Announcement PDF 1 FY26 Results 28 August 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 28 August 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 Agenda 1. Results highlights 2. Financials 3. Strategy & Outlook 4. Q&A 5. Appendix 4 Sam Elsom Teresa Garces Managing Director, CEO and Co-Founder Chief Financial Officer Sea Forest’s mission is to combat climate change through the mitigation of livestock methane whilst supporting livestock productivity 5 Results Highlights Sam Elsom (CEO) FY26 Financial Highlights (unaudited, preliminary results) Improved underlying EBITDA, reflecting strong revenue growth and continued demand for SeaFeed IPO and ASX Listing • 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 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. $5.0m SeaFeed Revenue Up 486% $(4.7)m EBITDA¹ Improved 44% $(3.1)m Underlying EBITDA² Improved 50% $3.4m Opex ex. one-offs Up 17% $(5.4)m Statutory NPAT Improved 40% 131,000 Total cattle under agreement $(4.6)m Operating cashflow Improved 22% $27.8m Cash & Cash on Deposits Up 120% 7 Placing SEA above threshold required for cashflow breakeven FY26 Operating Highlights 8 • New customer agreements: 131,000 feedlot cattle and an additional 198,000 cattle pastoral operation with delivery and pricing to be negotiated • Multi-year, commercial-scale SeaFeed trial with Woolworths, DIT AgTech and Teys Australia in Australian grass-fed cattle systems. If successfully validated, it would expand the addressable market to over 30 million grazing cattle1 • Global fashion brand Theory (Fast Retailing/Uniqlo Group) launched a low-carbon Regal Wool Collection, with 10,000 head of sheep supplemented with SeaFeed • Commissioning activities underway for Sea Forest's first regional mixing and distribution centre in Newcastle, NSW, adding capacity to service a further 300,000 head, with first production dispatch expected in September • Began commercial-scale trials with Mainstream Aquaculture, a leading Australian producer of barramundi, to assess the benefits of Asparagopsis in formulated feed • Customers are joining Sea Forest's registered Verra carbon project with carbon trading expected to be a new revenue stream for both Sea Forest and its customers from 3Q27. Domestic market International market Strong execution of strategy and continued commercial momentum across domestic and international markets • Strategic partnership with Belterra Agroflorestas marking Sea Forest’s entry into South America including the world’s largest market of Brazil2 • Exclusive partnership granting Oisix Ra Daichi rights to manufacture and distribute SeaFeed in Japan, establishing clear pathway to market entry and scale in the country • Joined Global Roundtable for Sustainable Beef, a leading global initiative founded by WFF and global industry leaders, aimed at advancing sustainability across the beef industry • In advanced discussions with potential customers in South Africa Notes: (1) https://www.abs.gov.au/statistics/industry/agriculture/australian-agriculture-livestock/latest-release; (2) 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 Financials Teresa Garces (CFO) P&L Statement 10 Unaudited For the period ended 30 June 2026 A$m FY26 FY251 Change (%) Product revenue 4.98 0.85 486 Other income 3.47 5.67 (39) Total income 8.45 6.52 30 Raw materials, consumables used & production costs (2.20) (0.51) 330 Total operating expenses Admin & corporate (2.34) (2.26) 4 Research & development (1.09) (0.66) 63 Operating expenses ex. one-offs (3.43) (2.92) 17 Listing expenses (0.63) - - Total operating expenses (4.06) (2.92) 39 Impairment of assets (0.30) (5.44) (95) Employee benefits expense (5.86) (5.55) 6 Finance costs (0.20) (0.17) 19 Depreciation and amortisation (1.25) (1.02) 22 Loss before income tax expense (5.42) (9.09) (40) Notes: (1) 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.. (2) Underlying EBITDA is a non-IFRS financial measure which excludes share- options amortisation, impairment charges and non-recurring items including IPO listing costs. • SeaFeed up 486% on pcp, reflecting continued growth in demand and supplementation volumes across customer base • FY25 product revenue included oyster spat sales, which were part of the decommissioned, non-core marine operations in line with strategy to focus capital and R&D on SeaFeed • Raw materials, consumables used and production costs increased 330% in line with higher SeaFeed sales volume • Underlying EBITDA2 improved 50% to $(3.1)m, reflecting strong revenue growth, partially offset by higher raw materials, production and operating costs. • Operating expenses increased 17% excluding non- recurring IPO listing costs of $635k, primarily driven by higher R&D costs • R&D increase reflects continued investment in scientific program including domestic and international trials, new delivery formats and early-stage aquaculture research. • FY25 includes a $1.5m impairment on the decommissioning of non-core marine operations and property, plant and equipment Highlights: Balance Sheet 11 Unaudited For the period ended 30 June 2026 A$m 30-Jun-26 30-Jun-251 Cash and cash equivalents 12.64 12.62 Cash on deposit 15.11 - Trade and other receivables 3.91 2.23 Prepayments 0.57 1.01 Inventories 0.41 0.77 Restricted cash 0.32 0.26 Total current assets 32.96 16.89 Property, plant and equipment 12.30 14.71 Right-of-use assets 1.61 1.27 Total non-current assets 13.91 15.98 Total assets 46.87 32.87 Trade and other payables 1.43 0.72 Lease liabilities 0.65 0.34 Employee benefits 1.78 0.74 Other 0.31 0.83 Total current liabilities 4.17 2.63 Lease liabilities 0.91 1.71 Employee benefits 0.18 0.14 R&D incentive - Deferred income 1.86 2.95 Total non-current liabilities 2.95 4.80 Total liabilities 7.12 7.43 Net assets 39.75 25.44 Issued capital 74.84 55.85 Reserves 2.81 2.07 Accumulated losses (37.90) (32.48) Total equity 39.75 25.44 • IPO raised $20.50m before capital raising costs, with $15.11m placed in term deposits, resulting in total liquidity (cash plus term deposits) of $27.76m at 30 June 2026 • Trade and other receivables increased largely reflecting the R&D tax incentive • Property, plant and equipment (PP&E) decreased following the divestment of non-core marine assets • PP&E is expected to increase as capex is deployed across distribution centres • Trade and other payables increased due to FY26 being the first year of commercial production and sale of SeaFeedTM Notes: (1) Comparative information has been presented for the corresponding period in respect of all amounts shown in the Preliminary Financial Report, except where otherwise stated. Comparatives have been reclassified where necessary to ensure consistency with the current period presentation. Such reclassifications have had no effect on the Group's reported profit or loss, net assets or cash flows. Highlights: Cash Flow 12 Notes: Notes: (1) Comparative information has been presented for the corresponding period in respect of all amounts shown in the Preliminary Financial Report, except where otherwise stated. Comparatives have been reclassified where necessary to ensure consistency with the current period presentation. Such reclassifications have had no effect on the Group's reported profit or loss, net assets or cash flows. (2) inclusive of GST Unaudited For the period ended 30 June 2026 A$m FY26 FY251 Change (%) Cash flows from operating activities Receipts from customers¹ 3.89 1.08 260 Payments to suppliers and employees2 (10.25) (10.09) 2 Research and development rebates 1.86 1.98 (6) Government grants and subsidies (0.45) 0.32 (239) Interest paid (0.13) - - Interest received 0.44 0.77 (44) Net cash used in operating activities (4.64) (5.94) (22) Cash flows from investing activities Payments for property, plant and equipment (0.66) (1.89) (65) Proceeds from / (Payments to) other related parties (0.05) 0.06 (181) Proceeds from disposal of property, plant and equipment 2.10 0.83 153 Term deposits released 4.00 7.07 200 Term deposits invested (19.11) - - Net cash from investing activities (13.72) 6.07 (326) Cash flows from financing activities Payments for the costs of issuing capital (1.51) - - Repayment of lease liabilities (0.61) (0.48) 27 Proceeds from issue of capital 20.50 - - Net cash from/(used in) financing activities 18.38 (0.48) (3954) Net increase/(decrease) in cash and cash equivalents 0.02 (0.34) (108) Cash and cash equivalents at the beginning of the financial year 12.62 12.96 (3) Cash and cash equivalents at the end of the financial year 12.64 12.62 0 • Customer receipts up 260% on pcp, reflecting continued commercial scale-up • Operating cash outflows improved 22% on pcp, including $1.63m of non-recurring items: • $0.49m repayment of unspent grant funds for previous year • $0.43m decommissioning costs for non-core marine operations • $0.63m IPO transaction costs • $0.08m other corporate costs • $2.1m in proceeds from disposal of non-core marine assets, including the sale of a vessel and marine infrastructure • Net cash inflow from financing activities driven by $20.50m of IPO proceeds raised in November 2025, partially offset by $1.51m of capital raising costs Highlights: Strategy & Outlook Sam Elsom (CEO) Significant Market Opportunity 14 $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 15 Sea Forest’s growth strategy is focused on:  Leading the Australian livestock feed additive market through contracts and partnerships with major beef and sheep 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  Providore Global  Avondale  TasLEL  Myton / Morrisons  ORFFA  Belterra Agroflorestas  Oisix Ra Daichi  USC Partnership  Deakin University Partnership Building Australia market leadership 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  Lead the Australian domestic beef and sheep market Horizon 1 Horizon 2 Horizon 3 Positioned to establish a strong presence in foreign markets Path to Market 16 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. 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 has applied for regulatory approval Brazil 238.0 million5 Sea Forest has applied for regulatory approval Achieved Outlook • Continuing to strengthen production capability and distribution network both domestically and internationally • Progressing regulatory approvals and customer trials across priority international jurisdictions o Advanced discussions underway with potential customers in South Africa • R&D team developing additional delivery mechanisms to facilitate wider adoption • Progressing additional revenue pathways across grazing and aquaculture o Woolworths, DIT AgTech and Teys Australia trial opens access to Australia’s 30 million1 head grazing livestock market, with discussions already underway with potential customers 17 Notes: (1) https://www.abs.gov.au/statistics/industry/agriculture/australian-agriculture-livestock/latest-release Q&A Thank you CONTACT: Aileen Bodart +61 432 160 136 aileen.bodart@sodali.com Appendix 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 SeaFeedTM 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: 21 Including SeaFeedTM into ruminant feed prevents hydrogen and carbon dioxide molecules combining in the rumen to form enteric methane (CH4), improving feed efficiency, boosting productivity and reducing methane emissions Note: (1) 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 1 When a cow eats grass or other fibrous plants, microbes inside the cow’s stomach, especially the rumen, use carbon and hydrogen from the formation of those plants to produce methane gas 2 The cow releases this methane gas into the atmosphere predominately through burping, as well as flatulence 3 SeaFeedTM prevents the formation of carbon and hydrogen atoms into methane by inhibiting a specific enzyme in the gut during the digestion of feed, reducing a cow’s methane production by 80%1 4 Research has found the carbon from the feed is redirected from methane to energy resulting in productivity gains The Science Behind SeaFeedTM 22 40+ peer reviewed scientific studies have proven the active ingredients in SeaFeedTM to be safe with no negative effect on quality in beef cattle, dairy cows or sheep Note: (1) ‘Primary literature studies testing Asparagopsis and bromoform_28.08.2025’. Uncompromised Product Quality: There is no impact on the taste or texture of products, ensuring quality remains uncompromised. SeaFeedTM is fed daily, creating customer retention from early mover advantage. Impact of SeaFeedTM inclusion on Methane Production1 The Science Behind SeaFeedTM: Safety and Quality Proven Safety and No Residues: SeaFeedTM has been tested in peer-reviewed trials with no negative impact on animal health, no abnormalities, and no residues in meat, or organs, even after more than five years of feeding. Global Regulatory Approvals: Fully approved for use in Australia and South Africa, with regulatory reviews underway in the European Union, United Kingdom and Brazil. 23 From Signed Supply Agreement to Recognised Revenue 24 Revenue is recognised progressively as cattle are inducted onto SeaFeed, not at the point an agreement is signed 1 Supply Agreement signed Customer signs an agreement for a defined number of head (e.g. 8,000) 2 Induction schedule agreed Sea Forest and the customer agree a weekly induction schedule, based on the rate of new animals entering the customer’s operation 3 Progressive induction Animals are introduced to SeaFeed as they enter the operation, like a feedlot at full occupancy, where one cohort enters as another exits 4 Revenue recognised on delivery Revenue is recognised as SeaFeed volumes are delivered against the induction schedule, not against the total agreed head count Illustrative example: 8,000-head agreement Head on SeaFeed Full supply volume Mth 1 Mth 2 Mth 3 Mth 4 Mth 5 Mth 6 Note: Supply agreements vary and induction timing is not standardised across customers. It is determined by herd size, cattle sourcing patterns, feedlot infrastructure and the pace of animal turnover in each operation Key Executives 25 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