Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — Shareholder Meeting (October 2026)
90 slides from Cobram Estate Olives's shareholder meeting presentation, Oct 30, 2026
Slide 1: Chair's Address and Joint-CEOs' Presentation
For personal use only ABN: 32 115 131 667 ASX: CBO ASX Announcement – 30 October 2026 Chair’s Address and Joint-CEOs’ Presentation In accordance with Listing Rule 3.13.3, the Chair’s address and Joint-CEOs’ presentation for Cobram Estate Olives Limited’s 2026 Annual General Meeting, to be held on 30
Slide 2: Address by Non-Executive Chair, Rob McGavin
For personal use only ABN: 32 115 131 667 ASX: CBO 2026 ANNUAL GENERAL MEETING Address by Non-Executive Chair, Rob McGavin 30th October 2026 Good morning, everyone, and welcome to Cobram Estate Olives Limited’s 2026 Annual General Meeting. Thank you to those joining us here in Lara or online, we are
Slide 3: Chair's address: FY2026 results and key considerations
For personal use only goods sales increase by 16.8%, compared to FY2025. Normalised EBITDA2 for FY2026 totalled $61.4 million, and the adjusted value of our total assets increased to $1.4 billion3 as of 30 June 2026. Our balance sheet still includes substantial investment in immature grove assets ex
Slide 4: USA growth and Australia
For personal use only implemented across the COR groves and milling operations and over time we expect to see greatly increased oil yields resulting in a materially lower cost of production. We are already seeing the impact of the acquisition on Group revenue. The USA accounted for 62 per cent of Gr
Slide 5: What Sets Us Apart?
For personal use only What Sets Us Apart? Over the past 28 years, we have built a unique agribusiness with a combination of world- leading production technology, premium brands, and a highly skilled team. I will now highlight some of the key aspects which make our business so unique. 1. Proprietary
Slide 6: Brands, people and singular focus
For personal use only proposition that is difficult to replicate. Brands such as Cobram Estate® and California Olive Ranch® are benefiting from structural shifts in consumer preferences that continue to strengthen over time. 3. Exceptional People Execution matters. Great strategies are common. Teams
Slide 7: Chair's address: investment attributes
For personal use only • Farmers with strong consumer brands, meaning we are not commodity price takers and capture the profit margin on growing, milling and brands. • Among the highest-quality producers globally while also being among the lowest-cost producers. • Own a portfolio of leading brands so
Slide 8: COR acquisition matters and onerous leases
For personal use only have not changed the Board’s confidence in COR, our USA business, or the Californian olive industry. The USA business’s strong performance in the first three months of FY2027 has further strengthened that confidence. Onerous Leases During due diligence, we identified some COR g
Slide 9: Industry Challenges
For personal use only Industry Challenges I would also like to address three broader challenges facing our industry and the agricultural sector in Australia, which highlight concerns about the regulatory environment in which businesses like ours operate. First, EVOO is pure olive juice extracted fro
Slide 10: Our People
For personal use only These issues matter to our industry, our consumers, and the communities in which we operate. We will continue to advocate for practical, evidence-based policies that support quality, fairness, and sustainable food production. Our People On behalf of the Board, I sincerely thank
Slide 11: Annual General Meeting
rsonal use only Annual General Meeting Cobram Estate Olives Limited ABN: 32 115 131 667 30 October 2026
Slide 12: Presenters
Presenters rsonal use only Rob McGavin Non - Executive Chair & Co - Founder Leandro Ravetti Joint - CEO (Technical & Production) Executive Director (USA - based) Sam Beaton Joint - CEO (Finance & Commercial) Executive Director (Australia - based) L to R: Leandro Ravetti, Rob McGavin, Sam Beaton Lean
Slide 13: Disclaimer
Disclaimer The material in this presentation is general background information about Cobram Estate Olives Limited (“Cobram Estate Olives ” or “CBO” or “the Company” or “Group”) and is current at the rsonal use only date of the presentation or as otherwise stated. The information in the presentation
Slide 14: Agenda
rsonal use only 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 Olive harvest in California 4
Slide 15: How to Vote Online
How to Vote Online Only verified shareholders, proxy holders, and corporate representatives are eligible to vote Lodging your votes online rsonal use only 1. Get a voting card 2. Enter your details 3. Complete and submit Click “Get a Voting Card” at the Enter your Shareholder Number For each item of
Slide 16: How to Ask a Question Online or via WebPhone
How to Ask a Question Online or via WebPhone Only verified shareholders, proxy holders, and corporate representatives are eligible to ask questions Asking your question rsonal use only 1. Open the question menu Written Questions or Comments Audio Questions Click “Ask a Question” at Select the releva
Slide 17: Chair's Address
Chair’s Address Rob McGavin Non - Executive Chair and Co - Founder rsonal use only Non - Executive Chair and Co - Founder, Rob McGavin 7
Slide 18: FY26 Results & Commercial Update
rsonal use only FY26 Results & Commercial Update Sam Beaton Joint - CEO & Executive Director 8 Cobram Estate® Robust Australian EVOO
Slide 19: FY26 Financial Highlights
FY26 Financial Highlights EBITDA PROFIT (normalised)¹ Earnings before tax (normalised) 2 Pleasing “off - year” FY26 EBITDA¹, supported by modest Australian rsonal use only sales growth for Cobram Estate ® amid increased promotional activity 1 by competitors and three months of COR earnings. Two - ye
Slide 20: FY26 Group Profit / Loss (Statutory)
FY26 Group Profit / Loss (Statutory ) Group normalised EBITDA of $61.4m, with a lower Australian result partly offset by an improved USA contribution Income Statement KEY POINTS $’million FY26 FY25 Change rsonal use only • Group EBITDA 1 (normalised) of $61.4m in FY26 (FY25: $116.6m). Revenue • Aust
Slide 21: FY26 Group Cash Flow Statement
FY26 Group Cash Flow Statement Operating cash flow of $47.5m, with growth capex and COR consideration funded by capital raising and additional debt Cash Flow Statement KEY POINTS rsonal use only $’m FY26 FY25 Change Cash generated from operations 47.5 83.0 (35.5) • Total cash generated from operatio
Slide 22: FY26 Operating Cash Flow
FY26 Operating Cash Flow Group operating cash flow of $47.5m in FY26 (FY25: $83.0m) Group Operating Cash Flow rsonal use only KEY POINTS $83.0m • 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 includ
Slide 23: Group Balance Sheet at June 2026
Group Balance Sheet at 30 June 2026 Net assets of $517.6m; olive trees and irrigation infrastructure carried at written down cost Balance Sheet $’million Jun - 26 Jun - 25 Change KEY POINTS rsonal use only Cash 12.2 4.0 8.2 • Total assets increased to $1.2bn at 30 June 2026, up $428.7m from $811.9m
Slide 24: Tangible Asset Backing at June 2026
Tangible Asset Backing at 30 June 2026 Real tangible asset value of $1.3bn against net debt of $437m $’million Jun - 26 Jun - 25 Real Tangible Assets vs. Borrowings rsonal use only Assets Total assets per CBO balance sheet 1,240.6 811.9 1,300 add: 1,200 Olive trees and External valuation, not on CBO
Slide 25: Australian Olive Oil Operations – FY26 Sales
Australian Olive Oil Operations – FY26 Sales Cobram Estate ® brand growth and market leadership maintained in a more competitive category Australian Olive Oil Operations Packaged Goods Sales ¹ ($) rsonal use only $163.1m $165.7m KEY POINTS – FY26 • Packaged goods sales up 1.6% to $21.8m $25.2m $142.
Slide 26: USA Olive Oil Operations – FY26 Sales
USA Olive Oil Operations – FY26 Sales USA packaged goods sales up 63.1% driven by three months contribution from COR brands Packaged Goods Sales (A$) (FY23 - FY26) 1 rsonal use only $87.5m KEY POINTS – FY26 $10.3m • Packaged goods sales up 63.1% to $87.5m (FY25: $53.7m). This included three months o
Slide 27: Business Update and Outlook
Business Update and Outlook KEY POINTS rsonal use only • 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) . • F
Slide 28: Confirmation of Final FY26 Dividend Details
Confirmation of Final FY26 Dividend Details Final FY26 Dividend Details rsonal use only • 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 Reinvestme
Slide 29: Operations Update, COR Integration, & USA Growth Projects
rsonal use only Operations Update, COR Integration, & USA Growth Projects Leandro Ravetti Joint - CEO & Executive Director 19 California Olive Olive harvest Ranch® Bend at Boundary 100% California EVOOs California Olive Ranch® 100% California EVOO
Slide 30: Australian Operations FY26 Summary
Australian Operations FY26 Summary Record "off - year" with 11.1m litres of olive oil produced in FY26 ¹ AUSTRALIAN OPERATIONS rsonal use only • Australian operations performed well despite seasonal variability, broadly on budget and in line with efficiency targets. • Product quality and food safety
Slide 31: FY27 Australian Crop Outlook
FY27 Australian Crop Outlook The FY27 “on - year” is forecast to produce a materially larger crop FY27 AUSTRALIAN CROP OUTLOOK rsonal use only • FY27 is an “on - year” for CBO’s Australian groves. Favourable conditions and maturing groves support expectations for a materially larger crop than FY26 a
Slide 32: USA Operations Update
USA Operations Update Strengthened USA team to manage growth USA OPERATIONS rsonal use only • 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 t
Slide 33: California Olive Ranch, Inc. Acquisition and Integration
California Olive Ranch, Inc. Acquisition and Integration Acquisition completed 26 March 2026; integration on track with business consolidation largely completed KEY POINTS rsonal use only • Successfully completed the acquisition of COR, the largest olive oil producer and marketer in the USA , on 26
Slide 34: Our Integrated Global Operations
Our Integrated Global Operations The quality, scale, and geographic spread of our operations provide both durable competitive advantage and greater resilience rsonal use only Cobram Estate Olives Limited 24
Slide 35: Australian Groves and Third-Party Supply
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 KEY POINTS • Company owned groves rsonal use only total ~ 7,000 hectares / ~ 2.6m olive trees spread across 3 locations in north - west Victoria ;
Slide 36: Boort and Boundary Bend Groves
Boort and Boundary Bend Groves rsonal use only Boort olive grove B oundary Bend olive grove Boort olive grove B oundary Bend olive grove Cobram Estate Olives Limited 26
Slide 37: Boort Olive Mill and Oil Storage Facility
Boort Olive Mill and Oil Storage Facility rsonal use only Boort olive mill Boort olive oil storage Cobram Estate Olives Limited 27
Slide 38: Boundary Bend Olive Mill and Lara Oil Storage Facility
Boundary Bend Olive Mill and Lara Oil Storage Facility rsonal use only Boundary Bend olive mill Lara olive oil storage Cobram Estate Olives Limited 28
Slide 39: USA Operational Footprint
USA USA Operational Footprint Key rsonal use only CBO locations in Northern California 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
Slide 40: USA Groves and Third-Party Supply
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 KEY POINTS • Company owned and leased groves total ~3,840 hectares rsonal use only at 30 October 2026 ¹ (~2,231 owned, ~1,609 leased). Planting of a fur
Slide 41: COR Olive Groves
COR Olive Groves rsonal use only Corning Ranch Artois Ranch Corning Ranch Corning Ranch Cobram Estate Olives Limited 31
Slide 42: COR Olive Groves
COR Olive Groves rsonal use only Artois Ranch Artois Ranch Corning Ranch Artois Ranch Corning Ranch Cobram Estate Olives Limited 32
Slide 43: CBO-Planted Olive Groves
CBO - Planted Olive Groves rsonal use only Hungry Hollow Ranch Williams Ranch Dunnigan Hills Ranch Hungry Hollow Ranch Williams Ranch Cobram Estate Olives Limited 33
Slide 44: COR Olive Mill - Artois
COR Olive Mill - Artois rsonal use only Artois olive mill Fruit sampling Fruit receival California Olive Ranch® 100% California EVOO Fruit conveyor Olive oil storage tanks Bottling line Artois olive mill, oil storage, and bottling, Shelf layout in Whole Foods store, 2026 Cobram Estate Olives Limited
Slide 45: Woodland Olive Mill
Woodland Olive Mill rsonal use only Olive oil malaxers and centrifuges Olive oil separators Olive oil storage tanks Cobram Estate Olives Limited 35
Slide 46: COR Brands Acquired - California Olive Ranch and Lucini
COR Brands Acquired - California Olive Ranch ® and Lucini ® KEY POINTS rsonal use only • 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 California Olive Ranch® and Lucini® EVOO
Slide 47: CBO Now Owns Three Top-Ten Olive Oil Brands in the USA
CBO Now Owns Three Top - Ten Olive Oil Brands in the USA Olive Oil Supermarket Sales – USA – Value Sales by Brand rsonal use only (Excluding Private Label) - 52 - weeks to 13 June 2026 $408m KEY POINTS • California Olive Ranch®, Cobram Estate®, and Lucini® each hold top ten branded positions in USA
Slide 48: Portfolio Architecture: The Role of CBO's USA Brands
Portfolio Architecture: The Role of CBO’s USA Brands rsonal use only What California Olive Ranch® delivers: What Cobram Estate® delivers: What Lucini® delivers: The Best of Californian EVOO Sets the Benchmark for CA EVOO Premium Quality Alternative Draws premium shoppers with fresh, Recruits mainstr
Slide 49: USA Brand Strategy – Making 'Fresh' the New Premium
USA Brand Strategy – Making ‘Fresh’ the New Premium Position California EVOO as the freshest, most trusted, and most desirable olive oil in the USA California - Grown Fresher Better More Trust Category Growth Local production Shorter path to shelf Taste • Health • Sustainability Verified quality Pre
Slide 50: Example In-Store Displays in California
Example In- Store Displays in California rsonal use only Nugget Market - Sacramento, CA Artois olive mill, oil storage, and bottling, Shelf layout in Whole Foods store, 2026 Independent, El Rancho Bristol Farms - Yorba Linda, CA Nugget Market - Sacramento, CA Market Sovang , CA Cobram Estate Olives
Slide 51: Example In-Store Displays – Other Markets
Example In- Store Displays – Other Markets rsonal use only Artois olive mill, oil storage, and bottling, Capital Grocer - Washington DC Earth Fare - Columbia, SC INFRA store Harvest Market, Fort Bragg California Olive Ranch® 100% California EVOO Shelf layout in Whole Foods store, 2026 Cobram Estate
Slide 52: Growth Capex Projects Summary of FY26 - FY28
Growth Capex Projects Summary of FY26 - FY28 Disciplined investment for a stronger business and attractive long - term returns NEW GROVE DEVELOPMENTS CBO’s Californian Olive Grove Portfolio (Hectares) rsonal use only Including FY27 and Scheduled FY28 Plantings • ~340 hectares planted in FY26. • ~840
Slide 53: Hectares Planted in FY26 – Williams and Ironhorse
340 Hectares Planted in FY26 – Williams and Ironhorse rsonal use only FY26 planting - Williams FY26 planting - Ironhorse Cobram Estate Olives Limited 43
Slide 54: Hectares Planted in FY26
340 Hectares Planted in FY26 rsonal use only FY26 planting – Williams Cobram Estate Olives Limited To view: https://youtu.be/FYW2P - kh_VM 44
Slide 55: Preparation for FY27 Planting – Williams
Preparation for FY27 Planting – Williams rsonal use only Land preparation - Williams Land preparation - Williams Land preparation - Williams Irrigation infrastructure - Williams Irrigation infrastructure - Williams Cobram Estate Olives Limited 45
Slide 56: Preparation for FY27 Planting – Matchbook and Mondavi
Preparation for FY27 Planting – Matchbook and Mondavi rsonal use only Vine removal – Matchbook Vine removal – Matchbook Land preparation - Mondavi Land preparation - Mondavi Land preparation - Mondavi Cobram Estate Olives Limited 46
Slide 57: FY27 Planting - Williams
FY27 Planting - Williams Planting commenced in September 2026, to be completed by end November 2026 rsonal use only FY27 planting - Williams Tree delivery - Williams FY27 planting - Williams FY27 planting - Williams Cobram Estate Olives Limited 47
Slide 58: FY27 Planting - Williams
FY27 Planting - Williams Planting commenced in September 2026, to be completed by end November 2026 rsonal use only FY27 planting - Williams FY27 planting - Williams FY27 planting - Williams Cobram Estate Olives Limited 48
Slide 59: FY27 Planting – Williams
rsonal use only FY27 planting – Williams To view: https://youtu.be/ltnosM5Mq9k 49
Slide 60: Woodland Site Expansion
Woodland Site Expansion CBO’s USA head office, olive mill, oil, storage, and bottling facility in Woodland, California rsonal use only Woodland office foyer CBO Woodland Site Cobram Estate Olives Limited 50
Slide 61: Woodland Site Expansion
Woodland Site Expansion Olive mill expansion completed in FY24; FY27 harvest underway rsonal use only Fruit receival area Fruit hoppers with freshly picked olives Ol ive oil malaxers , centrifuges, and separators producing fresh EVOO 51
Slide 62: Woodland Site Expansion
Woodland Site Expansion Warehouse, tanks farm, and loading/receival expansion completed FY26; office/lab expansion concluding FY27 rsonal use only New loading and receival bays and asphalt Finished goods warehouse Olive oil storage tanks Cobram Estate Olives Limited 52
Slide 63: New Artois Bottling Line
New Artois Bottling Line Bottling capacity will increase from 6,500 to 16,000 bottles per hour rsonal use only Artois bottling line Cobram Estate Olives Limited To view: https://youtu.be/W8KhPAsqsEg 53
Slide 64: Sustainability at Cobram Estate Olives
Sustainability at Cobram Estate Olives Building a resilient and sustainable business OUR 2030 COMMITMENT rsonal use only • 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
Slide 65: Safe and Responsible Operations
Safe and Responsible Operations Safe workplaces, strong food safety systems, and responsible employment practices SAFE WORKPLACES Workplace Health and Safety rsonal use only • CBO promotes safe, healthy workplaces across all sites FY2026 Performance through open reporting and safety reviews aligned
Slide 66: Efficient Resources Management and Long-Term Grove Health
Efficient Resources Management and Long - Term Grove Health Managing resources to support reliable operations and productive groves rsonal use only Drip irrigation Hungry Hollows pipeline, USA Mulching prunings at Boundary Bend Olive pit RESOURCE USE EFFICIENCY SOILS AND GROVES BY - PRODUCTS AND WAS
Slide 67: Community Engagement and EVOO Education
Community Engagement and EVOO Education Building industry relationships and promoting EVOO’s health benefits in Australia and the USA rsonal use only Geelong’s longest lunch Olive grower meeting in California HCP program USA Barwon Health Foundation KEY POINTS • Continue to build constructive relati
Slide 68: Why Are We So Excited About the USA Opportunity?
Why Are We So Excited About the USA Opportunity? USA set to become the world’s largest olive oil consuming nation Evolution of Olive Oil Consumption - Spain, Italy and USA rsonal use only (‘000s tons) 900 800 700 600 500 000’s tons 400 300 200 100 0 Spain Italy USA Note: M = million. Cobram Estate O
Slide 69: Olive Oil Consumption Typically Follows Production
Olive Oil Consumption Typically Follows Production Australia is an actively growing olive oil market Evolution of Consumption & Production in Italy (‘000s tons) Evolution of Consumption & Production in Turkey (‘000s tons) rsonal use only 1000 600 500 800 400 600 300 400 200 200 100 0 0 Italy (Consum
Slide 70: USA Consumption of Olive Oil Far Exceeds Domestic Production
USA Consumption of Olive Oil Far Exceeds Domestic Production USA production covers just 2.6% of domestic consumption USA Olive Oil Flows Comparison Between Production and rsonal use only 500 Consumption - Spain, Italy and USA 450 269 % 400 350 300 Tonnes (‘000) 250 200 10.7kg 150 8.0kg 100 64% 50 1.
Slide 71: Key Takeaways
Key Takeaways CBO’s leading production position and brand portfolio provide rsonal use only 1 significant opportunities to capture demand growth in Australia and the USA . High - quality assets across diverse locations and water sources 2 significantly reduce exposure to agricultural risk. A rapidly
Slide 72: Formal Business
rsonal use only Formal Business Rob McGavin Non - Executive Chair & Co - Founder 62 Cobram Estate® 2026 Ultra - Premium Australian EVOO Range
Slide 73: Shareholder / Proxy Holder Voting Directions
Shareholder / Proxy Holder Votin g Directions rsonal use only Cobram Estate Olives Limited 63
Slide 74: Item 1: Financial Statements and Reports
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. rsonal use only Note: This item is for discussion only and is not a resolution. Cobram Estate Olives Limited 64
Slide 75: Item 2: Adoption of the Remuneration Report
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: rsonal use only That the Remuneration Report of the Company for the year ended 30 June 2026 be adopted. Note: A voting prohibition and voting exclusi
Slide 76: Item 3a: Election of Daniel Masters as a Director
Item 3a : Election of Daniel Masters as a Director To consider and, if thought fit, to pass the following resolution as an ordinary resolution: rsonal use only That Daniel Masters, who was appointed as a Non - Executive Director on 23 April 2026, retires, and being eligible, offers himself for elect
Slide 77: Item 3b: Re-election of Craig Ball as a Director
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: rsonal use only That Craig Ball, who retires, and being eligible, offers himself for re - election as a Non - Executive Director of the Company, is elected
Slide 78: Item 4: Approval of the Employee Incentive Plan (Australia)
Item 4: Approval of the Employee Incentive Plan (Australia) To consider and, if thought fit, to pass the following resolution as an ordinary resolution: rsonal use only That, pursuant to and in accordance with Listing Rule 7.2 exception 13(b) and for all other purposes, Shareholders approve the Empl
Slide 79: Item 5: Approval of the U.S. Equity Incentive Plan
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: rsonal use only 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 I
Slide 80: Item 6a: Approval of the Issue of Options to Sam Beaton
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: rsonal use only That, subject to and conditional upon the passing of item 6a, for the purposes of Listing Rule 10.14 and for all other purposes, Share
Slide 81: Item 6b: Approval of the Issue of Options to Leandro Ravetti
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: rsonal use only That, subject to and conditional upon the passing of item 6a, for the purposes of Listing Rule 10.14 and for all other purposes,
Slide 82: General Question Time
rsonal use only General Question Time 72
Slide 83: Meeting Closed. Thank you for your support!
rsonal use only Meeting Closed. Thank you for your support! 73
Slide 84: Appendix
rsonal use only Appendix 74 Cobram Estate® 2026 Ultra Premium Australian Hojiblanca EVOO
Slide 85: Two-Year Rolling Average EBITDA (Normalised)
Appendix | Two - Year Rolling Average EBITDA 1 (Normalised) Bridge from Group reported EBITDA to normalised EBITDA 1 EBITDA (Group) rsonal use only $’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 - -
Slide 86: Key Drivers of Operating Cash Flow in FY26 vs FY25
Appendix | Key Drivers of Operating Cash Flow in FY26 vs FY25 Decrease in FY26 operating cash flows driven by increases in working capital Operating Cash Flow Bridge (FY25 to FY26) rsonal use only $83.0m $(6.2)m $(6.0)m $(10.6)m $1.2m $53.2m $(8.3)m $47.5m $(5.7)m Op. cashflow Temp. water Third - pa
Slide 87: Summary of COR Operations / Assets Acquired by CBO
Appendix I Summary of COR Operations / Assets Acquired by CBO Vertical integration fundamentally aligned with and complementary to CBO’s successful operating model rsonal use only California supply footprint ▪ ~66 hectares owned groves¹ ▪ ~1,609 hectares of long - term leased groves ▪ ~2,500 hectare
Slide 88: Accounting for the Acquisition of COR
Appendix | Accounting for the Acquisition of COR Brands, goodwill and customer contracts of $90.5m have been recognised at the acquisition date As at 26 March 2026 COR Fair Value Recognition Adopted (A$’m) Balance Adjustment of Brands & Balance KEY POINTS Sheet on Customer Sheet • The adjacent table
Slide 89: Reconciliation Between Purchase Price and Business Combination Note
Appendix | Reconciliation Between Purchase Price and Business Combination Note Purchase price warrants have been independently valued at $19.8m at acquisition date Add: Total Fair Value Less: Consideration KEY POINTS: rsonal use only As at 26 March 2026 Purchase Less: Purchase Completion Transferred
Slide 90: Group Olive Oil Sales – FY26 Results (including bulk sales)
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 Group Olive Oil Sales by Country (FY23 - FY26) 1 rsonal use only 17% CAGR $265.5m $237.4m $220.9m $95.0m $64.6m $64.9m $164.2m $42.6m $172.7m $
Cobram Estate Olives — Shareholder Meeting (October 2026) on 6ix