Business Update

• Ginning volume expected to be 1.05 million bales, down from 1.16 million in prior season
• Underlying EBITDA forecast to be $26-29 million in FY2025, excluding $3.5 million in transaction expenses
• Above average rain and dam water storage levels expected to support above average planting for 2025 season

Namoi Cotton Limited (Namoi Cotton) has provided an update on its business for the current 2024 season (FY2025). The company has ginned 920,000 bales to date, against an expected total ginning volume of 1.05 million bales, around 0.1 million bales less than the prior season (FY2024: 1.16 million bales). Ginning is expected to be completed in mid-October 2024 following an extended season for the company's southern gins. Despite the lower ginning volume, Namoi Cotton expects its FY2025 financial performance to be similar to FY2024. The company is expecting an underlying EBITDA of $26-29 million in FY2025, excluding $3.5 million in estimated transaction expenses related to potential change of control transactions. This compares to an underlying EBITDA of $26.3 million in FY2024, excluding $3.4 million in transaction expenses. The company's overall financial performance has been positively supported by improved cost management and Cottonseed Marketing, despite the negative impact on Ginning and Supply Chain margin due to increased energy costs and rainfall during picking that interrupted the delivery of cotton and lowered cotton quality. As previously announced, above average rain and dam water storage levels in most of Namoi Cotton's production valleys are expected to support above average planting for the 2025 season. The latest 2025 season forecast for Australian cotton production is around 5 million bales, similar to the 2024 season.

Namoi Cotton expects an underlying EBITDA of $26-29 million in FY2025, excluding $3.5 million in estimated transaction expenses.