Cobram Estate Olives (CBO) investor relations material

Opening remarks and agenda

• Meeting opened with quorum; agenda covered FY26 results, commercial and operational updates, COR integration, formal business, questions and close.

• Chair’s written address and meeting recording were to be released through ASX and the website.

Financial performance review

• FY26 normalised EBITDA was $61.4m, down from $116.6m in FY25; two-year rolling normalised EBITDA rose 0.3% to $90.9m.

• Revenue was $315.5m versus $335.5m; normalised EBT was $13.0m versus $76.1m, while reported net loss after tax was $4.2m.

• Packaged goods sales rose 16.8% to $253.2m; Australian sales grew 1.6% to $165.7m and U.S. sales rose 63.1% to $87.5m, including three months of COR sales.

• Operating cash flow before interest and tax was $47.5m versus $83.0m; net assets were $517.6m and net debt was $437.3m at 30 June 2026.

• FY26 Australian harvest was a record off-year at 11.1m litres, 10% above the previous off-year; oil content was 15% below average, with an estimated $20m–$25m EBITDA impact versus average conditions.

Board and executive committee updates

• Daniel Masters was elected Non-Executive Director; he cited experience investing in 25 U.S. family businesses and expertise in growth and markets.

• Craig Ball was re-elected Non-Executive Director for his final term; he cited the team’s ability to manage challenges and execute COR integration.

• Rob McGavin served as Non-Executive Chair and Co-Founder; Leandro Ravetti and Sam Beaton served as Joint CEOs and Executive Directors, responsible for technical/production and finance/commercial, respectively.

• New U.S. CFO and Chief Commercial Officer appointments strengthened the enlarged U.S. business; Ravetti relocated to the U.S. to lead integration work.