Announcement PDF 1 1H26 Results 25 February 2026 Important Notice & Disclaimer This presentation has been prepared by Sea Forest Limited (ABN 46 631 662 283) (Company). Statements in this presentation are made only as at 25 February 2026 and the information in this presentation (Information) remains subject to change without notice. No responsibility is assumed for updating any Information or to inform any recipient of any new or more accurate information or any errors or misdescriptions of which the Company becomes aware. 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Acknowledgement of Country We acknowledge the Traditional Custodians of Country throughout Australia and their connections to land, sea and community.​ We pay our respects to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander People. 3 Sea Forest’s mission is to combat climate change through the mitigation of livestock methane whilst supporting livestock productivity Kingston Farm | Tasmania, Australia 4 Agenda Presenters: Sam Elsom (CEO) and Teresa Garces (CFO) 1. Results highlights 2. Financials 3. Strategy & Outlook 4. Q&A 5. Appendix 5 Results Highlights 6 Sam Elsom (CEO) 1H26 Financial Highlights Strong revenue growth and head commitments exceeding breakeven targets $2,168k Opex ex. one-offs $796k SeaFeedTM Revenue Up 236% $(2,002)k Underlying EBITDA2 Down 8% Up 24% $28,946k Cash & Cash on Deposits Up 129% Total head under agreement $(4,652)k Operating cashflow Improved 10% Up 117x 118,000 IPO and ASX Listing $(3,381)k EBITDA1 Down 26% • Listed and commenced trading on the ASX on 26 November 2025 • IPO raised $20.5 million at $2.00 per share • Supported by high quality Australian institutional investors, family offices and an international sustainability fund $(3,944)k Statutory NPAT Notes: (1) EBITDA is calculated as earnings before interest, tax, depreciation and amortisation, and excludes non-operating income and grant income. (2) ) Underlying EBITDA is a non-IFRS financial measure which excludes share- options amortisation, impairment charges and non- recurring items including IPO listing costs. Down 32% 1H26 Operating Highlights 8 Providore Agreement Belterra Partnership Oisix Ra Daichi Partnership • Three-year contract to supplement 12,000 head of cattle • Full cohort expected to be supplemented with SeaFeed by March 2026 • Supports continued domestic commercial adoption of SeaFeed • Multi-year, commercial-scale trial of SeaFeed in Australian grass-fed cattle systems • Conducted in NSW evaluating water- delivered and dry-lick formulations • Assessing productivity outcomes, alongside established methane reduction benefits • Successful validation supports commercial adoption and expands SeaFeed’s TAM to over 30 million grazing cattle1 • Commenced construction of first regional mixing and distribution centre in Newcastle • Enhances processing efficiency and distribution capability, driving cost savings • Expected to be completed 4Q26 Strong operating momentum with new domestic and international commercial agreements Providore Agreement Trial with Woolworths Group, DIT AgTech, and Teys Australia First Distribution Centre Notes: (1) https://www.abs.gov.au/statistics/industry/agriculture/australian-agriculture-livestock/latest-release 1H26 Operating Highlights 9 First Distribution Centre Global Roundtable for Sustainable Beef • Exclusive partnership granting OISIX rights to manufacture and distribute SeaFeed in Japan • The commitment will be assessed against agreed KPIs, including reaching 10,000 head on feed within a specified timeframe following SeaFeed’s registration within Japan • Establishes a clear pathway to market entry and scale in Japan • Joined GRSB, a leading global initiative advancing sustainability across the beef industry • Founded by WWF and global industry leaders including McDonald’s, JBS, Cargill and Walmart • Access to over 500 member organisations across producers, processors, retailers and service providers • Strategic partnership marking Sea Forest’s entry into South America including the key market of Brazil • Brazil is the the world’s largest livestock market, with 238 million head of cattle1 • SeaFeed to be deployed across Belterra’s producer network including Rio Capim Farmers Belterra Agroflorestas Partnership Oisix Ra Daichi (OISIX) Partnership Global Roundtable for Sustainable Beef (GRSB) Notes: (1) USDA Brazil https://usdabrazil.org.br/wp-content/uploads/2021/03/The-Brazilian-Bovine- Genetics-Market-and-US-Exports_Brasilia_ Brazil_03-01-2021-1.pdf Strong operating momentum with new domestic and international commercial agreements Financials 10 Teresa Garces (CFO) P&L Statement 11 • SeaFeed revenue of $796k, up 236% on pcp (1H25: $237k) • Product revenue in 1H25 included $176k from oyster spat sales, which were part of the decommissioned, non-core marine operations, in line with the strategy to focus capital and R&D on SeaFeed • Underlying EBITDA1 down 8% on pcp, reflecting higher cost of sales in line with increased SeaFeed sales, and higher other expenses • Operating expenses increased, due to higher cost of sales and non-recurring IPO listing costs • Asset impairment relates to the decommissioning of non-core marine operations • Employee benefits expense decreased 16%, driven by headcount reductions from transition away from non-core marine operations $000 1H26 1H25 Change (%) Product revenue 796 413 93 Other revenue 1,968 2,620 (25) Total revenue 2,765 3,033 (9) Cost of sales (640) (119) 438 General & administration expense (787) (841) (6) R&D expense (596) (722) (18) Other expenses (145) (63) 130 Operating expenses ex. one-offs (2,168) (1,745) 24 Listing expenses (635) - - Total operating expenses (2,803) (1,745) 61 Impairment of assets (297) (236) 26 Employee benefits expense (2,831) (3,371) (16) Finance costs (154) (230) (33) Depreciation and amortisation (624) (441) 42 Total expenses (6,709) (6,023) 11 Loss before income tax expense (3,944) (2,990) 32 Notes: (1) Underlying EBITDA is a non-IFRS financial measure which excludes share- options amortisation, impairment charges and non-recurring items including IPO listing costs.. Cash Flow 12 • Customer receipts of $700k, up 278%, reflecting continued commercial scale up • Operating cash outflows improved by 10% on pcp or $502k, including $949k of non-recurring items: • $184k decommissioning costs for non-core marine operations. • $131k transfer of oyster hatchery operations • $635k of IPO transaction costs • $2.1m in proceeds from disposal of non-core marine assets including the sale of a vessel and marine infrastructure • Total IPO transaction costs of $2.1m of which $1.5m was recorded in financing activities with the remaining $635k expensed Notes: (1) inclusive of GST $000 1H26 1H25 Change (%) Cash flows from operating activities Receipts from customers1 700 185 278 Payments to suppliers and employees1 (5,449) (5,925) (8) Government grants and subsidies - 139 (100) Interest paid (95) (28) 239 Interest received 193 476 (60) Net cash used in operating activities (4,652) (5,153) (10) Cash flows from investing activities Payments for property, plant and equipment (107) (1,385) (92) Proceeds from / (Payments to) other related parties (50) 64 (178) Proceeds from disposal of property, plant and equipment 2,075 - 100 Term deposits (19,000) 7,443 (355) Net cash from investing activities (17,082) 6,121 (379) Cash flows from financing activities Payments for the costs of issuing capital (1,514) - (100) Repayment of lease liabilities (30) (12) 150 Proceeds from issue of capital 20,500 - 100 Net cash from/(used in) financing activities 18,956 (12) n/m Net increase/(decrease) in cash and cash equivalents (2,778) 956 (391) Cash and cash equivalents at the beginning of financial half-year 12,615 12,958 (3) Cash and cash equivalents at the end of financial half-year 9,837 13,914 (29) Balance Sheet 13 • IPO raised $20.5 million before capital raising costs with $19.0 million placed in term deposits (6-9 months maturities), resulting in total liquidity of $28.9 million • Trade and other receivables increased mainly due to the R&D tax incentive, with ~ $1.8m relating to FY25 expected in 3Q26 • Property, plant and equipment (PP&E) decreased following divestment of non-core assets • PP&E is expected to increase as capex is deployed across distribution centres $000 31-Dec-25 30-Jun-25 Cash and cash equivalents 9,837 12,615 Cash on deposit 19,109 - Trade and other receivables 3,128 2,225 Prepayments 404 198 Inventories 593 770 Restricted cash 261 261 Total current assets 33,332 16,069 Property, plant and equipment 12,061 14,713 Right-of-use assets 1,161 1,275 Total non-current assets 13,222 15,988 Total assets 46,554 32,057 Trade and other payables 1,232 824 Lease liabilities 375 343 Employee benefits 642 632 Other 309 826 Total current liabilities 2,558 2,625 Lease liabilities 915 899 Employee benefits 135 140 R&D incentive - Deferred income 2,012 2,948 Total non-current liabilities 3,062 3,987 Total liabilities 5,620 6,612 Net assets 40,934 25,445 Issued capital 74,840 55,854 Share-based payments reserve 2,518 2,071 Accumulated losses (36,424) (32,480) Total equity 40,934 25,445 Strategy & Outlook 14 Sam Elsom (CEO) Significant Market Opportunity 15 $58.8 $90.7 2024 2032 Global Livestock Feed Supplement Market1 ▪ Over 3 billion livestock globally2 ▪ Increasing demand for animal-based proteins driven by population growth and shifting consumer preferences toward more sustainable meat production3 ▪ Broad customer base across primary producers and distribution partners ▪ Downstream corporates (food, beverage and fashion) are actively investing in lower emission supply chains, with major brands funding on-farm emissions reduction initiatives. ▪ Additional opportunity through carbon credits, estimated at up to $0.16 per head per day4 for animals using SeaFeed CAGR: 5.7% Global livestock feed supplement market to reach $90.7 billion in 2032 Notes: (1) USD/AUD exchange rate of $0.67. https://www.marketresearch.com/DataM-Intelligence-4Market-Research-LLP-v4207/Global-Animal-Feed-Supplements-41430446/. (2) https://www.statista.com/statistics/263979/global-cattle-population-since-1990/, https://www.ciwf.org.uk/media/5235182/Statistics-Dairy-cows.pdf, https://iwto.org/sheep-wool/. (3) https://www.oecd.org/en/publications/2025/07/oecd-fao-agricultural-outlook-2025-2034_3eb15914/full-report/meat_5462e384.html. (4) Assumes generic carbon price per tonne of $40.00. Australian Government Clean Energy Regulator, Carbon Market Report, June Quarter 2025 Key Market Drivers Growth Strategy 16 Sea Forest’s growth strategy is focused on: ▪ Leading the Australian livestock feed additive market through contracts and partnerships with major beef and dairy producers ▪ Expanding through corporate and supply chain partnerships ▪ Growing global footprint via regulatory approvals and distribution partnerships ▪ Developing complementary long-term product lines and entering new markets ✓ Chadwick Consolidated Group ✓ Teys Cargill ✓ Ashgrove Farms ✓ Providore Global ✓ Myton / Morrisons ✓ ORFFA ✓ Belterra Agroglorestas ✓ Oisix Ra Daichi ✓ USC Partnership ✓ Deakin University Partnership Building market leadership in Australia while expanding globally Australian cattle market provides clear path to profitability ▪ Product innovation, including SeaFeed Sustain & Hybrid ▪ Aquaculture ▪ Nutraceuticals R&D ▪ Global expansion through international partnerships and the establishment of facilities in key growth regions ▪ Regulatory approvals underway ▪ Dominate the Australian domestic beef and dairy cattle market Horizon 1 Horizon 2 Horizon 3 Positioned to establish a strong presence in foreign markets Path to Market 17 Jurisdiction Head of Cattle Initial Discussions Regulatory Approval Trials Commenced In Market Australia 30.0 million1 Africa 49 million2 United Kingdom 9.4 million3 Sea Forest has applied for regulatory approval European Union 72.0 million4 Sea Forest is in the process of applying for regulatory approval Brazil 238.0 million5 Sea Forest is in the process of applying for regulatory approval Achieved Notes: (1) https://www.abs.gov.au/statistics/industry/agriculture/australian-agriculture-livestock/latest-release. (2) https://www.statista.com/statistics/1290046/cattle-population-in-africa-by- country/#:~:text=Countries%20with%20the%20largest%20cattle,Already%20have%20an%20account. (3) https://ahdb.org.uk/news/beef-lamb-market-update-defra-s-june-survey-shows-uk-beef-and-sheep-populations-at-historic-lows. (4) https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20250626-1. (5) https://usdabrazil.org.br/wp-content/uploads/2021/03/The-Brazilian-Bovine-Genetics-Market-and-US-Exports_Brasilia_Brazil_03-01-2021-1.pdf. Outlook • Continuing to strengthen production capability and distribution network • Advancing regulatory approvals and customer trials across priority international jurisdictions • R&D team is developing additional delivery mechanisms to facilitate wider adoption • Woolworths, DIT AgTech and Teys Australia trial opens access to Australia’s 30 million1 head grazing livestock market, with early discussions underway with potential customers • Aquaculture feed efficiency trials at Deakin University confirm 30% increases in growth rates. Next stage of research will assess increased heat resistance, improved immune response, and potential reductions in time on farm 18 Notes: (1) https://www.abs.gov.au/statistics/industry/agriculture/australian-agriculture-livestock/latest-release Q&A 19 Thank you CONTACT: Aileen Bodart +61 432 160 136 aileen.bodart@sodali.com Appendix 21 Key Executives 22 Experienced Board and Management Team Sam Elsom Teresa Garces Prof. Emeritus Rocky de Nys Dr Louise Edwards Managing Director, CEO and Co- Founder Chief Financial Officer Chief Scientific Officer Head of Product Development & Regulatory Affairs John McKillop Stephen Turner Brent Wallace Jules Scarlett Roger Millichamp Non-Executive Chair Executive Director and Co- Founder Non-Executive Director Non-Executive Director Non-Executive Director Value Generating For producers, processors, brands and retailers delivering $0.74 value creation per head per day2 Scalable Without disrupting existing farming practices through flexible delivery formats including oil, pellets and lick blocks Safe No adverse effects on animal health with support from leading livestock nutritionists Efficacious Delivers measurable emissions reduction that is both economical and efficient for customers Benefits of SeaFeed Rumen disruption is profitable for producers, processors, brands and retailers and essential for achieving enteric methane abatement Key Benefits Livestock Suitability Certifications 6% $0.74 80% Increase in beef productivity1 Gross value created per head of cattle per day2 Abates up to 80% of enteric methane3 Grain Fed Dairies Pasture Fed Delivers SBTi’s VERRA 0041 compliant FAMI QS certified Notes: (1) George MM, Platts S V, Berry BA, Miller MF, Carlock AM, Horton TM, George MH. 2024. Effect of SeaFeed, a canola oil infused with Asparagopsis armata, on methane emissions, animal health, performance, and carcass characteristics of Angus feedlot cattle. Translational Animal Science. 8:txae116. doi:10.1093/tas/txae116. (2) Gross value before costs. George M, 2025. Efficacy, safety and economic return of SeaFeedTM in cattle. (3) Cowley et al 2024: 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 The SeaFeedTM product is: 23