Seeka Announces its 31 December 2025 result

FULL YEAR RESULTS ANNOUNCEMENT FY25 | SEEKA LIMITED1
SEEKA 2025 FULL YEAR RESULT
Audited results for year ended 31 December 2025 (FY25)
Listed New Zealand produce handler Seeka Limited, with operations in New Zealand and Australia, reports its
audited results for the year ended 31 December 2025.
$440 million operating revenue — up 7% on FY24's $411 million
$96 million EBITDA — up 26% on FY24's $76 million
$48 million net profit before tax — up 60% on FY24's $30 million
$32 million net profit after tax — up 50% on normalised FY24
1
76 cents earnings per share — up 49% on normalised FY24's 51 cents earnings per share
1
30 cents per share of dividends paid in FY25
25 cents per share dividend to be paid 15 April 2026
$100m net bank debt — down $37m on 31 December 2024
Commentary
Seeka is pleased to announce its audited annual results for the year ended 31 December 2025 which includes record
profit and returns to shareholders. Seeka’s strategy and operational performance has lifted earnings in each business
unit while delivering excellent service and returns to our growers and high-quality fruit to the markets.
Profit after tax of $32.0 million compares to 2024's reported profit of $8.8 million and 2024's normalised profit of
$21.2m, after the change in tax deductibility of depreciation on buildings. The profit after tax equates to $0.76 earnings
per share compared to 2024's reported $0.21 per share (normalised $0.51 per share).
The company benefited from an excellent kiwifruit growing season in New Zealand which delivered a record 47.1m
trays. Fruit quality delivered from growers and Seeka’s orcharding operations was excellent, enabling efficiencies. The
fruit was well handled with the resulting quality delivered to the market comparatively excellent.
SeekaFresh and Seeka Australia benefited from stronger volumes and new category sales lifting earnings in both.
Seeka has continued to focus on its core business, driving efficiencies and controlling costs through innovation and
automation which has helped lift EBITDA by 26% to $95.9m.
The company has continued to invest in core infrastructure with significant risk mitigation through a targeted
programmed maintenance project focused on plantrooms and switchboards. New plant capacity is being
commissioned at Huka Pak, Orangewood and Kerikeri and leased coolstore increases at Pioneer.
Seeka has prudently managed debt. Total debt of $100.3m is down $37.0m from December 2024 and compares to
$172.4m at the same time in 2023.
Seeka has announced a dividend of $0.25 per share to be paid on 15 April 2026 to all shareholders on the register on
20 March 2026. The dividend will be fully imputed and the reinvestment plan will apply.
Seeka chief executive, Michael Franks, says “Seeka was pleased with the results. From a focused strategy, and the
efforts of many, we achieved record profitability and financial resilience was rebuilt into the balance sheet.
"While it is too early to reliably indicate 2026, the company enters the year in great shape and ready for the year
ahead”, says Franks.
27 February 2026
Company announcement
1. 2024 normalised net profit after tax of $21.2m removes the impact of the $12.5m one-off tax expense from the government’s removal of tax
deductibility on non-residential buildings from the reported net profit after tax of $8.8m.

FULL YEAR RESULTS ANNOUNCEMENT FY25 | SEEKA LIMITED2
Financial performance
The following table outlines Seeka’s performance in FY25.
New Zealand dollarsFY25FY24Change
Total revenue
$ 439.6 m $ 411.4 m 7%
Earnings before interest, tax, depreciation, amortisation and impairments - EBITDA
$ 95.9 m $ 76.1 m 26%
Earnings before interest and tax - EBIT
$ 62.6 m $ 46.8 m 34%
Net profit before tax - NPBT
$ 47.5 m $ 29.7 m 60%
Net profit after tax - NPAT
$ 32.0 m $ 8.8 m 265%
Net bank debt
$ 100.3 m $ 137.3 m ( 27%)
Basic earnings per share
$ 0.76 $ 0.21 262%
Basic earnings per share - pre deferred tax adjustment
1
$ 0.76 $ 0.51 49%
Net tangible assets per share
$ 6.31 $ 5.66 11%
1. 2024 normalised net profit after tax of $21.2m removes the impact of the $12.5m one-off tax expense from the government’s removal of tax
deductibility on non-residential buildings from the reported net profit after tax of $8.8m.
This announcement should be read in conjunction with Seeka Limited's 2025 annual report.
A copy of the 2025 annual report can be found on Seeka's website www.seeka.co.nz/reports.
EBITDA
EBITDA before revaluations and impairments is considered by Seeka's Board to be a key measure of performance.
New Zealand dollars ($000s)FY25FY24
Net profit before tax
47,49729,713
Interest expense
8,57312,327
Lease interest expense
6,5154,776
EBIT
62,58546,816
Impairment charges and revaluations
Impairments
2,629765
Depreciation expense
17,70117,099
Lease depreciation expense
12,65411,139
Amortisation of intangible assets
290302
EBITDA before impairments and revaluations
95,85976,121
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

---

Analyst Briefing Pack
Audited Results for the year ended 31 December 2025

Agenda
2
5
4
Outlook
3
Operating segment performance
2
Capital management
1
Financials
Overview

Delivering on Seeka's Strategy
Excellent crop yields and quality
47m NZ kiwifruit trays packed – up 10% |Australia kiwifruit volumes up 25%
Record earnings
EBITDA $96m | $47.5m NPBT | $32m NPAT | $0.76 EPS | $0.30 per share dividends in FY25
Excellent operational performance
Low onshore fruit loss | Excellent offshore quality | Excellent service to customers
Invested in growth assets
NZ and Australian orchard developments | New Reemoon technology for 3 Seeka sites | Leased coolstore expansion
Forward focus
Maintain strategy | Efficiency gains in automation | Excellent operational performance
Harvest 2026
Infrastructure, systems & personnel ready| Australia harvest underway
1
2
3
4
5
3
6

Financials

1. See appendix for ROCE calculation.
These financials should be read in conjunction with Seeka’s Annual Report 2025 and the attached appendix.
Group financial performance
$440m Revenue
Up 7% on $411m FY24
$96m EBITDA
Up 26% on $76m FY24
$47.5m Net profit before tax
Up 60% on $29.7m FY24
Guidance range $44m ~ $48m
$32.0m Net profit after tax
Up 265% on $8.8m FY24
Up 50% on $21.2m FY24 (normalised for deferred tax change)
All results and comparatives consistent with NZ IFRS 16 Leases
5
NZD $millionsFY25FY24
Change
Revenue439.6 411.4
7%
Cost of sales313.7 306.5
2%
Gross profit125.9 104.9
20%
EBITDA95.9 76.1
26%
EBIT62.6 46.8
34%
Net profit before tax47.5 29.7
60%
Net profit32.0 8.8
265%
Return on capital employed
1
14.5%10.1%
43%
Net tangible asset backing per share$ 6.31 $ 5.66
11%

$482m
$548m
$549m
$550m
$605m
FY21FY22FY23FY24FY25
Total assets
$57m
$46m
$26m
$76m
$96m
$49m
FY21FY22FY23FY24FY25
EBITDA
Trends in financial performance
6
FY21 EBITDA included a one-off $7.6m benefit
from the Crown’s settlement of a Kiwifruit Claim.
NZ Class 1 kiwifruit trays packed
$7.6m
claim
settlement
All results and comparatives consistent with NZ IFRS 16 Leases.
$310m
$348m
$301m
$411m
$440m
39.2m
42.0m
29.8m
43.0m
47.1m
FY21FY22FY23FY24FY25
Revenue
$23.5m
$7.6m
($21.0m)
$29.7m
$47.5m
FY21FY22FY23FY24FY25
Net profit before tax

Trends in operating segment performance
7
Class 1 kiwifruit trays grownClass 1 kiwifruit trays packedTurnoverThousands of tonnes handled
$1.2m
$6.2m
gain
on sale
$5.2m
$4.6m
$1.0m
$6.2m
$10.3m
14.4m
17.0m
11.4m
17.3m
19.0m
FY21FY22FY23FY24FY25
Orcharding
EBITDA
$61.6m
$59.0m
$43.8m
$90.4m
$105.0m
39.2m
42.0m
29.8m
43.0m
47.1m
FY21FY22FY23FY24FY25
Post harvest
EBITDA
$2.3m
$0.8m
$2.6m
$2.6m
$3.2m
$68m
$54m
$63m
$67m
$83m
FY21FY22FY23FY24FY25
SeekaFresh
EBITDA
$1.6m
$1.0m
$0.7m
$3.2m
$4.7m
5.0
4.9
3.3
4.5
5.6
FY21FY22FY23FY24FY25
Seeka Australia
EBITDA

Capital management

All results and comparatives comply with NZ IFRS 16 Leases. Values may not always sum due to rounding.
Balance sheet
$17.7m increase in capital employed in FY25
$24.6m increase in PP&E
−New post harvest technology
−Investing to mitigate material damage risk
Capital employed 31 December
9
NZD $millionsFY25FY24Change
Current assets - excludes cash & tax assets
Trade and other receivables
28.3 29.3
( 4%)
Biological assets - crop
24.5 25.3
( 3%)
Assets held for sale
-3.3
( 100%)
Inventories and water rights
11.3 10.3
10%
Total current assets
64.1 68.1
( 6%)
Current liabilities - excludes debt
Trade and other payables
( 45.5)( 34.8)
30%
Tax (liability) / asset
( 13.4)( 3.7)
258%
Net working capital
5.2 29.6
( 82%)
Non current assets
Property, plant and equipment
412.9 388.3
6%
Lease assets
66.2 48.4
37%
Investments in associates and JAs
8.1 8.0
1%
Derivatives (liability) / asset
( 1.4)( 0.3)
345%
Financial assets
1.4 1.3
11%
Deferred tax assets
5.7 5.0
14%
Intangibles and receivables
27.5 27.7
( 0%)
Total non current assets
520.5 478.4
9%
Capital employed
525.7 508.0
3%

All results and comparatives comply with NZ IFRS 16 Leases. Values may not always sum due to rounding.
Balance sheet
$100.3m net bank debt at December 2025
−$37.0m repaid since December 2024 – 27% decrease
−$72.1m repaid since December 2023 – 42% decrease
Syndicated five-bank funding
−Led by Westpac NZ, alongside Westpac Corporation, ASB,
BNZ and Rabobank
Final sale of orchard assets from Northland acquisition
−13.5 hectare orchard sold in February 2025
Net leverage ratio 1.30x - as calculated by the banks
Net bank debt 31 December
10
NZD $millionsFY25FY24
Change
Non current liabilities - excludes debt
Lease liabilities (current and non current )( 81.7)( 62.6)
31%
Deferred tax liability( 45.7)( 41.7)
9%
( 127.4)( 104.3)
22%
Cash( 19.4)( 3.0)
549%
Borrowings119.6 140.3
( 15%)
Net bank debt100.3 137.3
( 27%)
Total equity298.1266.4
12%
Assets held for sale-3.3
( 100%)
Net bank debt
Less assets held for sale
100.3134.0
( 25%)
Net leverage ratio1.30x2.15x

1.As required by NZ IAS 33, 1,776,994 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations.
If included, the weighted average EPS would be $0.73 (FY24: $0.20).
Earnings per share and dividends
76 cents per share earnings per share
1
30 cents per share total dividend in FY25
−5 cents per share April 2025
−15 cents per share October 2025
−10 cents per share January 2026
25 cents per share to be paid in April 2026
−Declared 26 February 2026
−Record date 20 March 2026
−Dividend reinvestment plan will apply – 2% discount
11
FY25FY24
Net profit$ 32.0 m $ 8.8 m
265%
Weighted shares on issue41.9 m 41.6 m
1%
Earnings per share
1
$ 0.76 $ 0.21
262%
Dividends per share$0.30$ 0.10
200%
Net tangible assets$278 m $246 m
13%
Shares at year end44.0 m 43.5 m
1%
Net tangible assets per share$ 6.31 $ 5.66
11%

Operating segment performance

Orchard business – led by Barry Penellum
$10.3m EBITDA – 66% up from $6.2m FY24
−Improved kiwifruit yields and returns
Co-investing with landowners and funding agencies
−65 hectares being developed with long-term supply agreement
$6.3m directly invested in long-term leased land
−12 hectares of kiwifruit
13
Growing kiwifruit, avocado and kiwiberry in New Zealand
NZD $millionsFY25FY24
Change
Revenue117.3 102.7
14%
EBITDA10.3 6.2
66%
EBIT5.6 2.8
104%
Segment assets76.4 86.2
( 11%)
EBITDA pre NZ IFRS 167.5 3.7
104%
Crop grown - class 1 trays (millions)
Total kiwifruit trays grown - all varieties19.017.3
10%
SunGold trays (millions)9.88.5
15%
SunGold yields - average per hectare14,41813,464
7%
Hayward trays (millions)8.88.5
4%
Hayward yields - average per hectare12,25211,224
9%
Organic and RubyRed trays0.40.3
53%

Post harvest business – led by Paul Crone
$105.0m EBITDA – up 16%
−Packhouses and coolstores volumes up
Growth in kiwifruit volumes
−SunGold up 9%
−Hayward up 6%
−Organic and RubyRed up 40%
Automation delivers efficiency gains
Revenue from handling more fruit
−Contract packing service
−Assets used outside kiwifruit season
New capacity builds for 2026
−Automation upgrades at Huka Pak, Kerikeri and Orangewood
14
Packing, coolstoring and shipping kiwifruit and avocado for New Zealand orchard owners
NZD $millionsFY25FY24
Change
Revenue276.6 257.4
7%
EBITDA105.0 90.4
16%
EBIT85.5 71.5
19%
Segment assets397.4 349.9
14%
EBITDA pre NZ IFRS 1695.8 83.1
15%
Trays packed - (millions)
SunGold28.726.4
9%
Hayward15.414.5
6%
Organic and RubyRed2.92.1
40%
Total class 147.143.0
10%
Class 21.81.9
( 4%)
Total packed49.044.9
9%

Retail services business – led by Kate Bryant and Jim Smith
$3.2m EBITDA – up 24%
Growth in tropical fruits import and ripening service,
Kiwiberry, kiwifruit and citrus sales
Kiwi Crush and Kiwi Crushies sales up
−Volumes and value up on new marketing programme
Working with industry partners to rationalise the
avocado supply and marketing system
Launch of LUVO
−Established from acquired Olivado assets
−Avocado, olive, macadamia and coconut oil production
−Consumer brand
15
SeekaFresh - marketing class 2 kiwifruit, imported produce& DNFC - kiwiberry packing, KiwiCrush & LUVO
NZD $millionsFY25FY24
Change
Turnover82.9 67.5
23%
EBITDA3.2 2.6
24%
EBIT2.1 1.6
31%
Segment assets12.6 12.7
( 0%)
EBITDA pre NZ IFRS 162.2 1.6
35%

Australian business – led by Jon van Popering
$4.7m EBITDA – up 48%
−Improved pear and nashi yields
Good pricing and demand for Australian-grown fruit
Invested in new orchard developments
−18 hectares of kiwifruit entering production 2026
−Further 36 hectares of kiwifruit by 2028
−Ruby Roo red nashi scheduled to start producing 2027
−New jujube orchards by 2027
Positive outlook
−Nashi and pear harvest underway with good volumes
−Kiwifruit crop protection programme benefiting new developments
16
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased orchards
NZD $millionsFY25FY24
Change
Revenue21.6 19.2
13%
EBITDA4.7 3.2
48%
EBIT1.4 0.7
94%
Segment assets78.0 63.4
23%
EBITDA pre NZ IFRS 162.2 1.0
119%
Fruit grown - tonnes
Kiwifruit2,222 2,285
( 3%)
Nashi1,216 1,072
13%
Pears1,974 1,029
92%
Other fruit203 119
70%
Total tonnes grown5,615 4,505
25%

Outlook
Three new Reemoon installations commissioned and ready to go
−Automation drive continues
Labour availability excellent
All sites ready for harvest
First fruit has been packed
Too early to provide a reliable volume forecast
Next update at the Annual Shareholder Meeting
−15 April 2026, 2.30pm
17

Contact
Michael Franks
Chief executive
+64 21 356 516
18
For more information see www.seeka.co.nz or please call
Nicola Neilson
Chief financial officer
+64 21 841 606

Appendix
19

EBITDA
20
EBITDA before revaluations and impairments is considered by Seeka's Board
to be a key measure of performance and reflection of cash flow generation.
NZD $millions
FY25FY24
Net profit before tax
47,49729,713
Interest expense
8,57312,327
Lease interest expense
6,5154,776
EBIT
62,58546,816
Impairments
2,629765
Depreciation expense
17,70117,099
Lease depreciation expense
12,65411,139
Amortisation of intangible assets
290302
EBITDA before impairments and revaluations
95,85976,121

1. Lease liability less the right-of-use lease asset. 2. Notes to Seeka’s 2025 financial statements.
ROCE calculation
21
Return on capital employed is calculated as below
NZD $millions
Notes
2
FY25FY24
EBIT62,58546,816
Adjust for non-recurring items & NZ IFRS 16
Lease interest expense( 6,515)( 4,776)
Acquisition and restructuring costs
4
88123
Impairments2,629765
EBIT - operating activities58,78742,928
Capital employed
Shareholder funds298,108266,403
NZ IFRS16 adjustment
1
13
15,50714,192
Interest-bearing bank debt
17
119,620140,290
Cash( 19,361)( 2,983)
Assets under construction
10
( 16,903)( 907)
Assets classified as held for sale
9
-( 3,287)
Total capital employed396,971413,708
Average capital employed405,340424,197
Return on capital employed14.5%10.1%

seeka.co.nz
Click to visit the Seeka website

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Seeka Limited
Reporting Period 12 months to 31 December 2025
Previous Reporting Period 12 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$439,611 6.9%
Total Revenue $439,611 6.9%
Net profit/(loss) from
continuing operations
$31,961 265.2%
Total net profit/(loss) $31,961 265.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.25000000 cash dividend
Imputed amount per Quoted
Equity Security
$0.09722222
Record Date 20 March 2026
Dividend Payment Date 15 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$6.31 $5.66
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

27/02/2026

Audited financial statements accompany this announcement.

---

2025
ANNUAL REPORT

SEEKA LIMITED | ANNUAL REPORT 2025
Contents
Welcome to Seeka's 2025 Annual Report where we detail our progress to deliver
excellence to stakeholders and value for shareholders, as we implement our strategy to
build a sustainable, world-class produce business.
2 Overview
6 From the Chair and Chief Executive
11 Group financial performance
12 Orcharding business
13 Post harvest business
14 SeekaFresh retail services business
15 Australia business
16 Environmental sustainability
19 Financial statements
20 Statement of profit or loss
21 Statement of comprehensive income
22 Statement of financial position
23 Statement of changes in equity
24 Statement of cash flows
25 Notes to the financial statements
66 Independent auditor's report
71 Governance
94 Directory
Main contents
The best way to view this online version of Seeka's annual 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.

ANNUAL REPORT 2025 | SEEKA LIMITED2
Overview
47m trays
of kiwifruit packed in New Zealand
10%
19m trays
of kiwifruit grown in New Zealand
10%
3 coolstores
retrofitted with eco-friendly coolants
5615 tonnes
of kiwifruit, nashi, pears and jujube grown
on Seeka's Australian orchards
25%
Main contents

3SEEKA LIMITED | ANNUAL REPORT 2025
Operating revenue
$440m
7%
EBITDA
$96m
26%
Net profit before tax
$47m
up 60%
Earnings per share
76cents
up from $0.51 pre deferred tax adjustment
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED4
Connecting sustainable
produce to the world
Operations calendar
JANFEBMARAPRM AYJUNJULAUGSEPOCTNOVDEC
KIWIBERRY
CITRUS
PERSIMMON
KIWIFRUIT
AVOCADO
AVOCADO
JUJUBE
NASHI AND PEAR
FRESH FRUIT AND VEGETABLES WHOLESALE MARKET
BANANA AND TROPICAL FRUITS IMPORT AND SUPPLY
KIWI CRUSH™ PRODUCTION AND SALE
LUVO™ OIL PRODUCTION AND SALE - AVOCADO, OLIVE, MACADAMIA, COCONUT
PLUMPLUM
AUSTRALIAN KIWIFRUIT
NEW ZEALAND
SEEKAFRESH
AUSTRALIA
Main contents

1,2,15
3
4,5,6
8,9,10
7
11
12
13
14
5SEEKA LIMITED | ANNUAL REPORT 2025
NZ post harvest
1. Kerikeri
2. Orangewood
3. Peninsula
4. Aongatete
5. Katikati
6. Work Road
7. Huka Pak
8. Oakside
9. KKP
10. Transpack
11. OPAC
12. Gisborne
Operating facilities
16,17
Australian facilities
16. Kiwi Shed, Bunbartha, Victoria
17. Nashi Shed, Bunbartha, Victoria
NZ service sites
13. SeekaFresh retail services
14. Seeka KiwiCrush™ production centre
15. Seeka LUVO™ production centre
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED6
Seeka is pleased to present our annual report for the
year ended 31 December 2025, where Seeka’s strategy
has generated record returns to our shareholders. By
lifting the performance of our business units, Seeka
has delivered excellent service and returns to our
growers, and high-quality fruit to the markets.
Net profit after tax of $32.0 million was up 50% on 2024’s
normalised profit of $21.2 million
1
. Earnings per share was up 49%
to $0.76 compared to normalised earnings of $0.51 in 2024 ($0.21
as reported). It is the second successive year of record profits.
An improved performance across all business units delivered a 60%
lift in net profit before tax to $47.5 million, at the top end of the
December 2025 market guidance of $44 million to $48 million. The
2025 result includes $2.3 million of impairments from machinery
and crop reconfiguration, plus the cost of settling the OPAC
insurance claim.
Gross profit was up 20% to $125.9 million reflecting higher
volumes, prudent financial management and a tight focus on costs.
Seeka paid $0.30 per share in dividends in 2025.
Closing share price of $4.66 was up 43% in the year, and at
year end Seeka shares had a net tangible asset backing of $6.31
compared with $5.66 in 2024.
Revenue growth on volumes
Revenue of $439.6 million was up 7% on 2024’s $411.4 million. Post
harvest revenue was up 7% to $276.6 million with Seeka packing,
coolstoring and loading out 47.1 million class 1 trays of New Zealand
kiwifruit.
An exceptional growing season and improved market returns also
benefited orcharding operations with revenue up 14% to $117.3
million
SeekaFresh and Seeka Australia also benefited from stronger
volumes and new category sales, with SeekaFresh turnover up 23%
to $82.9 million, and Seeka Australia's revenue was up 13% to $21.6
million.
From the Chair and Chief Executive
1. 2024 normalised net profit after tax of $21.2m removes the impact of the $12.5m one-
off tax expense from the government’s removal of tax deductibility on non-residential
buildings from the reported net profit after tax of $8.8m.
309.6
348.4
300.9
411.4
439.6
Group revenue
NZD Millions
FY21FY22FY23FY24FY25
Group net profit / (loss) after tax
NZD Millions
14.9
6.5
21.2
1
32.0
(14.5)
8.8
FY21FY22FY23FY24FY25
Main contents

7SEEKA LIMITED | ANNUAL REPORT 2025
All business segments delivered higher earnings
Seeka’s strategy of tightly controlling costs and gains through
innovation and automation helped lift EBITDA
1
to $95.9 million, a
26% increase as Seeka continues to be focused on business unit
performance.
Higher kiwifruit volumes, the core of Seeka’s business, generated
higher earnings from post harvest and orcharding operations. Post
harvest efficiency also benefited from quality crops supplied by
Seeka’s growers with superior quality delivered to the markets.
In addition to kiwifruit, Seeka handles an expanding range of New
Zealand products, including persimmon, citrus, avocado and
kiwiberry , as well as importing tropical fruits. This expansion across
the horticulture sector improves the utilisation of Seeka's supply
chain systems and post harvest assets, and generates earnings from
SeekaFresh retail services. Kiwiberry was once again a highlight for
both Seeka and its growers with record volumes and returns.
Seeka’s Australian business continues to recover with the
introduction of a new crop protection programme that has
increased kiwifruit yields in a Psa environment. Seeka’s Australian
business is set for a growth in volumes and earnings with new
varieties and new kiwifruit orchards coming into production.
Post harvest capacity
2025 volumes were within post harvest capacity. Seeka's capital
expenditure has focused on programmed capital maintenance along
with investments in automation that deliver efficiencies and returns.
Substantial switchboard rebuilds at Seeka's facilities in Gisborne,
Huka Pak, Oakside, KKP and Katikati have reduced operational risks
and helped to manage insurance costs.
For 2026, new packing solutions are being commissioned at
Seeka Orangewood and Seeka Kerikeri to pack citrus and kiwifruit
respectively, and Seeka Huka Pak which handles organic kiwifruit
along with conventionally-grown kiwifruit. The introduction of
Reemoon technology at these sites is set to deliver efficiencies in
2026 by handling more fruit at lower per unit costs.
Seeka is evaluating full lights-out coolstores to deliver a step change
in coolstore efficiencies and returns.
Inflationary pressure remains, particularly for electricity and
packaging, with Seeka working to limit cost increases on the
business and its customers.
56.8
46.1
26.0
76.1
95.9
Group EBITDA
1
NZD Millions
FY21FY22FY23FY24FY25
39.2
42.0
29.8
43.0
4 7.1
New Zealand kiwifruit packed
Millions of class 1 trays
FY21FY22FY23FY24FY25
1. EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and
revaluations.
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED8
Dividends
Seeka declared $0.30 per share in dividends in the 2025 financial year,
this follows the resumption of dividends in 2024 when a $0.10 per share
dividend was declared in October 2024 and paid January 2025.
A further dividend of $0.25 per share is declared alongside these results.
Announced 26 February 2026, the dividend will be paid 15 April 2026 to all
shareholders on the register 20 March 2026. This dividend is fully imputed
and the dividend reinvestment plan will apply.
Financing and balance sheet
Seeka has prudently managed debt. Total net debt of $100.3 million is down
$37.0 million on 2024, with $72.1 million having been repaid since the peak
of $172.4 million in 2023. This reduction has improved Seeka’s leverage and
banking covenant ratios.
Total assets of $605.4 million is up 10% from 2024’s $549.9 million.
Following a sustained period of asset growth and business acquisition,
Seeka's strategy has been to consolidate and focus on its core business.
Included in the lift in total assets is a $31.8 million addition to the value
of property plant and equipment, as Seeka upgrades post harvest
switchrooms to mitigate risk, and invests in new automation solutions for
harvest 2026.
Sustainability
Seeka continues to progress its sustainability strategy to achieve targets
outlined in Seeka's June 2025 Sustainability Report, with a focus on
decarbonising operations to reduce Seeka's environmental footprint. Key
initiatives include:
–Reducing the greenhouse gas footprint of refrigerants.
Seeka achieved a 53% reduction in greenhouse gas emissions from
coolstore refrigerants in 2025. This was achieved by improved leak
monitoring along with the retrofitting of coolstores at Katikati, Huka Pak
and Gisborne with eco-friendly refrigerants, with KKP coolstores under
conversion prior to harvest 2026.
–Switching to hybrid and electric vehicles. Seeka operates 44 hybrids
which is 18% of the total fleet.
–Switching to solar. Seeka has installed 1165kW of solar, equivalent to
2% of Seeka's annual electricity demand.
101
147
172
137
100
Net debt, 31 December
NZD Millions
FY21FY22FY23FY24FY25
482
548
549550
605
Total assets
NZD Millions
FY21FY22FY23FY24FY25
Main contents

9SEEKA LIMITED | ANNUAL REPORT 2025
People
Seeka has a culture based on commitment and performance. Our people
have continued to play a major role in our improvement and outcomes.
The Company has improved its safety performance in 2025, with no serious
harm injuries.
Seeka has grown to 640 permanent FTEs and approximately 3000
seasonal roles, which includes 1200 RSEs. Our management systems and
practices continue to evolve to ensure Seeka is an employer where people
choose to work.
Seeka continues to support the development of our people with leadership
programmes, cadetships and opportunities for advancement. We continue
to refine our remuneration processes and levels to provide employees with
competitive remuneration with upside for performance.
Seeka thanks all of our people for their efforts, dedication and focus.
Forward focus
The Company has delivered two years of excellent financial and operational
results from a focus on the core business.
Seeka has produced record profits, lowered debt, grown dividends and built
resilience into its balance sheet and financial structure.
It is too early to make a prediction on 2026, however Seeka enters the year
in great shape.
Mark Dewdney Michael Franks
Chair Chief executive
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED10
Main contents

11SEEKA LIMITED | ANNUAL REPORT 2025
Group financial performance
Key indicators
New Zealand dollarsFY25FY24Change
Total revenue
$ 439.6 m$ 411.4 m7%
EBITDA before impairments and revaluations
$ 95.9 m$ 76.1 m26%
Depreciation expense
$ 17.7 m$ 17.1 m4%
Lease depreciation expense
$ 12.7 m$ 11.1 m14%
Impairments, revaluations and amortisation of intangibles
$ 2.9 m$ 1.1 m174%
EBIT
$ 62.6 m$ 46.8 m34%
Interest expense
$ 8.6 m$ 12.3 m( 30%)
Lease interest expense
$ 6.5 m$ 4.8 m36%
Net profit before tax
$ 47.5 m$ 29.7 m60%
Income tax charge
$ 14.4 m$ 9.1 m59%
Deferred tax charge
$ 1.1 m( $0.6 m)( 279%)
Deferred tax adjustment FY24
- $ 12.5 m-
Net profit attributable to equity holders
$ 32.0 m$ 8.8 m265%
Basic earnings per share
$ 0.76$ 0.21262%
Basic earnings per share - pre deferred tax adjustment FY24
$ 0.76$ 0.5149%
Dividends per share

$ 0.30$ 0.10200%
Cash flow from operating activities
$ 79.0 m$ 66.0 m20%
Total assets
$ 605.4 m$ 549.9 m10%
Property plant and equipment
$ 412.9 m$ 388.3 m6%
Net assets
$ 298.1 m$ 266.4 m12%
Net bank debt
$ 100.3 m$ 137.3 m( 27%)
Values may not always sum due to rounding.
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED12
Seeka's New Zealand orcharding operations
deliver a professional growing service to
orchard owners and excellent performance.
It also secures quality crop for Seeka's core
post harvest business.
In 2025 orcharding production was up 10% to 19.0
million class 1 trays of kiwifruit, with Seeka's orcharding
service supplying 40% of the volumes handled by post
harvest.
An excellent growing season helped lift yields, with
Hayward up 9% to an average 12,252 trays per hectare,
and SunGold up 7% to 14,418 trays per hectare.
Seeka's managed portfolio of orchards and vines, where
growing services are provided to orchard owners for
a fee, produced 13.6 million trays of kiwifruit, with the
leased portfolio, where Seeka finances the crop and
shares profit with orchard owners, produced 5.5 million
trays, up from 4.7 million in 2024.
Seeka also grew 1,949 tonnes of avocado (2024: 1,780
tonnes) and 217 tonnes of kiwiberry (2024: 169 tonnes),
on orchards that it leased or managed.
2025 orchard operations revenue of $117.3 million
was up $14.6 million, driven by an excellent growing
season, strong international demand for New Zealand
kiwifruit, including a rebound in Hayward returns, and
a 43% increase in production from Seeka's SunGold
lease portfolio. Higher revenues delivered a $4.1 million
increase in EBITDA to $10.3 million.
Seeka continues to co-invest alongside landowners
and funding agencies to develop high-value orchards,
with 65 hectares currently under development with
long-term supply commitments. Seeka has also directly
invested $6.3 million to develop 12 hectares of kiwifruit
and nine hectares of avocado on long-term leased land.
Fruit volumes and the profitability of Seeka's orcharding
operations are expected to increase as these orchards
reach full production.
Orcharding business
Led by GM Orchards, Barry Penellum
Orchard operations span from Northland through the Coromandel, Bay of Plenty, Ōpōtiki and Te Kaha. Orchard operations
include all aspects of growing and harvesting kiwifruit, avocado and kiwiberry on leased, long term leased, and Seeka-owned
orchards. The orcharding business provides comprehensive orchard and vine management services to owners together with
contract work on an as-required basis. This business develops orchards for landowners on contract or under long term leases
and in partnership with iwi.
FY21FY22FY23FY24FY25FY21FY22FY23FY24FY25
14.4
1 7. 0
11.4
1 7. 3
19.0
5.2
4.6
1.0
6.2
10.3
Kiwifruit grown
Millions of Class 1 kiwifruit trays
Orchard EBITDA
NZD Millions
New Zealand dollars20252024Change
Revenue
$ 117.3 m$ 102.7 m14%
EBITDA
$ 10.3 m$ 6.2 m66%
EBIT
$ 5.6 m$ 2.8 m104%
Segment assets
$ 76.4 m$ 86.2 m( 11%)
EBITDA pre NZ IFRS 16
$ 7.5 m$ 3.7 m104%
Kiwifruit grown - class 1 trays
Total kiwifruit trays grown
19.0 m17.3 m10%
SunGold trays
9.8 m8.5 m15%
SunGold yields - average per hectare
14,41813,4647%
Hayward trays
8.8 m8.5 m4%
Hayward yields - average per hectare
12,25211,2249%
Organic and RubyRed trays
0.4 m0.3 m53%
Main contents

13SEEKA LIMITED | ANNUAL REPORT 2025
FY21FY22FY23FY24FY25FY21FY22FY23FY24FY25
Post harvest business
Led by GM Post Harvest, Paul Crone
Post harvest operates twelve packhouse facilities along with a network of coolstores. These packhouse facilities pack, cool
and dispatch all produce from our orcharding operations and from our independent growers along with packing citrus and
persimmons on contract for external marketers.
Post harvest packed 47.1 million class 1 trays
of kiwifruit, up from 43.0 million trays in
2024, with SunGold volumes up 9% and
Hayward up 6%.
Seeka’s post harvest facilities service the major
kiwifruit growing regions of Northland, Coromandel,
Bay of Plenty, East Cape and Gisborne. Seeka's ability
to pack locally, while transferring fruit in peak periods
to available facilities, delivers growers an excellent
service with crops harvested at maturity. It also
delivers efficiency gains by ensuring Seeka's capacity
is fully utilised.
Along with gains from Seeka's investments in post
harvest automation, operations benefited from a
strong supply of seasonal labour. Kiwifruit inventory
performance was excellent, with high-quality, in-spec
fruit delivered to the marketer, Zespri.
Post harvest also packs avocado, citrus and
persimmon, including contract packing for third
parties. These services improve asset utilisation and
return on investment.
Post harvest revenue of $276.6 million was up 7%
from last season (2024: $257.4 million) from the
increase in volumes. EBITDA was up 16% to a record
$105.0 million, as Seeka realised the efficiency gains
from its highly-automated facilities.
Capacity upgrades for harvest 2026 include two new
Reemoon automation projects in Northland to pack
kiwifruit and citrus, and a new Reemoon packline at
Huka Pak that will handle all organic kiwifruit along
with conventionally-grown kiwifruit.
Seeka's automation investments will further lift post
harvest capacity, with Seeka well positioned to handle
2026 kiwifruit volumes.
39.2
42.0
29.8
43.0
4 7.1
61.6
59.0
90.4
43.8
105.0
Kiwifruit packed
Millions of Class 1 kiwifruit trays
Post harvest EBITDA
NZD Millions
New Zealand dollars20252024Change
Revenue
$ 276.6 m$ 257.4 m7%
EBITDA
$ 105.0 m$ 90.4 m16%
EBIT
$ 85.5 m$ 71.5 m19%
Segment assets
$ 397.4 m$ 349.9 m14%
EBITDA pre NZ IFRS 16
$ 95.8 m$ 83.1 m15%
Kiwifruit packed - trays (millions)
Total kiwifruit class 1 trays packed
47.1 m43.0 m10%
SunGold trays
28.7 m26.4 m9%
Hayward trays
15.4 m14.5 m6%
Organic and RubyRed trays
2.9 m2.1 m40%
Class 2 trays - all kiwifruit varieties
1.8 m1.9 m( 4%)
Total kiwifruit class 1 and 2 trays packed
49.0 m44.9 m9%
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED14
SeekaFresh turnover was up 23% to $82.9
million. This flowed through to a 24%
increase in EBITDA to $3.2 million. Earnings
growth was supported by strong kiwifruit,
kiwiberry and citrus sales, and the ongoing
expansion of SeekaFresh's tropical import
operations.
Seeka's retail services segment SeekaFresh continues to
add valuable revenue streams by seamlessly connecting
our growers' produce to the market.
SeekaFresh services the domestic retail market with
locally-grown produce, along with the import and
ripening of tropical fruits. SeekaFresh also exports New
Zealand produce to Australia, Asia and the Americas.
While avocado export returns remain under pressure
from high volumes of Australian and Peruvian fruit in
key markets, Seeka is working with industry partners
to rationalise the avocado supply chain and marketing
functions, and generate sustainable returns for growers.
Returns for kiwiberry growers remain exceptional.
To maximise crop utilisation and value, Seeka also
produces and sells the kiwifruit-based range of Kiwi
Crush™ drinks and frozen Kiwi Crushies™, and in 2025
Seeka launched the new consumer oil brand LUVO™.
Established from the acquired Olivado assets, Seeka's
new facility near Kerikeri produces the LUVO™ range of
oils.
SeekaFresh's initiatives contribute to Group earnings,
returned value to supplying growers, and further lift the
sustainability of Seeka's supply chain operations.
SeekaFresh retail services business
Led by GM Grower Relations, Kate Bryant, and
GM New Business and Marketing, Jim Smith
SeekaFresh retail services includes the supply, export and sale of avocado, kiwiberry and class 2 New Zealand kiwifruit, sale of
New Zealand kiwifruit through collaborative programmes, and the operation of the New Zealand wholesale marketing business
including imported tropical fruits. Seeka also manufactures and sells kiwifruit-based Kiwi Crush™ and LUVO™ fruit and nut oils.
68.0
54.4
62.8
67. 5
82.9
2.3
0.8
2.62.6
3.2
SeekaFresh retail services turnover
NZD Millions
SeekaFresh retail services EBITDA
NZD Millions
FY21FY22FY23FY24FY25FY21FY22FY23FY24FY25
New Zealand dollars20252024Change
Turnover
$ 82.9 m$ 67.5 m23%
EBITDA
$ 3.2 m$ 2.6 m24%
EBIT
$ 2.1 m$ 1.6 m31%
Segment assets
$ 12.6 m$ 12.7 m( 0%)
EBITDA pre NZ IFRS 16
$ 2.2 m$ 1.6 m35%
Main contents

15SEEKA LIMITED | ANNUAL REPORT 2025
Australia business
Led by GM Australian Operations, Jonathan van Popering
Seeka Australia Pty Limited, a 100% Seeka-owned subsidiary, leases and operates kiwifruit orchards, and owns and operates
nashi and pear orchards along with associated post harvest facilities in Victoria, directly marketing Seeka’s Australian produce
domestically and to export customers.
Seeka Australia grew and sold 5,615 tonnes of
fresh fruit in 2025, up 25% on 2024 as pear
and nashi yields improved on better growing
conditions. Kiwifruit volumes were similar
to 2024, while plum production was up 47%
and jujube up 200% to 54 tonnes.
Higher volumes flowed through to a 13% increase in
revenue to $21.6 million, and a 48% lift in EBITDA to
$4.7 million.
Kiwifruit production has benefited from Seeka's
new crop protection programme which is delivering
consistent yields in a Psa environment.
Seeka is forecasting growth in its Australian business,
with $14.8 million invested in developing new orchards.
Kiwifruit volumes are forecast to increase with an
additional 18 hectares coming into production in 2026,
and a further 36 hectares scheduled to enter production
by 2028.
Seeka's Ruby Roo™ red nashi orchards are scheduled
to enter production in 2027, along with new jujube
orchards.
Seeka has established strong market demand for
Seeka-branded produce in Australia, and is selectively
exporting to Asia where it returns value. The new
plantings and varieties are poised to deliver significant
growth.
5.0
4.9
3.3
4.5
5.6
1.6
1.0
0.7
3.2
4.7
Seeka Australia volumes handled
Thousands of tonnes handled
Seeka Australia EBITDA
NZD Millions
FY21FY22FY23FY24FY25FY21FY22FY23FY24FY25
New Zealand dollars20252024Change
Revenue
$ 21.6 m$ 19.2 m13%
EBITDA
$ 4.7 m$ 3.2 m48%
EBIT
$ 1.4 m$ 0.7 m94%
Segment assets
$ 78.0 m$ 63.4 m23%
EBITDA pre NZ IFRS 16
$ 2.2 m$ 1.0 m 119%
Fruit grown - tonnes
Total tonnes grown
5,6154,50525%
Kiwifruit
2,2222,285( 3%)
Nashi
1,2161,07213%
Pears
1,9741,02992%
Plums
14910147%
Jujube
5418200%
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED16
Environmental sustainability
Seeka is working to progressively reduce its
environmental footprint as it grows, handles and
supplies the world with healthy eating options.
For the last seven years Seeka has been measuring
emissions and investing in new technology and
systems to reduce its greenhouse gas (GHG)
footprint.
Seeka has set meaningful targets and mechanisms to reduce
emissions on the orchard, in the packhouse and along the supply
chain, and in June each year Seeka publishes a comprehensive
report on its sustainability initiatives and outcomes.
Seeka's policy is to prevent carbon emissions, then to reduce,
and as a last resort offset.
2025 overview
Seeka is focused on reducing emissions it has the greatest
control over, being category 1 direct emissions from Seeka
operations, and category 2 indirect emissions from electricity
consumption.
In 2025 an excellent growing season contributed to a 10%
increase in kiwifruit volumes. While operations grew to handle
more fruit, Seeka's initiatives to reduce post harvest refrigerant
emissions contributed to a 28% decrease in Seeka's category 1
direct emissions.
Seeka's core post harvest business relies on grid electricity
to grade, cool and store fruit. Category 2 emissions from grid
electricity have two components; the volume of purchased
grid electricity, which Seeka controls, and the GHG emissions
attached to grid electricity from fossil fuel generation.
While volumes to post harvest were up 10%, Seeka's focus
on electricity management limited the increase in purchased
electricity to 6%. New Zealand generators, however, burnt
more fossil fuels in 2025, which enlarged the GHG footprint
of grid electricity by 32%. This increase in the GHG emissions
embodied in grid electricity was the major contributor to the
38% increase in Seeka's category 2 emissions in 2025.
To reduce the GHG footprint of electricity consumption, in
2025 Seeka audited energy use at three of its largest post
harvest sites, and installed sub-metering to improve energy
management. A further 154kW of solar was also installed at the
Seeka Peninsula post harvest facility.
Seeka's main
category 1 emissions
Refrigerants
Leaks from coolstore equipment
Fossil fuels
Burnt by Seeka's transport fleet
Fertilisers
Applied to Seeka long-term leased
and owned orchards
Seeka's main
category 2 emissions
Electricity
Powering Seeka's packhouses and
coolstores
Seeka's main
category 3 & 4 emissions
Fossil fuels
Burnt during the inbound transport of
fruit to Seeka facilities, the outbound
transport to the markets, and
employee air travel
Main contents

17SEEKA LIMITED | ANNUAL REPORT 2025
Total gross emissions
In 2025, Seeka's total category 1 and 2 emissions were
down 3% to 9,397 tonnes CO2e. The outcome was
impacted by a higher GHG loading on grid electricity.
If the GHG footprint per unit of grid electricity had
remained the same as 2024, Seeka would have achieved
a 12% reduction in category 1 and 2 emissions.
To reduce the impact of the higher GHG loading on
grid electricity, Seeka is investigating Renewable
Energy Certificates (RECs) tied to renewable electricity
generated in New Zealand. By purchasing then retiring
these RECs, Seeka would be able to further reduce its
market-based category 2 emissions in 2025.
Total gross emissions from all categories were down
10% to 23,951 tonnes CO2e. This includes category 3
and 4 supply chain emissions, predominantly released
from third party transport of fruit to Seeka facilities, and
outbound transport to the markets.
Emissions intensity
Alongside a commitment to reduce absolute emissions,
Seeka also monitors emission intensity to better
understand performance.
Driven by the higher volumes handled in 2025, Seeka's
total revenue grew 7% to $440 million. Seeka's
sustainability initiatives, however, contributed to a 9%
drop in the intensity of category 1 and 2 emissions to
21.4 tonnes CO2e per $1,000,000 of revenue.
Seeka continues to progress projects that reduce
emissions and will provide a detailed update in the
annual June Sustainability Report.
19,864
22,839
17,987
26,682
23,951
20212022202320242025
Emissions intensity on Group revenue
Category 1 & 2 tonnes CO2e per $1,000,000 of revenue
Group revenue NZD Millions
23.5
21.4
310
348
301
411
440
2 7.1
29.2
28.5
Annual gross emissions footprint
Absolute footprint in tonnes CO2e
Category20212022202320242025
1
3,9004,4655,6856,0604,393
2
4,4875,7082,8923,6265,004
3
3,9874,6184,48711,1287,748
4
7,4908,0484,9235,8686,806
Total
19,86422,83917,98726,68223,951
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED18
Main contents

19SEEKA LIMITED | ANNUAL REPORT 2025
20 Statement of profit or loss
21 Statement of comprehensive income
22 Statement of financial position
23 Statement of changes in equity
24 Statement of cash flows
25 Notes to the financial statements
Financial statements
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED20
Statement of profit or loss
For the year ended 31 December 2025
The accompanying notes form an integral part of these financial statements
New Zealand dollarsNotes
2025
$000s
2024
$000s
Revenue
3
439,611 411,412
Cost of sales
4
313,728 306,485
Gross profit
125,883 104,927
Other income
3
3,758 446
Share of profit of associates
23
183 71
Other costs
4
33,965 29,323
Earnings (EBITDA)
1
95,859 76,121
Depreciation expense
10
17,701 17,099
Lease depreciation expense
13
12,654 11,139
Impairments
4
2,629 765
Amortisation of intangible assets
11
290 302
Earnings (EBIT)
2
62,585 46,816
Interest expense
8,573 12,327
Lease interest expense
13
6,515 4,776
Net profit before tax
47,497 29,713
Income tax charge
6
14,419 9,090
Deferred tax charge / (benefit)
7
1,117( 624)
Tax charge of removal of tax on buildings
7
- 12,496
Total tax charge

15,536 20,962
Net profit attributable to equity holders
31,961 8,751
Earnings per share for profit attributable to the ordinary
equity holders of the company during the year
Basic earnings per share
19
$ 0.76$ 0.21
Diluted earnings per share
19
$ 0.76$ 0.21
Earnings per share - before tax charge of removal of tax on buildings


$ 0.76$ 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, see note 1.
Financial contents
Main contents

21SEEKA LIMITED | ANNUAL REPORT 2025
Statement of comprehensive income
For the year ended 31 December 2025
New Zealand dollarsNotes
2025
$000s
2024
$000s
Net profit for the year
31,961 8,751
Items that will not be reclassified to profit or loss, net of tax
Gain on revaluation of land and buildings
10
9,568 2,708
Realisation of permanent gain on sale
10
-
26

Total items that will not be reclassified to profit or loss
9,568
2,734
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
20
( 807) ( 1,133)
Movement in foreign currency translation reserve
20
868 ( 173)
Movement in foreign currency revaluation reserve
20
295 508
Total items that may be reclassified subsequently to profit or loss
356 ( 798)
Total net profit for the year attributable to equity holders
41,885 10,687
The accompanying notes form an integral part of these financial statements
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED22
Statement of financial position
As at 31 December 2025
New Zealand dollarsNotes
2025
$000s
2024
$000s
Equity
Share capital
18
165,794 162,900
Reserves
20
71,018 60,849
Retained earnings
20
61,296 42,654
Total equity
298,108 266,403
Current assets
Cash and cash equivalents
19,361 2,983
Trade and other receivables
14
28,253 29,329
Biological assets - crop
12
24,523 25,254
Inventories
15
11,261 10,272
Irrigation water rights
1-
Assets classified as held for sale
9
- 3,287
Total current assets
83,399 71,125
Non current assets
Trade and other receivables
14
2,560 3,572
Property, plant and equipment
10
412,917 388,312
Intangible assets
11
24,970 24,080
Right-of-use lease assets
13
66,190 48,376
Investment in associates and joint arrangements
23
8,140 8,048
Investment in financial assets
22
1,449 1,310
Deferred tax assets
7
5,735 5,039
Total non current assets
521,961 478,737
Total assets
605,360 549,862
Current liabilities
Trade and other payables
16
45,451 34,829
Tax liabilities
6
13,370 3,739
Lease liabilities
13
10,135 10,213
Interest bearing liabilities
17
- 11,621
Total current liabilities
68,956 60,402
Non current liabilities
Interest bearing liabilities
17
119,620 128,669
Lease liabilities
13
71,562 52,355
Derivative financial instruments
29
1,446 325
Deferred tax liabilities
7
45,668 41,708
Total non current liabilities
238,296 223,057
Total liabilities
307,252 283,459
Net assets
298,108 266,403
On behalf of the Board.
M Dewdney S Cresswell
Chair Director Dated: 27 February 2026
The accompanying notes form an integral part of these financial statements
Financial contents
Main contents

23SEEKA LIMITED | ANNUAL REPORT 2025
Statement of changes in equity
For the year ended 31 December 2025
New Zealand dollarsNotes
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
162,900 ( 233) 722 ( 331) 149 60,542 42,654 266,403
Net profit
- - - - - - 31,961 31,961
Foreign exchange movement
- - 295 868 - - - 1,163
Other comprehensive income / (loss)
- ( 807) - - - 9,568 - 8,761
Total comprehensive income / (loss)
- ( 807) 295 868 - 9,568 31,961 41,885
Transactions with owners
Shares issued
18
1,966 - - - - - - 1,966
Employee share scheme receipts
18
265 - - - - - - 265
Grower share scheme receipts
18
298 - - - - - - 298
Unallocated treasury share receipts
18
365 - - - - - - 365
Movement in employee share
entitlement reserve
20
- - - - 73 - - 73
Movement in grower share
entitlement reserve
20
- - - - 172 - - 172
Dividends declared and paid
21
- - - - - - ( 13,319) ( 13,319)
Total transactions with owners
2,894 - - - 245 - ( 13,319) ( 10,180)
Equity at 31 December 2025
165,794 ( 1,040) 1,017 537 394 70,110 61,296 298,108
2024
Equity at 1 January 2024
162,865 900 214 ( 158) - 57,834 38,294 259,949
Net profit
- - - - - - 8,751 8,751
Foreign exchange movement
- - 508 ( 173) - - - 335
Other comprehensive income / (loss)
- ( 1,133) - - - 2,708 26 1,601
Total comprehensive income / (loss)
- ( 1,133) 508 ( 173) - 2,708 8,777 10,687
Transactions with owners
Employee share scheme receipts
18
35 - - - - - - 35
Movement in employee share
entitlement reserve
20
- - - - 49 - - 49
Movement in grower share
entitlement reserve
20
- - - - 100 - - 100
Dividends declared
21
- - - - - - ( 4,417) ( 4,417)
Total transactions with owners
35 - - - 149 - ( 4,417) ( 4,233)
Equity at 31 December 2024
162,900 ( 233) 722 ( 331) 149 60,542 42,654 266,403
The accompanying notes form an integral part of these financial statements
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED24
Statement of cash flows
For the year ended 31 December 2025
New Zealand dollarsNotes
2025
$000s
2024
$000s
Operating activities
Cash was provided from:
Receipts from customers
441,517 414,280
Interest and dividends received
336 163
Insurance proceeds
2,505 1
Cash was disbursed to:
Payments to suppliers and employees
( 345,736) ( 331,839)
Interest paid
( 8,369) ( 11,773)
Lease interest paid
( 6,515) ( 4,776)
Income taxes paid
( 4,728) ( 19)
Net cash inflows from operating activities
5
79,010 66,037
Investing activities
Cash was provided from:
Sale of property, plant and equipment
10
2,878 464
Distributions and share buy backs from investments
91 74
Proceeds from sale of assets classified as held for sale
9
3,388 -
Repayment of grower or grower entity advances
45,445 33,604
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 21,106) ( 12,917)
Development of bearer plants
( 4,603) ( 5,379)
Acquisition of associate
23
- ( 1,412)
Advances to growers or grower entities
( 45,445) ( 33,604)
Net cash flows (used in) investing activities
( 19,352) ( 19,170)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
17
10,000 30,000
Proceeds of current bank borrowings
17
94,991 78,036
Proceeds from employee and grower loyalty share schemes
18
563 35
Proceeds from sale of treasury shares
18
365 -
Cash was applied to:
Principal lease payments
13
( 12,158) ( 11,406)
Repayment of non-current bank borrowings
17
( 20,000) ( 30,000)
Repayment of current bank borrowings
17
( 106,640) ( 115,870)
Payment of dividend to and behalf of shareholders
21
( 10,569) -
Net cash (outflow) from financing activities
( 43,448) ( 49,205)
Net increase / (decrease) in cash and cash equivalents
16,210 ( 2,338)
Effect of foreign exchange rates
168 114
Opening cash and cash equivalents
2,983 5,207
Closing cash and cash equivalents
19,361 2,983
The accompanying notes form an integral part of these financial statements
Financial contents
Main contents

25SEEKA LIMITED | ANNUAL REPORT 2025
Notes to the financial statements
For the year ended 31 December 2025
This section contains the notes to the consolidated financial statements (financial statements) for Seeka Limited, its
subsidiaries and associates (the Group). To give stakeholders a clear insight into how Seeka organises its business, the note
disclosures are grouped into seven sections.
NoteDetailsPage
Basis of preparation 26
Accounting policies that apply to Seeka's full set of financial statements
Performance 28
Where Seeka generates its revenues and their associated operating costs
1. Segment information 28
2. Turnover 30
3. Revenue and other income 31
4. Cost of sales and operating expenses 32
5. Reconciliation of net operating surplus after taxation with cash flows from operating activities 33
6. Income tax expense 34
7. Deferred tax 35
8. Events occurring after balance date 35
Assets 36
How Seeka allocates resources across its operations
9. Assets classified as held for sale 36
10. Property, plant and equipment 37
11. Intangible assets 39
12. Biological assets - crop 42
13. Right-of-use lease assets and lease liabilities 43
Working capital 45
How Seeka manages its operating cash flow
14. Trade and other receivables 45
15. Inventories 45
16. Trade and other payables 46
Funding 47
How Seeka organises its capital structure
17. Interest bearing liabilities 47
18. Share capital 48
19. Earnings and net tangible assets per share 50
20. Retained earnings and reserves 50
21. Dividends 52
Investments 53
How Seeka manages its investments in shares, subsidiaries, associates and joint arrangements
22. Investment in financial assets 53
23. Investment in associates and joint arrangements 53
Other notes 56
All other note disclosures
24. Contingencies 56
25. Commitments 56
26. Related party transactions 56
27. Risk management 58
28. Determination of fair values of financial and non-financial assets and liabilities 61
29. Derivative financial instruments 63
30. Financial instruments summary 64
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED26
Reporting entity and statutory base
The financial statements presented are those of the consolidated
Seeka group. Seeka Limited is referred to as Seeka Limited or the
Company. The group, which is the Company and all subsidiaries
controlled by Seeka Limited, 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 Reporting Entity for the purposes of the Financial Markets
Conduct 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 LUVO™ fruit and nut oils (avocado, macadamia, olive
and coconut). 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.
Summary of material accounting policies
The accounting policies have been applied consistently throughout the
periods presented in the financial statements.
Statement of compliance and basis of preparation
The financial statements for the Group have been prepared in
accordance with the requirements of Part 7 of the Financial Markets
Conduct Act 2013. The financial statements have been prepared
in accordance with New Zealand Generally Accepted Accounting
Principles (GAAP), incorporating New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and other
applicable financial reporting standards as appropriate for profit-
oriented entities. The Group financial statements also comply with
International Financial Reporting Standards (IFRS).
The financial statements are prepared on a historical cost basis, with
the exception of:
–Assets classified as held for sale at fair value (note 9)
–Land and buildings at fair value (note 10)
–Biological assets - crop at fair value (note 12)
–Right-of-use lease assets and lease liabilities at present value of
expected cash payments (note 13)
–Investment in financial assets held at fair value (note 22)
–Financial assets and liabilities (including derivative instruments) at
fair value through comprehensive income (note 29 and note 30)
The material accounting policies applied in the preparation of the
financial statements are set out below and those that are considered
material to an understanding of the financial statements are provided
throughout the notes in grey shading.
The financial statements were approved by the Board of Directors (the
Board) on 27 February 2026.
Basis of consolidation
Subsidiaries
Subsidiaries are fully consolidated from the date of acquisition, being
the date on which the Group obtains control, and continue to be
consolidated until the date when such control ceases. The financial
statements of the subsidiaries are prepared for the same reporting
period as the Company, using consistent accounting policies.
The acquisition method of accounting is used to account for the
acquisition of subsidiaries by the Group. The cost of an acquisition is
measured as the fair value of the assets exchanged, equity instruments
issued and liabilities incurred or assumed at the date the acquisition is
settled. Direct acquisition costs are expensed as incurred.
Intercompany transactions, balances and unrealised gains on
transactions between companies are eliminated. Unrealised losses
are also eliminated unless the transaction provides evidence
of the impairment of the asset transferred. Accounting policies
of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Foreign currency transactions
Foreign currency transactions are translated into the functional
currency (NZD) using the exchange rates prevailing during the month
of that transaction. Foreign exchange gains and losses resulting from
the settlement of such transactions are recognised in the statement of
profit or loss. The presentational currency is the New Zealand dollar
(NZD).
Foreign operations
The results and financial position of all the Group entities (none of
which has the currency of a hyper-inflationary economy) that have
a functional currency different from the presentation currency are
translated into the presentation currency as follows:
–Assets and liabilities for each entity's balance sheet within the
Group are translated at the closing rate at the date of that balance
sheet;
–Income and expenses for each entity's income statement
and statement of comprehensive income, are translated at
average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are
translated at the rate on the dates of the transactions); and
–All resulting exchange differences are recognised in other
comprehensive income.
Basis of preparation
This section sets out the Group’s accounting policies that apply to the full set of financial statements. Accounting policies that
are limited to a specific note are described in that note.
Financial contents
Main contents

27SEEKA LIMITED | ANNUAL REPORT 2025
Critical accounting estimates and judgements
The Group makes estimates and judgements concerning future
operational and financial performance. By definition, these judgements
may not always equal actual results. The estimates and judgements
that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities are identified in the notes
below. Estimates and judgements are continually evaluated and
are based on historical experience as adjusted for current market
conditions and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
Judgements underlying management’s estimates can be found in the
following notes to the financial statements.
NoteArea of estimation or judgement
10.Property, plant and
equipment
Valuation and impairment
assessment
11.Intangible assetsImpairment assessment and CGU
allocation
20.Retained earnings and
reserves
Valuation of share based payments
and grower loyalty share scheme
Going concern assumption
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 financial statements.
The Directors have concluded that the Group will continue to operate
as a going concern and the financial statements are prepared on that
basis.
Climate impact
The longer-term impacts of climate change continue to be analysed
and Seeka is mitigating these risks through regional diversification,
innovative growing techniques, and research and development.
Climate change brings both opportunities and risks for the business.
The risks and opportunities and mitigation strategies that could
impact the estimates and judgements in the financial statements are
incorporated where known. Unforeseen events and the implications
of these cannot be estimated with certainty. See www.seeka.co.nz/
climate-change for more details.
Goods and services tax (GST)
The statement of profit or loss and statement of comprehensive
income have been prepared so that all components are stated
exclusive of GST. All items in the 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
Group
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.
NZ IFRS 18 introduces five categories for the statement of profit or
loss; operating, investing, financing, income taxes, and discontinued
operations.
NZ IFRS 18 also 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 in the statement of cash flows,
–Cash flows from interest and dividends paid to be shown as
financing activities in the statement of cash flows, and
–The Group must disclose, and thus have audited, any management-
defined performance measures (MPMs), these being any subtotals
of income and expenses that management uses outside the
financial statements to publicly communicate their view of financial
performance.
The Group expects that NZ IFRS 18 will impact the layout of the
Group's statement of profit or loss, statement of cash flows, and the
related reconciliation of net operating surplus after taxation with cash
flows from operating activities in the notes to the financial statements.
The Group expects minimal impact to the statement of financial
position.
There will also be an additional note to the financial statements
relating to MPMs where the Group will disclose earnings (EBITDA),
and a reconciliation from earnings (EBITDA) to operating profit.
If the Group were to adopt this change for the 12 months to December
2025, it is expected that the Group would report:
–Operating profit of $62.9m - compared to an EBIT of $62.6m (the
balance being recognised after operating profits).
–Operating cash flow of $93.6m - compared to $79.0m (the balance
being substantially recognised in financing cash flows).
–No change to net profit before tax.
–No change to cash or cash equivalents.
There are no other accounting standards that are not yet effective that
will have a material impact on the Group's financial statements.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED28
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.
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 that the Group has developed into productive
orchards, pays all development and production costs, 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 LUVO™ fruit and nut oils (avocado,
macadamia, olive and coconut) to the retail sector, along with post
harvest services for kiwiberry .
All other segments - New Zealand
This represents the Group’s aggregated administration, grower
services and overhead sections recorded in the 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.
Financial contents
Main contents

29SEEKA LIMITED | ANNUAL REPORT 2025
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
All other
segments
$000s
Australian
operations
$000s
Total
$000s
2025
Income statement
Turnover
1
117,282 276,629 82,938 1,415 21,632 499,896
Gross segment revenue
117,519 280,110 22,653 1,415 21,632 443,329
Eliminations
( 237) ( 3,481) - - - ( 3,718)
Total segment revenue
117,282 276,629 22,653 1,415 21,632 439,611
EBITDA
2
10,259 105,011 3,178 ( 27,285) 4,696 95,859
Depreciation expense
4
( 1,665) ( 12,355) ( 357) ( 1,828) ( 1,496) ( 17,701)
Lease depreciation expense
5
( 1,884) ( 6,471) ( 704) ( 2,593) ( 1,002) ( 12,654)
Impairments
( 1,080) ( 732) - ( 20) ( 797) ( 2,629)
Amortisation of intangible assets
- - - ( 290) - ( 290)
EBIT
3
5,630 85,453 2,117 ( 32,016) 1,401 62,585
Lease interest expense
5
( 901) ( 3,246) ( 212) ( 907) ( 1,249) ( 6,515)
EBIT
3
(after lease interest expense)
4,729 82,207 1,905 ( 32,923) 152 56,070
Interest expense
6
( 7,363) ( 1,210) ( 8,573)
Tax charge on profit
( 16,009) 473 ( 15,536)
Profit / (loss) after tax
4,729 82,207 1,905 ( 56,295) ( 585) 31,961
Balance sheet
Segment assets
76,391 397,382 12,641 40,915 78,031 605,360
Total assets
76,391 397,382 12,641 40,915 78,031 605,360
Segment liabilities
42,728 135,889 12,944 67,391 48,300 307,252
Total liabilities
42,728 135,889 12,944 67,391 48,300 307,252
2024
7
Income statement
Turnover
1
102,652 257,426 67,497 1,264 19,160 447,999
Gross segment revenue
102,945 260,058 30,909 1,264 19,160 414,336
Eliminations
( 293) ( 2,631) - - - ( 2,924)
Total segment revenue
102,652 257,427 30,909 1,264 19,160 411,412
EBITDA
2
6,181 90,370 2,572 ( 26,178) 3,176 76,121
Depreciation expense
4
( 1,707) ( 12,223) ( 312) ( 1,723) ( 1,134) ( 17,099)
Lease depreciation expense
5
( 1,718) ( 6,259) ( 647) ( 1,597) ( 918) ( 11,139)
Impairments
- ( 362) - - ( 403) ( 765)
Amortisation of intangible assets
- - - ( 302) - ( 302)
EBIT
3
2,756 71,526 1,613 ( 29,800) 721 46,816
Lease interest expense
5
( 801) ( 2,013) ( 249) ( 911) ( 802) ( 4,776)
EBIT
3
(after lease interest expense)
1,955 69,513 1,364 ( 30,711) ( 81) 42,040
Interest expense
6
( 10,730) ( 1,597) ( 12,327)
Tax charge on profit
( 21,823) 861 ( 20,962)
Profit / (loss) after tax
1,955 69,513 1,364 ( 63,264) ( 817) 8,751
Balance sheet
Segment assets
86,193 349,929 12,671 37,700 63,369 549,862
Total assets
86,193 349,929 12,671 37,700 63,369 549,862
Segment liabilities
40,432 132,311 14,493 58,847 37,376 283,459
Total liabilities
40,432 132,311 14,493 58,847 37,376 283,459
See notes on the following page.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED30
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.
Notes to the segment table.
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 13.
6. Interest includes finance costs for borrowings.
7. A 2024 operating segment was incorrectly classified to "All other segments" in note 1 of Seeka's 2024 Annual Report. 2024 has now been
restated to the correct classification, with $10.8m of revenue and $5.9m of net profit after tax realigned between direct and supporting divisions.
The following table reconciles segment EBITDA before and after applying NZ IFRS 16.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
2025 - EBITDA
EBITDA pre NZ IFRS 16
7,470 95,846 2,193 ( 30,553) 2,230 77,186
Capitalised lease costs
2,789 9,165 985 3,268 2,466 18,673
EBITDA after applying NZ IFRS 16
10,259 105,011 3,178 ( 27,285) 4,696 95,859
2024 - EBITDA
EBITDA pre NZ IFRS 16
3,669 83,119 1,626 ( 29,495) 1,020 59,939
Capitalised lease costs
2,512 7,251 946 3,317 2,156 16,182
EBITDA after applying NZ IFRS 16
6,181 90,370 2,572 ( 26,178) 3,176 76,121
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
2025
$000s
2024
$000s
Turnover
499,896 447,999
Value of sales made as agent
( 60,285) ( 36,587)
Revenue
439,611 411,412
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).
Financial contents
Main contents

31SEEKA LIMITED | ANNUAL REPORT 2025
3. Revenue and other income
New Zealand dollarsNotes
2025
$000s
2024
$000s
Total revenue
439,611 411,412
Other income
Interest
190 21
Dividends received
164 142
Insurance proceeds
24
2,505 1
Grower loyalty share scheme
( 172) ( 100)
Other income
1,071 382
Total other income
3,758 446
Total revenue and other income
443,369 411,858
During the year the Group recognised $0.17m of costs relating to the measurement of the grower share schemes issued based on the Black
Scholes Model (Dec 2024 - $0.10m).
Accounting policies
The Group’s major revenue streams are post harvest operations,
orchard management, retail services and Australian operations in
accordance with NZ IFRS 15: Revenue from contracts with customers (NZ
IFRS 15).
Post harvest
The Group enters into two standardised post harvest contracts:
–The first has two performance obligations; to collect the supply
of fruit via picking and transportation, and maturity testing. The
charges are separated in the contract. All revenue is recognised at
the point in time when the service is performed.
–The second has three performance obligations; to pack fruit, to cool
and dispatch fruit, and to sell class 2 fruit to authorised markets.
These are stand-alone services provided by the Group. Each
performance obligation has a separate transaction price detailed in
the contract and the obligations are recognised when services are
performed; packing revenue as fruit is packed, cooling revenue as
fruit is loaded out from cool storage, and class 2 as fruit is sold and
delivered.
Orchard management
The Group enters into two orchard management contracts that are
largely standardised:
–The first has one performance obligation; to manage fruit growing.
Revenue is recognised as the service is performed and calculated at
cost plus a margin per the contract or at a fixed per-hectare charge.
The management fee included in the contract is recognised evenly
over the contract's 12 month period.
–The second has one performance obligation; to collect the supply
of fruit on short term or long term leased orchards. The transaction
price is determined using a forecasted OGR. Revenue is recognised
when crops are picked (in the June interim accounts for kiwifruit).
Retail services
The Group enters into three retail service contracts that are customised
to the service being offered:
–The first has one performance obligation; to sell fruit on the owner’s
behalf. As the sales agent, the Group only collects a marketer’s
commission which is recognised when the fruit is sold and delivered.
–The second has one performance obligation; to either store or ripen
fruit. Revenue is recognised as the fruit is stored or ripened.
–The third has one performance obligation; to provide ordered
product. The transaction price is based on the agreed price with
revenue recognised when the fruit is sold and delivered.
Australia
The Group has one type of contract that is entered by the Australian
business; for the sale and supply of fruit.
–The fruit sale and supply contracts are entered on a one-to-one
basis with the fruit purchaser and are largely standardised. They
have one performance obligation; to provide the fruit to the
customer. The transaction price is based on the agreed price and
recognised when the fruit is sold and delivered.
Principal versus agent relationship
A principal relationship is one where the Group has the performance
obligation to provide the good or service directly and has control of the
asset or has a right to direct the asset. An agency relationship is one
where the performance obligation is to arrange for the good or service
on behalf of the supplier. The Group currently has agent relationships
for the sale of some fruit and vegetables in the retail services segment.
Impact of seasonality
Group revenues are generated from seasonal horticultural operations,
with post harvest revenues recognised as services are provided and
orcharding revenues recognised once the fruit is harvested. Retail
revenues are generated at the point of sale. In New Zealand kiwifruit
are harvested from March to June, avocados from July to February, and
kiwiberry from February to March. In Australia nashi and European
pears are harvested January to March, and kiwifruit from March to
May. As a result of these harvest timings around 45~70% of orchard
revenues are recognised in the first six months of the financial year.
Due to seasonal fluctuations, the timing of the provision of post
harvest services can vary from year to year, however normally 70~85%
is recognised in the first six months of the financial year, but can be
impacted by seasonal fluctuations.
Interest income
Interest income is recognised on a time-proportion basis using the
effective interest method.
Dividend income
Dividend income is recognised when the right to receive payment is
established.
Insurance income
Insurance income is recognised when the right to receive payment is
established or virtually certain.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED32
4. Cost of sales and operating expenses
New Zealand dollarsNotes
2025
$000s
2024
$000s
Operating materials and services
230,860 228,591
Direct employee benefits
82,137 81,382
Decrease / (increase) in fair value of biological assets - crop
12
731 ( 3,488)
Total cost of sales
313,728 306,485
Total other employee benefits
16,289 15,459
General administrative expenses
14,902 11,400
Audit fees paid to principal auditors - paid on a Group basis
509 472
Debt covenant compliance agreed upon procedures paid to principal auditors
6 5
Acquisition and restructuring costs
88 123
Directors' fees and expenses
712 609
Short term lease expenses
1,459 1,255
Total other costs
33,965 29,323
Depreciation expense
10
17,701 17,099
Lease depreciation expense
13
12,654 11,139
Amortisation of intangible assets
11
290 302
Impairments and revaluations
Impairment of property, plant and equipment
10
1,985 295
Impairment of biological assets
12
337 79
Impairment of assets classified as held for sale
9
- 265
Other impairments
307 126
Total impairment and revaluation
2,629 765
Interest expense
8,573 12,327
Lease interest expense
13
6,515 4,776
Total expenses
396,055 382,216
During the year the Group recognised $0.07m costs relating to the measurement of the employee share schemes issued based on the Black
Scholes Model (Dec 2024 - $0.05m).
Accounting policies
Operating expenses are recognised in the statement of profit or loss as incurred, except where future economic benefits arise and they are
recorded as a prepayment.
Wages and salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months of the reporting date, are
recognised in other payables. The employee liabilities are measured at the amounts expected to be paid when settled. Liabilities for non-accumulating
sick leave are recognised when the leave is taken and measured at the rates paid or payable.
Financial contents
Main contents

33SEEKA LIMITED | ANNUAL REPORT 2025
5. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
2025
$000s
2024
$000s
Net operating profit after taxation
31,961 8,751
Non cash items:
Depreciation
17,701 17,099
Lease depreciation
12,654 11,139
Impairments
2,629 765
Revaluation of employee share scheme
73 49
Revaluation of grower share scheme
172 100
Movement in deferred tax
3,264 17,247
Movement in fair value of biological assets - crop
731 ( 3,488)
Amortisation of intangible assets
290 302
37,514 43,213
(Less) items not classified as an operating activity:
Gain on sale of property, plant and equipment
( 426) ( 131)
( 426) ( 131)
Changes in working capital:
Trade and other payables
3,732 7,250
Trade and other receivables
1,211 3,240
Inventories
( 1,435) 234
Tax assets and liabilities
6,453 3,480
9,961 14,204
Net cash flow from operating activities
79,010 66,037
Accounting policies
The statement of cash flows is prepared using the direct approach. Cash and cash equivalents are shown exclusive of GST.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED34
6. Income tax expense
New Zealand dollars
2025
$000s
2024
$000s
a. Current tax expense
Current year
14,549 9,044
Prior period adjustment
( 130) 46
Total current tax charge
14,419 9,090
Deferred tax expense
Origination and reversal of temporary differences
( 1,217) 11,731
Prior period adjustment
2,334 141
Total deferred tax charge
1,117 11,872
Total income tax charge
15,536 20,962
b. Numerical reconciliation of income tax expense to prima facie tax payable
Profit before income tax expense
47,497 29,713
Tax at the New Zealand tax rate of 28%
13,299 8,319
Tax at the Australian tax rate of 30%
( 33)( 72)
Tax effect of amounts that are not deductible (taxable) in calculating taxable income
( 75) 60
Under provision in prior years - temporary differences
2,204 187
Benefit of tax credits
( 80)( 87)
Removal of depreciation from buildings
- 12,496
Tax paid as agent of non-resident insurer
8 41
Other
21318
Income tax charge
15,536 20,962
c. Imputation credit account
Imputation credits available for use in subsequent reporting periods
47,687 34,455
The above amounts represent the balance of the imputation account as at the end of the reporting
period, adjusted for:
a. Imputation credits that will arise from the payment of the amount of the provision for income tax
b. Imputation debits that will arise from the payment of dividends recognised as a liability at the
reporting date; and
c. Imputation credits that will arise from the receipts of dividends recognised as receivables at the
reporting date.
d. Current tax (liability) / asset
Opening balance of current tax (liability) / asset
( 3,739) 369
Adjustments for prior periods
130 ( 46)
Current year tax
( 14,549)( 9,044)
Less tax paid
5,068 256
Transfer tax losses to deferred tax
( 243)( 103)
Utilise tax losses brought forward
- 4,837
Exchange differences
( 37)( 8)
Current tax (liability)
( 13,370) ( 3,739)
Financial contents
Main contents

35SEEKA LIMITED | ANNUAL REPORT 2025
Accounting policies
Income tax expense comprises both current and deferred tax and is recognised in the statement of profit or loss.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date,
and any adjustment to the tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the tax losses of assets and liabilities
and their carrying amounts in the financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability
in a transaction other than a business combination and that affects neither accounting or taxable profit. Differences relating to investments in
subsidiaries and jointly controlled entities are not recognised to the extent that they probably will not reverse in the foreseeable future.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that
have been enacted or substantively enacted at balance date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised.
7. Deferred tax
Deferred tax assets and liabilities are offset when there is a legally-enforceable right to offset current tax assets against current tax liabilities and
when the deferred income taxes relate to the same fiscal authority.
The following table details the offset amounts.
New Zealand dollars
2025
$000s
2024
$000s
Net deferred tax liabilities:
Opening balance
36,669 19,422
Adjustments for prior periods
2,334 141
Exchange differences
45 24
Charged to the statement of profit or loss
( 1,217) 293
Change in tax depreciation on building assets
- 12,496
Charged to revaluation reserve
2,659 1,058
(Credited) to hedge reserve
( 314) ( 441)
(Benefit) of tax losses recognised
( 243) ( 103)
(Benefit) of denied debt deductions carried forward
-( 1,058)
Utilisation of tax losses
- 4,837
Closing balance at end of year
39,933 36,669
The balance comprises temporary differences attributable to:
Temporary differences on non-current assets
44,207 40,858
Current liabilities
( 3,374) ( 3,419)
Prepayments and accrued income
2,382 2,116
Losses reclassified as deferred tax
( 2,196) ( 1,828)
Denied debt deductions carried forward
( 1,086)( 1,058)
Total deferred tax liability
39,933 36,669
Deferred tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit through the future taxable
profits is probable and these losses will be utilised in the near future. $2.20m was recognised at balance date and there were no unrecognised tax
losses (Dec 2024 - $1.83m).
The deferred tax liability recognised in the financial statements does not represent the tax that would be payable on the disposal of the buildings;
actual tax payable is limited to the reversal of tax depreciation claimed on that asset in prior period tax returns.

8. Events occurring after balance date
On 26 February 2026, the Group declared a further dividend of $0.25 per share in relation to the financial year ended 31 December 2025. The
dividend will be fully imputed, and the dividend reinvestment plan will apply. The dividend record date is 20 March 2026 and the dividend will be
distributed on 15 April 2026, see note 21.
There are no other material events occurring subsequent to balance date requiring adjustment to or disclosure in the financial statements.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED36
Assets
This section focuses on the physical and intangible assets used by the Group to operate the business, deliver benefits to
stakeholders, add new income streams and generate revenues. Assets include post harvest facilities, Group-owned land, vines,
trees and crop on Group-owned and leased orchards. The Group also has interests in water shares, right of use lease assets,
and goodwill arising from Group acquisitions.
Disclosures are made on additions, disposals, revaluations, depreciation, impairments and amortisation.
9. Assets classified as held for sale
New Zealand dollars
2025
$000s
2024
$000s
Opening balance at 1 January
3,287 3,205
Costs incurred
39 347
Impairment of assets classified as held for sale
- ( 265)
Sales settled by third parties at carrying value
( 3,326) -
Total assets classified as held for sale
- 3,287
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
2025
$000s
2024
$000s
Asset class
Land and buildings
- 874
Property, plant and equipment
- 380
Intangible assets
- 500
Bearer plants
- 1,533
Total assets classified as held for sale
- 3,287
On 28 February 2025, a 13.5 hectare Northland orchard (Dec 2024 - 13.5 hectare) that at 31 December 2024 had been classified as held for sale
was sold.
Financial contents
Main contents

37SEEKA LIMITED | ANNUAL REPORT 2025
10. 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
Year ended 31 December 2025
Opening net book amount
281,373 67,765 765 37,502 907 388,312
Additions and transfers - net
4,717 6,353 85 4,655 15,994 31,804
Depreciation
( 6,599) ( 9,493) ( 218) ( 1,391) - ( 17,701)
Disposals
( 32) ( 552) ( 4) ( 1,154) - ( 1,742)
Impairment of property, plant and equipment
- ( 851) - ( 1,134) - ( 1,985)
Revaluation
12,228 - - - - 12,228
Foreign exchange
762 210 6 1,021 2 2,001
Closing net book amount
292,449 63,432 634 39,499 16,903 412,917
At 31 December 2025
Cost or valuation
341,320 173,920 2,558 48,238 17,343 583,379
Accumulated depreciation and impairment
( 48,871) ( 110,488) ( 1,924) ( 8,739) ( 440) ( 170,462)
Net book amount
292,449 63,432 634 39,499 16,903 412,917
At 1 January 2024
Cost or valuation
306,804161,0872,92842,1609,085522,064
Accumulated depreciation and impairment
( 35,960)( 91,402)( 1,504)( 5,093)( 395)( 134,354)
Net book amount
270,84469,6851,42437,0678,690387,710
Year ended 31 December 2024
Opening net book amount
270,84469,6851,42437,0678,690387,710
Additions and transfers - net
12,8447,805( 440)3,787( 7,740)16,256
Depreciation
( 6,312)( 9,442)( 224)( 1,121)-( 17,099)
Disposals and transfers
( 100)( 115)-( 2,641)-( 2,856)
Impairment of property, plant and equipment
-( 250)--( 45)( 295)
Revaluation
3,791----3,791
Foreign exchange
3068254102805
Closing net book amount
281,37367,76576537,502907388,312
Assets under construction are assets that are not in use and are not depreciating. When the asset is ready for use it is transferred to the
appropriate asset class. At 31 December 2025, assets under construction relate to kiwifruit and citrus packing machines being installed for the
upcoming 2026 packing season, and building upgrades in Kerikeri and the Bay of Plenty.
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. At 31 December 2025, 41% (Dec 2024 - 38%) of Seeka's New Zealand land and building portfolio was externally
revalued in line with policy. Sensitivity analysis suggests the remaining properties that were not revalued this year could cause a movement in
land and buildings of between -2.91% and 6.73% (Dec 2024 - 1.34% and 8.92%). This is not considered a material movement in land and building
values.
In Australia valuations were last completed at 31 December 2024 by Opteon (Goulburn North East Vic) Pty Ltd, independent valuers based in
Victoria, Australia.
The valuers consider three different approaches in concert to arrive at a fair value;
1. Sales comparison - considers sales of other comparable properties.
2.  Capitalisation of rentals - assumes a hypothetical lease of the property with a current market rental being established and capitalising this at an
appropriate rate of return that would be expected by a prudent investor. The 2025 year saw capitalisation rates move between (0.75%) - 0.25%
since the previous valuations of the same properties, some of which may have been up to three years prior.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED38
Accounting policies
Bearer plants
Bearer plants are the Group's investment in kiwifruit vines, pear, jujube, avocado and other fruiting vines and trees on Group-owned and leased
land. Bearer plants are stated at historical cost less depreciation. Historical cost includes all costs incurred to purchase or establish the asset.
Land and buildings
Land and buildings are shown at fair value, based on periodic, but at least triennial valuations by independent valuers, plus any subsequent
improvements at cost, less depreciation. At each annual balance date, no less than one third of assets classified as land and buildings are
revalued and those valuations are used to assess the appropriateness of the carrying values of all land and building assets held by the Group,
which effectively revalue all land and buildings annually. Revaluations are performed more frequently if changing industry conditions may cause
their carrying value to differ significantly from fair value. Any accumulated depreciation at the date of revaluation is eliminated against the gross
carrying amount of the asset and the net amount is restated to the revalued amount of the asset.
Changes in the carrying amounts arising on revaluation of land and buildings are accounted for through comprehensive income and other
reserves, except where an asset's assessed fair value is less than the original cost, in which case the change is recognised in the statement of
profit or loss.
3. Discounted cash flow - a variation of the capitalisation of rentals method whereby it takes the current market rental calculated under that
method and forecasts net cash flows over a ten-year period. Cash flows are adjusted for expected growth in market rentals and estimated costs
incurred to maintain land and buildings in operational use. This method assumes land and buildings are sold in the terminal year (year 11).
The assets being valued are specialised in nature due to being located in rural areas with demand for these buildings limited to the kiwifruit
industry. They are packhouses and coolstores that are specifically designed to handle large volumes of kiwifruit. Whilst they could be used for
other purposes, given their rural locations the only industry of scale in these areas is kiwifruit. It should be noted that, while the sales comparison
approach does reflect market forces, due to the properties specialised nature and low volume of sales, the data is limited. Due to this, the most
weighting is placed on the capitalisation of rentals, with the discounted cash flow method considered, and the sales comparison approach given
the lowest relative weighting.
Significant unobservable inputs inherent in the land and building valuation process include potential market comparative rentals, and the market
rental capitalisation rates. The higher the rental rate, the higher the fair value, and the higher the capitalisation rate, the lower the fair value.
Significant changes in either of these inputs would result in significant changes to the fair value measurement. See below;
1. Market rental rates - Packhouse rental rates as described in the valuation reports obtained in 2025 between $75/m² - $125/m² (Dec 2024 - $50/
m² - $125/m²). Coolstore rental rates were between $0.27/tray - $0.64/tray (Dec 2024 - $0.38/tray - $0.68/tray).
2. Rental capitalisation rates - Capitalisation rates as described in the valuation reports obtained in 2025 were between 7.50% – 8.50% (Dec 2024 -
7.00% – 9.50%).
3. Discount rates – Discount rates as described in the valuation reports obtained in 2025 were between 8.75% - 10.00% (Dec 2024 – 7.60% -
10.77%).
The net book value of land is $53.47m (Dec 2024 - $50.23m) and buildings is $238.98m (Dec 2024 - $230.15m), see note 28.
The following table details the gain on revaluation of land and buildings recognised in the revaluation reserve, net of tax, of $9.57m (Dec 2024 - $2.71m).
New Zealand dollars
Land
$000s
Buildings
$000s
Total
$000s
Land and buildings revaluation reserve
2,730 6,838 9,568
As a consequence of the building revaluations conducted December 2025, $4.77m (Dec 2024 - $2.61m) of accumulated depreciation was offset
directly against the assets' cost or valuation, prior to revaluation.
In the year ended 31 December 2025, the Group assessed the useful lives of property, plant and equipment, and did not identify any material
situations where the useful life of an asset or group of assets was not appropriate or within the existing accounting policy.
The following table details the depreciated value of land and buildings if they were to be stated on a historical cost basis.
New Zealand dollars
2025
$000s
2024
$000s
Cost
285,598 280,914
Accumulated depreciation
( 75,668) ( 69,201)
Depreciated historical cost
209,930 211,713
Net book amount
292,449 281,373
Impairment of bearer plants
For the year ended 31 December 2025, $1.13m (Dec 2024 - Nil) of bearer plant assets were impaired. The 2025 impairment relates to the removal
of commodity pear trees in Australia along with the impairment of New Zealand avocado plants on one orchard.
Impairment of land, buildings, plant and equipment
For the year ended 31 December 2025, $0.85m (Dec 2024 - $0.30m) of plant and equipment assets were impaired. The 2025 impairment relates
to the removal of post harvest machinery prior to capacity and automation upgrades for harvest 2026.
The 2024 impairments were for wind-damaged hail netting in Australia which has been removed while other risk management solutions are
identified, and orchard equipment in New Zealand which has been removed as part of planned machinery replacement.
Financial contents
Main contents

39SEEKA LIMITED | ANNUAL REPORT 2025
11. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
Water shares
$000s
Other
intangibles
$000s
Total
$000s
At 1 January 2025
Cost
4,533 20,181 3,059 377 28,150
Accumulated amortisation and impairment
( 4,040) - - ( 30) ( 4,070)
Net book amount
493 20,181 3,059 347 24,080
Year ended 31 December 2025
Opening net book amount
493 20,181 3,059 347 24,080
Additions
20 - 928 - 948
Foreign exchange
- - 232 - 232
Amortisation
( 275) - - ( 15) ( 290)
Closing net book amount
238 20,181 4,219 332 24,970
At 31 December 2025
Cost
4,553 20,181 4,219 377 29,330
Accumulated amortisation and impairment
( 4,315) - - ( 45) ( 4,360)
Net book amount
238 20,181 4,219 332 24,970
At 1 January 2024
Cost
4,458 20,181 2,991 377 28,007
Accumulated amortisation and impairment
( 3,753) - - ( 15) ( 3,768)
Net book amount
705 20,181 2,991 362 24,239
Year ended 31 December 2024
Opening net book amount
705 20,181 2,991 362 24,239
Additions
75 - - - 75
Foreign exchange
- - 68 - 68
Amortisation
( 287) - - ( 15) ( 302)
Closing net book amount
493 20,181 3,059 347 24,080
The amortisation period of software is four to five years.
Critical accounting estimates and judgements
At 31 December 2025, 41% (Dec 2024 - 38%) of Seeka's New Zealand land and building portfolio was externally revalued in line with policy.
Sensitivity analysis suggests the remaining properties that were not revalued this year could cause a movement in land and buildings of between
-2.91% and 6.73% This is not considered a material movement in land and building values.
Property, plant and equipment
All other property, plant and equipment are stated at historical
cost less depreciation. Historical cost includes all costs incurred to
purchase the asset.
Subsequent additions at cost are included in the asset’s carrying value
or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will
flow to the Group and the cost of the item can be measured reliably.
All other repairs and maintenance are charged to the statement of
profit or loss during the financial period in which they are incurred.
Asset impairments are recognised in the statement of profit or loss.
Depreciation
Land is not depreciated. Depreciation on other assets is calculated
using the straight line or diminishing value method to allocate their
cost or revalued amounts, net of their residual values, over their
estimated useful lives. The depreciation of bearer plants on leased
land orchards is aligned to the term of the lease.
The estimated useful lives of assets from revaluation date are:
– Buildings and fit outs 7 - 50 years
– Machinery 5 - 30 years
– Vehicles 4 - 15 years
–Furniture, fittings and equipment 5 - 15 years
– Bearer plants 4 - 19 years
Asset residual values and useful lives are reviewed, and adjusted
if appropriate, at balance date and an asset’s carrying amount is
immediately written down to its recoverable amount.
Gains and losses on disposals are determined by comparing proceeds
with the carrying amount, and any gain or loss is included in the
statement of profit or loss. When revalued assets are sold, the
amounts included in the revaluation reserve in respect of those assets
are transferred to retained earnings.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED40
Water shares
Water shares are an integral part of land and irrigation infrastructure required to grow pears, kiwifruit and other annual crops in Australia and are
carried at historical cost. Such rights have an indefinite life and are not amortised but are tested annually for impairment. If events or changes in
circumstances indicate impairment, the carrying value is adjusted to take account of any impairment losses.
The Group’s portfolio of water rights is currently recorded at a historical cost value of $4.2m (Dec 2024 - $3.1m). A market value assessment was
performed at the end of the financial year. This was completed by accessing the Victorian Water Register and determining the weighted average sales
price for the applicable class of water rights. This value is then applied on a like for like basis to the Group’s water portfolio. As water prices fluctuate
due to seasonal factors, current market rates have been used internally for impairment testing purposes valued at $6.4m (Dec 2024 - $5.1m).
Impairment tests for goodwill
At 31 December 2025 Seeka's market capitalisation was less than 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 carrying value of the assets.
Goodwill balances are assessed annually for impairment. The impairment tests were 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 stated in this note.
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 goodwill and asset value are supported by historical profitability, increasing volume forecasts, and forecast growth of the kiwifruit industry
and returns.
Any financial impact of climate change is expected to fall outside of the planning period given the long-term nature of climate change. The risk
associated with climate change is however built into the applied discount rate. Seeka has a long history of adapting to the environment, such
as when Psa arrived in New Zealand and the industry pivoted to the SunGold variety, alongside past climatic events such as droughts, hail, and
floods. Climate change risks may result in unforeseen events, which may have possible implications that cannot be estimated with certainty. The
business will continue to adapt to the changing environment.
No impairment was noted as a result of the impairment test.
The annual impairment tests of goodwill were performed at 30 November 2025. Impairment indicators were considered at 31 December 2025,
however no indicators were identified that required any further impairment testing.
Additions to goodwill
There were no additions to goodwill in 2025 (Dec 2024 - Nil).
Cash generating units (CGUs)
All goodwill at 31 December 2025 is allocated to the post harvest CGU. The post harvest CGU reflects the operationally coordinated and
financially interdependent nature of post harvest operations across the regions serviced by Seeka. To best handle fruit at optimum maturity, and
maximise post harvest efficiency and flexibility, the regions are managed as one unit with mature fruit allocated to the next available facility. This
means fruit flows and the associated cash flows are intrinsically linked across all regions. Due to this, a single CGU best reflects the nature of the
post harvest business.
The following table details the key assumptions used for value-in-use calculations and the recoverable amount.
Group cash generating unitOperating segment
Goodwill
carrying
amount
$000s
Post tax
discount rate
1
EBITDA
3

growth rate
1-5 years
Terminal
growth rate
2
2025
Post harvest Post harvest operations
20,181 9.1%0% - 6%2.5%
2024
Post harvest Post harvest operations
20,181 8.9%4% - 5%2.0%
1. The discount rate is calculated based on the specific circumstances of the cash generating unit and its operations, and is derived from its
weighted average cost of capital.
2. The long term growth rate is based on the long term expected inflation rate, being within the RBNZ inflationary target of 1%-3%. The Group has
set its terminal growth rates at 2.5% to ensure a long term conservative growth estimate has been applied in the impairment tests.
3. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations.
The goodwill relating to the post harvest CGU is supported by historical profitability, with a positive outlook and significant growth path ahead.
No other reasonable changes to key assumptions would require an impairment of goodwill.
Financial contents
Main contents

41SEEKA LIMITED | ANNUAL REPORT 2025
Accounting policies
Intangible assets
Assets with a finite useful life are subject to depreciation and amortisation and reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have an indefinite life are not subject to
amortisation and are tested at least annually for impairment, with impairment losses recognised when the carrying amount exceeds the
recoverable amount. When assessing impairment, assets are grouped at the lowest identifiable unit able to generate cash flow.
Software
Acquired computer software licences are capitalised on the basis that the Group has control over the licences, and the costs incurred to acquire
and bring to use the specific software. Internally developed computer software is capitalised when it enters the development phase and includes
costs incurred to develop and test the software for use. Intangible assets are amortised over their estimated useful life (typically four to five
years).
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets at the date of
acquisition. Goodwill on a business acquisition is included in intangible assets, and on acquisition of an associate is included in investments in
associates. When acquired in business combinations, the goodwill is annually tested for impairment (or more frequently if there are impairment
indicators) and carried at cost less accumulated impairment losses. Gains and losses on the disposal of a business include the carrying amount of
goodwill relating to that business.
Water shares
The Group records permanent water shares at historical cost. Such rights have an indefinite life and are not amortised but are tested annually for
impairment. If events or changes in circumstances indicate impairment, the carrying value is adjusted to take account of any impairment losses.
Impairment of assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more
frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal
and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units (CGUs)). Non-financial
assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Critical accounting estimates and judgements
The intangible assets 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 and terminal growth rates.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED42
12. Biological assets - crop
Crops growing on bearer plants are classified as biological assets and measured at fair value.
Crop assets are kiwifruit, avocado, nashi pears, Packham pears, and other crops growing on leased and owned orchards and yet to be harvested at
balance date.
The following table reconciles beginning balances to end balances for biological assets crop measured at fair value defined as level 3 in note 28.
New Zealand dollars
2025
$000s
2024
$000s
Carrying amount at beginning of period
25,254 21,766
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
37,982 27,329
Fair value when harvested
( 63,236) ( 49,095)
Crop growing on bearer plants at end of period
Crop at cost
24,332 25,027
Crop at fair value
191 227
Carrying value at end of period
24,523 25,254
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
2025
$000s
2024
$000s
Movement in carrying amount
( 1,071) 3,345
Exchange differences
340 143
Net fair value movement in crop
( 731) 3,488
The following table details the classification of biological assets - crop.
New Zealand dollars
2025
$000s
2024
$000s
Australia - all varieties
7,200 6,354
New Zealand - kiwifruit crop
17,047 18,651
New Zealand - avocado crop
276 249
Carrying value at end of period
24,523 25,254
Crop where fair value cannot be measured reliably
Kiwifruit, avocado, nashi and Packham crops are not considered to have achieved sufficient biological transformation at balance date therefore fair
value is not able to be measured reliably and, as such, these crops are measured initially at cost less impairment.
Crop valued at fair value
Where a crop has achieved sufficient biological transformation, it is measured at fair value less costs to sell using unobservable inputs in the fair
value assessment. These unobservable inputs include forecasted sales prices achieved once the crop is harvested and marketed for sale, if the
forecast price was to increase so would the fair value of the crop.
The following table details the unobservable inputs used for the crop at fair value when harvested calculations.
CountryCategoryUnobservable inputs20252024
New ZealandHaywardOrchard gate return (OGR) per TCE (NZD$s)
$6.29 - $10.39$7.50
Picking costs per TCE (NZD$s)
$0.57 - $1.00$0.92
Orchard yield (TCE per hectare)
3,403 - 16,7082,021 - 16,015
New ZealandSunGold
OGR per TCE (NZD$s)
$9.54 - $13.28$9.00 - $12.89
Picking costs per TCE (NZD$s)
$0.61 - $1.04$1.05
Orchard yield (TCE per hectare)
6,650 - 20,1025,528 - 22,049
AustraliaHayward
Sales price per kilogram (AUD$s)
$4.84 - $8.00$4.20 - $7.47
Combined costs to sell per kilogram (AUD$s)
$1.09 - $2.62$0.92 - $2.55
Orchard yield (kilograms per hectare)
16,969 - 24,80612,770 - 29,384
Financial contents
Main contents

43SEEKA LIMITED | ANNUAL REPORT 2025
Accounting policies
The Group's biological assets are the crops growing on bearer plants in the Group's leased and owned orchards. All crops have a maturity period of
less than one year and will be harvested within 12 months from the Group's balance date.
Biological assets are measured at fair value less costs to sell provided this can be measured reliably, otherwise they are measured at cost.
When insufficient biological transformation has occurred fair value is not able to be measured reliably. Biological assets at cost are not depreciated as
they are in the process of maturing.
Fair value is determined as the estimated net market return.
13. 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
2025
$000s
2024
$000s
Right-of-use lease assets
Land and buildings
35,594 26,704
Orchard leases
20,914 16,493
Equipment
4,958 1,571
Motor vehicles
4,724 3,608
Total right-of-use lease assets
66,190 48,376
Right-of-use lease assets movements
Opening balance
48,376 50,507
The movements for the year are as follows:
Additions and renewals
30,243 8,933
Disposals, reclassifications and early terminations
( 477) ( 64)
Impairment of onerous lease
( 20) ( 1)
Exchange rate differences
722 140
Depreciation
( 12,654) ( 11,139)
Closing balance
66,190 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
6,267 4,775
Orchard leases
2,091 2,116
Equipment
2,070 2,024
Motor vehicles
2,226 2,224
Total depreciation of right-of-use lease assets
12,654 11,139

Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED44
Accounting policies
Lease liabilities are measured as the present value of the remaining lease payments, including any renewal periods that are likely to be exercised,
discounted using the Group’s incremental borrowing rate which ranges between 4.79% and 10.67%. The discount rate is based on the Group's
incremental borrowing rate, being the rate the Group would borrow the funds required to purchase the asset. When determining the discount rate,
Seeka considers that the value of the right-of-use lease asset should not be greater than the fair value of the underlying asset being leased.
The Group’s right-of-use lease asset is equal to the lease liability on the day of lease inception, with the exception of sale and leaseback
transactions where the asset is measured as the proportion of the carrying value of the asset sold of which the benefit is retained by the Group.
The right-of-use lease asset is depreciated on a straight line basis over the period of the lease. Costs incurred with a lease that are not part of the
cost of the right-of-use lease asset are expensed.
All leases have been classified into one of the following asset classes:
–Land and building - leases for rental of all properties, including packhouses and coolstores
–Orchard - leases held for the development of productive orchards
–Equipment - leases for equipment, including plant, equipment and forklifts
–Motor vehicles - leases for motor vehicles
The Group leases various properties for the packing and cooling of kiwifruit, leases orchards to grow kiwifruit and avocados, and leases equipment
and vehicles. The terms of the leases vary, with land and building leases ranging from 1.5 to 99 years, with one 99 year lease. Orchard leases range
from 8 to 25 years, and equipment and vehicle leases range from 2 to 11 years.
Contracts may contain both lease and non-lease components. In the case of orchard leases, only the fixed rental is recognised as a lease liability.
Any variable consideration relating to profit share on the orchard leases is not accounted for as the profit share is only determined after a crop has
been harvested and is not identifiable at the commencement of the lease. Lease terms are negotiated on an individual basis and contain a range
of different terms and conditions. The lease agreements do not impose any covenants other than the security interest in the leased assets that are
held by the lessor. Leased assets may not be used as security for borrowing purposes.
The Group is exposed to potential future increases in land and building lease payments based on contractual market rent reviews that are not
included in the lease liability until the rent review takes place.
Lease payments are allocated between principal and lease interest. The lease interest is charged to the statement of profit or loss over the term of
the lease.
The following table details lease liabilities where the Group is the lessee.
New Zealand dollars
2025
$000s
2024
$000s
Lease liabilities
Current
10,135 10,213
Non-current
71,562 52,355
Total lease liabilities
81,697 62,568
Lease liabilities classification
The liabilities are classified as follows:
Land and buildings
41,283 31,899
Orchard leases
30,263 24,937
Equipment
5,249 1,877
Motor vehicles
4,902 3,855
Total lease liabilities
81,697 62,568
Lease liabilities movements
Opening balance
62,568 64,762
The movements for the year are as follows:
Additions and renewals
30,905 8,992
Disposals, reclassifications and early terminations
( 664) ( 72)
Exchange rate differences
1,046 292
Principal lease payments
( 12,158) ( 11,406)
Closing balance
81,697 62,568
Additions
During the year ended 31 December 2025, the Group renewed $15.61m (Dec 2024 - $1.11m) of leases relating to post harvest coolstorage
facilities, and $5.84m (Dec 2024 - $0.14m) relating to an extension of the leased orchards in Australia. Additionally, the Group entered $8.71m
(Dec 2024 - $4.92m) of leases relating to vehicles and equipment leases.
Financial contents
Main contents

45SEEKA LIMITED | ANNUAL REPORT 2025
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.
14. Trade and other receivables
New Zealand dollars
2025
$000s
2024
$000s
Current trade receivables (net of provision for doubtful debts)
13,552 17,559
Prepayments
4,117 4,371
Prepaid deposits
319 252
GST refund
922-
Term deposits
400 -
Accrued income and other sundry receivables
8,943 7,147
Current trade and other receivables
28,253 29,329
Non current trade and other receivables
2,560 3,572
Total trade and other receivables
30,813 32,901
Within current trade receivables, $1.99m are past due (Dec 2024 - $4.19m), of which 18.99% are more than 90 days (Dec 2024 - 54.11%).
Prepaid deposits includes $0.32m for avocado trees and kiwifruit vines not yet received (Dec 2024 - $0.25m).
Accrued income and other sundry receivables includes income to be received from orcharding operations on 436 hectares of leased and owned
orchards (Dec 2024 - 440 hectares).
A $0.54m provision for doubtful debts is recognised in the accounts (Dec 2024 - $0.76m).
Non-current trade receivables includes $0.08m losses carried forward on Hayward short term leased orchards to be recovered in a future period
(Dec 2024 - $0.83m). Non current receivables also include $2.47m (Dec 2024 - $2.74m) of long term receivable balances with agreed long-
term payment terms. 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 are considered recoverable.
Accounting policies
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for doubtful debts.
Collectability of trade receivables is reviewed on an ongoing basis including debts past due, but not considered impaired. Debts that are known to
be uncollectible are written off. A provision for doubtful receivables is established based on the expected default rates over the balance of trade
receivables. See note 27 for calculation details.
15. Inventories
New Zealand dollars
2025
$000s
2024
$000s
Crop inventories
75 -
Total packaging at cost
5,308 5,254
Other inventories at cost
5,878 5,018
Total inventories
11,261 10,272
In the current year, $40.61m (Dec 2024 - $39.90m) of packaging inventory costs were expensed to cost of sales in the statement of profit or loss.
Accounting policies
Raw materials, work in progress, finished goods and produce are stated at the lower of cost or net realisable value. Cost comprises direct
materials and direct labour, and are assigned to individual items of inventory on the basis of weighted average cost. Net realisable value is the
estimated selling price less estimated costs of completion and sales costs.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED46
16. Trade and other payables
New Zealand dollars
2025
$000s
2024
$000s
Trade payables
8,447 6,586
Accrued expenses
22,963 15,450
Employee expenses
8,148 6,747
GST payable
- 923
Accrued dividend payable
4,455 4,417
Deferred income
1,185 -
Other payables
253 706
Total trade and other payables
45,451 34,829
Trade payables include $1.00m for capital works in progress (Dec 2024 - $0.75m).
Accrued expenses include $5.03m for capital purchases (Dec 2024 - $0.13m), as well as costs to be incurred from orcharding operations on 436
hectares (Dec 2024 - 440 hectares) of leased and owned orchards, and costs relating to the retail service segment and the export and domestic
sales of avocado.
Accounting policies
Trade payables are recognised initially at fair value (the invoiced amount). If the Group has been provided with extended terms of trade, they are
then recognised at amortised cost using the effective interest method.
Financial contents
Main contents

47SEEKA LIMITED | ANNUAL REPORT 2025
Funding
This section focuses on how the Group manages its capital structure to protect shareholder value while funding operations that
deliver benefits to stakeholders and grow shareholder returns.
Disclosures are made on the Group’s bank facilities, retained earnings, dividends paid to shareholders, and earnings per share. Details on the
Company’s share capital include shares issued under the dividend reinvestment plan, grower loyalty share scheme and employee share scheme.
17. Interest bearing liabilities
New Zealand dollars
2025
$000s
2024
$000s
Current secured
Interest bearing liabilities
- 11,861
Capitalised loan fees to be amortised in the next 12 months
- ( 240)
Total current interest bearing liabilities
- 11,621
Non current secured
Interest bearing liabilities
119,674 128,743
Remaining capitalised loan fees to be amortised
( 54) ( 74)
Total non-current interest bearing liabilities
119,620 128,669
Total interest bearing liabilities
119,620 140,290
Analysis of movements in borrowings:
At 1 January
140,290 177,583
Cash flow - additional borrowings
104,991 108,036
Cash flow - repayment of borrowings
( 126,640) ( 145,870)
Capitalised loan fees - amortised over the life of the loan
69 22
Exchange differences
910 519
At 31 December
119,620 140,290
Analysis of total facilities:
Drawn
119,620 140,290
Available
82,997 61,069
Total facilities at 31 December
202,617 201,359
The Board has assessed the fair value of the term loans as the outstanding balance at balance date.
On 27 June 2025, Seeka extended 66% of the facilities to 26 February 2027, and 34% to 28 February 2028. The 30 June 2024 and 31 December
2024 banking covenants were set on a “step down” basis to enable Seeka to reach its long-term covenants of 3.25x for the net leverage ratio and
2.00x for the interest cover ratio.
Seeka’s $203 million banking facility is provided as a Sustainability-Linked Loan that incentivises Seeka to reduce greenhouse gas emissions and
increase solar energy generation capacity.
The following table details the amounts of the term loans drawn down at balance date and their maturities.
Balance due
$000sInterest rateMaturity
Term loans as at 31 December 2025
AUD $17m
19,674 5.24%28 February 2028
NZD $10m
10,000 3.96%26 February 2027
NZD $40m
40,000 6.63%26 February 2027
NZD $50m
50,000 6.41%28 February 2028
Term loans as at 31 December 2024
AUD $17m
18,743 6.77%31 January 2027
NZD $20m
20,000 6.63%31 January 2026
NZD $40m
40,000 6.63%31 January 2026
NZD $50m
50,000 6.83%31 January 2027
The Group’s policy is to protect the term portion of the loans from exposure to changing interest rates via the use of derivatives, see note 29.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED48
Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost.
When it is probable that part or the entire loan will be drawn down, any loan facility establishment fee paid is recognised as a loan transaction cost.
When the loan will probably remain undrawn, any loan fee paid is capitalised as a pre-payment for liquidity services and amortised over the period of
the facility.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after
balance date.
18. Share capital
Shares20252024
Authorised and issued share capital
Ordinary shares - fully paid and no par value:
Opening balance
43,509,941 41,988,282
Shares issued under:
Employee share scheme offer dated 19 April 2024
- 623,000
Seeka grower share scheme offer dated 19 April 2024
- 898,659
Dividend reinvestment programme
519,602 -
Total shares issued
44,029,543 43,509,941
Ordinary shares - classified as follows:
Held by ordinary shareholders
42,252,549 41,619,947
Held by Seeka Share Trustee Limited
1,776,994 1,889,994
Total shares issued
44,029,543 43,509,941
Assets pledged as security
Bank loans and overdrafts are secured by first mortgages over the freehold land and buildings, and a General Security Agreement over all the assets
of the following trading entities within the Group, as either borrowers or guarantors. These entities make up the bank Charging Group.
The value of the Group’s assets that are not part of the Charging Group is $11.27m, being less than 1.87% of the total Group assets.
The Charging Group comprises the following entities:
Borrowers and guarantors:
–Seeka Limited
–Seeka Australia (Pty) Limited
Guarantors:
–Aongatete Coolstores Limited
–Delicious Nutritious Food Company Limited
–Kiwi Coast Growers (Te Puke) Limited
–Northland Horticulture Limited
–OPAC Properties Limited
–Seeka East Limited
–Seeka OPAC Limited
–Seeka Te Puke Limited
Financial contents
Main contents

49SEEKA LIMITED | ANNUAL REPORT 2025
Accounting policies
Ordinary shares are classified as equity.
Where any Group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company's equity holders until the shares are
cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity attributable to the Company's equity holders.
The following table details the movement in share capital.
New Zealand dollars
2025
$000s
2024
$000s
Movements in ordinary paid up share capital:
Opening balance of ordinary shares
164,512 164,512
Issues of ordinary shares during the year
1,966 -
Closing balance of ordinary share capital
166,478 164,512
Movements in treasury share capital:
Opening balance of ordinary shares
1,612 1,647
Employee share scheme receipts
( 265) ( 35)
Grower loyalty share scheme receipts
( 298) -
Sales of treasury shares receipts
( 365) -
Closing balance of shares held as treasury capital
684 1,612
Net share capital
165,794 162,900
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of fully
paid shares held.
Share-based incentive schemes
The Group operates two equity-settled, share-based incentive schemes:
–A compensation scheme for employees; 623,000 shares were issued under this scheme on 6 May 2024.
–A grower loyalty share scheme approved by shareholders 18 April 2024; 898,659 shares were issued under this scheme on 20 May 2024.
The employee share scheme is managed by a trust deed established September 2014. The grower loyalty share scheme is managed by a trust
deed established 15 March 2019. The trustee for both trusts is 'Seeka Share Trustee Limited', whose directors are also directors of Seeka.
The shares held by the trustee on behalf of employees and growers carry the same voting rights as other issued ordinary shares with votes only
able to be made via the trustees. The trustees are not able to vote, other than at the direction of the individual member employees and growers.
While monies are owed on the shares they remain with the trustee.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED50
19. Earnings and net tangible assets per share
20252024
Basic earnings per share
Net profit attributable to equity holders of the Company ($000s)
31,961 8,751
Weighted average number of ordinary shares in issue (000s)
41,932 41,603
Basic earnings per share ($)
$ 0.76$ 0.21
Diluted earnings per share
Net profit attributable to equity holders of the Company ($000s)
31,961 8,751
Weighted average number of ordinary shares in issue plus dilutive employee and
grower share schemes (000s)
42,264 41,603
Diluted earnings per share ($)
$ 0.76$ 0.21
Net tangible assets per share
Net tangible assets ($000s)
277,927 246,222
Total ordinary shares issued at the end of the period (000s)
44,030 43,510
Net tangible assets per share ($)
$ 6.31$ 5.66
Basic earnings per share
Basic earnings per share is calculated by dividing the profit / (loss) attributable to equity holders of the Company by the weighted average number
of ordinary shares outstanding during the period, adjusted for bonus elements in ordinary shares issued and outstanding during the period.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax
effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed
to have been issued for no consideration in relation to dilutive potential ordinary shares.
Net tangible asset per share
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.
20. Retained earnings and reserves
Retained earnings
The following table details movements in retained earnings.
New Zealand dollars
2025
$000s
2024
$000s
At 1 January
42,654 38,294
Net profit for the year
31,961 8,751
Dividends paid or declared
( 13,319) ( 4,417)
Realisation of permanent gain on sale
- 26
At 31 December
61,296 42,654
Reserves
The following table details the closing balances of reserve accounts.
New Zealand dollars
2025
$000s
2024
$000s
Reserves
Cash flow hedge reserve
( 1,040) ( 233)
Land and buildings revaluation reserve
70,110 60,542
Foreign currency translation reserve
537 ( 331)
Foreign currency revaluation reserve
1,017 722
Share entitlement reserve
394 149
Total reserves
71,018 60,849
Financial contents
Main contents

51SEEKA LIMITED | ANNUAL REPORT 2025
The cash flow hedge reserve records increases and decreases on the revaluation of derivative financial instruments.
The land and buildings revaluation reserve records increments and decrements on the revaluation of land and buildings.
The foreign currency translation reserve records foreign currency translation differences of Group entity results and financial position. The amounts
are accumulated in other comprehensive income and recognised in profit or loss when the foreign operation is partially disposed of or sold.
The foreign currency revaluation reserve records unrealised gains and losses on Group assets and liabilities held in foreign currencies.
The share entitlement reserve records the value of option benefits recognised on the Group's grower loyalty and employee share schemes as
detailed in this note. The options element of the schemes are valued using the Black Scholes pricing model on the grant date, which is the date the
shares are first issued to the trust. Volatility is forecasted into the model.
Employee share scheme
Under the employee share scheme, shares were issued to a share trust in return for a debt owed back to the Company. Scheme shares vest in 2027.
At the end of the vesting period, eligible employees have the option to settle any outstanding debt on their shares and have the shares transferred
to them, see note 18. The option benefit is recognised as a share-based payment expense and recorded as an expense over the vesting period.
The following table details movement in the share entitlement reserve relating to the employee share scheme.
New Zealand dollars
2025
$000s
2024
$000s
At 1 January
49 -
Movement in employee share entitlement reserve
7349
At 31 December
122 49
At balance date the there were no shares in respect of which options have been granted to employees and remain outstanding under the scheme
(Dec 2024 - 623,000).
Grower loyalty share scheme
Under the grower loyalty share scheme, shares were issued to a share trust in return for a debt owed back to the Company. Shares vest when the
grower ends their supply commitment; 30 June 2026 for kiwifruit and kiwiberry growers, 31 March 2027 for avocado growers, see note 18. The
option benefit is recognised as a discount against revenue over the vesting period.
The following table details the movement in the grower loyalty share scheme.
New Zealand dollars
2025
$000s
2024
$000s
At 1 January
100 -
Movement in grower share entitlement reserve
172100
At 31 December
272 100
Share scheme pricing model
The following table details inputs to the Black Scholes pricing model used to value the cost of the share schemes to the Group.
Inputs into the model
Grower loyalty
share scheme
Employee
share scheme
Issue date
20 May 20246 May 2024
Shares issued
898,659623,000
Grant date share price
$2.4300$2.7800
Exercise price
$2.5444$2.8679
Expected life (interest free loan period)
2 - 3 years3 years
Maximum loan period
3 years5 years
1
Time to vest
2 - 3 years3 years
Expected volatility (% per year)
30% - 35%29%
Risk-free interest rate
4.46%4.58%
Value of option
$0.53 - $0.56$0.67
1. Interest charged after three years.
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED52
Accounting policies
Provision is made for the amount of any dividend declared on or before the end of the period but not distributed at balance date.
21. Dividends
Declared dateRecord datePayment date Per share$000s
2025
26 February 202520 March 202515 April 2025
$ 0.05 2,218
19 August 202518 September 202515 October 2025
$ 0.15 6,646
16 October 202519 December 202519 January 2026
$ 0.10 4,455
Total dividend 2025
$ 0.30 13,319
2024
16 October 202420 December 202420 January 2025
$ 0.10 4,417
Total dividend 2024
$ 0.10 4,417
On 16 October 2025, the directors declared a fully-imputed dividend of $0.10 per share. The dividend was paid 19 January 2026 with a record
date of 19 December 2025. The dividend reinvestment plan applied with a 2% discount to the strike price.
Dividends are imputed to the fullest extent allowable in the tax year. The dividend reinvestment plan (DRP) applied to all dividend payments in
2025 and 2024. The total dividend paid includes the non-cash amounts for the DRP. $10.57m of cash dividend payments were made to and on
behalf of shareholders during the year (Dec 2024 - Nil).
On 26 February 2026, the directors declared a fully-imputed dividend of $0.25 per share. The dividend will be paid on 15 April 2026 with a record
date of 20 March 2026. The dividend reinvestment plan will apply with a 2% discount to the strike price.
Seeka dividend policy
On 26 February 2025, Seeka updated its dividend policy 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.
Accounting policies
The fair value of the employee services received in exchange for the grant of options is recognised as an expense in the statement of profit or loss with
a corresponding increase in the share entitlement reserve. For the Grower Loyalty Share Scheme (GLSS), the fair value of the grower loyalty received
in exchange for the grant of the option is recognised as a discount against other income in the statement of profit or loss with a corresponding
increase in share entitlement reserve. The fair value is determined by reference to the fair value of the options granted, calculated using the Black
Scholes pricing model, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets).
When the shares vest, the amount of the reserve relating to those shares is transferred to retained earnings.
Employee share scheme shares may be issued at the Board’s discretion at a price set by the Board based on the Volume Weighted Average Price
(VWAP) calculation of the Company's shares during the period prior to issue. The Employee Share Scheme (ESS) cannot be issued with further
shares if that issue would result in the ESS having an interest of more than 5% of the Company’s issued capital.
Shares are issued fully paid in exchange for a loan to the share scheme trust. Dividends paid on the shares are applied towards repaying the debt
between ESS and GLSS and the Group on behalf of the employee or the grower.
Proceeds received along with any employee contributions are credited to share capital when payment for the shares is received.
The ESS and GLSS have a non-beneficial interest in all the shares allocated to employees and growers. Annually the Group reviews the ESS scheme
and decides upon the allocation of further shares and the price at which those shares will be issued to the ESS. Trustees of ESS and GLSS are
appointed for an unspecified term and may be removed by the Company at any time.
Critical accounting estimates and judgements
The initial fair values of the employee share scheme and grower loyalty share scheme require estimates to be made of expected price volatility and
the risk free rate as detailed in this note.
Financial contents
Main contents

53SEEKA LIMITED | ANNUAL REPORT 2025
Investments
This section focuses on how the Group invests in businesses to support Seeka’s core kiwifruit operations, realise synergies
along the produce supply chain and grow Seeka’s product base and geographical reach. The Board manages business
investments to strengthen the benefits delivered to stakeholders and grow shareholder returns.
Disclosures are made on the Group’s investments financial assets, associates and joint arrangements.
22. Investment in financial assets
New Zealand dollars
2025
$000s
2024
$000s
At 1 January
1,310 1,261
Movement in fair value of other financial assets
139 49
At 31 December
1,449 1,310
Unlisted securities designated at fair value through profit or loss
Ballance Agri Nutrients Limited
65 82
Blackburn General Partner Limited
91 91
OTK Orchards Limited
133 133
Ravensdown Fertiliser Co-operative Limited
398 261
Other share holdings
23 41
Other financial assets designated at fair value through profit or loss
Ngāti Pūkenga
739 702
Total financial assets at fair value through profit or loss
1,449 1,310
Total investment in financial assets
1,449 1,310
All other financial assets measured at fair value are defined as level 3, see note 28.
Accounting policies
The fair values of the listed securities are based on the securities' closing share price at balance date. Where pricing information is available,
unlisted securities are revalued at balance date. All other unlisted securities are currently held at cost less impairment as it reasonably represents
current fair value. Other financial assets designated at fair value through profit or loss are held at their discounted present value of expected cash
flows as it reasonably represents current fair value. The carrying amount of all financial assets is reviewed at balance date and any impairment is
recognised through the statement of profit or loss.
23. Investment in associates and joint arrangements
a. Investment in associates
Name of entity
Country of
incorporationBusiness activity
Equity holding
31 December 2025
Equity holding
31 December 2024
Ngutupiri General Partner LimitedNew ZealandOrcharding
64%64%
Te Kaha Gold Investment PartnershipNew ZealandOrcharding
33%33%
TKG Orchard Services LimitedNew ZealandOrcharding
50%50%
Waihau Bay JV Limited PartnershipNew ZealandOrcharding
35%35%
Wai O Kaha Gold Landowners Limited PartnershipNew ZealandOrcharding
26%26%
Fruitometry LimitedNew ZealandAgritech
26%26%
TKL Logistics LimitedNew ZealandPort service
33%33%
Kiwifruit Supply Research LimitedNew ZealandNot trading
20%20%
Financial contents
Main contents

ANNUAL REPORT 2025 | SEEKA LIMITED54
The following table details transactions relating to investments in associates.
New Zealand dollars
2025
$000s
2024
$000s
At 1 January
8,048 4,639
Purchase of investments
- 3,412
Share of profit
183 71
Capital distributions received
( 91) ( 74)
Balance at end of year
8,140 8,048
Investments are made in the following associates:
Ngutupiri General Partner Limited
1,268 1,400
Te Kaha Gold Investment Partnership
- 35
TKG Orchard Services Limited
701 645
TKL Logistics Limited
1,118 874
Wai O Kaha Gold Landowners Limited Partnership
2,898 3,000
Waihau Bay JV Limited Partnership
976 1,050
Fruitometry Limited
1,179 1,044
Total investment in associates
8,140 8,048
In 2024, the Group invested an additional $1.41m in two associates, Ngutupiri General Partner Limited and Waihau Bay JV Limited Partnership, to
complete the outstanding investment commitments. Additionally, the Group agreed to convert $2.00m of Wai O Kaha Gold Landowners Limited
Partnership’s outstanding receivable to equity, increasing the total investment to $3.00m and the ownership percentage to 26%. All other terms
remain consistent with the existing agreement.
Impairment of associates
No impairment in investments in associates was identified for the year ended 31 December 2025 (Dec 2024 - Nil).
The following table summarises the financial information of associates.
New Zealand dollars
Ngutupiri
General
Partner
Limited
$000s
TKG Orchard
Services
Limited
$000s
Waihau Bay
JV Limited
Partnership
$000s
Wai O
Kaha Gold
Landowners
Limited
Partnership
$000s
Fruitometry
Limited
$000s
TKL Logistics
Limited
$000s
Total
$000s
Summarised statement of
financial position
Current assets
625 841 796 1,068 1,336 3,696 8,362
Non current assets
3,379 811 2,501 16,430 210 1,588 24,919
Total assets
4,004 1,652 3,297 17,498 1,546 5,284 33,281
Current liabilities
23 139 18 658 131 1,897 2,866
Non current Liabilities
2,000 - 1,695 6,117 200 - 10,012
Total liabilities
2,023 139 1,713 6,775 331 1,897 12,878
Net assets
1,981 1,513 1,584 10,723 1,215 3,387 20,403
Group share of ownership
64%50%35%26%26%33%
Summarised statement of
profit or loss
Revenue
- 1,399 - - 429 36,318 38,146
Profit
( 53) 199 ( 107) ( 155) 515 740 1,139
Group reported share
of profit or loss
( 34) 100 ( 40) ( 40) 135 244 365
Financial contents
Main contents