executive Director (Technical & Production) 29 Two-year-old olive trees at Dunnigan Hills Ranch, USA (2024 planting)
Slide 32: Californian Harvest and Operations Update (excl. COR)
Californian Harvest and Operations Update (excl. COR) FY26 Californian olive harvest yielded 3.0m litres of olive oil Olive harvest in California FY26 Californian olive harvest (excl. COR) • As previously announced, in December 2025 CBO successfully completed its FY26 Californian harvest. The Compan
Slide 33: Continuation of Californian Olive Grove Developments (excl. COR)
Continuation of Californian Olive Grove Developments (excl. COR) CY26 and CY27 developments to take CBO’s total olive grove area (excl. COR) to ~2,666 hectares Key points • 382 hectares of new olive groves were developed by CBO in 1HFY26, taking the Company’s total Californian olive grove area (excl
Slide 34: Summary of CBO’s Californian Grove Developments (excl. COR)
Summary of CBO’s Californian Grove Developments (excl. COR) Additional ~1,244 hectares planned for development by the end of CY27 Summary of CBO's Californian olive grove developments¹ (hectares) (excl. COR) 388 2,666 856 Dunnigan Hills Ranch, USA - CY25 planting 1,422 Existing CBO groves at To be p
Slide 35: Australian Crop Outlook; Operations and Water Update
Australian Crop Outlook; Operations and Water Update FY26 Australian crop expected to be only moderately lower than FY25; Water prices above CBO’s long-term average FY26 Australian crop outlook CBO’s Australian temporary water purchases and WAP per • Flowering for the FY26 crop was completed in Nove
Slide 36: Maturing Australian Groves Underpin Increasing Olive Oil Supply
Maturing Australian Groves Underpin Increasing Olive Oil Supply CBO’s mature grove area will increase by 33% over the next 6-years, delivering material growth in oil supply Key points¹ • Currently 75% of CBO’s Australian groves are mature, 21% are immature, and only 4% are not yet productive. • CBO’
Slide 37: Shareholder Open Day at CBO’s Boort Olive Grove
Shareholder Open Day at CBO’s Boort Olive Grove Sunday, 19th April 2026 Key points • We invite all CBO shareholders to attend our Shareholder Open Day at our Boort Olive Grove in Victoria on Sunday, 19th April 2026, commencing at 10:30am. • Details will be released to the ASX and emailed to all shar
Slide 38: Questions?
Questions? Young olive trees planted in CY25 at Dunnigan Hills Ranch, USA Cobram Estate Olives Limited Private & Confidential 36
Slide 39: Appendix
Appendix Cobram Estate Olives Limited 37 Cobram Estate® infused range, Australia
Slide 40: Overview of Cobram Estate Olives Limited (Post-Acquisition of COR)
Overview of Cobram Estate Olives Limited (Post-Acquisition of COR) Cobram Estate Olives Limited is a leading vertically integrated olive grower, miller, and marketer of premium EVOO with the following key competitive advantages Vertically integrated operations with A portfolio of premium olive oil b
Slide 41: Overview of California Olive Ranch, Inc.
Overview of California Olive Ranch, Inc. A leading California producer and marketer of premium EVOO California Olive Ranch® 100% California Everyday EVOO About California Olive Ranch, Inc. (“COR”) • Founded in 1998, COR is a leading producer of EVOO in the USA and operates a vertically integrated bu
Slide 42: CBO’s Strategic Advantages (Post-Acquisition of COR)
CBO’s Strategic Advantages (Post-Acquisition of COR) CBO’s strategic olive assets deliver significant competitive advantages and strong barriers to entry F A portfolio of premium Vertically integrated EVOO brands: operations in Australia and Proprietary Oliv.iQ® Industry-leading Cobram Estate® USA w
Slide 43: Thank you for your support!
Thank you for your support! Private & Confidential 41 Olive harvest at Boundary Bend olive grove, Australia
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