Seeka Provides Stakeholder Update

Stakeholder Update
October 2023

Building Board strength
Introducing Sharon Cresswell
Appointed 1 October 2023
Independent Director
and member of Seeka’s Audit and Risk Committee
Chartered Accountant based in the Waikato
Partner at PwC in New Zealand for 16 years
with a focus on primary sector clients
Director of The Network for Learning
−Chair Audit and Risk Committee
Director of Wool Impact
Setting the Board for the future
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Agenda
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Chair’s introduction
Chief Executive’s report
Questions
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OUR BUSINESS – OUR GOAL
Providing an essential service in a growth industry
Delivering excellent returns to premium growers and shareholders
Multiple revenue streams
Operating in NZ and Australia
A key supplier to Zespri and growth in international fruit sales
Leader in sustainability

Weathered the storm
Seeka’s six-month summary
Business reset to manage 2023’s large drop in NZ kiwifruit volumes
Strict cost management enacted | Weather hits yields with Hayward down 30%, SunGold down 22%
Delivered excellent operational performance on lower volumes
Innovation lifts operations | Low fruit loss | Quality fruit to the markets | Excellent performance for growers
Full support from our banking syndicate
Negotiated new $201m Sustainability-Linked Loan | Two covenants waived for 2023 | Focus on debt reduction
Disciplined capital expenditure
Capacity and systems in place for 2024 volume growth | Capex targeted within yearly depreciation
2022 Insurance claim
Continuing to work our way through the Ōpōtiki insurance claim process
Outlook improved for 2024
Good winter chill | Favourable weather systems and improved bud-break | Planning for a resurgence in volumes
Successful SeekaFresh retail services | Australian developments | Captive insurance enacted
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Six months at a glance
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For detailed financial information see www.Seeka.co.nz/reports for the June 2023 Interim Report

FY23 Full year financial guidance
Low NZ kiwifruit volumes impact 2023 revenue
−30m class 1 trays, 29% less fruit than 2022
−Packhouses and coolstoresunderutilised
−Volumes below breakeven
Seeka operates a seasonal business
−Revenue mostly earned in first six months
Guidance net loss before tax between $20m to $25m
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FY23 Guidance
Business set for rebound in kiwifruit volumes in 2024
and return to profitability
FY23 Guidance
$ millionsLowerUpper
Net (loss)
before tax
($ 20m)($ 25m)
FY22FY21
$ millionsActualsActuals
Net profit
before tax
$7.6m$23.5m

Environmental, Social and Governance
A sustainability leader in horticulture
−Transparently report our environmental impact
−Refinanced with $201m sustainability linked loan
Second full sustainability report June 2023
−Benchmarking our carbon emissions
−Social programmes and governance reporting
Full programme to lower carbon footprint
−Refrigerants, energy reduction, solar, waste,
fertiliser reduction
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Reporting our ESG journey
Based on category one and two emissions, using 2022 as the baseline

Delivering real sustainability gains
Generating green energy, diversifying operations, reducing waste and keeping our people safe
As at year end 2022
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Looking forward
Capacity for 50m+ trays
−Automation projects at 3 facilities
−Seasonal labour supply greatly improved
−Operational improvements, lower overhead
Outlook to 2024 positive
−Yields and volumes forecast to rebound
−Good winter chilling and bud break improved
−More kiwifruit orchards entering full production
Focus on maintaining operational excellence
−Operational excellence with a bigger expected crop
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Chief Executive’s report
Michael Franks

Seeka connects landowners with their markets
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Helping New Zealand orchard owners supply the world with safe, healthy produce
Orcharding, NZ
Growing kiwifruit, avocado and
Kiwiberry
-Owned, leased, managed and
long term leased orchards
-Orchard development
-Large kiwifruit grower
Post harvest, NZ
Picking, packing, coolstoring
and produce dispatch
-11 packing facilities
-Delicious Nutritious Food
Company
-Innovation and maintenance
team
SeekaFresh, NZ
Marketing produce in NZ,
Australia
and Asia
-Marketing and exporting
New Zealand produce
-Importing and ripening services
-Auckland wholesale business
Seeka Australia
Own and lease orchards plus
own post harvest facilities
-Adding value
-Kiwifruit, nashi, European pears
-Largest kiwifruit grower
-Fully integrated business
of export kiwifruit
is grown by Seeka
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%
of export kiwifruit
is packed by Seeka
22
%
Innovative services
and products from
our value chain
Growing and retailing
our Australian fruit
direct to the markets
APPROXAPPROX

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OUR STRATEGY
Deliver operational and financial excellence to our growers and
shareholders
Excellent planning, disciplined execution and quality fruit to the market
Lift financial performance
Low cost structure, targeted capital expenditure and less bank debt
Optimisepost harvest capacity
Automation where it delivers efficiency and returns value
Build revenue streams
Lift kiwifruit returns and add complementary services and products to our core
business
Select Excellence
Our aspiration to deliver excellent service, produce and value to our stakeholders

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OUR VALUES
Founded on relationships
Quality obsession
Inspirational people
Independently ingenious
Growing futures
Safety always

2023 harvest season
Extreme growing conditions
−Impacted the whole horticultural industry
−Wet and warm winter impacted kiwifruit budbreak
−October 2022 frost
−Cyclone Hale and Cyclone Gabrielle
−May 2023 hail in Te Puke region
Wettest summer on record
−Bay of Plenty, Northland and Hawke’s Bay
−Low sunshine hours
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Extreme weather delivers a severe drop in kiwifruit volumes
Low SunGold yields
−19% down on industry 5-year average
Record low SunGold dry matter
−Coincided with new dry matter thresholds
−Removed around 640,000 class 1 trays
that would have been packed for export in 2022
Extremely low Hayward yields
−36% down on industry 5-year average
Australia also impacted by heavy rain and flooding
2023’s drop in NZ kiwifruit volumes cut earnings from Seeka’s core business

2023 kiwifruit inventory performed well onshore
and in the markets
2022 operational review secured excellent performance
Kiwiberry season completed
−Generated high returns for growers
Kiwifruit shipping season completed
−Excellent onshore inventory performance
−Excellent offshore inventory performance
2023 / 2024 Avocado season underway
−Shipping to Australia and Asia
Australian produce performing well
−Selling our Australian grown produce
Operational excellence
for our growers and market partners
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Orchard operations
Orchard operations secure the foundation of Seeka’s
orchard-to-market service
Supplied 38% of Seeka’s post harvest business in 2023
Focus on growing high-quality crops and generating
high returns for orchard owners
HIGHLIGHTS H1 2023
New picking bags improved performance
$19m invested in developing orchards for future growth
−Partnering with landowners, iwi and Kānoa fund
−Includes packing supply contracts to 2050
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Growing kiwifruit, avocado and kiwiberry for New Zealand orchard owners
$40m Revenue
−Down 13% on H1 FY22
Yields at 10-year lows
−Wet summer and extreme weather events
−SunGold down 22%
−Hayward down 30%
H1 Performance
7.58.08.9
8.1
5.0
3.95.0
5.58.96.2
11.4
13.0
14.4
17.0
11.2
FY19FY20FY21FY22H1 FY23
NZ kiwifruit grown
Millions of class 1 trays
SunGold
Hayward
Total
53 hectares of kiwifruit entering production in 2024
SunGold includes small volumes of RubyRed since FY22

17.5
15.7
19.7
15.6
9.8
15.3
16.1
19.526.419.9
32.8
31.8
39.2
42.0
29.7
FY19FY20FY21FY22H1 FY23
SunGold
Hayward
Total
Post harvest
Post harvest is Seeka’s core business
Generated 71% of Seeka’s revenues in H1 FY23
Focus on harvesting at optimum maturity, excellent
inventory management and supplying to the wharf in
specification and on time
HIGHLIGHTS H1 2023
Automation upgrades improve efficiency
−KKP machine successfully commissioned
−Oakside and Transcool capacity upgrades
−Operating margins achieved
Continued focus on quality
−Delivered excellent inventory performance
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Packing, coolstoringand dispatching fruit for New Zealand orchard owners
$151m Revenue
−Down 15% on H1 FY22
Kiwifruit volumes well under capacity
−SunGold down 26%
−Hayward down 36%
H1 Performance
Capacity to pack 50m trays of kiwifruit in 2024
NZ kiwifruit handled
Millions of class 1 trays
SunGold includes small volumes of RubyRed since FY22

SeekaFresh retail services
Adding value to Seeka’s core supply-chain operations
Marketing produce in NZ, Australia and Asia
Focus on optimising value to growers and retailers from
Seeka’s integrated supply chain, including producing
and selling Kiwi Crush, Kiwi Crushies and avocado oil
HIGHLIGHTS H1 2023
Margins achieved
Targeting profitable tropical fruit lines
Continuing to build volumes and value
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Marketing produce to retail customers
$10m Revenue
−Up 16% on H1 FY22
Market-leading returns to avocado growers
Record export returns for kiwiberry growers
H1 Performance
Business has rebounded after Covid-19 disruptions

Full orchard-to-market service in a major market
Established full-year shelf space for Seeka branded fruit
with Australia’s large retailers
Focus on developing the Seeka brand offering in
Australia with fruit grown by Seeka
Australia also impacted by heavy rain and flooding
HIGHLIGHTS H1 2023
$10m invested in orchard developments
−New volumes of kiwifruit, nashi pears and jujube
Australian operations
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Growing, packing and retailing kiwifruit and other fruit on owned & leased orchards
$12m Revenue
−Down 19% on H1 FY22
Successful selling season
−Main kiwifruit and nashi fruit lines
−New jujube date and red nashi varieties
H1 Performance
81 hectares of Hayward & Red nashi in development

Health, safety, and our environmental,
social and governance reporting
Safety and sustainability are integral to our conduct and
culture
Targeting zero serious harm injuries plus reduction in
recordable injuries, and to be net zero carbon by 2050
Focus on keeping our people safe as we grow and
supply quality fruit in a changing climate
HIGHLIGHTS H1 2023
Four years of carbon footprint reporting
Sustainability-Linked Loan adds new financial incentives
−Worker safety, carbon reduction and solar generation
Co-investing with iwi on regional orchard developments
−Creating long-term wealth and local employment
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1 serious harm injury
2.8 total recordable injury frequency
−Per 200,000 hours worked
H1 Performance
FY19FY20FY21FY22H1 FY23
Total recordable injury frequency
5.0
4.5
3.3
2.82.8

TurangaWhetu“Star Base” accommodation for 140 RSEs
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Opened August 2023 by Ngai Tamawhariua and Ngai Tukairangi
Built quality accommodation for Seeka RSEs at Aongatete Investigating sale and leaseback

Outlook for higher 2024 volumes
and return to profitability
Automation set to deliver capacity and performance gains
−Completing automation upgrades at Oakside and Transpack
−Capacity to handle 50 million trays of kiwifruit
Active cost management
−Leaner business will deliver $3m in annual cost savings
−Capital spend to remain within annual depreciation
Captive insurance structure set
−International participation in Seeka’s Material Damage and
Business Interruption (MDBI) insurance
Cold winter & El Niño weather favour higher kiwifruit yields
−Stark contrast to 2023 growing season
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Capacity and systems in place to handle a much larger crop

Questions
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