Seeka Provides ASM Presentation

Annual Shareholder Meeting
16 April 2025

Agenda
2
Questions and General Business
Resolutions
Chief Executive’s report
Chair’s commentary
Introduction to meeting
1
2
3
5
4

Introducing Directors
3
Ratahi Cross
Hayley Gourley
For Election
Mark Dewdney
For Election
Stewart Moss
For Re-election
Hayden CartwrightSharon Cresswell
Fred HutchingsCecilia Tarrant

Proxies
4
Chair11,059,306
Michael Franks2,314,747
New Zealand Shareholders Association882,984
Total14,257,037

Chair’s Commentary
Fred Hutchings

Our business
6
Integrated fruit handler
Seeka grows, processes and supplies produce
to domestic and international consumers
Orcharding service
Delivering value to growers and securing sustainable volumes to post harvest
Post harvest service
Supply chain management from orchard to market
Supplying Zespri, SeekaFresh and other marketers
Founded on kiwifruit
Australian produce business
Orchard-to-market service in the key Australian market
Our growing produce basket
Kiwifruit, avocado, kiwiberry, nashi, pears, jujube, plums
1
2
3
4
5

Performance to strategy
7
Operational excellence
Focused on maximising grower returns, with quality fruit delivered on time and in spec to the markets
Financial performance
Record profit, dividends, focused capital expenditure, returned to long-term bank covenants, lifted ROCE
Post harvest optimisation
Capacity well planned, automation advanced, timely harvest, low fruit loss
New revenue streams
Contract packing service of other crops, expanded wholesale market
Excellence
Seeka delivered excellent service, produce and value to our stakeholders
1
2
3
4
5
Operational performance
✓
Financial performance
✓
Customer service
✓

Highlights
8
$411m Revenue – up 37%
-43m trays of class 1 kiwifruit packed in New Zealand – up 44%
-Australian kiwifruit production – up 166%
$76m EBITDA – up 193%
All operations contributed – Australian EBITDA up 373% to $3.2m
$30m profit before tax – $51m turn around
51 cents earning per share – pre deferred tax
Dividends reinstated
2.15 : 1 banking net leverage ratio
-Improved from 12.03 : 1 FY23
1
2
3
4
5
6
7

Chief Executive’s report
Michael Franks

Revenue and earnings up on volumes
$411m Revenue, up $110m on FY23
−37% increase in revenue
Fruit volumes up
−Packed 43m trays of NZ class 1 kiwifruit – up from 30m
−166% increase in Australian kiwifruit production
$76m EBITDA, up $50m on FY23
−193% increase in EBITDA
10% return on capital employed (ROCE)
Delivered financial performance in line with Seeka’s
strategy
10
Better growing conditions lift yields, revenue and earnings
NZ Class 1
kiwifruit trays
packed
$251m
$310m
$348m
$301m
$411m
32m
39m
42m
30m
43m
FY20FY21FY22FY23FY24
Revenue

Rebound to profitability
$30m Net Profit Before Tax, up $51m on FY23
−Compared to ( $21m) Net Loss Before Tax FY23
$9m Net Profit After Tax, up $23m on FY23
−Compared to ( $14m) Net Loss After Tax FY23
−Reduced by $12.5m deferred tax charge
21 cents Earnings per Share (EPS)
−Up from ($0.35) loss FY23
−51 cents EPS – pre deferred tax charge
11
Lift in earnings flows through to record profit
NPBT
Net profit
before tax
NPAT
Net profit
after tax
$16m
$23m
$8m
($21m)
$30m
$15m
$15m
$7m
($14m)
$9m
FY20FY21FY22FY23FY24
Net Profit
$5.6m
Deferred
tax benefit
$12.5m
Deferred
tax charge

Lowered debt and reinstated dividends
$35m reduction in net debt
−Repaid from operating cash flow
−All covenants within long-term range
Capital expenditure within depreciation
−Capacity not stretched
−Automation plan
15 cents dividend from FY24
−10 cents paid 20 January 2025
−5 cents paid 15 April 2025 – yesterday
12
$375m
$482m
$548m
$549m
$550m
$78m
$101m
$147m
$172m
$137m
FY20FY21FY22FY23FY24
Total assets & net debt
Total
assets
Net debt

Operating segment performance
13
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.
SeekaFresh 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 our Australian-owned
and leased orchards.
$103m
$247m
$31m
$19m
OrchardPost harvestSeekaFreshAustralia
Operating segment revenue

Orcharding
Grew 17.3m class 1 trays of kiwifruit
−52% lift on FY23 on better growing season
−4.6m trays grown on Seeka’s leased orchards, up 70%
$103m Revenue – up $16m on higher yields
$6m EBITDA – up from $1m FY23
Also grow avocado and kiwiberry
Orchard developments coming into production
Co-investor in 65 hectares of new orchard developments
−Includes packing supply contracts to 2050
$7m invested in developing orchards on long-term leased land
14
The foundation of Seeka’s orchard-to-market service
NZD $millionsFY24FY23
Change
Revenue102.7 86.5
19%
EBITDA6.2 1.0
548%
EBIT2.8 ( 1.6)
271%
Segment assets86.2 84.8
2%
EBITDA pre NZ IFRS 163.7 ( 1.4)
369%
Crop grown - class 1 trays (millions)
Total kiwifruit trays grown - all varieties17.311.4
52%
SunGold trays (millions)
8.66.3
37%
SunGold yields - average per hectare
13,4649,295
45%
Hayward and other trays (millions)
8.75.1
71%
Hayward yields - average per hectare
11,2246,730
67%

Post harvest
Packed 43m class 1 trays of kiwifruit
−Up from 30m trays on better growing season
$247m Revenue – up $64m on higher volumes
$84m EBITDA – up 93%
−Realised efficiency gains from automation
Contract packing citrus and persimmon
Automation plan underway, where it delivers a payback
Capital expenditure within depreciation
15
Seeka’s core business connects growers to their markets
NZD $millionsFY24FY23
Change
Revenue246.6 182.4
35%
EBITDA84.5 43.8
93%
EBIT65.6 25.1
162%
Segment assets349.6 360.2
( 3%)
EBITDA pre NZ IFRS 1677.2 35.3
119%
Trays packed - class 1 trays (millions)
SunGold27.219.8
37%
Hayward (and other varieties)15.810.0
59%
Total packed43.029.8
44%

SeekaFresh retail service
$31m Revenue – up 49%
−Growth in imported produce
−Higher sales through SeekaFresh wholesale market
$2.6m EBITDA – inline with FY24
Also produce and sell Kiwi Crush and avocado oil
−Recovering value-added produce from unmarketable fruit
Growing revenue streams
Significant growth in banana trading
−Importing, ripening and supplying to retailers
Adding new produce and growing volumes
−Citrus, vegetables and eggs
16
Marketing produce to domestic and international retailers
NZD $millionsFY24FY23
Change
Revenue30.9 20.7
49%
EBITDA2.6 2.6
( 1%)
EBIT1.6 1.5
6%
Segment assets12.7 13.2
( 4%)
EBITDA pre NZ IFRS 161.6 1.6
4%

Seeka Australia
$19m Revenue – up 85%
−Kiwifruit volumes up 166%
−Improved kiwifruit crop protection programme
−Nashi volumes up 10%
$3m EBITDA – up from $1m FY23
Good pricing and demand for Australian-grown fruit
Investing in growth
$17m invested in new orchard developments
−64 hectares of kiwifruit, 40% more land coming into production
−New pear varieties
−Expansion of jujube
17
Orchard-to-market service
NZD $millionsFY24FY23
Change
Revenue19.2 10.4
85%
EBITDA3.2 0.7
373%
EBIT0.7 ( 3.1)
123%
Segment assets63.4 51.5
23%
EBITDA pre NZ IFRS 161.0 ( 1.4)
172%
Kiwifruit (tonnes)2,285 859
166%
Nashi (tonnes)1,072 979
10%
Pears (tonnes)1,029 1,403
( 27%)
Other fruit (tonnes)119 69
73%
Total tonnes grown4,505 3,309
36%

2025 Outlook
Zespri forecasting 205m trays of NZ kiwifruit
−Up from record 193m trays 2024
−Seeka packs a good share of early-harvested fruit
−Clean crops delivering smoother harvest
Australian harvest started December 2024
−Plums then to pears
−Kiwifruit harvest ongoing
−New kiwifruit developments coming onstream
Labour supply very good
−Focus on delivering third year of operational excellence
Volumes expected to be more than 45m trays
−Market update on completion
18
Harvest update
Note: Not a reflection of full year volumes
NZ kiwifruit trays packed
Seeka to Sunday 13 April – Week 15
20252024
SunGold14.40 m13.70 m
Hayward4.51 m3.64 m
RubyRed0.56 m0.33 m
Other0.01 m0.02 m
Total19.48 m17.69 m

19
Capacity and automation upgrades
Preparing Seeka for harvest 2026

20

Chair
Fred Hutchings
retires today
21
Elected September 2012

Resolutions
Fred Hutchings
23

Meeting process
24
Online voting and asking questions
The voting boxQuestion box

Resolution 1. Director election – Stewart Moss
“To re-elect Stewart Moss as a Director”
−Stewart Moss retires by rotation and is standing for re-election
−Board supports and recommends Stewart Moss for re-election
Stewart Moss to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
25

Resolution 2. Director election – Mark Dewdney
“To elect Mark Dewdney as a Director.”
−Mark Dewdney was appointed by the Board December 2024 and
is standing for election
−Mark is the Chair elect, following Fred Hutchings' retirement
−Board supports and recommends Mark Dewdney for election
Mark Dewdney to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
26

Resolution 3. Director election – Hayley Gourley
“To elect Hayley Gourley as a Director.”
−Hayley Gourley was appointed by the Board January 2025 and
is standing for election
−Board supports and recommends Hayley Gourley for election
Hayley Gourley to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
27

Resolution 4. Directors’ Remuneration
"That the pool of funds available for the remuneration of Directors be increased
by an amount of $83,000 per annum, from a maximum of $610,000 per annum to
a maximum of $693,000 in each financial year payable to all Directors taken
together, effective 1 January 2025."
To consider, and if thought fit, pass the following as an ordinary resolution:
28

Review of director remuneration and Board proposal
Consultants Strategic Pay benchmarked Seeka against their database of more than 200 NZ private sector businesses
Strategic Pay key metricsSeeka FY24Survey rangeSurvey sampleDirector feesChair fees
Market capitalisation
$ 142m$ 100m - $ 200m14$ 65,000$ 128,000
Revenue
$ 411m$ 200m - $ 500m21$ 85,000$ 160,000
Assets
$ 550m $ 200m - $ 500m18$ 76,000$ 144,000
Industry
AgribusinessN/A8$ 65,000$ 115,000
Private sector companiesN/A200+$ 69,646-
Strategic Pay recommendation
Lower range
$ 75,000$ 150,000
Upper range
$ 85,000$ 175,000
Seeka Board proposal April 2025
$ 80,000$ 160,000
29

Proposed pool allocation
30

2022 to 2024 Fee Structure2025 Proposed Fees
NumberFeeTotal PoolFeeTotal PoolPer director
Board
Chair1$140,000$140,000$160,000$160,000+ $20,000
Member6$70,000$420,000$80,000$480,000+ $10,000
$560,000$640,000
Audit and Risk Committee
Chair1$15,000$15,000$15,000$15,000-
Member2$7,500$15,000$7,500$15,000-
$30,000$30,000
Sustainability Committee
Chair1$5,000$5,000$5,750$5,750+ $750
Member2$2,500$5,000$2,875$5,750+ $375
$10,000$11,500
Remuneration Committee
Chair1$5,000$5,000$5,750$5,750+ $750
Member2$2,500$5,000$2,875$5,750+ $375
$10,000$11,500
Total Pool$610,000$693,000

Resolution 5. Appointment and Remuneration of Auditors
"To record the re-appointment of Grant Thornton as auditor of the Company,
and to authorise the Directors to fix the remuneration and expenses of the
auditor for the coming year."
−Grant Thornton automatically reappointed as auditors under the Companies Act 1993
−Resolution authorises the Board to fix Grant Thornton’s fees and expenses for 2025
To consider, and if thought fit, pass the following as an ordinary resolution:
31

QUESTIONS
AND GENERAL BUSINESS
32

END OF MEETING
Shareholders have 5 minutes left to
cast your vote
33

seeka.co.nz