ArborGen Holdings Annual Shareholder Meeting

10 September 2025 Page 1




2025 ANNUAL SHAREHOLDERS’ MEETING SPEECHES

CHAIR, DAVID KNOTT

OUR VISION
ArborGen remains a global leader in advanced genetics seedlings. Every year, we proudly deliver
millions of seedlings to more than 2,000 customers worldwide.
Today, our network spans 26 seedling nurseries and orchards, with a production capacity of around
500 million seedlings annually. This scale, combined with our expertise, positions us at the forefront
of our industry.
Our goal remains clear and unwavering: to grow sales of our advanced genetics seedlings in our
target markets—delivering greater value for forest owners, stronger returns for our business, and
increased rewards for you, our shareholders.

BOARD PRIORITIES FY25
In FY25, despite the challenges we faced, we remained firmly focused on maximising opportunities
for ArborGen.
We continued to advance MCP adoption in the US, secured new expansion opportunities in Brazil
and continue to build our carbon offset business – areas that hold strong potential for the future and
are our primary growth opportunities.
We strengthened our executive teams in both the US and Brazil, ensuring we have the skills,
experience and bench strength to deliver on our strategy.
We have a disciplined approach to capital management - selling surplus assets and making
responsible investments that fuel growth.
We’ve also focused on strengthening our business, building greater resilience and reducing risk.
Together, these priorities are positioning us to navigate the current environment and emerge
stronger in the years ahead.

10 September 2025 Page 2
FY25 HIGHLIGHTS
FY25 was a challenging year, with economic, market and weather challenges impacting results.
Continued growth in Brazil was offset by a soft result in the US as headwinds persisted. We were
disappointed not to be able to maintain last year’s record revenue result, with soft market conditions
in both countries hampering our sales, however, it was pleasing to see the year ending on a stronger
note.
The Board considered the carrying value of intangible assets as part of the year end process and
elected to recognise an impairment of $21.8m related to Intellectual Property. Including this,
reported net loss after tax was $(21.5)m.
US GAAP EBITDA increased 47%, benefiting from the gain on sale of the in vitro business during the
year.
Excluding total one-off and unusual transactions, Adjusted US GAAP EBITDA was $8.8m, in line with
guidance. This was below the FY24 record result but similar to FY23 performance.

BALANCE SHEET SUMMARY
Our balance sheet remains solid. We’re reinvesting earnings into growth, managing working capital
with discipline, and funding expansion in both the US and Brazil. Net debt reflects strategic
investment and the share buyback programme.
We are currently working to sell the Ridgeville building. Once sold, the proceeds will be used to
reduce debt and will make a meaningful difference to our balance sheet.

CAPITAL EXPENDITURE
We continued to invest into production expansion and resilience - expanding container capacity at
two US nurseries, adding hardwood cooler space and a deep well, completing our new, smaller US
headquarters, and automating inventory counts.
In Brazil, we grew our footprint with the acquisition of an additional eucalyptus nursery, while
continuing R&D and product development across both regions.
Planned initiatives for this year include upgraded irrigation systems, putting in place backup power
and continued orchard expansion. In Brazil, we’re investing in drought mitigation measures and
building a new R&D lab to support future innovation.
At this stage, the Board believes reinvesting cash into growth initiatives, paying down debt and
repurchasing the company’s shares at attractive prices will create greater long-term value than
paying a dividend.

SHARE PRICE DISCONNECTED FROM FUNDAMENTAL VALUE
As I said last year, your Board believes that ArborGen’s share price is disconnected from our
fundamental value. At 31 March this year, our net assets were $140m, while our market cap was only
$41m.

10 September 2025 Page 3
There are several reasons we can see for this:
Our total market cap remains relatively modest, which unfortunately places us below the threshold
for most institutional investors. While we remain focused on sharing our story, it has been difficult to
attract institutional investors or funds to a smaller company listed in New Zealand but with our
operations offshore. This lack of institutional presence further limits visibility and demand in the
market.
We also have a large number of small investors – more than 80% of our shareholders have holdings
of less than 5,000 shares which can be too small to trade efficiently. This limits daily trading volumes
and makes it difficult for buyers and sellers to engage effectively in the market. The share buyback
last year provided an opportunity for some investors to sell down or exit.
We are actively working to address these challenges. We continue to engage with the investment
community and seek interest from potential new investors who understand our long-term strategy
and see the value in our business. We remain committed to growing shareholder value and will
continue to pursue initiatives that enhance our profile and support a more active and dynamic
market for our shares.
As we said last year, similar businesses to ours in the US have sold in the last few years for multiples
of up to 10x EBITDA; ArborGen’s current share price values our company at just 6.3x EBITDA – a
significant value gap. As ArborGen’s earnings increase, this gap will become even more pronounced
and our company will be increasingly positioned as a value opportunity.

LONG-TERM MACRO DRIVERS
Looking ahead, several macro trends will drive growth. In the US, a recovery in the housing market
will lift demand for high-grade timber. In Brazil, fast-growing eucalyptus is the optimal choice for
sustainable pulp. Our superior genetic seedlings offer higher yield, increased resilience and more
value for growers in both markets. Reforestation and the emerging carbon market also offer further
long-term opportunities.
The Board has full confidence in our strategy to capture these opportunities and deliver sustainable
growth in the years to come.

STRONGLY POSITIONED FOR THE FUTURE
ArborGen is strongly positioned for the future. We have a clear strategy and a robust balance sheet.
As a market leader in the US South and Brazil, we offer unmatched product portfolios and bring
decades of research and intellectual property investment that are now delivering real results.
In Brazil, we are leveraging our strong position in the pine and eucalyptus seedling markets to build a
sustainable, highly profitable business that is recognised as the preeminent seedling supplier.
And in the US, we are focused on driving increased adoption of advanced genetics across the US
South, leveraging decades of investment in developing best-in-class proprietary products.
We are committed to driving value for shareholders as a result of strong earnings and cashflow
growth.

10 September 2025 Page 4
CEO, JUSTIN BIRCH

DUAL-PATHWAY STRATEGY
Our dual-pathway strategy - focusing on go-to-market excellence and operating strength - provides
the framework for everything we do.

FY25 SNAPSHOT
Over the past year, we have taken decisive steps to reduce costs and enhance operational efficiency.
As part of this, we sold the in vitro business and moved our head office into smaller premises.
We also recalibrated our operations in Brazil, as our local business scales up and matures - resulting
in a stronger team, improved financial processes and systems, and a strong platform for future
growth.
We continued to expand our businesses, with Brazil production capacity up 22m year on year, and
increasing investments in added value container seedlings in the US, in response to customer
demand.
Over the last three years, our Brazil sales have grown by an average of 18.3% per annum. While
macro-conditions in the US remain challenging, we continue to hold our position as the leading
provider of advanced genetic seedlings.
We have a clear pathway to growth and are focused on driving significant progress and financial
improvement in FY26.

US SOUTH FY25
Looking at the performance of each of our markets in FY25:
The US South continues to face challenging market conditions, remaining at the lower end of the
cycle. Revenue was down 9% year on year due to subdued housing construction and reduced mill
production and harvesting.
We were fortunate to only suffer minimal orchard damage from Hurricane Helene in September
2024, though many client forests were devastated, with reforestation expected between 2026 and
2028—an opportunity for ArborGen.
After the damage caused by Hurricane Michael some years ago, we have been building up our seed
inventories. While this has some cost, it provides added resilience to our business.
We continued to expand our production and sales of containerised seedlings in response to
customer demand. These provide more flexibility in planting programmes and are more resilient to
weather conditions and on challenging sites.
Good momentum is also being seen from a strengthened sales team, which has been in place since
2H25.

10 September 2025 Page 5
FY25 BRAZIL
Our Brazil business has been growing rapidly, and over the past year we recalibrated our operations
to ensure a strong platform for continued growth.
While volumes were flat, revenue grew 11% in local currency. Demand in eucalyptus remains solid,
though an oversupply of market clones put some pressure on pricing. We are strategically shifting
toward protected clones, which deliver higher value and long-term revenue stability, even if there’s
short-term margin impact as production hedges are established.
Last year’s drought constrained production, limiting our ability to sell during the dry period and to
fully meet strong post-drought demand, and resulting in higher costs. We are now investing in
overflow growth areas to overcome these production bottlenecks and better serve our customers
moving forward.
We reinvest earnings into our local business and therefore foreign exchange rates only impact when
reporting our consolidated results, when we need to convert from local currency to USD.

OPERATIONAL STRENGTH
We are focused on optimising total productivity across the business. At the same time, we are
strengthening the organisation and building a high-performance culture. Our efforts this year have
improved efficiencies, reduced costs and increased our resilience.
We’ve added management capability and are focused on culture, communication and creating a
rewarding workplace.
Combined with a clear growth strategy, these actions create a strong foundation for sustainable
future success.

MARKET OPPORTUNITY
As you can see from this graph, our market opportunity is significant – upwards of 1.2 billion
seedlings, compared to our current sales of around 300m.
While the overall market is competitive, ArborGen is a leader in advanced genetic seedlings. We have
a significant opportunity to build scale and win market share as the value and durability of high-
performance genetics is accepted and realised.

US SOUTH
The US South is a more mature market and our focus is on the sale of higher value advanced genetics
products, and thoughtful growth. This will primarily be organic growth, such as expansion of our
container offering, but we will also consider M&A if appropriate and it meets the Board’s criteria.

10 September 2025 Page 6
US SOUTH MARKET
Around 70% of timber use is residential housing and home improvements. High interest rates rate
and turmoil in economic and political realms have led to the current subdued housing market,
however, there is significant pent-up demand and a shortfall of 4 - 5m homes
1
across the US.
As demand for pulp continues to fall, after significant declines seen already, more value will be on
sawtimber coming from higher quality trees. ArborGen’s MCP® seedlings are ideally suited to higher
grade sawtimber, providing greater yield, faster growth and straighter logs.

GROWTH IN SAWTIMBER MILLS
This slide shows more clearly the changes in mix across the mill production sector – pulp mill
closures have reduced capacity by around 16% in the last three years, although several firms are
investing with some capacity recovery expected as these come online in the next few years.
The exciting opportunity for ArborGen is the growth in sawtimber. A reminder that we operate in a
market with very long lead times – the trees planted now will be harvested in around 25 to 30 years,
so our customers are looking forward two to three decades to see where the demand will be. We are
seeing more customers starting to plant higher quality trees as the market for low quality pulp wood
starts to reduce. However, sometimes this also means planting less densely so individual trees can
grow bigger.
There’s also increasing demand for OSB – engineered wood panels. This is well suited to plantation
forestry as the trees can be smaller and lower quality, and can be harvested earlier. Again, this is a
good opportunity for us as our MCP trees grow faster.

LEADER IN ADVANCED GENETIC SEEDLINGS
Not all control pollinated loblolly pine tree seedlings are created equal. By choosing ArborGen MCP
seedlings, customers benefit from our decades of forest science, field trials and genetic gains.
The longest, straightest, and strongest Southern loblolly pine are optimal for telephone/utility poles
and demand the highest prices. Next in value is sawtimber.
Depending on seedling genetics and location, a final harvest can yield 70 to 140 tons per acre of
sawtimber, which is considerably more valuable than pulp timber.
Our team provides forestry expertise and customer service to ensure landowners get the most out of
every tree they grow.

CARBON MARKET
The carbon market remains in its infancy, yet it presents a tremendous opportunity for forest owners
to participate in long-term conservation while generating income.


1
Forest Economic Advisers 1st Quarter 2025 Timber Quarterly Forecast, P21

10 September 2025 Page 7
As a key supplier to Chestnut Carbon, we have provided the seedlings for over 17 million trees
planted across 30,000 acres in the US South. Chestnut Carbon has signed carbon offtake agreements
with buyers including Microsoft, and is now planting hundreds of thousands of acres to support
these projects. The Microsoft agreement alone aims to restore 60,000 acres of forest over the next
25 years, marking the largest carbon removal agreement Microsoft has signed in the US.
By 2030, the global carbon credit market is projected to reach from US $7–35 billion, with some
estimates that it could grow to as much as $250 billion by 2050
2
. Landowners can earn income from
Climate Smart Forestry projects such as afforestation and reforestation. The US South is an attractive
area due to its large forest base, commercial forestry activity and extensive pine research from
companies such as ArborGen.
ArborGen is well positioned as the seedling supplier of choice for carbon offset projects. Our MCP
trees sequester almost 40% more carbon than standard trees because they grow faster; we have
better genetics and better gains in this market than our competitors; we have proven our ability to
deliver; and we are poised to do more as the market grows.

BRAZIL
We see great potential in Brazil to leverage our strong positions in the pine and eucalyptus markets,
and convert customers to products with superior genetics.
Brazil is the world’s largest hardwood pulp producer with eucalyptus demand projected at 1.2 billion
seedlings per year. Pine demand also remains strong.
Recently, we have seen a rapid escalation in production capacity across the sector in eucalyptus,
particularly for market clones. This has created increasing price volatility and higher customer quality
demands.
There is a growing market for new, higher quality clones with higher yields that are also more
resilient and biodiverse, and this presents an opportune landscape for ArborGen. We are the only
company in Brazil focused solely on supplying seedlings with superior genetics. Our US and Brazil
teams are working closely together to share knowledge, enhance our technology and develop new
and better seedlings.

STRONG VALUE POSITION WITH PROTECTED GENETIC SEEDLINGS
Our protected clone seedlings offer higher yields and higher wood density than standard market
clones, improved disease and insect resistance, and good drought tolerance.
We are moving quickly to leverage demand, with investment into nurseries and the development of
production hedges to transform more product from market (unprotected clones) to protected
clones.
In the early years as production is transitioned to protected clones, yields are lower, resulting in a
higher cost of sales, however, long-term, the commercial fundamentals are strong.


2
MSCI carbon markets report January 2025, P21

10 September 2025 Page 8
FY26 TRADING TO DATE
In the US, the housing market remains subdued and some landowners are postponing harvesting.
However, we are seeing strong demand for container seedlings and are continuing to invest in MCP
production as the demand for high grade sawtimber becomes a longer-term priority. Severe hail and
rains in Texas have caused significant damage to production and we are managing our inventory
carefully to meet demand, however, this will have some impact on our sales and costs this year.
In Brazil, the eucalyptus market remains hot while there has also been high demand for pine -
ArborGen broke its pine sales record in May, and then again in June. The domino effect of the
drought last year has caused a eucalyptus seedling shortage across the entire market - we are
focused on managing supply and allocation to meet demand.

OUTLOOK AND GUIDANCE
For FY26, we are anticipating improvements in revenue and gross margin, despite ongoing
headwinds, particularly in the US South. We are expecting adjusted US GAAP EBITDA to be between
US $11m and $12m, an increase of at least 25% on FY25. We are carefully managing production,
supply and competitor activity to achieve our goals.
In the US South, market conditions are expected to remain weak until at least 2026. Nonetheless,
sales activity will support some revenue and volume growth, with a focus on higher-value products
such as MCP and containerised seedlings. We are also well positioned as the seedling supplier of
choice for the emerging carbon market. Given the slower return to normal market conditions in the
US, plus production losses from the Texas rains, we anticipate limited growth in the US South this
year.
In Brazil, volume growth is anticipated, with some short-term margin impact from the current excess
market capacity. The full-year benefit of our new nursery and the continued shift into protected
genetics, combined with a focus on improved product mix and pricing, position us well for
sustainable growth.
As Dave has highlighted, there’s a clear disconnect between our current share price and the
underlying value of our company. To underscore my own confidence in the business and its future, I
have recently increased my investment by purchasing an additional 750,000 shares on-market. I am
fully committed, both personally and professionally, to the success of this company.

ENDS

---

1
ANNUAL
SHAREHOLDERS’ MEETING
10 September 2025

David Knott
CHAIR OF THE
BOARD

INTRODUCING
THE BOARD
3
David Knott – Chairman
Appointed 19 August 2021
George Adams – Independent Director
Appointed 12 August 2019
Standing for re-election
Paul Smart – Independent Director
Appointed 21 August 2018
Thomas Avery – Independent Director
Appointed 18 July 2018
Ozey Horton – Independent Director
Appointed 11 July 2018

OUR VISION
To be the world-leading provider of value-
added, high-quality seedlings for the forestry
industry ... creating thriving forests that benefit
landowners, the environment, and future
generations through unmatched industry
expertise.
ArborGen 2025 ASM
4

BOARD PRIORITIES FY25
Opportunities maximised in a challenging year
5
Driving
Growth
Talent and
Leadership
Capital
Management
Operational
Oversight
Securing
expansion
opportunities in
Brazil
Advancing MCP
adoption in US
Growing carbon
offset business
Increase in
executive bench
strength in both
US and Brazil
Sale of surplus
assets
Responsible
investment into
growth
Share buyback
programme
Building
resilience and
reducing risk
Operational
re-set in Brazil
to support scale
ArborGen 2025 ASM

Economic, market and weather challenges
impacting results
•Revenue down 7% yoy but 13% above FY23
•Continuing focus on efficiencies and cost
management
•Net Loss After Tax of $(21.5)m includes a non-
cash $21.8m write down of the carrying value
of intangible assets
1
(Intellectual Property)
•Adjusted US GAAP EBITDA result of $8.8m, in
line with guidance
FY25 FINANCIAL SNAPSHOT
47.5
56.1
67.7
63.2
360m
375m
369m
328m
FY22FY23FY24FY25
Sales Volume and Revenue
(US$m)
Sales RevenueSales Volumes
10.1
9.2
12.8
8.8
FY22FY23FY24FY25
Adjusted US GAAP EBITDA
(US$m)
1.The Board considered the carrying value of intangible assets as part of an impairment
assessment and elected to recognise an impairment of $21.8m related to intellectual
property.
ArborGen 2025 ASM
6

BALANCE SHEET SUMMARY
•Reinvesting earnings into initiatives to
support growth and create future value
•Disciplined management of working
capital
•Increase in inventory due to growth of
business
•Cash flow slightly lower due to lower
EBITDA
•Net debt includes capital expenditure
and share buyback
US $mFY25FY24
Debtors12.812.6
Inventory
1
38.435.1
Creditors(12.9)(14.3)
Working Capital38.033.4
Cash and Cash Equivalents3.55.6
Total Facility37.037.0
Borrowings(24.4)(20.0)
Available/Undrawn12.617.0
Net Debt20.914.4
Net Tangible Assets (NTA)
2
64.459.8
1.Inventory comprises seed and seedlings, as well as preparation and harvesting costs
2.ArborGen share price as at 31 March 2025, NZ$ NTA calculated using 0.5706 USD:NZD exchange rate
ArborGen 2025 ASM
7

CAPITAL EXPENDITURE
FY25 reflects investment into production expansion and resilience
64% of spend on initiatives to support growth:
•Expansion of container capacity at two US
nurseries
•Cooler expansion for hardwoods at US
nursery
•Deep well addition at US nursery
•New HQ buildout in US
•Automation of inventory counts in US
•Nursery acquisition in Brazil
1.4
2.3
5.4
7.7
FY22FY23FY24FY25
CAPITAL EXPENDITURE
(US$m)
MaintenanceGrowth
ArborGen 2025 ASM
8

SHARE PRICE DISCONNECTED FROM FUNDAMENTAL VALUE
Your Board believes ArborGen’s share price does not reflect the underlying
strength or fundamental value of the business
As at 31 March 2025 (NZ$)
NTA per share: $0.22Share price: $0.13
Net assets $140mMarket cap $41m
ArborGen 2025 ASM
9

FY20FY21FY22FY23FY24FY25
US$m
Adjusted US-GAAP EBITDAGross profitDebtRevenue
TRACK RECORD OF LONG TERM GROWTH
FY25: Strong growth in Brazil, offset by cyclical headwinds in US South
Long term macro drivers
are positive
•US residential housing
driving demand for high
grade timber
•Genetic innovation - higher
yield, increased resilience
•Hardwood pulp –
eucalyptus is faster growing
and more sustainable
•Reforestation and emerging
carbon market
ANZ sale Nov 2021
for $NZ$22.25m
Accelerated expansion
into Brazil
ArborGen 2025 ASM
10

•Focused on growth in our target markets,
being the US South and Brazil
•Unparalleled product portfolios in each of our
core markets
•Decades of investment in research and
intellectual property that is now bearing fruit
•Service more than 2,000 customers each year
•Production capacity of ~500 million+ seedlings
per annum
ArborGen is strongly
positioned for the
future
•Clear strategy
•Competitive and value
advantages
•Market leadership
position
ArborGen 2025 ASM
11

Justin Birch
CHIEF EXECUTIVE
OFFICER

13
GO TO MARKET
Grow demand and sales of
higher value advanced genetics
seedlings
United States: Expand market
and increase MCP
1
adoption
Brazil: Opportunistic and
measured expansion
Focus on market-driven
genetics for the future
OPERATING STRENGTH
Enable a strong foundation for
the future
Strengthen the organisation
and develop a performance
culture
Optimise total productivity
The US South and Brazil
remain our primary markets
We are building a strong
platform for our business:
•Optimising our asset base
•Improving efficiencies
•Strong performance
culture
DUAL PATHWAY STRATEGY
Driving growth and leveraging long term demand trends
ArborGen 2025 ASM
1. MCP® - Mass Control Pollinated seedlings

FY25: BUILDING RESILIENCE AS MARKET CHALLENGES PREVAIL
Strong Business
Foundations
Business
Expansion
Continued
Growth In Brazil
Leading Market
Position
Improved efficiencies
Cost out
Recalibrated
operations in Brazil
Brazil nursery
acquisition
Expanded container
production
18.3% 3-year sales
CAGR
Production capacity up
22m yoy
Continued investment
in R&D and product
development
Holding leadership
position in US South
Long term macro trends remain positive | Clear pathway to future growth
ArborGen 2025 ASM
14

US SOUTH FY25
Challenging macro and market conditions continuing for longer than anticipated
•Economic headwinds continuing to impact
across the industry, particularly residential
building market, resulting in lower demand
•Survived major impact of Hurricane Helene
with only minor damage to the orchards;
harvest crop in nurseries was unaffected
•Continuing investment in container capacity in
response to customer demand for this added
value product
•Positive momentum from refreshed sales
team in Q4 FY25
39.3
41.2
37.5
FY23FY24FY25
SALES REVENUE
(US$m)
US SouthFY25FY24
Seedling sales (units m)214260
Sales revenue ($m)37.541.2
Advanced genetics as % of total sales volume
42%41%
Seedling capacity (units)350m350m
ArborGen 2025 ASM
15

BRAZIL
Recalibration of the business to enable continued growth, strong long term fundamentals
•Dynamic market with significant increase in
market participants and capacity driving price and
quality demands
•Severe drought in mid-year – impact on customer
demand and production schedules
•Continuing to shift sales from market clones to
protected clone seedlings, providing increased
value and revenue stability
•Expansion of production capacity with acquisition
of Eco Empreendimentos nursery for ~US$2.5m,
settled on 1 November 2024
•Recalibrated operations, creating a strong
platform for future growth
87
130
144
16.8
26.5
25.7
FY23FY24FY25
SALES REVENUE
Local currency (R $m)USD ($m)
BrazilFY25FY24
Seedling sales (units m)113113
Sales revenue (R$ m)144130
Sales revenue (USD $m)25.726.5
Advanced genetics as % of total sales volume60%50%
Seedling capacity (units)150m138m
ArborGen 2025 ASM
16

OPERATIONAL STRENGTH
Enable a strong foundation for the future
OPTIMISE TOTAL PRODUCTIVITY
•Expanded container production in the US
and acquired two nurseries in Brazil
•Disciplined cost management and focus on
operational efficiencies
•Recalibrated operations in Brazil as the
business scales up and matures
•Adapting processes, planning and
geographical footprint to mitigate impact of
severe weather events
STRENGTHEN THE ORGANISATION AND BUILD
A PERFORMANCE CULTURE
•Continuing to optimise our footprint and
operations and achieve cost savings
•Management changes and additions to build
a stronger team
•Focus on building culture, improving
communication and creating a rewarding
workplace
•Clear growth strategy with defined pathways
to future growth
17
ArborGen 2025 ASM

MARKET OPPORTUNITY
Significant opportunity to build scale and win market share
TOTAL MARKET
570M
190M
720M
113M
ADDRESSABLE
MARKET
ARBORGEN
CURRENT
VOLUME
700 MILLION
US SOUTH
(Loblolly Pine)
BRAZIL
Market size and Addressable
Market based on management
estimates and available market
information
1.35 BILLION
1.2b Eucalyptus
150m Pine
ArborGen 2025 ASM
18

•ArborGen is a key player in the US South, and a
leader in loblolly genetics - produce over 50%
of the supply of MCP seedlings
•Around 70% of timber use is residential
housing and home improvements utilising
premium grade timber
•Carbon market remains in infancy – large scale
opportunities in sustainable forestry,
afforestation and reforestation projects
•Addressable market opportunity estimated at
around 570 million seedlings. Current 190m.
US SOUTH
Thoughtful and considered growth
OUR STRATEGY
Expand market and win
market share
Increase Mass Control
Pollinated (MCP®) adoption
Increase production capacity
ArborGen 2025 ASM
19

Expansion in the South’s lumber sector will drive demand for higher
quality sawtimber - the value of advanced genetics is clear
ArborGen 2025 ASM
20

Growth in sawtimber
and OSB mills
Mill announcements 2022 -
2025
•Closures predominantly pulp
mills – pulp production
capacity reduced by 16%
•Growth (expansion and new
mills) predominantly
sawtimber, some wood panels
(OSB)
•Several firms still investing in
pulp – expected to come
online over next few years
21
Mill announcements in the US South between 2022-2025
Mills
Pellet
Lumber
OSB
Panel
Plywood/veneer
Pulp/paper
Increase in wood use
Tons
100
10,000
1,000,000
Decrease in wood use
Tons
100
10,000
1,000,000
ArborGen 2025 ASM
21

LEADER IN ADVANCED GENETICS SEEDLINGS
Delivering increased value to customers
22
ArborGen 2025 ASM

EMERGING CARBON MARKET
ArborGen is well positioned as the seedling supplier of choice for carbon offset projects;
poised to do more as the market grows
•The carbon market opportunity remains in its infancy
•ArborGen is a key supplier to Chestnut Carbon, which has
already planted 17 million trees supplied by ArborGen, across
30,000 acres in the US South
•Chestnut Carbon has signed carbon offtake agreements with
credit buyers including Microsoft and is in the process of
planting hundreds of thousands of acres to support these
projects
•The Microsoft agreement is to restore 60,000 acres of forest
over the next quarter century – the largest carbon removal
agreement signed by Microsoft in the US
•By 2030, the global carbon credit market is projected to reach
between $7b and $35b*
Chestnut Carbon Enters
Offtake Agreement with
Microsoft for a
Groundbreaking Carbon
Removal Project
*MSCI carbon markets report January 2025
23

BRAZIL
Opportunistic and measured expansion
•The world’s largest producer and exporter
of hardwood pulp – eucalyptus demand est.
1.2 billion per annum for next few years
•Growing demand for new, higher quality,
more resistant clones with higher yields
•ArborGen is now one of the largest
commercial suppliers of seedlings with
superior genetics in the country
Addressable market opportunity estimated
at around 720 million seedlings (~80%
eucalyptus). Current sales 113m.
OUR STRATEGY
Leverage strong position in
the pine and eucalyptus
seedling markets
Replicate US strategy to
convert the market to
products with superior
genetics
Enhanced technology
sharing across the US and
Brazilian teams
Expand production and
grow capacity for protected
clones
ArborGen 2025 ASM
24

ArborGen 2025 ASM
ArborGen holds a strong value position with
protected genetic seedlings (clones) in the
eucalyptus market
•Market is seeking new clones with higher yields that are
also more resilient
•ArborGen’s superior trees offer higher yields and higher
wood density than standard market clones, improved
disease and insect resistance, and good drought tolerance
•ArborGen has the largest range of in-demand protected
clones in the market
•Strong long term commercial fundamentals
Current Phase: Moving mix towards protected clones:
•Investment now to establish production hedges
•Lower production in early years, resulting in higher cost of sales
25

FY26 TRADING TO DATE
•US - some production losses from severe hail and
rains in Texas, demand growth in container market,
investing in MCP® as pulp market slows
•Brazil - investing in production to meet continued
strong demand for eucalyptus, with high demand
also for pine; carefully managing competitor
pricing pressure
•Building better coordination between US and Brazil
teams
ArborGen 2025 ASM
26

OUTLOOK
Targeting YOY improvements in revenue and gross margin. Adjusted US GAAP EBITDA
expected to be between USD $11m and $12m, an increase of at least 25% on FY25
US SOUTH
•Weak market conditions until at least
2026
•Sales activity will drive some revenue
and volume growth
•Focus on higher value products –
MCP and containers
•Well positioned as the seedling
supplier of choice for the emerging
carbon market
BRAZIL
•Expected volume growth
•Some margin impact from excess
market capacity
•Full year benefit of new nursery
•Continued shift into protected
genetics
•Focus on improved product mix and
pricing
ArborGen 2025 ASM
27

28
SHAREHOLDER DISCUSSION

RESOLUTIONS
Resolution 1: That the Directors be authorised to fix the fees and
expenses of Grant Thornton as the Company’s auditor.
Resolution 2: Re-election of George Adams as a Director of the
Company.
ArborGen 2025 ASM
29

30
OTHER BUSINESS
CLOSE OF THE MEETING

ADJUSTED US GAAP RECONCILIATION
Fiscal year ending March US$mMar
2025
US GAAP
Revenue63.2
Gross margin (excluding DDA)20.8
LessSG&A (9.7)
LessR&D(3.0)
PlusOther income (expense)3.0
US GAAP EBITDA
(1) (2)
11.2
Adjustments
Restructuring and other adjustments0.7
Reversal of prior year tax credits(0.8)
Gain on in vitro business sale(2.2)
Adjusted US GAAP EBITDA
(3) (4)
8.8
1.Under US GAAP, from a statutory reporting perspective, the classification of the
expense items, and other significant items in this table may differ from what is
presented in the financial statements.
2.US GAAP EBITDA excludes NZ public company costs.
3.Adjusted US GAAP EBITDA excludes one-off and unusual items which may include
restructure costs, impairments and write downs on assets, acquisition/sale
transaction costs and other one-off items. In FY25, one-off and unusual items were
$2.4m including a cash $2.2m gain on sale of the in vitro business, tax credits and
other costs.
4.The Company uses Adjusted US GAAP EBITDA when discussing financial performance.
This is a non-GAAP financial measure and is not recognised within IFRS. Non-GAAP
financial measures should not be viewed in isolation nor considered as a substitute
for measures reported in accordance with GAAP. Management believes that
Adjusted US GAAP EBITDA provides useful information, as it is used internally to
evaluate performance, and it is also a measure that equity analysts focus on for
comparative company performance purposes, as themeasure removes distortions
caused by differences in asset age, depreciation policies and debt:equity structures.

ArborGen 2025 ASM
31

DISCLAIMER
This presentation has been prepared by ArborGen Holdings Limited (“ArborGen”), to provide an overview of the performance of ArborGen and its activities at the date of this presentation.
It is not prepared for any other purpose and must not be provided to any person other than the intended recipient. This presentation should be read in conjunction with ArborGen’s interim
and annual reports, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com/companies/ARB and www.arborgenholdings.com.
The information in this presentation is of a general nature only. It is not a complete description of ArborGen.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any particular prospective
investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective investor may require. Any person who is considering
an investment in ArborGen securities should obtain independent professional advice prior to making an investment decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation is not an indication of future performance and should not be relied upon as such. This presentation may also contain forward
looking statements with respect to the financial condition, results of operations and business, and business strategy of ArborGen. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a promise or representation that a transaction or outcome
referred to in this presentation will proceed or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters may prove to be
incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in ArborGen’s financial
statements available at www.arborgenholdings.com. This presentation may include non-GAAP financial measures. This information has been included on the basis that ArborGen
management and directors consider that this non-GAAP information assists readers to understand the key drivers of ArborGen’s performance which are not disclosed as GAAP measures in
ArborGen’s financial statements.
ArborGen and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to accuracy or
completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.
All references to currencies in this document are in US dollars (US$) unless otherwise stated.
ArborGen 2025 ASM