ArborGen Holdings Annual Shareholder Meeting

26 August 2024 Page 1



ARBORGEN 2024 ASM SPEECHES

CHAIR’S PRESENTATION
OUR VISION
ArborGen remains a global leader in advanced genetics seedlings, with more than 2,000 customers,
24 seedling nurseries and orchards, and a production capacity of almost 500 million seedlings each
year.
Our overall goal remains steadfast – to drive sales of our advanced genetics seedlings in our target
markets, thereby delivering increased value for forest owners and greater returns for our business
and our shareholders.

DUAL PATHWAY STRATEGY
Our dual pathway strategy provides the framework for our actions.
We are building a strong platform for our business and Justin has done some great work over the
past year to optimise our asset base, improve efficiencies and productivity and create a strong
performance culture.
The US South and Brazil remain our primary markets and we have identified strong growth and
commercial potential in both of these regions. Our focus on advanced genetics continues to deliver
superior prices and margin.
Long term macro trends support our go-to-market story and Justin will talk to these shortly.

FY24 HIGHLIGHTS
FY24 was another year of improved performance and a positive upturn in our financial results, and
we were pleased to report record revenue and a record adjusted US GAAP EBITDA result.
In particular, our growth efforts in Brazil are yielding impactful contributions with record sales,
pricing and margins, supported by a solid performance in our longstanding US market.
The Board has determined that the optimal allocation of available cash flow at this time, is to
reinvest in growth opportunities rather than distribute dividends. While we recognise the
importance and desire of shareholders to receive a dividend, we believe that growth initiatives will
deliver long term value creation for shareholders.
The tangible and positive results now being delivered as we execute on our strategy, gives us
confidence that we are on the right track and have the right team and leadership in place to realise
our goals.

26 August 2024 Page 2
GROWTH STRATEGY DELIVERING TANGIBLE RESULTS
Last year’s strong result highlights the value of the strategic reset undertaken three years ago, which
saw us divest our Australasian operations and expand in Brazil, while maintaining our strong
presence in our traditional US market.
This has proven to be a winning formula with a significant reduction in debt and a 22% increase in
gross profit over the last four years, with record revenue and adjusted EBITDA reported in FY24.

SHARE PRICE DISCONNECTED FROM FUNDAMENTAL VALUE
We are conscious that ArborGen’s share price performance – seen in green - is not reflective of the
strong underlying performance of the company and our recent record results. There are several
reasons we can see for this: We have few institutional investors, low liquidity and there has been
selling pressure over the past 24 months.
We understand that similar businesses to ours in the US have sold recently for multiples of up to 10x
EBITDA; ArborGen’s current share price values our company at just 4.5x EBITDA – a significant value
gap. As ArborGen’s debt decreases and earnings increase, this gap will become even more
pronounced and our company will be increasingly positioned as a value opportunity.
While your board and management remain focused on sharing our story, it has been difficult to
attract institutional investors or funds to a smaller company listed in New Zealand but with our
operations offshore.
We believe that ArborGen’s share price does not appropriately reflect the intrinsic value of the
business and, as announced this morning, we are therefore planning a share buyback of up to
$US500,000. We see the purchase of shares, at current market prices, as value accretive for all
shareholders.
We are well positioned to continue investing in the business, while also opportunistically repaying
debt or buying back shares, depending on market conditions. The buyback reflects the Board’s
confidence in the long term strategy and opportunities for our business. We are finalising the details
and will advise the market when it commences.

BUILDING VALUE IN FY25
We will continue to build value in FY25 and are already onto a good start, albeit this season’s planting
and sales in the US have been hampered by recent weather events and the ongoing industry and
economic conditions.
The team are continuing to identify opportunities for greater efficiencies. One important initiative
has been the sale of the in-vitro business and subsequent lease of the Ridgeville building ahead of a
potential sale. This allows us to recycle cash into growth, including the acquisition of additional
nurseries in Brazil, increasing container capacity and investing into R&D.
We are committed to driving value for shareholders as a result of strong earnings and cashflow
growth.

26 August 2024 Page 3
CLIMATE RESILIENCE AND OPPORTUNITIES
As a horticultural business, ArborGen’s operations are inherently linked with climate, which provides
both risks and opportunities for our business.
As we operate mostly outdoors, we face risks from excessive rains, hail, freezing, hurricanes, drought
and excessive heat. We have been managing these weather events for more than 30 years and feel
confident that we have already taken many steps to protect our assets from extreme weather. As
such, we consider that we are well positioned to mitigate risks and respond to opportunities arising
from the transition to a low-emissions, climate resilient future.
These opportunities include the increasing emphasis on the role trees can play in offsetting carbon
emissions through sequestration; reforestation and afforestation projects; as well as a consumer shift
towards more sustainable materials such as timber. Given the nature of our business, there is also
the opportunity for ArborGen to utilise green bonds and sustainability linked loans, as there is for our
customers.
Recently, we released ArborGen’s first climate related disclosures under the New Zealand Climate
Standards. This was a significant piece of work, taking into account climate scenarios in our two
markets, and building on our own knowledge and strategy. This report can be viewed on our website.

STRONGLY POSITIONED FOR THE FUTURE
Our company is strongly positioned for the future – the value and science behind our advanced
genetics is now proven, we are a leading provider to the forestry industry, and we have strong and
established footprints in our target markets. We have an experienced sales force, who work directly
with foresters, providing advice and education to help our customers in their sustainable forestry
journey.
In Brazil, we are leveraging our strong position in the pine and eucalyptus seedling markets to build a
sustainable, highly profitable business that is recognised as the preeminent seedling supplier.
And in the US, we are focused on driving increased adoption of advanced genetics across the US
South, leveraging decades of investment in developing best-in-class proprietary products.
The long term macro trends are positive and we have the capacity and the resources to leverage
future demand.

26 August 2024 Page 4
CEO’S PRESENTATION

FY24 HIGHLIGHTS
I have now been with the company for just over 14 months, having started in June last year. It has
been a busy time, with a particular focus on productivity and operating strength. This has seen us
streamline our organisational structure, reduce costs and enhance operating efficiencies.
We’ve also invested in growth, acquiring two nurseries and expanding container production, as well
as continuing our comprehensive R&D and product development programme which allows us to
create new genetics that provide our competitive advantage.

FY24 FINANCIAL SNAPSHOT
If we look at the FY24 results... we reported record revenue and record Adjusted US GAAP EBITDA,
improved our gross profit by 32%, and significantly reduced net loss after tax. Borrowings also
reduced year on year.

GROUP REVENUE
Revenue was up 21% to a record $67.7m. This was driven by a strong performance from Brazil which
provided 31% of revenue, with US revenue also up on the prior year, despite subdued volumes.
Strong pricing and margins in both regions helped deliver year on year revenue increases.

ADJUSTED US GAAP EBITDA
Adjusted US GAAP EBITDA was also a record at $12.8m, up 39% year on year. This was boosted by
increased sales revenue and an improved gross margin.

OPTIMISING THE BUSINESS
During the year, as part of our strategic pillar to optimise productivity, we conducted a review of
assets within our business, to ensure these meet the Board’s investment criteria and provide value
for shareholders.
In line with this, we elected to exit the Taylor Nursery and subsequent to year end, sold the in-vitro
business. Combined, this will provide around $1m in savings per annum. We are using the proceeds
to pay down debt and invest into growth initiatives, with borrowings down to $20m at year end.
Positively, over the past four years, our interest cover has improved to 3.2x, our gearing has reduced
from 23% to 13% and bank debt as a percentage of tangible assets has also reduced significantly,
down to 18%. This has substantially increased ArborGen’s financial stability and flexibility, making our
company more attractive to investors and providing the ability to invest into identified growth
opportunities.

26 August 2024 Page 5
INVESTMENT IN GROWTH
We continue to invest in growth in FY24, with the expansion of container capacity at two nurseries
and the purchase of the Jasper Nursery in the US which we have leased since 2018; the acquisition of
an additional eucalyptus nursery in Brazil, and continued R&D and product development.

US SOUTH
The US market is facing economic and industry headwinds. Firstly, demand for pulp timber has
reduced with several major pulp mills closing due to historically low pulp prices. In addition, due to
cyclical economic conditions, the level of residential and commercial construction and renovations
has declined, leading to subdued demand for saw timber with many saw mills losing money in the
current environment.
These conditions have led some customers to postpone harvesting, subsequently affecting their
demand for seedlings. On top of this, wet weather conditions during the summer impeded ground
preparation for replanting. This all had an impact on our US sales volumes in the FY24 year.
Pleasingly, revenue was ahead of last year as we focused on selling higher margin products.

US SOUTH MARKET OVERVIEW
Current conditions in the US are expected to continue into FY25. Looking ahead, while
we anticipate a return to a more commercial processing cycle for US pulp production, the long-term
trend suggests a continued decline. Meanwhile, a recovery in demand for saw timber is projected by
2025.
These market dynamics support ArborGen’s go-to-market story. Our advanced genetics seedlings
offer customers the opportunity to achieve higher yields and returns from premium grade timber,
meeting the growing market demand.

US SOUTH STRATEGY
We will continue to focus on the sale of higher value advanced genetics products, and thoughtful
growth. This will primarily be organic growth, such as expansion of our container offering, but we will
also consider m&a if appropriate and it meets the board’s criteria.

MANAGING FOR EXTREME WEATHER
As Dave mentioned, extreme weather events are becoming more common with climate change. This
has been particularly evident in the US South, most recently with Tropical Storm Debby which
brought huge rainfall in the south, as well as earlier storms in the spring including Hurricane Beryl
which dropped 30% of annual rainfall in a month in some areas of Texas.

26 August 2024 Page 6
We are using science based planning and investment to build our resilience and have initiated
strategic measures to both mitigate and offset the potential impact of such events.
• We are investing in containers, which help protect seedlings, and also use agricultural
products to help hold seed in the field.
• We are managing our planting schedules and aiming for wider planting windows.
• We are undertaking contour mapping of our nurseries and orchards and improving drainage.
• We also mitigate our risk through orchard diversification, both geographically and age class.
By recycling older orchards, we can ensure there are younger, more resilient orchards which
are better suited to withstand tropical force winds.
• We’re also investing in backup power systems to combat damage from storms and maintain
our ability to grow crop and store our seed.

BRAZIL
Brazil has continued its positive track record and delivered another record result in FY24, with
volume growth bolstered by strong pricing and margins. Over the last three years, revenue has
grown at 51% per year with a record $26.5m delivered in FY24.

BRAZIL STRATEGY
We see great potential in Brazil to leverage our strong positions in the pine and eucalyptus markets,
and convert customers to products with superior genetics.
Brazil is the world’s largest producer and exporter of hardwood pulp, and ArborGen is one of the
largest commercial providers of pine and eucalyptus seedlings. While the production capacity has
expanded across the industry, yields have declined due to environmental and weather-related
factors.
The market is seeking new clones with higher yields that are also more resilient, and 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.
We are moving quickly to leverage this demand, with investment into nurseries and orchard
development to transform more product from market (unprotected) to protected clones. In October
last year, we acquired an additional eucalyptus nursery business, and our production capacity now
sits at over 135 million seedlings per year, through our own nurseries as well as contract growers.
As well as expanding our production in Brazil, we have identified promising opportunities across the
broader South America region and are continuing to investigate these.

26 August 2024 Page 7
FY25 CURRENT TRADING
If we now look at our progress in the current financial year...
The headwinds seen last year in the US South are ongoing - lumber demand and prices are down,
sawmills are curtailing production, and weather has impacted the ability for some customers to prep
for planting. Taken together, this has seen some forestry owners defer harvesting and therefore
planting until conditions improve.
The introduction of new sales terms, with stricter cancellation terms, has also delayed orders, with
customers waiting till they have more certainty on their requirements.
We are continuing to identify new and innovative ways to grow and market our superior product, as
well as explore further ways to streamline the business. As previously advised, cost of sales will be
higher this year due to the freeze event in late 2022, which reduced the amount of seed available.
Momentum is continuing in Brazil and we expect another strong year in this region as we benefit
from recent expansion of our production capacity. We are continuing to shift sales from licensed
products to proprietary ArborGen genetic seedlings which will deliver superior prices and higher
margins.

FY25 OUTLOOK
In FY25, we expect to see ongoing growth momentum in Brazil, while headwinds in the US South will
continue to impact on demand across the industry. Given this, we are expecting full year sales
volumes to be flat or slightly down on last year, with Adjusted US GAAP EBITDA expected to be
largely in line with FY24.
Thank you.
ENDS

---

ANNUAL
SHAREHOLDERS’ MEETING
26 AUGUST 2024

DISCLAIMER
2
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.

David Knott
CHAIR OF THE
BOARD

INTRODUCING
THE BOARD
4
David Knott
Chairman
Appointed 19 August 2021*
George Adams
Independent Director
Appointed 12 August 2019
Paul Smart
Independent Director
Appointed 21 August 2018
Thomas Avery
Independent Director
Appointed 18 July 2018
Ozey Horton
Independent Director
Appointed 11 July 2018
* The Board has determined that Mr Knott is not an Independent Director as defined under the NZX Listing Rules because he is a substantial product holder of the Company.

OUR VISION
To be the world-leading provider of value-added,
high-quality seedlings for the forestry industry...
creating thriving forests that benefit landowners,
the environment, and future generations through
unmatched industry expertise.
5

DUAL PATHWAY STRATEGY
Driving growth and leveraging long term demand trends
6
EXCELLENCEPEOPLEINTEGRITYCUSTOMERS SUSTAINABILITY
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
OPERATING STRENGTH
Enable a strong foundation for the
future
•Strengthen the organisation and
develop a performance culture
•Optimise total productivity

FY24 HIGHLIGHTS
FROM SEEDLINGS TO SUCCESS
Further year of improved financial and commercial performance
Record Adjusted US GAAP EBITDA
Growth strategy delivering clear benefits and outcomes
New CEO and leadership strengthening the business
Clear pathway to future growth
7

GROWTH STRATEGY DELIVERING TANGIBLE RESULTS
FY24 surpassed pre-ANZ sale earnings; significantly reduced net debt
-40
-20
0
20
40
60
FY20FY21FY22FY23FY24
RevenueAdjusted US-GAAP EBITDAGross profitDebt
8
ANZ sale Nov 2021 for
$NZ$22.25m
Accelerated
expansion into Brazil
FY24 comparatives to FY20:
•Record revenue, up 19%
•Record Adjusted US GAAP
EBITDA, up 38%
•Gross profit up 22%
•Debt reduced by 47%
US$m

0
2
4
6
8
10
12
14
Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24
US$m
Adjusted US-GAAP EBITDA
Share price
SHARE PRICE DISCONNECTED FROM FUNDAMENTAL VALUE
9
Share buyback announced
•Share price does not reflect
intrinsic value of the company
•Value accretive for shareholders
•Reflects Board confidence in
long term growth strategy
Board remains committed to
driving shareholder value through
strong earnings and cashflow
growth

BUILDING VALUE IN FY25
10
CORPORATE:
Capital Management
US SOUTH:
Margin Expansion and
Measured Growth
BRAZIL:
Accelerated Growth
Opportunities
•Lease/sale of Ridgeville
building
•Continuing efficiencies
and cost management
•Investment into growth
& expansion
opportunities
•Maintain and grow
market share
•Focus on higher value
MCP® sales
•Continue to expand
through acquisition of
additional nurseries
•Investment into IP and
licensed products

CLIMATE RESLIENCE AND
OPPORTUNITIES
Experienced management of climate risks
•Operations mostly outdoors - risk from
weather events – flooding, excessive rain,
hurricanes, drought, extreme heat
•Disruption to supply chain including labour
•More than 30 years’ experience in managing
these events
•First Climate-Related Disclosures published in
July 2024:
www.arborgenholdings.com/sustainability
11
OPPORTUNITIES
•Offsetting carbon emissions
through sequestration
•Reforestation and
afforestation projects
•Consumer behaviour shift to
more sustainable materials
•Access to sustainable
capital/funding

•The leading provider of advanced genetics for
the forestry industry
•Unparalleled and proven product portfolios in
each of our core markets
•Decades of investment in research and
intellectual property that is now bearing fruit
•Experienced field force servicing more than
2,000 customers each year
•Focused on continued growth in large markets
with commercial demand, being the US South
and Brazil
•Production capacity of 498+ million seedlings per
annum
12
ARBORGEN IS
STRONGLY
POSITIONED FOR
THE FUTURE
•Clear strategy
•Robust balance sheet
•Competitive and value
advantages
•Market leadership
position

Justin Birch
CHIEF EXECUTIVE
OFFICER

FY24 HIGHLIGHTS
Focus on total productivity and operating strength
Strengthened the leadership team
Optimising footprint and operations
Acquired two nurseries and expanded container production
Strong focus on advanced genetics bolstered US performance
Continued momentum in Brazil with record result
Cost review and increased efficiencies
Continuous product development and R&D
14

15
•21% increase in revenue to $67.7m
•32% increase in gross profit to $24.0m
•Improvement in NLAT from $2.5m to
$0.2m
•Borrowings reduced year on year
•Record Adjusted US GAAP EBITDA result,
up 39% year-on-year and ahead of
guidance
•Seedling unit sales, consistent with prior
year
FY24 FINANCIAL SNAPSHOT
47.5
56.1
67.7
FY22FY23FY24
Sales Revenue
($m)
360
375
373
FY22FY23FY24
Sales Volume
(m seedlings)
10.1
9.2
12.8
FY22FY23FY24
Adj US GAAP
EBITDA
($m)
44
%
of sales advanced
genetics seedlings
adjusted
US GAAP EBITDA
$
12.8m
up 39%
$
67.7m
sales revenue
borrowings
reduced to
$
20m
373
million
seedlings sold

FY24 REVENUE
Strong growth from Brazil with steady sales in US despite challenges
Sales $m
BrazilUS South
16
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
•US Revenue ahead of prior
year despite subdued
volumes



3 o th ra i
0
0
0
0
0
Revenue US$m

US GAAP EBITDA
Record Adjusted US GAAP EBITDA result of $12.8m, up 39% yoy
17
•Boosted by increased sales
revenue and improved gross
margin
10.1
9.2
12.8
0
2
4
6
8
10
12
14
FY22FY23FY24
US$m
Adjusted US GAAP EBITDA
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 excludes $5.2m in one-off and unusual items.

OPTIMISING THE BUSINESS
Redeploying cash and savings into paying down debt and growth initiatives
18
Review of assets to ensure these meet
the oard’s investment criteria and
provide value for shareholders
•Exit from Taylor Nursery in the US
•Completed sale of in-vitro business for
USD$4m in July 2024
Combined saving approx. $1m per annum
•In-process to sell/lease laboratory
building
33.6
26.7
25.7
20
0
5
10
15
20
25
30
35
40
FY21FY22FY23FY24
US$m
Borrowings
Improved interest cover and gearing

INVESTMENT INTO GROWTH
FY24 reflects investment into production expansion
19
US SOUTH
•Expansion of container capacity at two
US nurseries
•Automation of inventory counts in US
•Purchase of $2.5m Jasper Nursery in US
BRAZIL
•Expansion in Brazil with nursery
acquisition (lease)
•Capacity increased by 18m
seedlings yoy
R&D
•Continued product development
•New selection techniques,
testing and analysis

US SOUTH
Sales revenue remained strong despite the impact of macro conditions on sales volumes
20
•Revenue of $41.2m ahead of prior
year despite subdued volumes
•Focus on highest margin products
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
10
20
30
40
50
FY22FY23FY24
US $m
Sales Revenue
US SouthFY24FY23
Seedling sales (units m)260273
Sales revenue ($m)41.239.3
Advanced genetics as % of total sales
volume
41%
37%
Seedling capacity (units)350m350m+

MARKET CONDITIONS
•Current economic and weather
headwinds to continue into FY25
•Recovery in saw timber
projected by CY2025
•Some recovery in pulp demand,
long term projected decline
•Opportunities in sustainable
forestry
•Increasing frequency of extreme
weather events
21
ArborGen’s advanced genetics seedlings offer
customers the opportunity to achieve higher yields
and returns from premium grade saw timber
Expansion in the South’s Lumber Sector Will
Push Southern Sawtimber Demand Higher

OUR STRATEGY
•Increased sales focus and effort -
concentrating on higher value advanced
genetics products
•Explore new and innovative ways to grow
and market our superior products
•Thoughtful growth – M&A and expanded
container offering
22
ARBORGEN IS A KEY
PLAYER, WITH ONE
OF THE LARGEST
CAPACITIES FOR
ADVANCED
GENETICS SEEDLINGS
PRODUCTION IN THE
US SOUTH

MANAGING EXTREME WEATHER
Science based approach and investment to enhance resilience
•Increasing use of Container planting
•Contour mapping
•Improved drainage
•Managing planting schedules
•Increased use of agricultural products to help hold seed in the field
•Geographic diversification of orchards and nurseries
•Developing more resilient seedlings
23

BRAZIL
Opportunistic and measured expansion delivering record results and strong momentum
24
FY24 Performance:
•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
•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 $m
Sales revenue
51% three-year CAGR
BrazilFY24FY23
Seedling sales (units m)113102
Sales revenue ($m)26.516.8
Advanced genetics as % of total sales
volume
50%40%
Seedling capacity (units)138m120m+

BRAZIL
Market Overview
• ra i is the wor d’s argest prod cer 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
25
OUR STRATEGY
•Leverage our strong position
in the pine and eucalyptus
seedling markets
•Convert the market to
products with superior
genetics
•Expand production capacity
•Innovation in eucalyptus and
pine tree improvement – new
R&D programme being
established
•Opportunity to consolidate
a growing but fragmented
and capitalstarved industry
ARBORGEN IS ONE OF THE LARGEST COMMERCIAL
PROVIDERS FOR PINE AND EUCALYPTUS SEEDLINGS

OUTLOOK
MANAGING US HEADWINDS
•Current conditions impacting demand
•New customer T&Cs – orders being
placed later in the cycle
•Significant seedling losses in 2024 due
to weather events
•Low 2023 cone harvest has increased
cost of seed in FY25
•Continue to explore new ways to grow
and market products, and streamline
the business
26
CONTINUING STRENGTH IN BRAZIL
•Strengthening of the market following
lows in 2H 2024
•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
•Integrating new nurseries

FY25 OUTLOOK
•Ongoing growth momentum in Brazil; increasing demand in US South expected when
economic cycle recovers
•Strategic focus on higher value, advanced genetics seedlings
•Investment into the expansion of our team, nursery improvements and other strategic
initiatives will be reflected in the FY25 year
•Cost savings of around $1 million from the closure of the Taylor Nursery and sale of
the in vitro business
•Lease of Ridgeville building will reduce operating expenses; sale would reduce debt
and interest costs
Full year sales volumes are expected to be flat or slightly down on FY24;
Adjusted US GAAP EBITDA expected to be largely in line with FY24
27

28
SHAREHOLDER DISCUSSION

RESOLUTIONS
Resolution 1: That the Directors be authorised to fix the fees and
expenses of De oitte as the Company’s a ditor
Resolution 2: Re-election of David Knott as a Director of the Company.
Resolution 3: Re-election of Thomas Avery as a Director of the Company.
Resolution 4: Re-election of Ozey Horton as a Director of the Company.
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OTHER BUSINESS