Slides
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Special Meeting of Shareholders and Stakeholder Meeting 15 October 2026
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Agenda 2 Questions and General Business Resolution Chief Executive’s report Chair’s introduction Introduction to meeting1 2 3 5 4
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Proxies 3 Chair of the Meeting 13,010,082 New Zealand Shareholders Association 1,272,950 Cecilia Tarrant 124,741 Michael Franks 11,427 Total 14,419,200
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Chair’s Introduction Hayley Gourley
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Seeka Board ➢ Hayley Gourley stepped into the Seeka Chair role ➢ Mark Dewdney has resigned as a Director ➢ Effective 15th October 2026 5
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Our business 6 Connecting sustainable produce to the world Seeka grows, processes, supplies, and markets produce to domestic and international consumers Orcharding service Delivering a valuable service to growers and securing sustainable volumes to post harvest Post harvest service Core business providing an essential infrastructure service to growers Supplying Zespri, SeekaFresh, Freshmax, and other marketers Primarily kiwifruit with a range of other varieties Australian produce business Fully integrated orchard to market Our growing produce basket Kiwifruit, avocado, kiwiberry, nashi, pears, jujube, plums, citrus, Kiwi Crush , LUVO oils, bananas, papaya, pineapples 1 2 3 4 5
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Record half year profit 7 $62.6m net profit before tax – up 5% Automation and innovation enabled efficiency gains 3 new Reemoon solutions | Post harvest EBIT up 7% on 4% less kiwifruit $1.07 earnings per share – up 19% $11m reduction of net bank debt since Jun 2025 $51m reduction since June 2024 | 1.22x net leverage ratio – down from 1.60x Achieved sustainability milestones 30% reduction in GHG category 1 and 2 emissions from 2022 base | 50% reduction by 2030 on track 1 2 3 4 5
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New Capacity Investment in Gisborne Region Announced 8 ➢ Adjacent packhouse to existing packhouse to be refurbished. ➢ New Reemoon packing machine ordered, highly automated. ➢ Total investment estimated at $15.5m. ➢ Alleviates risk posed by fragile Waioweka gorge. ➢ Aligns with local port infrastructure investment. ➢ Gisborne region set for kiwifruit expansion. ➢ Aligns with strategy of having an array of highly automated fruit handling capacity adjacent to where the fruit is grown. ➢ Capital case exceeds investment thresholds.
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FY26 full year operational guidance Forecasting full year net profit before tax between $41.0m and $45.0m Below $47.5m achieved in FY25 − Due to record industry yields in FY25 9 Seeka reconfirms FY 2026 guidance range FY26 FY26 FY25 Guidance Guidance Full year Lower range Upper range Actuals Net profit before tax $ 41.0 m $ 45.0 m $ 47.5 m
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Chief Executive’s Report Michael Franks
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Automation delivers efficiency gains and lifts margins 11 NZ kiwifruit crop down following exceptional growing year in 2025 45.4m Class 1 trays packed | Lower volumes for Orcharding and Post harvest | Australia also down Delivered excellent operational performance Excellent quality from growers | Efficient harvest management | Quality produce to markets Efficiency gains from new Reemoon packlines First year of operations | Packing kiwifruit and citrus | Lifted Post harvest earnings Positive contribution from all operating segments Orcharding | Post harvest | SeekaFresh Retail Services | Australian Operations Additional earnings from other produce varieties Citrus | Avocados | Persimmons | Kiwiberry 1 2 3 4 5
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Increased earnings in spite of lower crop $305.5m Revenue, down 1% on June 2025 ( 1H25 ) − NZ kiwifruit crop down 4% $86.3m EBITDA, up 3% − Automation efficiencies enable improved earnings − Tight cost management $62.6m Net profit before tax, up 5% − Lower finance costs and lower debt Capital management strategy in place 12 NZ kiwifruit crop down 4%, earnings up 3% from efficiency gains 1H26 1H25 $ millions Unaudited Unaudited Change Revenue 305.5 307.9 ( 1%) Cost of sales 184.6 188.2 ( 2%) Change in fair value of biological assets - crop ( 21.9) ( 22.8) ( 4%) Gross profit 99.0 96.8 2% EBITDA 86.3 83.5 3% EBIT 69.7 67.3 4% Net profit before tax 62.6 59.4 5% Net profit after tax 45.4 37.8 20%
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Balance sheet $591.9m capital employed − Up 5% on 1H25 $418.7m PP&E, up 8% − Investments in post harvest automation − Australia seasonal-worker accommodation − A stronger AUD increased the NZD carrying value of Australian assets − Revaluations at December 2025 $1.0m of assets held for sale − Completed in August 2026 Capital employed at 30 June 13 1H26 1H25 $ millions Unaudited Unaudited Change Current assets - excludes cash Trade and other receivables 116.7 121.8 ( 4%) Biological assets - crop 2.6 2.4 8% Assets held for sale 1.0 - - Inventories 31.2 28.5 10% 151.5 152.7 ( 1%) Current liabilities - excludes debt Trade and other payables ( 62.2) ( 68.6) ( 9%) Tax liability ( 26.3) ( 16.6) 59% ( 88.5) ( 85.2) 4% Net working capital 62.9 67.5 ( 7%) Non-current assets Property, plant and equipment 418.7 387.5 8% Lease assets 67.4 66.3 2% Investments in associates and Joint Arrangements 7.9 8.0 ( 2%) Derivatives (liability) ( 1.0) ( 1.0) - Financial assets 1.4 1.3 11% Deferred tax assets 6.8 4.2 60% Intangibles and receivables 27.7 28.9 ( 4%) 528.9 495.2 7% Capital employed 591.9 562.7 5%
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Balance sheet $119.8m net bank debt at June 2026 − $10.8m decrease on June 2025 − $51.1m decrease on June 2024 $184.0m facility from banking syndicate − Continued support from the banking syndicate − Seeka elected to reduce the facility by $20m 1.22x net leverage ratio − Net bank debt / EBITDA measure − Down from 1.60x at June 2025 14 Net bank debt at 30 June 1H26 1H25 $ millions Unaudited Unaudited Change Non-current liabilities - excludes debt Lease liabilities (current and non current ) 83.4 80.7 3% Deferred tax liability 50.9 49.2 3% 134.3 129.9 3% Cash ( 3.4) ( 5.8) ( 42%) Borrowings 123.2 136.4 ( 10%) Net bank debt 119.8 130.6 ( 8%) Total equity 337.8 302.1 12% Net leverage ratio 1.22 x 1.60 x
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1H26 1H25 FY25 Unaudited Unaudited Change Audited Net profit $ 45.4 m $ 37.8 m 20% $ 32.0 m Weighted shares on issue 42.5 m 42.1 m 1% 41.9 Earnings per share $ 1.07 $ 0.90 19% $ 0.76 Dividends per share $ 0.25 $ 0.05 $ 0.30 Paid 15 October 2026 $ 0.20 Net tangible assets (NTA) $ 318 m $ 282 m Shares at period end 44.6 m 43.8 m Net tangible assets per share $ 7.12 $ 6.44 11% As required by NZ IAS 33, 1.73m shares held by Seeka Share Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the weighted average EPS would be $1.02 (1H25: $0.86) Earnings per share and dividends $1.07 Earnings per share 1 − Up 19% from $0.90 Dividends paid − $0.50 paid out over the 12 months to June 2026 $0.20 Dividend paid today $7.12 Net tangible assets per share − Up 11% from $6.44 15
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Orchard operations Supplied 39% of Seeka’s post harvest business in 2026 Focus on growing high-quality crops generating high returns for orchard owners and supply to post harvest $63.6m Revenue – down 8% on pcp $8.1m EBITDA – down 16% on pcp $6.3m EBIT – down 20% on pcp Yields down in key varieties − SunGold down 7%, Hayward down 18% − Follows excellent harvest season 2025 Co-investing with iwi and Kānoa − 70 hectares of kiwifruit in Raukokore, East Cape − Progressively entering production 16 Growing kiwifruit, avocado, and kiwiberry in New Zealand 1H26 1H25 FY25 $ millions Unaudited Unaudited Change Audited Revenue 63.6 69.4 ( 8%) 117.3 EBITDA 8.1 9.7 ( 16%) 10.3 EBIT 6.3 7.9 ( 20%) 5.6 Segment assets 95.5 104.2 ( 8%) 76.4 EBITDA pre NZ IFRS 16 6.7 8.2 ( 18%) 7.5 Kiwifruit grown - class 1 trays (millions) Total kiwifruit trays grown 17.5 19.1 ( 8%) SunGold trays (millions) 9.9 9.8 1% SunGold yields - average per hectare 13,383 14,436 ( 7%) Hayward trays (millions) 7.2 8.9 ( 19%) Hayward yields - average per hectare 10,055 12,332 ( 18%) Organic and RubyRed 0.4 0.4 ( 2%)
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Post harvest operations Generated 68% of Seeka’s revenues 1H26 Focus on supplying quality service and produce $206.6m Revenue – up 1% on pcp $83.2m EBITDA – up 6% on pcp $73.3m EBIT – up 7% on pcp Automation increases earnings on lower volumes − New Reemoon kiwifruit packlines at Kerikeri & Huka Pak − New Reemoon infeed on Orangewood citrus packline Post harvest includes $450.4m of assets − Representing 66% of total Seeka assets 17 Packing, coolstoring, and shipping kiwifruit and avocado for New Zealand orchard owners 1H26 1H25 FY25 $ millions Unaudited Unaudited Change Audited Revenue 206.6 204.6 1% 276.6 EBITDA 83.2 78.5 6% 105.0 EBIT 73.3 68.6 7% 85.5 Segment assets 450.4 422.3 7% 397.4 EBITDA pre NZ IFRS 16 78.3 74.1 6% 95.8 Kiwifruit trays packed SunGold 30.4 29.9 2% Hayward and other varieties 15.0 17.2 ( 13%) Total class 1 45.4 47.1 ( 4%) Class 2 1.4 1.9 ( 28%) Total packed 46.8 49.0 ( 4%)
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SeekaFresh retail services operations – market facing business Connecting Seeka to the market Creating new revenue streams $12.7m Revenue – up 13% on pcp $2.0m EBITDA – up 28% on pcp $1.4m EBIT – up 39% on pcp SeekaFresh continues to grow in a challenging market LUVO avocado oil production and marketing − Launched 2025, starting to achieve market momentum Marketing Class 2 kiwifruit and avocado, packing kiwiberry, selling imported fruit, and Kiwi Crush production 18 1H26 1H25 FY25 $ millions Unaudited Unaudited Change Audited Revenue 12.7 11.2 13% 22.7 EBITDA 2.0 1.5 28% 3.2 EBIT 1.4 1.0 39% 2.1 Segment assets 13.5 15.0 ( 10%) 12.6 EBITDA pre NZ IFRS 16 1.5 1.0 46% 2.2
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Australian operations Integrated orchard-to-market business $22.2m Revenue – same as pcp $4.5m EBITDA – down 29% $2.9m EBIT – down 40% Volumes down 16% due to hot and dry summer − 4,760 tonnes of fruit harvested 2,226 tonnes of kiwifruit grown and marketed − Production from new developments offset lower yields Harder year in Australia 19 Growing, packing, and retailing kiwifruit and other Australian produce on owned and leased orchards 1H26 1H25 FY25 NZD $ millions Unaudited Unaudited Change Audited Revenue 22.2 22.2 0% 21.6 EBITDA 4.5 6.4 ( 29%) 4.7 EBIT 2.9 4.8 ( 40%) 1.4 Segment assets 86.7 70.3 23% 78.0 EBITDA pre NZ IFRS 16 3.3 5.3 ( 38%) 2.2 Fruit grown - (tonnes) Kiwifruit 2,226 2,222 0% Nashi 953 1,275 ( 25%) Pears 1,326 1,985 ( 33%) Plums 195 149 31% Jujube 61 54 13% Total tonnes grown 4,760 5,685 ( 16%)
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Focus for 2027 20 Deliver operational excellence and financial results1 2 3 Drive efficiencies from the automated packlines Capacity increases to meet demand for Seeka’s services Renew capacity and automation plans4 Capital management strategy in place5
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Resolution Hayley Gourley 21
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Resolution. Approval of Financial Assistance and Share Issue for Grower Loyalty Share Scheme 22 Scheme Overview 1.5m maximum shares issued − 44.6m shares currently issued − 3.33% increase in Seeka’s issued capital − Growers have to pay cash for shares at market value $9.0m maximum loan value − The maximum loan is $9.0m, irrespective of the share price Limited loss in value − Shares purchased at current market price − No discount applied Scheme Purpose The scheme encourages and rewards loyalty to the company and secures supply and earnings − Issues shares at market price to growers and vests if 100% of crop is supplied for 3 harvest seasons − In 3 years’ time the grower pays the outstanding loan, less dividends Incentivises growers to provide a longer-term supply commitment − Grower loyalty schemes first introduced in 2019 − Post harvest sector is very competitive − Aids decision making on longer-term capital expenditure
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Resolution. Approval of Financial Assistance and Share Issue for Grower Loyalty Share Scheme “That Seeka: a) issue up to 1,500,000 new ordinary shares in Seeka, at the issue price described in the explanatory notes, pursuant to the Grower Loyalty Share Scheme described in the explanatory notes; and b) make loans of up to a maximum aggregate amount of $9,000,000, as described under the heading “Loan” in the explanatory notes, to fund the issue price of the shares referred to in (a).” To consider, and if thought fit, pass the following as an ordinary resolution: 23 If you vote in favour of the Resolution, you will be ineligible to participate in the Scheme
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Meeting process 24 Online voting and asking questions The voting box Question box
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QUESTIONS AND GENERAL BUSINESS 25
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seeka.co.nz Click to visit the Seeka website