Slides
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Annual General Meeting Cobram Estate Olives Limited ABN: 32 115 131 667 30 October 2026
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2 Cobram Estate Olives Limited Leandro Ravetti Joint - CEO (Technical & Production) Executive Director (USA - based) Rob McGavin Non - Executive Chair & Co - Founder Presenters Leandro Ravetti (left) and Sam Beaton (right) Sam Beaton Joint - CEO (Finance & Commercial) Executive Director (Australia - based) L to R: Leandro Ravetti, Rob McGavin, Sam Beaton
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3 The material in this presentation is general background information about Cobram Estate Olives Limited (“Cobram Estate Olives ” o r “CBO” or “the Company” or “Group”) and is current at the date of the presentation or as otherwise stated. The information in the presentation is provided for information purposes onl y, is in summary form, and does not purport to be complete. It should be read in conjunction with CBO’s other announcements to the ASX, including the Company’s 2026 Annual Report and its F Y26 Results Presentation. It is not intended to be relied upon as advice to current shareholders, investors or potential investors, and does not consider the investment objectives, fi nan cial situation, tax situation, or the needs of any shareholder, investor, or potential investor. A shareholder, investor, or potential investor must not act based on any material contained in this presentation but must make their own assessment of CBO and conduct their own investigations and analysis. No representation is made as to the accuracy, completeness, or reliability of the presentation. CBO is not obliged to, and do es not represent that it will, update the presentation for future developments. Throughout this document, FY22 means 12 months to 30 June 2022; FY23 means 12 months to 30 June 2023; FY24 means 12 months to 30 June 2024; FY25 means 12 months to 30 June 2025; FY26 means 12 months to 30 June 2026; FY27 means 12 months to 30 June 2027; and FY28 means 12 months to 30 June 20 28. All currency figures are in Australian dollars unless otherwise stated. Totals and calculations may not equate precisely due to rounding. Throughout this document, EVOO means extra virgin olive oil. This presentation contains statements that are, or may be deemed to be, forward - looking statements. These forward - looking statem ents may be identified by the use of forward - looking terminology, including the terms “believe”, “estimate”, “plan”, “target”, “project”, “anticipate”, “expect”, “intend”, “likel y”, “may”, “will”, “could” or “should” or similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events, or intentions. Indications of, and guidance on, future earning s a nd financial position and performance are also forward - looking statements. You are cautioned not to place undue reliance on such forward - looking statements. Such forward looking statements ar e not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of CBO or any of its related e nti ties, which may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from th ese statements. Past performance is also not indicative of future performance, and no guarantee of future returns is implied or given. Nothin g c ontained in this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present, or the future performance of CBO. By reading this presentation you agree to be bound by the limitations set out in this disclaimer. No representation or warran ty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this presen tat ion. To the maximum extent permitted by law, neither CBO nor any of its related entities, or their respective Directors, employees or agents, nor any other person accepts liability for l oss arising from the use of or reliance on information contained in this presentation or otherwise arising in connection with it, including without limitation any liability from fault or negligence. CBO’s financial statements are prepared in accordance with Australian Accounting Standards, other authoritative pronouncement s o f the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. This includes application of AASB 141 Agriculture which requires the current year crop to be valued at fair value less estimated point of sale costs. In applying this standard to determine the value of the current year crop, CBO makes various assumptions at the balance date, as the expected net selling price of the crop can only be estimated, and the actual value will not be known until it is completely sold. The resulting accounting esti mat es will, by definition, seldom equal the related actual results, and have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year . Cobram Estate Olives Limited Disclaimer
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Agenda 1. Chair’s Address – Rob McGavin 2. FY26 Results & Commercial Update – Sam Beaton 3. Operations Update, COR Integration, & USA Growth Projects – Leandro Ravetti 4. Formal Business 5. General Question Time 6. Close 4 Olive harvest in California
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5 Cobram Estate Olives Limited How to Vote Online Only verified shareholders, proxy holders, and corporate representatives are eligible to vote 1. Get a voting card Click “Get a Voting Card” at the top or bottom of your screen. 2. Enter your details Enter your Shareholder Number and Post Code or Proxy Number. Click “Submit Details and Vote”. 3. Complete and submit For each item of business, choose “Partial Vote” or “Full Vote”, then click “Submit Vote”. Lodging your votes online Technical assistance : If you experience technical difficulties, call the helpline on +61 1800 990 363.
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6 Cobram Estate Olives Limited How to Ask a Question Online or via WebPhone Only verified shareholders, proxy holders, and corporate representatives are eligible to ask questions 1. Open the question menu Click “Ask a Question” at the top or bottom of your screen. 2. Choose written or audio Follow the instructions for your preferred option. Written Questions or Comments Select the relevant topic from the drop - down menu: “General Business” or a specific resolution. Type your question or comment in the space provided. When ready, click “Submit”. Audio Questions Click “Go to Web Phone”, enter your name and click the green call button. Select “Start Call”. Press *1 on your keypad to ask a question. Technical assistance : call +61 1800 990 363 if you experience technical difficulties. Asking your question
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7 Chair’s Address Rob McGavin Non - Executive Chair and Co - Founder Non - Executive Chair and Co - Founder, Rob McGavin
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FY26 Results & Commercial Update Sam Beaton Joint - CEO & Executive Director 8 Cobram Estate® Robust Australian EVOO
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9 Growth CAPEX remains focused on the USA : 840 hectares due to be planted by end - November 2026, another 420 hectares for planting in FY28, a new Artois bottling line and Woodland site expansion. FY26 Financial Highlights Notes: m = million; bn = billion; 1QFY27 = 1 July 2026 to 30 September 2026. 1. Earnings before interest, tax, depreciation, and amortisation (“EBITDA”). This is a non - IFRS measure used by the Company and is relevant because it is consistent with measures used internally by management and by some people in the investment community to assess the operating performance of the business. The non - IFRS measures have not been subject to audit o r review. EBITDA has been normalised for transactional costs associated with the COR acquisition, one - off costs associated with the integration of COR (such as employee redundancies), and the earnings impact of land and building revaluat ion s. 2. Refer to page 10. 3. Refer to page 7 5 . 1 Pleasing “off - year” FY26 EBITDA¹, supported by modest Australian sales growth for Cobram Estate ® amid increased promotional activity by competitors and three months of COR earnings. Two - year rolling average EBITDA (normalised) increased 0.3% to $90.9 million. 2 3 FY26 packaged goods sales up 16.8% to $253.2 million , driven by resilient Cobram Estate® sales and three months of COR sales. 4 5 Strengthened balance sheet from Sept/Oct 2025 $178m capital raising. Adjusted assets of $1.4 bn at 30 June 2026 compared to $437.3m net borrowings. Debt expected to decline over the medium term as maturing groves lift expected profit / cash flow. Cobram Estate Olives Limited Operating Cash Flow (pre - tax and interest) $47.5m - 42.8% vs FY25 EBITDA PROFIT (normalised)¹ $61.4m - 47.3% vs FY25 Earnings before tax (normalised) 2 $13.0m - 83.0% vs FY25 Adjusted asset value $1.4bn +43.4% vs FY25 Two - Year Rolling average EBITDA (normalised) 3 $90.9m +0.3% vs FY25 Global packaged goods sales $253.2m +16.8% vs FY25 Packaged good sales (Australia) $165.7m +1.6% vs FY25 Packaged good sales (USA) $87.5m +63.1% vs FY25 Solid FY27 first - quarter sales in Australia and the USA despite cost - of - living pressures, reflecting the strength of CBO’s brands and stable demand for premium, locally produced EVOO.
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10 KEY POINTS • Group EBITDA 1 (normalised) of $61.4m in FY26 (FY25: $116.6m). • Australian Olive Oil Operations reported EBITDA 1 of $52.1m (FY25: $110.0m), with the decrease driven by: • Smaller Australian “off - year” crop. • Higher grove operating costs - primarily water. • Modest reduction in average selling price as a result of increased promotional activity in the category. • USA Olive Oil Operations reported EBITDA 1 of $9.4m (FY25: $6.6m): • Improvement driven by ~3 months contribution from COR, partly offset by higher costs. • Warrant expense of $41.8m is a non - cash item and relates to the fair value at acquisition and mark - to - market at 30 June 2026. • Transaction costs are non - recurring and relate to COR acquisition. • Other costs include restructuring costs ($1.3m), asset impairment ($5.8m), offset against FX gains ($3.0m). • The Group has recognised historical USA net operating losses (“ NOLs ”) carried forward from prior periods that were generated by the existing business prior to the COR acquisition. Recognition of these NOLs is supported by expected future taxable profits and the anticipated realisation of synergies following the acquisition. FY26 Group Profit / Loss (Statutory ) Group normalised EBITDA of $61.4m, with a lower Australian result partly offset by an improved USA contribution Cobram Estate Olives Limited Income Statement $’million FY26 FY25 Change Revenue Sales revenue 268.9 241.7 27.3 Other income 4.2 3.2 1.0 Net change in fair value of agricultural produce 42.3 90.6 (48.3) Revenue - total 315.5 335.5 (20.0) EBITDA Australian olive oil 52.1 110.0 (57.9) USA olive oil 9.4 6.6 2.8 EBITDA (normalised) 61.4 116.6 (55.2) Depreciation & amortisation (30.5) (24.9) (5.5) Interest (18.0) (15.5) (2.5) EBT (normalised) 13.0 76.1 (63.2) Warrant expense (relating to COR acquisition) (41.8) - (41.8) Transaction Costs (relating to COR acquisition) (4.8) - (4.8) Other (4.1) - (4.1) EBT (reported) (37.7) 76.1 (113.8) Tax 33.5 (26.5) 60.0 Net profit / (loss) after tax (4.2) 49.6 (53.9) 1. Earnings before interest, tax, depreciation, and amortisation (“EBITDA”). This is a non - IFRS measure used by the Company and is relevant because it is consistent with measures used internally by management and by some people in the investment community to assess the operating performance of the business. The non - IFRS measures have not been subj ect to audit or review. EBITDA has been normalised for transactional costs associated with the COR acquisition, one - off costs associated with the integration of COR (such as employee redundancies), and the earnings impa ct of land and building revaluations.
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11 KEY POINTS • Total cash generated from operations of $47.5m in FY26 (FY25: $83.0m). Refer to page 1 2 for details of key drivers of lower cash flow. • The Group invested $101.9m in key capex growth projects in FY26 (FY25: $81.4m). • $159.7m cash paid to acquire COR (net of $2.0m cash acquired). • $179.8m of proceeds from shares issued including $177.8m from Sept/Oct 2025 equity raising and $2.0m of proceeds from employee share options. • Net proceeds from borrowings of $73.4m primarily relate to partial funding of the COR purchase price consideration and growth capex spend in the USA. • Cash and undrawn debt facilities of $115.5m as at 30 June 2026. FY26 Group Cash Flow Statement Operating cash flow of $47.5m, with growth capex and COR consideration funded by capital raising and additional debt Cobram Estate Olives Limited Cash Flow Statement $’m FY26 FY25 Change Cash generated from operations 47.5 83.0 (35.5) Net interest (16.6) (15.1) (1.5) Income tax paid (27.6) (9.8) (17.7) Cash generated from operations (after interest and tax) 3.4 58.1 (54.7) Net payments for property, plant & equipment (101.9) (81.4) (20.8) Payment for permanent water rights - (0.9) 0.9 Payments for Business Acquisitions (Leda) (0.3) (2.8) 2.4 Purchase price of COR (net of cash acquired) (159.7) - (159.7) Proceeds from issue of shares 179.8 0.9 178.9 Proceeds from loans from key management personnel 3.1 - 3.1 Net Proceeds from borrowings 73.4 31.4 41.9 Proceeds from AGR Vendor Note 35.7 - 35.7 Payment for leases (3.6) (0.8) (2.8) Dividends paid to shareholders (net of DRP) 1 (17.5) (12.1) (5.5) Net increase / (decrease) in cash and cash equivalents 2 12.3 (7.5) 19.8 Undrawn debt 103.3 37.5 65.8 Cash 12.2 4.0 8.2 Total available cash 115.5 41.5 74.0 1. Dividend reinvestment plan 2. $4.1m effect of foreign exchange rate changes (see p. 85 of Annual Report 2026)
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12 KEY POINTS • Cash flow from operations materially lower in FY26 ($47.5m) vs. FY25 ($83.0m ). • Total tax paid of $27.6m in FY26 (FY25: $9.8m). FY26 tax payments included $12.1m of FY25 final tax instalment. • Key drivers of lower operating cash flow (before transaction & restructuring costs) : – Significantly higher water prices in Australia ($349/ML in FY26 vs $139/ML in FY25). – $6.0m increase in payments for third - party oil purchases in Australia (increased volume and pricing). – Opportunistic purchases of third - party oil totalling $10.6m in USA. – Decrease in non - EVOO bulk sales of $8.3m ( timing and price) . • Additional $5.7m non - recurring transaction and restructuring costs paid in FY26. Cobram Estate Olives Limited FY26 Operating Cash Flow Group operating cash flow of $47.5m in FY26 (FY25: $83.0m) $33.8m $54.1m $64.1m $83.0m $47.5m $27.4m $39.0m $47.9m $58.1m $3.4m FY22 FY23 FY24 FY25 FY26 Group Operating Cash Flow Cash flow from operations Cash flow from operations (after interest and tax)
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13 Group Balance Sheet at 30 June 2026 Net assets of $517.6m; olive trees and irrigation infrastructure carried at written down cost Cobram Estate Olives Limited KEY POINTS • Total assets increased to $1.2bn at 30 June 2026, up $428.7m from $811.9m at 30 June 2025. • The Group’s olive trees and irrigation infrastructure are carried at cost (within Property Plant and Equipment) and not revalued. • Over $130.2m of asset investment over the past two years which has yet to produce an income. These assets will mature over the coming years and are expected to generate sustainable profit and cash flows. • The majority of intangible assets relate to the acquisition cost of the California Olive Ranch® and Lucini® brands ( $45.6m), customer contracts and relationships ($19.8m), and goodwill ($25.2m) 1 . • Deferred tax assets relate to historical NO Ls carried forward from prior periods that were generated by the existing business prior to the COR acquisition. • Total borrowings increased by $181.6m, comprising vendor notes ($101.6m) plus core CBA debt ($ 80 .0m) predominantly due to COR acquisition. The vendor notes have a term of 5 years however, the Group has the right to repay the $65.3m COR vendor note at any time over the term. • $177.8m capital raising conducted during FY26 to support USA growth strategy. • The majority of the tax liability relates to an unrealised tax gain on land and buildings that would only crystallise if these assets were sold. • Net debt ratio increased from 32.7% at 30 June 2025 to 35.6% at 30 June 2026. Balance Sheet $’million Jun - 26 Jun - 25 Change Cash 12.2 4.0 8.2 Current assets (excluding cash) 302.2 182.1 120.1 Property, plant and equipment 754.9 608.8 146.1 Intangible assets 98.4 7.6 90.8 Deferred tax assets 40.0 - 40.0 Other non - current assets 32.9 9.3 23.5 Total assets 1,240.6 811.9 428.7 Current liabilities (excluding borrowings) 84.2 66.0 18.2 Current borrowings 14.2 13.0 1.2 Non - current borrowings 435.3 254.9 180.4 Deferred tax liabilities 66.8 99.4 (32.6) Other non - current liabilities 122.4 13.1 109.3 Total liabilities 722.9 446.4 276.5 Net assets 517.6 365.5 152.1 Borrowings less cash (Net debt) - [A] 437.3 263.8 Total assets less cash - [B] 1,228.4 807.9 Debt ratio - [A ÷ B] 35.6 % 32.7 % Notes: m = million; bn = billion. 1. Converted at AUD:USD of 0.6932 at acquisition date (26 March 2026).
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14 Tangible Asset Backing at 30 June 2026 Real tangible asset value of $1.3bn against net debt of $437m Cobram Estate Olives Limited Notes: m = million, bn = billion. $’million Jun - 26 Jun - 25 Assets Total assets per CBO balance sheet 1,240.6 811.9 add: External valuation, not on CBO B/S* 162.6 166.9 Assets including external valuation 1,403.2 978.7 less: Cash (12.2) (4.0) Intangible assets (98.4) (7.6) Right - of - use assets (31.8) (8.4) Real tangible asset value 1,260.8 958.7 Borrowings 449.5 267.9 less: Cash (12.2) (4.0) Net debt 437.3 263.8 Net debt / real tangible assets 34.7% 27.5% * USA olive groves externally valued at 30 June 2025 and CBO’s buildings and Australian olive groves were independently valued at 30 June 2024. Trees and irrigation infrastructure are carried at cost, not fair value. The $162.6m represents the value above the carrying cost, as assessed at the valuation date. Property, plant & equipment Property, plant & equipment Other tangible assets (less cash) Olive trees and irrigation valuation not included on CBO's balance sheet 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 30 June 2026 - Asset Value 30 June 2026 - Net debt 30 June 2025 - Asset Value 30 June 2025 - Net debt $ million Real Tangible Assets vs. Borrowings
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15 KEY POINTS – FY26 • Packaged goods sales up 1.6% to $165.7m , accounting for 97.2% of revenue. • Cobram Estate® sales up 2.1% to $102.9m ; Red Island® down 7.3%. • Australian supermarket sales of olive oil totalled $596.4 million², down 2.6% on the prior period, while volume sold (litres) increased by 10.9%. This reflects a return to more typical promotional activity and continued strong consumption. Australian Olive Oil Operations – FY26 Sales Cobram Estate ® brand growth and market leadership maintained in a more competitive category Cobram Estate Olives Limited 1. Net sales ex - warehouse. 2. Source: IRI Australian scan data, Australian grocery weighted, total supermarket, dollar sales, Financial Year 2026 . $69.3m $83.1m $100.7m $102.9m $30.2m $38.2m $40.6m $37.7m $12.0m $21.6m $21.8m $25.2m $111.5m $142.9m $163.1m $165.7m FY23 FY24 FY25 FY26 Australian Olive Oil Operations Packaged Goods Sales ¹ ($) Cobram Estate® Red Island Private label 20.0% growth 21.2% growth 2.1% growth
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16 KEY POINTS – FY26 • Packaged goods sales up 63.1% to $87.5m (FY25: $53.7m). This included three months of California Olive Ranch® ($35.1m) and Lucini® ($6.7m) sales. • Packaged goods accounted for 92% of sales revenue (FY25: 83%). • Cobram Estate ® supermarket sales grew by 6.5% (excluding big box retailer rotations). Including these sales, revenue declined 16.2% as big box supply shifted to California Olive Ranch® brand). • USA supermarket sales of olive oil totalled $2.4 billion for the 52 weeks to 15 August 2026 ² , down 5.4% on the prior period, while volume sold (litres) increased by 3.9%. As with Australia, this reflects a return to more typical promotional activity and continued strong consumption. Californian olive oil grew share to 4.9% of the category over the period (prior period: 4.5%)². USA Olive Oil Operations – FY26 Sales USA packaged goods sales up 63.1% driven by three months contribution from COR brands Cobram Estate Olives Limited 1. Net sales ex - warehouse. Includes California Olive Ranch, Inc. sales for the period 26 March 2026 to 30 June 2026. 2. Source: Nielsen Total US xAOC + SPINS Total US Natural Channel; NOTE: excludes HEB, Costco & Ingles, 52 - weeks ended 15 August 2026. $17.7m $23.8m $42.3m $77.2m $10.5m $26.7m $11.4m $10.3m $28.2m $50.5m $53.7m $87.5m FY23 FY24 FY25 FY26 Packaged Goods Sales (A$) (FY23 - FY26) 1 Branded (Cobram Estate®, California Olive Ranch® & Lucini®) Private label 77.7% growth 82.5% growth 34.6% growth
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17 KEY POINTS • Australian packaged goods sales for FY27 are expected to be in line with FY26 . Overall, supply of Australian EVOO remains tight with bottling of new season oil expected to commence during the FY 27 Australian harvest (April – June 2027) . • FY27 will see a full year of COR sales in the USA, driving significant sales growth supported by a larger FY27 Californian crop. • Sales for the three months to 30 September 2026 are in - line with plan . • FY27 EBITDA¹ expected to be materially higher than FY26 , driven by a larger Australian “on - year” crop² and full - year earnings and synergies from the COR acquisition (subject to normal agricultural risks and market conditions). • FY27 operating cash flow is expected to be materially higher than FY26 , driven by full - year operating cash flows and synergies from the COR acquisition and the reversal of some of the negative working capital impacts from FY26. • Debt levels are expected to decrease over the medium term , with the continued maturation of the Company’s groves over the coming years projected to increase profit and cash flows. • Our Australian and USA businesses have established solid foundations in their respective core markets, and we remain highly optimistic for the medium - and long - term outlook. Business Update and Outlook Cobram Estate Olives Limited 1. Earnings before interest, tax, depreciation, and amortisation (EBITDA). This is a non - IFRS measure used by the Company and is re levant because it is consistent with measures used internally by management and by some people in the investment community to assess the operating performance of the business. The non - IFRS measures have not been subj ect to audit or review. 2. Olive trees naturally bear fruit in two - year (biennial) cycles, with a low yielding “off - year” (e.g. FY26 in Australia) follo wed by a higher yielding “on - year” (e.g. FY27 in Australia). This is a known and expected two - year cycle that is easily managed operationally and logistically by our business . Olive harvest at Boundary Bend
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18 Final FY26 Dividend Details • Dividend Payment: 4.5 cents per share (FY25: 4.5 cents per share) • Dividend Declared: 28 August 2026 • Franking: 100% Franked • Record Date: 16 October 2026 • Payment Date : 6 November 2026 Dividend Reinvestment Plan Details • Allocation Price: $2.5782 per share • Participation: 19.5% of shares on issue • Shares Issued: 6 November 2026 Confirmation of Final FY26 Dividend Details Cobram Estate Olives Limited
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19 Operations Update, COR Integration, & USA Growth Projects Leandro Ravetti Joint - CEO & Executive Director California Olive Ranch® 100% California EVOOs Olive harvest at Boundary Bend California Olive Ranch® 100% California EVOO
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20 Australian Operations FY26 Summary Record "off - year" with 11.1m litres of olive oil produced in FY26 ¹ Cobram Estate Olives Limited 1. Includes 10.4 million litres produced from fruit sourced from CBO groves and 0.7 million litres produced from fruit source d f rom contracted third party growers. 2. Olive trees naturally bear fruit in two - year (biennial) cycles, with a low yielding “off - year” (e.g. FY26 in Australia) follo wed by a higher yielding “on - year” (e.g. FY27 in Australia). This is a known and expected two - year cycle that is easily managed operationally and logistically by our bu siness . 3. As at 27 October 2026. Source: www.ruralcowater.com.au - Goulburn System Zone 1A; Murray System (below choke) Zone 7. 4. Source: https://mdbwip.bom.gov.au/southern - basin/ as at 27 October 2026. Note: ML = Megalitre. AUSTRALIAN OPERATIONS • Australian operations performed well despite seasonal variability, broadly on budget and in line with efficiency targets. • Product quality and food safety standards remain high, reflected in successful external audits, positive customer feedback, and awards won. FY26 AUSTRALIAN HARVEST • FY26 “off - year” ² production: 11.1m 1 litres , versus 14.2m in FY25 “on - year” and 10.1m in FY24 “off - year”. • Fruit volumes were only 7.1% lower than the FY25 “on - year”. Seasonal conditions lowered oil content in the fruit 13.9 % below long - term average. • Other Australian mill purchases added 1.1m litres. GR OVE AND WATER COSTS • FY26 operating costs, excluding water, were broadly unchanged from FY25. Timely rainfall reduced CBO’s Australian water use in FY26, while weighted - average temporary water prices rose from $139/ML to $349/ML. • Significant winter/spring rainfall across CBO’s groves, particularly at Boort, has reduced water use to date. • Current water prices³ remain above CBO’s long - term weighted average. Southern Murray - Darling Basin storage stands at 71% of capacity versus 63% a year earlier ⁴ . Optimus harvester at Boort
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21 FY27 AUSTRALIAN CROP OUTLOOK • FY27 is an “on - year” for CBO’s Australian groves. Favourable conditions and maturing groves support expectations for a materially larger crop than FY26 and larger than the previous "on - year" in FY25, subject to seasonal conditions. • FY27 flowering is taking place right now , with Boundary Bend reaching full bloom late last week and Boort early next week, consistent with long - term average timing. • Initial flowering assessments remain incomplete, although conditions leading up to flowering have been mostly favourable with good winter chilling and absence of any damaging frosts. • Olive trees naturally follow two - year (biennial) cycles , alternating between lower - yielding “off - years”, such as FY26 in Australia, and higher - yielding “on - years”, such as FY27 in Australia. CBO readily manages this predictable cycle operationally and logistically. • Olives rely primarily on wind pollination, not bees . CBO’s Oliv.iQ ® grove design includes at least two well - studied pollinators per main variety. FY27 Australian Crop Outlook The FY27 “on - year” is forecast to produce a materially larger crop Cobram Estate Olives Limited Flowering at Boundary Bend
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22 USA Operations Update Strengthened USA team to manage growth Cobram Estate Olives Limited USA OPERATIONS • COR integration is advancing in tandem with key strategic growth initiatives and an ERP upgrade. • New bottling line being commissioned at Artois and expected to be in production in January 2027. Capacity to increase from 6,500 to 16,000 bottles per hour. • Recent Chief Financial Officer and Chief Commercial Officer appointments strengthen team depth and experience to deliver the goals of the enlarged USA business. FY27 CALIFORNIAN HARVEST • FY27 harvest began in mid - October across CBO and third - party groves, including acquired COR groves, with completion expected by early December 2026. • Pre - harvest conditions have been favourable, with early crop yield indications in line with expectations. • A larger FY27 crop is expected, driven by maturing groves and improved yields from some third - party groves . For reference, combined CBO USA and COR production totalled ~8.4m litres in FY26, including third - party volumes. Final yields remain subject to seasonal conditions and agricultural uncertainties. USA WATER • Most of CBO’s Californian groves have access to both surface irrigation districts and groundwater. Another year of favourable Northern California rainfall has kept catchments at normal levels, supporting full FY26 and FY27 water allocations. Olive harvest in California Freshly picked Californian olives Olive harvest in California
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23 California Olive Ranch, Inc. Acquisition and Integration Acquisition completed 26 March 2026; integration on track with business consolidation largely completed Cobram Estate Olives Limited KEY POINTS • Successfully completed the acquisition of COR, the largest olive oil producer and marketer in the USA , on 26 March 2026. The acquisition added two premium olive oil brands, ~1,675 hectares¹ of owned and leased groves, ~2,500 hectares of contracted groves, and a large - scale milling, storage, and bottling facility. • The USA business consolidation is well advanced , and CBO’s USA business now operates as California Olive Ranch. • Initiatives to deliver initial annual synergies of ~US$12m are on track , with the benefits to be fully achieved by end - FY27 . Key initiatives implemented to date include: o consolidation of COR and CBO workforces; o knowledge and capability transferred between Australia and the USA teams; o initial review and roll - out of Oliv.iQ ® principles on COR groves to improve yields; o implementation of the early stages of the new integrated brand strategy including the transition of California Olive Ranch® brand back to 100% Californian EVOO; o optimised use of the incremental milling capacity at two locations; o new consolidated bottling line to be fully operational by early 2027; and o consolidated ERP system to be fully functional by early FY28. • The longer - term FY30 synergy target is US$20m annualised and involves the realisation of yield improvements on northern groves plus the full implementation of the integrated brand strategy. 1. Excludes ~195 - hectare COR grove currently listed for sale.
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24 Cobram Estate Olives Limited Our Integrated Global Operations The quality, scale, and geographic spread of our operations provide both durable competitive advantage and greater resilience
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25 75% 21% 4% Mature Immature Pre-productive KEY POINTS • Company owned groves total ~ 7 , 000 hectares / ~ 2 . 6 m olive trees spread across 3 locations in north - west Victoria ; water supplied by two systems (Murray and Goulburn) . • Currently 75 % mature, 21 % immature, and 4 % not yet productive ¹ . Mature grove area will increase by 33 % from 5 , 250 hectares to 7 , 000 hectares over the next six years (based on current plantings) . • CBO also has supply contracts with third - party groves totalling ~ 1 , 000 hectares ¹ . • Average Australian production expected to rise to ~ 21 m litres p . a . by FY 32 as CBO and third - party groves reach maturity² . Australian Groves and Third - Party Supply CBO groves total ~7,000 hectares / ~2.6m trees; olive oil production forecast: average 21m litres p.a. by FY32 Cobram Estate Olives Limited Notes: p.a. = per annum; m = million. 1. As of 30 October 2026. 2. Subject to agricultural risks. These production figures are based on ~7,000 hectares of CBO owned groves and ~1,000 hectar es of long - term contracted third - party groves. Maturity Phase of CBO’s Australian Olive Groves¹ Australian Production: Average of FY25 and FY26 Harvests vs Theoretical Yield at Full Maturity² 0 5 10 15 20 25 FY25 + FY26 average Yield at full maturity (two-year average) Litres (millions) Range: 19 - 23 million litres 12.7 million litres
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26 Boort and Boundary Bend Groves Cobram Estate Olives Limited B oundary Bend olive grove Boort olive grove B oundary Bend olive grove Boort olive grove
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27 Boort Olive Mill and Oil Storage Facility Cobram Estate Olives Limited Boort olive oil storage Boort olive mill
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28 Boundary Bend Olive Mill and Lara Oil Storage Facility Cobram Estate Olives Limited Lara olive oil storage Boundary Bend olive mill
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29 USA USA Operational Footprint Company owned / long term leased olive groves¹ (excl. third party growers) Artois olive mill, bottling, oil storage, and warehouse Woodland head office, olive mill, bottling, oil storage, laboratory, and warehouse Chico support office including accounting, HR, supply chain, and QA CBO locations in Northern California Key Grove Summary ¹ Grove Type Hectares Super - High - Density ~2,315 Medium - Density ~1,525 TOTAL ~3,840 Cobram Estate Olives Limited 1. Includes 840 hectares to be planted by end November 2026; excludes ~195 - hectare COR grove currently listed for sale.
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30 KEY POINTS • Company owned and leased groves total ~3,840 hectares at 30 October 2026 ¹ (~2,231 owned, ~1,609 leased). Planting of a further ~420 hectares scheduled for FY28 will take CBO’s total USA grove area to ~4,260 hectares by end - FY28, excluding third - party groves. • M ature groves increased from ~163 hectares to ~1,911 hectares in FY26, boosting near - term Californian supply; currently 49% of groves are mature, 15% immature, 36% not yet productive ¹ . • Average USA production from CBO’s groves (excluding third - party) expected to rise to ~11m litres p.a. by FY36 as CBO’s trees reach maturity . • CBO also has supply contracts with third - party groves totalling ~4,600 hectares ¹ and continues to seek additional third - party suppliers. USA Groves and Third - Party Supply¹ CBO groves total ~3,840 hectares / ~4.3m trees; olive oil production forecast: average 11m litres p.a. by FY36 Cobram Estate Olives Limited Notes: p.a. = per annum; m = million. 1. As of 30 October 2026. Includes 840 hectares of groves to be planted by end of calendar year 2026. Excludes ~195 - hectare COR grove currently listed for sale. 2. Includes 420 hectares to be planted in FY28. 3. Includes combined third - party volume from COR and CBO. Age of CBO Olive Groves (Owned and Leased) by Planting Density¹ - 200 400 600 800 1,000 1,200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 … 40 Hectares Tree age (years) Super-High-Density as at 30 June 2026 Medium-Density as at 30 June 2026 FY27 - currently being planted FY25-FY26 average Yield at full maturity (two-year average) 0.8 million litres 11.0 million litres USA Production: Average of FY25 and FY26 Harvests vs Theoretical Yield at Full Maturity 1,2 Excludes third - party grower volumes (FY26: ~5.0m litres³) Grove area : ~1,300 hectares Grove area: ~4,260 hectares 2
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31 COR Olive Groves Cobram Estate Olives Limited Corning Ranch Corning Ranch Artois Ranch Corning Ranch
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32 COR Olive Groves Cobram Estate Olives Limited Artois Ranch Artois Ranch Artois Ranch Corning Ranch Corning Ranch
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33 CBO - Planted Olive Groves Cobram Estate Olives Limited Hungry Hollow Ranch Dunnigan Hills Ranch Williams Ranch Williams Ranch Hungry Hollow Ranch
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34 COR Olive Mill - Artois Cobram Estate Olives Limited Artois olive mill, oil storage, and bottling, California Olive Ranch® 100% California EVOO Shelf layout in Whole Foods store, 2026 Artois olive mill Fruit sampling Olive oil storage tanks Bottling line Fruit receival Fruit conveyor
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35 Woodland Olive Mill Cobram Estate Olives Limited Olive oil storage tanks Olive oil malaxers and centrifuges Olive oil separators
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36 COR Brands Acquired - California Olive Ranch ® and Lucini ® Cobram Estate Olives Limited KEY POINTS • COR brands acquired: o California Olive Ranch® - the #1 brand of Californian - grown olive oil in USA supermarkets and natural food stores¹; and o Lucini® - the #1 super premium EVOO brand in USA supermarkets and natural food stores¹. • By the end of FY27, California Olive Ranch® will return to 100% Californian oil. • Lucini® will source premium oils from Italy, USA, and Australia. Shelf layout in Whole Foods store, 2026 Note: Super Premium EVOO: $/L = US$40.00+. 1. Source: Nielsen Total US xAOC + SPINS Total US Natural Channel; NOTE: excludes HEB, Costco & Ingles, 52 - weeks ended 13 June 2026. Lucini® Super - Premium EVOO California Olive Ranch® and Lucini® EVOO
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37 CBO Now Owns Three Top - Ten Olive Oil Brands in the USA Cobram Estate Olives Limited KEY POINTS • California Olive Ranch®, Cobram Estate®, and Lucini® each hold top ten branded positions in USA supermarkets by value, excluding private label, ranking fourth, eighth, and ninth respectively for the 52 - week period to 13 June 2026. • Combined, these brands position CBO as the number three branded olive oil supplier in USA supermarkets, as shown in the figure alongside. 1. Source: Nielsen Total US xAOC + SPINS Total US Natural Channel; NOTE: excludes HEB, Costco & Ingles, 52 - weeks ended 13 June 2026 . $408m $263m $219m $193m $145m $129m $82m $52m $40m $34m $32m Pompeian Bertolli CBO Brands Filippo Berio California Olive Ranch® Graza Terra Delyssa Colavita Cobram Estate® Lucini® Carapelli Olive Oil Supermarket Sales – USA – Value Sales by Brand (Excluding Private Label) - 52 - weeks to 13 June 2026
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38 1. Source: Numerator, Omnishopper Panel, Total US All Outlets, L52WE 16/5/26. What California Olive Ranch® delivers: The Best of Californian EVOO What Lucini® delivers: Premium Quality Alternative Draws premium shoppers with fresh, award - winning, domestic EVOO Draws quality - driven shoppers with provenance and craftsmanship • Delivers value through freshness, quality, and health. • Owning vertical integration. • Educate about Californian EVOO. • Trusted high - quality brand with Italian legacy. • Owns super premium segment with one of the highest returns per litre. • Caters for existing premium buyers of imported oil. Only 3.4% of olive oil shoppers bought both California Olive Ranch® and Cobram Estate® during the last 12 months¹ What Cobram Estate® delivers: Sets the Benchmark for CA EVOO Recruits mainstream buyers and trades them up into premium Californian EVOO • Accessible entry point into Californian EVOO. • Converts shoppers of other oils to Californian EVOO. Portfolio Architecture: The Role of CBO’s USA Brands Cobram Estate Olives Limited
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39 Homegrown Tastes Fresher: Strategic Pillars Position freshness as a benefit tied to flavour, health, and quality. Establish California EVOO as the USA benchmark for premium olive oil. Drive household penetration and shift focus from price to freshness, quality, and authenticity. Transition all California Olive Ranch® EVOO products to 100% California - grown by end of FY27. Use Cobram Estate® and Lucini® to serve complementary segments anchored in origin and quality. Own the local freshness advantage Build trust through quality Educate & influence Unlock portfolio potential California - Grown Local production Fresher Shorter path to shelf Better Taste • Health • Sustainability More Trust Verified quality Category Growth Preference & penetration USA Brand Strategy – Making ‘Fresh’ the New Premium Position California EVOO as the freshest, most trusted, and most desirable olive oil in the USA Cobram Estate Olives Limited SUCCESS OUTCOME | Create consumer preference for California EVOO by connecting local production with freshness, verified qu ali ty, superior taste, health benefits, and sustainability.
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40 Cobram Estate Olives Limited Artois olive mill, oil storage, and bottling, Shelf layout in Whole Foods store, 2026 Example In - Store Displays in California Nugget Market - Sacramento, CA Nugget Market - Sacramento, CA Bristol Farms - Yorba Linda, CA Independent, El Rancho Market Sovang , CA
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41 Cobram Estate Olives Limited Artois olive mill, oil storage, and bottling, California Olive Ranch® 100% California EVOO Shelf layout in Whole Foods store, 2026 Example In - Store Displays – Other Markets Earth Fare - Columbia, SC Capital Grocer - Washington DC INFRA store Harvest Market, Fort Bragg
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42 Growth Capex Projects Summary of FY26 - FY28 Cobram Estate Olives Limited CBO’s Californian Olive Grove Portfolio (Hectares) Including FY27 and Scheduled FY28 Plantings NEW GROVE DEVELOPMENTS • ~ 340 hectares planted in FY26. • ~840 hectares currently being planted, to be completed by end of calendar year 2026. • A further ~420 hectares scheduled for planting in FY28 . • At this stage, the Company does not have plans for additional developments beyond those outlined. WOODLAND SITE EXPANSION • Since the FY24 olive mill upgrade, warehouse and office space has been expanded and laboratory facilities are being upgraded. ARTOIS BOTTLING LINE • New USA bottling line is being installed at Artois. Commissioning is currently underway and operations are expected to begin in January 2027, increasing capacity from 6,500 to 16,000 bottles per hour with a significantly higher level of automation. FUNDING • USA growth projects are being f unded through free cash flow, debt, and some of the net proceeds from CBO’s Sept/Oct 2025 capital raising. Disciplined investment for a stronger business and attractive long - term returns 3,000ha 840ha 420ha 4,260ha Planted hectares at 30 June 2026 FY27 to be planted FY28 to be planted Total grove area Note: ha = hectares
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43 340 Hectares Planted in FY26 – Williams and Ironhorse Cobram Estate Olives Limited FY26 planting - Williams FY26 planting - Ironhorse
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44 340 Hectares Planted in FY26 Cobram Estate Olives Limited FY26 planting – Williams To view: https://youtu.be/FYW2P - kh_VM
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45 Preparation for FY27 Planting – Williams Cobram Estate Olives Limited Land preparation - Williams Land preparation - Williams Land preparation - Williams Irrigation infrastructure - Williams Irrigation infrastructure - Williams
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46 Preparation for FY27 Planting – Matchbook and Mondavi Cobram Estate Olives Limited Vine removal – Matchbook Vine removal – Matchbook Land preparation - Mondavi Land preparation - Mondavi Land preparation - Mondavi
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47 Cobram Estate Olives Limited FY27 Planting - Williams Planting commenced in September 2026, to be completed by end November 2026 FY27 planting - Williams FY27 planting - Williams FY27 planting - Williams Tree delivery - Williams
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48 Cobram Estate Olives Limited FY27 Planting - Williams Planting commenced in September 2026, to be completed by end November 2026 FY27 planting - Williams FY27 planting - Williams FY27 planting - Williams
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49 FY27 planting – Williams To view: https://youtu.be/ltnosM5Mq9k
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50 Woodland Site Expansion CBO’s USA head office, olive mill, oil, storage, and bottling facility in Woodland, California Cobram Estate Olives Limited Woodland office foyer CBO Woodland Site
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51 Woodland Site Expansion Olive mill expansion completed in FY24; FY27 harvest underway Ol i ve oil malaxers , centrifuges, and separators producing fresh EVOO Fruit hoppers with freshly picked olives Fruit receival area
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52 Woodland Site Expansion Warehouse, tanks farm, and loading/receival expansion completed FY26; office/lab expansion concluding FY27 Cobram Estate Olives Limited Finished goods warehouse New loading and receival bays and asphalt Olive oil storage tanks
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53 Cobram Estate Olives Limited New Artois Bottling Line Bottling capacity will increase from 6,500 to 16,000 bottles per hour Artois bottling line To view: https://youtu.be/W8KhPAsqsEg
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54 Sustainability at Cobram Estate Olives Building a resilient and sustainable business Cobram Estate Olives Limited OUR 2030 COMMITMENT • Sustainability is central to our business. Since launching our 2030 Sustainability Strategy in FY24, we have continued to progress towards key goals across business, people, and planet. FY26 • In FY26, the Company improved safety, expanded health education, and advanced environmental action, resource efficiency, sustainable packaging, and waste reduction. • We maintained a better - than - neutral greenhouse gas emissions position across Scope 1, 2, and 3. RESPONSIBLE GROWTH • As the business grows, we pursue sustainability outcomes that are economically sound, environmentally responsible, and socially beneficial. TRANSPARENT REPORTING • Our FY26 Voluntary Sustainability Report is included in our 2026 Annual Report. Boundary Bend olive grove
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55 Safe and Responsible Operations Safe workplaces, strong food safety systems, and responsible employment practices Cobram Estate Olives Limited SAFE WORKPLACES • CBO promotes safe, healthy workplaces across all sites through open reporting and safety reviews aligned with standards and regulations . • Expanded harvest inductions strengthened incident, hazard, and near - miss reporting, supporting earlier intervention and fewer harvest incidents. STRONG FOOD SAFETY SYSTEMS • Maintained globally recognised food safety and quality accreditations and compliance with national EVOO standards in FY26. • Production and quality management systems support food integrity and premium EVOO quality. RESPONSIBLE EMPLOYMENT • Supported wellbeing through the Employee Assistance Program, health checks, vaccinations, financial education, and counselling. • Invested in leadership development, internal promotions, and career progression. • Cultural inclusion initiatives and ergonomic assessments supported employees and injury prevention. Workplace Health and Safety FY2026 Performance Commitment/Target Timeframe FY26 Progress Zero Workplace Fatalities or Serious Injuries Ongoing Achieved Continuous reduction in total recordable incidents Ongoing Achieved Metric FY24 FY25 FY26 Fatalities 0 0 0 Serious Injuries 0 0 0 Total recordable injury frequency rate “TRIFR” 21.78 18.00 6.16 Source: CBO Annual Report 2026, p. 39. TRIFR is recordable injuries per million hours worked.
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56 Efficient Resources Management and Long - Term Grove Health Managing resources to support reliable operations and productive groves Cobram Estate Olives Limited RESOURCE USE EFFICIENCY • Improved efficient use of resources through stronger water productivity, irrigation upgrades, packaging improvements, and landfill diversion. SOILS AND GROVES • Recycled tree prunings to support productive soils and healthy groves for the long term . BY - PRODUCTS AND WASTE • Sold a total of 20.4 million kilograms of olive biomass to external parties as part of the Company’s zero waste and by - product value - add strategy. Drip irrigation Hungry Hollows pipeline, USA Mulching prunings at Boundary Bend Olive pit
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57 Community Engagement and EVOO Education Building industry relationships and promoting EVOO’s health benefits in Australia and the USA Cobram Estate Olives Limited KEY POINTS • Continue to build constructive relationships with growers, suppliers, customers, regulators and local communities. • Promote research and awareness of EVOO’s health and nutrition benefits through education for healthcare professionals (“HCPs” ) a nd consumers in Australia and the USA. • Launched the USA HCP program on 1 July 2025 , reaching 67% (75,487) of registered dietitian nutritionists by fiscal year - end with education on choosing EVOO over other culinary oils. Olive grower meeting in California HCP program USA Geelong’s longest lunch Barwon Health Foundation
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58 Why Are We So Excited About the USA Opportunity? Cobram Estate Olives Limited USA set to become the world’s largest olive oil consuming nation Note: M = million. Source: International Olive Council https://www.internationaloliveoil.org/ 0 100 200 300 400 500 600 700 800 900 000’s tons Evolution of Olive Oil Consumption - Spain, Italy and USA (‘000s tons) Spain Italy USA
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59 Olive Oil Consumption Typically Follows Production Cobram Estate Olives Limited Note: M = million. Source: International Olive Council https://www.internationaloliveoil.org/ Australia is an actively growing olive oil market 0 200 400 600 800 1000 Evolution of Consumption & Production in Italy (‘000s tons) Italy (Consumption) Italy (Production) 0 100 200 300 400 500 Evolution of Consumption & Production in Greece (‘000s tons) Greece (consumption) Greece (production) 0 100 200 300 400 500 600 Evolution of Consumption & Production in Turkey (‘000s tons) Turkey (consumption) Turkey (production) 0 10 20 30 40 50 60 70 Evolution of Consumption & Production in Australia (‘000s tons) Australia (Consumption) Australia (Production)
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60 USA Consumption of Olive Oil Far Exceeds Domestic Production Cobram Estate Olives Limited USA production covers just 2.6% of domestic consumption Note: M = million. Source: International Olive Council https://www.internationaloliveoil.org/ 0 50 100 150 200 250 300 350 400 450 500 Tonnes (‘000) USA Olive Oil Flows Production Import Export Consumption 10.7kg 8.0kg 1.4kg Spain Italy USA Comparison Between Production and Consumption - Spain, Italy and USA Consumption per Capita (kg) Production (as % of consumption) 269 % 64% 2.6%
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61 Key Takeaways 1 CBO’s leading production position and brand portfolio provide significant opportunities to capture demand growth in Australia and the USA . 2 A rapidly growing network of third - party growers further reduces agricultural risk and capital requirements while expanding oil supply and supporting brand growth. 3 High - quality assets across diverse locations and water sources significantly reduce exposure to agricultural risk. 4 Ongoing innovation is expected to reduce production costs and improve returns per litre. Cobram Estate Olives Limited Ripening olives 5 EVOO’s proven health benefits and growing demand for authentic high - quality product create a significant long - term opportunity for efficient producers and trusted brands .
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62 Formal Business Rob McGavin Non - Executive Chair & Co - Founder Cobram Estate® 2026 Ultra - Premium Australian EVOO Range
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63 Shareholder / Proxy Holder Votin g Directions Cobram Estate Olives Limited
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64 Cobram Estate Olives Limited Item 1: Financial Statements and Reports To receive and consider the Financial Report and the related Directors’ Report and Auditor’s Report for the year ended 30 June 2026. Note: This item is for discussion only and is not a resolution.
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65 Cobram Estate Olives Limited Item 2 : Adoption of the Remuneratio n Report To consider and, if thought fit, to pass the following resolution as a non - binding ordinary resolution: That the Remuneration Report of the Company for the year ended 30 June 2026 be adopted. Note: A voting prohibition and voting exclusion applies to this resolution. This resolution is advisory only and does not bind the Company or the Directors. The Directors will consider the outcome of the vote and comments made by Shareholders on the Remuneration Repo rt at the meeting when reviewing the Company’s remuneration policies. Direct / Proxy Votes* For Open Against Total Total Votes 151,863,579 169,190 11,661,131 163,693,900 Percentage of Vote 92.77% 0.10% 7.12% * This excludes any votes from the Directors and Senior Management referred to in the Remuneration Report.
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66 Cobram Estate Olives Limited Item 3a : Election of Daniel Masters as a Director To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That Daniel Masters, who was appointed as a Non - Executive Director on 23 April 2026, retires, and being eligible, offers himself for election as a Non - Executive Director of the Company, is elected as a Director of the Company. Direct / Proxy Votes For Open Against Total Total Votes 240,142,183 169,190 8,082,085 248,393,458 Percentage of Vote 96.68% 0.07% 3.25% The non - candidate Directors unanimously support the election of Daniel Masters.
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67 Cobram Estate Olives Limited Item 3b: Re - election of Craig Ball as a Director To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That Craig Ball, who retires, and being eligible, offers himself for re - election as a Non - Executive Director of the Company, is elected as a Director of the Company. The non - candidate Directors unanimously support the re - election of Craig Ball. Direct / Proxy Votes For Open Against Total Total Votes 224,446,573 169,190 23,788,427 248,404,190 Percentage of Vote 90.36% 0.07% 9.58%
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68 Cobram Estate Olives Limited Item 4: Approval of the Employee Incentive Plan (Australia) To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That, pursuant to and in accordance with Listing Rule 7.2 exception 13(b) and for all other purposes, Shareholders approve the Employee Incentive Plan (Australia) on the terms and conditions in the Explanatory Memorandum. Note: A voting prohibition and voting exclusion applies to this resolution. * This excludes any votes from Sam Beaton and Leandro Ravetti. Direct / Proxy Votes* For Open Against Total Total Votes 235,111,617 169,391 5,226,486 240,507,494 Percentage of Vote 97.76% 0.07% 2.17%
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69 Cobram Estate Olives Limited Item 5: Approval of the U.S. Equity Incentive Plan To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That, pursuant to and in accordance with Listing Rule 7.2 exception 13(b) and for all other purposes, Shareholders approve the U.S. Equity Incentive Plan on the terms and conditions in the Explanatory Memorandum. Note: A voting prohibition and voting exclusion applies to this resolution. Direct / Proxy Votes* For Open Against Total Total Votes 243,265,145 169,040 1,402,870 244,837,055 Percentage of Vote 99.36% 0.07% 0.57%
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70 Cobram Estate Olives Limited Item 6a : Approval of the Issue of Options to Sam Beaton To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That, subject to and conditional upon the passing of item 6a, for the purposes of Listing Rule 10.14 and for all other purposes, Shareholders approve the issue of 1,500,000 Options exercisable at $3.40 each and expiring 30 September 2031 to Sam Beaton under the Employee Incentive Plan (Australia), on the terms and conditions set out in the Explanatory Memorandum. Note: A voting prohibition and voting exclusion applies to this resolution. * This excludes any votes from Sam Beaton. Direct / Proxy Votes* For Open Against Total Total Votes 234,226,244 168,175 10,442,069 244,836,488 Percentage of Vote 95.67% 0.07% 4.26%
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71 Cobram Estate Olives Limited Item 6b : Approval of the Issue of Options to Leandro Ravetti To consider and, if thought fit, to pass the following resolution as an ordinary resolution: That, subject to and conditional upon the passing of item 6a, for the purposes of Listing Rule 10.14 and for all other purposes, Shareholders approve the issue of 1,500,000 Options exercisable at $3.40 each and expiring 30 September 2031 to Leandro Ravetti under the Employee Incentive Plan (Australia), on the terms and conditions set out in the Explanatory Memorandum. Note: A voting prohibition and voting exclusion applies to this resolution. * This excludes any votes from Leandro Ravetti. Direct / Proxy Votes* For Open Against Total Total Votes 233,431,110 168,175 10,442,069 244,041,354 Percentage of Vote 95.65% 0.07% 4.28%
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72 General Question Time
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Meeting Closed. Thank you for your support! 73
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Appendix 74 Cobram Estate® 2026 Ultra Premium Australian Hojiblanca EVOO
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75 Appendix | Two - Year Rolling Average EBITDA 1 (Normalised) Bridge from Group reported EBITDA to normalised EBITDA 1 EBITDA (Group) $’million FY23 FY24 FY25 FY26 Group Reported EBITDA 40.8 66.7 116.6 10.8 Transaction costs related to the COR acquisition - - - 4.8 Warrant expenses - - - 41.8 Impairment of Harter Avenue facility, California - - - 5.8 Restructuring costs related to the COR acquisition - - - 1.3 Realised gain on the COR settlement - - - (3.0) Group EBITDA (normalised) 1 40.8 66.7 116.6 61.4 Temporary water cost adjustment 2 (3.0) (1.1) (0.9) 4.7 Group EBITDA (normalised incl. temporary water costs) 37.8 65.6 115.7 66.2 Two - Year Rolling Average Group EBITDA (normalised incl. temporary water costs) 30.1 51.7 90.6 90.9 Change (%) 71.8% 75.2% 0.3% 1. Earnings before interest, tax, depreciation, and amortisation (“EBITDA”). This is a non - IFRS measure used by the Company and is relevant because it is consistent with measures used internally by management and by some people in the investment community to assess the operating performance of the business. The non - IFRS measures have not been subject to audit or review. EBITDA has been normalised for transactional costs associated with the COR acquisition, one - off costs associated with the integration of COR (such as employee redundancies), and t he earnings impact of land and building revaluations. 2. Temporary water costs adjusted to CBO’s long term weighted average price ($203/ML). Cobram Estate Olives Limited
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76 Cobram Estate Olives Limited Appendix | Key Drivers of Operating Cash Flow in FY26 vs FY25 Decrease in FY26 operating cash flows driven by increases in working capital $(6.2)m $(6.0)m $(10.6)m $(8.3)m $1.2m $(5.7)m $83.0m $53.2m $47.5m Op. cashflow FY25 (before int. & tax) Temp. water purchases (AUS) Third - party oil purchases (AUS) Third - party oil purchases (USA) Non - EVOO bulk oil sales Other working capital Group Op. cashflow FY26 (before transaction & restructuring costs) Transaction & restructuring costs Group Op. cashflow FY26 (before int. & tax) Operating Cash Flow Bridge (FY25 to FY26)
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77 Appendix I Summary of COR Operations / Assets Acquired by CBO Cobram Estate Olives Limited Vertical integration fundamentally aligned with and complementary to CBO’s successful operating model California supply footprint ▪ ~66 hectares owned groves¹ ▪ ~1,609 hectares of long - term leased groves ▪ ~2,500 hectares of third party contracted growers Artois olive mill, storage, & bottling facility (owned) ▪ 72 tonnes per hour milling capacity ▪ 11m litres of oil storage capability ▪ 6,500 bottles per hour filling capacity ▪ 3,900m² of warehousing and storage Extensive machinery and operational equipment (owned) ▪ Years of investment in farm equipment and machinery including tractors ▪ Fleet of 14 olive harvesters Olive harvest at COR grove COR Artois olive mill, storage and bottling site COR Artois olive oil storage tanks COR Artois olive mill 1. Excludes ~195 - hectare COR grove currently listed for sale.
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78 Appendix | Accounting for the Acquisition of COR Brands, goodwill and customer contracts of $90.5m have been recognised at the acquisition date Cobram Estate Olives Limited Notes: m = million; bn = billion. 1. The warrants are classified as financial liabilities under AASB 132 and subsequently measured at fair value through profit or lo ss in accordance with AASB 9. As at 26 March 2026 (A$’m) COR Balance Sheet on Acquisition Fair Value Adjustment Recognition of Brands & Customer Contracts Adopted Balance Sheet (Fair Value) Cash and cash equivalents 2.0 - - 2.0 Trade and other receivables 23.6 - - 23.6 Inventory and biological assets 114.1 (22.0) - 92.1 Asset held for sale - 7.5 - 7.5 Brands and customer contracts - - 65.3 65.3 Existing goodwill and intangibles 5.3 - (5.3) - Right - of - use assets 58.9 (34.9) - 24.0 Deferred tax assets 15.2 (2.6) - 12.6 Property, plant and equipment 65.9 15.7 - 81.6 Total Assets 285.0 (36.3) 60.1 308.8 Current liabilities (33.7) - - (33.7) Lease liability (60.3) 5.1 - (55.1) Total Liabilities (94.0) 5.1 - (88.9) A Net Assets 191.0 (31.2) 60.1 219.9 Consideration Cash consideration 161.8 COR Vendor notes 64.9 COR Purchase Price Warrants 19.8 Post - Closing Adjustment Amount (1.3) B Total consideration transferred 245.1 (B - A) Goodwill 25.2 KEY POINTS • The adjacent table summarises the provisional fair value of identifiable assets acquired, and liabilities assumed, and estimated consideration transferred as at 26 March 2026 (the acquisition date). • $22.0m write - down on inventory acquired based on Group’s assessment of recoverability and expected realisation of inventory on hand. • One of the properties has been identified as non - core and intended to be sold within the next 12 months. It has been recorded as an asset held for sale at June 2026 ($7.5m). • Brands and customer contracts assets have been independently valued and include California Olive Ranch® brand name ($36.9m), Lucini ® brand name ($8.7m), and customer contracts and relationships ($19.8m). • $34.9m reduction in right - of - use assets relate s to leases operated by COR for certain California groves. As identified during due diligence, these leases were deemed onerous and these groves require intervention and deployment of the Oliv.iQ ® system to restore them to their expected operating condition. • $15.7m fair value uplift in property, plant and equipment acquired (independently valued). • Total consideration of $245.1m includes cash consideration ($161.8m), COR vendor notes ($64.9m), purchase price warrants attached to COR vendor notes ($19.8m) at acquisition date 1 , and an undisputed completion working capital adjustment of $1.3m offset against total consideration. See Appendix for calculation of $19.8m COR purchase price warrants. • Total goodwill of $25.2m , represents the difference between the aggregate of the net identifiable assets acquired at fair value ($219.9m) and the total consideration transferred ($245.1m). • The business combination accounting is provisional at 30 June 2026, any adjustments relating to the acquisition date identified within the measurement period, being no later than 12 months from the acquisition date, will be recognised retrospectively as an adjustment to the acquisition accounting.
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79 Appendix | Reconciliation Between Purchase Price and Business Combination Note Purchase price warrants have been independently valued at $19.8m at acquisition date Cobram Estate Olives Limited As at 26 March 2026 US$'m Purchase Price Less: Earnout Add: Fair Value Purchase Price Warrant Less: Completion Adjustments Total Total Consideration Transferred (A$’m) 1 Cash to COR equity holders 88.5 - - - 88.5 127.7 AGR - Partners Vendor Note 25.0 - - - 25.0 36.1 Estimated Purchase Price Adjustment - - - (1.4) (1.4) (2.0) Cash consideration 113.5 - - (1.4) 112.1 161.7 Earnout payment 15.0 (15.0) - - - - COR - Vendor Note 45.0 - - - 45.0 64.9 Fair value of purchase price warrant - - 13.7 - 13.7 19.8 Final Purchase Price Adjustment - - - (0.9) (0.9) (1.3) B Total consideration 173.5 (15.0) 13.7 (2.3) 169.9 245.1 Less: - A Fair value of net assets 3 (219.9) (B - A) Goodwill 25.2 1. Converted to AUD at an exchange rate of AUD:USD 0.6932 on 26 March 2026. 2. Volume - weighted average share price. 3. Refer to page 78. KEY POINTS: • Adjacent table provides a reconciliation between the US$173.5m purchase price (excluding value attributable to the warrant), and the total consideration paid in Australian dollars (including the warrant value). • Completion adjustment of $2.0m represents the difference between the estimate and the target purchase price. • US$15.0m earn out payment has not been recognised at acquisition date, representing CBO’s assessment that achievement of the EBITDA performance target has not been achieved. PURCHASE PRICE WARRANT • COR sellers received warra nts of 4.1540% of CBO’s incremental equity value above A$3.20 per share (“ Strike Price ”), based on CBO’s total number of shares outstanding at redemption date (“ Purchase Price Warrants ”). • Valued and paid on Redemption, with the share price to be the higher of ( 1 ) trailing VWAP 2 over the preceding 30 - day or ( 2 ) 12 - month period (“ Warrant Share Price ”), less the Strike Price. • Settlement, either: o In cash by CBO if the share price is >A$5.00/share; or o In cash or shares if the share price is ≤=A$5.00/share, at Noteholders’ election • Warrant independently valued at acquisition date using Monte Carlo simulations to calculate an estimated fair value. • Purchase price warrant valued at $19.8m at acquisition date, and included in total consideration transferred to COR sellers. Note: above table and total consideration amount of $245.1m does not include the US$31.8m disputed net working capital adjustment in favour of the Group. The matter remains subject to legal proceedings and no asset has been recognised in respec t of any potential recovery as at the reporting date.
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80 Appendix | Group Olive Oil Sales – FY26 Results (including bulk sales) G roup olive oil sales up 11.8% to $265.5m¹; USA packaged goods the key growth driver Cobram Estate Olives Limited 1. Net sales ex - warehouse. Includes California Olive Ranch, Inc. sales for the period 26 March 2026 to 30 June 2026. $121.6m $156.0m $172.7m $170.6m $42.6m $64.9m $64.6m $95.0m $164.2m $220.9m $237.4m $265.5m FY23 FY24 FY25 FY26 Group Olive Oil Sales by Country (FY23 - FY26) 1 Australia USA 17% CAGR