Ricegrowers (SGLLV) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and confirmation of quorum, followed by a welcome from the Chairman and agenda overview, including addresses, financial reporting, resolutions, and Q&A.

• Celebrated the 75th AGM, coinciding with 100 years of commercial rice growing in the Riverina.

Board and executive committee updates

• Laurie Arthur retired as Chairman after 18 years, succeeded by John Bradford; Rachel Kelly elected as new grower director.

• New divisional structure and leadership alignment implemented to support growth in target markets.

• Board expressed confidence in new leadership and ongoing commitment to balancing A and B Class shareholder interests.

Financial performance review

• FY25 revenue was $1.85 billion (down 2%), EBITDA $147.7 million (up 3%), and NPAT $70.7 million (up 4%); basic EPS for B Class Shares rose 6% to 102.9¢.

• Fully franked dividend of $0.65 per B Class Share, up 8% from last year, with a 10-year average payout ratio of 60%.

• Total shareholder return over ten years reached 350%, outperforming the ASX 300 index.

• 70% of sales from branded products, with growth in the Middle East and US, but offset by weaker global tender prices and increased competition.

• Segment performance: strong results in Rice Foods and Rubiana Foods, stable Coprice, growth in pet food, and new product launches, but pressure from lower mill-out rates and global prices.