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2026 Morgans Conference Presentation
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2026 Morgans Conference Presentation This presentation is for information purposes only. This information is given in summary form and does not purport to be complete. It should be read in conjunction with the most recent financial report, prior disclosures to the ASX and the Information Memorandum dated March 2019. The content of this presentation is provided as at the date of this presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this presentation as advice to investors or potential investors and, subject to any legal obligation to do so Ricegrowers Limited (“SunRice” or “Company”) does not have any obligation to correct or update content. This presentation does not purport to contain all information necessary to an investment decision, is not intended as investment or financial advice, is not a recommendation, offer or invitation by any person or to any person to sell or purchase securities in SunRice in any jurisdiction, and must not be relied upon as such. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. This presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in SunRice, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs and obtain independent advice from a qualified financial adviser. The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions. To the maximum extent permitted by law, SunRice, its related corporations, directors, officers, employees or agents disclaim liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement and whether that liability is direct, indirect or consequential) for any loss arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this (whether foreseeable or not). All amounts are in Australian Dollars, unless otherwise stated. Certain statements in this presentation (including those that contain terms such as "believe", "estimate", "plan", "project", "target”, "anticipate", "expect", "intend", "likely", "may", "will", "could" or "should") relate to the future, including forward looking statements relating to SunRice’s financial position and strategy. Whilst the forward - looking statements are based on current views, expectations and beliefs as at the date they are expressed, these forward - looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of SunRice to be materially different from the future results, performance or achievements expressed or implied by such statements. No representation or warranty, express or implied, is made as to the fairness, accuracy, reliability, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness, fairness, accuracy, reliability, completeness or correctness of any forward - looking statements. There can be no assurance or guarantee that these forward - looking statements will be realised. This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of the SunRice Group is available on our website: investors.sunrice.com.au About SunRice’s structure The structure of Ricegrowers Limited ABN 55 007 481 156 (“SunRice”, “the Company”) contains Non - Standard Elements, including: 1. The Company has a dual class share structure with differential voting rights; 2. The Company’s Constitution imposes shareholding limits on A Class Shares and B Class Shares; and 3. The Company’s Constitution outlines the composition of the Board of Directors. Details of these Non - Standard Elements are available on SunRice’s website. One of the conditions of the Company’s admission to the official list of the Australian Securities Exchange (ASX) in 2019 was the provision by SunRice of an undertaking to the ASX that it would disclose, in its FY24 Annual Report, whether it had considered removing the Non - Standard Elements from its structure and operations, and if it had decided not to remove the Non - Standard Elements for the time being, its reasons for this. In line with this obligation, SunRice disclosed in its FY24 Annual Report that it was conducting a strategic review including a review of its structure and operations and that this would include a review of the Non - Standard Elements to assess whether the structure continues to be in the best interests of the Company and its shareholders generally. As at the date of this presentation, the review of the Non - Standard Elements is continuing. The Board anticipates providing an update during FY27. The Board considers that any changes to the Company’s capital structure require careful consideration of a range of strategic, commercial, and stakeholder factors. Should any material recommendations arise from the Board’s periodic reviews, they will be the subject of consultation with the ASX and, where required, will be submitted to shareholders for approval. It should be noted that the interests of A Class Shareholders are in achieving returns through Paddy Prices. The interests of B Class Shareholders are in achieving dividends on B Class Shares and improvement in the market price of B Class Shares. The Directors are required to act in the best interests of the Company as a whole. SunRice’s Directors have actively managed the interests of both A Class and B Class Shareholders, in a listed environment on both the NSX and ASX for almost 20 years and the Directors believe they have demonstrated a strong track record in balancing the interests of both classes of shareholders. In addition, the Board has adopted procedures to manage any potential conflict or divergence of interests which may arise, including establishing a committee of Non - Grower Directors (the Independent Committee). These procedures are set out in the SunRice Conflict of Interest Policy, which is available on SunRice’s website. For more details of the Non - Standard Elements of SunRice’s structure see investors.sunrice.com.au. Important notice & disclaimer 2
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2026 Morgans Conference Presentation 3 Rice at our heart We bring people together through inspiring and delicious food. Over 75 years, SunRice has grown from a Riverina co - operative into a global food company. 3
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2026 Morgans Conference Presentation SunFoods Hawaii USA SunFoods California USA Argentina Uruguay Italy Aqaba Processing Company (APC) Jordan Ricegrowers Middle East, UAE Pakistan India China Cambodia Ricegrowers Japan Taiwan Ricegrowers Vietnam Ricegrowers Singapore Trukai Industries Papua New Guinea SolRice Solomon Islands Ricegrowers Ltd Australia Global Offices and Assets Source locations Bringing people together through inspiring and delicious food Revenue ~A$1.8 billion Wel l positioned b rands across core markets ~50 global markets across 4 key regions 1 2 countries, including Australia ~ 57 % of revenue generated outside of Australia 68% of revenue from branded sales Sales in Rice sourced from more than Thailand SunRice is a leading global branded rice food business 2026 Morgans Conference Presentation Spain 4 Ricegrowers New Zealand
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2026 Morgans Conference Presentation Consumer Packaged Goods International Consumer Packaged Goods Australia & New Zealand Always Fresh Bulk Rice and Animal Feed Well positioned brands spanning rice and adjacent categories, with operating segments aligned to markets and consumers 5
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2026 Morgans Conference Presentation 1. Based on average volumes over FY16 - FY26 * Paddy tonnes equivalent assuming average milling yields based on source country . This figure represents total demand based o n c urrent supply sources and existing market conditions, and potential opportunities given global rice market dynamics. 205 800 963 829 690 244 802 623 417 688 500 618 511 FY11 FY12 FY13 FY14 FY19 FY18 FY20 FY21 FY17 FY22 FY23 FY16 FY24 FY25 FY15 FY26 54 45 1,161 Australian Supply (kT) International Supply Total Global Potential ( kT )* Australia Argentina Cambodia China India Italy Pakistan Taiwan Thailand USA Uruguay Vietnam Around two - thirds of our rice volume is sourced outside Australia 1 and SunRice continues to diversify sourcing 4 Milling Markets: Sourced from more than 12 Countries, including: Lap Vo, Vietnam Lae, Papua New Guinea Riverina, Australia Woodland, USA 6 Over 1.5 million paddy tonnes* of demand with nearly two - thirds sourced internationally
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2026 Morgans Conference Presentation 2030 Our recipe For success We have grown our revenue to $3 billion+* and expanded margin We have become one of Australia’s most valuable food companies We have created significant opportunities for our talented workforce We have a strong portfolio of brands, underpinned by quality and innovation, which delight our consumers We have realised value for our shareholders* We have continued to drive sustainable outcomes for our consumers, communities and planet through lower - emissions rice and a diversified, resilient and increasingly traceable supply chain Consumer focus We put our consumers at the centre of how we think and the decisions we make Our Purpose With rice at our heart, we bring people together through inspiring and delicious food. How We Bring This To Life Everyone’s favourite rice food company Rice at our heart Branded vertically integrated rice products are at our core Global mindset We balance global scale with local consumer relevance * These statements are aspirational targets, not a budget or forecast and assume reasonable macro conditions. Our Values Integrity Collaboration Community Innovation Our Ambition Commercial Strategies What Success Looks Like Core Rice Meaningfully grow ANZ rice business Significantly expand Middle East business Deepen our position in the US Maintain a long - term viable Australian rice industry Adjacent Portfolios Build rice - based snacking Drive our non - rice portfolio to its potential 7
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2026 Morgans Conference Presentation Our 2030 strategy pillars have active initiatives, across Core Rice and Adjacent Portfolios Meaningfully grow ANZ rice business Significantly expand Middle East business Deepen our position in the US Core Rice Maintain a long - term viable Australian rice industry Drive our non - rice portfolio to its potential Adjacent Portfolios 8
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2026 Morgans Conference Presentation Revenue $1.80b $1.85b FY25 FY26 1. ‘FY26’ refers to the period ended 30 - Apr - 26. In this presentation, 'Crop Year 2025' or ‘CY25’ refer to the rice crop harvested in 2025 but processed and marketed in FY26. 2. Diluted earnings per B Class Share is calculated by dividing profit for the period attributable to B Class Shareholders of the company by the weighted average number of additional B Class Shares that would have been outstanding assuming the conversion of all dilutive potential B Class Shares. 3. FY26 includes a final dividend of 50 cents and an interim dividend of 20 cents per B Class Share. Maintaining margin and lifting after tax profitability amid top - line headwinds Key Highlights • SunRice Group delivered solid performance in a challenging operating environment in FY26, maintaining the quality and resilience of its earnings margin and improving after tax profitability, despite pressures on the top line • Continued focus on B Class Shareholder return with payout ratio of 68% and FY26 fully franked annual dividend of 70c per B Class Share ↓ 2 % EBITDA $143.6m $147.7m ↓ 3 % EBITDA margin 8.0% 8.0% No change Net Profit After Tax $73.3m $70.7m Diluted Earnings Per B Class Share 2 102.6c 101.9c Fully Franked Annual Dividend Per B Class Share 3 70c 65c ↑ 8 % ↑ 1 % ↑ 4 % 9 Paddy Price for medium grain rice $400/T $406/T ↓ 1 % FY26 Performance 1
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2026 Morgans Conference Presentation With rice at our heart, we bring people together through inspiring and delicious food. 2026 Morgans Conference Presentation
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2026 Morgans Conference Presentation International Consumer Packaged Goods Australia and New Zealand Consumer Packaged Goods Bulk Rice and Animal Feed Corporate FY26 vs PCP FY26 vs PCP FY26 vs PCP FY26 vs PCP Revenue $737 m ↓ 7% $ 735m ↑<1% $ 328m ↑ 4% EBITDA $87m ↑ 1% $63m ↓ 14% $18m ↑ 158% $(24m) ↓36% EBITDA margin 11.8% ↑ 1pp 8.5% ↓ 1.4pp 5.5% ↑ 3.3pp NPBT $69m ↑ 4% $45m ↓ 17% $11m $(31m) ↓33% 85% branded revenue 82% branded revenue FY26 Segment snapshot 11
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2026 Morgans Conference Presentation Through our 2030 Growth Strategy, we are focused on helping growers improve productivity, profitability and resilience over the long - term. Water efficiency 10ML / Ha Crop yields and quality 15T / Ha & quality metrics Technology, automation & AI adoption Grower returns $500 / T A clear vision for the long - term viability of Australian rice: 10:15:500 12
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2026 Morgans Conference Presentation 2030 Strategic Ambition Drive Economic Return Disciplined Allocation of Capital Reliability Through the Cycle Margin Improvement Consider Water Availability Risk Management Balance Sheet Flexibility Strong & Consistent Dividends Maximise Total Shareholder Return Optimisation of Cashflows Flow Cash Generation Management Considerations Organic Growth Inorganic Growth Auxiliary Investment Debt Management Shareholder Value 3 2 1 4 5 1 Organic Growth (Capex Target: > 75% of depreciation p.a.) Invest in capex (sustaining capex & growth capex), branding & promotion, product development, new locations and operational efficiencies 2 Inorganic Growth Invest in merger & acquisitions, strategic alliances, and joint ventures 3 Auxiliary Investments Invest in essential enablers including health & safety, sustainability and people & culture 4 Debt Management (Target: Overall Leverage Ratio 2.0x to 3.0x & Overall Gearing Ratio 30% to 40%) Maintaining a flexible and resilient balance sheet to support the 2030 Strategy These targets and principles are intended to provide a general guide for SunRice Group’s financial stewardship. SunRice may consider operating outside of the proposed targets if, following assessment, the circumstances justify it, and the Group’s long - term risk management profile is not adversely impacted. 5 Shareholder Returns (Target: Dividend Payout Ratio 50% to 60%) Return strong and sustainable dividends Capital Management Framework Objective Maximise Value For Investors 13
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2026 Morgans Conference Presentation 14 Outlook The Group’s Q1 FY27 trading performance is tracking in line with prior guidance set out in the Group’s 2026 Annual Report. The Group remains on track for its FY27 outlook, with revenue expected to be slightly below FY26, Group EBITDA margin compressing and NPAT anticipated to be materially lower than FY26, primarily driven by the smaller Australian rice crop driving cost inefficiencies and under absorption in the Group’s Australian rice operations (consistent with prior lower crop cycles). This is despite continued underlying growth in our branded business. Earnings are also expected to be heavily weighted to H2 as the Group absorbs most of the smaller crop - transition costs in H1. Geopolitical instability and shipping disruption in the Middle East continue to be closely monitored, having delayed some trades and expansion plans in the region. Further deterioration could pressure both revenue and profitability in that market. The Group’s balance sheet remains strong, with lower inventory levels supporting healthy cash flow and contained debt levels, providing flexibility to keep investing in the Group’s 2030 Growth Strategy. •. 2026 Morgans Conference Presentation FY27 Q1 Trading Update and Group Outlook From SunRice Annual General Meeting (3 - Sep - 26)
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2026 Morgans Conference Presentation