Announcement PDF Sea Forest Limited Appendix 4D Half-year report 1. Company details Name of entity: Sea Forest Limited ABN: 46 631 662 283 Reporting period: For the half-year ended 31 December 2025 Previous period: For the half-year ended 31 December 2024 2. Results for announcement to the market 31 December 2025 31 December 2024 Change Up / (Down) % 2.1 Revenue from ordinary activities 769,200 413,436 93% 2.2 Loss from operations after tax attributable to members (3,944,254) (2,990,165) (32%) 2.3 Net (loss) attributable to members (3,944,254) (2,990,165) (32%) 2.4 Proposed dividends Nil Nil 2.5 Record date for determining dividend N/A N/A 2.6 An explanation of the above figures is contained in the "Review of Operations" included within the attached directors' report Change Up / (Down) 31 December 2025 31 December 2024 % 3. Net tangible asset per security 73 cent 68 cent 7% 4. Details of entities over which control has been gained or lost during the period. NIL 5. There were no payments of dividends during the reporting period. 6. There is no dividend reinvestment plan in operation. 7. There are no associates or joint venture entities. 8. The company is not a foreign entity. 9. The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. The company’s half year report follows. For more information, please contact: Sea Forest Limited Mr John McKillop, Chairman and Non-Executive Director jm@seaforest.com.au Mrs Teresa Garces, Company Secretary tg@seaforest.com.au Sea Forest Limited ABN 46 631 662 283 Interim Report - 31 December 2025 Sea Forest Limited Directors' report 31 December 2025 1 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Sea Forest Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. Directors The following persons were directors of Sea Forest Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: John McKillop (Chairman and Non-Executive Director) Sam Elsom (Chief Executive Officer) Stephen Turner (Executive Director) Alex Berger (Non-Executive Director) - resigned as a Director on 24 October 2025 Roger Millichamp (Non-Executive Director) Brent Wallace (Non-Executive Director) Jules Scarlett (Non-Executive Director) - appointed as a Director on 15 September 2025 Principal activities Sea Forest’s mission is to combat climate change through the mitigation of livestock methane and enhanced livestock productivity. During the financial half-year, the principal continuing activities of the company consisted of the production of its SeaFeed™ Amplify product, which is used by livestock owners to mitigate ruminant enteric methane emissions and increase productivity, producing more food utilising fewer resources. SeaFeed Amplify is a manufactured product, which incorporates both active components derived from Asparagopsis seaweed and man-made bioactives. Sea Forest’s transition to utilising nature‑identical bioactives through a proprietary production process has enhanced scalability and product consistency, while offering a lower‑cost, more uniform commercial solution that yields higher concentrations of the required bioactive compounds compared with marine cultivation. Final studies of the manufactured SeaFeed™ product have confirmed that its biological outcomes are identical to those of the seaweed‑derived formulation. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Financial update The consolidated entity recorded a loss after income tax of $3.9 million (2024: $3.0 million). Net cash outflows from operating activities totalled $4.7 million for the six‑month period (2024: $5.2 million). Net cash flows from investing activities were $17.1 million (2024: $6.1 million), primarily reflecting proceeds from asset disposals of $2.1 million and the placement of $19 million into term deposits with maturities of six to nine months. Cash flows from financing activities amounted to $19 million (2024: ($0.01) million), largely representing IPO proceeds of $20.5 million, offset by $1.5 million in listing and related transaction costs. Following these movements, the company reported a closing cash balance of $9.8 million (2024: $13.9 million). Operational update During the period, the company continued to streamline operations, reduce production costs, and exit non‑core activities, while advancing key commercial and R&D initiatives. Key developments included: Sea Forest Limited Directors' report 31 December 2025 2 ● Strengthening the revenue pipeline, with arrangements in place covering approximately 118,000 head of livestock to be supplemented with SeaFeed™. ● Progressing the exit from non‑core operations, including transitioning oyster hatchery activities to an agency model, eliminating direct operating costs, and completing associated asset disposals. The sale of hatchery equipment and marine assets generated total proceeds of $2.1 million. ● Completing the decommissioning of marine farming operations, with NRE confirming the full removal of equipment from the marine lease. ● Advancing multiple R&D programs across product development, validation trials, manufacturing optimisation, regulatory submissions, and by‑product utilisation ● Achieving a major milestone with the confirmation that the fully manufactured SeaFeed™ formulation delivers methane‑reduction efficacy statistically equivalent to the natural oil‑based version. This supports the company’s transition to scalable, biomass‑independent production. The man‑made formulation is branded SeaFeed™ Amplify NX ‑reduction efficacy statistically equivalent to the natural/oil‑based version ● Progressing diversified revenue opportunities from the company’s seaweed production, including early aquaculture studies indicating potential benefits from SeaFeed™ supplementation. Preliminary results from a 3% dietary inclusion rate showed improved growth rates, increased feed intake, improved immune response, and improved feed conversion ratio. These early findings require independent verification and may not be sustained under more rigorous testing. The seaweed based formulation is branded SeaFeed™ Aqua ● Commencing development of Sea Actives, a high value cosmetic ingredient line derived from Asparagopsis by‑products, targeted at advanced skin, hair and gut health applications Significant changes in the state of affairs 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 totalling $2.1 million. Proceeds from the IPO will be used to accelerate Sea Forest’s commercialisation, including the establishment of new facilities on mainland Australia to provide increased production capacity and distribution efficiencies. There were no other significant changes in the state of affairs of the consolidated entity during the financial half-year. Matters subsequent to the end of the financial half-year Subsequent to the 31 December 2025 reporting date, a number of commercially significant developments occurred relating to the company’s R&D, commercialisation activities and strategic partnerships. The company entered into a multi‑year agreement with Woolworths Group, DIT AgTech and Teys Australia to conduct a commercial‑scale trial of SeaFeed™ in Australian grass‑fed cattle systems. The trial, to be undertaken at a commercial operation in New South Wales, will assess both water‑delivered and dry‑lick formulations of SeaFeed™, with water dosing facilitated through DIT AgTech’s uDOSE™ technology. Teys Australia, which already incorporates SeaFeed™ in its supply chain, will provide operational and processing expertise. The program aims to evaluate SeaFeed™’s potential productivity benefits for grass‑fed producers, including improved weight gain and feed efficiency, alongside its well‑established methane‑reduction effects. Successful outcomes would significantly expand SeaFeed’s™ addressable market, with more than 30 million grazing cattle in Australia. Results will be independently verified against globally recognised standards to support broader sector adoption. The company also committed to establishing its first regional mixing and distribution centre in Newcastle, New South Wales. Construction is expected to be completed in the fourth quarter of 2026. The facility will enhance supply‑chain efficiency by enabling more timely, frequent and cost‑effective delivery of SeaFeed™ products, while providing improved access to key suppliers and customers. Subsequent to period end, the company received VCS approval and notification with the project status updated on the Verra registry. No other matter or circumstance has arisen since 31 December 2025 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. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. Sea Forest Limited Directors' report 31 December 2025 3 This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ ___________________________ John McKillop Sam Elsom Director Director 25 February 2026 Sydney Collins Place Level 25, 35 Collins Street Melbourne VIC 3000 GPO Box 5099 Melbourne VIC 3001 Australia Tel: +61 3 9603 1700 Fax: +61 3 9602 3870 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. DECLARATION OF INDEPENDENCE BY BENJAMIN LEE TO THE DIRECTORS OF SEA FOREST LIMITED As lead auditor for the review of Sea Forest Limited for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Sea Forest Limited and the entities it controlled during the period. Benjamin Lee Director BDO Audit Pty Ltd Melbourne, 25 February 2026 Sea Forest Limited Contents 31 December 2025 5 Statement of profit or loss and other comprehensive income 6 Statement of financial position 7 Statement of changes in equity 8 Statement of cash flows 9 Notes to the financial statements 10 Directors' declaration 18 Independent auditor's review report to the members of Sea Forest Limited 19 General information The financial statements cover Sea Forest Limited as a consolidated entity consisting of Sea Forest Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Sea Forest Limited's functional and presentation currency. Sea Forest Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: 488 Freestone Point Road Triabunna, TAS 7190 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on _25__February 2026. Sea Forest Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2025 Consolidated Note 2025 2024 $ $ The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Total Revenue 3 2,764,589 3,033,118 Expenses Operating expenses 4 (2,803,003) (1,744,804) Impairment of assets (296,879) (236,242) Depreciation and amortisation (623,842) (441,312) Employee benefits expense (2,831,068) (3,370,545) Finance costs (154,051) (230,380) Loss before income tax expense (3,944,254) (2,990,165) Income tax expense - - Loss after income tax expense for the half-year attributable to the owners of Sea Forest Limited (3,944,254) (2,990,165) Other comprehensive income for the half-year, net of tax - - Total comprehensive income for the half-year attributable to the owners of Sea Forest Limited (3,944,254) (2,990,165) Cents Cents Basic loss per share 11 (8.25) (6.53) Diluted loss per share 11 (8.25) (6.53) Sea Forest Limited Consolidated statement of financial position As at 31 December 2025 Consolidated Note 31 December 2025 30 June 2025 $ $ The above statement of financial position should be read in conjunction with the accompanying notes 7 Assets Current assets Cash and cash equivalents 9,837,062 12,615,332 Cash on deposit 19,108,754 - Trade and other receivables 5 3,128,375 2,225,248 Prepayments 403,614 197,659 Inventories 592,752 770,367 Restricted cash 260,566 260,566 Total current assets 33,331,123 16,069,172 Non-current assets Property, plant and equipment 6 12,060,713 14,712,814 Right-of-use assets 1,161,447 1,274,722 Total non-current assets 13,222,160 15,987,536 Total assets 46,553,283 32,056,708 Liabilities Current liabilities Trade and other payables 1,231,211 824,455 Lease liabilities 375,197 342,947 Employee benefits 642,071 632,123 Deferred government grants 309,039 825,606 Total current liabilities 2,557,518 2,625,131 Non-current liabilities Lease liabilities 914,980 898,823 Employee benefits 134,850 139,559 Deferred government grants 2,012,335 2,948,449 Total non-current liabilities 3,062,165 3,986,831 Total liabilities 5,619,683 6,611,962 Net assets 40,933,600 25,444,746 Equity Issued capital 7 74,839,553 55,853,528 Share-based payments reserve 2,518,274 2,071,191 Accumulated losses (36,424,227) (32,479,973) Total equity 40,933,600 25,444,746 Sea Forest Limited Consolidated statement of changes in equity For the half-year ended 31 December 2025 The above statement of changes in equity should be read in conjunction with the accompanying notes 8 Issued Retained Total equity capital Reserves profits Consolidated $ $ $ $ Balance at 1 July 2024 55,853,528 1,273,196 (23,389,732) 33,736,992 Loss after income tax expense for the half-year - - (2,990,165) (2,990,165) Other comprehensive income for the half-year, net of tax - - - - Total comprehensive income for the half-year - - (2,990,165) (2,990,165) Transactions with owners in their capacity as owners: Share-based payments (note 12) - 596,204 - 596,204 Balance at 31 December 2024 55,853,528 1,869,400 (26,379,897) 31,343,031 Issued Retained Total equity capital Reserves profits Consolidated $ $ $ $ Balance at 1 July 2025 55,853,528 2,071,191 (32,479,973) 25,444,746 Loss after income tax expense for the half-year - - (3,944,254) (3,944,254) Other comprehensive income for the half-year, net of tax - - - - Total comprehensive income for the half-year - - (3,944,254) (3,944,254) Transactions with owners in their capacity as owners: Share-based payments (note 12) - 447,083 - 447,083 Issued capital net of capital raising fees 18,986,025 - - 18,986,025 Balance at 31 December 2025 74,839,553 2,518,274 (36,424,227) 40,933,600 Sea Forest Limited Consolidated statement of cash flows For the half-year ended 31 December 2025 Consolidated Note 2025 2024 $ $ The above statement of cash flows should be read in conjunction with the accompanying notes 9 Cash flows from operating activities Receipts from customers (inclusive of GST) 699,783 185,452 Payments to suppliers and employees (inclusive of GST) (5,449,452) (5,925,096) Government grants and subsidies received - 138,795 Interest paid (95,008) (27,757) (4,844,677) (5,628,606) Interest received 193,134 475,540 Net cash used in operating activities (4,651,543) (5,153,066) Cash flows from investing activities Payments for property, plant and equipment 6 (107,299) (1,385,368) Loan (to) / repayment from other related parties (50,147) 63,607 Proceeds from disposal of property, plant and equipment 2,075,148 - Investment in term deposits (19,000,000) - Proceeds from term deposits - 7,442,891 Net cash used in investing activities (17,082,298) 6,121,130 Cash flows from financing activities Payments for the costs of issuing capital (1,513,975) - Repayment of lease liabilities (30,454) (12,243) Proceeds from issue of capital 20,500,000 - Net cash from/(used in) financing activities 18,955,571 (12,243) Net decrease in cash and cash equivalents (2,778,270) 955,821 Cash and cash equivalents at the beginning of the financial half-year 12,615,332 12,958,399 Cash and cash equivalents at the end of the financial half-year 9,837,062 13,914,220 Sea Forest Limited Notes to the consolidated financial statements 31 December 2025 10 Note 1. Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity. Going concern During the half-year the consolidated entity incurred a loss after tax of $3,944,254 (31 December 2024: $2,990,165), and net operating cash outflows of $4,542,789 (31 December 2024: $2,852,625). As at 31 December 2025 the consolidated entity’s cash and cash equivalents amounted to $9,837,062 (30 June 2025: $12,615,332), in addition to cash on deposit of $19,108,754 (30 June 2025: nil). During the half-year, the consolidated entity secured significant additional funding, therefore the Board and management are confident that the Group has sufficient cash to remain operational for the next 12 months while also meeting its commitments as and when they fall due. Note 2. Operating segments Identification of reportable operating segments The consolidated entity operates in one segment, being manufacture, research and development of SeaFeed™ products. The operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. There is no aggregation of operating segments. Note 3. Revenue Consolidated 2025 2024 $ $ Revenue from contracts with customers Sales 796,200 413,436 Other revenue Government grants - 1,061,266 Research and development incentive 1,505,724 1,175,262 Interest income 214,593 362,550 Other income 248,072 20,604 1,968,389 2,619,682 Total Revenue 2,764,589 3,033,118 Sea Forest Limited Notes to the consolidated financial statements 31 December 2025 Note 3. Revenue (continued) 11 Other income refers primarily to gain on disposal of assets from the Marine Farm. The disaggregation of revenue from contracts with customers is as follows: Consolidated 2025 2024 $ $ Major product lines: Sale of SeaFeed 796,200 237,082 Sale of Oyster Spat - 176,354 796,200 413,436 Consolidated 2025 2024 $ $ Geographical regions Australia 796,200 413,436 Consolidated 2025 2024 Timing of revenue recognition $ $ Goods transferred at a point in time 796,200 413,436 Note 4. Operating expenses Consolidated 2025 2024 $ $ Cost of sales 639,988 119,153 Research and development 595,716 721,937 Listing expenses 634,666 - General and Administration 932,633 903,714 2,803,003 1,744,804 Note 5. Current assets - trade and other receivables Consolidated 31 December 2025 30 June 2025 $ $ Trade receivables 461,668 195,406 Loans to related parties 9 148,833 98,686 Other receivables 153,176 68,856 R&D Rebate Receivable 2,364,698 1,862,300 3,128,375 2,225,248 Sea Forest Limited Notes to the consolidated financial statements 31 December 2025 12 Note 6. Non-current assets - property, plant and equipment Consolidated 31 December 2025 30 June 2025 $ $ Land and buildings - at cost 3,402,174 3,576,690 Less: Accumulated depreciation (49,255) (216,310) 3,352,919 3,360,380 Work in progress 100,095 705,093 Leasehold improvements - at cost 326,653 326,653 Less: Accumulated depreciation (122,208) (105,741) 204,445 220,912 Plant and equipment - at cost 6,076,034 6,512,352 Less: Accumulated depreciation (2,175,386) (2,094,077) Less: Impairment (153,878) (153,878) 3,746,770 4,264,397 Marine infrastructure and equipment - at cost 2,703,063 6,051,988 Less: Accumulated depreciation (75,905) (801,381) Less: Impairment (1,839,622) (2,441,477) 787,536 2,809,130 Tanks and Raceways - at cost 4,887,680 4,221,186 Less: Accumulated depreciation (1,018,732) (868,284) 3,868,948 3,352,902 12,060,713 14,712,814 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Land and buildings Work in progress Leasehold improvements Plant and equipment Marine infrastructure and equipment Tanks and Raceways Total Consolidated $ $ $ $ $ $ $ Balance at 1 July 2025 3,360,380 705,093 220,912 4,264,397 2,809,130 3,352,902 14,712,814 Additions 1,201 45,055 - 29,299 - 31,744 107,299 Disposals - - - (228,332) (2,576,171) - (2,804,503) Movement in impairment of assets - - - - 601,855 - 601,855 Transfers in/(out) - (650,053) - 15,303 - 634,750 - Depreciation expense (8,662) - (16,467) (333,897) (47,278) (150,448) (556,752) Balance at 31 December 2025 3,352,919 100,095 204,445 3,746,770 787,536 3,868,948 12,060,713 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 exclusively 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 written down to their recoverable amounts in accordance with applicable accounting standards. Sea Forest Limited Notes to the consolidated financial statements 31 December 2025 Note 6. Non-current assets - property, plant and equipment (continued) 13 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 Aquaculture for $1,800,000 (excl. GST) on 6 November 2025 and disposed of marine infrastructure assets totalling $60,146 (excl. GST) during the period. Note 7. Equity - issued capital Consolidated 31 December 2025 30 June 2025 31 December 2025 30 June 2025 Shares Shares $ $ 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 totalling $2.1 million. Of these costs, $1.5 million was offset against issued capital and $0.6 million expensed in accordance with AASB 132. Ordinary shares 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. Ordinary shares have no par value and the company does not have a limited amount of authorised capital. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the company. Share buy-back There is no current on-market share buy-back. Dividend Reinvestment The company does not currently operate a dividend reinvestment plan; however, the Constitution permits the Directors to establish such a plan if determined appropriate. Options Information relating to the company’s Employee Option Plan, including details of options issued, exercised and lapsed during the financial year and options outstanding at the end of the reporting period, is set out in note 10. Capital Risk Management The company’s objectives when managing capital are to safeguard its ability to continue as a going concern so that it can provide 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, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the company may adjust the amount 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 31 December 2025 Sea Forest Limited Notes to the consolidated financial statements 31 December 2025 Note 7. Equity - issued capital (continued) 14 Movements in ordinary share capital Details Date Shares Issue price $ Balance 1 July 2025 45,809,770 55,853,528 Share capital issued 24 November 2025 10,250,000 $2.00 20,500,000 Costs of capital raising - $0.00 (1,513,975) Balance 31 December 2025 56,059,770 74,839,553 Note 8. Contingent liability A Bank Guarantee was issued on 3 June 2025, with an expiry date of 30 June 2028 in respect of research guarantees supporting product trials. The bank guarantee has been assigned to the trial partner in support of trial outcomes. In the event that a right is exercised under this guarantee, the company is obligated to reimburse an amount equal to the invoiced value of the “SeaFeed™” product used in the trials. Any surplus funds will be refunded to the company. Conversely, if the guaranteed amount is insufficient to cover the reimbursement, the company will pay the shortfall to the trial partner. Any potential liability is not expected to exceed the total value of the Bank Guarantee of $260,566. Note 9. Related party transactions Loans to/from related parties The following balances are outstanding at the reporting date in relation to loans with related parties: Consolidated 31 December 2025 30 June 2025 $ $ Current receivables: Loan to Forever Foundation Limited (refer to note 5) 148,833 98,686 Forever Foundation Limited is a registered and regulated charity with the Australian Charities and Not-for-Profits Commission (ACNC). The Foundation received its charitable tax concession in December 2022. The loan is unsecured and interest free and repayable at call. Loan movements for the period relate to expenses paid on behalf of the Foundation, relating to its Farming for Tomorrow programme, totalling $50,147. The Foundation is focused on environmental sustainability and reducing greenhouse gas emissions (GHGs). The Foundation operates independently of Sea Forest Limited and its directors are actively seeking to raise funds in FY2026 to achieve financial self-sufficiency and facilitate the repayment of the related party loan. Terms and conditions The loan is unsecured and interest free and repayable at call. Sea Forest Limited Notes to the consolidated financial statements 31 December 2025 15 Note 10. Events after the reporting period Subsequent to the 31 December 2025 reporting date, a number of commercially significant developments occurred relating to the company’s R&D, commercialisation activities and strategic partnerships. The company entered into a multi‑year agreement with Woolworths Group, DIT AgTech and Teys Australia to conduct a commercial‑scale trial of SeaFeed™ in Australian grass‑fed cattle systems. The trial, to be undertaken at a commercial operation in New South Wales, will assess both water‑delivered and dry‑lick formulations of SeaFeed™, with water dosing facilitated through DIT AgTech’s uDOSE™ technology. Teys Australia, which already incorporates SeaFeed™ in its supply chain, will provide operational and processing expertise. The program aims to evaluate SeaFeed™’s potential productivity benefits for grass‑fed producers, including improved weight gain and