HY26 Appendix 4D and Interim Financial Report

• Net loss after tax of $797,061 due to cessation of Victorian Olive Oil Project
• Strong positive operating cash flows of $1,803,825
• Orchard operations in good health with expected 2026 harvest yield of 570,000 to 640,000 litres

Australian Agricultural Projects Ltd (ASX: AAP) reported its financial results for the six-month period ended 31 December 2025. The company recorded a net loss after tax of $797,061, compared to a profit of $488,714 in the previous corresponding period. The key drivers of this change were the cessation of operations of the Victorian Olive Oil Project, which resulted in no lease and management fees being recognised, and the lack of a revaluation of the orchard land and bearer plants. However, the company reported strong positive operating cash flows of $1,803,825, up from $1,727,503 in the prior period, due to increased proceeds from the sale of the 2025 harvest. The orchard has recovered well after the 2025 harvest and is in good health, with the management team expecting a harvest yield of 570,000 to 640,000 litres for the 2026 season, significantly higher than the 551,500 litres produced in the 2024 'off' year. The company has also extended its olive oil supply agreement with Cobram Estate for a minimum of a further five harvests. Looking ahead, the company will generate revenue from the lease and management of the Victorian Olive Oil Project II and the Peppercorn Estate orchard, as well as the net increase in the fair value of the agricultural produce from the portion of the orchard it now farms for its own benefit.

The company expects a significant increase in olive oil production for the 2026 harvest, with a yield forecast between 570,000 to 640,000 litres. The company will also generate revenue from the lease and management of the Victorian Olive Oil Project II and the Peppercorn Estate orchard, as well as the net increase in the fair value of the agricultural produce from the portion of the orchard it now farms for its own benefit.