Slides
Page 1
FY25 Annual General Meeting Chair Rupert Harrington CEO Peter Davey November 2025 For personal use only
Page 2
Welcome 2 Clover Corporation Limited FY25 Annual General Meeting For personal use only
Page 3
Board members 3 Rupert Harrington Chair Peter Davey Managing Director & CEO Toni Brendish Non-Executive Director Graeme Billings Non-Executive Director Dr. Simon Green Non-Executive Director Ian Glasson Non-Executive Director Fiona Pearse Non-Executive Director For personal use only
Page 4
Agenda 4 Welcome Introductions How to ask questions How to vote Chairman’s address 02 03 05 06 07 Item 1 – Adoption of annual accounts Item 3 – Resolution 1: Adoption of remuneration report Item 4 – Resolution 2: Re-election of Dr Simon Green 24 25 26 28 30 Managing Director’s report08 32 34 36 Item 2 – Retirement of Graeme Billings Item 5 – Resolution 3: Election of Fiona Pearse Item 6 – Resolution 4: Acquisition of performance rights Item 7 – Resolution 5: Approval of long-term incentive plan Item 8 – Resolution 6: Adoption of a new constitution Formal business For personal use only
Page 5
How to ask a questions 5 • To ask a written question select the Q&A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question follow the instructions below the broadcast window. For personal use only
Page 6
How to vote 6 • When the poll is open, select the vote icon at the top of the screen • To vote, select either For, Against or Abstain • You will see a vote confirmation • To change or cancel your vote, “click here to change your vote” at any time until the poll is closed For personal use only
Page 7
Chairman’s Address For personal use only
Page 8
Managing Director’s Presentation on FY25 Results 8 For personal use only
Page 9
Full year financial highlights 9Clover Corp | Investor Presentation September 2025 Revenue Up 38% on pcp, driven by Human Nutrition growth and new products. $86m EBITDA Up 217% on pcp. $12.2m NPAT Up 370% on pcp reflecting stronger margins and operational discipline. $7.1m Cash Strong balance sheet strengthened through debt repayment $8.9m 1.0 c Final dividend Fully franked, reflecting strong FY25 performance. Operating expenses An increase of 22% on the prior year reflecting recruitment, continued R&D development, promotional activity and merit costs. $15.7 m For personal use only
Page 10
FY25 Operational highlights 10 • Record revenue, with new customers significantly increasing order numbers. • Existing infant formula customers expanded into adult, senior, and children’s nutrition segments. • Appointment of distributors across North America, Asia and Europe improving access to markets. • Applied for a global patent for CholineXcel technology. • Crude oil production with deliveries having commenced in November 2024. • Facility now supplies ~30% of Clover’s tuna oil requirements - excellent yield & quality of fish oil • Debt largely repaid in FY25. • Strong improvement in financial performance – 1st year of profitable trading delivering against our strategic agenda of lowest cost of conversion, ie lower Cost of Goods Sold. • Increased production volumes lowering per-unit costs and supporting stronger margins. • Strategic capex on additional silo capacity delivering further efficiencies. Ecuador Melody Dairies For personal use only
Page 11
Full year 2025 Profit and Loss 11 AUD Million Reported 31 Jul 2025 (A$M Reported 31 Jul 2024 (A$M) Movement (A$M) Revenue 86.0 62.2 23.8 EBITDA 12.2 3.9 8.3 NPBT 10.5 1.9 8.6 Tax (3.4) (0.4) (3.0) NPAT 7.1 1.5 5.6 EPS 4.26c 0.91c 3.35c ROE (annualised) 9.8% 2.3% Clover Corp | Investor Presentation September 2025 • FY25 delivered strong revenue growth, underpinned by expansion in Europe & Asia across nutraceutical, food & beverage, and infant formula sectors. • NPAT increased significantly, driven by new customer acquisitions and higher order volumes from existing clients. • Margin improvements supported by product innovation, cost efficiencies, and sourcing benefits from the Ecuador facility & Melody Dairies. • Strong second-half performance, with record Q4 invoiced product volumes and increased uptake of encapsulated powders across Asia & Europe. • Operating expenses rose 22%, primarily from strategic hires in R&D and quality assurance to support product innovation and regulatory compliance and meeting merit obligations achieved over the course of the year. For personal use only
Page 12
Balance Sheet 12 Reported 31 Jul 2025 (A$M) Reported 31 Jul 2024 (A$M) Movement (A$M) Cash 8.7 12.3 -3.6 Trade receivables 25.1 13.7 +11.4 Inventories 24.1 29.6 -5.5 Total current assets 59.0 56.9 +2.1 Property plant & equipment 10.8 10.7 +0.1 Other Non-current assets 17.0 16.9 +0.1 Total Assets 86.8 84.4 +2.4 Trade payables 6.9 5.1 -1.8 Current borrowings 0.9 3.4 +2.5 Total current liabilities 12.7 9.8 -2.9 Non-current borrowings - 5.0 +5.0 Total liabilities 14.6 17.3 +2.7 Net assets 72.2 67.1 +5.1 Clover Corp | Investor Presentation June 2025 • Balance sheet strengthened, with net assets up YoY , supported by increases in working capital and reduced borrowings. • Cash position remains healthy at $8.9m, despite increases in trade receivables in conjunction with debt reduction. • Trade receivables increased, reflecting strong Q4 sales momentum and expanded customer base. • Inventory reduced, improving working capital efficiency and aligning with demand-led production planning. • Non-current borrowings fully repaid, significantly improving gearing and balance sheet flexibility. For personal use only
Page 13
New products driving growth 13 For personal use only
Page 14
CholineXcel • CholineXcel is a unique, flowable powder designed to improve handling and stability in manufacturing. • Clover completed commercial- scale production trials in December 2024, achieving stable manufacturing output. • Samples were presented to selected customers in 1H FY25, with negotiations on pricing and supply agreements continuing into FY26. • Clover has applied for a global patent for CholineXcel technology. • CholineXcel presented at Supply Side Global major food ingredients exhibition Oct 25 • Clover is searching for additional production capacity to meet expected demand levels. 14 Clover Corp | Investor Presentation September 2025 For personal use only
Page 15
Premneo 15 Unique DHA emulsion clinically proven to increase the IQ of preterm infants. Clinical review by experts ongoing in Europe with regulatory approval across other regions continuing. Discussions with potential partners following clinical review. Negotiations underway with potential manufacturers in India. Global infant formula market appears to have stabilised. Growth driven by diversifying into non-allergenic formulations and enhanced fortification. Online sales in China increasing. DHA applications are expanding, with new growth opportunities in nutraceuticals, sports, and senior nutrition. Adult & Infant Formula Clover Corp | Investor Presentation September 2025 For personal use only
Page 16
Other products 16 Highly concentrated oils Sales of powdered High Omega 3 in nutraceuticals, petfood and Food for Special Medical Purposes continues to gain traction. Gelphorm Unique double emulsion DHA product that can pass through UHT process with no sensory issues in drinks. Major USA brand has incorporated Gelphorm into its UHT product. Probiotics Probiotics are live organisms which quickly die when unfrozen. Ongoing development and evaluation of manufacturing processes to deliver solutions for our customers. Clover Corp | Investor Presentation September 2025 For personal use only
Page 17
Strategy and outlook 17 For personal use only
Page 18
The opportunity in China 18 China remains the largest global consumer market for DHA and nutritional ingredients. • Structural recovery in human nutrition; strong growth in toddler, senior, & adult nutrition. • Expanding online and cross-border e- commerce platforms supporting premium nutrition brands. How Clover will capitalise on this opportunity • Diversify beyond infant formula. • Partner with leading Western and domestic brands • Leverage distributor network • Launch CholineXcel as a key differentiator Growth driven by dietary supplements, petfood, and functional food & beverage applications. China represents a growth opportunity by FY29. For personal use only
Page 19
Strategy for growth 19 Accelerate commercialisation of new products Expand market reach Diversify into adjacent high-growth markets Deepen customer value and retention For personal use only
Page 20
FY26 Trading Update 20Clover Corp | Investor Presentation September 2025 Seeking regulatory approvals for Premneo in ANZ and EU. We are reviewing patent protection with our identified distribution partners to enable market entry5 1 We are seeing continued momentum and growth with core human nutrition customers. 2 We are continuing to appoint new distributors to broaden sales reach and diversify Clover’s customer base across segments and geographies. 3 Ecuador facility is currently supplying 30% of the targeted 50% crude tuna oil as previously communicated. 4 Our launch of CholineXcel in October at Supply Side Global has resulted in some fast tracked opportunities to progress trials with customers in the gummy, food and beverage markets. For personal use only
Page 21
FY26 Outlook 21Clover Corp | Investor Presentation September 2025 Based on current sales and forecasted demand, the Board now expects 1H FY26 revenue to be in a range of $40m - $43m. Assuming demand momentum continues and supply chain remains stable, we expect that the full year revenue should outperform FY25. For personal use only
Page 22
Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. Persons needing advice should consult their stockbroker, bank manager, solicitor, accountant or other independent financial advisor. Certain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Clover Corporation’s current expectations, estimates and projections about the industry in which Clover Corporation operates, and its beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks,” “estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guaranteeing of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Clover Corporation, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Clover Corporation cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Clover Corporation only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Clover Corporation will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority. 22 For personal use only
Page 23
Formal Business 23 For personal use only
Page 24
Adoption of annual accounts 24 01 For personal use only
Page 25
Retirement of Graeme Billings 25 02 For personal use only
Page 26
Resolution 1: Adoption of remuneration report 26 03 For personal use only
Page 27
Resolution 1 Remuneration Report Proxy Votes 27 Voted % For 73,625,100 96.75 Against 968,453 1.27 Open-Usable 1,508,755 1.98 Abstain 52,275 N/A Excluded 545,333 N/A 100.0 For personal use only
Page 28
Resolution 2: Re-election of Dr Simon Green 28 04 For personal use only
Page 29
Resolution 2 Re-elect Dr Simon Green Proxy Votes 29 Voted % For 74,278,539 96.96 Against 823,513 1.07 Open-Usable 1,509,855 1.97 Abstain 31,775 N/A Excluded 56,234 N/A 100.0 For personal use only
Page 30
Resolution 3: Election of Fiona Pearse 30 05 For personal use only
Page 31
Resolution 3 Elect Ms Fiona Pearse Proxy Votes 31 Voted % For 74,168,231 96.93 Against 841,027 1.10 Open-Usable 1,509,855 1.97 Abstain 31,775 N/A Excluded 149,028 N/A 100.0 For personal use only
Page 32
Resolution 4: Approve acquisition of performance rights by the Managing Director 32 06 For personal use only
Page 33
Resolution 4 Performance Rights MD Proxy Votes 33 Voted % For 72,474,808 94.71 Against 2,544,372 3.32 Open-Usable 1,513,459 1.97 Abstain 167,277 N/A Excluded - N/A 100.0 For personal use only
Page 34
Resolution 5: Approval of long-term incentive plan 34 07 For personal use only
Page 35
Resolution 5 Long Term Incentive Plan Proxy Votes 35 Voted % For 73,675,902 96.63 Against 1,059,111 1.39 Open-Usable 1,509,555 1.98 Abstain 175,277 N/A Excluded 280,071 N/A 100.0 For personal use only
Page 36
Resolution 6: Adoption of a new constitution 36 08 For personal use only
Page 37
Resolution 6 Adopt New Constitution Proxy Votes 37 Voted % For 74,439,959 95.89 Against 1,634,620 2.13 Open-Usable 1,519,855 1.98 Abstain 105,482 N/A Excluded - N/A 100.0 For personal use only
Page 38
Voting poll & close 38 For personal use only
Page 39
Questions 39 For personal use only