Cobram Estate Olives (CBO) investor relations material

Executive summary

• Completed acquisition of California Olive Ranch (COR) in March 2026, establishing the group as the largest olive oil producer in the U.S. and Australia.

• FY26 was an off cropping year in Australia, impacting EBITDA, but offset by modest sales growth and a three-month contribution from COR.

• Integration of COR progressing well, with most initial annualized synergies of $12 million already implemented and further gains targeted by FY30.

• Strengthened balance sheet with nearly AUD 180 million capital raised and asset value of AUD 1.4 billion.

• Continued investment in growth CapEx, especially in the U.S., and expansion of both owned and third-party groves.

Financial highlights

• Group normalized EBITDA was AUD 61.4 million, down 47.3% vs FY25; two-year rolling average EBITDA was AUD 90.9 million.

• Group sales grew by AUD 27.3 million year-over-year, with global packaged goods sales up 16.8% to $253.2 million.

• Net profit after tax was a loss of $4.2 million, impacted by non-cash warrant expense and transaction costs.

• Net assets increased to AUD 517 million; asset value now at AUD 1.4 billion.

• Cash flow from operations before interest and tax was AUD 47.5 million, down from AUD 83 million, reflecting higher inventory investment and water costs.

Outlook and guidance

• FY27 EBITDA and operating cash flow expected to be materially higher, driven by an on year in Australia and a full year of COR earnings and synergies.

• Short-term trading conditions remain challenging due to competitor discounting and cost-of-living pressures.

• Debt levels expected to decrease as groves mature and generate higher profits and cash flows.

• Dividend maintained at AUD 0.045 per share, fully franked, with DRP offered at a 2.5% discount.