• Reported NPAT of $28.7 million, up from $2.4 million loss in 1H FY2024
• EBITDA of $60.7 million, up from $18.4 million in 1H FY2024
• Estimated 2025 almond crop of 24,000 MT - 26,500 MT

Select Harvests Limited (SHV) reports a Net Profit After Tax (NPAT) of $28.7 million for the half year ended 31 March 2025 (1H FY2025), an improvement of $31.1 million from 1H FY2024. EBITDA was $60.7 million, up from $18.4 million in the previous year. The company's operating cash flow improved by $30.7 million to $7.5 million, and net debt reduced to $168.2 million. The company expects the 2025 almond crop to be between 24,000 MT and 26,500 MT, with a forecast almond price of A$10.35/kg, up from A$7.69/kg in FY2024. The company has contracted sales for 60% of the 2025 crop, with 86% of the crop hedged at an average AUD/USD exchange rate of 0.648. Select Harvests continues to focus on improving efficiency, cost control, and quality, and is executing the second phase of its Carina West Processing Facility expansion to increase capacity to 50,000 MT. The company has successfully refinanced its existing debt facilities, securing a total of $240 million in new funding across two tranches. Select Harvests has also identified an error in Superannuation Guarantee payments dating back to 2020 and has recognized a provision of $3.5 million in the FY2024 accounts.

Demand for almonds remains strong, driven by the trend towards 'better for you plant based foods'. Supply remains tight, with limited inventory in supply chains and Californian volumes committed. The company expects the favourable macro-economic environment to continue, with the forecast almond price at A$10.35/kg. The company's orchard program for the 2026 crop has commenced, and the trees are in good health.