• Achieved net profit of US$1.3M in FY2025
• EBITDA increased 87% to US$7.7M
• Held US$15.0M of net cash as at 30 June 2025
• Intends to delist and make further capital return to shareholders

In its likely final year as a publicly listed company, Wellard Ltd (ASX:WLD) has recorded a net profit after tax of US$1.3 million. This result includes a US$5.0 million expense incurred to secure full and unencumbered ownership of the M/V Ocean Drover from KPMG Singapore, the liquidators of Ruchira Ships Limited (In Liquidation). Excluding this expense, Wellard achieved a net profit of US$6.3 million, compared to a net loss of US$815,000 in FY2024. This was achieved despite the Company operating with just one ship, the M/V Ocean Drover, for most of FY2025, following the sale of the M/V Ocean Ute in September 2024. Although revenue declined by 23 per cent to US$26.8 million due to the smaller fleet size, EBITDA increased by 87 per cent, from US$4.1 million in FY2024 to US$7.7 million in FY2025, with the M/V Ocean Drover fully utilised on voyages from South America to Türkiye during the year. As at 30 June 2025, Wellard held US$15.0 million of net cash. Following the successful sale of the M/V Ocean Drover on 19 August 2025, the US$50 million proceeds of that sale have been returned to shareholders in the form of an additional payment of A$0.15 per share on 28 August 2025, taking total payments to A$0.17 per share. After viewing all options available to the Company, the Wellard board has decided that continuing as a public unlisted company is in the best interests of Wellard shareholders.

Continuing on as a public unlisted company reduces operating costs while providing shareholders with exposure to the Brett Cattle class action, in which Wellard is a claimant. The size and timing of any payment from the class action remains unclear, however, with the class action claimants recently appealing a Federal Court decision to limit the claims period.