Seeka Provides Stakeholder Update

Stakeholder Update
October 2024

Agenda
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Chair’s introduction
Chief Executive’s report
Questions
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Our Produce Business
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Connecting sustainable produce to the world
Seeka grows, processes and supplies fruit
to domestic and international consumers
Integrated orcharding business securing
sustainable supply to post-harvest
Network of post-harvest infrastructure
Supplying fruit to Zespri, SeekaFresh, and other
markets, new collaboration with Freshmax
Integrated produce business in Australia
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Our Strategy
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Deliver operational and financial excellence to our growers and shareholders
Excellent planning, disciplined execution and quality fruit to the market
Deliver financial performance
Low cost structure, targeted capital expenditure with lower bank debt
Optimise post-harvest capacity
Automation where it delivers efficiency and returns value
Build revenue streams
Lifting returns and adding complementary services and products to core business
Select Excellence
Our aspiration to deliver excellent service, produce and value to our stakeholders
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Our Short Term Imperatives
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After three challenging years
Establish and maintain excellence in core operations
Improve earnings and focus on debt
Innovate and automate to deliver efficiency and financial returns
Maintain excellent core infrastructure
Restore dividend
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Key Takeaways
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FY24 Financial guidance update
Guidance net profit before tax
between $21m to $25m
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Second guidance upgrade
FY24 Guidance
FY24 Guidance
$ millionsLowerUpper
Net profit
before tax
$21.0m$25.0m
FY23FY22
$ millionsActualsActuals
Net profit / (loss)
before tax
( $21.0m)$7.6m
Previous guidance between $17m and $21m
Reflecting
−Excellent late fruit quality and management
−Continuing focus on costs and margins
−Contract packing and fresh market performance
−Higher orchard gate returns and orchard earnings
−Improved Australian earnings
−$221m total facility in this period

Dividend announcement
Dividend of $0.10 per share
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First dividend since February 2022
FY24 Guidance
Record date
−20 December 2024
Payment date
−20 January 2025
Imputed to the maximum available
Dividend reinvestment plan applies to the dividend
with the close for applications 23 December 2024
FY24 Guidance
$ millionsLowerUpper
Net profit
before tax
$21.0m$25.0m
FY23FY22
$ millionsActualsActuals
Net profit / (loss)
before tax
( $21.0m)$7.6m

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Chief Executive’s report
Michael Franks

Financial performance rebounds with volumes
Seeka’s six-month summary
Rebound in kiwifruit volumes in NZ and Australia
Produced 17m trays in NZ – up 53% | Packed 43m trays in NZ – up 44% | Australia kiwifruit volumes up 164%
Financial performance lifts with volumes
$284.2m Revenue – up 34% | $68.4m EBITDA – up 88% | $45.0m NPBT – up 230%
Excellent operational performance for growers and consumers
Excellent on-shore service and inventory performance | High-quality fruit to the markets
Cost management and focused capital expenditure
Innovation delivers cost savings | Capacity and systems in place to manage forecast volume growth
Outlook continues to improve
Favourable weather pattern | Continued quality focus | Success in retail services | Developments in Australia
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NZ Class 1 trays packed are full year finals Fy20 to FY23. H1FY24 is to June 2024.
Profitability lifts on volumes
$284m Revenue, up $72m on June 2023 ( H1FY23 )
−44% lift in kiwifruit volumes to post-harvest
−Better growing conditions lift yields in NZ and Australia
$68m EBITDA, up $32m on H1FY23
−Optimisation of post-harvest facilities
$45.0m Net Profit Before Tax
−Higher volumes deliver improved earnings
$0.41 earnings per share NPAT
−$0.74 excluding deferred tax adjustment
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Post-harvest capacity growth has tracked expansion in NZ orchards
Revenue
NZ Class 1
kiwifruit trays
packed
H1 FY24H1 FY23FY23
$ millions
UnauditedUnauditedChangeAudited
Revenue284.2212.7
34%
300.9
Cost of sales186.5147.9
26%
252.2
Change in fair value of
biological assets - crop
( 18.7)( 16.3)-
Gross profit79.048.4
63%
48.7
EBITDA68.436.4
88%
26.0
EBIT54.521.8
150%
( 4.1)
Net profit before tax45.013.6
230%
( 21.0)
Net profit after tax17.110.5
63%
( 14.5)
$179m
$224m
$247m
$213m
$284m
31.8
39.2m
42.0m
29.8m
43.0m
H1FY20H1FY21H1FY22H1FY23H1FY24
Revenue compared to kiwifruit volumes
Group revenue

Balance Sheet
$18.5m increase in capital employed on H1 FY23
$18.6m increase in PP&E since H1 FY23
−Revaluations at year end
−Automation and capacity investments
−Oakside 3
−Transpack
Ongoing investment in switchboard and plant
room refurbishment
Orchard development investment
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H1 FY24H1 FY23FY23
$ millionsUnauditedUnauditedChangeAudited
Current assets - excludes cash
Trade and other receivables111.194.3
18%
32.6
Biological assets - crop3.12.1
48%
21.8
Assets held for sale8.93.1
187%
3.2
Inventories and water rights21.014.7
43%
10.9
144.1114.2
26%
68.4
Current liabilities - excludes debt
Trade and other payables( 57.2)( 35.2)
62%
( 25.3)
Tax liability / benefit( 5.3)( 1.9)
183%
0.4
( 62.5)( 37.1)
68%
( 24.9)
Net working capital81.677.1
6%
43.5
Non current assets
Property, plant and equipment383.2 364.6
5%
387.7
Lease assets49.0 55.0
( 11%)
50.5
Intangibles24.2 26.8
( 10%)
24.2
Investments, receivables & deferred tax21.0 17.0
24%
12.3
477.4 463.4
3%
474.8
Capital employed559.0 540.5
3%
518.3

Balance Sheet
$170.9m net bank debt at 30 June 2024
−$6.1m decrease on H1 FY23
−$53.0m received in July 2024
$201m banking syndicate facility
−Debt levels within normal covenants
−$20m additional credit facility from 5 February to
16 July 2024 to cover advances
−$221m total facility in this period
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H1 FY24H1 FY23FY23
$ millions
UnauditedUnauditedChangeAudited
Non currentliabilities-excludesdebt
Lease liabilities
(current and non current )
( 63.0)( 69.2)
( 9%)
( 64.8)
Deferred tax( 47.5)( 21.6)( 21.2)
( 110.5)( 90.8)
22%
( 86.0)
Cash4.15.2 5.2
Borrowings(175.0)(182.2)
4%
(177.6)
Net bank debt(170.9)(177.0)
3%
(172.4)
Total equity277.6272.6
2%
259.9
Net bank debt170.9 177.0
( 3%)
172.4
Net bank debt
less assets held for sale
162.0173.9
( 7%)
169.2
EBITDA multiple2.37x 4.77x 6.51x
EBITDA multiple
pre NZ IFRS 16 Leases
2.69x6.14x16.37x

1. As required by NZ IAS 33, 1,892,994 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 $0.40 (FY23: ($0.34) ).
2. Recalculated from the 2023 Annual Report to reflect weighted average ordinary shares on issue excluding treasury stock
Earnings per share and dividends
EPS $0.41
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−$0.74 pre deferred tax adjustment
$5.92 net tangible asset backing
No dividend paid in the period
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H1 FY24H1 FY23FY23
$ millions
UnauditedUnauditedChangeAudited
Net profit $ 17.1 m $ 10.5 m
63%
( $ 14.5m)
Weighted shares on issue 41.6 m 41.6 m 41.6 m
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Earnings per share$ 0.41 $ 0.25
64%
( $ 0.35)
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Net tangible assets$ 257.4 m $ 252.4 m $ 239.8 m
Shares at period end$ 43.5 m $ 42.0 m $ 42.0 m
Net tangible assets per share$ 5.92 $ 6.01
( 2%)
$ 5.71
Net assets per share$ 6.38 $ 6.49
(2%)
$ 6.19
Total assets per share$ 14.38 $ 13.88
4%
$13.07

Operating segment performance
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Connecting the world with sustainable fruit
Orcharding
Growing kiwifruit, avocado and Kiwiberry for landowners on leased
and managed orchards
Post-harvest
Picking, packing, coolstorage and dispatch of fruit for independent
growers and Seeka’s orcharding operations.
Retail services
Marketing and exporting fruit from Seeka’s post-harvest operations,
and the import and sale of tropical fruit through SeekaFresh.
Seeka Australia
Fully-integrated orchard-to-market service from owned and leased
orchards in Australia.
Revenue by operating segment
$57m
$194m
$13m
$19m
OrchardingPost-harvestRetail
services
Australia

Orchard operations
Supplied 40% of Seeka’s post-harvest business in 2024
Focus on growing high-quality crops for post-harvest and
generating high returns for orchard owners
Grew 17.4m class 1 trays of kiwifruit
−Up from 11.4m trays H1FY23 on better growing season
$57m Revenue – up $17m on better yields
$3m EBITDA – turnaround from ( $1.9m) loss
$19m invested in developing orchards for future growth
−Partnering with landowners, iwi and Kānoa fund
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H1 FY24H1 FY23FY23
$ millionsUnauditedUnaudited
Change
Audited
Revenue56.9 39.9
42%
86.5
EBITDA3.2 ( 1.9)
266%
1.0
EBIT1.8 ( 3.1)
157%
( 1.6)
Segment assets101.0 75.9
33%
84.8
EBITDA pre NZ IFRS 161.9 ( 3.3)
157%
( 1.4)
Crop grown - class 1 trays (millions)
Total kiwifruit trays grown17.1 11.2
53%
SunGold trays (millions)8.5 6.2
37%
SunGold yields - average per hectare13,473 9,333
44%
Hayward trays (millions)8.5 5.0
66%
Hayward yields - average per hectare11,2246,750
66%
Organic and RubyRed0.3 0.2
50%

Post-harvest operations
Generated 68% of Seeka’s revenues H1FY24
Focus on supplying quality service and produce
Handled 43m class 1 trays of kiwifruit
−Up from 29.8m trays H1FY23
−Excellent inventory performance onshore and in the
markets
$194m Revenue – up $43m on better volumes
$69m EBITDA – up $22m
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H1 FY24H1 FY23FY23
$ millionsUnauditedUnaudited
Change
Audited
Revenue193.9 151.1
28%
182.4
EBITDA69.3 47.4
46%
43.8
EBIT60.0 37.0
62%
25.1
Segment assets397.6 397.8
( 0%)
360.2
EBITDA pre NZ IFRS 1665.5 42.9
53%
35.3
Trays packed (millions)
SunGold27.2 19.9
36%
Hayward and other varieties15.8 9.9
60%
Total class 143.0 29.8
44%
Class 21.9 1.9
Total packed44.9 31.7
41%

Retail services
Adding value to Seeka’s core supply chain operations
Creating new revenue streams
Handled $23m of fruit sales
−Strong performance from imported produce
−Strong wholesale market
−Production and sale of Kiwi Crush and Avocado Oil
−Working to rationalise avocado supply and marketing
−Difficult trading conditions
$13m Revenue – up 36%
$1.1m EBITDA
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H1 FY24H1 FY23FY23
$ millionsUnauditedUnaudited
Change
Audited
Revenue13.4 9.8
36%
20.7
EBITDA1.1 1.7
( 34%)
2.6
EBIT0.6 1.2
( 47%)
1.5
Segment assets13.6 15.2
( 10%)
13.2
EBITDA pre NZ IFRS 160.6 1.3
( 50%)
1.6

Seeka Australia
Integrated Orchard to Market business
2.3m kgs of kiwifruit grown and sold – up 164%
−Direct sales to Australia’s large retail chains
−Wholesale market supply
$19m Revenue – up 67%
$4.9m EBITDA – up $4m
$16m invested in new orchard developments
−63 hectares of kiwifruit
−New pear varieties and expanded jujube plantings
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H1 FY24H1 FY23FY23
NZD millionsUnauditedUnaudited
Change
Audited
Revenue19.5 11.6
67%
10.4
EBITDA4.9 0.9
455%
0.7
EBIT3.9 ( 0.5)( 3.1)
Segment assets63.7 54.1
18%
51.5
EBITDA pre NZ IFRS 163.8 ( 0.2)
2201%
( 1.4)

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Growing Sustainable Futures
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Reducing our environmental footprint, supporting
the wellbeing of our communities, and generating
value for our stakeholders
Building climate resilience
Commitment to our people and our communities
5 years of verified emissions data
Targeting net zero emissions
Sustainability projects across the business
Sustainability-linked loan sets sustainability
targets through to 2027
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2025 Outlook
Deliver operational excellence and financial results
Active cost management and innovation
Targeted capacity

Winter conditions support good kiwifruit yields 2025
Sell and leaseback purpose-built RSE accommodation

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Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Questions
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seeka.co.nz