Seeka Announces Interim Result and Updates Guidance

INTERIM RESULTS ANNOUNCEMENT JUNE 2025 | SEEKA LIMITED1
SEEKA SIX MONTHS UNAUDITED INTERIM RESULTS
30 JUNE 2025
Listed New Zealand produce company, Seeka [NZX:SEK] reports its unaudited results for the six months ended 30 June
2025 along with dividend and lifted full year earnings guidance.
AT A GLANCE
Revenue $307.9 million — up 8% on pcp
EBITDA $83.5 million — up 22% on pcp
NPBT $59.4 million — up 32% on pcp
NPAT $37.8 million — up 121% on pcp (note deferred tax adjustment in pcp)
Dividend — $0.15 per share to be paid 15 October 2025, record date 18 September (details further down)
Forecast full year NPBT increased to be between $35.0 million to $39.0 million
COMMENTARY
Seeka is pleased to release its unaudited financial results for the six months ended 30 June 2025, delivering a record
profit after tax of $37.8 million. While all parts of the business reported improved results, New Zealand kiwifruit
volumes of 47.1 million class 1 trays were up on the previous corresponding period’s (pcp) 43.0 million trays, which
underpinned the improved results.
Improved growing conditions benefitted both Seeka’s New Zealand orcharding and post-harvest businesses, while
Seeka’s SeekaFresh business continued to build on its base. Seeka’s Australian business increased overall production
and earnings following a good growing season and the introduction of new produce lines.
EBITDA for the six months lifted to $83.5 million from $68.4 million in the pcp. Net profit before tax was up 32% to
$59.4 million, and net profit after tax of $37.8 million is more than double the pcp’s $17.1 million, noting that 2024
was impacted by a deferred tax adjustment from a legislated change to tax deductibility of non-residential buildings.
Seeka continues to focus on building balance sheet resilience by lowering debt, having reduced net bank debt by
$40.2 million to $130.6 million over the 12 months, with a further $64.8 million banked in July 2025 in the normal
course of business. While reducing debt, Seeka has continued to invest in its core business.
Seeka's financial performance benefitted from investments in post harvest automation with the company packing a
record 47.1 million trays of kiwifruit across its 11 New Zealand export sites.
Seeka has recently announced two significant automation upgrades for its Kerikeri and Huka Pak sites introducing
Reemoon technology to the New Zealand kiwifruit industry. These investments will enable Seeka to handle more
fruit through its existing facilities at lower unit costs.
All of Seeka's operating segments delivered higher earnings in the six-month period, and the business has continued
to maintain core business and invest in key technology enhancements.
Seeka chief executive Michael Franks says, “the operating results were pleasing noting they were the result of a
deliberate strategy enacted by the company. Seeka is well positioned for future growth with a strengthening balance
sheet and has automation projects underway to handle the anticipated growth in New Zealand's kiwifruit industry.”
DIVIDEND
Seeka's Board has declared a $0.15 per share dividend payable on 15 October 2025 to all shareholders on the register
on 18 September 2025. This will bring total dividends distributed in 2025 to $0.30 per share. The October dividend
will be fully imputed, and the dividend reinvestment plan will apply.
20 August 2025
Company announcement

INTERIM RESULTS ANNOUNCEMENT JUNE 2025 | SEEKA LIMITED2
UPDATED FULL YEAR OPERATIONAL GUIDANCE.
Seeka has lifted full year earnings guidance at a net profit before tax level to between $35.0 million to $39.0 million
from previous guidance of $33.0 million to $37.0 million.
New Zealand dollars
FY25
Guidance
Lower range
FY25
Guidance
Upper range
FY24
Audited
Net profit before tax
$ 35.0 m$ 39.0 m$ 29.7 m
Seeka reminds stakeholders that it operates in a seasonal industry with substantial earnings occurring in the first six
months as fruit is harvested in New Zealand and Australia.
OPERATIONAL PERFORMANCE
The following table outlines Seeka’s performance to 30 June.
New Zealand dollars
6 months to
June 2025
Unaudited
6 months to
June 2024
UnauditedChange
Total revenue ($m)
$ 307.9$ 284.28%
EBITDA before impairments and revaluations ($m)
$ 83.5$ 68.422%
EBIT ($m)
$ 67.3$ 54.523%
NPBT ($m)
$ 59.4$ 45.032%
NPAT ($m)
$ 37.8$ 17.1121%
Net bank debt ($m)
$ 130.6$ 170.9( 24%)
Basic earnings per share
$0.90$0.41120%
Basic earnings per share before removal of tax on buildings
1
$0.74
1. Legislation enacted 26 March 2024, relating to the removal of deductibility of tax depreciation on non-residential
buildings, had the effect of increasing Seeka's deferred tax liabilities, which resulted in a one-off $12.5m deferred
tax charge in the statement of profit or loss at December 2024.
This announcement should be read in conjunction with Seeka Limited's June 2025 interim report (unaudited), and
December 2024 annual report (audited). Seeka reports can be found on Seeka's website www.seeka.co.nz/reports.
ENDS
For more information, visit www.seeka.co.nz or please call:
Michael FranksNicola Neilson
Chief executive
+ 64 21 356 516
Chief financial officer
+ 64 21 841 606

---

1SEEKA LIMITED | ANNUAL REPORT 2021
JUNE 2025
INTERIM REPORT

1SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Contents
Welcome to our Condensed Interim Report where we detail our financial and operational
performance for the six months to 30 June 2025.
2 Chair and Chief Executive's report
11 Condensed interim financial statements
12 Condensed statement of profit or loss
13 Condensed statement of comprehensive income
14 Condensed statement of financial position
15 Condensed statement of changes in equity
16 Condensed statement of cash flows
17 Notes to the condensed interim financial statements
32 Directory
Main contents
The best way to view this integrated report is with Adobe Acrobat Reader.
To navigate, click the section headers listed above. You can also click
any light blue text for direct links to additional information. To return to a
contents page, click the navigation header at the top of each page.

CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED2
Chair and Chief Executive's report
Seeka's Board and management are delighted to present the Seeka Interim Report for
the six months ended 30 June 2025, with Seeka recording a $59.4 million net profit
before tax, compared to $45.0 million in the previous corresponding period (pcp).
Seeka’s financial results have benefitted from handling higher volumes along with
Seeka's strategies to lift performance to shareholders and stakeholders.
Net profit after tax of $37.8 million is well up on the pcp’s $17.1 million, which was
negatively impacted by a deferred tax adjustment from a legislated change to tax
deductibility of non-residential buildings
1
.
Seeka continued to reduce debt and build balance sheet resilience. Net bank debt of
$130.6 million is $40.2 million lower than at June 2024, with a leverage ratio of 1.57:1.
Seeka further lowered debt in July 2025 when it banked $64.8 million.
Highlights for the six months.
New Zealand dollars
6 months to
June 2025
6 months to
June 2024
Change
New Zealand class 1 kiwifruit trays
47.1 m 43.0 m
10%
Revenue
$ 307.9 m $ 284.2 m
8%
Earnings before interest, tax, depreciation & amortisation (EBITDA)
$ 83.5 m $ 68.4 m
22%
Earnings before interest and tax (EBIT)
$ 67.3 m $ 54.5 m
23%
Net profit before tax (NPBT)
$ 59.4 m $ 45.0 m
32%
Net profit after tax (NPAT)
$ 37.8 m $ 17.1 m
121%
Net bank debt
$ 130.6 m $ 170.9 m
( 24%)
1. In interpreting Seeka’s results, note that legislation enacted in March 2024 removed the tax deductibility of depreciation on
non-residential buildings and had the effect of increasing Seeka’s deferred tax charge in the condensed statement of profit and
loss by $13.9m in the six months to June 2024 and by $12.5m for the full 2024 year.
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3SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
All of Seeka’s business segments delivered higher earnings in the period
New Zealand kiwifruit volumes, the core of Seeka’s business, were up 10% with 47.1 million class 1
trays packed in New Zealand, compared to 43.0 million in 2024. Higher volumes were largely the
result of an excellent growing season and higher yields. This improved earnings for our orcharding
and post harvest business segments.
2025 volumes were within post harvest capacity, with Seeka closely managing capital expenditure
to focus on programmed capital maintenance while investing in automation where it delivers
efficiencies.
New packing solutions are being implemented for the 2026 season with machinery upgrades for
Kerikeri and Huka Pak. Incorporating Reemoon technology, Seeka’s automation investments are set
to deliver efficiencies by handling more fruit through the existing facilities at lower unit costs. Seeka
is also evaluating the trial of a fully automated “lights-out” coolstore that may deliver a step change
in returns on coolstore assets.
Inflationary pressures remain, including the major expenditure items of electricity and packaging.
Seeka is working to limit the impact of cost pressures on the business and its customers.
Seeka operates in a cyclical and seasonal industry, with higher earnings in the first six months of the
year.
Dividend
In the first half of 2025 Seeka paid $0.15 per share in dividends; $0.10 on 20 January 2025 and $0.05
on 15 April 2025.
A further dividend of $0.15 per share was announced on 19 August 2025, to be paid on 15 October
2025 with a record date of 18 September 2025. The dividend is fully imputed and the dividend
reinvestment plan will apply.
224.5
46.9
30.8
24 7. 3
212.7
284.2
307.9
49.4
36.4
68.4
83.5
30.1
13.6
45.0
59.4
Group revenue
6 months to 30 June
NZD Millions
Group EBITDA
6 months to 30 June
NZD Millions
Group net profit before tax
6 months to 30 June
NZD Millions
202120222023202420252021202220232024202520212022202320242025
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED4
Orcharding
Seeka’s orcharding business provides professional orchard management, leasing and long-term
leasing (orchard development) services. Seeka’s service to orchard owners secures a significant
proportion of kiwifruit, Kiwiberry and avocado handled by Seeka’s post harvest business.
Seeka grew 19.1 million class 1 trays in 2025, up 12% on the pcp’s 17.1 million trays.
Importantly, our orcharding business continues to grow, with Seeka investing in long term leases.
This includes co-investments with iwi and Kānoa to develop some 70 hectares of new kiwifruit
orchards in the Raukokore region. The initial orchards produced their first crop in 2025, with volumes
forecast to increase as the new orchards progressively enter full production.
Seeka leads the industry in the development of Kiwiberry. This adds a profitable and valuable
category to New Zealand’s horticultural industry.
EBIT for the six months of $7.9 million compares favourably against the pcp’s $1.8 million, benefitting
from stronger yields and improved margins.
Orcharding snapshot
New Zealand dollars
6 months to
June 2025
6 months to
June 2024
Change
12 months to
December 2024
Revenue
$ 69.4 m $ 56.9 m 22%$ 102.7 m
EBITDA
$ 9.7 m $ 3.2 m 199%$ 6.2 m
EBIT
$ 7.9 m $ 1.8 m 341%$ 2.8 m
Segment assets
$ 104.2 m $ 101.0 m 3%$ 86.2 m
EBITDA pre NZ IFRS 16
$ 8.2 m $ 1.9 m 333%$ 3.7 m
Kiwifruit grown - class 1 trays (millions)
Total kiwifruit trays grown
19.1 m 17.1 m 12%
SunGold trays
9.8 m 8.5 m 15%
SunGold yields - average per hectare
14,43613,4737%
Hayward trays
8.9 m 8.5 m 4%
Hayward yields - average per hectare
12,33211,22410%
Organic and RubyRed trays
0.5 m 0.3 m 51%
Business segment and other updates
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5SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Post harvest
Seeka’s post harvest business delivers harvest, packing, coolstorage, inventory management and
distribution for its grower customers covering kiwifruit, avocado, persimmon and citrus. The business
holds the majority of Seeka’s assets with kiwifruit the core activity.
Total kiwifruit volumes of 47.1 million trays was up 10% on the pcp's 43.0 million trays. Volumes
remained within Seeka’s capacity.
Seeka adheres to a strict capital maintenance programme of core infrastructure assets, with a
focus on coolstore plant and electrical switchboard upgrades which reduce Seeka’s risk profile and
associated insurance costs.
To increase handling capacity from existing facilities and improve efficiencies, Seeka is investing
in automation for harvest 2026 with new Reemoon technology confirmed for Seeka Kerikeri and
Seeka’s Huka Pak facility in Tauranga.
EBIT of $68.6 million compares favourably against the pcp’s $60.0 million, benefitting from the lift in
volumes and ongoing focus on efficiency and margins.
Post harvest snapshot
New Zealand dollars
6 months to
June 2025
6 months to
June 2024
Change
12 months to
December 2024
Revenue
$ 204.6 m $ 193.9 m 6%$ 246.6 m
EBITDA
$ 78.5 m $ 69.3 m 13%$ 84.5 m
EBIT
$ 68.6 m $ 60.0 m 14%$ 65.6 m
Segment assets
$ 422.3 m $ 397.6 m 6%$ 349.6 m
EBITDA pre NZ IFRS 16
$ 74.1 m $ 65.5 m 13%$ 77.2 m
Kiwifruit packed - class 1 trays (millions)
SunGold
29.9 m 27.2 m 10%
Hayward and other varieties
17.2 m 15.8 m 9%
Total class 1 trays
47.1 m 43.0 m 10%
Class 2
1.8 m 1.9 m -
Total packed trays
49.0 m 44.9 m 9%
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED6
SeekaFresh
Seeka’s retail services business “SeekaFresh” markets and distributes locally grown and imported
produce to retail customers in New Zealand and abroad.
Despite tough local market conditions, SeekaFresh continues to optimise grower returns by
accessing high-value markets for the core kiwifruit, avocado and Kiwiberry categories. SeekaFresh is
also building its tropical imports business.
Seeka purchased the assets of Olivado during the six months. This has reset SeekaFresh’s avocado
oil manufacturing and marketing business, and while a minor transaction, it delivers local capacity to
process SeekaFresh’s oil grade avocado in Northland.
EBIT of $1.0 million compares favourably with pcp’s $0.6 million. The business continues to build in a
competitive environment.
SeekaFresh snapshot
New Zealand dollars
6 months to
June 2025
6 months to
June 2024
Change
12 months to
December 2024
Revenue
$ 11.2 m $ 13.4 m ( 17%)$ 30.9 m
EBITDA
$ 1.5 m $ 1.1 m 39%$ 2.6 m
EBIT
$ 1.0 m $ 0.6 m 63%$ 1.6 m
Segment assets
$ 15.0 m $ 13.6 m 10%$ 12.7 m
EBITDA pre NZ IFRS 16
$ 1.0 m $ 0.6 m 64%$ 1.6 m
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7SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Australia
Seeka’s Australian business is a fully-integrated grower, handler and marketer of Australian produce
from Seeka’s Australian leased and owned orchards, with kiwifruit the primary crop.
Kiwifruit production was close to pcp at 2,240 tonnes, with volumes set to increase with new
developments forecast to enter production in 2026.
In addition, the business grows and markets European pears, nashi, jujube and plums.
In 2025 Seeka launched Ruby Roo™ into the Australian market, a new red nashi variety developed
by New Zealand’s by Plant & Food Research in collaboration with Prevar, and grown on Seeka's
Australian orchards.
Australia snapshot
New Zealand dollars
6 months to
June 2025
6 months to
June 2024
Change
12 months to
December 2024
Revenue
$ 22.2 m $ 19.5 m 14%$ 19.2 m
EBITDA
$ 6.4 m $ 4.9 m 32%$ 3.2 m
EBIT
$ 4.8 m $ 3.9 m 23%$ 0.7 m
Segment assets
$ 70.3 m $ 63.7 m 10%$ 63.4 m
EBITDA pre NZ IFRS 16
$ 5.3 m $ 3.8 m 40%$ 1.0 m
Fruit grown - (tonnes)
Kiwifruit
2,2402,285( 2%)
Nashi
1,2751,07219%
Pears
1,985970105%
Plums
14910641%
Jujube
5418200%
Total tonnes grown
5,7034,45128%
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED8
Financing
Seeka has focused on debt levels, leverage ratios and building financial resilience. Seeka sold its last
Northland orchard and has carefully managed capital expenditure. The Sharp Road accommodation facility
that was held for sale has been retained by the company.
Net bank debt at 30 June 2025 totalled $130.6 million, down $40.2 million on 30 June 2024. The resulting
leverage ratio at 1.57 : 1 is much improved from previous years. Seeka is focused on gradually reducing debt.
Sustainability
Good progress has been made on Seeka’s sustainability strategy and targets, with a focus on lowering
Seeka’s carbon footprint and impact on the environment. Seeka continues to retrofit coolstore systems with
natural refrigerants, and 2025 gas leaks were lower than at the same point in 2024. Energy audits have been
rolled out across major sites, and later in 2025 the next phase of solar will be installed at Seeka’s Peninsula
site.
Seeka donated kiwifruit to the NZ Food Network to help feed families and Seeka continues to contribute to
the rural communities we operate in.
People
Seeka people have continued to outperform. Our people are the source of our success and across our
business they remain dedicated to strategy and outcome delivery. The quality of our people is the true
measure of our business.
We continue to focus on safety and wellbeing, including a heightened safety awareness programme, and to
date there have been no serious harm injuries in the business in 2025.
Our people and capability practices have evolved, and in addition to approximately 650 permanent
employees and 1200 other seasonal staff, Seeka employs more than 1200 RSE employees, which requires
extensive planning, deployment and pastoral support.
Seeka continues to support the development of our people with development programmes, cadetships and
opportunities for career advancement. Seeka’s performance over the last six months has been achieved by
the efforts of our people, and we thank them for their effort and endurance.
Our people are key to the culture that we enjoy.
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9SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Forward focus and outlook
Seeka has rebuilt following the disruptions of Covid-19 followed by poor growing seasons. The
company successfully managed the challenges and built on last year’s improved performance to
once again deliver record results in the first half of 2025.
Seeka operates in a seasonal industry, with a significant portion of our earnings delivered in the first
six months of the year. Given the strong interim result, we expect full year profit before tax to be in
the range of $35.0 million to $39.0 million compared to 2024’s $29.7 million.
While it is too early to make a reliable prediction on the 2026 crop, 2025 winter chill in most regions
has been better than at the same point last year. This lifts the probability of a good kiwifruit season in
2026.
Your company and its people have worked hard. We thank our people, stakeholders and growers for
their diligence and support. And we thank you for your continuing interest and support.
Mark Dewdney Michael Franks
Chair Chief executive
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED10
Main contents

11SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
12 Condensed statement of profit or loss
13 Condensed statement of comprehensive income
14 Condensed statement of financial position
15 Condensed statement of changes in equity
16 Condensed statement of cash flows
17 Notes to the condensed interim financial statements
Condensed interim financial statements
Six months to June 2025
Main contents

CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED12
Condensed statement of profit or loss
For the six months ended 30 June 2025
The accompanying notes form an integral part of these condensed interim financial statements
New Zealand dollarsNotes
6 months to
June 2025
Unaudited
$000s
6 months to
June 2024
Unaudited
$000s
12 months to
December 2024
Audited
$000s
Revenue

307,903 284,196 411,412
Cost of sales
188,249 186,472 306,485
(Reduction) in fair value of biological assets - crop
7
( 22,841) ( 18,684) -
Gross profit
96,813 79,040 104,927
Other income
3,066 160 446
Share of profit of associates
- - 71
Other costs
16,399 10,816 29,323
Earnings (EBITDA)
1
83,480 68,384 76,121
Depreciation expense
5
8,794 8,183 17,099
Lease depreciation expense
8
6,173 5,514 11,139
Impairments
5, 8
1,070 - 765
Amortisation of intangible assets
6
141 143 302
Earnings (EBIT)
2
67,302 54,544 46,816
Interest expense
5,038 7,103 12,327
Lease interest expense
2,895 2,435 4,776
Net profit before tax
59,369 45,006 29,713
Income tax charge
14,236 10,495 9,090
Deferred tax charge / (benefit)
7,364 3,560 ( 624)
Tax charge of removal of tax on buildings
3
- 13,899 12,496
Total tax charge
21,600 27,954 20,962
Net profit attributable to equity holders
37,769 17,052 8,751
Earnings per share for profit attributable to the ordinary
equity holders of the Group during the year
Basic earnings per share
$ 0.90 $ 0.41$ 0.21
Diluted earnings per share
$ 0.90 $ 0.41$ 0.21
Earnings per share - before tax charge of removal of tax on buildings
3
$ 0.74$ 0.51
1. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations, see note 1.
2. EBIT, a non-GAAP measure, is earnings before interest and tax.
3. Legislation enacted 26 March 2024, relating to the removal of deductibility of tax depreciation on non-residential buildings, had the effect of
increasing Seeka's deferred tax liabilities, which resulted in a one-off $12.5m deferred tax charge in the statement of profit or loss at December
2024.
Financial contents
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13SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Condensed statement of comprehensive income
For the six months ended 30 June 2025
New Zealand dollars
6 months to
June 2025
Unaudited
$000s
6 months to
June 2024
Unaudited
$000s
12 months to
December 2024
Audited
$000s
Net profit for the period
37,769 17,052 8,751
Items that will not be reclassified to profit or loss - net of tax
Gain on revaluation of land and buildings
- - 2,708
Realisation of permanent gain on sale
- - 26
Total items that will not be reclassified to profit or loss
- - 2,734
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
( 505) 393 ( 1,133)
Movement in foreign currency translation reserve
( 364) ( 111) ( 173)
Movement in foreign currency revaluation reserve
( 269) 283 508
Total items that may be reclassified subsequently to profit or loss
( 1,138) 565 ( 798)
Total net profit for the year attributable to equity holders
36,631 17,617 10,687
The accompanying notes form an integral part of these condensed interim financial statements
Main contents
Financial contents

CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED14
Condensed statement of financial position
As at 30 June 2025
New Zealand dollarsNotes
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Equity
Share capital
164,062 162,896 162,900
Reserves
59,834 59,382 60,849
Retained earnings
78,205 55,346 42,654
Total equity
302,101 277,624 266,403
Current assets
Cash and cash equivalents
5,785 4,117 2,983
Trade and other receivables
9
121,795 111,140 29,329
Biological assets - crop
7
2,413 3,082 25,254
Inventories
10
28,451 20,996 10,272
Assets classified as held for sale
4
- 8,884 3,287
Total current assets
158,444 148,219 71,125
Non current assets
Trade and other receivables
9
4,988 6,195 3,572
Property, plant and equipment
5
387,509 383,173 388,312
Intangible assets
6
23,889 24,206 24,080
Right-of-use lease assets
8
66,301 48,975 48,376
Investment in associates and joint arrangements
8,048 6,022 8,048
Derivative financial instruments
- 1,796 -
Investment in financial assets
1,310 1,261 1,310
Deferred tax assets
4,220 5,732 5,039
Total non current assets
496,265 477,360 478,737
Total assets
654,709 625,579 549,862
Current liabilities
Trade and other payables
11
68,619 57,169 34,829
Tax liabilities

16,583 5,339 3,739
Lease liabilities
8
10,741 10,317 10,213
Interest bearing liabilities
12
18,196 46,567 11,621
Total current liabilities
114,139 119,392 60,402
Non current liabilities
Interest bearing liabilities
12
118,236 128,420 128,669
Lease liabilities
8
69,993 52,667 52,355
Derivative financial instruments
1,026 - 325
Deferred tax liabilities
49,214 47,476 41,708
Total non current liabilities
238,469 228,563 223,057
Total liabilities
352,608 347,955 283,459
Net assets
302,101 277,624 266,403
On behalf of the Board.
M Dewdney S Cresswell
Chair Director Dated: 20 August 2025
The accompanying notes form an integral part of these condensed interim financial statements
Financial contents
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15SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Condensed statement of changes in equity
For the six months ended 30 June 2025
New Zealand dollars
Share capital
$000s
Cash flow
hedge
reserve
$000s
Foreign
currency
revaluation
reserve
$000s
Foreign
currency
translation
reserve
$000s
Share
reserve
$000s
Land and
buildings
revaluation
reserve
$000s
Retained
earnings
$000s
Total
$000s
2025
Equity at 1 January 2025 (audited)
162,900 ( 233) 722 ( 331) 149 60,542 42,654 266,403
Net profit
- - - - - - 37,769 37,769
Foreign exchange movement
- - ( 269) ( 364) - - - ( 633)
Other comprehensive (loss)
- ( 505) - - - - - ( 505)
Total comprehensive income / (loss)
- ( 505) ( 269) ( 364) - - 37,769 36,631
Transactions with owners
Shares issued
882 - - - - - - 882
Employee share scheme receipts
148 - - - - - - 148
Grower share scheme receipts
132 - - - - - - 132
Movement in employee share
entitlement reserve
- - - - 37 - - 37
Movement in grower share entitlement
reserve
- - - - 86 - - 86
Dividends declared and paid
13
- - - - - - ( 2,218) ( 2,218)
Total transactions with owners
1,162 - - - 123 - ( 2,218) ( 933)
Equity at 30 June 2025 (unaudited)
164,062 ( 738) 453 ( 695) 272 60,542 78,205 302,101
2024
Equity at 1 January 2024 (audited)
162,865 900 214 ( 158) - 57,834 38,294 259,949
Net profit
- - - - - - 17,052 17,052
Foreign exchange movement
- - 283 ( 111) - - - 172
Other comprehensive income
- 393 - - - - - 393
Total comprehensive income / (loss)
- 393 283 ( 111) - - 17,052 17,617
Transactions with owners
Employee share scheme receipts
31 - - - - - - 31
Movement in employee share
entitlement reserve
- - - - 12 - - 12
Movement in grower share entitlement
reserve
- - - - 15 - - 15
Total transactions with owners
31 - - - 27 - - 58
Equity at 30 June 2024 (unaudited)
162,896 1,293 497 ( 269) 27 57,834 55,346 277,624
The accompanying notes form an integral part of these condensed interim financial statements
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED16
Condensed statement of cash flows
For the six months ended 30 June 2025
New Zealand dollarsNotes
6 months to
June 2025
Unaudited
$000s
6 months to
June 2024
Unaudited
$000s
12 months to
December 2024
Audited
$000s
Operating activities
Cash was provided from:
Receipts from customers
258,215 235,900 414,281
Interest and dividends received
38 10 163
Cash was disbursed to:
Payments to suppliers and employees
( 186,583) ( 175,702) ( 331,839)
Interest paid
( 5,840) ( 7,280) ( 11,773)
Lease interest paid
( 2,895) ( 2,435) ( 4,776)
Income taxes paid
( 9) ( 41) ( 19)
Net cash flows from operating activities
3
62,926 50,452 66,037
Investing activities
Cash was provided from:
Sale of property, plant and equipment
2,662 319 464
Distributions and share buy backs from investments
- 28 74
Proceeds from sale of assets classified as held for sale
3,388 - -
Repayment of grower or grower entity advances
2,145 2,247 33,604
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 9,637) ( 8,395) ( 12,917)
Development of bearer plants
( 2,151) ( 4,134) ( 5,379)
Acquisition of associate
- ( 1,412) ( 1,412)
Advances to growers or grower entities
( 40,998) ( 32,033) ( 33,604)
Net cash flows (used in) investing activities
( 44,591) ( 43,380) ( 19,170)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
10,000 20,000 30,000
Proceeds of current bank borrowings
48,416 57,019 78,036
Proceeds from employee and grower loyalty share scheme
280 31 35
Cash was applied to:
Principal lease payments
( 6,530) ( 5,733) ( 11,406)
Repayment of non-current bank borrowings
( 20,000) ( 20,000) ( 30,000)
Repayment of current bank borrowings
( 41,802) ( 59,819) ( 115,870)
Payment of dividend to and behalf of shareholders
13
( 5,372) - -
Net cash (outflow) from financing activities
( 15,008) ( 8,502) ( 49,205)
Net (decrease) / increase in cash and cash equivalents
3,327 ( 1,430) ( 2,338)
Effect of foreign exchange rates
( 525) 340 114
Opening cash and cash equivalents
2,983 5,207 5,207
Closing cash and cash equivalents
5,785 4,117 2,983
The accompanying notes form an integral part of these condensed interim financial statements
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17SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Notes to the condensed interim financial statements
For the six months ended 30 June 2025
This section contains the notes to the condensed consolidated financial statements for Seeka Limited, its subsidiaries and associates.
To give stakeholders a clear insight into how Seeka organises its business, the note disclosures are grouped into five sections.
NoteDetailsPage
Basis of preparation 18
Accounting policies that apply to Seeka's full set of condensed interim financial statements
Performance 19
Where Seeka generates its revenues and their associated operating costs
1. Segment information 19
2. Turnover 21
3. Reconciliation of net operating surplus after taxation with cash flows from operating activities 22
Assets 23
How Seeka allocates resources across its operations
4. Assets classified as held for sale 23
5. Property, plant and equipment 24
6. Intangible assets 25
7. Biological assets - crop 26
8. Right-of-use lease assets and lease liabilities 27
Working capital 28
How Seeka manages its operating cash flow
9. Trade and other receivables 28
10. Inventories 28
11. Trade and other payables 28
Interest bearing liabilities, dividends, share capital and fair value 29
How Seeka funds its operations, distributes dividends to shareholders, manages share capital
and determines the fair value of financial instruments
12. Interest bearing liabilities 29
13. Dividends 30
14. Share capital 30
15. Determination of fair values of financial assets and liabilities 30
16. Related party transactions 31
17. Capital commitments 31
18. Events occurring after balance date 31
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED18
Reporting entity and statutory base
The condensed interim financial statements presented are those of
the condensed consolidated Seeka group. Seeka Limited is referred
to as Seeka Limited or the Company. The group is referred to as the
Group, Seeka, or Seeka Group.
Seeka Limited is a profit-orientated company registered in New
Zealand under the Companies Act 1993 and a Financial Markets
Conduct (FMC) Reporting Entity for the purposes of the FMC Act
2013. Seeka Limited is listed and its ordinary shares are quoted on the
NZX main board equity security market (NZX Main Board).
Nature of operations
Seeka is a produce business operating in New Zealand and Australia.
In New Zealand the Group provides orchard management, orchard
leasing, post-harvest and retail services to New Zealand’s kiwifruit,
avocado, citrus, persimmon, and Kiwiberry industries. Seeka
manufactures and sells the Kiwi Crush™ and Kiwi Crushies product
range along with avocado oil. The Group also provides retail and
ripening services for imported tropical produce, and operates a
wholesale market.
In Australia, Seeka owns, leases and operates orchards and
associated post-harvest assets, making the Group one of the largest
producers and suppliers of Australian kiwifruit and nashi pears, a
major supplier of European pears, plus other fruits, including plums
and jujube dates.
Statement of compliance and basis of preparation
Group condensed consolidated interim financial statements for the
interim reporting period ended 30 June 2025 have been prepared
in accordance with New Zealand Generally Accepted Accounting
Principles (NZ GAAP) and comply with the New Zealand International
Financial Reporting Standards (NZ IFRS) and other reporting
standards as applicable to profit-oriented entities. Specifically, Group
condensed interim financial statements have been prepared in
accordance with NZ IAS 34 Interim Financial Reporting. This condensed
consolidated interim financial information does not include all of the
information required for the full annual audited financial statements
and should be read in conjunction with the annual audited financial
statements for the year ended 31 December 2024, which have been
prepared in accordance with NZ IFRS.
The significant accounting policies applied in the preparation of the
condensed financial statements are set out below.
The condensed financial statements were approved by the Board of
Directors (the Board) on 20 August 2025. The Directors do not have
the authority to amend the condensed financial statements after issue.
Summary of significant accounting policies
Other than detailed below, the accounting policies applied are
consistent with those of the annual audited financial statements
for the year ended 31 December 2024, as described in those annual
financial statements.
Where a change in the presentational format of the financial
statements has been made during the period, comparative figures
have been restated accordingly.
Going concern assumption
The condensed financial statements have been prepared on a going
concern basis.
The Directors have considered the ability of the Group to operate as a
going concern for at least the next 12 months from the date of signing
these condensed financial statements.
The Directors have concluded that the Group will continue to operate
as a going concern and the condensed financial statements are
prepared on that basis.
Seasonal nature of Group operations
Seeka's core business is providing supply chain services to New
Zealand and Australia's horticulture industries. A high proportion of
Group revenue is generated and cost of sales incurred in the autumn
when produce is harvested and prepared for market. Approximately
70% to 90% of Group gross profit is recorded in the condensed
interim report. Seasonal fluctuations impact the timing of gross profit,
particularly the amount and quality of kiwifruit inventory remaining in
store at 30 June.
Goods and services tax (GST)
The condensed statement of profit and loss and condensed
statement of comprehensive income have been prepared so that all
components are stated exclusive of GST. All items in the condensed
statement of financial position are stated net of GST, with the
exception of receivables and payables, which include GST invoiced.
Impact of standards issued but not yet applied by the
entity
In May 2024, the External Reporting Board (XRB) introduced NZ
IFRS 18 Presentation and Disclosure in Financial Statements (effective
for reporting periods beginning on or after 1 January 2027). This
standard replaces NZ IAS 1 Presentation of Financial Statements.
The standard reclassifies items in the statement of profit and loss
into new categories, defined as profits from operating, investing,
and financing activities. The standard requires goodwill to be
shown separately in the statement of financial position, cash flows
from interest and dividends received to be shown as investing
activities and interest and dividends paid as financing activities in
the statement of cash flows, and the additional disclosure of any
Management Performance Measures (MPMs).
The Group expects this to impact the layout of its statement of
profit and loss, statement of cash flows, and related reconciliation of
net operating surplus after taxation with cash flows from operating
activities shown in the notes to the financial statements. The
statement of financial position is expected to be minimally impacted.
An additional note to the financial statements relating to specific
MPMs, where the Group will disclose the earnings (EBITDA), and
a reconciliation from earnings (EBITDA) to operating profits is
expected to be disclosed.
If the Group were to early-adopt this new standard, the operating
profits for the six months to June 2025 would be approximately
$67.3m. The operating cash flow would be $71.6m, compared to
$62.9m, with the balance being substantially recognised in financing
cash flows. There would be no change to net profit before tax or net
increase / decrease in cash or cash equivalents.

There are no other accounting standards that are not yet effective
that will have a material impact on the Group financial statements.
Basis of preparation
This section sets out the Group's accounting policies that apply to the interim financial statements for the interim reporting period
ended 30 June 2025. Accounting policies that are limited to a specific note are described in that note.
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19SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Performance
1. Segment information
The Group’s operating segments engage in business activities that earn revenues, incur expenses and are reported in a manner consistent with
the internal reports provided to the chief decision makers, being the Directors, who regularly evaluate the allocation of resources alongside
operational outcomes, such as EBITDA and EBIT, and are responsible for setting strategic direction.
The Group has five operating segments:
–Four New Zealand segments express the range of complementary services delivered to New Zealand’s produce industries and the retail sector.
–A single Australian operating segment covers the integrated supply chain service for the Group’s Australian-grown fruit.
Direct segment revenues and operating costs are allocated to each segment. Administration costs, overheads, grower service costs and other
income from the sale of assets recorded in the statement of profit or loss are allocated to Other segments. Transactions between segments are
conducted on normal commercial terms and at market rates and are eliminated on consolidation.
Segment information is prepared on the same basis as the annual audited financial statements for the year ended 31 December 2024.
New Zealand segments
Orchard operations
The Group provides on-orchard management services to orchard owners who produce kiwifruit, avocado, citrus and Kiwiberry crops.
The Group produces kiwifruit, avocado, citrus and Kiwiberry from:
–Short term leased orchards (typically three-year rolling contracts) whereby the Group recovers costs and shares any profits with the orchard
owners.
–Long term leased land which the Group has developed into productive orchards, provides capital funding, owns all crops for the term of the
lease, and shares profit with the landowner after all costs are recovered from crop proceeds.
–Owned orchards whereby the Group incurs growing and harvest costs and receives all orchard income from crop sales.
Post harvest operations
The Group provides post harvest services to the kiwifruit, avocado, citrus and persimmon industries. This includes all crops from the Group’s
orchard management and lease operations, plus crops from independent orchard owners.
Retail service operations
The Group provides fruit marketing services in New Zealand and internationally, particularly in the Australian and Asian markets. This includes
fruit from the Group’s New Zealand based orchard and post-harvest operations. In New Zealand the Group also provides retail and ripening
services for imported fruit, and operates a wholesale market.
Retail service operations include the production and selling of Kiwi Crush™, Kiwi Crushies and avocado oil to the retail sector and hospitals, along
with post harvest services for Kiwiberry.
Other segments
This represents the Group’s aggregated administration, grower services and overhead sections recorded in the condensed statement of profit or
loss, and impairment and revaluations of other assets not attributed directly to any other segment. It also includes the gain on sale from assets
that had been classified as held for sale, and are not attributed directly to any other segment.
Australian operations
The Group grows, provides post harvest services, and retails all produce from orchards the Group owns or leases in Australia. The main products
are kiwifruit, nashi pears, European pears, jujubes and plums which are primarily sold in Australia.
This section focuses on the Group’s financial performance and details the contributions made from the individual operating segments.
EBITDA and EBIT
EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and revaluations. EBITDA is an indicator of profitability and
reflects operating cash flow generation.
EBIT is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.
Non-GAAP financial information does not have a standard meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The Board considers EBITDA and EBIT as useful measures of financial performance for both investors
and management as they are indicators of the Group's operating profitability that remove the impact of tax and the interest expenses associated
with debt and leases (EBIT), along with depreciation, amortisation, impairment and revaluation expenses associated with the Group's large
investments in fixed and leased assets (EBITDA).
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED20
The following table details the operating segments at balance date.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
Other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2025
Income statement
Turnover
1
69,427 204,629 33,919 508 22,173 330,656
Gross segment revenue
69,448 208,400 11,166 508 22,173 311,695
Eliminations
( 21) ( 3,771) - - - ( 3,792)
Total segment revenue
69,427 204,629 11,166 508 22,173 307,903
EBITDA
2
9,656 78,522 1,537 ( 12,664) 6,429 83,480
Depreciation expense
4
( 837) ( 6,223) ( 178) ( 901) ( 655) ( 8,794)
Lease depreciation expense
5
( 948) ( 3,097) ( 334) ( 1,271) ( 523) ( 6,173)
Impairment of property, plant and equipment
- ( 590) - - ( 460) ( 1,050)
Impairment of onerous right of use lease asset
- - - ( 20) - ( 20)
Amortisation of intangible assets
- - - ( 141) - ( 141)
EBIT
3
7,871 68,612 1,025 ( 14,997) 4,791 67,302
Lease interest expense
5
( 455) ( 1,251) ( 111) ( 580) ( 498) ( 2,895)
EBIT
3
(after lease interest expense)
7,416 67,361 914 ( 15,577) 4,293 64,407
Interest expense
6
( 5,038)
Tax charge on profit
( 21,600)
Profit after tax
37,769
Balance sheet
Segment assets
104,161 422,324 14,988 42,933 70,303 654,709
Total assets
104,161422,32414,98842,93370,303654,709
Segment liabilities
56,038 156,483 10,868 82,695 46,524 352,608
Total liabilities
56,038156,48310,86882,69546,524352,608
June 2024
Income statement
Turnover
1
56,895 193,933 23,059 519 19,468 293,874
Gross segment revenue
57,002 197,324 13,381 519 19,468 287,694
Eliminations
( 107) ( 3,391) - - - ( 3,498)
Total segment revenue
56,895 193,933 13,381 519 19,468 284,196
EBITDA
2
3,231 69,268 1,104 ( 10,074) 4,855 68,384
Depreciation expense
4
( 646) ( 6,059) ( 150) ( 806) ( 522) ( 8,183)
Lease depreciation expense
5
( 801) ( 3,178) ( 327) ( 757) ( 451) ( 5,514)
Amortisation of intangible assets
- - - ( 143) - ( 143)
EBIT
3
1,784 60,031 627 ( 11,780) 3,882 54,544
Lease interest expense
5
( 415) ( 1,032) ( 130) ( 450) ( 408) ( 2,435)
EBIT
3
(after lease interest expense)
1,369 58,999 497 ( 12,230) 3,474 52,109
Interest expense
6
( 7,103)
Tax charge on profit
( 27,954)
Profit after tax
17,052
Balance sheet
Segment assets
100,955 397,627 13,573 49,721 63,703 625,579
Total assets
100,955 397,627 13,573 49,721 63,703 625,579
Segment liabilities
54,066 168,592 10,965 67,918 46,414 347,955
Total liabilities
54,066 168,592 10,965 67,918 46,414 347,955
1. Turnover is a non-GAAP measure, see calculations in note 2.
2. EBITDA, a non-GAAP measure, is earnings before interest, tax,
depreciation, amortisation, impairments and revaluations.
3. EBIT, a non-GAAP measure, is earnings before interest and tax.
4. Depreciation includes the depreciation of fixed assets.
5. Lease interest and lease depreciation are as a result of NZ IFRS 16
Leases, see note 8.
6. Interest includes finance costs for borrowings.
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21SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
The following table reconciles segment EBITDA before and after applying NZ IFRS 16 Leases.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
Other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2025 - EBITDA
EBITDA pre NZ IFRS 16
8,219 74,145 1,022 ( 14,621) 5,289 74,054
Capitalised lease costs
1,437 4,377 515 1,957 1,140 9,426
EBITDA after applying NZ IFRS 16
9,656 78,522 1,537 ( 12,664) 6,429 83,480
June 2024 - EBITDA
EBITDA pre NZ IFRS 16
1,896 65,488 625 ( 11,575) 3,782 60,216
Capitalised lease costs
1,335 3,780 479 1,501 1,073 8,168
EBITDA after applying NZ IFRS 16
3,231 69,268 1,104 ( 10,074) 4,855 68,384
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
6 months to
June 2025
Unaudited
$000s
6 months to
June 2024
Unaudited
$000s
12 months to
December 2024
Audited
$000s
Turnover
330,656 293,874 447,999
Value of sales made as agent
( 22,753) ( 9,678) ( 36,587)
Revenue
307,903 284,196 411,412
Turnover
The Board considers turnover a useful measure of the Group's operating activity as it represents the total transactional value of goods and
services provided to external customers during the year. As such turnover includes the value of fruit sales made on behalf of growers and suppliers
where the Group acts as the agent, and is considered the supplier by the purchasing party. This includes all produce sales both local and export.
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED22
3. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
6 months to
June 2025
Unaudited
$000s
6 months to
June 2024
Unaudited
$000s
12 months to
December 2024
Audited
$000s
Net operating surplus after taxation
37,769 17,052 8,751
Add / (less) non cash items:
Depreciation
8,794 8,183 17,099
Lease depreciation
6,173 5,514 11,139
Impairments
1,070 - 765
Revaluation of employee share scheme
37 12 49
Revaluation of grower share scheme
86 15 100
Movement in deferred tax
8,325 22,322 17,247
Movement in fair value of biological assets - crop
22,841 18,684 ( 3,488)
Amortisation of intangible assets
141 143 302
47,467 54,873 43,213
Add / (less) items not classified as an operating activity:
Gain on sale of property, plant and equipment
( 462) ( 154) ( 131)
Gain on sale of assets classified as held for sale
( 53) - -
( 515) ( 154) ( 131)
Decrease / (increase) in working capital:
Increase in accounts payable
16,119 13,262 7,250
(Increase) / decrease in accounts receivable and prepayments
( 32,312) ( 29,591) 3,240
(Increase) / decrease in inventory
( 18,280) ( 10,517) 234
Increase in taxes due
12,678 5,527 3,480
( 21,795) ( 21,319) 14,204
Net cash flow from operating activities
62,926 50,452 66,037
Accounting policies
Cash flows statements are prepared using the direct approach. Cash and cash equivalents are shown exclusive of GST.
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23SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Assets
This section focuses on how the Group manages its assets to generate revenues and deliver benefits to stakeholders.
Disclosures are made on additions, disposals, revaluations, depreciation, impairments and amortisation.
4. Assets classified as held for sale
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Opening balance at 1 January
3,287 3,205 3,205
Net transfers from property, plant and equipment
- 5,627 -
Costs incurred
39 52 347
Impairment of assets classified as held for sale
- - ( 265)
Sale of assets classified as held for sale
( 3,326) - -
Total assets classified as held for sale
- 8,884 3,287
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Asset class
Land and buildings
- 8,884 874
Property, plant and equipment
- - 380
Intangible assets
- - 500
Bearer plants
- - 1,533
Total assets classified as held for sale
- 8,884 3,287
On 28 February 2025, a 13.5 hectare Northland orchard (June 2024 - Nil, Dec 2024 - 13.5 hectare) that in December 2024 had been classified as
held for sale was sold.
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED24
5. Property, plant and equipment
New Zealand dollars
Land and
buildings
$000s
Plant and
equipment
$000s
Motor
vehicles
$000s
Bearer
plants
$000s
Assets under
construction
$000s
Total
$000s
At 1 January 2025
Cost or valuation
323,645 168,384 2,482 43,716 1,347 539,574
Accumulated depreciation and impairment
( 42,272) ( 100,619) ( 1,717) ( 6,214) ( 440) ( 151,262)
Net book amount
281,373 67,765 765 37,502 907 388,312
Six months ended 30 June 2025
Opening net book amount
281,373 67,765 765 37,502 907 388,312
Additions and transfers - net
2,416 4,287 13 1,077 2,596 10,389
Depreciation
( 3,293) ( 4,775) ( 108) ( 618) - ( 8,794)
Disposals
- ( 374) - - - ( 374)
Impairment
- ( 590) - ( 460) - ( 1,050)
Transfers - asset categories
( 79) 263 ( 266) - 82 -
Foreign exchange
( 365) ( 100) ( 4) ( 504) ( 1) ( 974)
Closing net book amount
280,052 66,476 400 36,997 3,584 387,509
At 30 June 2025
Cost or valuation
325,617 172,461 2,225 44,289 4,024 548,616
Accumulated depreciation and impairment
( 45,565) ( 105,985) ( 1,825) ( 7,292) ( 440) ( 161,107)
Net book amount
280,052 66,476 400 36,997 3,584 387,509
Assets under construction are assets that are yet to be capitalised and are not depreciated. When the asset is ready for use it is transferred to the
appropriate asset class.
Land and buildings
Land and buildings are revalued to their estimated market value on at least a three-year rolling cycle (excluding assets under construction), plus
any subsequent additions at cost, less subsequent depreciation for buildings. In New Zealand valuations are undertaken by CBRE Group Inc.,
independent registered valuer.
In Australia, valuations were completed at 31 December 2024 by Opteon (Goulburn North East Vic) Pty Limited, independent valuers based in
Victoria, Australia.
As at 30 June 2025, the Directors believe there are no indicators that would suggest that the carrying value of land and buildings differs materially
from their fair value and as a consequence there is no need to revalue this class of assets at 30 June 2025.
Impairment
In the six months to 30 June 2025, impairments include $0.46m of poor performing pears cut out in Australia, and $0.59m of post harvest assets
following the removal of old equipment, to be replaced later in the year (Jun 2024 – Nil, Dec 2024 - $0.30m).
Critical accounting estimates and judgements
At 30 June 2025, the Group reviewed the carrying value of its land and buildings, considering current market conditions and input from its external
valuer. Management concluded there were no indicators of impairment or material differences from fair value.
In line with Group policy, independent valuations will be obtained at 31 December 2025.
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25SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
6. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
Water shares
$000s
Other
intangibles
$000s
Total
$000s
At 30 June 2025
Cost
4,553 20,181 2,989 377 28,100
Accumulated amortisation and impairment
( 4,181) - - ( 30) ( 4,211)
Net book amount
372 20,181 2,989 347 23,889
At 30 June 2025 Seeka's market capitalisation was less than its net assets which is an indicator of impairment. The Group has performed an
impairment test to ensure that future cash flows of the Group support the fair value of the assets.
Goodwill balances are assessed annually for impairment. The impairment tests are performed using a value in use calculation model.
The recoverable amount is based on the net present value of the five-year after-tax cash flow projection (value-in-use), with a terminal value
beyond five years. Cash flows beyond the five year period are extrapolated using estimated growth rates and discount rates. The assumptions
used for the analysis of the net present value of forecast gross margins are determined based on forecast crop volumes, past financial
performance and the Board's expectation of future market dynamics, plus the Group's current year forecasts and five year financial plans.
The Group's goodwill and asset value are supported by historical profitability, increasing volume forecasts, and forecast growth of the kiwifruit
industry and returns.
No impairment was noted as a result of the impairment test.
Critical accounting estimates and judgements
The impairment tests require judgement to determine the appropriate forecast cash flows and inputs into the calculations. The primary estimates
relate to the forecast EBITDA growth rates, discount rates, WACC and terminal growth rates.
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CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED26
7. Biological assets - crop
Crops growing on bearer plants are classified as biological assets and measured at fair value.
Crop assets are kiwifruit, nashi pears, Packham pears, Corella pears, and other crops growing on leased and owned orchards yet to be harvested
at balance date.
The following table reconciles beginning balances to end balances for biological assets crop.
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Carrying amount at beginning of period
25,254 21,766 21,766
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
37,982 14,905 27,329
Fair value when harvested
( 63,236) ( 36,671) ( 49,095)
Crop growing on bearer plants at end of period
Crop at cost
2,413 3,082 25,027
Crop at fair value
- - 227
Carrying value at end of period
2,413 3,082 25,254
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Movement in carrying amount
( 22,821) ( 18,699) 3,345
Exchange differences
( 20) 15 143
Net fair value movement in crop
( 22,841) ( 18,684) 3,488
The following table details the classification of biological assets - crop.
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Australia - all varieties
830 998 6,354
New Zealand - kiwifruit crop
1,233 1,655 18,651
New Zealand - other crop (avocado, citrus, Kiwiberry)
350 429 249
Carrying value at end of period
2,413 3,082 25,254
Financial contents
Main contents

27SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
8. Right-of-use lease assets and lease liabilities
The Group reports all leases on the balance sheet where it has the right to obtain substantially all of the economic benefits from the use of the asset
throughout the period of the lease, with the exception of low value leases or leases less than 12 months.
The following table details leases where the Group is a lessee.
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Right-of-use lease assets
Land and buildings
35,062 29,073 26,704
Orchard leases
21,478 15,186 16,493
Equipment
5,684 2,181 1,571
Motor vehicles
4,077 2,535 3,608
Total right-of-use lease assets
66,301 48,975 48,376
Right-of-use lease assets movements
Opening balance
48,376 50,507 50,507
Additions and renewals
24,556 3,972 8,933
Disposals, reclassifications and early terminations
( 769) ( 5) ( 64)
Impairment of onerous lease
( 20) - ( 1)
Exchange rate differences
331 15 140
Depreciation
( 6,173) ( 5,514) ( 11,139)
Closing balance
66,301 48,975 48,376
Right-of-use lease assets classification for depreciation
The classification for depreciation of right-of-use lease assets is as follows:
Land and buildings
2,958 2,460 4,775
Orchard leases
990 913 2,116
Equipment
1,114 1,079 2,024
Motor vehicles
1,111 1,062 2,224
Total depreciation of right-of-use lease assets
6,173 5,514 11,139
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Lease liabilities
Current
10,741 10,317 10,213
Non-current
69,993 52,667 52,355
Total lease liabilities
80,734 62,984 62,568
Lease liabilities classification
The liabilities are classified as follows:
Land and buildings
39,480 34,345 31,899
Orchard leases
31,149 23,746 24,937
Equipment
5,778 2,119 1,877
Motor vehicles
4,327 2,774 3,855
Total lease liabilities
80,734 62,984 62,568
Lease liabilities movements
Opening balance
62,568 64,762 64,762
The movements for the period are as follows:
Additions and renewals
25,213 3,696 8,992
Disposals, reclassifications and early terminations
( 765) ( 5) ( 72)
Exchange rate differences
248 264 292
Principal lease payments
( 6,530) ( 5,733) ( 11,406)
Closing balance
80,734 62,984 62,568
Additions
During the period ended 30 June 2025, the Group additions included $8.7m related to a new coolstore facility, and $5.4m related to an extension
of the leased orchards in Australia. Additionally, the Group entered $4.8m of post harvest equipment leases, $2.1m of leases relating to RSE
accommodation facilities, and $1.6m of leases relating to motor vehicles.
Main contents
Financial contents

CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED28
Working capital
This section focuses on how the Group manages inventories, accounts receivable and accounts payable to ensure an
appropriate level of working capital is available to operate the business, deliver benefits to stakeholders and generate revenues.
9. Trade and other receivables
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Current trade receivables (net of provision for doubtful debts)
58,450 49,959 17,559
Prepayments
7,404 7,655 4,371
Prepaid deposits
355 608 252
Accrued income and other sundry receivables
55,586 52,918 7,147
Current trade and other receivables
121,795 111,140 29,329
Non current trade and other receivables
4,988 6,195 3,572
Total trade and other receivables
126,783 117,335 32,901
Current trade receivables include temporary advances to Seeka kiwifruit grower pools of $40.21m (Jun 2024 - $29.79m). These advances are fully
repaid in July 2025.
Accrued income and other sundry receivables includes $28.48m (Jun 2024 - $22.04m) of income for kiwifruit harvested and delivered to Zespri
from Seeka's New Zealand orchards, $17.17m (Jun 2024 - $22.89m) for New Zealand post harvest operations, and $7.03m (Jun 2024 - $7.94m)
of income for kiwifruit and pears harvested in Australia.
Non-current receivables include $4.29m (Dec 2024 - $2.74m) of long term receivable balances with agreed long-term payment terms. Non-
current trade receivables also includes $0.42m losses carried forward on short term leased orchards to be recovered in a future period (Dec 2024
- $0.83m). The remaining balance of non-current trade receivables relates to debtors secured against crop supply commitments with repayment
terms of up to five years and is considered recoverable.
10. Inventories
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Crop inventories
18,926 13,988 -
Total packaging at cost
4,060 3,413 5,254
Other inventories at cost
5,465 3,595 5,018
Total inventories
28,451 20,996 10,272
Crop inventories relate to kiwifruit harvested from New Zealand orchards and held in coolstores at balance date.
At balance date, $39.96m (Jun 2024 - $39.31m ) of packaging inventory costs were expensed to cost of sales in the statement of profit and loss.
There were no material inventory write downs (Jun 2024 - Nil).
11. Trade and other payables
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Trade payables
26,279 20,719 6,586
Accrued expenses
29,067 19,192 15,450
Employee expenses
9,877 9,271 6,747
GST payable
2,432 7,414 923
Accrued dividend payable
- - 4,417
Other payables
964 573 706
Total trade and other payables
68,619 57,169 34,829
Trade payables includes $12.18m (Jun 2024 - $8.41m, Dec 2024 – Nil) of packaging costs relating to post harvest operation.
Accrued expenses includes $15.39m (Jun 2024 - $8.74m) relating to profit share payments due to New Zealand kiwifruit growers, relating to
kiwifruit grown on orchards managed or leased by the Group.
Financial contents
Main contents

29SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
Interest bearing liabilities, dividends, share capital and fair value
This section focuses on how the Group funds its operations, pays dividends, manages its share capital, and determines the fair
value of its financial assets, securities and liabilities so it can deliver benefits to stakeholders.
12. Interest bearing liabilities
New Zealand dollars
June 2025
Unaudited
$000s
June 2024
Unaudited
$000s
December 2024
Audited
$000s
Current secured
Interest bearing liabilities
18,400 46,896 11,861
Capitalised loan fees to be amortised in the next 12 months
( 204) ( 329) ( 240)
Total current interest bearing liabilities
18,196 46,567 11,621
Non current secured
Interest bearing liabilities
118,307 128,603 128,743
Remaining capitalised loan fees to be amortised
( 71) ( 183) ( 74)
Total non-current interest bearing liabilities
118,236 128,420 128,669
Total interest bearing liabilities
136,432 174,987 140,290
Analysis of movements in borrowings:
At 1 January
140,290 177,583 177,583
Cash flow - additional borrowings
58,416 77,019 108,036
Cash flow - repayment of borrowings
( 61,802) ( 79,819) ( 145,870)
Capitalised loan fees - amortised over the life of the loan
39 ( 176) 22
Exchange differences
( 511) 380 519
At balance date
136,432 174,987 140,290
Analysis of total facilities:
Drawn
136,432 174,987 140,290
Available
64,336 46,180 61,069
Total facilities
200,768 221,167 201,359
New Zealand dollars
Balance due
$000sInterest rate
Maturity
Term loans as at 30 June 2025
AUD $17m
18,307 5.30%26 February 27
NZD $40m
40,000 4.85%28 February 28
NZD $50m
50,000 4.97%26 February 27
NZD $10m
10,000 4.85%28 February 28
The Board has assessed the fair value of the term loans as the outstanding balance at balance date.
Main contents
Financial contents

CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED30
13. Dividends
New Zealand dollarsPer share$000s
2025
February 2025 - declared, paid April 2025
$ 0.05 2,218
Total dividend to June 2025
$ 0.05 2,218
2024
October 2024 - declared, paid January 2025
$ 0.10 4,417
Total dividend 2024
$ 0.10 4,417
In the last 12 months, $0.15 per share has been paid, with $0.10 in January 2025 and $0.05 in April (prior 12 months – Nil).
The total cash payment related to these dividends was $5.37m, with $3.58m relating to the dividend paid in January, and $1.79m to the dividend
paid in April.
On 19 August 2025, the Directors announced a fully imputed dividend of $0.15 per share. The dividend will be paid on 15 October 2025 to those
shareholders on the register at 5pm on 18 September 2025. The dividend reinvestment plan will apply.
Seeka dividend policy
Seeka's dividend policy is to declare and distribute dividends between 50% and 75% of underlying Net Profit After Tax (NPAT), normally to be
paid in October and April, subject to due consideration of the Board.
14. Share capital
During the period to 30 June 2025, $0.28m (Jun 2024 - $0.03m) was received in relation to shares issued under the share schemes established
in 2024.
15. Determination of fair values of financial assets and liabilities
The following table analyses financial assets and liabilities carried at fair value as at 30 June 2025.
–Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
–Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.
–Level 3: unobservable inputs for the asset or liability that have to be developed to reflect the assumptions that a market participant would use
when determining an appropriate price.
New Zealand dollars
Level 1
$000s
Level 2
$000s
Level 3
$000s
Total
$000s
Land
- - 50,004 50,004
Buildings
- - 230,048 230,048
Other financial assets
- - 702 702
Derivatives used for hedging - liabilities
- 1,026 - 1,026
Financial contents
Main contents

31SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
The following table shows the valuation techniques used in the determination of fair values within level 3 of the hierarchy, as well as the key
unobservable inputs used in the valuation models.
TypeFair valueMethodKey unobservable inputs
How unobservables impact
estimated fair value
Land and buildings$ 280.05 mAn annual revaluation is used to
estimate fair value, which is performed
on at least one third of land and
buildings on a rolling 3-year cycle
by an independent valuer using
three different approaches; income
capitalisation approach, discounted
cash flow approach, and sales approach.
Of the three approaches, the income
capitalisation approach and discounted
cash flow approach are given the most
weighting due to the low quantity of
comparative sales. See accounting
policies and note 5 for further details.
Market rental rates.
Rental capitalisation rates.
Applicable discount rates.
Increases with an increased
market rental rate.
Increases with increased
rental capitalisation rate.
Increases with lower
discount rates.
Other financial assets$ 0.70 mCalculating the present value of
expected cash flows using contractual
interest rates, expected repayment
dates and discount rate.
Repayment dates.
Discount rates.
Increases with an earlier
repayment date.
Increases with a lower
discount rate.
16. Related party transactions
The Group undertakes transactions with Seeka Growers Limited (SGL), a related party which administers all kiwifruit revenues received for the
New Zealand business on behalf of supplying growers. In the current period the Group received $214.57m (Jun 2024 - $148.01m) for the provision
of services to SGL.
17. Capital commitments
As at 30 June 2025 the Group was committed to $13.30m of capital expenditure (Jun 2024 - Nil; Dec 2024 - $1.88m). This committed capital expenditure
includes post harvest machine upgrades in Kerikeri and Huka Pak, an RSE accommodation build in Australia, and refrigeration gas replacements in sites
across New Zealand.
18. Events occurring after balance date
A dividend of $0.15 per share was announced to be paid on 15 October 2025, see note 13.
There are no other events occurring subsequent to balance date requiring adjustment to or disclosure in the condensed financial statements.
Main contents
Financial contents

CONDENSED INTERIM REPORT | JUNE 2025 | SEEKA LIMITED32
Directory
Board of directors
Mark Dewdney - Chair (appointed chair 16 April 2025)
Hayden Cartwright
Sharon Cresswell
Peter Ratahi Cross
Hayley Gourley (appointed 1 January 2025)
Fred Hutchings (retired as director and chair 16 April 2025)
Stewart Moss
Cecilia Tarrant
Audit and risk committee
Sharon Cresswell – Chair
Hayden Cartwright
Hayley Gourley (appointed 20 January 2025)
Sustainability committee
Cecilia Tarrant – Chair
Peter Ratahi Cross
Hayden Cartwright (appointed 16 June 2025)
Remuneration committee
Hayley Gourley – Chair (appointed 16 June 2025)
Stewart Moss
Cecilia Tarrant
Company officers
Michael Franks
Chief Executive Officer
Nicola Neilson
Chief Financial Officer and Company Secretary
Senior management team
Michael Franks
Chief Executive Officer
Nicola Neilson
Chief Financial Officer
Kate Bryant
GM Grower Relations and Corporate Services
Paul Crone
GM Post harvest
Barry Penellum
GM Orchards
Jonathan van Popering
GM Australian Operations
Jim Smith
GM New Business and Marketing
Main contents

33SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2025
1. All banks are lenders under a syndicated facilities
agreement with Westpac New Zealand as the
sustainability-linked loan coordinator and the agent.
Registered office
Seeka Limited
34 Young Road, RD9, Paengaroa 3189
PO Box 47, Te Puke 3153
Seeka.co.nz
Auditor
Grant Thornton New Zealand Limited
Auckland
www.grantthornton.co.nz
Bankers
1
Westpac New Zealand Limited
Auckland
www.westpac.co.nz
Westpac Banking Corporation
Melbourne
www.westpac.com.au
ASB Bank Limited
Auckland
www.asb.co.nz
Bank of New Zealand
Auckland
www.bnz.co.nz
Coöperatieve Rabobank U.A. (Rabobank)
Hamilton
www.rabobank.co.nz
Share register
MUFG Pension & Market Services
Auckland
www.mpms.mufg.com
NZX
www.nzx.com
Legal advisors
Harmos Horton Lusk Limited
Auckland
www.hhl.co.nz
Tompkins Wake
Tauranga
www.tompkinswake.com
Mayne Wetherell
Auckland
www.maynewetherell.com
Main contents

seeka.co.nz
34 Young Road, RD 9, Te Puke 3189
PO Box 47, Te Puke 3153, New Zealand
+64 7 573 0303, info@seeka.co.nz

---

Analyst Briefing Pack
Unaudited Interim Results
Six months to 30 June 2025

To be read in conjunction with Seeka Interim Report, June 2025, and Seeka Annual Report, December 2024, see Seeka.co.nz/investors
Agenda
2
5
Contact
4
Forward Focus
3
Operating segment performance
2
Balance sheet
1
Six month highlights

Six month highlights

Harvesting Record Results
Record fruit volumes handled across New Zealand and Australia
47m class 1 kiwifruit trays packed in NZ – up 10% | 2.2k tonnes kiwifruit produced in Australia – consistent with prior year
Financial performance lifts with volumes
$308m Revenue | $83m EBITDA | $59m NPBT | $0.90 EPS
Delivered excellent operational performance
Excellent quality from growers | Focused on efficient harvest management | Quality produce to markets
$131m net bank debt
$40m reduction since June 2024 | $64.8m cash received in July 2025 | Balance sheet resilience
Investing in automation
Automation projects underway in Kerikeri and Huka Pak | Improves post harvest efficiency
1
2
3
4
5
4

H1 FY24 included a $13.9m and FY24 included a $12.5m one-off, non-cash impact from change in tax legislation
Group financial performance
$307.9m Revenue
Up 8% on pcp
$96.8m Gross profit
Up 22% on pcp
$83.5m EBITDA
Up 22% on pcp
$59.4m Net profit before tax
Up 32% on pcp
$37.8m Net profit after tax
Up 121%
Seeka operates a seasonal business
5
Interim results – six months to June 2025, unaudited
H1 FY25H1 FY24FY24
$ millions
UnauditedUnauditedChangeAudited
Revenue307.9284.2
8%
411.4
Cost of sales188.2186.5
1%
306.5
Change in fair value of biological
assets - crop
( 22.8)( 18.7)
22%
-
Gross profit96.879.0
22%
104.9
EBITDA83.568.4
22%
76.1
EBIT67.354.5
23%
46.8
Net profit before tax59.445.0
32%
29.7
Net profit after tax37.817.1
121%
8.8

Trends in financial performance
6
NZ Class 1 kiwifruit trays packed
$47m
$49m
$36m
$68m
$83m
H1FY21H1FY22H1FY23H1FY24H1FY25
EBITDA
NPAT
$31m
$30m
$14m
$45m
$59m
$20.6m
$21.5m
$10.5m
$17.1m
$37.8m
H1FY21H1FY22H1FY23H1FY24H1FY25
NPBT & NPAT
$519m
$594m
$583m
$626m
$655m
H1FY21H1FY22H1FY23H1FY24H1FY25
Total assets
$224m
$247m
$213m
$284m
$308m
38.2
40.6
29.8
43.0
47.1
H1FY21H1FY22H1FY23H1FY24H1FY25
Revenue

Trends in operating segment performance
EBITDA
7
Class 1 kiwifruit trays grown (m)Class 1 kiwifruit trays packed (m)TurnoverThousands of tonnes handled
$1.9m
$0.5m
$1.7m
$1.1m
$1.5m
$34m
$24m
$27m
$23m
$34m
H1FY21H1FY22H1FY23H1FY24H1FY25
Retail services EBITDA
$49.1m
$52.9m
$47.4m
$69.3m
$78.5m
38.2
40.6
29.8
43.0
47.1
H1FY21H1FY22H1FY23H1FY24H1FY25
Post harvest EBITDA
$2.7m
$2.6m
$0.9m
$4.9m
$6.4m
5.04.9
2.6
4.5
5.7
H1FY21H1FY22H1FY23H1FY24H1FY25
Australia EBITDA
$5.7m
$5.1m
($1.9m)
$3.2m
$9.7m
14.4
17.1
11.2
17.1
19.1
H1FY21H1FY22H1FY23H1FY24H1FY25
Orcharding EBITDA

Capital Management

Balance sheet
$3.7m increase in capital employed on H1 FY24
$17.3m increase in right-of-use lease assets since
H1 FY24
−Investing in post harvest infrastructure and Australia
$8.9m decrease in assets held for sale – now zero
−13.5 hectare Northland orchard sold February 2025
−Sharp Road accommodation facilityretained
Capital employed at 30 June
9
H1 FY25H1 FY24FY24
$ millionsUnauditedUnauditedChangeAudited
Current assets - excludes cash
Trade and other receivables121.8111.1
10%
29.3
Biological assets - crop2.43.1
( 22%)
25.3
Assets held for sale-8.9
( 100%)
3.3
Inventories and water rights28.521.0
36%
10.3
152.7144.1
6%
68.1
Current liabilities - excludes debt
Trade and other payables( 68.6)( 57.2)
20%
( 34.8)
Tax liability( 16.6)( 5.3)
211%
( 3.7)
( 85.2)( 62.5)
36%
( 38.5)
Net working capital67.581.6
( 17%)
29.6
Non current assets
Property, plant and equipment387.5383.2
1%
388.3
Lease assets66.349.0
35%
48.4
Investments in associates and
Joint Arrangements
8.06.0
34%
8.0
Derivatives (liability) / asset( 1.0)1.8
( 157%)
( 0.3)
Financial assets1.31.3
4%
1.3
Deferred tax assets4.25.7
( 26%)
5.0
Intangibles and receivables28.930.4
( 5%)
27.7
495.2477.4
4%
478.4
Capital employed562.7559.0
1%
508.0

Balance sheet
$130.6m net bank debt at June 2025
−$40.2m decrease on June 2024
−$64.8m received in July 2025
$201m facility from banking syndicate
Net bank debt at 30 June
10
H1 FY25H1 FY24FY24
$ millions
UnauditedUnauditedChangeAudited
Non-current liabilities - excludes debt
Lease liabilities
(current and non current )
80.763.0
28%
62.6
Deferred tax liability
49.247.5
3%
41.7
129.9110.5
18%
104.3
Cash
( 5.8)( 4.1)
41%
( 3.0)
Borrowings
136.4175.0
( 22%)
140.3
Net bank debt
130.6170.9
( 24%)
137.3
Total equity
302.1277.6
8%
266.4
Net bank debt
130.6 170.9
( 24%)
137.3
Net bank debt
Excluding assets held for sale
130.6 162.0
( 19%)
134.0
EBITDA multiple
1.57x 2.37x
( 34%)
1.76x
EBITDA multiple pre NZ IFRS 16 Leases
1.76x 2.69x
( 34%)
2.24x

1.As required by NZ IAS 33, 1,884,494 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 $0.86 (H1 FY24: ($0.40) ).
Earnings per share and dividends
$0.90 Earnings per share
1

−Up from $0.41 pcp
$0.15 Divided declared
−To be paid 15 October
−$0.30 declared in last 12 months
$6.44 Net tangible assets per share
−Up 9%
−NTA is higher at June due to crop receivables
being recognised
11
H1 FY25H1 FY24FY24
UnauditedUnauditedChangeAudited
Net profit$ 37.8 m $ 17.1 m
121%
$ 8.8 m
Weighted shares on issue41.8 m 41.6 m 41.6 m
Earnings per share$ 0.90 $ 0.41
120%
$ 0.21
Dividends ($) paid January 2025$ 0.10
Dividends ($) paid April 2025$ 0.05
Dividend ($) to be paid October 2025$ 0.15
Net tangible assets (NTA)$ 281.9 m $ 257.4 m $ 246.2 m
Shares at period end43.8 m 43.5 m 43.5 m
Net tangible assets per share$ 6.44 $ 5.92
9%
$ 5.66
Net assets per share$ 6.90 $ 6.38
8%
$ 6.12
Total assets per share$ 14.96 $ 14.38
4%
$ 12.64

FY25 full year operational guidance
Forecasting full-year net profit before tax between
$35m and $39m
(Upgraded from between $33m and $37m)
12
Seeka upgrades 2025 guidance
FY25FY25FY24
GuidanceGuidanceFull year
Lower rangeUpper rangeActuals
Net profit before tax$ 35.0m$ 39.0m$ 29.7m

Operating segment performance

Orchard operations
$69.4m Revenue – up 22% on pcp
$9.7m EBITDA – up 199% on pcp
19.1m trays grown by the orchard division
−SunGold yields up 7%, Hayward yields up 10%
Top-20 SunGold exceeded 20,150 trays per hectare
Top-20 Hayward exceeded 15,250 trays per hectare
Growing kiwifruit, avocado and Kiwiberry in New Zealand
14
H1 FY25H1 FY24FY24
$ millionsUnauditedUnaudited
Change
Audited
Revenue69.4 56.9
22%
102.7
EBITDA9.7 3.2
199%
6.2
EBIT7.9 1.8
341%
2.8
Segment assets104.2 101.0
3%
86.2
EBITDA pre NZ IFRS 16
8.2 1.9
333%
3.7
Kiwifruit grown - class 1 trays (millions)
Total kiwifruit trays grown
19.1 17.1
12%
SunGold trays (millions)
9.8 8.5
15%
SunGold yields - average per hectare
14,436 13,473
7%
Hayward trays (millions)
8.9 8.5
4%
Hayward yields - average per hectare
12,33211,224
10%
Organic and RubyRed
0.5 0.3
51%

Post harvest operations
$204.6m Revenue – up 6% on pcp
$78.5m EBITDA – up 13% on pcp
Growth in kiwifruit volumes
−SunGold up 10%
−Hayward and other varieties up 9%
Automation delivers efficiency gains
Packing,coolstoringand shipping kiwifruit, avocado, persimmon and citrus for New Zealand orchard
owners
15
H1 FY25H1 FY24FY24
$ millionsUnauditedUnaudited
Change
Audited
Revenue204.6 193.9
6%
246.6
EBITDA78.5 69.3
13%
84.5
EBIT68.6 60.0
14%
65.6
Segment assets422.3 397.6
6%
349.6
EBITDA pre NZ IFRS 1674.1 65.5
13%
77.2
Kiwifruit packed - class 1 trays (millions)
SunGold
29.9 27.2
10%
Hayward and other varieties
17.2 15.8
9%
Total class 1
47.1 43.0
10%
Class 2
1.8 1.9
Total packed
49.0 44.9
9%

SeekaFresh retail services operations
$1.5m EBITDA – up 39% on pcp
Strong performance of Kiwiberry, Kiwi Crush, avocado
and banana sales
−Bigger volumes and stronger market returns
Acquisition of Northland avocado and olive oil assets
Marketing Class 2 kiwifruit and avocado, packing Kiwiberry, selling imported fruit, and Kiwi Crush production
16
H1 FY25H1 FY24FY24
$ millionsUnauditedUnaudited
Change
Audited
Revenue11.2 13.4
( 17%)
30.9
EBITDA1.5 1.1
39%
2.6
EBIT1.0 0.6
63%
1.6
Segment assets15.0 13.6
10%
12.7
EBITDA pre NZ IFRS 161.0 0.6
64%
1.6

Australian operations
$22.2m Revenue – up 14% on pcp
$6.4m EBITDA – up 32%
Volumes up 28% as pear and nashi yields
increase and more orchards enter production
−Pears up 105%
−Nashi up 19%
−Kiwifruit down 2%
A total of $12.3m invested in developing orchards
for future growth
−Kiwifruit, Nashi pears, Jujube
17
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased orchards
H1 FY25H1 FY24FY24
NZD millionsUnauditedUnaudited
Change
Audited
Revenue22.2 19.5
14%
19.2
EBITDA6.4 4.9
32%
3.2
EBIT4.8 3.9
23%
0.7
Segment assets70.3 63.7
10%
63.4
EBITDA pre NZ IFRS 165.3 3.8
40%
1.0
Fruit grown - (tonnes)
Kiwifruit2,240 2,285
( 2%)
Nashi1,275 1,072
19%
Pears1,985 970
105%
Plums149 106
41%
Jujube54 18
200%
Total tonnes grown5,703 4,451
28%

Forward Focus
18

Forward focus
Complete a successful year
Deliver automation programmes
Maintain a resilient balance sheet
Focus on earnings growth
19

Contact
Michael Franks
Chief executive
+64 21 356 516
20
For more information see www.seeka.co.nz or please call
Nicola Neilson
Chief financial officer
+64 21 841 606

Appendix
21

EBITDA
22
EBITDA before revaluations and impairments is considered by Seeka's Board to be a key
measure of performance and reflection of cash flow generation
H1 FY25H1 FY24
FY24
NZD ($000s)
UnauditedUnauditedChangeAudited
Net profit before tax59,369 45,006
32%
29,713
Interest expense5,038 7,103 12,327
Lease interest expense2,895 2,435 4,776
EBIT67,302 54,544
23%
46,816
Impairments1,070 - 765
Depreciation expense8,794 8,183 17,099
Lease depreciation expense6,173 5,514 11,139
Amortisation of intangible assets141 143 302
EBITDA before impairments83,480 68,384
22%
76,121

seeka.co.nz
Click to visit the Seeka website

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer Seeka Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$307,903 8.3%
Total Revenue $307,903 8.3%
Net profit/(loss) from
continuing operations
$37,769 121.5%
Total net profit/(loss) $37,769 121.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.15000000
Imputed amount per Quoted
Equity Security
$0.05833333
Record Date 18 September 2025
Dividend Payment Date 15 October 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$6.44 $5.92
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible asset per share is calculated by dividing the
Group’s net assets less goodwill by the total shares on issue at
the end of the period.
Authority for this announcement
Name of person

authorised
to make this announcement
Nicola Neilson
Contact person for this
announcement
Nicola Neilson
Contact phone number +64 21 841 606
Contact email address nicola.neilson@seeka.co.nz
Date of release through MAP

20 August 2025

Unaudited financial statements accompany this announcement.