Announcement PDF ASX Announcement 28 October 2026 Page | 1 1Q27 QUARTERLY UPDATE HIGHLIGHTS • Revenue up 67% on 4Q26 to $3.4 million • Net cash inflows from operating activities of $0.24 million • Distribution agreement signed with Teys Australia, with the parties working towards an indicative target of 480,000 head of cattle by 30 June 2027 (post-quarter end) Sea Forest Limited (ASX:SEA) (Sea Forest or the Company) today announces its quarterly results and cash flow for the period ended 30 September 2026 (1Q27). FINANCIAL UPDATE Revenue received from SeaFeed™ sales for the quarter increased 67% on 4Q26 to $3.4 million, reflecting continued growth in SeaFeed™ supplementation volumes across Sea Forest’s customer base. At 30 September 2026, the Company had 131,000 head of cattle under agreement, unchanged on the prior quarter, with cattle progressively being inducted onto SeaFeed™ supplementation. Sea Forest recorded net cash inflows from operating activities of $0.24 million for the quarter supported by higher customer receipts and interest received (4Q26: $0.75 million, which had included a one-off $1.9 million R&D tax incentive refund). Payments to related parties and their associates during the quarter were $0.6 million. These payments comprised remuneration and short-term incentives for executive and non-executive directors, including superannuation, all paid in the normal course of business and excluding reimbursements of out-of-pocket expenses. Sea Forest ended the quarter with a cash balance of $12.6 million (4Q26: $12.6 million) and an aggregate position of $27.7 million (4Q26: $27.6 million). This strong financial position provides a solid foundation for the Company’s long-term growth strategy, continued product commercialisation and market expansion activities. OPERATIONAL UPDATE DISTRIBUTION AGREEMENT WITH TEYS AUSTRALIA (POST-QUARTER END) On 7 October 2026, Sea Forest announced that it had signed a distribution agreement with one of Australia’s leading beef processors and exporters, with the parties working towards an indicative target of 480,000 head of cattle to be supplemented with SeaFeed by 30 June 2027. Page | 2 MANAGEMENT COMMENTARY Sea Forest Managing Director, Chief Executive Officer and Co-Founder, Sam Elsom, said: “FY27 commenced with another quarter of net cash inflows ahead of the transition to our new distribution arrangements.” “The Distribution agreement is a transformational commercial milestone for Sea Forest. Partnering with one of Australia’s leading beef processors validates the strength of SeaFeedTM and demonstrates the industry’s commitment to sustainable, science-backed innovation. Combining Teys Australia’s distribution reach and customer relationships with Sea Forest’s product and operational expertise, the partnership is intended to support adoption at scale and accelerate industry led uptake of methane reduction technology across the Australian beef sector.” “Sales adoption during the period reflected the transition to the new distribution arrangements with Teys. During this transition, the parties have been working collaboratively to agree implementation arrangements for the broader rollout of SeaFeedTM to deliver the volume targets contemplated by the Distribution Agreement. Those targets are collaborative and indicative and are subject to the conditions set out in the agreement.” “Internationally, discussions with potential customers in South Africa are continuing, while regulatory approval in Brazil is progressing.” USE OF FUNDS The Company is well funded to achieve its strategic objectives and planned activities. The table below summarises the use of funds for the period ended 30 September 2026, compared with the intended use of funds outlined in Section 7.1.4 in the Company’s Prospectus. Use of Funds for the period 1 July 2025 – 30 September 2026 Prospectus allocation $’000 Utilised amounts $’000 Balance remaining $’000 1Q27 movement (outflow)/ inflow Capital expenditure to expand production 17,591 (971) 16,620 (313) Product innovation and IP (agriculture and aquaculture SeaFeedTM products) 3,474 (427) 3,047 (136) Product registration and approvals 400 (120) 280 (50) Voluntary Carbon Project 632 (88) 544 (36) Working capital and overheads 9,279 (11,760) (2,481) (3,486) Expenses of the offer 2,000 (2,149) (149) - Interest received - 678 678 242 R&D tax incentive refund 1,862 1,862 - Revenue from customers - 7,342 7,342 3,449 Total 33,376 (5,633) 27,743 (330) Less: Restricted cash (261) 201 (60) 261 TOTAL 33,115 (5,432) 27,683 (69) Page | 3 The Company has presented its Use of Funds from 1 July 2025 to align with the approach used in the Prospectus, where IPO proceeds and the existing cash balance were treated as a single pool of available funding. Reporting from the start of the half‑year ensures all expenditure drawn from this combined funding base is captured consistently and reconciles directly to the statutory cash flow statement. This announcement has been authorised by the Board of Sea Forest Limited. INVESTOR AND MEDIA ENQUIRIES Aileen Bodart +61 432 160 136 Aileen.bodart@sodali.com ABOUT SEA FOREST 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. Its proprietary product, SeaFeed™, has been scientifically formulated to replicate the bioactive compounds of Asparagopsis and is proven to reduce methane emissions in ruminant livestock by up to 80%1 while creating positive economic outcomes for producers. Sea Forest has three Australian sites located across Tasmania and New South Wales, while its land-based cultivation solution is also supplying trials in the UK, Europe, and South America. The B-Corp certified company is also expanding its research and development capability to deliver aquaculture and nutraceutical solutions to industry. For more information, please visit: https://www.seaforest.com.au/ FORWARD LOOKING STATEMENTS AND DISCLAIMER This announcement contains forward looking statements. Such statements are based on current expectations and assumptions and are subject to risks, uncertainties and other factors, including regulatory, technical, commercial and market risks, that could cause actual results to differ materially from those expressed or implied. Sea Forest Limited does not undertake any obligation to update forward looking statements, subject always to its obligations under the ASX Listing Rules and the Corporations Act 2001 (Cth). 1 Cowley FC, Kinley RD, Mackenzie SL, Fortes MRS, Palmieri C, Simanungkalit G, Almeida AK, Roque BM. 2024. Bioactive metabolites of Asparagopsis stabilized in canola oil completely suppress methane emissions in beef cattle fed a feedlot diet. Journal of Animal Science. 102:skae109. doi:10.1093/jas/skae109 Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity Sea Forest Limited ABN Quarter ended (“current quarter”) 46 631 662 283 30 September 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 3,449 3,449 1.2 Payments for (a) research and development (223) (223) (b) product manufacturing and operating costs (602) (602) (c) advertising and marketing (48) (48) (d) leased assets - - (e) staff costs (2,021) (2,021) (f) administration and corporate costs (542) (542) 1.3 Dividends received (see note 3) - - 1.4 Interest received 242 242 1.5 Interest and other costs of finance paid (13) (13) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 242 242 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (g) entities (h) businesses - - (i) property, plant and equipment (313) (313) (j) investments - - (k) intellectual property - - (l) other non-current assets - - 2.2 Proceeds from disposal of: - - (m) entities (n) businesses - - Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 (o) property, plant and equipment 33 33 (p) investments - - (q) intellectual property - - (r) other non-current assets - - 2.3 Cash flows from loans to other entities 30 30 2.4 Dividends received (see note 3) - - 2.5 Other (term deposits with maturities greater than 3 months) - - 2.6 Net cash from / (used in) investing activities (250) (250) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Lease Liability payments) (61) (61) 3.10 Net cash from / (used in) financing activities (61) (61) 4 Net increase / (decrease) in cash and cash equivalents for the period 12,643 12,643 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 242 242 4.3 Net cash from / (used in) investing activities (item 2.6 above) (250) (250) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (61) (61) 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 12,574 12,574 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 2,981 5,465 5.2 Call deposits 9,593 7,178 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) *12,574 *12,643 * In addition to the cash and cash equivalents balance above as at 30 Sept 2026, the Company holds an additional $15.11 million in term deposits with maturity terms ranged between 6 months and 9 months, classified in the statement of financial position as short-term investments in accordance with AASB. 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 604 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. The amounts included in 6.1 includes Directors fees, salaries and bonus (including superannuation) for the directors, executive directors fees and related parties. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 242 8.2 Cash and cash equivalents at quarter end (item 4.6) 12,574 8.3 Unused finance facilities available at quarter end (item 7.5) - 8.4 Total available funding (item 8.2 + item 8.3) 12,574 8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. *In addition to the cash and cash equivalents balance noted above at 8.4, the Company holds an additional ~$15.11 million in term deposits, classified in the statement of financial position as short- term investments in accordance with AASB, due to the maturity date being greater than 3 months. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 October 2026 Authorised by: Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively