• Orchard remains in sound condition, maintenance program restructured
• All 2025 olive oil harvest sold, pricing mechanism provides insulation
• Bud development consistent with 'off year' in biennial cycle

Australian Agricultural Projects Ltd has released its quarterly update for the period ended 30 September 2025. The company advises that the orchard remains in sound condition, and post-harvest operational activities are progressing as expected. The company has restructured its maintenance program, with a greater focus on using specialist external contractors to streamline internal operations while maintaining access to essential expertise. All oil produced from the 2025 harvest has now been sold, with the exception of one small parcel. Prices achieved for the 2025 harvest remained strong, despite some softening in international bulk olive oil prices. The company's Olive Oil Supply Agreement with Cobram Estate provides a degree of insulation from international bulk market fluctuations. Bud development within the orchard is consistent with an 'off year' in the natural biennial production cycle, with flowering anticipated in early to mid-November and fruit set expected in December. The company will undertake a detailed review of the outlook for the 2026 harvest following fruit set. Climatic conditions across the irrigation district remain notably dry, with water prices continuing to rise. The company recorded a net operating cash surplus of $873,000 for the quarter, supported by cash receipts of $2.26 million. Core lending facilities were reduced by $175,000 during the quarter, with a similar rate of principal reductions forecasted for the remainder of the financial year.