• Strong and increasing almond price at A$10.35/kg
• Updated crop estimate of 24,000 MT - 26,500 MT
• Strategy on track to create material value for shareholders

Select Harvests Limited (ASX:SHV) has provided a business update for 2025, noting that the macro-economic conditions for the Australian almond industry remain extremely positive. The company is seeing strong almond pricing, with the forecast price now sitting at an average of A$10.35/kg. However, the 2025 crop is expected to be lower than previously forecast, at 24,000 MT - 26,500 MT, down from 27,500 MT - 29,000 MT. This is due to factors such as trees producing a larger hull size relative to kernel size, a bloom below the strength of the previous bloom, and approximately 500MT of losses associated with frost. Despite the reduced crop, the increase in price is expected to help offset the lower volume. Select Harvests' sales program is well underway, with approximately two-thirds of the 2025 crop still to be sold. The company is well-positioned in the current market, with 86% of the 2025 crop hedged at an average AUD/USD exchange rate of 0.648. The company's strategy remains on track and is expected to create material value for shareholders. This includes initiatives to improve pricing practices, increase crop productivity, and expand processing capacity at the Carina West facility.

The company's forecast 2025 crop price has increased from A$9.20/kg to A$10.35/kg.

The company expects the supply and demand dynamic to remain positive for almond pricing, with prices expected to remain strong over the medium to long-term. The impact of the shift in the US tariff regime and potential retaliatory tariffs from China and the European Union are also expected to support prices further.