Appendix 4E and FY24 Statutory Accounts

• Strong headline pricing and favorable exchange rate drove 153.3% increase in net profit
• Increased volumes from Geelong and Tasmania mills, with Bell Bay reaching nameplate capacity
• Targeted supply acquisition contributed to improved margins

Midway Limited reported a net profit after tax from ordinary activities attributable to shareholders of $1.9M, an improvement of 153.3% on the prior year. The main drivers behind the result were strong headline pricing and a favorable exchange rate between the AUD and USD, increased volumes from Geelong and Tasmania (particularly as the Bell Bay mill increased volume to nameplate capacity), targeted supply acquisition contributing to improved margin, and increased chip trading volumes during the year securing additional lower margin earnings for the Group. The Group's balance sheet remains strong with net tangible assets of $1.65 per share, and the company is in a net cash position of $20.5M. A special dividend of 5.0 cents per share was paid in December 2023, and a fully franked special dividend of 14.5 cents and an ordinary dividend of 1.6 cents were declared in August 2024. The Geelong business performed strongly in FY24 due to margin improvement, while Tasmania volume increased by 284k GMT to 579k GMT as the mill reached full capacity. The Group's joint venture operation, SWF, was adversely impacted by lower sales volumes. Plantation management earnings remained consistent with the prior year, as costs associated with managing the remaining deferred settlement tranches following the sale of the plantation estate in FY2023 were incurred for the final full year.

The Group reported a net profit after tax from ordinary activities attributable to shareholders of $1.9M for the financial year ended 30 June 2024, an improvement of 153.3% on the prior year.