Announcement PDF Appendix4E Preliminary Final Report 1. Companydetails Name of entity: Sea Forest Limited ABN: 46 631 662 283 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Resultsforannouncementtothemarket % $ Revenues from ordinary activities up 485.5% to 4,983,726 Loss from ordinary activities after tax attributable to members down 40.4% to (5,419,231) Loss for the year attributable to members down 40.4% to (5,419,231) Comments During the period, the company strengthened its financial position through its listing on the ASX, continued revenue growth and sustained cost discipline, while reducing its operating losses. Key financial developments during the year included: • Sales revenue from contracts with customers increased almost six‑fold to $4,983,726 (2025: $851,159), reflecting the first year of commercial SeaFeed™ sales and an expanding customer base. SeaFeed™ revenue increased more than ten‑fold to $4,983,726 (2025: $488,802), with the balance of the prior period comparative comprising $362,357 of oyster spat revenue from activities that have since been exited; • Total income of $8,449,952 (2025: $6,518,830) also includes other income of $3,466,226 (2025: $5,667,671), the reduction reflecting no government grants in the current year (2025: $1,915,246) and a lower research and development incentive of $2,283,714 (2025: $3,151,193); • The loss after income tax reduced to $5,419,231 (2025: $9,090,241), driven by the growth in SeaFeed™ sales revenue and the exit of non core activities, which also resulted in a lower impairment charge on property, plant and equipment of $296,879 (2025: $1,527,845). • Net cash used in operating activities reduced to $4,635,616 (2025: $5,938,904), demonstrating improved operating leverage as revenue increased; • The company completed its initial public offering in November 2025, raising $20,500,000 at $2.00 per share to fund the next phase of commercialisation. After $1,513,975 in listing and related transaction costs and $604,486 in lease liabilitiesSyntax Warning: Invalid Font Weight repayment, financing activities delivered a net cash inflow of $18,381,539 (2025: $476,940 net outflow); • Disposalofhatcheryequipmentandmarineassetsgeneratedproceedsof$2,099,519,releasingcapitalfromnon‑coreoperations;and • Net assets increased to $39,750,954 (2025: $25,444,746), with $15,113,104 placed in term deposits with maturities of six to nine months as well as a closing cash balance of $12,643,391 providing funding for planned expansion. Annual Report 2026 i Appendix4E Preliminary Final Report (continued) 3. Nettangibleassets Reporting period Previous period Cents Cents Net tangible assets per ordinary security* 70.84 57.25 * Net tangible assets are calculated based on net assets excluding intangibles and all right‑of-use assets and lease liabilities. 4. Controlgainedoverentities Not applicable. 5. Lossofcontroloverentities Not applicable. 6. Dividends There were no dividends paid, recommended or declared during the current or previous financial period. 7. Dividendreinvestmentplans Not applicable.Syntax Warning: Invalid Font Weight 8. Detailsofassociatesandjointventureentities Not applicable. 9. Foreignentities Not applicable. 10. Auditqualificationorreview The Financial Report is currently in the process of being audited. The Annual Report for the year ended 30 June 2026 containing the Audit Report shall be provided in due course. 11. Attachments The unaudited Preliminary Financial Report of Sea Forest Limited for the year ended 30 June 2026 is attached. ii Sea Forest Limited Sea Forest Limited ABN 46 631 662 283 Appendix4E Preliminary FinancialReport FORYEARENDED30JUNE2026 Statement of Profit or Loss and Other Comprehensive Income 03 Statement of Financial Position 04 Statement of Changes in Equity 05 Statement of Cash Flows 06 Notes to the Financial Statements 07 Note 1. Material accounting policy information 07 Note 2. Revenue 08 Note 3. Other income 08 Note 4. Expenses 09 Note 5. Trade and other receivables 10 Note 6. Property, plant and equipment 10 Note 7. Trade and other payables 12 Note 8. Employee benefit liabilitiesSyntax Warning: Invalid Font Weight 12 Note 9. Issued capital 12 Note 10. Accumulated losses 13 Note 11. Dividends 14 Note 12. Earnings per share 14 Note 13. Events after the reporting period 14 Note 14. Audit 14 Contents Sea Forest Limited 02 Consolidated Note 2026 $ 2025 $ Sales revenue 2 4,983,726 851,159 Other income 3 3,466,226 5,667,671 Total income 8,449,952 6,518,830 Expenses Raw materials, consumables used and production cost (2,196,342) (511,196) Operating expenses (4,066,962) (2,922,064) Impairment of assets (296,879) (5,440,852) Depreciation and amortisation expense (1,247,286) (1,022,276) Employee benefits expense (5,864,557) (5,547,558) Finance costs (197,157) (165,125) Loss before income tax expense 4 (5,419,231) (9,090,241) Income tax expense – – Loss after income tax expense for the year attributable to the owners of Sea Forest Limited (5,419,231) (9,090,241) Other comprehensive income Items that will not be reclassified subsequently to profit or loss Foreign currency translation (23) – Other comprehensive income forSyntax Warning: Invalid Font Weight the year, net of tax (23) – Total comprehensive income for the year attributable to the owners of Sea Forest Limited (5,419,254) (9,090,241) Cents Cents Basic earnings per share 12 (10.4) (19.8) Diluted earnings per share 12 (10.4) (19.8) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. StatementofProfitorLossandOther ComprehensiveIncome For the year ended 30 June 2026 Annual Report 2026 03 Consolidated Note 2026 $ 2025 $ Assets Current assets Cash and cash equivalents 12,643,391 12,615,332 Term deposits 15,113,104 – Trade and other receivables 5 3,912,259 2,225,248 Prepayments 566,067 1,011,762 Inventories 413,501 770,367 Restricted cash 321,117 260,566 Total current assets 32,969,439 16,883,275 Non‑current assets Property, plant and equipment 6 12,304,379 14,712,814 Right‑of‑use assets 1,610,932 1,274,722 Total non‑current assets 13,915,311 15,987,536 Total assets 46,884,750 32,870,811 Liabilities Current liabilitiesSyntax Warning: Invalid Font Weight Trade and other payables 7 1,429,250 716,731 Lease liabilities 651,649 342,947 Employee benefits 8 1,780,592 739,848 Other 305,821 825,606 Total current liabilities 4,167,312 2,625,132 Non‑current liabilities Lease liabilities 920,549 1,712,925 Employee benefits 8 183,604 139,559 Deferred income 1,862,331 2,948,449 Total non‑current liabilities 2,966,484 4,800,933 Total liabilities 7,133,796 7,426,065 Net assets 39,750,954 25,444,746 Equity Issued capital 9 74,839,553 55,853,528 Reserves 2,810,605 2,071,191 Accumulated losses 10 (37,899,204) (32,479,973) Total equity 39,750,954 25,444,746 The above statement of financial position should be read in conjunction with the accompanying notes. StatementofFinancialPosition As at 30 June 2026 04 Sea Forest Limited Consolidated Issued capital $ Share based payment reserves $ Foreign currency translation reserve $ Accumulated losses $ Total equity $ Balance at 1 July 2024 55,853,528 1,273,196 – (23,389,732) 33,736,992 Loss after income tax expense for the year – – – (9,090,241) (9,090,241) Other comprehensive income for the year, net of tax – – – – – Total comprehensive income for the year – – – (9,090,241) (9,090,241) Transactions with owners in their capacity as owners: Share based payments – 797,995 – – 797,995 Balance at 30 June 2025 55,853,528 2,071,191 – (32,479,973) 25,444,746 Consolidated Issued capital $ Share based payment reserves $ Foreign currency translation reserve $ Accumulated losses $ Total equity $ Balance at 1 July 2025 55,853,528 2,071,191 – (32,479,973) 25,444,746 Loss after income tax expense for the year – – – (5,419,231) (5,419,231) Foreign currency translation – – (23) – (23) Total comprehensive income for the year – – (23) (5,419,231) (5,419,254) Transactions with owners in their capacity as owners: Share based payments – 739,437 – – 739,437 Issued capital 18,986,025 – – – 18,986,025 Balance at 30 June 2026 74,839,553 2,810,628 (24) (37,899,204) 39,750,954 The above statement of changesSyntax Warning: Invalid Font Weight in equity should be read in conjunction with the accompanying notes. StatementofChangesinEquity For the year ended 30 June 2026 Annual Report 2026 05 Consolidated Note 2026 $ 2025 $ Cash flows from operating activities Receipts from customers (inclusive of GST) 3,892,799 1,081,875 Payments to suppliers (inclusive of GST) (10,246,348) (10,092,846) Research and development incentives received 1,862,300 1,976,696 Government grants and subsidies (449,355) 322,211 Interest paid (131,380) – Interest received 436,368 773,160 Net cash used in operating activities (4,635,616) (5,938,904) Cash flows from investing activities Payments for property, plant and equipment 6 (657,899) (1,887,649) Proceeds from/(payments to) other related parties (50,730) 62,857 Proceeds from disposal of property, plant and equipment 2,099,519 828,234 Term deposits invested (19,108,754) – Term deposits released 4,000,000 7,069,335 Net cash (used in)/from investing activities (13,717,864) 6,072,777 Cash flows from financing activities PaymentsSyntax Warning: Invalid Font Weight for the costs of issuing capital (1,513,975) – Proceeds from issue of capital 20,500,000 – Repayment of lease liabilities (604,486) (476,940) Net cash from/(used in) financing activities 18,381,539 (476,940) Net increase/(decrease) in cash and cash equivalents 28,059 (343,067) Cash and cash equivalents at the beginning of the financial year 12,615,332 12,958,399 Cash and cash equivalents at the end of the financial year 12,643,391 12,615,332 The above statement of cash flows should be read in conjunction with the accompanying notes. StatementofCashFlows For the year ended 30 June 2026 06 Sea Forest Limited Note1. Materialaccountingpolicyinformation (a) Corporateinformation This Preliminary Financial Report covers Sea Forest Limited and its controlled entities (the Group). Sea Forest Limited (ASX: SEA) is a leading Australian environmental technology company utilising and replicating the science of methane‑abating Asparagopsis seaweed to deliver commercial climate solutions to agriculture and downstream supply chains. This Preliminary Financial Report does not include all the notes normally included in an annual financial report. Accordingly, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as the full Annual Financial Report. (b) Basisofpreparation This Preliminary Financial Report has been prepared in accordance with the recognition and measurement requirements of the Australian Accounting Standards and Interpretations and the Corporations Act 2001, but does not contain all of the disclosures required for a complete financial report. Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (IFRS). The accounting policies adopted in the preparation of this Preliminary Financial Report are consistent with those adopted in the Group’s annual financial report for the year ended 30 June 2025, unless otherwise stated. The financial report has been prepared on a historical costSyntax Warning: Invalid Font Weight basis, except where otherwise stated. The presentation currency of the Group is Australian dollars (AUD), which is also the functional currency of the parent entity. (c) Comparativeinformation Comparative information has been presented for the corresponding period in respect of all amounts shown in the Preliminary Financial Report, except where otherwise stated. Comparatives have been reclassified where necessary to ensure consistency with the current period presentation. Such reclassifications have had no effect on the Group’s reported profit or loss, net assets or cash flows. NotestotheFinancialStatements 30 June 2026 Annual Report 2026 07 NotestotheFinancialStatements (continued) Note2. Revenue Consolidated 2026 $ 2025 $ Revenue from contracts with customers Sales 4,983,726 851,159 DISAGGREGATIONOFREVENUE The disaggregation of revenue from contracts with customers is as follows: Consolidated 2026 $ 2025 $ Major product lines Sale of SeaFeed™ 4,983,726 488,802 Sale of Oyster Spat – 362,357 4,983,726 Syntax Warning: Invalid Font Weight 851,159 Geographical regions Australia 4,983,726 851,159 Timing of revenue recognition Goods transferred at a point in time 4,983,726 851,159 Note3. Otherincome Consolidated 2026 $ 2025 $ Government grants – 1,915,246 Research and development incentive 2,283,714 3,151,193 Interest income 769,270 627,241 Net gain/(loss) on disposal of property, plant and equipment 165,616 (82,629) Other income 247,626 56,620 3,466,226 5,667,671 08 Sea Forest Limited NotestotheFinancialStatements (continued) Note4. Expenses Loss before income tax from continuing operations includes the following specific expenses: Consolidated 2026 $ 2025 $ Raw materials, consumables used and production cost 2,196,342 511,196 Operating expenses Research and development1 1,085,414 664,918 Listing expenses 634,663 – Short‑term lease payments 64,110 82,544 General and administration 2,282,775 2,174,602 4,066,962 2,922,064 Impairment of assets Property, plant and equipment 296,879 1,527,845 Inventories written down to net realisable value – 3,913,007 296,879 5,440,852 Depreciation and amortisation expense Property, plant and equipment2 882,711 767,331 Right‑of‑use assets 364,575 254,945 1,247,286 1,022,276 Employee benefits expense Employee benefits expense3 4,686,722 4,269,034 Superannuation expense3 451,816 480,529 Share based payments expense3 726,019 797,995 5,864,557 5,547,558 Finance costs Interest and finance charges paid/payable on borrowings 82,896 1,641 Interest and finance charges paid/payable on lease liabilities 114,261 163,484 197,157 165,125 1 Research and development expense disclosed above excludes $5,477 (2025: $462,022) of research and development support costs attributable to production activities that were capitalised into inventory during the year. These costs will be recognised in cost of sales as the related inventory is sold in future reporting periods. 2 Depreciation expense above excludes $155,877 (2025: $583,774) of depreciation capitalised into inventory during the year, comprising $133,622 (2025: $583,774) in respectSyntax Warning: Invalid Font Weight of property, plant and equipment and $22,255 (2025: nil) in respect of right‑of‑use assets. The total depreciation charge for the year is disclosed in Note 6. 3 During the year, $247,425 (2025: $731,638) of employee‑related costs, including salaries, wages, superannuation costs and share based payments expense were capitalised as part of the cost of inventory and are therefore excluded from the expenses disclosed above. Annual Report 2026 09 NotestotheFinancialStatements (continued) Note5. Tradeandotherreceivables Consolidated 2026 $ 2025 $ Trade receivables 2,214,986 195,406 Less: Allowance for expected credit losses (16,000) – 2,198,986 195,406 Loan – Forever Foundation Limited 149,782 98,686 Other receivables 436,326 68,856 Research and development incentive receivable 1,127,165 1,862,300 3,912,259 2,225,248 Note6. Property,plantandequipment Consolidated 2026 $ 2025 $ Land and buildings – at cost 3,577,891 3,576,690 Less: Accumulated depreciation (57,797) (216,310) 3,520,094 3,360,380 Work in Syntax Warning: Invalid Font Weight progress – at cost 549,369 705,093 Leasehold improvements – at cost 326,653 326,653 Less: Accumulated depreciation (138,407) (105,741) 188,246 220,912 Plant and equipment – at cost 6,202,493 6,512,353 Less: Accumulated depreciation (2,500,146) (2,094,078) Less: Accumulated impairment (153,878) (153,878) 3,548,469 4,264,397 Marine infrastructure and equipment – at cost 2,690,756 6,051,988 Less: Accumulated depreciation (84,287) (801,381) Less: Accumulated impairment (1,839,622) (2,441,477) 766,847 2,809,130 Tanks and raceways – at cost 4,907,445 4,221,186 Less: Accumulated depreciation (1,176,091) (868,284) 3,731,354 3,352,902 12,304,379 14,712,814 10 Sea Forest Limited NotestotheFinancialStatements (continued) RECONCILIATIONS Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated Land and buildings $ Work in progress $ Leasehold improvement $ Plant and equipment $ Marine infrastructure and equipment $ Tanks & raceways $ Total $ Balance at 1 July 2024 3,248,272 405,678 244,325 4,351,595 5,390,852 2,974,255 16,614,977 Additions 174,573 294,886 9,068 781,849 – 627,273 1,887,649 Disposals – – – (927) (909,935) – (910,862) Impairment of assets – – – (153,878) (1,373,967) – (1,527,845) Transfers in/(out) – 4,529 – (4,529) – – – Depreciation expense (62,465) – (32,481) (709,713) (297,820) (248,626) (1,351,105) Balance at 30 June 2025 3,360,380 705,093 220,912 4,264,397 2,809,130 3,352,902 14,712,814 Additions 1,202 735,097 – 39,773 – 32,526 808,598 Disposals – – – (334,133) (1,692,390) – (2,026,523) Reclassification 175,716 – – – – – 175,716 Impairment of assets – – – – (296,879) – (296,879) Transfers in/(out) – (890,821) – 237,088 – 653,733 – Depreciation expense (17,204) – (32,666) (658,656) (53,014) (307,807) (1,069,347) Balance at 30 June 2026 3,520,094 549,369 188,246 3,548,469 766,847 3,731,354 12,304,379 During FY2025, the Board approved a strategic restructuring plan (26 March 2025) to transition the marine operations at Triabunna and the land‑based operations at Swansea to focus predominantly on research and development (R&D) activities. With the marine farm repositioned for research‑only purposes, the company commenced a program to streamline operations and reduce surplus marine infrastructure. As part of this optimisation, the carrying values of the relevant marine infrastructure assets were reviewed and a further impairment of $296,879 (2025: $1,527,845) was recognised during the reporting period to reduce the assets to their recoverable amounts in accordance with applicable accounting standards. In line with its strategic objectives, on 1 August 2025 the company sold the assets of its oyster business for $223,500 and entered into a management agreement with Southern Cross Marine Culture Pty Ltd (“Marine Culture”) for the operation of the oyster hatchery through to 30 June 2030. The company also completed the sale of the vessel Sea Captain to Huon AquacultureSyntax Warning: Invalid Font Weight for $1,800,000 (excl. GST) on 6 November 2025 and disposed of marine infrastructure assets totalling $28,717 (excl. GST) during the year. Note6. Property,plantandequipment(continued) Annual Report 2026 11 NotestotheFinancialStatements (continued) Note7. Tradeandotherpayables Consolidated 2026 $ 2025 $ Trade payables 488,495 305,533 Other payables 940,755 411,198 1,429,250 716,731 Note8. Employeebenefitliabilities Consolidated 2026 $ 2025 $ Current Employee benefit liabilities Annual leave provision 895,074 632,123 Accrued employee remuneration 850,920 48,429 Other liabilities 34,598 59,296 1,780,592 739,848 Non‑current Employee benefit liabilities Long service leave provision 183,604 139,559 Note9. Issuedcapital Consolidated 2026 Shares 2025 Shares 2026 $ 2025 $ Ordinary shares – fully paid 56,059,770 45,809,770 74,839,553 55,853,528 On the 26th of November 2025, the company listed on the Australian Stock Exchange (ASX: SEA) raising $20.5 million at $2.00 per share, with costs relating to the offer totallingSyntax Warning: Invalid Font Weight $2.1 million. Of these costs, $1.5 million was offset against issued capital and $0.6 million expensed in accordance with AASB 132. At the date of listing, the Company had 56.1 million ordinary shares on issue, of which approximately 44.4 million shares (79.1%) were subject to escrow arrangements in accordance with the terms of the relevant escrow agreements and applicable ASX requirements. Of these escrowed shares, 35.1 million were subject to escrow restrictions until the release of the Company’s FY2026 results, while the remaining 9.3 million shares were subject to a 24‑month escrow period. 12 Sea Forest Limited NotestotheFinancialStatements (continued) MOVEMENTSINORDINARYSHARECAPITAL Details Date Shares Issue price $ Balance 1 July 2024 45,809,770 55,853,528 Balance 30 June 2025 45,809,770 55,853,528 Issue of capital 26 November 2025 10,250,000 $2.00 20,500,000 Costs of raising capital – $0.00 (1,513,975) Balance 30 June 2026 56,059,770 74,839,553 ORDINARYSHARES Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. SHAREBUY‑BACK There is no current on‑market share buy‑back. DIVIDENDREINVESTMENT The company does not currently operate a dividend reinvestment plan; however, the Constitution permits the Directors to establish such a plan if determined appropriate. CAPITALRISKMANAGEMENT Theconsolidatedentity’sobjectiveswhenmanagingcapitalistosafeguarditsabilitytocontinueasagoingconcern,sothatitcanprovide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. Capital is regarded as total equity, as recognised in the statement of financial position,Syntax Warning: Invalid Font Weight plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. To maintain or adjust the capital structure, the consolidated entity may adjust the number of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The consolidated entity does not have any borrowings at year end. Note10. Accumulatedlosses Consolidated 2026 $ 2025 $ Accumulated losses at the beginning of the financial year (32,479,973) (23,389,732) Loss after income tax expense for the year (5,419,231) (9,090,241) Accumulated losses at the end of the financial year (37,899,204) (32,479,973) Note9. Issuedcapital(continued) Annual Report 2026 13 NotestotheFinancialStatements (continued) Note11. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Note12. Earningspershare Consolidated 2026 $ 2025 $ Loss after income tax attributable to the owners of Sea Forest Limited (5,419,231) (9,090,241) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 51,903,606 45,809,770 Weighted average number of ordinary shares used in calculating diluted earnings per share 51,903,606 45,809,770 Cents Cents Basic earnings per share (10.4) (19.8) Diluted earnings per share (10.4) (19.8) Note13. Eventsafterthereportingperiod On 28 July 2026, on the recommendation of the Remuneration and Nomination Committee, the Board approved an amendment to the rules of the Legacy Employee Option Plan and the Employee Incentive Plan to permit a cashless exercise election, under which a participantmayelecttoreceivesharestothevalueofthedifferencebetweenthemarketvalueofthesharesandtheaggregateexercise price, rather than paying the exercise price in cash. The amendment will be put to shareholders at the 2026 Annual General Meeting in accordance with ASX Listing Rule 6.23.4 and will not take effect unless approval is obtained. The amendment has no effect on the results or financial position of the consolidated entitySyntax Warning: Invalid Font Weight for the year ended 30 June 2026. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years. Note14. Audit The Financial Report is currently in the process of being audited. The Annual Report for the year ended 30 June 2026 containing the Audit Report shall be provided in due course. 14 Sea Forest Limited This page has been left blank intentionally. colliercreative.com.au #SEA0003 Annual Report 2026 15