Seeka Provides Stakeholder Update

Stakeholder Update
October 2022

Agenda
2
3
Questions
2
Chief Executive’s report
-Safety
-Six month highlights and segment performance
-Automation upgrades
-Sustainability
-Forward focus
1
Chair’s introduction
-Harvest summary
-Group financial performance
-Trends in financial performance
-Earnings per share and net tangible assets
-Net bank debt
-Sustainability - “Growing futures”

Harvest summary
Harvested all crops in New Zealand and Australia
First harvest with OPAC, Orangewood and NZ Fruits
−Expanded our geographical reach
−Grown our supply base
−Fully integrated
Seeka Australia performance improvement
−Orchard investments coming into production
Tough conditions
-Maturity
-Capacity
-Labour restrictions and pandemic
-Fruit quality and storage
-Inflation
-People under pressure
3
Crop quality
−Hayward yields down 21.5% and SunGold down 10.5% across
the NZ industry
−Industry-wide quality issues
−Higher fruit loss, insurance claim for OPAC processed fruit
Covid-19 disruptions
−Infections and isolations peaked in the harvest period
−Delayed KKP MAF Rodapackline
−Disrupted industry shipping plans
Severe labourshortages
−1,100 people short at peak period
−Covid-19, a tight labourmarket and restricted RSEs
(uneven arrivals)
Every challenge encountered in harvest 2022

All results and comparatives consistent with NZ IFRS 16 Leases
Group financial performance
$247.3m revenue
−Up 10% on previous corresponding period (pcp)
$49.4m EBITDA
−Up 5% on pcp
$30.1m Net profit before tax
−Down 2% on pcp
$21.5m Net profit after tax
−Up 4% on pcp
Forecasting full-year net profit before tax between
$9.0m and $11.0m
4
Interim results –six months to June 2022, unaudited
H1 FY22H1 FY21FY21
$NZD millions
UnauditedUnaudited
Growth
Audited
Revenue247.3 224.5
10%
309.6
Cost of sales169.1 146.1
16%
236.3
Change in fair value of biological
assets - crop
(16.2)(18.2)-
Gross profit62.0 60.1
3%
73.2
EBITDA49.446.9
5%
56.8
Net profit before tax30.130.8
( 2%)
23.5
Net profit after tax21.520.6
4%
14.9

$25.7m
$27.9m
$30.4m
$46.9m
$49.4m
H1FY18H1FY19H1FY20H1FY21H1FY22
EBITDA
Trends in financial performance
$23.7m increase in EBITDA over 5 years
−18% cumulative annual growth rate since June 2018
Deliberate strategy to improve operating earnings
Business operated in a Covid-19 world
−Severe labourshortages during harvest 2022
Invested in new technology
−KKP MAF Roda ready for harvest 2023
−New Transcoolcoolstore
−Machine upgrade at Oakside line 3
−Carton handling at Seeka Gisborne
−Innovation and automation deliver efficiency gains
−Key to operating in a tight labourmarket
5
Five year EBITDA results

1. As required by NZ IAS 33, 421,835 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the weighted average EPS would be $0.52 (FY21: $0.42).
Earnings per share and net tangible assets
52 cents earnings per share
1
$6.07 net tangible assets per share
−Up 12%
−$254.8m of net tangible assets
No interim dividend
−Dividend being reconsidered later in the year
6
H1 FY22H1 FY21FY21
$NZDUnauditedUnauditedGrowthAudited
Net profit ($m)$ 21.5 m $ 20.6 m
4%
$ 14.9 m
Weighted shares on issue (m)41.0 m 31.8 m 34.8 m
Earnings per share ($)$ 0.52 $ 0.65
(20%)
$ 0.43
Net tangible assets ($m)$254.8 m $214.7 m
19%
$229.3 m
Shares at period end (m)42.0 m 39.4 m 40.2 m
Net tangible assets per share ($)$ 6.07 $ 5.44
12%
$ 5.71

Net bank debt
$211m banking facility led by Westpac NZ
−Supported by Westpac AU, ASB, BNZ and Rabobank
−Provides operating headroom
Investing in growth, automation, and capacity
−$19.1m of debt and cash for the Orangewood,
Fruitometry & NZ Fruits acquisitions since June 2021
−$20m automation upgrades and capacity improvements
at KKP and Transcool
$4.8m assets held for sale at 30 June 2022
7
$128m
Net Debt
$96m
Net Debt
$161m
Net Debt
$141m
Net Debt
$26m
Capacity
$59m
Capacity
$50m
Capacity
$70m
Capacity
Jun 2021Sep 2021Jun 2022Sep 2022
Bank debt facilities

Growing Futures
Tells Seeka’s sustainability story
Sets sustainability targets
Explains carbon footprint
Details carbon reduction initiatives
Outlines social programmes
Governance reporting
8
First Sustainability Report released June 2022

Chief Executive’s report
Michael Franks

Safety
10
1. Permanently disabled or requiring immediate in-patient hospitalisation
Serious Injuries10
Lost time injuries7447
Medical1029
First Aid7589
No Treatment179182
Total338347
2022 to Date
2021
1 serious injury in 2022 – Orangewood Repacking Incident
Covid-19 peaked during harvest, affecting workforce

Six months to June 2022
Packed in a pandemic
−Contingency planning with rescheduled shifts and packing operations
−Stayed operational through staff dedication and resilience
−Focus on fundamental health and safety of our people
Operated three new sites for the full season
−OPAC, Orangewood and Gisborne
−11 post harvest sites servicing the North Island’s main orcharding regions
−Operating issues at Ōpōtiki
Kiwifruit yields down across the industry
−Poor storage season
−Offshore industry quality issues
−Some specific issues in Te Kaha and Ōpōtiki
Invested in long-term orchard developments
−160 hectares in development
Australia performed well despite disruptions
11

Orchard operations
$45.7m – down 15% on pcp
$5.1m EBITDA – down 10% on pcp
Increase in kiwifruit volumes
−New volumes from Orangewood and OPAC
−Yields down on prior seasons
Excellent kiwiberry performance
160 hectares in development
−142 hectares of kiwifruit
46 SunGold, 91 Hayward, 5 RubyRed
−2 hectares of kiwiberry
−16 hectares of avocado
12
Growing kiwifruit, avocado and kiwiberry – led by Barry Penellum
H1 FY22H1 FY21FY21
$ millionsUnauditedUnauditedGrowthAudited
Revenue45.7 53.7
( 15%)
77.1
EBITDA5.1 5.7
( 10%)
5.2
EBIT3.7 4.7
( 20%)
3.0
Segment assets98.1 92.8
6%
73.7
7.6
7.5
8.0
8.9
8.2
3.1
3.9
5.0
5.5
8.9
10.7
11.4
13.0
14.4
17.1
FY18FY19FY20FY21H1 FY22
NZ kiwifruit grown
Millions of trays
SunGold
Hayward

Post harvest operations
Record post harvest revenue of $178.5m – up 23% on pcp
$52.9m EBITDA – up 8% on pcp
Late Gisborne maturity, then rain
−Compressed capacity
Delay in KKP MAF Roda packline arrival
Inflationary pressure and extreme labour shortage
−1100 people short at peak periods
High fruit loss
Insurance claim at OPAC
Harvesting, packing, coolstoring, dispatching and processing – led by Paul Crone
13
19.2
17.4
15.7
17.7
14.3
10.814.4
16.1
17.9
26.3
31.4
33.5
33.4
40.7
43.3
FY18FY19FY20FY21H1 FY22
NZ fruit handled
Millions of trays
Class 2 & other
OPAC
SunGold
Hayward
H1 FY22H1 FY21FY21
$ millionsUnauditedUnauditedGrowthAudited
Revenue178.5 145.2
23%
195.9
EBITDA52.9 49.1
8%
61.6
EBIT43.7 40.8
7%
44.6
Segment assets388.6 337.9
15%
316.1

Values may not sum due to rounding.
SeekaFresh retail services operations
$8.5m Revenue
−Soft 2021/22 avocado market and returns
$0.5m EBITDA
Business continues to innovate
−New customers
−Increasing local market volumes
−Building strong customer relationships
−Soft avocado market and lower kiwifruit volumes
Costco category manager
Retail services and marketing, including Kiwi Crush –led by Kate Bryant
14
H1 FY22H1 FY21FY21
$ millionsUnauditedUnauditedGrowthAudited
Revenue8.5 11.5
(26%)
21.6
EBITDA0.5 1.9
(74%)
2.3
EBIT0.0 1.4
(99%)
1.4
Segment assets23.6 19.2
23%
11.7

Values may not always sum due to rounding.
Australian operations
$14.4m Revenue – up 4% on pcp
Ongoing labour and market disruption from Covid-19
$2.6m EBITDA
Excellent result in difficult circumstances
$1.2m EBIT after lease costs
Growing, packing and retailing kiwifruit and other Australian fruit on owned and leased orchards
led by Jon Van Popering
15
H1 FY22H1 FY21FY21
$ millionsUnauditedUnauditedGrowthAudited
Revenue14.40 13.86
4%
13.87
EBITDA2.58 2.73
(6%)
1.64
EBIT1.64 1.89
(13%)
(0.00)
EBIT after lease costs1.17 1.39
(16%)
(1.06)
Segment assets53.150.0
6%
47.7

Automation upgrades
MAF Rodapacklinefor KKP $11.0m
−Highly automated, fully automated packaging presentation
to the machine along with automated packing stations
−Labour, volume and speed efficiencies
−Missed April 6 commissioning date
Oakside Spectrimgrading and pre-sizing machine $3.8m
−Substantially reduces manual grader requirements
−Machine throughputs enhanced
Gisborne post-packing automation $4.5m
−Automated placement and stacking of fruit post-packing
Continuing to investigate and trial latest technologies
16

First full sustainability report published in June 2022
Reporting Seeka’s progress to be a sustainable business

Seeka’s CO2e reduction targets
Working to become net zero carbon by 2050
For categories 1 and 2 emissions
Base year 2019
F l e e t F u el

We’ve already reduced our CO2e footprint
19
We use 3 intensity-based measures to benchmark our performance as our business expands
1. Class 1 trays
Per $1m revenuePer 100k trays packed
1
Per permanent employee
Tonnes
CO2e
82.3
76.5
64.2
58.2
57.6
50.7
46.1
46.1
41.5
29.9
201920202021201920202021201920202021

Forward focus
Operational improvement for 2023
Fruit quality through the supply chain
Fruit loss and performance
Capacity plan
RSE accommodation
20

Questions
21

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