Slide 1: FY25 Results
ASX: RIC Replace with grain fields pic FY25 RESULTS Quinton Hildebrand - MD & CEO Richard Betts - CFO LEADING TOGETHER FY25 RESULTS | 21 August 2025 1
Slide 2: FY25 Financial Summary
1 FY25 FINANCIAL SUMMARY 2 EBITDA (reported) Statutory NPAT EARNINGS GROWTH ― 8.6% EBITDA growth ― Increased earnings in both operating segments $97.8m $43.3m +8.6% YoY growth +8.7% YoY growth ― OMP exceeded acquisition expectations 3 OPERATING CASH FLOW ROFE (underlying) DISCIPLINED CAPITAL MANAGEM
Slide 3: FY25 Strategic Summary
FY25 STRATEGIC SUMMARY Business Reset • streamlined the business, exited lower returning operations (including the phased withdrawal from extruded aquafeed) and strengthened organisational capability, delivering a net cost savings of $5m¹ per annum from FY26 • executed the sale of the Wasleys Feedmi
Slide 4: Bulk Stockfeeds Segment
BULK STOCKFEEDS SEGMENT The Bulk Stockfeeds Segment EBITDA increased by $3.4m on pcp: • Volume growth in both ruminant (11%) and monogastric (3%). • Higher margin supplementary feeding of beef and sheep during dry conditions in in 2H FY25. • Monogastric volumes recovered in 2H following the Avian In
Slide 5: Packaged Feeds & Ingredients Segment
PACKAGED FEEDS & INGREDIENTS SEGMENT The Packaged Feeds & Ingredients Segment EBITDA increased by $3.2m on pcp: INGREDIENT RECOVERY BRANDS • OMP delivered margin growth and acquisition synergies (full year contribution); and • Volume growth in Ingredient Recovery (7%) and Packaged dog sales (7%). Pa
Slide 6: Financial Results
FINANCIAL RESULTS LEADING TOGETHER FY25 RESULTS | 21 August 2025 6
Slide 7: Profit & Loss
PROFIT & LOSS • EBITDA growth of $7.8m (8.6%) driven by volume and margin growth • Higher corporate costs mostly due to employee incentive programs • Lower ISI costs in FY25 due to the sale of Wasley’s mill, largely offset by organisational restructure and IPF acquisition costs • D&A increase of $4.
Slide 8: Working Capital
WORKING CAPITAL $3.1m underlying increase Excluding the OMP/Carrick acquisition related balances, increase in underlying working capital of $3.1m due to: • Receivables and accounts payable impacted by the increase in volumes ($M) • Debtors days were 31.5 days, a reduction on the prior year of 1.6 da
Slide 9: Capital Management – Net Debt
CAPITAL MANAGEMENT – NET DEBT NET DEBT / (CASH) ($M) AND LEVERAGE (TIMES) • Strong operating cash flow generated again in FY25 with 97% cash conversion Capital • Net cash of $64m including capital raise raise net proceeds of $122m proceeds $122m • Balance sheet strength and cashflows have supported
Slide 10: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK OPERATING CASH FLOW DELIVERED IN FY25 • Earnings resilience with EBITDA up 8.6% coupled with cash conversion of 97% Maintenance & ESG Capital (~60 – 80% of Depreciation) and Working Capital • Maintenance & ESG capital ($17m) - 75% of Depreciation • Disciplined management
Slide 11: Ridley Sustainability 2030 Scorecard – Progress Update
RIDLEY SUSTAINABILITY 2030 SCORECARD – PROGRESS UPDATE FOCUS OF OUR 2030 COMMITMENTS FY24 2030 The full text of our 2030 Commitments are set out in Ridley's Annual Report FY23 Target Today* Commitment SMARTER INGREDIENTS Sourcing high-quality raw materials that Purchase soybean products from supplie
Slide 12: FY23 – FY25 Growth Plan Completed
FY23 – FY25 GROWTH PLAN COMPLETED LEADING TOGETHER FY25 RESULTS | 21 August 2025 12
Slide 13: FY23 – FY25 Growth Plan
FY23 – FY25 GROWTH PLAN KEY INITIATIVES FY22 FY23 FY24 FY25 ● NovaqPro® international sales ● Growing with aqua customers $88.5m $92.8m $97.5m ● Companion animal sales ● Premiumisation of rendered products Underlying ● Tallow & protein meal trading EBITDA Earnings Packaged & Growth Ingredients ● Nov
Slide 14: Execution of the Growth Plans
EXECUTION OF THE GROWTH PLANS FY26 – FY28 Growth Plan to be presented once the Incitec Pivot Fertiliser strategy and profit improvement plan has been completed LEADING TOGETHER FY25 RESULTS | 21 August 2025 14
Slide 15: Leading from Fertiliser to Feed
LEADING FROM FERTILISER TO FEED By solving the food production challenges of tomorrow. BECAUSE WE BELIEVE The future of agriculture Progress happens through NUTRITION is the key to is an interconnected meaningful PARTNERSHIPS. sustainable and profitable END-TO-END L E A D I N G T OECOSYSTEM. GETHER
Slide 16: Three Growth Pillars for Ridley
THREE GROWTH PILLARS FOR RIDLEY Bulk Stockfeeds Packaged Feeds & Ingredients Fertiliser FY25 EBITDA: FY25 EBITDA: FY24 EBITDA: $48m¹ $63m¹ $86m² #1 market position #1 market position #1 market position Acquisition provides an additional growth pillar for Ridley 1. Per segment slides 4 and 5. 2. IPF
Slide 17: Bulk Stockfeeds Growth Update
BULK STOCKFEEDS GROWTH UPDATE Growth Strategy Growth opportunities Scale Key Drivers • Growing volumes with existing monogastric 1. Optimise within current footprint customers as the sector consolidates De-bottleneck Optimise Ridley or M&A network effects 2. Drive customer Optimise demand, growth, •
Slide 18: Packaged & Ingredients Growth Update
PACKAGED & INGREDIENTS GROWTH UPDATE Growth opportunities • Oceania Petfood Solutions (OPS) - equivalent of Ridley Direct for petfood – launched Q1 • Efficiency gains and capacity with the new OMP facility in Timaru, NZ – commissioning Q2 • Opening new markets in Asia for ingredients • New contracts
Slide 19: Fertiliser Growth Opportunity
FERTILISER GROWTH OPPORTUNITY OBJECTIVE PROGRESS Separation of Incitec Pivot Completion on track for the end of third quarter 2025¹ COMPLETION Fertilisers distribution from Dyno Nobel Integration of Incitec Pivot PMO established INTEGRATION Fertilisers into a single operating Systems integration par
Slide 20: Outlook
OUTLOOK LEADING TOGETHER FY25 RESULTS | 21 August 2025 20
Slide 21: FY26 Outlook
FY26 OUTLOOK In FY26, Ridley expects earnings growth from its diversified business portfolio driven by: • Packaged & Ingredients segment margin growth from continued premiumisation in the petfood sector and efficiency gains; • Bulk Stockfeeds segment volume growth from existing and new customers whi
Slide 22: Important Notice and Disclaimer
The material in this presentation is general background information about the activities of Ridley Corporation Limited (ACN 006 708 765) and its related entities (Ridley), current as at the date of this presentation, unless otherwise stated. The content is information given in summary form and does
Slide 23: Supplementary Financial Information
SUPPLEMENTARY FINANCIAL INFORMATION LEADING TOGETHER FY25 RESULTS | 21 August 2025 23
Slide 24: Profit & Loss Summary
PROFIT & LOSS SUMMARY CONSOLIDATED RESULT ($M) FY25 FY24 ANALYSIS OF RESULTS EBITDA – Bulk Stockfeeds 47.8 44.4 See segment performance reporting – p3 EBITDA – Packaged Feeds and Ingredients 62.9 59.7 See segment performance reporting – p4 EBITDA – Ongoing operations before significant items 110.7 1
Slide 25: Balance Sheet
BALANCE SHEET BALANCE SHEET ($M) JUNE 2025 JUNE 2024 ANALYSIS OF BALANCES AND MOVEMENTS Increase due to cash received from capital raise, which will be used to partially fund the IPF acquisition Cash & cash equivalents 84.7 34.2 in Q1 FY26 Decrease in inventory of $3.4m across both Bulk Stockfeeds a
Slide 26: Cash Management
CASH MANAGEMENT CONSOLIDATED CASH FLOW ($M) FY25 FY24 ANALYSIS OF MOVEMENT Consolidated EBITDA 97.8 90.0 Movement in working capital (3.1) 31.6 FY24 excludes OMP and FY25 excludes Carrick balance Operating Cash Flow – pre-Carrick & OMP 94.6 121.6 Acquisition of Carrick working capital (1.6) (16.7) A
Slide 27: 5 Year Financial Information
5 YEAR FINANCIAL INFORMATION LEADING TOGETHER FY25 RESULTS | 21 August 2025 27
Slide 28: Profit & Loss Summary
PROFIT & LOSS SUMMARY CONSOLIDATED RESULT ($M) FY25 FY24 FY23 FY22 FY21 EBITDA – Ongoing operations before significant items 110.7 104.1 101.8 92.4 79.0 Corporate Costs (13.2) (11.3) (13.3) (12.2) (9.9) Consolidated EBITDA before significant items 97.5 92.8 88.5 80.1 69.1 Significant items before ta
Slide 29: Balance Sheet - Assets
BALANCE SHEET - ASSETS BALANCE SHEET ($M) FY25 FY24 FY23 FY22 FY21 Cash & cash equivalents 84.7 34.2 43.0 27.1 39.9 Inventory 103.2 105.3 107.0 117.1 81.9 Trade and other receivables & prepayments 150.1 135.0 133.0 133.1 113.6 Tax assets and derivative financial instruments 0.3 0.4 0.7 - 46.1 Total
Slide 30: Balance Sheet - Liabilities
BALANCE SHEET - LIABILITIES BALANCE SHEET ($M) FY25 FY24 FY23 FY22 FY21 Current trade and other payables 226.3 224.2 205.2 202.2 165.5 Current lease liabilities 4.3 5.1 4.2 4.4 4.3 Current provisions 15.7 14.6 15.6 15.2 17.3 Current tax liabilities 4.4 5.0 - 11.9 5.8 Non-current borrowings 20.0 85.0
Slide 31: Cash Management
CASH MANAGEMENT CONSOLIDATED CASH FLOW ($M) FY25 FY24 FY23 FY22 FY21 Consolidated EBITDA 97.8 90.0 88.5 89.1 69.1 Movement in working capital, excluding OMP and Carrick (3.1) 31.6 13.2 (16.9) 21.2 Operating Cash Flow – pre Carrick & OMP 94.6 121.6 101.7 72.2 90.3 Acquisition of Carrick working capit
Slide 32: Net Debt, Gearing & Leverage
NET DEBT, GEARING & LEVERAGE MAJOR CAPITAL PROJECTS ($M) FY25 FY24 FY23 FY22 FY21 Development capital expenditure 19.4 18.4 23.0 10.9 10.4 Maintenance capital expenditure 16.8 14.5 11.3 12.9 7.9 Net debt and gearing ($m) FY25 FY24 FY23 FY22 FY21 Gross debt 20.0 85.0 72.5 50.0 123.0 Less: cash and ca
Slide 33: Leading Together
LEADING TOGETHER