Appendix 4D and 2025 Half Year Report

• Ranched wild Greenlip abalone harvest down 48% to 25.7 tonnes
• Total biomass increased 18% to 196 tonnes
• Implemented $1 million annual cost reduction strategy
• Subsea Estate Margaret River wine venture launched

Rare Foods Australia Limited (ASX:RFA) reported its financial results for the first half of the 2025 financial year (H1 FY2025). The company's ranched wild Greenlip abalone harvest was 25.7 tonnes, down 48% from the 49.1 tonnes harvested in H1 FY2024. This was in line with the company's FY2025 harvest plan aimed at supporting biomass growth. The total biomass increased 18% from 166 tonnes in H1 FY2024 to 196 tonnes in H1 FY2025, indicating the company has largely overcome the prior year's reduction in juvenile abalone deployment. The company implemented a cost reduction strategy across all departments, targeting over $1 million in annual savings. Operational expenditure for the half year was down on the comparative period, though extraordinary redundancy payments associated with the restructure impacted the level of expense reduction. The company expects the full impact of the cost savings measures to be seen in H2 FY2025.Rare Foods continued to progress its 7-Year Ranch Management Strategy, which involves refurbishing 15% of the lowest performing parts of the artificial reef each year to increase juvenile survival and growth. The company successfully completed its 2024 juvenile deployment program, releasing 1.2 million abalone.In its sales and marketing, Rare Foods achieved $1.66 million in total abalone revenue, down 35% on H1 FY2024, due to softer international seafood market conditions. However, the company's premiumisation strategy and cost reduction measures provided some protection against these challenges.The company also reported progress with its Subsea Estate Margaret River wine venture, a collaboration with Winereef International. The first emersion produced over 15,000 bottles of ocean-made wine, which are now available for purchase through the Subsea Estate Cellar Door and the company's e-commerce platform. The Subsea Estate Cellar Door also achieved 35% growth in revenue compared to the prior corresponding period.

The company remains focused on implementing its cost reduction strategy, progressing its 7-Year Ranch Management Strategy, and growing its Subsea Estate wine venture. While the international seafood market conditions have been challenging, the company's premiumisation strategy and cost savings measures are expected to provide some protection going forward.