Midway (MWY) investor relations material

Opening remarks and agenda

• Chair Gordon Davis opened the meeting, confirmed quorum, introduced directors and the Managing Director, and outlined a year of progress culminating in a binding Scheme Implementation Deed with River Capital for a proposed acquisition and delisting from the ASX.

• Key agenda items included creating shareholder value, the River Capital offer, delivering on strategy, outlook, people, safety, and sustainability.

• Voting on all resolutions was conducted online via poll, with results to be notified to the ASX.

• Six items of business were on the agenda, five of which were subject to shareholder vote.

• CEO and Chair outlined strategic achievements, financial performance, and the rationale for the River Capital offer.

Financial performance review

• Underlying EBITDA for FY24 was $14.2M, an $11.3M improvement over the previous year.

• Net profit after tax for FY24 was $1M, reflecting operational improvements and asset sales, with gross margin increasing to 18% from 16%.

• Land and plantation sales since March 2022 totaled $173M, eliminating all long-term debt.

• Geelong and Tasmanian operations saw increased volumes, improved performance, and new supply contracts.

• Eliminated exposure to biological asset revaluations and plantation management costs.

Board and executive committee updates

• Andy Preest (also referred to as Andy Preece) was appointed as a non-executive director in March, bringing significant experience.

• The Board was refreshed in 2022, with new Chair Gordon Davis and director Kelly/Kellie Bender/Benda joining.

• A new CFO was appointed, and the Board led strategic reviews and asset sales.