Full year 2024/2025 Financial Results and Operating Review

• Profit after tax of $1,960,060, up from $1,254,830 in 2024
• Harvest yield of 752,600 litres, affected by September 2024 frost
• Revenue from lease and management fees up 18% to $5,595,578

Australian Agricultural Projects Limited (ASX: AAP) has reported its financial results for the year ended 30 June 2025. The company recorded a profit after income tax of $1,960,060, up from $1,254,830 in the previous year. The key components of the trading result include a harvest yield of 752,600 litres, which was at the low end of management's expectations due to a frost event in September 2024 that reduced fruit volumes by over 10%. However, the company's revenue from lease and management fees increased by 18% to $5,595,578, aided by the current high market price for olive oil. Funding costs reduced, and the company recorded an upward revaluation of the underlying land and olive trees. The company's net cash flows from operations amounted to a surplus of $929,850, which was used to reduce total liabilities. The company's balance sheet improved, with net assets increasing by $2,683,943 to $15,345,124. The orchard is in good health, and the company is focused on improving the reliability of its harvesting and processing equipment. The company is considering its strategic priorities following the termination of the lease over the VOOP project, with the company intending to farm this portion of the orchard for its own benefit. The directors consider the future outlook for the company remains positive, driven by increasing harvest volumes, ongoing high olive oil prices, and the benefits of farming a portion of the orchard in its own right.

The company expects the 2026 harvest, which is an 'off' year, to be lower than the 2025 harvest but ahead of the 2024 result, with the 2026 harvest dependent on general climatic and growing conditions during the season.

The directors consider the future outlook for the company remains positive, driven by increasing harvest volumes as the last of the replanted portions of the orchard enter commercial production, ongoing high olive oil prices, and the benefits that may flow from the company farming a portion of the orchard in its own right. The company will also continue to review opportunities in the agribusiness sector.