ArborGen Holdings Results for Year Ended 31 March 2024

ARBORGEN ANNOUNCES STRONG FY24 RESULT
30 May 2024: ArborGen Holdings Limited (NZX: ARB) (ArborGen or the Company) has today
announced its results for the financial year ending 31 March 2024 (FY24), reporting record sales
Revenue and an Adjusted US GAAP EBITDA result ahead of guidance.
FY24 Snapshot (in USD, comparatives to FY23):
• Seedling unit sales of 373 million, consistent with prior year. Advanced genetics seedlings made
up 44% of sales.
• Revenue $67.7m, up 21% on prior comparative period as a result of strong pricing and margins.
• 32% year-on-year increase in gross profit to $24.0m.
• Improvement in net loss after tax from $(2.5)m to $(0.2)m.
• Net debt (excluding capitalised leases) at $14.4m as at 31 March 2024, with borrowings reduced
to $20.0m.
• 39% increase in Adjusted US GAAP EBITDA
1
to $12.8m, ahead of guidance.

Strategic Momentum
The strong result highlights the value of the strategic reset undertaken three years ago, which saw
ArborGen divest its Australasian operations and expand in Brazil, while maintaining its strong
presence in its traditional US market. This has proven to be a winning formula, with Brazil
contributing 39% of ArborGen’s seedling sales revenue in FY24, up from 30% in the prior year.
Despite the challenging conditions in the US South, which have had ripple effects across the industry,
ArborGen’s US business also turned in a satisfactory result with solid pricing and margins delivering a
5% increase in revenue despite reduced volumes.
Cost inflation and economic headwinds have continued and were particularly pronounced in the US.
ArborGen has responded with a concerted effort to streamline the organisational structure, reduce
costs and enhance operating efficiencies. In line with this, the company has entered into a purchase
agreement to sell its in-vitro business for $4 million with settlement expected at the end of June
2024. The proceeds will be used to pay down debt and allow for investment into growth and
productivity opportunities. The company has also closed a nursery in the US. Together, these two
initiatives will free up cash for investment into higher return opportunities and realise around $1m in
savings per annum, positively impacting ArborGen’s bottom line.
FY24 Adjusted US GAAP EBITDA was a record at $12.8m (excluding $5.2m in one off, unusual and
other costs) and was boosted by increased sales revenue.
Noteworthy this year was the revitalisation and reinforcement of the leadership team, spearheaded
by Justin Birch who commenced as Group CEO in June 2023, followed by several other key leadership
appointments. A review of ArborGen’s business model and strategy has been undertaken, providing
a clear roadmap to achieve growth objectives.

2

Market Performance
ArborGen’s focus remains on its two regional markets, being the US South and Brazil, where it has
identified strong growth and commercial potential, and can build on its existing footprint and market
share.
CEO Justin Birch commented: “ArborGen remains a market leader in the US South, with a production
capacity of more than 350 million seedlings annually. Our strategic focus remains on bolstering the
adoption of higher value, advanced genetics seedlings throughout the region. These seedlings offer
customers the opportunity to achieve higher yields and returns from premium grade timber, meeting
the projected future market demand. Despite the flat market, we were able to increase our mix of
MCP sales and expand margins in FY24. The 2023 cone harvest was lower than expected due to the
freeze event in late 2022. This will result in a higher cost of seed to plant in FY25. Nonetheless, we
maintain sufficient inventory to meet projected customer demand. With an intensified sales focus
and energy, we aim to maintain our market share, continue the shift to higher value products and
grow our margins.
“In Brazil, we are leveraging our strong position in the pine and eucalyptus seedling markets to build
a sustainable, highly profitable business. Consistent with our growth aspirations, we have been
expanding our production capacity. This now sits at over 135 million seedlings per year, through our
own nurseries as well as contract growers. We are evaluating opportunities to further expand
production to meet growing demand in Brazil. In addition, we have identified promising
opportunities across the broader South America region. We are excited about the potential to
continue our growth momentum in Brazil and anticipate another strong performance in FY25.”
Outlook
Chair of ArborGen, David Knott, said: “Looking to FY25, we expect ongoing momentum in Brazil,
while the current conditions impacting US sales are expected to continue, resulting in flat year-on-
year sales volumes. Our team remains focused on transitioning customers to higher value products,
and we will continue to expand our production capacity to meet demand, particularly in Brazil.
“The increased investment into the expansion of our team, nursery improvements and other
strategic initiatives will be reflected in the FY25 year. This will be partially offset by savings from the
ongoing cost reduction programme including savings from the closure of the Taylor Nursery and the
sale of the in-vitro business.
“ArborGen is undeniably a market leader in advanced genetics seedlings and has a robust strategy in
place. Our momentum is building, and we are looking forward to another stronger year in FY25.”
Shareholders are referred to the Investor Presentation released today for more information.
ENDS
1
Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items which may include
restructure costs, impairments and write downs on assets, acquisition/sale transaction costs and other one-off items. In
FY24, one-off and unusual costs were $5.2m comprising: a non-cash $1.8m provision for obsolete seed inventory, a non-
cash $1.0m VAT valuation allowance, and $1.9m CEO transition costs, the majority of which were non-cash equity grants,
(itemised as CEO transition costs, seed review and other in the Financial Statements), and other restructuring costs of $0.5
million. Management believes this measure provides useful information, as it is used internally to evaluate performance,
and it is also a measure that equity analysts focus on for comparative company performance purpose. See the Investor
Presentation for more information.

3

Authority for this announcement: Justin Birch, President and CEO, ArborGen Holdings Limited
For assistance, please contact: Jackie Ellis, Ellis and Co e: jackie@ellisandco.co.nz, t: +64 27 2462505

ArborGen
ArborGen is the largest commercial global seedling supplier and a leading provider of advanced
genetics, for the forest industry. Employing state-of-the-art technology, ArborGen is developing high-
value products that significantly improve the productivity of a given acre of land by enabling our
customers to grow trees that yield more wood per acre with greater consistency and quality in a
shorter period of time. For more information, please visit ArborGen’s website at www.arborgen.com.

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FY24 Results
Presentation
For the 12 months ended 31 March 2024
All financials in USD unless otherwise stated

ARBORGEN IS A LEADING PROVIDER
OF ADVANCED GENETICS FOR THE
FORESTRY INDUSTRY
•Unparalleled product portfolios in each of our core
markets
•Decades of investment in research and intellectual
property that is now bearing fruit
•Service more than 2,000 customers each year
•Focused on continued growth in our target markets,
being the US South and Brazil.
•Production capacity of 485+ million seedlings per annum
Strongly positioned for the future with a clear strategy,
strong balance sheet and market leadership position
2
ADVANCED GENETICS
SEEDLINGS DELIVER:

•40%+ more revenue
•50%+ greater net present
value
•60%+ more saw timber at
final harvest
•Better log straightness and
reduced forking
•More disease resistance
Compared to Open Pollinated seed
ArborGen FY24 Results

DUAL PATHWAY STRATEGY
Driving growth and leveraging long term demand trends
3
GO TO MARKET
Grow demand and sales of higher value
advanced genetics seedlings
•United States: Expand market and
increase Mass Control Pollinated (MCP)
adoption
•Brazil: Opportunistic and measured
expansion
•Focus on market-driven genetics for the
future
EXCELLENCEPEOPLEINTEGRITYCUSTOMERS SUSTAINABILITY
OPERATING STRENGTH
Enable a strong foundation for the future
•Strengthen the organisation and develop
a performance culture
•Optimise total productivity

GROWTH STRATEGY DELIVERING TANGIBLE RESULTS
FY24 surpassed pre-ANZ sale earnings; significantly reduced net debt
-37.5
-33.6
-26.7
-25.7
-20
-40
-20
0
20
40
60
FY20FY21FY22FY23FY24
US$m
RevenueAdjusted US-GAAP EBITDAGross profitDebt
•Sale of ANZ business in 2021 allowed for investment
into ArborGen’s emerging business in Brazil
•Continued growth momentum in Brazil driving a record
result for the company
•Focus on advanced genetics continues to deliver
superior prices and margins
•Positive long term macro trends in both US South and
Brazil supporting ArborGen’s go to market story
ArborGen FY24 Results
4
ANZ sale Nov 2021 for
$NZ$22.25m
Accelerated expansion
into Brazil
FY24 comparatives to FY20:
•Record revenue, up 19%
•Record Adjusted US GAAP EBITDA, up 38%
•Gross profit up 22%
•Debt reduced by 47%

US SOUTH
Market Overview
•Economic and environmental conditions impacting the
sector – closure of pulp mills due to historically low prices,
subdued demand for saw timber, wet weather affecting
customer preparation for planting
•Anticipate a return to more commercial production cycle
for pulp although long term trend suggests continued
decline in demand; recovery in saw timber projected by
CY2025
•ArborGen’s advanced genetics seedlings offer customers
the opportunity to achieve higher yields and returns from
premium grade timber (ie saw timber), meeting the
growing long-term demand
•Opportunities in sustainable forestry, with large scale
afforestation and reforestation projects
5
OUR STRATEGY
•ArborGen is a key player, with one
of the largest capacities for
advanced genetics seedlings
production – more than 350m+ pa
•Increased sales focus and effort -
concentrating on higher value
advanced genetics products
•Thoughtful growth – acquisition of
nursery in Texas; expanding
container offering
•Optimising our footprint - well
situated in regions which offer high
potential; closure of Taylor Nursery
in FY24 and sale of in-vitro business
post-period end
ArborGen FY24 Results

BRAZIL
Market Overview
•The world’s largest producer and exporter of hardwood
pulp
•Rapid expansion in production capacity in response to
demand
•Decline in yields due to environmental and weather-
related factors - the market is seeking new clones with
higher yields that are also more resilient; this presents an
opportune landscape for ArborGen
•Our superior trees offer higher yields and higher wood
density than standard market clones, improved disease
and insect resistance, and good drought tolerance
6
OUR STRATEGY
•Leveraging our strong position in
the pine and eucalyptus seedling
markets
•Replicating our US strategy to
convert the market to products with
superior genetics - we are now one
of the largest commercial suppliers
in the country
•Expanding production capacity –
acquisition of additional nursery in
2023
•Innovation in eucalyptus and pine
tree improvement – new R&D
programme being established
•Production capacity at over 138m+
seedlings per year
ArborGen FY24 Results

FY24 STRATEGIC PROGRESS
Total Productivity and Operating Strength strategies delivering benefits
OPTIMISE TOTAL PRODUCTIVITY
•Formalised productivity
strategies and procedures
•Customer collaboration to
develop a model that better
aligns risk ownership in the
sales process
•Comprehensive cost-out
programme delivering savings
and operational efficiencies
•Actively exploring new
technologies, tools and
equipment to boost
productivity
•Clean-up of seed inventory
resulting in non-cash $1.8m
provision for older, lower
quality seeds
ArborGen FY24 Results7
PRODUCT DEVELOPMENT
•Introducing new selection
techniques, testing and analysis
•More than 47,000 seedlings
grown for R&D in FY24
•New orchard trials established
for coastal advanced generation
MCP trees
•Licensing and selling genetic
products from other companies,
further enriching our genetic
portfolio in Brazil
•Reinforced the product
development teams in US and
Brazil with increased
collaboration
STRENGTHEN THE ORGANISATION
•New and expanded leadership
team; transition of some roles
from NZ to US to align with
operational base
•Refresh of mission, values and
culture; improving employee
engagement across the business
•Optimising our footprint and
operations
•Introduction of new Customer
Management software
•Repurchase of outstanding
warrants for $1.35m in May 2023

FY24 FINANCIAL RESULTS
FROM SEEDLINGS TO SUCCESS
Record Adjusted US GAAP EBITDA
Growth strategy delivering clear benefits and outcomes
Further year of improved financial and commercial performance
Clear pathway to future growth
8ArborGen FY24 Results

FY24 FINANCIAL HIGHLIGHTS
Record adjusted earnings at top of guidance and strong revenue growth
9
1. Net debt excludes capitalised leases
2.Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items which may include restructure costs, impairments and write downs on assets, acquisition/sale transaction costs and other
one-off items. Additionally, management believes this measure provides useful information, as it is used internally to evaluate performance, and it is also a measure that equity analysts focus on for comparative company
performance purpose. Refer to slide 18 for a reconciliation of Adjusted US GAAP EBITDA.
•Seedling unit sales of 373 million, consistent
with prior year
•21% increase in revenue to $67.7m
•32% increase in gross profit
•92% improvement in NLAT from $(2.5)m to
$(0.2)m
•Net debt (excluding capitalised leases) at
$14.4m as at 31 March 2024
•Record Adjusted US GAAP EBITDA result of
$12.8m, up 39% year-on-year and at upper end
of guidance range
ArborGen FY24 Results
USD $mFY24FY23%
change
Revenue67.756.121%
Gross Profit24.018.232%
NPAT/NLAT(0.2)(2.5)92%
Operating cashflow11.76.580%
Net Debt
1
14.413.011%
Adjusted US GAAP EBITDA
2
12.89.239%

FY24 REVENUE
Strong growth from Brazil with steady sales in US despite headwinds
Sales $m
BrazilUS South
10
Sales units m
BrazilUS South
•Record group sales revenue,
up 21% yoy to $67.7m
•Strong pricing and margins in
both regions delivering yoy
revenue increases
•Significant growth in Brazil
•Subdued volumes in US
South due to economic and
weather headwinds
•Advanced genetics make up
44% of total sales
ArborGen FY24 Results

US SOUTH
Sales revenue remained strong despite the impact of macro conditions on sales volumes
11
•Revenue of $41.2m ahead of prior year despite
subdued volumes due to economic conditions and
weather events
•Sales focus on highest margin products is delivering
stronger pricing and margins
•Acquisition of Jasper Nursery in Texas and further
expansion of container capacity
•Exit from Taylor Nursery in Q4 FY24; post period
end sale of in-vitro business
39.9
39.3
41.2
0
5
10
15
20
25
30
35
40
45
FY22FY23FY24
US $m
Sales Revenue
ArborGen FY24 Results
US SouthFY24FY23
Seedling sales (units m)260273
Sales revenue ($m)41.239.3
Advanced genetics as % of total sales
volume
41%
37%
Seedling capacity (units)350m350m+

BRAZIL
Opportunistic and measured expansion delivering record results and strong momentum
12
•Record revenue of $26.5m, up 58% yoy
•Strong volume growth bolstered by strong
pricing and margins
•Expanding production capacity – acquisition of
additional nursery in August 2023
•Established new orchard trials for coastal
advanced generation MCP trees
•51% 3-year CAGR reflects the positive growth
momentum in Brazil
7.7
16.8
26.5
0
5
10
15
20
25
30
FY22FY23FY24
US $m
Sales revenue
51% three-year CAGR
ArborGen FY24 Results
BrazilFY24FY23
Seedling sales (units m)113102
Sales revenue ($m)26.516.8
Advanced genetics as % of total sales
volume
50%40%
Seedling capacity (units)138m120m+

US GAAP EBITDA
Record Adjusted US GAAP EBITDA result of $12.8m, up 39% yoy
ArborGen FY24 Results13
•Adjusted US GAAP EBITDA is a non-GAAP financial measure and
excludes one-off and unusual items which may include
restructure costs, impairments and write downs on assets,
acquisition/sale transaction costs and other one-off items
•Management believes this measure provides useful information,
as it is used internally to evaluate performance, and it is also a
measure that equity analysts focus on for comparative company
performance purpose
•FY24 one-off, unusual and other costs of $5.2m comprising:
•$1.9m CEO transition costs (the majority of which were
non-cash equity grants)
•Non-cash $1.8m provision for obsolete seed inventory
•Non-cash $1.0m VAT valuation allowance
•$0.5m of other restructuring costs
10.1
9.2
12.8
0
2
4
6
8
10
12
14
FY22FY23FY24
US$m
Adjusted US GAAP EBITDA

CAPITAL EXPENDITURE
FY24 reflects investment into production expansion
ArborGen FY24 Results14
FY24 capital expenditure of $5.4m includes:
•Expansion of container capacity at two US
nurseries
•Automation of inventory counts in US
•Purchase of $2.5m Jasper Nursery in US
(shown as a repayment of a lease liability
under IFRS in the Financial Statements)
Planned capex projects for FY25 include
continued orchard expansion and cooler
expansion for hardwoods
0
1
2
3
4
5
6
FY22FY23FY24
US$m
Capital Expenditure
Including Jasper Nursery
MaintenanceGrowth

BALANCE SHEET
In good shape to support growth
•Disciplined management of working capital
•Increase in inventory as due to growth of
business
•Cashflow positively impacted by timing of
Employee Retention Credit (ERC) payment
receipts in US and working capital movements
•Net debt reflects the warrant repurchase, capital
expenditure, interest expense and taxes, along
with favourable working capital movement from
the higher collection of receivables in the US
Inventory comprises seed and seedlings, as well as preparation and harvesting costs
ArborGen FY24 Results
15
USD $mFY24FY23
Debtors12.614.0
Inventory35.131.6
Creditors(14.3)(10.8)
Working Capital33.434.8
Cash and cash equivalents5.612.7
Total facility37.035.7
Borrowings(20.0)(25.7)
Available/Undrawn17.010.0
Net Debt14.413.0
Net Tangible Assets (NTA)59.856.4
NTA per share12 cps11 cps

REGIONAL OUTLOOK
US SOUTH
•Current conditions expected to continue into
FY25, long term macro trends support ArborGen’s
go-to-market story
•Sales effort is focused on highest value products
•Optimising our existing footprint, while investing
for the future
•The 2023 cone harvest was lower than expected
due to the freeze event in late 2022, during
flowering, particularly in the Coastal region; this
will impact on available seedlings to plant in FY25
•Sufficient inventory available to meet projected
customer demand
BRAZIL
•Some moderation now being seen of high
pricing seen in FY24
•Pricing and demand for protected clones
remains high
•Investing to transform more product from
market (unprotected) to protected clones
•Shifting sales from licensed products to
proprietary ArborGen genetic seedlings which
deliver superior prices and higher margins
•Continued opportunistic expansion, including
assessing opportunities across broader South
America region
16ArborGen FY24 Results

GROUP OUTLOOK
Momentum is building and we are looking forward to another strong year in FY25
•Continuing growth momentum in Brazil
•Current conditions in US expected to result in flat year on year sales volumes
•Investment into the expansion of our team, nursery improvements and other strategic initiatives
will be reflected in in the FY25 year
•Increased investment will be partially offset by savings from the cost reduction programme which
will continue in FY25
•Cost savings of around $1 million from the closure of the Taylor Nursery and sale of the in-vitro
business will benefit in FY25
17ArborGen FY24 Results

ADJUSTED US GAAP RECONCILIATION
18ArborGen FY24 Results
Fiscal year ending March US$mMar
2024
Mar
2023
US GAAP
Revenue67.7 56.1
Gross margin (excluding DDA)25.4 19.6
LessSG&A (9.4)(7.4)
LessR&D(3.7)(3.4)
PlusOther income (expense)(4.7)1.5
US GAAP EBITDA
(1) (2)
7.6 10.3
Adjustments
Restructuring and transition costs
(3)
2.4
Seed provision1.8
Value added taxation - valuation
allowance
1.0
ERCs (net of costs)(1.2)
Other0.1
Adjusted US GAAP EBITDA
(4)
12.8 9.2
1.Under US GAAP, from a statutory reporting perspective, the classification of the
expense items, and other significant items in this table may differ from what is
presented here.
2.US GAAP EBITDA excludes NZ public company costs.
3.Restructuring and transition costs includes; CEO transition costs of $1.9 million and
other restructuring costs of $0.5 million.
4.Adjusted US GAAP EBITDA excludes NZ public company, CEO transition, Seed
provision and Value added taxation valuation allowance.
5.The Company uses US GAAP EBITDA when discussing financial performance. This is a
non-GAAP financial measure and is not recognised within IFRS. Non-GAAP financial
measures should not be viewed in isolation nor considered as a substitute for
measures reported in accordance with GAAP. Management believes that US GAAP
EBITDA provides useful information, as it is used internally to evaluate performance,
and it is also a measure that equity analysts focus on for comparative company
performance purposes, as themeasure removes distortions caused by differences in
asset age, depreciation policies and debt:equity structures.
DDA: Depreciation Depletions and Amortisation
ERCs: Employee Retention Credits

DISCLAIMER
19
This presentation has been prepared by ArborGen Holdings Limited (“ArborGen”), to provide an overview of the performance of ArborGen and its activities at the date of this presentation.
It is not prepared for any other purpose and must not be provided to any person other than the intended recipient. This presentation should be read in conjunction with ArborGen’s interim
and annual reports, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com/companies/ARB and www.arborgenholdings.com.
The information in this presentation is of a general nature only. It is not a complete description of ArborGen.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any particular prospective
investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective investor may require. Any person who is considering
an investment in ArborGen securities should obtain independent professional advice prior to making an investment decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation is not an indication of future performance and should not be relied upon as such. This presentation may also contain forward
looking statements with respect to the financial condition, results of operations and business, and business strategy of ArborGen. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a promise or representation that a transaction or outcome
referred to in this presentation will proceed or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters may prove to be
incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in ArborGen’s financial
statements available at www.arborgenholdings.com. This presentation may include non-GAAP financial measures. This information has been included on the basis that ArborGen
management and directors consider that this non-GAAP information assists readers to understand the key drivers of ArborGen’s performance which are not disclosed as GAAP measures in
ArborGen’s financial statements.
ArborGen and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to accuracy or
completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.
All references to currencies in this document are in US dollars (US$) unless otherwise stated.
ArborGen FY24 Results

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (millions)Percentage change
Revenue from continuing operationsUS$67.720.7%
Total RevenueUS$67.720.7%
Net profit/(loss) from continuing operations -US$0.292.0%
Total net profit/(loss) -US$0.292.0%
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date
Current period
Prior comparable
period
Net tangible assets per Quoted Equity SecurityUS 12 cps US 11 cps
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Interim/Final Dividend
No dividend is proposed for the period
Results for announcement to the market
ArborGen Holdings Limited
12 months to 31 March 2024
12 months to 31 March 2023
US Dollars
30 May 2024
Not applicable
Not applicable
Not applicable
Please refer to accompanying releases
Authority for this announcement
Pam Wardenburg
Pam Wardenburg
09 356 9800
info@arborgenholdings.com

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ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED INCOME STATEMENT
For the year ended ended 31 March 2024
Year endedYear ended
March 2024March 2023
Notes
US$mUS$m
Revenue2467.7 56.1
Cost of sales7
(43.7) (37.9)
Gross profit24.0 18.2
Intellectual property amortisation
7
(7.7) (7.6)
Administration expense
(11.8) (9.0)
Operating earnings excluding items below4.5 1.6
CEO transition, seed review and other7
(4.7) 0.6
Operating profit (loss) before financing expense(0.2) 2.2
Financial income0.4 0.1
Financing expense(1.8) (1.4)
Profit (loss) before taxation(1.6) 0.9
Tax benefit (expense)81.4 (3.4)
Net earnings (loss)(0.2) (2.5)
Earnings (loss) per share information (cents per share)
Basic
- (0.5)
Diluted
- (0.5)
Weighted average number of shares outstanding (millions of shares)
Basic505.8 502.4
Diluted509.0 506.6
The accompanying notes form part of, and are to be read in conjunction with, these financial statements.
Page 1

ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended ended 31 March 2024
Year endedYear ended
March 2024March 2023
Notes
US$mUS$m
Net earnings (loss)(0.2) (2.5)
Items that may be reclassified to the Consolidated Income Statement:
Movement in currency translation reserve200.2 (0.3)
Movement in hedge reserve20(0.1) 0.4
Other comprehensive earnings (loss) (net of tax)0.1 0.1
Total comprehensive earnings (loss)(0.1) (2.4)
ArborGen Holdings Limited and Subsidiaries
STATEMENT OF CHANGES IN EQUITY
For the year ended ended 31 March 2024
Year endedYear ended
March 2024 March 2023
Notes
US$mUS$m
Total comprehensive earnings (loss)(0.1) (2.4)
Movement in ArborGen Holdings shareholders' equity:
Movement in issued capital190.4 0.2
Movement in share based payment reserve20
0.5 0.1
Repurchase of warrants20
(1.4) -
Total movement in shareholder equity(0.6) (2.1)
Opening group equity149.3 151.4
Closing group equity148.7 149.3
The accompanying notes form part of, and are to be read in conjunction with, these financial statements.
Page 2

ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended ended 31 March 2024
Year endedYear ended
March 2024March 2023
Notes
US$mUS$m
Cash was provided from operating activities
Receipts from customers67.1 55.1
Cash provided from operating activities
67.1 55.1
Payments to suppliers, employees and other(54.1) (48.3)
Tax paid(1.3) (0.3)
Cash (used in) operating activities
(55.4) (48.6)
Net cash from (used in) operating activities
11.7 6.5
Interest received0.4 0.1
Investment in fixed assets13(2.9) (2.2)
Investment in intellectual property
15(3.7) (3.4)
Net cash from (used in) investing activities
(6.2) (5.5)
Debt drawdowns1813.2 -
Repayment of lease liabilities(3.7) (1.1)
Debt repayment
18(18.9) (1.0)
Interest paid(1.8) (1.4)
Repurchase of warrants20(1.4) -
Net cash from (used in) financing activities
(12.6) (3.5)
Net movement in cash9
(7.1) (2.5)
Opening cash, liquid deposits and restricted cash
12.7 15.2
Closing cash, liquid deposits and restricted cash95.6 12.7
Net earnings (loss) after taxation
(0.2) (2.5)
Adjustment for:
Financial income(0.4) (0.1)
Financing expense
1.8 1.4
Depreciation and amortisation
11.6 10.2
Tax (benefit) / expense
(1.4) 3.4
Foreign exchange
0.1 (0.4)
Other non cash items
0.1 (0.1)
Cash flow from operations before net working capital movement
11.6 11.9
Trade and other receivables
1.4 (3.2)
Inventory
(3.5) (4.3)
Trade and other payables
3.6 2.4
Net working capital movement
1.5 (5.1)
Cash tax paid
(1.4) (0.3)
Net cash from operating activities11.7 6.5
The accompanying notes form part of, and are to be read in conjunction with, these financial statements.
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ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED BALANCE SHEET
As at 31 March 2024
March 2024March 2023
NotesUS$mUS$m
Current assets
Cash and liquid deposits
95.6 12.7
Trade and other receivables
1012.6 14.0
Inventory
1135.1 31.6
Total current assets
53.3 58.3
Non current assets
Fixed assets
1336.6 33.5
Derivative financial instruments
5 & 270.6 0.7
Right-of-use assets
147.1 4.9
Intellectual property
15 & 1688.9 92.9
Deferred taxation asset
1210.8 9.5
Total non current assets144.0 141.5
Total assets197.3 199.8
Current liabilities
Trade, other payables and provisions
17(14.3) (10.8)
Current lease obligation22(1.5) (0.8)
Current debt18(1.2) (8.1)
Current taxation liability
(0.6) (0.5)
Total current liabilities
(17.6) (20.2)
Term liabilities
Term debt
18(18.8) (17.6)
Lease obligation22(5.2) (4.1)
Deferred taxation liability
12(7.0) (8.6)
Total term liabilities(31.0) (30.3)
Total liabilities(48.6) (50.5)
Net assets
148.7 149.3
Equity
Share capital
19203.4 203.0
Reserves
20(54.7) (53.7)
Total group equity
148.7 149.3
Dave KnottPaul Smart
Chairman of the BoardAudit Committee Chairman
30 May 2024
Both of the above signatories certifies that these financial statements comply with New Zealand generally accepted
accounting standards and present a true and fair view of the financial affairs of the ArborGen Holdings Group.
The accompanying notes form part of, and are to be read in conjunction with, these financial statements.
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