Announcement PDF AnnualReport2026 Maximisingagriculturalreturns. Minimisinggreenhouseemissions. Contents AboutSeaForest 02 RoadmapforScaleandGrowth 04 FY26ResultsHighlights 06 ChairandCEO’sReport 08 FinancialReview 12 Directors’Report 25 BoardandKeyManagement 29 FinancialReport 53 CorporateDirectory 98 Sea Forest acknowledges the Traditional Owners of the land and waters on which we work, live and sail, and recognise their continuing connection to land, water and culture. We pay respect to Elders past and present. SEA FOREST HRAP CULTIVATION TANKS, SWANSEA, TASMANIA OURVISION To lead the mitigation of climate change as the enabling force in sustainable agriculture. OURMISSION To combat climate change through the mitigation of livestock methane and to be an enabling force behind sustainable agriculture, generating more food with fewer resources. SEAFEED™ SUPPLEMENT FORMATS Welcome to Sea Forest’s first Annual Report as an ASX-listed company. FY26 was the year that mission moved from trials and research into commercial supply at scale and delivering against the company’s key strategic milestones. In the pages that follow we set out what we achieved, what remains in progress, and what we are focused on in FY27. 01 Annual Report 2026 AboutSeaForest STRATEGIC REPORT Sea Forest’s proprietary product, SeaFeed™, replicates the bioactive, methane-abating properties of the red seaweed Asparagopsis and is scientifically formulated to support a significant reduction in enteric methane emissions from ruminant livestock, while supporting optimal rumen function and without compromising animal welfare. Ourjourney Founded in Tasmania in 2018, Sea Forest has progressed from early-stage research to manufacturing and distributing SeaFeed™ at commercial scale: 2018to2020 Research and development of the SeaFeed™ product 2021to2022 Acquisition of production and research infrastructure at Triabunna and Swansea, Tasmania 2023to2024 Customer trials across the beef, dairy and wool sectors 2025 First commercial feedlot supply agreements established, and transitioned to a manufactured product replicating the bioactives of Asparagopsis SEA FOREST SWANSEA OPERATIONS Sea Forest Limited 02 HowSeaFeed™works Livestock methane is one of the largest single contributors to global greenhouse gas emissions, and one of the most addressable. Methane production in the rumen is also energy-intensive, with between two percent and twelve per cent of gross energy intake lost as methane during enteric fermentation.1 SeaFeed™ works by inhibiting methane formation in the rumen. This helps retain energy for the animal that would otherwise be lost as methane. For producers, this supports two complementary benefits. The first is support for digestive function, nutrient utilisation and consistent animal condition, as part of a balanced feeding program. The second is support for a significant reduction in enteric methane emissions, which can assist producers to build low-emission supply chains and meet sustainability targets. Ourcompetitiveposition This has given Sea Forest a competitive position underpinned by: • Commercial adoption across Australian feedlots; • A body of science supported directly and indirectly by over 40 peer-reviewed papers2; • Purpose-built manufacturing facilities and intellectual property; and • An early-mover position in ruminant methane abatement. 1. Johnson, K.A. and Johnson, D.E. (1995), “Methane emissions from cattle”, Journal of Animal Science, 73(8), 2483-2492. https://doi. org/10.2527/1995.7382483x. The paper reports a range of 2% to 12% of gross energy intake, which varies with diet and level of intake. 2. Sea Forest index of primary literature testing Asparagopsis and bromoform, maintained by the Chief Scientific Officer. The index dated 28 August 2025 recorded 38 papers. An updated index has been provided by the CSO to support the figure above 40. 3. Meat & Livestock Australia, cattle distribution across Australia. Businessmodelandrevenue Sea Forest generates revenue from the sale of SeaFeed™ to livestock producers, driven by the number of livestock supplemented and the duration of supplementation. Contracts are typically priced per kilogram, with order volumes aligned to the feed rations required to dose the customer’s herd. The Company targets three customer groups: primary producers who raise and manage livestock directly; supply chain integrators such as feed manufacturers, distributors and logistics providers; and downstream corporate customers and consumer brands seeking to reduce Scope 3 emissions across their supply chains. Ourfootprint Sea Forest is headquartered on a six-hectare site in Triabunna, Tasmania, housing its manufacturing operations and a research facility spanning both laboratory and commercial scale. Additional infrastructure includes a 30-hectare facility at nearby Swansea, including external ponds, as well as 1,800 hectares of marine leases. The Company has also secured a 1,500 square metre distribution centre at Mayfield, Newcastle, where fit-out was underway at 30 June 2026 and commissioning commenced after the end of the financial year. Near-termgrowthfocus Our near-term focus is deepening adoption within the Australian cattle industry, with Queensland and New South Wales key markets given they account for approximately 44% and 18% of the national cattle herd respectively.3 Beyond Australia, South Africa, the United Kingdom, the European Union and Brazil are strategic growth markets, given their large livestock industries, decarbonisation focus, and Sea Forest’s existing commercial relationships in each region. New distribution centre secured 1,500 sqm MAYFIELD, NEWCASTLE Annual Report 2026 03 RoadmapforScaleandGrowth Enable Grow Protect Securing regulatory approvals across priority markets and establishing key commercial partnerships that open access to those markets. Commercial expansion in Australia and internationally, to lead the Australian market and build a commercial presence in the other geographies where Sea Forest operates. Building a sustainable competitive position through brand investment, intellectual property, product innovation and an experienced team. KINGSTON FARM, CONARA, TASMANIA Strategicpillars Sea Forest’s growth strategy is organised around three interdependent pillars: 04 Sea Forest Limited FY26prioritiesandprogress 4. MLA’s projects the national herd at 30.78 million for 2026. Record beef production expected as national herd remains above 30 million in 2026: MLA Cattle Industry Projections 2026 | Meat & Livestock Australia. REGULATORY APPROVALS Sea Forest made progress across multiple jurisdictions during FY26. SeaFeed™ has full market access in Australia and South Africa; Sea Forest’s Brazilian regulatory submission has been lodged; EU trials are underway in partnership with Orffa; the UK pathway is linked to the EU outcome; and in Japan, preparatory work for a regulatory submission is underway with Oisix Ra Daichi. COMMERCIAL PARTNERSHIPS Sea Forest expanded its customerbaseacrossdomestic feedlotandgrazingoperations during FY26, with 131,000 headoffeedlotcattleunder agreement,198,000pastoral cattleunderagreementbut notyetsupplementedand 14,000sheep.Internationally, SeaForestenteredastrategic partnership with Belterra Agroflorestasmarkingitsentry into the South American market, and an exclusive partnership with Oisix Ra Daichi to manufacture and distribute SeaFeed™ in Japan. Fast Retailing’s Theory brand launched a low-carbon Regal Wool Collection with SeaFeed™, reinforcing Sea Forest’s reach beyond cattle into sheepandfibresupplychains. INFRASTRUCTURE During FY26, Sea Forest secured its first regional mixinganddistributioncentre site, at Mayfield, Newcastle. Fit-out was underway at 30 June 2026, with first production dispatch expected in September 2026. Once operational, the centre is expected to provide the Company direct access to key customers and suppliers in the region, as well as reduce logistics costs and delivery times from Tasmania. TRIALS The Company launched a multi-year, commercial-scale trial with Woolworths Group, DIT AgTech and Teys Australia in Australian grass-fed cattle systems. If successfully validated, this would expand Sea Forest’s addressable market to over 30 million grazing cattle4. Sea Forest also began commercial-scale trials with Mainstream Aquaculture, a leading Australian producer of barramundi, to assess the benefits of Asparagopsis in formulated aquaculture feed, an early signal Sea Forest’s potential beyond livestock. SEAFEED™AMPLIFY The primary commercial product for feedlot total mixed rations. LICKBLOCKFORMATS Commercialised during FY26, extending SeaFeed™ into grazing and pastoral systems that cannot be serviced by ration delivery. LIQUIDPREMIX In pilot production with third-partyfeedmanufacturers and feedlots, reducing the capitalintensityofSeaForest’s own distribution footprint. WATERDELIVERY An alternative administration pathway in early trials with Woolworths and DIT AgTech, aimed at further simplifying adoption for pasture-based systems. Innovationandresearchpipeline Sea Forest also progressed a multi-bioactive, next-generation product platform and lodged a PCT patent application (published March 2026) covering anti-methanogenic compositions, with national-phase filings planned. Exploratory work continued into adjacent applications for Sea Forest’s biomass and bioactives, including aquaculture feed trials with Mainstream Aquaculture and early-stage nutraceutical and cosmetic ingredient development. 05 Annual Report 2026 FY26ResultsHighlights FinancialPerformance Sales revenue, all derived from SeaFeed™ $4.9m UP 485.5% Underlying EBITDA $(3.8)m IMPROVED 46% Statutory NPAT $(5.4)m IMPROVED 40% Total cattle under agreement 131,000 FY26 marked Sea Forest’s transition from a pre-revenue research and cultivation business to a commercial-scale manufacturer and supplier of livestock feed additives. For the financial year ended 30 June 2026 (FY26), its first year as an ASX-listed company, Sea Forest delivered strong revenue growth and continued commercial momentum, reflecting the progressive rollout of SeaFeed™ across a growing customer base. Note: Underlying EBITDA is a non-IFRS financial measure that has not been audited. It excludes non-recurring IPO listing costs and impairment of property, plant and equipment. It is not a substitute for the statutory result, to which it is reconciled in the Financial Review. 06 Sea Forest Limited Operating cashflow $(4.6)m IMPROVED 22% Cash & Cash on Deposits $27.7m UP 120% Sea Forest secured its first regional mixing and distribution centre at Mayfield, Newcastle, the first significant deployment of IPO funds. Fit-out was underway at 30 June 2026, commissioning commenced after the end of the financial year and first production dispatch is expected in September 2026. PROVIDORE, TALLAWANTA NSW 07 Annual Report 2026 Dear Shareholders, It has been a defining year for Sea Forest, marked by our successful listing on the Australian Securities Exchange (ASX) in November 2025. Our ASX listing marks the transition of Sea Forest from an emerging innovator to a publicly listed company positioned to scale its impact across the livestock industry. It reflects the strength of our business, the trust of our customers and shareholders, and the dedication of our people. 5. MLA’s projects the national herd at 30.78 million for 2026. Record beef production expected as national herd remains above 30 million in 2026: MLA Cattle Industry Projections 2026 | Meat & Livestock Australia. Listing has given us the platform to scale production and supplementation, and to expand domestically and into new international markets. Above all, it allows us to keep supporting the farmers and producers we work with, and to prove that Australia can lead the world in climate-smart agriculture. FINANCIALPERFORMANCE Our FY26 financial results reflect accelerating commercial traction for SeaFeed™. We ended the year with 131,000 head of cattle under agreement, ahead of the threshold required for cashflow breakeven, driven by a number of new agreements signed during the year. Cattle under agreement are inducted onto SeaFeed™ progressively, and revenue is recognised as volumes are delivered against the agreed induction schedule. Sales revenue increased 485.5% on FY25 to $4,983,726, reflecting continued commercial rollout and increased induction of contracted head onto SeaFeed™, and Underlying EBITDA improved 46% on the prior corresponding period (pcp) to $(3,812,517). We ended the financial year with an aggregate cash position of $27,756,495, up 120% on pcp. A full review of the financial result, including the reconciliation of Underlying EBITDA to the statutory result, is set out in the Financial Review. OPERATINGHIGHLIGHTS Throughout FY26, we built momentum on multiple fronts, signing new domestic and international agreements that expanded both our scale and geographic reach. Domestically, we grew our customer base, entering six new commercial supply agreements during the year. We also entered a multi-year, commercial-scale trial with Woolworths Group, DIT AgTech and Teys Australia to evaluate SeaFeed™ in Australian grass-fed cattle systems. The trial is at an early stage and no outcomes have been validated. Successful validation would open a pathway into Australia’s grazing systems, within a national cattle herd of approximately 30 million head,5 materially expanding our addressable market. Beyond beef, global fashion brand Theory, part of the Fast Retailing and Uniqlo Group, launched its first low-carbon Regal Wool Collection following a successful pilot with Sea Forest and Congi Farm, with Sea Forest continuing to commercially supply SeaFeed™ to support the program. This marks one of the first examples globally of a fashion brand adopting SeaFeed™ within a luxury wool supply chain. ChairandCEO’sReport JOHNMCKILLOP Independent Chair and Non-Executive Director SAMELSOM Managing Director, Chief Executive Officer and Co-Founder 08 Sea Forest Limited An important milestone in our own supply chain was securing our first regional mixing and distribution centre site in Newcastle, New South Wales. Fit-out was underway at 30 June 2026, with first production dispatch expected in September 2026. Once operational, this distribution centre will bring us closer to our customers and is expected to deliver cost savings and efficiencies for both the Company and our customers. Internationally, we made solid progress across key markets. Our partnership with Belterra Agroflorestas marked Sea Forest’s entry into South America, including Brazil, one of the world’s largest livestock markets with approximately 238 million head of cattle.6 By leveraging Belterra’s established producer network, including Rio Capim Farmers, we have created a pathway into one of the most significant livestock markets globally. In Japan, we entered a strategic arrangement with Oisix Ra Daichi Inc., a leading Japanese food business, granting it exclusive rights to manufacture and distribute SeaFeed™ in the country, providing a pathway to market entry. We were also appointed to the Global Roundtable for Sustainable Beef, placing Sea Forest alongside more than 500 global organisations across the beef value chain, including McDonald’s, JBS, Cargill and Walmart. LOOKINGAHEADTOFY27 We are focused on executing our strategy, guided by our mission to combat climate change through the mitigation of livestock methane while supporting the productivity of the farmers who rely on us. 6. Brazilian Institute of Geography and Statistics (IBGE), Dashboard of Indicators, Cattle Herd (Brazil), accessed September 2026. https://www.ibge.gov.br/en/indicators. 7. DataM Intelligence, Global Animal Feed Supplements Market. https://www.marketresearch.com/DataM-Intelligence-4Market-Research-LLP-v4207/Glo bal-Animal-Feed-Supplements-41430446/. Figures are stated in Australian dollars, converted from the source report at an assumed USD/AUD exchange rate of $0.65, consistent with the rate adopted in the Prospectus. The agricultural industry continues to undergo significant transformation, as producers, processors and brands across the supply chain move to decarbonise their operations and meet growing consumer demand for sustainable food production. This shift underscores the scale of the opportunity ahead of us, with the global livestock feed supplement market forecast to grow from A$58.8 billion in 2024 to A$90.7 billion by 2032.7 CLOSINGREMARKS We are proud of the milestones Sea Forest has achieved this year. None of this would have been possible without the dedication, commitment and hard work of our team, our executive leadership and the Board, and we thank them sincerely. We would also like to thank our shareholders for their continued support. We remain focused on delivering long-term value for our shareholders, and on continuing to shape the future of sustainable agriculture. JOHN MCKILLOP SAM ELSOM Independent Chair and Managing Director, Non-Executive Director Chief Executive Officer and Co-Founder SEAFEED™ LICK BLOCKS FOR GRAZING LIVESTOCK SWANSEA PRODUCTION FACILITIES Annual Report 2026 09 SEA FOREST HQ TRIABUNNA, TASMANIA Introduction OPERATING AND FINANCIAL REVIEW OverviewofFY26performance FY26 was Sea Forest’s first year of operation as an ASX-listed company and its first year of at-scale commercial production and sale of SeaFeed™. The financial result for the year, together with commentary on the principal line items and the comparability of the two periods, is set out in the Financial Review. InitialPublicOffer(IPO)highlights Sea Forest listed on the ASX on 26 November 2025, raising $20,500,000 at $2.00 per share from a mix of Australian institutional investors, family offices and an international sustainability fund. The proceeds are being deployed substantially in line with the intended use of funds set out in the Company’s Prospectus, spanning production capacity expansion, product innovation and IP, product registration and regulatory approvals, the voluntary carbon project, and working capital. Strategiccontext FY26 marked Sea Forest’s transition from a pre-revenue research and cultivation business to a commercial-scale manufacturer and supplier of livestock feed additives. The Company’s strategy for the period ahead is focused on growing commercial adoption and volume in Australia, achieving further international market access through regulatory approval and partnerships, and protecting its competitive position through brand, intellectual property and team investment, as set out in the Roadmap for Scale & Growth. Sea Forest Limited 10 Industrycontext Methane is roughly 84 times more potent than carbon dioxide as a greenhouse gas over a 20-year horizon,8 and livestock digestion is one of the largest single sources of anthropogenic methane. Australian agriculture is responsible for approximately half of the nation’s methane emissions, with beef and dairy cattle accounting for around 65% of that total9 – a dynamic mirrored across most livestock-producing economies. Sea Forest operates in the global livestock feed supplement market, estimated at approximately A$58.8 billion in 2024 and projected to reach approximately A$90.7 billion by 2032, a compound annual growth rate of approximately 5.7%.10 Demand is underpinned by a global livestock population of more than 3billionanimals11 andrisingdemandforanimalprotein,12 alongside an accelerating shift among downstream food, beverage and fashion brands toward funding on-farm emissions reduction as part of their own supply-chain decarbonisation commitments. Marketdynamics Two regulatory and market developments are shaping Sea Forest’s operating environment for methane-abatement feed additives: the prioritisation by the Australian Government of a dedicated Australian Carbon Credit Unit (ACCU) method for methane-reducing livestock feed additives, and the continued development of international voluntary carbon markets, in which Sea Forest’s Verra-registered carbon project participates. Together, these create a prospective additional revenue stream, carbon credits, layered on top of direct product sales, delivering value for both Sea Forest and the customers who adopt SeaFeed™. 8. Climate Council, Australia’s Methane Crisis. https://www.climatecouncil.org.au/resources/australias-methane-crisis-unmasking-the-gas-we-cant-ignore/. 9. Climate Council, Australia’s Methane Challenge: Fossil Fuels, Agriculture, Waste. https://www.climatecouncil.org.au/resources/australias-methane- challenge-fossil-fuels-agriculture-waste/. 10. DataM Intelligence, Global Animal Feed Supplements Market. https://www.marketresearch.com/DataM-Intelligence-4Market-Research-LLP-v4207/Glo bal-Animal-Feed-Supplements-41430446/. Figures are stated in Australian dollars, converted from the source report at an assumed USD/AUD exchange rate of $0.65, consistent with the rate adopted in the Prospectus. 11. Statista, global cattle population; Compassion in World Farming, dairy cow statistics; International Wool Textile Organisation, sheep and wool. 12. OECD-FAO Agricultural Outlook 2025-2034, Meat chapter. https://www.oecd.org/en/publications/2025/07/oecd-fao-agricultural-outl ook-2025-2034_3eb15914/full-report/meat_5462e384.html. HowSeaForestgeneratesvalue Sea Forest manufactures SeaFeed™, a nature identical feed supplement based on the bioactive compounds naturally found in the red seaweed Asparagopsis, and sells it directly to livestock producers (feedlots and grazing operations) and, in some markets, through distribution partners. Revenue is recognised progressively as cattle are inducted onto SeaFeed™ under a supply agreement, rather than at the point an agreement is signed: Customers contract for a defined number of head, animals are inducted onto SeaFeed™ on an agreed schedule as they enter the customer’s operation, and revenue is recognised as volumes are delivered against that induction schedule. Beyond direct product sales, Sea Forest’s registered Verra carbon project creates a second, emerging revenue stream: as SeaFeed™ customers generate verified emissions reductions, those reductions can be monetised as carbon credits, with Sea Forest positioned to participate in that value alongside its customers. OperatingEnvironment &BusinessModel ‘Methane is roughly 84 times more potent than carbon dixoide as a greenhouse gas over a 20-year horizon8 .’ Annual Report 2026 11 FinancialReview The prior comparative period included a significant impairment charge, which affects comparability between the two years. Commentary on the principal line items follows the summary income statement below. Summaryincomestatement A$UNLESSSPECIFIED FY26 FY25 VARIANCE Revenue from contracts with customers 4,983,726 851,159 485.5% Other income 3,466,226 5,667,671 (38.8%) Total income 8,449,952 6,518,830 29.6% Raw materials, consumables used and production cost (2,196,342) (511,196) 329.6% Operating expenses(a) (4,066,962) (2,922,064) 39.2% Impairment of assets (296,879) (5,440,852) (94.5%) Depreciation and amortisation expense(b) (1,247,286) (1,022,276) 22.0% Employee benefits expense(c) (5,864,557) (5,547,558) 5.7% Finance costs (197,157) (165,125) 19.4% Loss before income tax expense (5,419,231) (9,090,241) (40.4%) Income tax expense – – n/a Loss after income tax expense (5,419,231) (9,090,241) (40.4%) Basic and diluted loss per share (cents) (10.4) (19.8) (47.5%) FY25 sales revenue of $851,159 comprises $488,802 of SeaFeed™ revenue and $362,357 of oyster spat revenue from activities that have since been exited. FY25 impairment of assets of $5,440,852 comprises $1,527,845 of impairment of property, plant and equipment and $3,913,007 of inventories written down to net realisable value. (a) Operating expenses include research and development costs. (b) Depreciation and amortisation expense is the amount recognised in profit or loss and excludes amounts capitalised into inventory. (c) Employee benefits expense is the amount recognised in profit or loss and excludes amounts capitalised into inventory. A breakdown of items (a) to (c) is set out in Note 6 to the financial statements. FY25 $0.85m FY26 $4.98m REVENUEFROMCONTRACTS Loss after income tax expenses $(5.4)m IMPROVED 40.4% INCREASE 485.5% 12 Sea Forest Limited Revenueandotherincome All FY26 sales revenue was derived from SeaFeed™. On a like-for-like SeaFeed™ basis, revenue increased 919.6% to $4,983,726 (FY25: $488,802), reflecting the first year of commercial supply and an expanding customer base. The Company no longer derives sales revenue from oyster spat. Other income of $3,466,226 (FY25: $5,667,671) is reported separately from sales revenue. The reduction reflects no government grants in the current year (FY25: $1,915,246) and a lower research and development incentive of $2,283,714 (FY25: $3,151,193), partly offset by higher interest income of $769,270 (FY25: $627,241), a net gain on disposal of property, plant and equipment of $165,616 (FY25: net loss of $82,629), other project consulting and rental income of $247,626 (FY25: $56,620). Operatingresult The reduction in the loss is primarily attributable to impairment of assets falling to $296,879 (FY25: $5,440,852), the prior year charge having followed the Board’s decision in March 2025 to reposition the marine and land based operations for predominantly research and development purposes. Higher production, operating and employee costs were incurred in the first year of commercial supply and as a listed company. Underlying EBITDA improved 45.6% to $(3,812,517) (FY25: $(7,002,236)). The only impairment excluded in arriving at that measure is impairment of property, plant and equipment, being $296,879 in FY26 and $1,527,845 in FY25; on a conservative basis, the FY25 write-down of inventories to net realisable value of $3,913,007 has not been excluded. The reconciliation to the statutory result, and the basis on which both measures are calculated, are set out below. ‘On a like-for-like SeaFeed™ basis, revenue increased 919.6% on the pcp.’ SEA FOREST CUSTOMER OPERATIONS AT TALLAWANTA Annual Report 2026 13 ReconciliationofstatutoryresulttoEBITDAandUnderlyingEBITDA A$UNLESSSPECIFIED FY26 FY25 VARIANCE %PCP Loss before income tax expense (5,419,231) (9,090,241) 3,671,010 (40.4%) Less: interest income (769,270) (627,241) Add: finance costs 197,157 165,125 Add: depreciation and amortisation 1,247,286 1,022,276 EBITDA (4,744,058) (8,530,081) 3,786,023 (44.4%) Adjustments to arrive at Underlying EBITDA Add: IPO listing expenses 634,662 – Add: impairment of property, plant and equipment 296,879 1,527,845 Underlying EBITDA (3,812,517) (7,002,236) (3,189,719) (45.6%) EBITDA and Underlying EBITDA are non-IFRS financial measures that have not been audited. They are presented to assist comparison between periods and are not a substitute for the statutory result, to which they are reconciled above. EBITDA is calculated as loss before income tax, adjusted for interest income, finance costs, and depreciation and amortisation as presented in the statement of profit or loss and other comprehensive income. Underlying EBITDA further excludes, non-recurring IPO listing costs and impairment of property, plant and equipment. Each adjustment is the amount recognised in profit or loss, and accordingly excludes amounts capitalised into inventory. Raw materials, consumables used and production cost increased to $2,196,342 (FY25: $511,196), consistent with the first year of commercial supply. Inventory written down to net realisable value in FY25 was sold during FY26 at its written down carrying value, so the two years are not directly comparable. Operating expenses of $4,066,962 (FY25: $2,922,064) included $634,662 of IPO listing costs recognised in profit or loss in accordance with AASB 132. Excluding those costs, operating expenses increased 17.5% to $3,432,300, driven by higher research and development spend of $1,085,414 (FY25: $664,918) and the corporate and compliance costs of operating as a listed entity, which will continue. No income tax expense was recognised, consistent with the Company’s loss position and unrecognised carried-forward tax losses. Underlying EBITDA $(3.81)m IMPROVED 45.6% FinancialReview (continued) Sea Forest Limited 14 FinancialPositionandCapitalManagement The completion of the initial public offering materially strengthened the Company’s balance sheet. At 30 June 2026 the Company held cash and cash equivalents of $12,643,391 (FY25: $12,615,332) and term deposits of $15,113,104 (FY25: nil), with original maturities of six to nine months, representing total cash and cash on deposit of $27,756,495 (FY25: $12,615,332). The Company has no borrowings. Net tangible assets per ordinary security increased to 70.84 cents (FY25: 57.25 cents), calculated as net assets excluding right-of-use assets and the related lease liabilities, divided by the number of ordinary shares on issue at the reporting date. Statementoffinancialposition(summary) A$UNLESSSPECIFIED 30JUN26 30JUN25 VARIANCE Cash and cash equivalents 12,643,391 12,615,332 0.2% Term deposits 15,113,104 – N/A Trade and other receivables 3,912,259 2,225,248 75.8% Prepayments 566,067 1,011,762 (44.1%) Inventories 413,501 770,367 (46.3%) Restricted cash 321,117 260,566 23.2% Total current assets 32,969,439 16,883,275 95.3% Property, plant and equipment 12,304,379 14,712,814 (16.4%) Right-of-use assets 1,610,932 1,274,722 26.4% Total non-current assets 13,915,311 15,987,536 (13.0%) Total assets 46,884,750 32,870,811 42.6% Total current liabilities (4,167,312) (2,625,132) 58.7% Total non-current liabilities (2,966,484) (4,800,933) (38.2%) Total liabilities (7,133,796) (7,426,065) (3.9%) Net assets 39,750,954 25,444,746 56.2% Issued capital 74,839,553 55,853,528 34.0% Reserves 2,810,605 2,071,191 35.7% Accumulated losses (37,899,204) (32,479,973) 16.7% Total equity 39,75