• Significant turnaround in 2024 operating results
• Improved crop volumes, sales velocity, processing capacity and efficiency, and sustainability initiatives
• Challenges of four years of wet weather in NSW orchards

Select Harvests Limited held its 2024 Annual General Meeting, with Chairman Travis Dillon providing an overview of the company's performance in the 2024 financial year. Despite a challenging trading environment with a relatively low almond price, Select Harvests achieved a significant turnaround, reporting a $46m EBITDA and a $1.5m net profit after tax - an improvement of $116m on the 2023 financial year. The company delivered a crop of 29,527t, a return to more normal crop levels, with excellent quality. However, the NSW orchards continued to be challenged by four years of extremely wet weather, with 2024 rainfall across these orchards twice that of 2023. The Carina West processing facility increased productive capacity by 10,000t to process just over 40,000t of almonds in 2024, leading to an 8.1% decrease in processing costs. The company also made progress on sustainability initiatives, delivering a 21% reduction in greenhouse gas emissions. While the company recorded a slight increase in its total recordable injury frequency rate, safety remains the top priority, with a focus on continual improvement. The board acknowledged the significant rise in voting against two resolutions, which they believe was driven by the impact of a $80m capital raise and logistics issues that resulted in a $56m delay in cash receipts. The board believes the capital raise was a prudent measure given the company's accumulated negative cashflow in prior years, but is conscious of being good custodians of shareholder funds and delivering strong returns going forward. The company also recorded its first strike on the remuneration report, which the board believes was primarily reflective of the logistics and capital raise issues, though they will look to address shareholder feedback on the remuneration structure in the coming year.