Annual Meeting 2026

Annual
Shareholders
Meeting
October 2026

2Annual Shareholders Meeting | October 2026
Directors and Executives
John Strowger
Independent Chair
Joined the Board in March 2015
Chair of the Health & Safety Committee
David Cushing
Independent Director
Joined the Board in August 2017
Rachel Farrant
Independent Director
Joined the Board in May 2022
Chair of the Sustainability Committee
Tim Runnalls
CFO
Joined Skellerup as GFC in March 2021
Appointed CFO in March 2024
Alan Isaac
Independent Director
Joined the Board in August 2016
Chair of the Audit Committee
David Mair
Non-executive Director
Joined the Board in November 2006
CEO from July 2011 to March 2024
Paul Shearer
Independent Director
Joined the Board in August 2020
Graham Leaming
CEO
Joined Skellerup as CFO in December 2012
Appointed CEO in March 2024

•Chair Address | John Strowger
•CEO Address | Graham Leaming
•Resolutions
•Re-election of David Cushing
•Re-election of Paul Shearer
•Remuneration of the Auditors
•General Business
3Annual Shareholders Meeting | October 2026
Agenda

Chair Address
John Strowger
Annual Shareholders Meeting | October 2026

5Annual Shareholders Meeting | October 2026
A Year of Record Results
* Normalised to remove the impact of non-recurring items – $4.8 million pre-tax, $3.5 million post-tax

6Annual Shareholders Meeting | October 2026
Growth in Key Markets and Applications
Dairy (27%)
Potable Water & Wastewater (25%)
Roofing & Construction (16%)
Footwear (7%)
Automotive & Machinery (5%)
Sport & Leisure (5%)
Exploration & Mining (5%)
Electrical & Appliances (4%)
Health & Hygiene (3%)
Other (3%)
North America (38%)
New Zealand (19%)
Australia (12%)
Europe (12%)
Asia (9%)
UK & Ireland (9%)
Other (1%)

7Annual Shareholders Meeting | October 2026
Investments in Capability
-
5
10
15
20
25
FY20FY21FY22FY23FY24FY25FY26
Capital Expenditure ($m)
CapexAcquisitions
-
200
400
600
800
1,000
FY20FY21FY22FY23FY24FY25FY26
Headcount

8Annual Shareholders Meeting | October 2026
Strong Operating Cash Flow and Low Debt Support Growth
-
15
30
45
60
75
90
FY20FY21FY22FY23FY24FY25FY26
Operating Cash Flow ($m)
CAGR 16%
-
5
10
15
20
25
30
FY20FY21FY22FY23FY24FY25FY26
Net Debt ($m)

Image

9Annual Shareholders Meeting | October 2026
A Commercial Approach to Climate Action

10Annual Shareholders Meeting | October 2026
Earnings and Dividend Growth
-
20
40
60
80
100
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
10 Year EBIT ($m)
CAGR 12%
-
5
10
15
20
25
30
35
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
10 Year Dividend per Share (cps)
CAGR 13%
InterimFinal

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CEO Address
Graham Leaming
Annual Shareholders Meeting | October 2026

13Annual Shareholders Meeting | October 2026
Cornerstones of Skellerup
Manufacturing Distribution Development Centres Head Office
Precision-engineered products for
demanding applications

14Annual Shareholders Meeting | October 2026
Sustained Growth & Returns
* Normalised to remove the impact of non-recurring items – $4.8 million pre-tax, $3.5 million post-tax

Design and manufacture of high-value
components and products that are often
small but critical to applications and
performance
15Annual Shareholders Meeting | October 2026
Industrial Division
0%
5%
10%
15%
20%
25%
-
10
20
30
40
50
60
FY20FY21FY22FY23FY24FY25FY26
EBIT ($m)
CAGR 14%

A global leader in essential dairy
consumable design and manufacture
16Annual Shareholders Meeting | October 2026
Agri Division
0%
5%
10%
15%
20%
25%
30%
35%
-
10
20
30
40
50
FY20FY21FY22FY23FY24FY25FY26
EBIT ($m)
CAGR 8%

17
Looking Ahead
Precision-engineered products for demanding applications
Increase presence in existing markets and
expand presence in smaller markets with
proven opportunity
Enhance our expertise in design and
manufacture for complex high-
performance polymer products, to deliver
a higher value proposition
Annual Shareholders Meeting | October 2026

36020898715942
New ZealandAsiaEuropeUK & IrelandNorth AmericaAustralia
18
Strategy and Focus Delivering
With a team of almost 850 located in our key markets
80
100
120
140
160
180
200
220
2020202120222023202420252026
Skellerup EBIT growth has consistently outperformed GDP growth in our markets
Skellerup EBITGDP Growth of Key Markets
Annual Shareholders Meeting | October 2026

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Questions
John Strowger
Annual Shareholders Meeting | October 2026

Resolutions
John Strowger
Annual Shareholders Meeting | October 2026

22Annual Shareholders Meeting | October 2026
Resolution 1
Re-election of David Cushing

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Resolution 2
Re-election of Paul Shearer

24Annual Shareholders Meeting | October 2026
Resolution 3
Remuneration of the Auditors

General Business
John Strowger
Annual Shareholders Meeting | October 2026

26Annual Shareholders Meeting | October 2026

This presentation contains not only a review of operations, but also some forward-looking statements about Skellerup
Holdings Limited and the environment in which the company operates. Because these statements are forward-looking,
Skellerup Holdings Limited’s actual results could differ materially.
Although management and directors may indicate and believe that the assumptions underlying the forward-looking
statements are reasonable, any of the assumptions could prove inaccurate or incorrect, and, therefore, there can be no
assurance that the results contemplated in the forward-looking statements will be realised.
Please read this presentation in the wider context of material previously published by Skellerup Holdings Limited.
27Annual Shareholders Meeting | October 2026
Disclaimer

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Skellerup Holdings Limited ASM Chair Address
Good afternoon, ladies and gentlemen. I am pleased to once again provide some Chairman’s
remarks on the last year here at Skellerup, as a precursor to Graham’s address shortly.
Once again, it was another very successful year for Skellerup. One in which we continued to
demonstrate the strength, resilience and relevance of our business model.
You might remember I spent a fair bit of energy at the last ASM warning shareholders about false
expectations around recurring records. That caution now seems a bit.... cautious. Once again, we
have achieved a number of record results.
Let’s look at the financials.
FY26’s net profit after tax (NPAT) before non-recurring items was $64.2 million – a record result, up
18% on the FY25 NPAT of $54.5 million. The after-tax effect of non-recurring items was $3.5 million,
bringing the FY26 NPAT after non-recurring items to $67.7 million. This result is off revenues of
$390.1 million and earnings before interest and tax (again before non-recurring items) of $89.3
million (up 14% on FY25).
Stronger post-tax earnings have flowed through to cash flow. The FY26 operating cash flow of $83.6
million was a record result too, up 26% on the prior corresponding period.
This result was achieved in the context of a world that – I need scarcely remind shareholders – did
not have the courtesy to stand still. Global uncertainty reigned. Added to foreign exchange
movements and tariffs this year, was raw material availability (courtesy of the Middle East
developments no one could have anticipated). This loomed as a significant potential headwind
against FY26 profitability.
The Group has again benefited from disciplined execution, strong customer relationships and
sustained demand for high-performance products across our core industrial and agricultural markets.
In terms of operational performance – this year, contributions to the record results came from both
our business divisions (Industrial and Agri). Stronger sales into potable water, wastewater, dairy,
footwear and sports and leisure applications all contributed.
The diversified nature of Skellerup’s customer base – in terms of geographies as well as markets –
allowed us to ride out pockets of soft demand. Once again, the United States markets were a key
contributor (38% of total FY26 group revenues). As anticipated, we were able to mitigate the impacts
of tariffs there, through a combination of sales growth, pricing, costing and manufacturing initiatives.
We were also a beneficiary of the US Supreme Court’s ruling that certain tariffs imposed by the US
administration under the International Emergency Economic Powers Act were not authorised.
Inevitably, that relief has been temporary, and mitigation strategies again have come to the fore.
Last year I mentioned a likely need to consider the development of “in market” manufacturing
capability, most obviously in the US. I said that the luxury of a “wait and see” strategy was “highly
likely” to come to an end in FY26.

This ‘jolt’ has not materialised. We continue to target expansion in our key offshore markets, having
regard to the product demand of key customers, but will always seek to resource production in a
manner which optimises results for both Skellerup and our customers.
We continue to invest – in people and in plant – for the future. Total capital expenditure in FY26 was
$15.1 million (up $5.9 million on FY25), comprising ongoing investment in standardised machinery,
additional capability and product development. Standardisation of processes will be a major
platform for any expansion of further manufacturing capacity overseas. The Board is by disposition
very supportive of capital expenditure investment, where (of course) it stacks up.
We are in the early stages of a more deliberate expansion of our markets in Europe and China. Our
preference in these markets is a direct path to customers. In FY26 we purchased (at modest cost) one
of our Chinese dairy distributors. Early indications of the attractiveness of our product offering in
that market are very encouraging.
We have also added additional people and resources into Europe, but it is early days in that market.
We continue to explore potential opportunities to accelerate expansion into our overseas markets,
through acquisition. With very modest debt levels and a market capitalisation of circa $1.35 billion
(as of 31 July 2026), there is clearly scope for a debt-funded acquisition.
As ever, though, we remain cautious about the deployment of capital into acquisitions; a ‘build’
strategy is slower but will usually carry less risk. The Board is clear that we will only contemplate
acquisitions in businesses and/or markets which are compatible with Skellerup’s existing core
competencies. Our view is that, beyond that, diversification is something that shareholders should
be best do themselves.
In the past we have often talked about the strength of Skellerup’s relationships with our OEM
customers – where we manufacture customer-branded componentry on the customer’s behalf, for
integration into their products. Meeting customer requirements, and solving their problems through
our technical team, creates strong relationships and embedded revenues.
While this remains a core part of what we do, especially within certain business units, Skellerup-
branded products represent an increasing proportion of our revenue stream, usually at better
margins. Accelerating investment in our own brands where appropriate will continue to be a
deliberate strategy.
Climate-related disclosures again comprise a substantial part of this annual report. Our people
continue to undertake very effective work in this area. Emissions reduction plans are now in place for
five of our largest facilities, and the actions implemented as part of these plans are delivering sound
environmental and economic benefits. The revenue growth achieved is being aided by investment in
more efficient equipment, which again helped reduce the intensity of our scope 1 and 2 greenhouse
gas emissions during FY26.
A brief word about succession considerations. We have of course seen a successful and seamless
change in the senior leadership team. The Board is conscious that succession considerations also
apply to... itself. Today, David Cushing offers himself for re-election (and I commend him to you by
the way), but in doing so has indicated that he intends to step down from the board in a year’s time,
after 10 years of service to the Company.
The Board is grateful to David for giving us this early notice of his intentions, as this now gives us the
time to identify his successor (replace the irreplaceable...). In addition, as none of us are getting any
younger, there will obviously be a need to plan for a medium term refresh this board. We don’t have

any solutions to any of this yet, but I did want to acknowledge the topic today and let you know –
we’re working on it.
Back to some numbers. As a reflection of the strong cash flows described above, we continue to
maintain a strong balance sheet. Net debt (excluding lease liabilities) at the end of FY26 stood at $2.0
million, down $10.4 million on the prior year-end.
This allows the Board to maintain a strong dividend policy. The total FY26 dividend of 30.0 cents per
share equates to an estimated pay-out ratio of 91.6% of normalised FY26 NPAT. This is entirely
sustainable considering historic and budgeted earnings, cash flow and capital expenditure. Our
approach to dividends remains guided by the objective of providing shareholders with an attractive
return while retaining sufficient flexibility to invest in growth, capability and resilience.
In FY27 we anticipate additional conscious investment in business processes and resources, people
and market development that will likely reduce the rate of growth at least relative to FY26. As
always, it is a case of managing healthy near-term growth while investing for the longer term.
We have, however, now achieved 10 consecutive years of EBIT growth, a record which the
investment markets are certainly now very alert to. We have seen some share price appreciation,
and that is gratifying for both the Board and management. We continue to target (and forecast, as
you will hear shortly) further growth and so – yes – more records.
On behalf of the Board, I would like to thank our Chief Executive Officer, Graham Leaming, the senior
leadership team and all Skellerup’s people for their commitment and performance throughout the
y e a r.
Sometimes it feels like the winds of populism and nationalism are against global businesses like
Skellerup. But while FY 26 was another non-dull year on world markets, management has responded
to each development with agility and aplomb. FY26 results again reflect a very good performance by
our entire team.
I thank our shareholders for their support for, and confidence in, Skellerup. The Board believes
Skellerup is well positioned for the future, with a clear strategy, strong market positioning and a
proven team capable of delivering sustainable growth.

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Skellerup Holdings Limited ASM CEO Address
Thank you, John.
Introduction
Today I will cover the cornerstones of Skellerup’s business, review our FY26 performance, discuss
the opportunities ahead, and introduce some of the people who have helped deliver our results and
will be central to our future success.
The consistent theme across all of this is clear: Skellerup succeeds by designing and manufacturing
specialised, high-performance products for demanding applications, supported by deep customer
relationships and disciplined execution.
Cornerstones of Skellerup
As many of you will have heard before, and as reflected in the displays on the tables today, Skellerup
designs and manufactures precision-engineered products that must perform reliably, often in highly
regulated or technically demanding environments.
By doing this well, we earn long-term customer trust. That trust supports ongoing business, creates
opportunities for new product development, and underpins the resilience of our financial
performance.
Deep material expertise
Engineered polymers are the foundation of most of our products. Our material formulation and
process expertise enable us to maintain consistent quality, innovate, and respond quickly to
regulatory changes or geopolitical events that affect supply chains.
The Middle East conflict created significant challenges to sourcing materials during FY26. However,
inventory planning, rapid action to secure alternative supply, and in-house formulation expertise
meant we avoided any interruption to operations and customers.
Global presence
Our customers are global, more than 80% of revenue is earned internationally. Having key
commercial and technical people based in our major markets is critical to our credibility with these
customers. It also ensures our development activity is informed by committed customers and by our
people’s deep understanding of local market opportunities.
Focused and rapid development
Our in-market people work closely with our development centres, the largest of which are in New
Zealand. Our development teams also engage directly with our customers’ technical people. This
ensures the solutions we develop are based on a clear understanding of need, allowing us to
prioritise effectively and move quickly.
Scalable, international manufacturing
Our customers are supplied via our manufacturing facilities in New Zealand, Asia, the UK, Europe and
the US. This international model has served us well and is something we continue to review to make
sure we are best placed to continue to meet customer needs and deliver profitable growth. In recent

years we have increased capital expenditure, particularly in modernising our manufacturing
capability to ensure it is efficient, flexible and ready for expansion into other markets if required.
FY26 Results
Profitable growth and sustained returns are paramount to shareholders. In that regard, we were
very pleased to report another record result for FY26 in August.
We achieved our best-ever results for Group revenue, earnings before interest and tax, net profit
after tax, and operating cash flow.
Sales revenue reached $390.1 million, up 10% on the prior year, the result of broad-based growth
from both the Industrial and Agri Divisions.
Normalised earnings before interest and tax (or EBIT) reached $89.3 million, a 14% improvement
over the prior corresponding period (pcp). This was our tenth consecutive record. At its simplest,
that reflects the unrelenting focus of our global team on designing, manufacturing and delivering the
products our customers need.
Normalised net profit after tax (or NPAT) was $64.2 million up 18% on the prior record achieved in
the pcp.
When I refer to normalised EBIT and NPAT, I am excluding a non-recurring gain as noted on the
footnote to this slide, primarily comprising insurance proceeds related to an equipment fire at our
Wigram facility. The fire affected part of an extrusion line used to manufacture tubing, and the
equipment was damaged beyond repair.
Fortunately, no one was injured. We resumed production promptly on an alternative extrusion line,
at higher utilisation, with no negative impact on customers. A replacement line is expected to be
commissioned early in 2027.
I will now comment a little more on the EBIT results of each of our Industrial and Agri Divisions.
The Industrial Division recorded its sixth successive record EBIT of $56.6 million in FY26, an increase
of 17% on the pcp due to revenue growth and improved margins.
The USA delivered the strongest revenue growth in FY26, up 12% on the pcp. Sales into potable
water and wastewater applications were well ahead of the prior year, including strong demand for
pipe gaskets, where customers value the superior quality of our products and reliability of supply.
Demand from tapware manufacturers also strengthened, our vacuum systems continued to lead the
market, and sales into HVAC flow-control applications and U-DEK® marine foam were ahead of the
pcp.
Whilst the USA was most significant, revenue growth was also realised in the UK, Europe, Australia,
Asia and NZ.
The Agri Division recorded its second successive record EBIT of $39.6 million in FY26, an increase of
12% on the pcp.
Sales of essential consumables for the global dairy industry increased again in FY26, up 15% on the
pcp. The US and European markets were key drivers, with increased sales of liners and tubing to
OEM customers in both regions and through our Conewango distribution channel in the USA.
Revenue also increased in New Zealand, supported by the strength of the dairy industry and growth
in sales of Thriver calf feeding teats.
Global demand for dairy milking liners and tubing resulted in record production levels at our New
Zealand and UK facilities.

We have continued to invest in product development capability and manufacturing modernisation.
These investments are already delivering returns through faster new product development and
expanded capacity to meet growing demand efficiently.
Across both Divisions, but most notably Industrial, we were impacted by changes in tariffs in the
USA. It is our largest market, accounting for 38% of Group FY26 revenue. The level of tariffs changed
several times, however careful management of inventory ahead of (and during) their imposition,
together with management of costs and gradual implementation of price increases, means we were
able to offset the impacts in FY26.
Looking Ahead
Looking ahead, our strategy remains unchanged: to design and manufacture precision-engineered
products for demanding applications. The diversity of applications and markets we serve, and the
growth opportunities within them, provide an important counter to economic cycles.
We will continue to invest in people and equipment to create excellent value for customers and
capture our fair share of that value. Our future success does not rely on a single hero product.
Growth will come from serving existing customers well, winning more of their business, and pursuing
new customers in applications where we understand the need and have proven technical capability.
Focusing on Agri, the investment in people and capability we have made in recent years has enabled
us to innovate more quickly and extend our market and product ambitions.
We hold a strong position, both with OEM customers and our own branded products – most notably
in the US, NZ and Australia but also in Europe and Asia. In late FY26, we established a technical sales
team in China to grow sales of our dairy consumables, including taking on customers previously
managed by a distributor. We believe that by getting closer to customers and demonstrating the
performance of our products we can grow more quickly in what is already a sophisticated market
which places value on quality, reliability and productivity. We also plan to increase sales into Europe
and South America with a mix of our own and partner distribution capability.
We expect our focus on high-performance, productivity-enhancing product development to support
strong revenue growth in the coming years. On-farm trial results with innovative milking liner
systems in the US, New Zealand and China have demonstrated measurable lift in milk production. By
also making these high-performance liners available in single-use recyclable shells means much
shorter maintenance windows to change out liners on farm – a very attractive benefit, particularly to
large-sized farms. Similarly, on-farm trials of our Thriver™ calf feeding range in the US have proved
very successful, building our conviction that we can gain a substantial share of this market.
The products manufactured by our Industrial Division are used in a more diverse variety of
applications, reflecting the potential in each market and the expertise we have.
Our largest market is the US. During FY26, we strengthened relationships with OEM customers, met
increased demand for existing products, and launched new products. We have added extra technical
sales resource to ensure we expand the already strong pipeline of new business opportunity.
Potable water, wastewater and flow control continue to provide significant growth potential for our
Group.
Sales into roofing and construction applications generated 24% of Industrial Division revenue in
FY26. Most of these products are sold under our DEKS brand. Our historic focus has been on metal
roofing systems. In late FY26, supported by committed customers, we expanded our range to
include products for tile and shingle roofing systems in the US. We also launched a new lead-free
product that eases installation and improves cable entry management for solar applications for the
UK market. In addition, we have several new products poised for launch in the UK, US and Australian
markets during FY27.

We have made a strong start to FY27. Earlier today we reported FY27 Q1 NPAT was up 15% on the
same period last year. Demand across most the applications our products are used in continues to
be strong, particularly for our Industrial Division. Whilst we are pleased with this start, we are
cautious that continued geo-political unrest and resultant costs increases will impact demand.
Accordingly, we project FY27 net profit after tax to be in the range of $67 to $72 million.
Your Team
The results achieved up to and including FY26, and the platform we have in place for FY27 and
beyond, reflect the diligence, accountability, innovation and energy our people deliver every day.
Our global team of almost 850 people brings deep technical expertise and a diverse international
perspective.
Their work across product development, manufacturing, sales, operations and support functions
underpins the critical products we provide to customers and the ten consecutive years of operating
earnings growth we have achieved.
Some of the key people who have helped deliver these outcomes, and who will be critical to our
future, are here today. I will introduce them shortly. Others cannot join us because they are based in
international markets and are focused on growing our business this year and beyond. Please take
the chance to talk to these people after the formalities today if you have not already.
Close
To close, I again express my appreciation to all the Skellerup team, our Board and you, our
shareholders.
Our team is supported, and you as shareholders are represented, by an excellent Board. Our
directors bring commercial nous, experience, leadership, energy and robust discussion to every
interaction we have. Their engagement is invaluable and always available.
We remain committed to developing and improving our products and business so that we continue
to deliver great value for customers and increasing returns for shareholders. We are well positioned
to meet the challenges ahead, ambitious about the opportunities before us, and determined to build
on the proud entrepreneurial history of Skellerup.
Thank you for investing in Skellerup and thanks for joining us today.