ArborGen Holdings FY26 Results for year ended 31 March 2026

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ARBORGEN FY26 RESULTS FOR YEAR ENDED 31 MARCH 2026
29 May 2026: ArborGen Holdings Limited (NZX: ARB) (ArborGen or the Company) has today
announced its audited results for the 12 months ended 31 March 2026 (FY26), delivering a strong
result ahead of February 2026 guidance.
FY26 Summary (in USD, comparatives to FY25):
• Group revenue of $68.2m the highest in five years, driven by increasing average sales prices
across both markets.
• Adjusted US GAAP EBITDA
1
up 31% to $11.5m.
• Continued growth momentum in Brazil; sales up 14% in local currency, provided 44% of total
revenue.
• US sales revenue in line with prior year; business repositioned for structural industry reset.
• Clear strategy being executed with discipline - focus on continued growth momentum in Brazil;
higher value sales mix in the US South; and continued strengthening of the operational platform.
ArborGen has delivered its highest revenue result in the past five years, alongside a strong uplift in
earnings. The result was driven by strong growth momentum in Brazil, a focus on added value
products in both of ArborGen’s markets and increased commercial discipline across the business.
Group revenue increased 8% year-on-year (YOY) to $68.2m. Excluding one-off, non-recurring items of
$1.0m, Adjusted US GAAP EBITDA was $11.5m, representing a 31% increase on FY25. The company
reported a net loss after tax of $(7.5)m, a material improvement on the prior year.
The Board remains firmly focused on cash generation, reducing debt and delivering further cost
initiatives, including rightsizing the business to better reflect ongoing structural changes in the US
market, and investment into the Brazil business to support continued growth.
Cash and cash equivalents were $2.2m as at 31 March 2026, with net debt of $25.2m reflecting
several years of strategic investment across the business. Certain bank facilities were renewed during
the year, providing more advantageous rates and terms. ArborGen’s Ridgeville building remains on
the market for sale and is supported by a strong commercial tenant. Any future sale proceeds are
intended to further reduce debt.
CEO Justin Birch said: “While market conditions in the US South remain challenging, our deliberate
strategy over the past five years to diversify market concentration and expand our presence in Brazil
is delivering. We are seeing customers increasingly recognise our value proposition, with growing
demand for our advanced genetics seedlings, protected clones and containerised seedlings.
“Operationally, we are building a stronger platform for long-term growth by optimising our asset
base, improving efficiency and productivity, and embedding a high-performance culture. We have
invested in a new ERP system which went live in April 2026 and will further strengthen operational
visibility and efficiency. We now have a leaner, faster operation that can scale as advanced genetics
demand grows, without proportionally growing our cost base.

1. Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items. In FY26, one-off
and unusual items were $1.0m. Refer to the Investor Presentation for more information

2
“The growing integration and collaboration between our regional business divisions continues to
strengthen the Group, creating new opportunities for growth and further establishing us as an
increasingly connected international business.
“We remain confident that our dual-pathway strategy remains the right framework for long-term
value creation: accelerate adoption of higher-value advanced genetics, and build the operational
infrastructure to supply those genetics reliably, at scale, everywhere we compete.”
Brazil
Brazil remained the growth engine for ArborGen in FY26, underpinned by strong demand for both
pine and eucalyptus seedlings. The country continues to be one of the world’s most dynamic forestry
markets, with expanding pulp capacity, rising demand for engineered wood products and a structural
shift toward higher-quality genetics.
Seedling volumes were up 5% YOY, with revenue increasing 14%

in local currency. While sales
demand remained strong, slower crop growth later in the season constrained the volume of
inventory available for sale across both ArborGen and its partner nurseries.
ArborGen’s strong market presence, focus on advanced genetics and protected clones, and network
of supplier nurseries puts the company in a defensible position. The value of higher-quality genetics
is increasingly being recognised by customers, with a 25% YOY increase in demand for protected
clones. Investment is being made in new and better products that deliver the most value to
customers and command the most durable margins, with the launch of two new clones in recent
months and other new genetics in development.
Additional sales opportunities are also being identified and over the past year, the business has
expanded into new geographical markets. In addition, initial sales of ArborGen’s high quality US pine
seeds have been made to non-competing businesses in Brazil – an opportunity with significant
potential in both markets. The Erval Grande nursery was converted to pine production to meet
market needs, particularly as plywood and sawtimber markets strengthen.
Operational efficiency remains a priority and the team delivered meaningful improvements in cost
control, yield and production planning. Investments in overflow growing areas and enhanced
production scheduling helped mitigate the impact of weather variability, which remains a defining
feature of the region. The company is pleased to welcome experienced forestry executive, Wagner
Itria Jr, who has been appointed as General Manager Brazil from 1 June 2026.
US South
In the US South, the industry changes experienced in recent years are now creating deeper,
structural shifts in the commercial landscape with lower demand for timber driven by a long-term
decline in pulp demand, subdued housing construction, and mill production and harvesting curtailed
accordingly. ArborGen is adjusting to this new baseline reality by creating a business that performs
well at current demand levels, generates cash, and retains the capability and the financial strength to
grow decisively when conditions improve.
While customers may be planting less, they are increasingly planting higher quality seedlings – an
area in which ArborGen excels. As demand for pulp continues to fall, more value will be on
sawtimber coming from higher quality trees. ArborGen’s MCP seedlings are ideally suited to higher
grade sawtimber, providing greater yield, faster growth and straighter logs.

3
Sales volumes were down 4% YOY, however, average sales price increased 6% driven by a higher-
value sales mix (advanced genetics loblolly pine and containerised seedlings). Wet weather and
storms early in the planting season affected growing conditions, with the full extent not visible until
harvest in 4Q26. Strong team collaboration allowed for effective inventory optimisation across
regions, however, some additional sales opportunities were restricted due to stock levels. Strategic
agreements secured with key high-volume customers early in the year helped to reduce risk.
The launch of ArborGen’s simplified pine product categories and the AG Score have provided
customers with clearer, data-driven insights into the value of advanced genetics, and has been well
received. Early-harvest data from MCP®
2
plantations has reinforced the superior performance of
these seedlings, strengthening customer confidence and supporting a second wave of adoption.
The strength of the sales team remains a major strategic advantage, with several large long-term
agreements negotiated, with the majority of volume focused on MCP. New opportunities have also
been progressed with afforestation projects. The carbon forestry market continues to present a
meaningful long-term opportunity, with ArborGen already supplying major project developers.
Outlook
The company is entering FY27 with a stronger operational platform, a more resilient business and
clear opportunities for growth. The deliberate and disciplined choices being made today will enable
the business to perform well in a more subdued US market, while continuing growth in Brazil.
For FY27, ArborGen is targeting continued improvement in Adjusted US GAAP EBITDA, driven by:
• Continued volume growth in Brazil, supported by increased capacity and ongoing customer
transition to protected clones.
• Some revenue and volume growth in the US South, driven by higher-value products.
• Further improvements in operational efficiency, cost management and increasing integration and
collaboration between the US and Brazil.
• Continued investment in higher-value and added-value products.
Justin Birch said: “Our customers are focused on a 25+ year harvest horizon. The decisions they make
now will deliver value in the future and we are increasingly seeing them turn to genetics that
maximise returns. We believe ArborGen's position - our genetics pipeline, our geographic footprint
and our deep customer relationships - represents a genuinely valuable and defensible platform.”
Chairman, Dave Knott, commented: “ArborGen enters the next phase of its journey with confidence.
The market opportunities in Brazil remain compelling and we are well positioned to convert those
into sustained earnings growth. While the US South is more challenging, we remain one of the
leading suppliers of advanced genetics seedlings in the market. Our focus is clear: delivering superior
genetics and service to our customers and generating meaningful long-term returns for our
shareholders.
“We thank our global team for their dedication, our customers and suppliers for their valued
partnerships, and our shareholders for their continued trust in ArborGen’s leadership and strategy."
ENDS


2. Mass control pollinated - the process of manually pollinating the seed cones of pines to attain the best traits of the
parent trees

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Authority for this announcement:
Justin Birch, President and CEO, ArborGen Holdings Limited
For more information, please contact:
Jackie Ellis, Ellis and Co, e: jackie@ellisandco.co.nz, t: +64 27 246 2505


ArborGen
ArborGen is the leading supplier of advanced seedling genetics to the global commercial forestry
industry. Employing state-of-the-art technology, ArborGen is developing high-value products that
significantly improve the productivity of a given acre of land by enabling our customers to grow trees
that yield more wood per acre with greater consistency and quality in a shorter period of time. For
more information, please visit ArborGen’s website at www.arborgen.com

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FY26 Results
Presentation
For the 12 months ended 31 March 2026
All financials in USD unless otherwise stated

WHO WE ARE
2
~500m
Seedling capacity/year
2,000+
Customers served annually
2
Core markets: US and Brazil
30+
Years of genetics R&D
A WORLD LEADER IN FORESTRY GENETICS
ArborGen is a global leader in genetically advanced tree seedlings for
commercial forestry. With decades of investment in breeding science and
intellectual property, we deliver measurably superior trees to
landowners across the US South and Brazil — the two largest plantation
forestry markets in the world.
Genetic InnovationScale and ReachScience Advantage
Advanced genetics
seedlings deliver
higher yield, better
quality and more
resilience, translating
to increased revenue
at harvest time.
(vs open pollinated)
10 seed orchards, 16
nurseries across two
continents. We
produce and deliver
over 300 million
seedlings per year.
Our proprietary IP
represents 30+ years
of research — a moat
competitors cannot
replicate overnight.
New R&D
programmes
underway in both
markets.
ArborGen FY26 Results

OUR MARKETS
US SOUTH
•Largest loblolly pine market globally — 700m
seedling total market
•Addressable market ~570m seedlings vs current
~205m sales — significant runway
•ArborGen produces >50% of MCP
1
supply, the
premium advanced genetics product
•Carbon offset reforestation: key supplier to
Chestnut Carbon (Microsoft-backed)
•Structural industry reset underway - persistent
market headwinds subduing demand
•Strategy: increase MCP adoption, grow
container segment, win market share
ArborGen FY26 Results
3
BRAZIL
•World's largest hardwood pulp producer —
eucalyptus demand est. 1.2 billion seedlings p.a.
•Addressable market ~720m seedlings; ArborGen
current sales ~119m — emerging market
•Largest range of in-demand protected clones in
the market
•Superior genetics offer higher wood density,
drought tolerance, insect resistance
•Rapid sector expansion creating strong pricing
and quality demand
•Strategy: convert market to protected genetics,
expand capacity, grow branded clones
1. MCP ®: Mass control pollinated - the process of manually pollinating the seed cones of
pines to attain the best traits of the parent trees

4
GO TO MARKET
Grow demand and sales of
higher value advanced genetics
seedlings
United States: Expand higher
value product mix and
increase MCP adoption
Brazil: Opportunistic and
measured expansion
Focus on market-driven
genetics for the future
OPERATING STRENGTH
Enable a strong foundation for
the future
Strengthen the organisation
and develop a performance
culture
Optimise total productivity
The US South and Brazil
remain our primary markets
We are building a strong
platform for our business:
•Optimising our asset base
•Improving efficiencies
•Strong performance
culture
DUAL PATHWAY STRATEGY
Driving growth and leveraging long-term demand trends
ArborGen FY26 Results
1. MCP® - Mass Control Pollinated seedlings

FY26 SUMMARY
DELIVERED YEAR-ON-YEAR GROWTH
5ArborGen FY26 Results
Strategic focus on advanced genetics, added value products and
operational improvements driving improved result
Uplift in revenue and earnings
Continued growth momentum in Brazil
Alignment and rightsizing of US business to a lower industry baseline
Positive long-term growth expectations in Brazil; continued focus on
higher value sales in constrained US market

FY26 PERFORMANCE SNAPSHOT
Highest revenue result in 5 years; Adj US GAAP EBITDA up 31% YOY
ArborGen FY26 Results6
10.1
9.2
12.8
8.8
11.5
FY22FY23FY24FY25FY26
ADJUSTED US GAAP EBITDA
(US $M)
47.5
56.1
67.7
63.2
68.2
360m
375m
369m
328m
324m
FY22FY23FY24FY25FY26
SALES VOLUME AND REVENUE
(US $M)
Sales RevenueSales Volumes

FY26 NUMBERS AT A GLANCE
For the year ended 31 March 2026. Percentage comparatives to prior year. All numbers in USD unless stated otherwise.
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SEEDLING UNIT SALESREVENUEGROSS PROFITNET LOSS AFTER TAX
323.9m
FY25: 327.8m
Down 1%
$68.2m
FY25: $63.2m
Up 8%
$19.8m
FY25: $18.2m
Up 9%
$(7.5)m
1
FY25: $(21.5)m
NET DEBT
2
ADJ US GAAP EBITDA
3
CAPITAL EXPENDITUREMARKET CAP
4
$25.2m
FY25: $20.9m
Increased 21%
$11.5m
FY25: $8.8m
Up 31%
$4.1m
FY25: $7.7m
$49.7m
1.FY25 included non-cash $21.8m impairment of intangible assets.
2.Excluding capitalised leases.
3.Adjusted US GAAP EBITDA is a non-GAAP financial measure and excludes one-off and unusual items. In FY26, one-off and unusual items were $1.0m. Refer to slide 17 for more information
4.NZD as at 31 March 2026.
ADJUSTED US GAAP EBITDA of $11.5m is a 31% increase YOY
ArborGen FY26 Results

FY26: GO TO MARKET
Grow demand and sales of higher value advanced genetics seedlings
ArborGen FY26 Results
8
UNITED STATES
•Structural shift in commercial landscape,
weakening the near and medium term
demand environment
•Adapting business to perform well at
current constrained demand levels and
generate cash while retaining ability to grow
and scale when conditions improve
•Strategic focus on production and sales of
higher margin products → higher average
sales price
•Increasing customer recognition of the
value of advanced genetics, supported by
expert sales and technical teams
Focus on higher value sales in a more
constrained market
BRAZIL
•Investing in and expanding portfolio
of higher value protected clones
and advanced genetic seedlings
•Conversion of Erval Grande nursery
to pine, to leverage favourable
growing conditions and rising
demand
•Entry into new markets and regions
extending reach and providing
opportunities
•Focus on operational excellence
delivering improvements in both
cost control and yield
Growth momentum expected to
continue
MARKET DRIVEN GENETICS
FOR THE FUTURE
Continued investment in R&D
and product development, to
create new genetics that
provide ArborGen’s
competitive advantage
Genetics pipeline, geographic
footprint and deep customer
relationships represent a
valuable and defensible
platform

ArborGen FY26 Results9
FY26: OPERATING STRENGTH
Enable a strong foundation for the future
Optimising productivity
•Continued focus on cost and efficiencies
•Rightsizing team and optimising production in US to reflect structural market changes
•Successful implementation of new ERP system in US in April 2026
•Continuing to build resilience to severe weather events and climate change
Team and culture
•Closer collaboration between US and Brazil teams
•New leadership for Brazil business from 1 June 2026, highly experienced forestry executive
•Refreshed local leadership teams with continued development of employees and internal appointments
•Focus on development and career opportunities for all team members
Capital allocation
•Priority focus on cash generation and debt reduction
•Previous Head Office building on market for sale, strong commercial tenant in place – any future sales proceeds intended to
reduce debt
•Disciplined capital expenditure following several years of strategic investment across the business

FY26 FINANCIAL SUMMARY
Strong result in face of US market headwinds; Brazil market continues to deliver
10
•Revenue increase driven by improved sales mix
(higher value and added value products)
•Continuing focus on efficiencies and cost
management
•Net debt (excluding capitalised leases) reflects
several years of strategic investment
•Adjusted US GAAP EBITDA result of $11.5m, a
31% increase on prior year
ArborGen FY26 Results
US $MFY26FY25
Revenue68.263.2
Gross Profit19.818.2
Net Loss After Tax(7.5)(21.5)
Operating Cash Flow3.72.7
Net Debt25.220.9
Capital Expenditure4.17.7
Adjusted US GAAP EBITDA
11.58.8

SEEDLING SALES AND REVENUE
Strong growth in Brazil, US South headwinds continue to put pressure on sales
44%
56%
SALES US $M
BrazilUS South
11
37%
63%
SALES UNITS M
BrazilUS South
•Increase in Average Sales Price (ASP) across
both businesses
•Revenue up 8% YOY vs 1% decrease in
volumes
•Driven by continued uptake of higher
margin products – advanced genetics,
protected clones and containerised
seedlings
•Continued strong growth in Brazil –
revenue up 14% in local currency
•US revenue relatively flat YOY, supported by
focus on higher margin products
•Advanced genetics make up 47% of total
sales volume
ArborGen FY26 Results
63.2
0.5
4.568.2
FY25US SouthBrazilFY26
SALES REVENUE US$M

US SOUTH
Strategic alignment of business to structural industry shift
12
•Consistent YOY revenue (up 1%) despite
lower volumes, supported by sales of
higher value products
•6% increase in average sales price, driven
by higher-value sales mix (advanced
genetics loblolly pine and containerised
seedlings)
•Wet weather and storms early in season
affected growing conditions, some
additional sales opportunities lost due to
reduced stock levels
•Gross margin $ up 3% YOY;
gross margin % remained relatively flat
ArborGen FY26 Results
US SouthFY26FY25
Advanced genetics as % of total sales volume
38%38%
Seedling capacity (units)350m350m
47.5
56.1
41.2
37.5
38.0
284
265
257
214
205
FY22FY23FY24FY25FY26
SALES VOLUME AND REVENUE
(US $M)
Sales Revenue
Sales Volumes

BRAZIL
Building blocks in place creating a stronger business; a market in structural growth
13
•Record full year sales volume and revenue
driven by strong demand for both pine and
eucalyptus; revenue up 14% in local
currency
•9% increase in average selling price ($R);
increasing sales of ArborGen proprietary
genetics and clones
•Slower crop growth later in the season
constrained the volume of inventory
available for sale across both ArborGen and
its partner nurseries
•Gross margin $ up 11% YOY (USD);
gross margin % down 1.5pp
ArborGen FY26 Results
BrazilFY26FY25
Sales revenue (US $M)30.225.7
Advanced genetics as % of total sales volume63%60%
Seedling capacity (units)160m150m
40.1
87
130.5
144.4
164.0
78
102
113113
119
FY22FY23FY24FY25FY26
Local Currency R$
Sales Revenue
Sales Volumes

US GAAP EBITDA
31% YOY increase in Adjusted US GAAP EBITDA
ArborGen FY26 Results14
•Adjusted US GAAP EBITDA of $11.5m, up
31% YOY
•Increasing revenue plus cost discipline and
efficiency improvement driving higher
earnings
•Continued strength even in the face of
market and weather events, showing
resiliency in the business
•Result above February 2026 guidance
6.1
10.3
7.6
11.2
12.5
10.1
9.2
12.8
8.8
11.5
FY22FY23FY24FY25FY26
US GAAP EBITDA US $M
US GAAP EBITDAAdjusted US GAAP EBITDA
See Appendix slide for more information on Adjusted US GAAP EBITDA and reconciliation.

BALANCE SHEET SUMMARY
•Capital expenditure $4.1m
•Disciplined management of working capital
•Increase in inventory due to continued investment
in secure seed supply, volume and business
growth, and transition to more pine production in
Brazil
•Cash flow lower due to continued investments in
building US seed supply and investment into
nurseries for maintenance and weather mitigation
•Net debt reflects several years of strategic
investment across the business. Certain bank
facilities renewed during the year, providing more
advantageous rates and terms
ArborGen FY26 Results
15
1.Inventory comprises seed and seedlings, as well as preparation and harvesting costs
US $mFY26FY25
Debtors12.012.8
Inventory
1
42.038.4
Creditors(10.0)(12.9)
Working Capital39.338.0
Cash and Cash Equivalents2.23.5
Total Facility35.037.0
Borrowings(27.3)(24.4)
Available/Undrawn10.712.6
Net Debt25.220.9
Net Tangible Assets (NTA)64.764.4

OUTLOOK
For FY27, ArborGen is targeting continued improvement in Adjusted US GAAP EBITDA, driven by:
•Continued volume growth in Brazil, supported by increased capacity and ongoing customer
transition to protected clones
•Some revenue and volume growth in the US South, driven by higher-value products and market
share gains
•Further improvements in operational efficiency, cost management and increasing integration and
collaboration between the US and Brazil
•Continued investment in higher-value and added value products.
16ArborGen FY26 Results
ArborGen is entering FY27 with a stronger operational platform, a more resilient business and clear
opportunities for growth. The deliberate and disciplined choices being made today will enable the
business to perform well in a more subdued US market, while continuing to grow in Brazil.

ADJUSTED US GAAP RECONCILIATION
17ArborGen FY26 Results
Fiscal year ending March US $mMar
2026
US GAAP
Revenue68.2
Gross margin (excluding DDA)22.4
LessSG&A (9.6)
LessR&D(2.5)
PlusOther income (expense)1.2
Adjusted US GAAP EBITDA
(3) (4)
11.5
Adjustments
Gain on sale of parcel of land0.2
Gain from ERC credits0.8

US GAAP EBITDA
(1) (2)
12.5
1.Under US GAAP, from a statutory reporting perspective, the classification of the
expense items, and other significant items in this table may differ from what is
presented in the financial statements.
2.US GAAP EBITDA excludes NZ public company costs.
3.Adjusted US GAAP EBITDA excludes one-off and unusual items which may include
restructure costs, impairments and write downs on assets, acquisition/sale
transaction costs and other one-off items. In FY26, one-off and unusual items were
$0.2m gain on sale of a parcel in Texas and an $800k gain for recognising an ERC tax
credit for which statute of limitations for potential audit has passed.
4.The Company uses Adjusted US GAAP EBITDA when discussing financial performance.
This is a non-GAAP financial measure and is not recognised within IFRS. Non-GAAP
financial measures should not be viewed in isolation nor considered as a substitute
for measures reported in accordance with GAAP. Management believes that
Adjusted US GAAP EBITDA provides useful information, as it is used internally to
evaluate performance, and it is also a measure that equity analysts focus on for
comparative company performance purposes, as themeasure removes distortions
caused by differences in asset age, depreciation policies and debt:equity structures.

DISCLAIMER
18
This presentation has been prepared by ArborGen Holdings Limited (“ArborGen”), to provide an overview of the performance of ArborGen and its activities at the date of this presentation.
It is not prepared for any other purpose and must not be provided to any person other than the intended recipient. This presentation should be read in conjunction with ArborGen’s interim
and annual reports, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com/companies/ARB and www.arborgenholdings.com.
The information in this presentation is of a general nature only. It is not a complete description of ArborGen.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any particular prospective
investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective investor may require. Any person who is considering
an investment in ArborGen securities should obtain independent professional advice prior to making an investment decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation is not an indication of future performance and should not be relied upon as such. This presentation may also contain forward
looking statements with respect to the financial condition, results of operations and business, and business strategy of ArborGen. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a promise or representation that a transaction or outcome
referred to in this presentation will proceed or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters may prove to be
incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in ArborGen’s financial
statements available at www.arborgenholdings.com. This presentation may include non-GAAP financial measures. This information has been included on the basis that ArborGen
management and directors consider that this non-GAAP information assists readers to understand the key drivers of ArborGen’s performance which are not disclosed as GAAP measures in
ArborGen’s financial statements.
ArborGen and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to accuracy or
completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.
All references to currencies in this document are in US dollars (US$) unless otherwise stated.
ArborGen FY26 Results

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ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED INCOME STATEMENT
For the year ended ended 31 March 2026
Year endedYear ended
March 2026March 2025
Notes
US$mUS$m
Revenue2468.2 63.2
Cost of sales7
(48.4) (45.0)
Gross profit19.8 18.2
Intellectual property amortisation
7
(6.1) (6.1)
Administration expense
(13.5) (13.3)
Operating earnings excluding items below0.2 (1.2)
Impairment13 & 16
(1.7) (21.8)
Employee retention credit (ERC) tax credit7
0.8 -
Gain on sale7
0.2 2.2
Operating loss before financing expense(0.5) (20.8)
Financial income0.5 0.3
Financing expense(3.4) (2.0)
Loss before taxation(3.4) (22.5)
Tax benefit (expense)8(4.1) 1.0
Net loss after tax(7.5) (21.5)
Earnings per share - Basic19(0.0148) (0.0423)
The accompanying notes form part of, and are to be read in conjunction with, these consolidated
financial statements
Page 1

ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended ended 31 March 2026
Year endedYear ended
March 2026March 2025
Notes
US$mUS$m
Net loss after tax(7.5) (21.5)
Items that may be reclassified to the Consolidated Income Statement:
Movement in currency translation reserve201.9 (1.7)
Movement in hedge reserve20(0.2) (0.3)
Other comprehensive earnings (loss) (net of tax)1.7 (2.0)
Total comprehensive loss(5.8) (23.5)
ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended ended 31 March 2026
Year endedYear ended
March 2026 March 2025
Notes
US$mUS$m
Total comprehensive loss(5.8) (23.5)
Movement in ArborGen Holdings shareholders' equity:
Movement in issued capital190.4 (0.2)
Movement in share-based payment reserve20
(0.3)
(0.4)
Total movement in shareholder equity(5.7) (24.1)
Opening group equity
124.6 148.7
Closing group equity118.8 124.6
The accompanying notes form part of, and are to be read in conjunction with, these consolidated
financial statements
Page 2

ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended ended 31 March 2026
Year endedYear ended
March 2026March 2025
Notes
US$mUS$m
Cash was provided from operating activities
Receipts from customers67.1 64.4
Cash provided from operating activities
67.1 64.4
Payments to suppliers, employees and other(61.7) (60.0)
Tax paid(1.7) (1.7)
Cash (used in) operating activities
(63.4) (61.7)
Net cash from/(used in) operating activities
3.7 2.7
Interest received0.5 0.3
Proceeds on sale of fixed assets70.5 4.1
Investment in fixed assets13(4.1) (7.8)
Net cash from/(used in) investing activities
(3.1) (3.4)
Debt drawdowns1828.7 28.5
Repayment of lease liabilities(2.8) (1.9)
Debt repayment
18(25.6) (24.0)
Interest paid(2.5) (3.0)
Repurchase of warrants and/or share buyback19- (0.5)
Net cash from/(used in) financing activities
(2.2) (0.9)
Net movement in cash
(1.6) (1.6)
Opening cash, liquid deposits and restricted cash
3.5 5.6
Effect of exchange rate changes on net cash
0.3 (0.5)
Closing cash and cash equivalents92.2 3.5
Net loss after taxation
(7.5) (21.5)
Adjustment for:
Financial income(0.5) (0.3)
Financing expense
3.3 2.0
Depreciation and amortisation
8.4 10.3
Tax expense
4.1 (1.0)
Foreign exchange
0.3 (0.5)
Other non cash items
3.3 21.8
Cash flow from operations before net working capital movement
11.4 10.8
Trade and other receivables
0.7 (0.3)
Inventory
(3.7) (3.3)
Trade and other payables
(3.0) (2.8)
Net working capital movement
(6.0) (6.4)
Cash tax paid
(1.7) (1.7)
Net cash from/(used in) operating activities3.7 2.7
The accompanying notes form part of, and are to be read in conjunction with, these consolidated
financial statements
Page 3

ArborGen Holdings Limited and Subsidiaries
CONSOLIDATED BALANCE SHEET
As at 31 March 2026
Year endedYear ended
March 2026March 2025
NotesUS$mUS$m
Current assets
Cash and cash equivalents
92.2 3.5
Trade and other receivables
1012.0 12.8
Inventory
1142.0 38.4
Assets held for sale
1310.9 13.6
Total current assets
67.1 68.3
Non-current assets
Fixed assets
1329.6 27.6
Derivative financial instruments
5 & 270.1 0.3
Right-of-use assets
1414.1 8.7
Intellectual property
15 & 1654.1 60.2
Other assets
2.2 -
Deferred taxation asset
127.2 10.4
Total non-current assets107.3 107.2
Total assets174.4 175.5
Current liabilities
Trade, other payables and provisions
17(10.0) (12.9)
Current lease obligation22(2.3) (1.7)
Current debt18(1.6) (1.8)
Current taxation liability
(1.1) (0.4)
Total current liabilities
(15.0) (16.8)
Term liabilities
Term debt18(25.7) (22.6)
Lease obligation22(11.4) (6.5)
Deferred taxation liability
12(2.9) (4.2)
Other (security deposit)
(0.6) (0.8)
Total term liabilities(40.6) (34.1)
Total liabilities(55.6) (50.9)
Net assets
118.8 124.6
Equity
Share capital
19203.6 203.2
Reserves
20(84.8) (78.6)
Total group equity
118.8 124.6
Dave KnottPaul Smart
Chairman of the BoardAudit Committee Chairman
29 May 2026
The accompanying notes form part of, and are to be read in conjunction with, these consolidated
financial statements
Page 4

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 5

1 GENERAL INFORMATION
ArborGen Holdings Limited (ArborGen Holdings) is an international forestry genetics business. ArborGen Holdings, a
limited liability company incorporated in New Zealand, is listed on the New Zealand stock exchange. As at 31 March
2026 ArborGen Holdings had one investment ArborGen Inc (100%).
2 APPROVAL OF ACCOUNTS
These consolidated financial statements have been prepared on a consolidated Group basis and were approved for
issue by the Board of Directors on 29 May 2026.
3 BASIS OF PRESENTATION
The financial statements presented are those of ArborGen Holdings Limited (the Company) and Subsidiaries (the
Group).
Basis of preparation
The Company is an FMC reporting entity for the purposes of the Financial Reporting Act 2013 and Financial Markets
Conduct Act 2013.
The presentation currency used in the preparation of these financial statements is United States dollars (US$),
rounded to the nearest hundred thousand dollars.

Basis of measurement
The financial statements have been prepared on the historical cost basis with the exception of certain items as
identified in specific accounting policies.
Statement of compliance
The financial statements have been prepared in accordance with New Zealand equivalents to IFRS Accounting
Standards (NZ IFRS) and IFRS Accounting Standards. The financial statements are in compliance with NZ IFRS and
IFRS Accounting Standards. The Group has designated itself as a profit-oriented entity for the purposes of compliance
with NZ IFRS and IFRS Accounting Standards.
The financial statements have been prepared in accordance with the requirements of the Financial Markets Conduct
Act 2013 and comply with generally accepted accounting practice in New Zealand (NZ GAAP).
Chief operating decision-makers
The chief operating decision-makers are the Board of Directors who jointly make strategic decisions for ArborGen
Holdings.
4 MATERIAL ACCOUNTING POLICIES
Accounting Policies
All material accounting policies are set out on the following pages. There have been no changes made to accounting
policies during the year. All mandatory amendments and interpretations have been adopted in the current year.
None had a material impact on these financial statements.
At the date of authorisation of these financial statements, the Group has not applied the new and revised NZ IFRS
standards and amendments that have been issued but are not yet effective. In May 2024, the New Zealand
Accounting Standards Board introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements (effective
for reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1 Presentation of Financial
Statements. The Group has recently reviewed the impacts of IFRS 18.

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 6


NZ IFRS 18 requires the income statement to be defined in the following sections:
- Operating
- Investing
- Financing
- Income taxes
- Discontinued Operations

NZ IFRS 18 also requires:
- Goodwill to be shown separately in the financial statements
- 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 statemen of cash flows,
and
- The Group must disclose and thus have audited, any management-defined performance measures (MPMs),
these being subtotals of income and expenses that management uses outside the financial statements to
publicly communicate their view of financial performance


The Group’s financial statements will be minimally impacted.

The changes to MPMs are expected to have a more significant impact on the financial statements, as US Adjusted
GAAP EBITDA is currently a key metric that is utilized by management. Net Income, supplemented by more detailed
segment reporting as the net income level, would represent the most suitable alternative that satisfies all outlined
criteria. Alternatively, Operating profit before Depreciation and Amortization would be another great alternative,
which is the IFRS-based EBITDA proxy.

This change will affect the financials at 31 March 2028. Accordingly, The Group will have sufficient time to evaluate
and implement any necessary revisions to financial measures reported in the annual report, ensuring that both
shareholders and management receive clear and relevant information.
Use of Estimates and Judgement
The preparation of financial statements in conformity with NZ IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The principal areas of judgement in preparing
these financial statements are:
Deferred taxation (note 12)
The measurement of deferred taxation assets and liabilities reflects the tax consequences that would follow from
the manner that the Group expects, at balance date, to recover or settle the carrying amount of its assets and
liabilities. The carrying values of tax assets and liabilities are also affected by the estimates and judgements.
ArborGen cash generating unit impairment (note 16)
The carrying value of the Group’s non-current assets is assessed in accordance with the Impairment policy on page
[17]. Performing these assessments generally requires management to estimate future cash flows to be generated
by the ArborGen cash generating unit (“CGU”), which entails making judgements about the expected future
performance and cash flows of the CGU and the appropriate discount rate to apply when valuing future cash flows.
The carrying values of assets acquired are also affected by the estimates and judgements applied to capitalisation of
developmental expenditure and the amortisation period for intellectual property of 17 years, see Intellectual
property policy on page [17].

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 7

Basis of Consolidation
Subsidiaries
The consolidated financial statements incorporate the financial statements of the Company and entities controlled
by the Company (its subsidiaries). Control is achieved when the Company:
- Has the power over the investee;
- Is exposed, or has rights, to variable returns from its involvement with the investee; and
- Has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above. ArborGen is a subsidiary of ArborGen Holdings
Limited.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the
Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the
year are included in profit or loss from the date the Company gains control until the date when the Company ceases
to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring
the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity,
income, expenses and cash flows relating to transactions between the members of the Group are eliminated on
consolidation.
Functional Currency
Foreign operations
Items included in the financial statements of each entity in the Group are measured using the currency that best
reflects the economic substance of the underlying events and circumstances relevant to that entity (the functional
currency). The consolidated financial statements are presented in US$ (the presentation currency).
The assets and liabilities of all the Group companies that have a functional currency that differs from the presentation
currency, including goodwill and fair value adjustments arising on consolidation, are translated to the presentation
currency at foreign exchange rates ruling at balance date. Income and expense items are translated at the average
exchange rates for the period. All exchange differences arising from the translation of foreign operations are
recognised in the foreign currency translation reserve.
Transactions
Transactions in currencies other than the functional currency are translated at the foreign exchange rate ruling at
the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional
currency at balance date are translated to the functional currency at the foreign exchange rate ruling at that date,
with foreign exchange differences arising on translation being recognised in the income statement. Non-monetary
assets and liabilities that are measured in terms of historical cost in a currency other than the functional currency
are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities that are
stated at fair value in a currency other than the functional currency are translated using the exchange rate ruling at
the date the fair value was determined.
Valuation of Assets
Land, buildings, plant and equipment
Land, buildings, plant and equipment are stated at historical cost less accumulated depreciation and impairment.
Land is not depreciated. Depreciation on other fixed assets is calculated using the straight-line method. Expected
useful lives are:
Buildings 25 to 40 years
Plant and equipment 3 to 15 years

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 8

Inventory
Trading inventory, raw materials and work in progress are valued at the lower of cost or net realisable value. Cost
includes direct costs and overheads at normal operating levels and excludes borrowing costs. Net realisable value is
the estimated selling price in the ordinary course of business, less applicable selling costs.
Intellectual property
Intellectual property is amortised over the useful life of the assets. Intellectual property relates primarily to output
from ArborGen Inc’s research activities and is reviewed at least annually for impairment. In line with our policy, we
have reviewed the useful life each balance date and adjusted if appropriate. The useful life of intellectual property
has been assessed as 17 years. In assessing the useful life we considered the advancements in technology, such as
genomics, and the ability of these new technologies to impact the product development lifecycle. Whilst we still
believe there are significant technological difficulties in replicating our advanced genetics products, we believe that
these new technologies potentially impact the product development life cycle. These new technologies will also
benefit ArborGen increasing our ability to accelerate new product development. Consequently, we believe that a
useful life of 17 years is appropriate.
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any provision for expected credit losses.
The Company applies the simplified approach to measuring expected credit losses which uses a lifetime expected
credit loss allowance for all trade receivables as they all display the same risk profile. The measurement of expected
credit losses is a function of the probability of default, loss given default and the exposure at default. The Company
considers an event of default as occurring when information obtained (internally and externally) indicates a debtor
is unlikely to pay its creditors including the Company. The assessment of the probability of default and loss given
default is based on historical data adjusted by forward looking information relating to the debtor and general
economic conditions of the debtors. As for the exposure at default, this is represented by the assets’ gross carrying
amount at the reporting date.
Cash and cash equivalents
Cash and cash equivalents comprises cash balances and call deposits. Bank overdrafts that are repayable on demand
and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents
for the purpose of the statement of cash flows.
Assets held for sale and discontinued operations
Assets held for sale are assets whose carrying value will be recovered principally through sale rather than through
continuing use. Assets held for sale are stated at the lower of their carrying amount and fair value less costs to sell
and are not depreciated or amortised while they are classified as held for sale.
A discontinued operation is a component of the Group’s business that represents a separate major line of business.
Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be
classified as held for sale, if earlier.
Impairment – non financial assets
The carrying amounts of the Group’s assets are reviewed regularly, including at each reporting date, to determine
whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is
estimated and whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount,
an impairment loss is recognised. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount
of any goodwill allocated to cash-generating units, and then to reduce the carrying amount of other assets in the
cash-generating unit on a pro-rata basis.
The recoverable amount of non-financial assets is the greater of their fair value less costs to sell or value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 9

asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash-
generating unit to which the asset belongs. With the exception of goodwill, an impairment loss is reversed if there
has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
recognised.

Valuation of Liabilities
Trade and other payables
Trade and other payables are stated at amortised cost.
Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are measured at the Group’s best estimate of the expenditure required to settle the present obligation.
Provisions are determined by discounting the expected future cash flows at a rate that reflects current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to
initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value
being recognised in the income statement over the period of the borrowings on an effective interest rate basis.
Deferred income tax
Deferred income tax is provided in full, using the balance sheet method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction,
other than a business combination, that at the time of the transaction affects neither accounting, nor taxable, profit
or loss nor gives rise to equal taxable or deductible temporary differences. Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantively enacted by the balance date and are expected to apply
when the related deferred income tax asset is realised or the deferred income tax liability is settled. The
measurement of deferred taxation assets and liabilities reflects the tax consequences that would follow from the
manner that the Group expects, at balance date, to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of cash flow hedges. Interest rate swaps
hedging interest rate exposure on issued debt are accounted for as cash flow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument
and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge
transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether
the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness
requirements:
- there is an economic relationship between the hedged item and the hedging instrument;
- the effect of credit risk does not dominate the value changes that result from that economic relationship;
and
- the Group applies a hedge ratio of 1:1.
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 10

the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the
qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or
is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in
other comprehensive income and accumulated in cash flow hedge reserve at that time remains in equity and is
reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected
to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to profit or loss.
Items carried at fair value
The items which are carried at fair value include derivative financial instruments. These items are classified into the
following levels in the fair value measurement hierarchy:
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Income Determination
Revenue recognition
Revenue is measured based on consideration specified in a contract with a customer and is recognised when control
over a good or service transfers to a customer. Revenue excludes amounts collected on behalf of third parties and is
net of any value added tax, rebates, returns and discounts, and after eliminating sales within the Group.
The Group’s revenues are earned from the sale of seedlings or treestocks and logistics services to some customers.
Seedling or treestock revenue is recognised, either when the goods are dispatched or when goods have reached
their destination, depending on the terms and agreements with customers and when documentary evidence
supports the customer taking ownership and control of the product. Logistics and other services revenue is
recognised over the period the service is provided.
Goods sold
Revenue from the sale of goods is recognised in the income statement when control over a good or service transfers
to a customer. Products are generally sold with volume discounts and customers have a right to return faulty product.
Sales are recorded based on the price negotiated with the customer, net of estimated volume discounts and returns.
Historical experience is used to estimate the level of returns likely and volume rebates are calculated on a preset
formula.
Government grants
Government grants are not recognised until there is reasonable assurance that the grants will be received and that
the Group will comply with the conditions attaching to them. Government grants are recognised in the income
statement on a systematic basis over the periods in which the Group recognises as an expense the related costs for
which the grants are intended to compensate.
Investment income
Interest income is recognised in the income statement as it accrues, using the effective interest method.
Finance expense
Finance expenses comprise interest payable on borrowings calculated using the effective interest method.
Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a
Right-Of-Use (ROU) asset and a corresponding lease liability with respect to all lease arrangements in which it is the
lessee, except for short-term leases and leases of low value assets. For these leases, the Group recognises the lease

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 11

payments as an operating expense on a straight-line basis over the lease term unless another systematic basis is
more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined,
the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
- Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
- Variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;
- The amount expected to be payable by the lessee under residual value guarantees;
- The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
- Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related ROU asset)
whenever:
- The lease term has changed or there is a significant event or change in circumstances resulting in a change
in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by
discounting the revised lease payments using a revised discount rate.
- The lease payments change due to changes in an index or rate or a change in expected payment under a
guaranteed residual value, in these cases the lease liability is remeasured by discounting the revised lease
payments using an unchanged discount rate (unless the lease payments change is due to a change in a
floating interest rate, in which case a revised discount rate is used).
- A lease contract is modified and the lease modification is not accounted for as a separate lease, in which
case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised
lease payments using a revised discount rate at the effective date of the modification.
The Group did not make any such adjustments during the periods presented.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or
before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently
measured at cost less accumulated depreciation and impairment losses.
ROU assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. The
estimated useful lives of ROU assets are determined on the same basis as similar owned assets within fixed assets. If
a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the Group expects to
exercise a purchase option, the related ROU asset is depreciated over the useful life of the underlying asset. The
depreciation starts at the commencement date of the lease.
The ROU assets are presented as a separate line in the consolidated statement of financial position.
The Group applies NZ IAS 36 to determine whether a ROU asset is impaired and accounts for any identified
impairment loss as described in the Impairment policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and
the ROU asset. The related payments are recognised as an expense in the period in which the event or condition that
triggers those payments occurs.

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 12

In the event a right is exercised for a purchase option in a lease to acquire the underlying asset from the lessor the
cost of the underlying asset (recognised as an item of property, plant and equipment) is measured at the net carrying
amount of the ROU asset at the time of transfer.
Research costs
All research costs are recognised as an expense when incurred.
Income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially
enacted at balance date, and any adjustment to tax payable in respect of previous years.

Employee Benefits
Share-based payments
The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally
recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick
leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid
in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the
benefits expected to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the
estimated future cash outflows expected to be made by the Group in respect of services provided by employees up
to the reporting date.
Segmental Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-makers. The Group has one reportable segment, being forestry genetics. The Group’s geographical
disclosures are based on both the location of customers and primary location of assets (refer to note 24 segmental
information summary).
Goods and Services Tax (GST)
The income statement, statement of comprehensive income and statement of cash flow have been presented
exclusive of GST. All items in the balance sheet are stated net of GST, except for receivables and payables, which
include GST invoiced.
Comparatives
There have been no changes to prior year comparatives.
Future NZ IFRS Pronouncements
Standards or interpretations issued but not yet effective and relevant to the Group have not been incorporate into the
financials statements or notes for FYE2026.
5 FINANCIAL RISKS
This note presents information about the Group's potential exposure to financial risks that the Group has identified;
the Group’s objectives, policies and processes for managing those risks; the estimation of fair values of financial

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 13

instruments; and the Group's management of capital. Quantitative disclosures of some of the key financial risks are
made below.
5.1 Foreign exchange risk
Both ArborGen Holdings and ArborGen Inc are US functional currency entities, operating in three geographies – the
United States, Brazil and New Zealand. Generally, there are limited cash flows between New Zealand and the US,
and the foreign exchange risk is limited to the translation effect on its net earnings and balance sheet from
movements in the USD against the NZD.
5.2 Credit risk
The Group is at risk of customer default on payment for treestocks at the conclusion of a growing season. This risk is
mitigated by dealing with a wide-range of customers in multiple markets and by securing up-front deposits from
selected customers for the treestocks it grows each year. The nature of nursery activity is such that its customers
tend to require yearly repeat business, and historically customer payment defaults have not been material to the
business. However, in the US market (the Group’s largest market), as treestock orders are not considered to be
unconditional until late in the season each year, there remains the risk that orders cancelled prior to collection may
not be able to be sold to other customers during the remaining season.

5.3 Liquidity risk
The Group has four banking facilities (in total $34.5 million (2025: $35.8 million)) with two banks in the United States;
a $6.8 million reducing loan (2025: $7.2 million) which matures in May 2036, a new facility for $2.2 million for the
purchase of Texas Jasper nursery in March 2024 which matures in March 2044, a $20 million revolver (2025: $17
million), which expires in April 2029 and a $8.7 million mortgage expiring in April 2029 (2025: $9.1 million). These
facilities are used to fund the Group’s working capital and capital expenditure needs. If any of these facilities were
not to be renewed then the Group may need to obtain similar facilities from other banks, or an equivalent amount
of funding may need to be provided through a capital raising event.
The $8.7 million dollar facility noted above is secured by a building that is held for sale. This building has a purchase
and sale agreement signed on 27 April 2026, which is now in due diligence phase. Regardless of the outcome, the
building continues to be marketed and is expected to be sold within the coming fiscal year. This will eliminate the
$8.7 million dollar line of credit.
Liquidity risk management requires the maintenance of available cash combined with the availability of funding to
meet the Company’s needs as they develop. Forecasts are prepared of cash requirements to ensure there are
financial resources in place to meet its day-to-day operating and investment needs. In addition, the Group has
performed sensitivity analysis on key assumptions underlying the liquidity forecast to assess the robustness of the
going concern conclusion:
- Delays in the completion of the building sale
- Reduction in forecasted operating cash flows
- Other risks related to cash collections
-
Management has considered these financing arrangements together with the Company’s projected operating cash
flows, planned asset sale, and the sensitivities in cash flow and has determined the Company will have sufficient
resources to meet its obligations through to 31 May 2027.
5.4 Interest rate risk
The Group has facilities that are either fixed or floating depending on their nature and use. Fixed interest rate
facilities include the $6.8 million reducing loan facilities and the $8.7 million mortgage facility fixed rate of 5.75%.
The US revolver facility is a floating rate facility. Both the mortgage and revolver facilities have the interest rate
based on the Secured Overnight Financing Rate (SOFR).

ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Page 14

Interest rate swap contracts
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate
interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the
risk of changing interest rates on the fair value of issued fixed rate debt held and the cash flow exposures on the
issued variable rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting
the future cash flows using the curves at the reporting date and the credit risk inherent in the contract and is
disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year.
The Group adopts a policy of ensuring that between 50% and 80% of its interest rate risk exposure is at a fixed rate.
This is achieved partly by entering into fixed‑rate instruments and partly by borrowing at a floating rate and using
interest rate swaps as hedges of the variability in cash flows attributable to movements in interest rates. The Group
applies a hedge ratio of 1:1.
The Group determines the existence of an economic relationship between the hedging instrument and hedged item
based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The
Group assesses whether the derivative designated in each hedging relationship is expected to be effective in
offsetting changes in cash flows of the hedged item using the hypothetical derivative method.
5.5 Capital risk
ArborGen Holdings’ capital includes share capital, reserves and retained earnings, and ArborGen Holdings manages
capital in such a manner as to maintain stakeholder confidence and safeguard ArborGen Holdings’ ability to continue
as a going concern, whilst also maximising the return for shareholders and sustaining resources for the future
development of the business. In order to maintain or adjust the capital structure ArborGen Holdings may, pay
dividends or return capital, or issue new shares or sell assets.

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
6REPORTING CURRENCY
The Group reports in United States dollars (US$), consequently all financial numbers are in US$ unless otherwise stated.
7OPERATING EXPENSES INCLUDE
Year endedYear ended
March 2026March 2025
Note
US$mUS$m
Depreciation and amortisation included in:
Cost of sales expense
(3.6) (2.8)
Intellectual property amortisation
15(6.3) (6.2)
Administration expense: general and administration
(1.0) (0.9)
Total depreciation and amortisation
(10.9) (9.9)
Cost of inventory expensed in cost of sales
(48.4) (45.0)
Employee and other extraordinary related expenses (excluding restructuring and transaction-related expenses)15.6 (15.0)
Sale of Assets
(1)
0.2 2.2
ERC
(2)
0.8 -
Value added taxation - valuation allowance - 0.2
CEO transition and other1.0 2.4
(1) ArborGen sold its invitro business which resulted in a gain on sale of $2.2 million in FYE2025 .
(2)
In FYE2023, a portion of an ERC credit received was deferred from income recognition until the three year statute of limitations for potential audit had passed.
Thus, a liability was recorded for $843k. This deadline has now passed and the $843k can be recognised as income.
8INCOME TAX EXPENSE
Year endedYear ended
March 2026March 2025
Note
US$mUS$m
Profit (loss) before taxation(3.4) (22.5)
Taxation at 28%
1.0 6.3
Adjusted for:
Permanent differences
(1.8) (6.1)
Timing differences
0.2 0.2
Change in deferred tax liability 12
1.3 1.1
Rate differential
(1.4) (0.5)
Taxation (expense)/benefit(0.7) 1.0
9CASH, LIQUID DEPOSITS AND RESTRICTED CASH
At 31 March the Group held total cash and liquid deposits of $2.2 million (2025: $3.5 million).
10TRADE AND OTHER RECEIVABLES
March 2026March 2025
US$mUS$m
Trade debtors11.0 10.0
Prepayments1.0 2.7
Other receivables- 0.1
Trade and other receivables12.0 12.8
Details of the expected credit loss provision associated with trade debtors have been considered in note 27.
11INVENTORY
March 2026March 2025
US$mUS$m
Finished goods - seedlings6.6 4.1
Work in progress - seedlings
(1)
3.4 2.3
Finished goods - seed25.0 22.6
Work in progress - seed
(2)
7.1 9.4
Inventory42.1 38.4
(1)Work in progress - seedlings, is principally preparation costs for seedling crops.
(2)Work in progress - seed, is principally costs associated with seed production activities and harvesting seed to be sown as a future crop.
Page 15

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
12DEFERRED TAXATION
BalanceMovement inBalance
1 April 2024 period 31 March 2025
Note
US$mUS$mUS$m
Deferred taxation asset
Net operating losses
8
10.8 (0.4) 10.4
Deferred taxation asset as at 31 March 202510.8 (0.4) 10.4
Deferred taxation liability
Intellectual property
8
(7.0) 2.8 (4.2)
Deferred taxation liability as at 31 March 2025(7.0) 2.8 (4.2)
BalanceMovement inBalance
1 April 2025 period 31 March 2026
Note
US$mUS$mUS$m
Deferred taxation asset
Net operating losses
(1)
8
10.4 (3.2) 7.2
Deferred taxation asset as at 31 March 202610.4 (3.2) 7.2
Deferred taxation liability
Intellectual property
8
(4.2) 1.3 (2.9)
Deferred taxation liability as at 31 March 2026(4.2) 1.3 (2.9)
ArborGen measures its deferred tax liability for the temporary difference arising on intellectual property to reflect the tax consequences that
would follow from the manner that the Group expects to recover the carrying amount of the intellectual property. This is based on an assumption
that there may be a sale prior to the end of its useful life.
(1)
The movement in period of ($3.2) million includes impacts from prior periods of ($1.0) million as a result of a proactive review which identified
potential structural risks from historical periods covering the tax years of 2022-2024.
13FIXED ASSETS
March 2026March 2025
US$mUS$m
Cost
Land12.8 12.9
Buildings15.9 9.8
Plant and equipment8.4 11.3
Total cost37.1 34.0
Accumulated depreciation
Buildings(4.5) (3.7)
Plant and equipment(3.0) (2.7)
Total accumulated depreciation(7.5) (6.4)
Net book value
Land12.8 12.9
Buildings11.4 6.1
Plant and equipment5.4 8.6
Fixed assets net book value29.6 27.6
Domicile of fixed assets
United States24.2 23.7
Brazil5.4 3.9
Fixed assets net book value29.6 27.6
Fixed assets net book valueLandBuildings Plant and
equipment
Total
US$mUS$mUS$mUS$m
31 March 2025
Opening net book value12.9 18.8 4.9 36.6
Exchange differences(0.2) (0.2)
Additions0.6 1.6 5.5 7.7
Transfer of assets held for sale to current assets
(2)
(0.6) (13.0) - (13.6)
Disposal of assets- (0.1) (0.4) (0.5)
Depreciation charge- (1.2) (1.2) (2.4)
Fixed assets net book value as at 31 March 202512.9 6.1 8.6 27.6
31 March 2026
Opening net book value12.9 6.1 8.6 27.6
Exchange differences0.1 0.2 0.1 0.4
Additions- 4.1 (0.7) 3.4
Transfer of assets held for sale to current assets
(1)
- 4.1 (1.5) 2.6
Disposal of assets
(2)
(0.2) (0.1) - (0.3)
Impairment
(3)
- (1.7) - (1.7)
Depreciation charge- (1.3) (1.1) (2.4)
Fixed assets net book value as at 31 March 202612.8 11.4 5.4 29.6
(1)ArborGen's US headquarters building is currently for sale (refer to note 29).
(2)
ArborGen sold 145 acres for $475,000 of property in Texas. Net proceeds are shown impacting Land.
(3)
ArborGen's US headquarters building has a Purchase and Sale Agreement which is currently under the due diligence period. The selling price is lower than
the NBV of the building. In accordance with IFRS 5.15, upon classification as held for sale the Property is required to be measured
at the lower of its carrying amount and fair value of costs to sell. The purchase price was measured by the selling price
plus the NPV of a future payment. Afte this review, an impairment of $1.7M was prudent.
Page 16

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
14 RIGHT-OF-USE ASSETS
Right-of-use assets net book valueLand and
buildings
Plant and
equipment
Total
US$mUS$mUS$m
31 March 2025
Opening net book value5.1 2.0 7.1
Additions2.0 1.6 3.6
Disposals(0.2) - (0.2)
Depreciation charge(0.9) (0.9) (1.8)
Right-of-use assets net book value as at 31 March 20256.0 2.7 8.7
31 March 2026
Opening net book value6.0 2.7 8.7
Additions
(1)
5.5 2.2 7.7
Disposals- - -
Depreciation charge(1.2) (1.1) (2.3)
Right-of-use assets net book value as at 31 March 202610.3 3.8 14.1
(1)During the FYE2026 year, an amendment to a lease agreemnt was completed for 17.91 hectars in Martinho Campos. The lease agreement
retroactively restated the lease calculations to 1 April 2025 under this amendment. Thus, the entire fiscal year was impacted by this agreement.
The new amendment calls for monthly cash indexed annually at 50% of the INPC and annual seedling payments of 2MM of "GG" clone,
payable over the year withing a specific 10 month planting season. There is a valuation established for the seedling and is subject to annual
market rate adjustments as defined in the amendment. The lease commences on 1 April 2025 and ends on 31 March 2025.
An incremental borrowing rate from the May 2025 report for a 10-year least of 7.5% was utilized plus another 4% for Brazil. Total of 11.5%.
15INTELLECTUAL PROPERTY
March 2026March 2025
Note
US$mUS$m
Opening balance60.2 88.9
Impairment
16
- (21.8)
Disposal of Asset
(1)
- (0.8)
Amortisation during period
7
(6.1) (6.1)
Intellectual property54.1 60.2
Total cost104.3 104.3
Accumulated amortisation(50.2) (44.1)
Intellectual property54.1 60.2
(1)Related to the amortisation of the IP associated with the invitro business which was sold in FYE2024.
16ARBORGEN INVESTMENT AND IMPAIRMENT
We regularly review the carrying value of ArborGen as a single cash generating unit to determine whether there has been a subsequent change in
circumstances or conditions that requires an impairment to be taken through earnings. Our impairment review is undertaken on a ‘Value-in-use’
(VIU) basis, which is the estimated value that would be derived from our continued ownership and operation of the ArborGen business. For the year
ending 31 March 2026, (in line with the March 2025 approach) the 10-year model was updated to reflect;
- Forest Economic Adviser’s (FEA) latest demand for saw timber in the US South
- Revised MCP sales
- inflationary impact on production costs
- consistent Brazil performance
As of 31 March 2026, net assets were $106 million with a market capitalisation of $49.7 million. Given the gap between the market capitalisation
and the net assets, ArbroGen is required to complete an impairment test for the Group. Consistent with the approach taken in the prior year, our impairment
analysis utilised a 10-year plus terminal DCF valuation model. This analysis showed an impairment is not required.
ArborGen can be impacted by climate risk and has a number of risk mitigation strategies in place, the costs of the mitigation strategies are captured
in the model in annual capital expenditure and in the cost of production. Risks are also captured in the cost of equity calculation which impacts valuation.
Our DCF impairment model values only the projected cash flows from the existing core markets (i.e. United States and Brazil). Separate demand projections
are determined for each geography and end-use market. The total addressable seedling market for each geography is then estimated, as it seedling type,
production technology employed, production costs and sales price.
The assumptions that have been utilised to derive the cash flows, are -
- Minimal organic growth in ArborGen’s US loblolly market share
- Flat to lower growth with some declines in the overall and addressable US loblolly market consistent with projections from FEA
- Minimal ‘real’ price increases in individual US seedling products given the slower projected recovery in US sawn timber prices
- Increasing inflationary only (3%) OP and MCP weighted average prices
- Medium growth in the overall Brazilian eucalyptus forestry markets from current levels
- That in the terminal year ArborGen's total advanced genetics seedling sales in the US represent 49% MCP adoption rate of its US Loblolly Pine
- Continued expansion of ArborGen’s eucalyptus offering leveraging licensed eucalyptus clones, and ArborGen's own advanced products
- ArborGen’s advanced genetics sales as a percentage of its total eucalyptus in Brazil approaching 70% in the terminal year
These cash flows are discounted at a cost of capital that reflects the underlying risk inherent in the cash flow assumptions. The discount rate was calculated
using the following:
- Capital Asset Price Model (CAPM) and the cost of debt based on the risk-free rate plus the option adjusted spread for BBB rated bonds
- Cost of debt based on the risk-free rate
- Nominal post-tax discount rate of 14.3%
- Cost of equity with the average beta of guideline public companies from the timberland and ag/biotech sectors - 1.13
- Small company size premium of 5.5%
- Country Risk Premium for Brazil
The derived cost of equity for the US was 15.7% and 18.7% for Brazil, and the derived cost of debt was 4.5%.
A terminal growth rate of 3% was assumed (i.e. 0% terminal growth).
Page 17

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
16ARBORGEN INVESTMENT AND IMPAIRMENT continued
As a means of assessing the sensitivity of the model to changes in assumptions, the MCP adoption rate was analyzed along with some other factors.
The following sensitivities were reviewed which are key assumptions in the model outcome:
- MCP adoption rate capped as FYE2027 of 46%
- Discount rate changes
- Terminal rate changes
Sensitivity Chart
Goodwill
Impairment Variance to Base
Terminal year sensitivities enterprise value (increase/decrease) US$ millions
Base caseMCP terminal year adoption rate49%28.1$
MCP terminal year adoption rate46%-3%21.9$ 25.8$
WACC increased by .05%14.7%0.5%21.1$ 25.0$
WACC increased by 1.0%15.2%1.0%14.8$ 18.7$
Terminal growth rate2.0%-1%13.5$ 17.4$
Terminal growth rate1.0%-2%16.8$ 20.7$
The Ridgeville building is being held for sale. This building is being sold at less than current NBV carrying loss. As such, there is an impairment of the building
of $1.7 million which will bring the value down to the lower of cost or market.
Building
Gross asset value16.4$
Accumulated depreciation(3.9)$
Net book value12.5$
Current selling price
10.8$
Impairment 1.7$
17TRADE, OTHER PAYABLES AND PROVISIONS
March 2026March 2025
US$mUS$m
Trade creditors(6.1) (8.1)
Accrued employee benefits
(1)
(1.3) (1.9)
Other payables (0.9) (1.3)
Royalties(0.9) (0.7)
Seedling mortality(0.1) (0.1)
Seedling deposits from customers
(2)
(0.6) (0.8)
Trade, other payables and provisions(9.9) (12.9)
(1)
Includes accrued expense of $0.3 million for FYE2025 being the cash component of the CEO's LTI plan. Refer notes 20 and 25.
(2)
The deposits from customers will be recognised as revenue within 12 months as the seedlings are transferred to the customer.
Enterprise Value
Page 18

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
18TERM AND CURRENT DEBT
March 2026March 2025
Summary of repayment terms
US$mUS$m
Due for repayment:
less than one year (1.6) (1.8)
between one and two years(1.3) (13.9)
between two and three years(0.9) (1.0)
between three and four years(17.2) (0.7)
between four and five years(0.7) (0.7)
after five years(6.2) (6.3)
Total term and current debt(27.9) (24.4)
Summary of interest rates by repayment periodMarch 2026March 2025
%%
Due for repayment:
less than one year6.05% 5.49%
between one and two years5.90% 4.95%
between two and three years5.83% 5.82%
between three and four years5.85% 5.87%
between four and five years5.96% 5.93%
after five years5.32% 5.99%
Current debt - weighted average interest rate
6.05% 5.49%
Term debt - weighted average interest rate
5.75% 4.90%
The weighted average interest rates reflect the effective interest rate, inclusive of fee amortisations.
At 31 March 2026 the Group had debt facilities with the following banks:
- Synovus Financial Corporation (Synovus) and AgSouth Farm Credit
The table below shows key metrics with each loan:
Bank AgSouth 1 AgSouth 2 Synovus
Synovus
Line of Credit
Facility6.82.28.520.0
Interest 4.95%8.20%5.75% SOFR + 2.25%
Expiration1-May-361-May-441-Apr-291-Apr-29
Annual Debt
Repayment$0.600$0.260NANA
At 31 March 2026 the Group held cash and liquid deposits of $2.2 million (2025: $3.5 million) and had debt of $27.3 million
and lease liabitlies of $13.7 million (2025: $24.4 million of debt and $8.2 million of lease obligations).
All covenants were met for the year ended 31 March 2026.
19 CAPITAL
March 2026 March 2025
Share Capital
US$mUS$m
Share capital at the beginning of the period203.2 203.4
Redeem Shares
(2)
- (0.5)
Vesting of shares - share plans
(1)
0.4 0.3
Share capital203.6 203.2
Number of shares
March 2026March 2025
Opening shares on issue520,848,638 526,957,789
Issue/Redeem Shares
(1)
(2,559,381) (200,622)
Issue/Redeem Shares
(2)
- (5,908,529)
Issue of shares
(3)
4,429,043 -
Number of shares on issue522,718,300 520,848,638
Treasury stock
March 2026March 2025
Opening shares on issue17,076,853 20,251,477
Issue of shares
(1)
(2,522,071) (3,174,624)
Vesting of shares- -
Number of shares on issue14,554,782 17,076,853
Earnings per Share (Basic and Dilutive)
March 2026 March 2025
Weighted average dilutive shares
(4)
506,043,731 507,929,229
Weighted average basic shares
506,043,731 507,929,229
EPS Basic
($0.0148)($0.0423)
EPS Dilutive
($0.0148)($0.0423)
(1)
Pursuant to Justin Birch's employment agreement an equity grant of restricted ordinary shares (Restricted Shares) equal to
4% of ordinary shares in ArborGen Holdings was made. The peformance based shares vest at 50% on 1 June 2024 and 1 June 2025,
subject to satisfaction of applicable performance critieria as determined by the compensation committee and related to terms of service.
(2)In accordance with the resolution passed at ArborGen Holdings Board of Directors’ meeting held on 26 August 2024, a share buyback programme
was approved for a US dollar total of $500,000 commencing in 2024 September. In total, 5,908,529 shares were purchased to fullfill this programme.
(3)In accordance with the resolution passed at ArborGen Holdings Board of Directors’ meeting held on 20 November 2025, a management
LTI was approved and stock issues accordingly as outlined with the resolution. 6,742,052 shares were issued for management LTI
while 7,812,730 shares were issued for the CEO LTI. 10,125,739 shares were cancelled.
All restricted shares have been issued to the "Restricted Shares Trust" and are treated as treasury stock until earned and vested.
(4)The shares which held in treasury under the LTI are entirely performance based upon a three year time period and as such, as noted under IAS 33,
the shares are not included in the diluted share calculation since to date, no shares have been earned under the performance criteria.
Page 19

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
20RESERVES
March 2026March 2025
Retained earnings
US$mUS$m
Opening balance(77.2) (55.7)
Net loss after tax(7.5) (21.5)
Closing balance(84.7) (77.2)
Cash flow hedge reserve
(1)
Opening balance0.3 0.6
Fair value gains / (losses) for the year(0.2) (0.3)
Closing balance0.1 0.3
Share-based payments reserve
Opening balance0.4 0.8
Executive share plan - shares vested
(2)
(0.4) (0.3)
Executive share plan
(3)
- (0.1)
Closing balance- 0.4
Currency translation reserve
Opening balance(2.1) (0.4)
Translation of independent foreign operations1.9 (1.7)
Closing balance(0.2) (2.1)
Total reserves(84.8) (78.6)
(1)
The cash flow hedging reserve records the net movement of cash flow hedging instruments, being interest rate swaps. Refer to Note 4, 5, 18 and 27.
(2)
Justin Birch's employment agreement laid out the following:
20,251,477 restricted shares : 50% time-based shares and 50% performance-based shares (refer to Note 10)
Year
AwardShare %
FYE2024425,000$ 27%
FYE2025167,162$ 27%
(3)
Pursuant to Justin Birch's employment agreement, the movement in the share based payment reserve represents an expense
accrual that will be subsequently settled by the issuance of shares (see item 2 above).
21CAPITAL EXPENDITURE COMMITMENTS
The are no capital expenditure commitments in the current period (2025: $0).
22LEASE OBLIGATIONS
The expected future minimum rental payments required under leases (including capitalised finance leases) that have initial or remaining non-cancellable lease
terms in excess of one year at 31 March 2026 are as follows:
March 2026 March 2025
Note
US$mUS$m
Lease obligations are reconciled as follows:
Current lease obligations27(2.3) (1.7)
Future interest payments27(11.4) (6.5)
Total lease obligations(13.7) (8.2)
Financing expense includes interest payments relating to lease obligations of $1.3 million (2025: $0.5 million).
The lease obligations relate predominately to the lease of nursery facilities and in total are $5.3 million for the US and $8.4 million for Brazil.
23 REMUNERATION
Key management compensation
Year endedYear ended
March 2026March 2025
Note
US$mUS$m
Salaries and other short-term employee benefits2.2 2.0
Share-based payments 190.6 -
Other payments- 0.8
2.8 2.8
Page 20

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
24SEGMENTAL INFORMATION SUMMARY
The Group has one reportable segment and the analysis is as follows:
Year endedYear ended
Forestry geneticsMarch 2026March 2025
US$mUS$m
Total revenue68.2 63.2
Operating revenue68.2 63.2
Impairment(1.7) (21.8)
Financing expense(3.4) (2.0)
Tax (expense) / benefit(4.1) 1.0
Net earnings (loss)(7.5) (21.5)
Total assets174.4 175.5
Liabilities(55.6) (50.9)
Capital expenditure(4.1) (7.7)
Depreciation and amortisation(10.9) (9.9)
Year endedYear ended
March 2026March 2025
The Group's geographical analysis is as follows:
US$mUS$m
South America
Operating revenue30.2 25.7
Non-current assets16.3 9.4
North America
Operating revenue38.0 37.5
Non-current assets90.8 97.8
Total Group
Operating revenue
(1)
68.2 63.2
Non-current assets107.1 107.2
(1)
The Group's revenue represents sales of seedlings of $68.2 million (2025: $63.2 million).
25RELATED PARTY TRANSACTIONS AND BALANCES
March 2026March 2025
Note
US$mUS$m
Income Statement
Directors remuneration (excluding Non-executive Directors' Share Plan)7
(0.2) (0.1)
Former CEO severance
(3)
- (0.1)
Balance Sheet
Incoming CEO LTI and STI plans
(2)
17 & 20
- 0.6
(1)
Pursuant to Justin Birch's employment agreement performance based shares will vest 50% on 1 June 2024 and the other 50% on 1 June 2025, subject
subject to satisfaction of applicable performance criteria determined by the compensation committee and completion of continuous service.
(2)
Pursuant to the 2021 LTI plan an expense of $0.6 million has been accrued and the liability was settled by the issuance of shares and cash.
(3)
Upon cessation of employment Andrew Baum was issued shares and cash payments related to separation agreement.
26PRINCIPAL OPERATIONS
ArborGen Holdings Limited (a New Zealand incorporated limited liability company) is the holding company of the ArborGen Group.
The principal subsidiaries, as at 31 March 2026, were:
Country of Interest %Interest %BalancePrincipal
DomicileMarch 2026March 2025DateActivity
Principal subsidiaries
Rubicon Forests Holdings LimitedNZ10010031 MarchHolding company
Rubicon Industries USA LLCUSA10010031 MarchHolds ArborGen Inc investment
ArborGen Inc
(1)
ArborGen Inc subsidiariesUSA10010031 MarchForestry genetics
ArborGen Comercie de Produtos FlorestalBrazil 10010031 March Forestry genetics
Importacao e Exportacao LTDA
ArborGen Technologia Florestal LTDA Brazil10010031 MarchHolding company
ArborGen New Zealand Holding LLCUSA10010031 MarchHolding company
(1)
ArborGen Holdings owns 100% of ArborGen Inc’s issued share capital and has a 100% economic interest, following the repurchase of all
outstanding warrants in May 2023.
Page 21

ArborGen Holdings Limited and Subsidiaries
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended ended 31 March 2026
27FINANCIAL INSTRUMENTS
(a) Market risk
(i)
Exposure to currency risk
The functional currency of the Group is the US$ and the risk to the Group's equity and earnings are from assets, liabilities, revenues and costs in currencies
denominated in currencies other than US$. The Group's exposure to foreign currency risks on financial instruments is shown in the following:
in US$ millionMarch 2026March 2025
US$Non US$US$Non US$
Cash, liquid deposits and restricted cash
0.1 2.1 (0.1) 3.6
Trade debtors and other receivables
6.1 4.2 6.6 3.5
Trade creditors and other payables
(6.9) (3.1) (10.7) (2.2)
Current debt
(1.2) (0.7) (1.2) (0.6)
Non-current debt
(25.1) (0.4) (21.6) (1.0)
Lease obligation
(7.1) (6.7) (4.4) (3.8)
Gross balance sheet exposure
(4.6) (0.5)
(i)
The following exchange rates applied during the year:
Average rate
(1)
March 2026March 2025March 2026March 2025
NZ$:US$0.58740.59380.58440.5730
US$:R$0.18380.17870.19080.1737
(1)These are merely arithmetical averages not hedged rates.
Foreign exchange contracts
The Group had no foreign exchange contracts outstanding (2025: nil).
Sensitivity Analysis - gross balance sheet exposure
Given the small size of the gross balance sheet exposure shown above, any movement in the NZ$ and R$ against the US$ is unlikely to be material.
(ii) Exposure to interest rate risk
The Group has $27.3 million of debt at 31 March 2026 (2025: $24.0 million), drawn at a mix of fixed and floating rates.
The weighted average interest rate of borrowings and interest rate hedges are shown in note 18 term and current debt.
(b)
Credit Risk
(i)
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure, which at 31 March 2026 was $12.5 million of trade and other receivables,
and cash and liquid deposits (2024: $13.6 million).
US cash and liquid deposits are only held with banks that are part of the Group's banking consortiums. In the event of default, cash balances may be
set off against obligations owing by the Group to its lenders. Moody's credit ratings of the primary counterparties for cash and liquid deposits are all rated as
investment grade. The status of trade debtors, is as follows:
March 2026March 2025
US$mUS$m
Neither past due or impaired
8.1 7.3
Past due but not impaired -
1 month 1.4 0.6
2 month 0.9 2.6
10.4 10.5
Less provision for expected credit loss
(0.2) (0.5)
Net trade debtors
10.2 10.0
ArborGen Inc has a strong history of trade debtor collections and there is no reason to believe that the debtors will not be collected.
(c)Liquidity risk
The following are contractual maturities of financial liabilities and net settled derivatives. The amounts disclosed are the contractual undiscounted cash flows.
Carrying
valueTotal cash flows0-6 months6-12 months1-2 years2-5 yearsOver 5 years
Financial liabilitiesUS$mUS$mUS$mUS$mUS$mUS$mUS$m
31 March 2025
Non derivative financial liabilities
Trade and other payables
(8.2) (8.2) (8.2) - - - -
Debt
(24.4) (29.5) (5.7) (0.9) (10.5) (3.8) (8.7)
Lease obligation
(8.2) (10.2) (1.1) (1.1) (2.1) (3.8) (2.1)
Financial liabilities as at 31 March 2025
(40.8) (47.9) (15.0) (2.0) (12.6) (7.6) (10.8)
31 March 2026
Non derivative financial liabilities
Trade and other payables
(6.1) (6.1) (6.1) - - - -
Debt
(27.3) (34.8) (6.6) (3.7) (13.4) (3.5) (7.6)
Lease obligation
(13.7) (12.4) (1.3) (1.3) (2.3) (5.1) (2.4)
Financial liabilities as at 31 March 2026
(47.1) (53.3) (14.0) (5.0) (15.7) (8.6) (10.0)
28CONTINGENT LIABILITIES
Nothing to disclose
29 Subsequent Events
The ArborGen Inc. Ridgeville head office facility (the Property) which is legally owned by ArborGen
Holdings' subsidiary Rubicon LLC was listed for sale in 2024, currently has a signed purchase
agreement on the property, though closing is still contingent on upon due diligence.
Spot rate
Page 22

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To the Shareholders of ArborGen Holdings Limited
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of ArborGen Holdings Limited on pages 1 to 22 which comprise the
consolidated balance sheet as at 31 March 2026, and the consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year
then ended, and notes to the consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
financial position of ArborGen Holdings Limited as at 31 March 2026 and of its consolidated financial performance and cash
flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ
IFRS) issued by the New Zealand Accounting Standards Board and IFRS Accounting Standards issued by the International
Accounting Standards Board.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by the New
Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of
the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Independent Auditor’s Report

Why the audit matter is significant How our audit addressed the key audit matter
ArborGen Cash Generating Unit – impairment
assessment
As set out in notes 15 and 16 of the consolidated
financial statements, the Group has US$54.1m of
intellectual property recorded on its consolidated balance
sheet.
In addition to the above, the carrying amount of the
Group’s net assets as at 31 March 2026 was higher than
the market capitalisation of the Group. There is an
indicator of impairment identified as at 31 March 2026.
The impairment assessment, as disclosed in note 16 is
considered to be a key audit matter as a result of the
significance of the intellectual property asset to the
Group, and the level of judgement required when
determining the value in use of ArborGen.
To determine whether the carrying value of it’s CGU is
reasonable, management performed an impairment
assessment on a value-in-use (VIU) basis.

Impairment tests prepared by management were based
on discounted cashflow models using Board approved
budgets for the year ending 31 March 2027 and
combined with forecasted cashflow for subsequent years.

The key assumptions in assessing the CGUs carrying
value were as follows:
- Annual growth rate, in particular MCP and Price
growth;
- The terminal value growth rate; and
- The pre-tax discount rate

We have:
• assessed whether the methodology adopted was
consistent with accepted valuation approaches of NZ IAS
36 Impairment of Assets;
• Evaluated the Group’s determination of CGUs and
whether they were appropriate. This included reviewing
internal management reporting to assess the level at
which the Group monitors performance, comparing
CGU’s to our knowledge of the Group’s operations and
reporting systems, and reconciling assets allocated to
CGUs to accounting records;
• Obtained management’s impairment assessments and
tested the completeness and mathematical accuracy of
the VIU calculations;
• Challenged key assumptions to assess the models’
compliance with NZ IAS 36, including but not limited to
discount rates and terminal growth rates used;
• Compared the forecasted cash flows used for FY26 to
the Board approved forecast;
• Tested the key data inputs and assumptions such as
average selling prices linked to the projected uptake of
the MCP products;
• Assessed historical accuracy of previous forecasts to
actual results achieved;
• Performed sensitivity analysis on key assumptions to
assess the impact on the carrying value of the CGU;
• Ensured the disclosures in the consolidated financial
statements properly reflect the judgements and estimates
made by management.

Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the information included in the Annual
Report but does not include the consolidated financial statements and our auditor’s report thereon. The Annual Report is
expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance.

Directors’ responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand equivalents to International Financial Reporting Standards issued by the New
Zealand Accounting Standards Board and International Financial Reporting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.

Auditor’s responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the conosolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs
(NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is located on the
External Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/

Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might
state to the Company’s shareholders, as a body those matters which we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Company and its shareholders, as a body, for our audit work, for this report or for the opinion we have formed.

Grant Thornton New Zealand Audit Limited



Yasin Mohammed
Partner
Auckland
29 May 2026

---

Results announcement

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content should only be
made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular element does not apply, mark
the row as N/A, Any other changes to this prescribed form must first be approved by NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer ArborGen Holdings Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency US Dollars
Amount (millions) Percentage change
Revenue from continuing
operations
US$68.2 8 %
Total Revenue US$68.2 8 %
Net profit/(loss) from
continuing operations
US$(7.5) 65 %
Total net profit/(loss) US$(7.5) 65 %
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend is proposed for the period
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
US 13 CPS US 13 CPS
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to accompanying releases
Authority for this announcement
Name of person

authorised
to make this announcement
Christina Green
Contact person for this
announcement
Jackie Ellis
Contact phone number 09 356 9800
Contact email address info@arborgenholdings.com
Date of release through MAP

29 May 2026

Audited financial statements accompany this announcement.