2025 Annual Report

ANNUAL REPORT 2025 ALLIANCE GROUP LIMITED

ANNUAL REP ORT 2025

CONTENTS

01

07 Supporting Our People and Communities

23

02 Year in Review

03

08 Governance

29

03 Chairman & Chief Executive Review

05

09 Our Financial Statements

37

04 More Market Value Creation

09

10 Statutory Information & Five-Year Review

77

11 Directory

85

01 Annual Snapshot

05 More Enterprise Efficiency

13

06 More Value for Farmer Shareholders

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01

ANNUAL SNAPSHOT

armer-shareholders approve strategic F investment partnership with Dawn Meats Group

Capacity optimisation to match livestock flows

Significant increase in profitability following disciplined, back-to-basics approach

Record market share in beef

Rebound in global pricing and demand in global markets

Business reset and strategy refresh deliver tangible results

Continuing cost reduction

Continuing improvements across Health & Safety to ensure our people return home safe and well each day

02

YEAR IN REVIEW

C O M PA N Y P E R F O R M A N C E

BENEFITS TO SHAREHOLDERS

N E T P RO F I T A F T E R TA X

$20.4M

$25.6M

$2.1B

$2.9M

REVENUE

$15.4M C A P I TA L S P E N D

A D VA N C E PAY M E N T S M A D E T O P L A T I N U M A N D G O L D S U P P L I E R S

H A N D P I C K E D P R E M I U M PAY M E N T S

SECOND CONSECUTIVE YE AR DELIVERING A SAFET Y PERFORMANCE RECORD

10%

I M P ROV E M E N T O N P R E V I O U S Y E A R'S R EC O R D

03

CHAIRMAN & CHIEF EXECUTIVE REVIEW

SECTION 03

CHAIRMAN & CHIEF EXECUTIVE REVIEW

CHAIRMAN & CHIEF EXECUTIVE REVIEW Alliance Group has had plenty of highs and lows in its 77-year history, but this past year has been one of the most significant.

In October, our farmer-shareholders made the decision to back a $276 million strategic partnership with Dawn Meats Group, one of Europe’s leading red meat processors.

This investment restores balance sheet strength, secures thousands of jobs across regional communities and will ensure Alliance has the scale and reach to compete and thrive in global markets.

While the decision was driven by financial necessity, it has also positioned Alliance for long-term success.

After two challenging seasons, it became clear that while farmers wanted a stronger balance sheet, many were unwilling to contribute further capital. The Board explored every credible option and concluded that Dawn Meats was the right long-term partner.

The partnership has brought together two complementary businesses -- Alliance’s leadership in lamb and strong presence in Asia, China, and North America with Dawn’s strength in beef and its extensive European market access.

BACK TO BA SICS Following a full reset of the business, the company’s disciplined, back-to-basics approach -- focused on creating more market value, returning more value to farmers, and driving greater enterprise efficiency -- has guided every decision and delivered tangible results.

Over the past 12 months, we have strengthened the business by cutting unnecessary costs, optimising processing capacity, enhancing farmer offerings and investing in smarter technology.

We have lifted efficiency across the value chain, reduced inventory levels by around half compared with the same time last year, improved sales velocity, and, for the first time in three years, funded capital expenditure directly from free cash flow.

Operational improvements also lifted lamb and beef yields, reflecting improvements in plant performance and processing reliability.

These gains are already making a meaningful difference to returns for farmers.

ANNUAL REP ORT 2025

GLOBAL MARKETS

LO OKING AHE AD

Across our key markets, pricing and demand remained positive, providing a welcome boost after two challenging years when many farmers’ businesses faced losses on the back of a sharp correction in ovine pricing in China.

The past year has been about getting back to basics: running the business efficiently, making better use of every dollar and rebuilding trust and confidence with farmers.

While trading conditions in China remained difficult, our diversified approach helped balance overall performance. Strong demand in North America, Europe, and the United Kingdom contributed to the positive result.

Beef demand was particularly strong in the United States, where herd numbers are at their lowest for 75 years and domestic consumption remains high. That strength flowed through to farm-gate returns.

Our long-standing customer relationships again proved their value, helping maintain pricing stability and reliability for our farmers.

TECHNOLO GY Technology has played a central role in Alliance’s turnaround. The new Enterprise Resource Planning (ERP) system improved transparency, strengthened financial control, and enhanced decision-making across the business.

Combined with disciplined cost management, sharper execution and processing improvements, these changes created a leaner, more agile company able to respond quickly to changing market conditions.

There’s still a lot of work to do, but the foundations are now in place.

We want to thank our farmers for their ongoing support. Their loyalty and commitment have been critical as we reshaped the business.

With the reset complete and our back-tobasics approach embedded across the business, Alliance is well placed to achieve our ambition of creating a high-performing company to benefit our people, our farmers, and our customers.

We would like to thank Team Alliance and the Board of Directors for their dedication and commitment in what was a very challenging year for the business.

A special note of thanks to the Directors who are retiring -- Sarah Brown, Chris Day, Don Morrison, Gray Baldwin and Richard Greer -their contributions have all played an integral role in the success of the business.

We look forward to an exciting future alongside our new partner Dawn, with the capability to thrive and deliver sustainable returns -- helping ensure livestock farming remains a competitive and valued land use well into the future.

It provides the financial stability, capability and reach required to continue building value while ensuring the interests of our farmers are safeguarded.

Niall Browne, Chief Executive of Dawn Meats

7

Mark Wynne

Willie Wiese

Chairman

Chief Executive

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04

MORE MARKET VA L U E C R E A T I O N

SECTION 04

MORE MARKE T VALUE CRE ATIO N

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M O R E M A R K E T VA L U E C R E AT I O N

United Kingdom North America

Europe

China Middle East Asia

M O R E M A R K E T VA L U E Creating more market value remains at the core of Alliance Group’s strategy.

Over the past 12 months, we have been relentless in our focus on capturing the best possible returns for every animal processed and ensuring that value flows directly back to our farmershareholders.

The turnaround in company performance reflects disciplined market execution, stronger customer partnerships and a sharper focus on aligning sales with carcass optimisation.

For our farmers, this means more value returned to farm and a stronger, more resilient business.

CHINA The past year highlighted the strength of diversification in our global markets. China, while remaining our largest single market by volume, proved to be the most challenging.

Consumer confidence was subdued, inventories were high, and pricing pressure was intense. Our approach was measured: rather than chasing volume, we prioritised stability and value, carefully managing exposure and protecting overall company returns.

N O RT H A M E R I C A

U N I T E D K I N G D O M A N D E U RO P E

SHIFTING WITH DEMAND

By contrast, North America was a standout.

In the United Kingdom and Europe, protein shortages lifted demand and pricing.

Consumer behaviour also shifted over the year.

Record low herd numbers combined with record high protein consumption created exceptional trading conditions.

Alliance’s reputation for reliability, consistently delivering to specification and on time, enabled us to deepen trust with long-term customers.

This reliability, alongside the premiumisation of protein in the market, created strong opportunities for our Lumina and Handpicked programmes. Both flourished, adding significant value and helping drive greater carcass optimisation.

E XC EP T IO N A L Q UA L IT Y C A RE

AN EXCEP TIONAL M E AT E AT I N G E X P E R I E N C E E V E RY T I M E

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New Zealand

Our Lumina and Handpicked Lamb brands maintained a premium despite rising commodity prices, with our UK Handpicked launch selling out immediately.

Continental Europe also rewarded provenance and quality, with chilled shipments commanding strong margins at a time when many competitors struggled with supply.

MIDDLE E A ST In the Middle East, Alliance refreshed our strategy, strengthening relationships with key customers in Jordan, Saudi Arabia and the Emirates.

This repositioning created fresh retail and food service opportunities and enhanced brand presence, with encouraging early signs including new listings and distributor feedback showing increased interest in Alliance branded products.

Globally, retail channels strengthened as households dined out less and traded down within categories. A flow-on effect of this change was that more people favoured home dining. Alliance adapted quickly, developing new retail-ready formats and pack sizes aligned with consumer preferences. This responsiveness helped secure new business, balance channel mix, and further improve value capture.

Our sales model has also been transformed, allowing us to respond more quickly to market changes and capture value closer to prevailing prices.

ERP DRIVEN EFFICIENCY Supported by the new ERP system, which provides real-time visibility of inventory and sales data, Alliance's closing weighted average age of inventory went from 76 days to just 15.

This dramatic improvement not only freed up working capital but also sharpened responsiveness, improved sales velocity and reduced exposure to volatility.

Through disciplined execution in global markets, targeted premiumisation and innovation, Alliance has delivered on its promise of maximising value for farmers while laying the foundations for long-term growth.

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05

MORE ENTERPRISE EFFICIENCY

SECTION 05

MORE ENTERPRISE EFFICIENCY

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MORE ENTERPRISE EFFICIENCY ENTERPRISE EFFICIENCY & O P E R AT I O N A L G A I N S While stronger global markets have underpinned improved performance, equally important has been Alliance’s transformation in enterprise efficiency.

This has not been about headline-grabbing initiatives, but rather a disciplined, consistent commitment to doing the basics exceptionally well.

Gains in yield, waste reduction, labour stability, non-livestock procurement and sustainability have together delivered tens of millions of dollars in value, helping Alliance return to profitability.

PL ANT NETWORK PERFORMANCE Across the plant network, performance has improved significantly.

Mataura achieved a record season with major yield gains and strong uptime. Lorneville processed 203,000 more ovine, benefiting from both scale and efficiency improvements, while Levin also delivered material performance gains.

Beef and offal yields were a particular highlight, with tighter coordination between sales and processing ensuring cuts matched customer specifications. This alignment between market demand and plant execution is now embedded across the business and is lifting returns.

S U STA I N A B I L I T Y & WA ST E R E D U C T I O N Waste reduction initiatives also contributed materially to both cost savings and sustainability. Skins once sent to landfill are now fully rendered, delivering $4.5 million in annual savings and reducing emissions.

Rendering plants were upgraded to increase meal production, ensuring more value is captured from each animal while meeting higher environmental standards.

At Mataura, the commissioning of an advanced wastewater UV treatment system set a new benchmark for industry performance and reinforced Alliance’s commitment to responsible operations.

On decarbonisation, heat pumps are now operating at all South Island plants, reducing reliance on coal and diesel. At the same time, targeted efficiency projects, such as reducing hot water use, ensure new systems can be right-sized, lowering both long-term costs and emissions.

W O R K FO RC E & S A F E T Y

P R O C U R E M E N T & VA L U E

Workforce stability has improved markedly with reliance on labour hire reduced to negligible levels.

Procurement discipline and overhead reductions further strengthened performance.

Our Manufacturing Excellence programme has embedded a culture of continuous improvement across processing sites.

This has equipped teams to deliver consistently higher standards and positioned Alliance to perform strongly in peak seasons.

Safety has also remained a clear priority, with internal audits identifying and closing critical gaps. The strengthening of emergency response teams at Lorneville, Pukeuri and Mataura has lifted preparedness and compliance across the company.

By consolidating non-livestock procurement, Alliance improved its bargaining power and offset inflationary pressures on energy and inputs.

Corporate overheads were reduced, and capital investment was prioritised to essential safety and compliance projects, asset replacement, and fast pay-back projects, ensuring resources were directed to where they added the most value.

These improvements across yield, waste, labour, procurement and sustainability are not isolated gains.

They are part of a wider cultural shift that embeds discipline and continuous improvement at every level of the business.

Together, they are building a leaner, stronger and more resilient Alliance — one that can consistently deliver sustainable returns to farmer-shareholders in the years ahead.

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06

M O R E VA L U E F O R FA R M E R SHAREHOLDERS

SECTION 06

M O R E VA LU E F O R FA R M E R S H A R E H O L D E R S

ANNUAL REP ORT 2025

M O R E VA L U E F O R FA R M E R SHAREHOLDERS The 2024-25 season has been one of the most challenging and dynamic in recent years, shaped by extreme weather events, shifting livestock flows, and a highly competitive procurement environment.

Yet despite these pressures, Alliance Group and its farmers have demonstrated real resilience and adaptability.

MEQ probe showing the scan score for a carcase on the chain.

S E A S O N O V E RV I E W

S U P P O R T I N G O U R FA R M E R S

FA R M G A T E R E T U R N S

R E WA R D I N G Q UA L I T Y

The season began with severe storms across Southland, Otago, and Canterbury in September/ October, resulting in the loss of close to one million lambs.

In a season of volatility, Alliance continued to work closely with farmers to help them navigate changing conditions.

After two difficult years, the sharp recovery in farmgate prices was welcome and timely. Lamb schedules lifted by more than $2 a kilogram over the season, while beef returns improved by around $3 a kilogram.

Our commitment to rewarding farmers for producing quality livestock remains at the heart of the company’s strategy.

The cold, wet spring that followed slowed livestock growth and recovery, delaying livestock readiness for processing through the early summer months.

At the same time, the longer-term effects of land-use change — particularly conversions to forestry/carbon farming, became more apparent, with national sheep and cattle numbers falling further than expected.

By mid-summer, conditions had reversed.

Warmer, dry weather through January to March created strong pasture growth in many regions, prompting farmers to hold stock longer to maximise weights and take advantage of improving prices.

This tightened livestock availability and created intense procurement competition across the industry, particularly from February onwards.

For the third consecutive year, there was no significant peak in livestock flows or processing backlogs, other than a brief two-week period in May when dairy cows came on. This allowed the company to maintain steady processing throughout the season and continue to deliver efficiency benefits.

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To maintain plant efficiency, we sourced additional livestock beyond forecasts and traded a record 1.5 million store-lamb equivalents — our highest ever.

We also facilitated the transfer of significant livestock volumes across regions, including more than 650,000 lambs from Southland to Canterbury in late autumn, ensuring both breeders and finishers could meet their respective needs.

Through our store stock and advanced payment programmes, we provided valuable on-farm support, helping farmers manage cash flow and reinvest in their businesses.

The company’s store stock programme has continued to grow, delivering strong commercial returns to breeders with no commission charge, while our advance payment programme remains an important tool for farmers needing working capital during tighter months.

These gains reflected a combination of strengthening global market prices and intense procurement competition in the latter part of the season.

Importantly, the total payments made to farmers were significantly higher than in prior years, with a greater share of value flowing back to the farm gate.

This improvement has enabled many farmers to restore cash flow, reinvest in fertiliser and maintenance and strengthen their financial position after an extended period of pressure.

The expansion of our premium programmes, including Pure South Handpicked Beef and Lamb, and the continued roll-out of MEQ technology, have created new opportunities for farmers to benefit from objective measurement and market premiums.

Alliance is among the few companies globally able to reward farmers for both eating quality and yield using independent, objective data.

Returns from marbling in lamb, for example, are now approaching those achieved through our Lumina Lamb programme.

In beef, farmers using MEQ feedback are making more informed breeding and finishing decisions, achieving premiums of up to 60 cents per kilogram.

Participation in these premium programmes continues to rise strongly, with close to 800,000 lambs expected to be processed through the Handpicked programme in the coming season.

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SECTION 06

M O R E VA LU E F O R FA R M E R S H A R E H O L D E R S

MARKET SHARE AND SPECIES PERFORMANCE Lamb market share was initially lower in October and November as a result of the capital raise livestock deductions but strengthened steadily from January onwards as committed supply increased.

Mutton volumes were consistent with prior years, while beef throughput grew significantly as we continued to execute our strategy of increasing beef processing.

D E L I V E R I N G VA LU E

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L AMB SWEET SPOT

Alliance remains focused on delivering value to our farmer-shareholders through stable processing, fair pricing, and quality-based rewards.

Our investment in technology, digital tools and livestock representative capability has improved communication and data flow, strengthening on-farm relationships and service delivery.

Together with our farmers, we have weathered climate challenges, sustained performance, and created a stronger foundation for the year ahead.

Our venison market share eased following the closure of the Smithfield plant, although new partnerships such as the Elk Collective are beginning to rebuild momentum.

BEEF IMF

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07

S U P P O RT I N G OUR PEOPLE AND COMMUNITIES

SECTION 07

SUPP ORTING OUR PEOPLE AND COMMUNITIE S

S U P P O RT I N G O U R P E O P L E AND COMMUNITIES

ANNUAL REP ORT 2025

H E A LT H , S A F E T Y A N D W E L L B E I N G Nothing matters more than ensuring our people return home safe and well every day.

Over the past year, we continued to strengthen our safety systems, leadership accountability, and culture of care across all our sites.

TEAM ALLIANCE At Alliance, our people are at the heart of everything we do. Their commitment and care underpin our success and define what it means to be part of Team Alliance.

In 2025, we continued to build a workplace where our people can thrive, one that attracts, develops and retains talented individuals who share our values and take pride in producing world-class New Zealand red meat.

Over the past year, we embedded “The Way We Work” across all sites, and invested in training and wellbeing initiatives that support our people to grow and succeed.

Despite ongoing industry challenges, engagement and retention remain strong, a testament to the resilience and commitment of our people.

During the year, we: + Expanded leadership and development programmes to all sites + Continued embedding our values and “The Way We Work” into recruitment, performance, and recognition systems + Improved recruitment and on-boarding processes to ensure we have the right people, in the right roles, at the right time

We completed the third year of our internal health and safety programme, with an overall compliance rate of 76 per cent, and continued our focus on fatality risk management and prevention.

Key highlights include: + Fatality risk management remains an important focus for Alliance. The company has progressed to the next phase of our plan to develop Bow Tie Risk Models on potentially fatal events, which highlight the critical controls required to prevent a serious incident. These in turn have led to “in field” critical control verification checks, which provide us the reality check that high hazard work activity is performed safely.

+ All our plants received compliance assessment visits from WorkSafe New Zealand during the year which included discussions with elected health and safety representatives. + New ACC annual audit standards took effect this year to enable Alliance to remain in the ACC Accredited Employer Programme. It was pleasing to achieve a full pass on the standards, which were a higher level than previously required.

While we continue to report Total Recordable Injury Frequency Rate (TRIFR), we are increasingly using lamb equivalents processed per recordable injury to measure progress relative to throughput. As a forward-looking indicator, we use audit outcomes against our Safety Management System (SMS).

Safety Performance TRIFR: FY25 TRIFR: 15.1 versus FY24 TRFIR: 16.8, which represents a 10% improvement.

Lamb equivalents per recordable injury: FY25: 77,179 versus FY24: 72,420, which represents a 7% improvement.

These results show continued progress toward our goal of eliminating harm and embedding a proactive, prevention-first culture across the company.

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SECTION 07

SUPP ORTING OUR PEOPLE AND COMMUNITIE S

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G R O W I N G C A PA B I L I T Y

LE ADERSHIP DEVELOPMENT

S U P P O RT I N G O U R C O M M U N I T I E S

S U P P O RT I N G F U T U R E TA L E N T

We continued to invest in the growth and development of our people through structured training, apprenticeships and leadership development programmes.

Our flagship leadership programme, The Way We Lead, continued to grow, with 37 leaders completing the programme during FY25.

Alliance is deeply connected to the communities where we live and work. We take pride in supporting initiatives that make a real difference to the lives of our people and their families.

Each year, Alliance supports the next generation through bursaries for the children of our employees and shareholders.

Our training pathways help employees gain both internal certifications and nationally recognised qualifications.

NZQA Work Based Training Certifications NZ Certificate in Meat Processing — Bronze Induction LCP (30841)

Cohort 1, Aug 2024 – Jan 2025 | 19 leaders Cohort 2, July – November 2025 | 18 leaders

Total*

Alongside initiatives such as People Foundations and 7 Habits of Highly Effective People, these programmes are equipping our leaders to create safe, engaged, high-performing teams.

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C E L E B R AT I N G O U R P E O P L E

NZ Certificate in Meat Processing — Halal (LCP)

2

In April, we held our first-ever Alliance values awards.

NZ Certificate in Meat Processing Meat Manufacturing (Silver) (35955)

27

NZ Certificate in Business — Team Leadership (Silver)

44

*Total number of people who achieved the certification

It was a special afternoon as Team Alliance came together for the virtual awards ceremony to celebrate our cumulative success, high performers and culture champions.

The awards presented a unique and special opportunity for us to pause, reflect and recognise the hard work and dedication of Team Alliance and showcase the outstanding individuals who demonstrate our Alliance values and Way We Work behaviours every day.

PA R T N E R S H I P W I T H R O N A L D MCDONALD HOUSE SOUTH ISLAND In 2025, we continued our support for Ronald McDonald House South Island, which provides accommodation and care for families with children receiving hospital treatment away from home.

Our partnership helps ensure families, like Jess' (pictured below), can stay together and feel supported during some of their most difficult times. This year, our people once again got behind the cause and volunteered while Alliance donated meat products for family dinners.

Employee Family Member Bursary: Sarah Puller — Studying degree in Agricultural Science, majoring in Environmental Management at Lincoln University Shareholder Undergraduate Bursary: Charlie Withers — Studying Bachelor of Commerce (Agriculture) at Lincoln University These bursaries help young people connected to Alliance pursue studies that will strengthen New Zealand’s primary industries and rural communities.

Together, we’re helping make life a little easier for families facing big challenges — an expression of the care and community spirit that runs through Team Alliance.

Jess in 2023 with all her school achievements.

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08

GOVERNANCE

SECTION 08

GOVERNANCE

ANNUAL REP ORT 2025

BOARD OF DIRECTORS Mark Wynne

Don Morrison

Chairman

Supplier Representative

Jared Collie

Matt Iremonger

Supplier Representative

Supplier Representative

Mark joined the Board in December 2021 and was elected Chair in April 2024. He is also Chair of Quayside Holdings, a large Tauranga-based endowment fund.

He has extensive experience in senior executive roles, including CEO of Ballance Agri-Nutrients, Regional President (South Asia) for Kimberly-Clark, and senior roles across Asia, the Middle East and New Zealand for Fonterra Brands.

Don was elected in 2013. He farms sheep and cattle on 465 hectares at Waikaka Valley, Southland, through DG & BC Morrison Limited. Don also serves as director of Pure Taste NZ Limited, Te Ao Kakano Limited, and Ahika Journeys Limited, and is Chairman of W9. He is also a member of the Alpha Sheep Genetics Group.

Richard Greer

Ross Bowmar

Gray Baldwin

Supplier Representative

Supplier Representative

Supplier Representative

Richard was elected in 2023. With his wife Kylie, he runs Sunnyside Station in Western Southland, a 1600-hectare sheep, deer and beef farm. They are also involved in a tourism business, combining farming with diversification.

Richard brings valuable insights into both traditional and emerging rural enterprises.

Ross was raised in Southland and now farms with his wife Jess and family at a high-country sheep and beef station in Canterbury’s Rakaia Gorge. He holds a Masters in Agricultural Economics from Michigan State University and spent a decade with Archer Daniels Midland in international agricultural processing. He also serves as a director on EA Networks.

Chris Day

Sarah Brown

Independent Director

Independent Director

Appointed to the Board in December 2024, Chris is an independent director with extensive corporate, leadership and governance experience. He is the Chief Financial Officer of Foodstuffs South Island Limited and is a director of Datacom Group Limited.

At Alliance, Chris is Chair of the Audit and Risk Committee.

Jared was elected in 2015.

Along with his wife Prue and their three sons, he operates a 1325-hectare sheep, cattle and dairy farm in Central Southland.

Jared is also a director of Ballance Agri-Nutrients, Benmore Downs Limited, and Platinum Dairies Limited.

He serves as Chair of the Jeff Farm Management Board and is facilitator for the Takitimu Discussion Group.

Matt was elected to the board in 2024 as a supplier representative.

Farming 40,000 SU sheep and beef on Banks Peninsula and 2,300 dairy cows across 3 dairy units in Canterbury, Matt was a Nuffield Scholar in 2023 and a past winner of the Deloitte Fast 50 Agribusiness.

Matt is passionate about capturing market value efficiently, returning it to farmers, and strengthening the balance sheet.

Gray Baldwin and his wife Marilyn winter milk 850 cows, on an all-autumn calving system, on their 707ha property near Lichfield in South Waikato. The property includes substantial areas of maize and forestry land.

Gray’s past co-op governance roles include nine years with Ballance and ten years with LIC. Gray is also a director of Bioeconomy Science Institute and Farmlands.

His qualifications are a Masters in Agricultural Science and a Diploma in Business Administration (Massey) and a Masters in Theology (Otago). In 2015 he attended the Summer Institute of Co-operative Leadership at the University of Missouri. Gray also completed the Fonterra Governance Programme in 2010.

Sarah lives in Manawatu and owns a sheep and beef farm.

She has held senior marketing and consumer insight roles with Lion Nathan, Colmar Brunton, Australian Pork, Boehringer Ingelheim, Diageo and Goodman Fielder International. She sits on the board of Dairy Goat Co-op (Chair of People and Culture) and runs an international marketing consultancy, advising clients across Australia, Asia and New Zealand.

At Alliance, Sarah chairs the People Committee.

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SECTION 08

GOVERNANCE

ANNUAL REP ORT 2025

EXECUTIVE LE ADERSHIP TE AM Willie Wiese

Dr Aneesha Varghese-Cowan

Wayne Shaw

James McWilliam

Chief Executive

Chief Financial Officer

General Manager Safety and Processing

Global Sales Director

Willie was appointed CEO in March 2023. Prior to this he was General Manager Manufacturing, a role he held since December 2017.

Having led significant Manufacturing and FMCG businesses in both Australia and South Africa as well as Private Equity, Willie is experienced in the implementation of strategies that deliver performance improvements in complex businesses.

Willie has Masters degrees in Electrical Engineering, Industrial Engineering and Business Administration; from the University of the Witwatersrand, Johannesburg.

Aneesha is a Chartered Accountant, holds a Masters in Taxation Studies from the University of Auckland and a Doctorate in Business Administration (with excellence) focusing on the future of the NZ red meat industry from the University of Otago, and is a Fellow of CPA Australia.

Wayne joined Alliance in December 2023 after 32 years in red meat processing, including 23 years at Silver Fern Farms where he was Operations Manager for Sheep and Venison. Most recently he was COO Processing and Special Projects at Harvest Road Group in Western Australia. Wayne holds a Bachelor of Technology (First Class Honours) and an MBA (Distinction) from Massey University.

Appointed in January 2024, James has built his career in the red meat industry, previously holding senior global sales roles at Ovation NZ, with 10 years working in the United Kingdom, Europe and North America.

Since joining Alliance in 2019, he has led planning, optimisation, and plant management.

He holds a Bachelor of Physical Education and a Bachelor of Commerce (Otago), with postgraduate study in Managerial Finance and Executive Leadership training at Stanford University.

Aneesha is committed to building financial resilience, strategic transparency, and long-term value for the company and its shareholders.

Murray Behrent

Kirstie Gardener

Nicole Godber

Bruce McCrone

General Manager Livestock and Shareholder Services

General Manager People & Culture

General Counsel and Company Secretary

Chief Transformation Officer

Murray joined Alliance in 1990 and has worked in multiple livestock-related roles. Appointed GM in October 2023 after serving as interim from June 2023. Murray has led major projects including the Farm Assurance Programme, Livestock Transport Accreditation, Central Progeny Test, and Via Scan Yield Grading.

Kirstie joined Alliance in April 2025. She is a seasoned executive and brings a wealth of experience in human resources, having held senior roles across a range of sectors and organisations, including ANZCO, Lyttleton Port Company, Solid Energy, and Holcim.

Nigel Jones

Sheena Henderson

General Manager Supply Chain and Planning

Global Marketing Director

Appointed GM in May 2023 after serving as GM Strategy since 2015. Nigel has also held senior supply chain and logistics roles at Fonterra. He holds degrees in Accountancy and Finance, an MSc in Supply Chain and Logistics from Cranfield University, and has completed executive training at Stanford University.

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Aneesha was appointed as Chief Financial Officer in 2024 and brings more than 25 years of finance transformation and governance experience across agribusiness, manufacturing, pharmaceuticals and blockchain technology in New Zealand and internationally.

Sheena has over 30 years of experience in global food and agribusiness, including leadership roles at Fonterra.

She has also been a professional director for more than 15 years, providing governance and advisory services.

She holds BSc and BBS degrees from Massey University.

Nicole joined Alliance in 2022 as part of the legal team and was promoted to General Counsel and Company Secretary in 2024.

Bruce was appointed Chief Transformation Officer in July 2025.

Before joining Alliance, Nicole gained extensive experience as legal counsel at Philips International and Pharming N.V., both based in the Netherlands, and advised large corporate, iwi, and local government clients while in private practice in New Zealand.

He has been with Alliance Group since 1994, most recently serving as Group Contribution Optimisation Manager. Over his long career with the company, Bruce has held a range of senior roles, including 17 years as Plant Accountant at the Pukeuri processing plant and six years as Commercial Manager for Manufacturing.

In addition to her role at Alliance, Nicole served as an Associate Director of Central Plains Water Limited from 2023 to 2024. Nicole and her husband Rob own a small sheep and beef farm in Darfield.

Bruce is a director of Silere Alpine Origin Merino and serves as the alternate for CEO Willie Wiese on both the High Health Alliance (HHA) Board and the Meateor Board.

He holds a Bachelor of Commerce, majoring in Information Science, and a Graduate Diploma in Accounting from the University of Otago.

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GOVERNANCE

ANNUAL REP ORT 2025

C O R P O R AT E G OV E R N A N C E

C A P I TA L ST RU C T U R E B OA R D COMMITTEE

C O M M U N I C AT I O N S W I T H SHAREHOLDERS

Alliance Group is a co-operative company owned by more than 4,100 farmers who supply livestock to the company for processing and then selling the resulting meat and co-products to international markets.

The Capital Structure Board Committee is comprised of five directors and is chaired by Mark Wynne. The Committee is responsible for overseeing the company’s capital raise, announced earlier this year, and proposals on overall capital structure. The Committee supports the board in its discussions on optimal capital structure to support the company’s strategic goals.

Alliance strives to keep shareholders informed of significant developments affecting the company.

Information is shared via the Alliance Group website, Annual Report and the fortnightly e-newsletter “Brief Bites”. This year the board called a Special General Meeting to consider the Dawn Meats Transaction. Additionally, this year the company undertook 24 roadshow meetings to discuss the Dawn Meats transaction.

BOARD OF DIRECTORS

BOARD MEETINGS

A S S O C I AT E D I R E C T O R A P P O I N T M E N T

The Company’s constitution states that there should be no more than ten directors at any time, with at least six and no more than eight being elected by shareholders. One-third of the elected directors must retire by rotation each year and may stand for re-election.

Twelve Board meetings are scheduled annually, with additional meetings held as needed.

Directors receive comprehensive management reports before these meetings. The board encourages the chief executive to involve employees who can offer valuable insights.

The Associate Director is appointed at the board’s discretion for a 12-month term. While they attend all board meetings, they do not have voting rights. The board elected to leave this position vacant for the 2024 – 2025 year.

Due to the Dawn Meats transaction, a new governance structure will be implemented for the coming year which was set out in the Scheme Booklet.

BOARD COMMIT TEES

BOARD RESP ONSIBILITIES The board holds statutory responsibility for the company’s affairs and activities. Dayto-day operations are managed by the chief executive, under the board’s delegation. The Board approves the company’s long term strategic direction, the annual business plan, and the capital expenditure budget. It also oversees specific project expenditures outside of normal authority and reviews the company’s performance against business plan objectives.

Additionally, the board ensures regulatory compliance, upholds high ethical standards, and promotes the company’s role as a responsible corporate citizen, particularly focusing on employee health and safety and environmental sustainability. Conflicts of interest are registered and recorded by all directors, and succession planning is undertaken to ensure the necessary skill set remains available.

35

The board has established three committees to support governance and decision-making. Each operates under its own terms of reference and reports back to the board.

AUDIT AND RISK COMMIT TEE The Audit and Risk Committee consists of five directors and is chaired by Chris Day. It is responsible for overseeing, reviewing, and advising the board on risk management, financial reporting, internal and external audit activities, treasury matters and internal control frameworks.

PEOPLE COMMIT TEE The People Committee also has four directors and is chaired by Sarah Brown. This committee oversees the company’s people strategy and assists the board on policies and procedures related to remuneration and performance management. It plays a key role in the appointments, remuneration, and reviews of directors, the chief executive and senior management.

D I R E C T O R M E E T I N G AT T E N DA N C E The following shows the percentage attendance of directors (based on their tenure) at board and committee meetings for the year ended 30 September 2025.

Board

ARC Committee

People Committee

Capital Structure Board Committee

Mark Wynne

100%

100%

100%

100%

Sarah Brown

95%

N/A

100%

N/A

Jared Collie

92%

N/A

100%

100%

Jason Miller

100%

N/A

N/A

N/A

Richard Greer

88%

N/A

100%

N/A

Don Morrison

95%

100%

N/A

N/A

Simon Robertson

100%

N/A

N/A

N/A

Ross Bowmar

100%

N/A

N/A

100%

Gray Baldwin

95%

100%

N/A

100%

Matt Iremonger

100%

100%

N/A

N/A

Chris Day

95%

100%

N/A

100%

36

09

OUR FINANCIAL STAT E M E N T S

SECTION 09

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

OUR FINANCIAL STAT E M E N T S

C O N S O L I DAT E D I N C O M E STAT E M E N T For the year ended 30 September 2025 The income earned and expenses incurred by Alliance Group

Revenue

Consolidated Income Statement

40

Consolidated Statement of Changes in Equity

42

Note

2025 $000

A1

2,057,863 (1,946,000) 111,863

Cost of sales Gross profit Other operating income

A1

Sales and marketing expenses Administrative expenses Other operating expenses Operating result

Consolidated Statement of Comprehensive Income

40

Consolidated Statement of Cash Flows

43

Finance income

A2

Finance expenses

A2

Net finance costs Share of associate earnings

E2

Gain/(loss) on disposal of property, plant and equipment Net profit/(loss) before provisions, and tax Restructure and impairment gains/(expenses) Net profit/(loss) before tax

Consolidated Statement of Financial Position

41

Notes to the Financial Statements

44

Income tax (expense)/benefit

A4

Net profit/(loss) after tax

859 (7,599) (62,427) (1,437) 41,259 390 (36,268) (35,878)

2024 $000 1,772,215 (1,738,510) 33,705 1,705 (5,754) (71,052) (1,441) (42,837) 537 (36,888) (36,351)

12,692 5,553 23,626 1,000 24,626

(120,812)

(4,242) 20,384

(95,762)

9,688 (3) (69,503) (51,309)

25,050

CONS OLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 September 2025 Other comprehensive income that may be reclassified to profit or loss in subsequent periods Note Fair value changes in derivatives: recognised in cash flow hedge reserve transferred and recognised in income statement Movement in foreign currency translation reserve Other comprehensive (loss)/income, net of tax Net profit/(loss) after tax for the year Total comprehensive (loss)/income for the year

2025 $000 (4,099) (1,931) (6,030) 4,689 (1,341) 20,384 19,043

2024 $000 1,931 (3,421) (1,490) 1,546 56 (95,762) (95,706)

The notes to the Group financial statements form an integral part of these financial statements.

39

40

SECTION 09

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

C O N S O L I DAT E D STAT E M E N T O F F I N A N C I A L P O S I T I O N

C O N S O L I DAT E D STAT E M E N T O F C H A N G E S I N E Q U I T Y

As at 30 September 2025

For the year ended 30 September 2025

A summary of the Alliance Group assets and liabilities at the end of the financial year

Components that make up the capital and reserves of the Group and the changes of each component during the year Note

2025 $000

2024 $000

C2 C3

104,465 (10,272) 209,469 303,662

107,996 (8,931) 189,085 288,150

18,424 170,420 22,599 209,746 4,435 7,388 248 433,260

1,641 175,907 20,629 220,766 5,584 1,096 62 425,685

5,042 6,862 11,904

10,300 4,323 8,929 23,552

Total liabilities

445,164

449,237

Total liabilities and equity

748,826

737,387

C4 C5 B2 B3

11,882 155,567 106,975 366 416 275,206

14,687 117,499 108,334 1,232 5,714 247,466

Total comprehensive income/(loss) for the year Bonus share issue Shares issued - ordinary shares Shares surrendered - ordinary shares Movement in share issue pending

E2 A4

73,530 56,316 113 11,313 271,755 60,593 473,620

65,299 59,625 531 16,205 283,977 64,284 489,921

Total transactions with owners Balance at 30 September 2025

748,826

737,387

Equity Share capital Reserves Retained earnings Total equity Liabilities Bank credit facilities Trade payables, other payables and provisions Employee benefits Interest bearing loans and borrowings Lease liabilities Financial liabilities – derivatives Income tax payable Total current liabilities Interest bearing loans and borrowings Employee benefits Lease liabilities Total non-current liabilities

Assets Cash and cash equivalents Trade and other receivables Inventories Intangible assets Financial assets – derivatives Total current assets Investments in equity accounted investees Deferred tax assets Other assets Right of use assets Property, plant and equipment Intangible assets Total non-current assets

C7 C6 C9 C7 C8

C7 C9 C8

B4 B1 B3

Total assets

Reserves Group

Share capital

Foreign currency translation

Cashflow hedge

Retained earnings

Total

$000 104,350 -

$000 (12,407) -

$000 3,420 -

$000 284,847 (95,762)

$000 380,210 (95,762)

Net change in fair value of financial instruments Movement in foreign currency translation reserve

-

1,546

(1,490) -

-

(1,490) 1,546

Total comprehensive income/(loss) for the year

-

1,546

(1,490)

(95,762)

(95,706)

Shares issued - ordinary shares Shares surrendered - ordinary shares Movement in share issue pending

6,870 (4,195) 971

-

-

-

6,870 (4,195) 971

Total transactions with owners Balance at 30 September 2024

3,646 107,996

(10,861)

1,930

189,085

3,646 288,150

Balance at 1 October 2024

107,996

(10,861)

1,930

189,085

288,150

Profit after tax for the year

-

-

-

20,384

20,384

Net change in fair value of financial instruments Movement in foreign currency translation reserve

-

4,689

(6,030) -

-

(6,030) 4,689

4,689

(6,030)

20,384

19,043

2,605 (4,721) (1,415)

-

-

-

2,605 (4,721) (1,415)

(3,531) 104,465

(6,172)

(4,100)

209,469

(3,531) 303,662

Balance at 1 October 2023 Loss after tax for the year

These financial statements have been authorised for issue by the Directors. For and on behalf of the Board:

Mark Wynne

Chris Day

Chairman

Director

18 November 2025 The notes to the Group financial statements form an integral part of these financial statements.

41

The notes to the Group financial statements form an integral part of these financial statements.

42

SECTION 09

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

N O T E S T O T H E C O N S O L I DAT E D F I N A N C I A L STAT E M E N T S

C O N S O L I DAT E D STAT E M E N T O F C A S H F L O W S For the year ended 30 September 2025 Cash generated and used by the Alliance Group during the financial year Note

2025 $000 2,021,438 390 (1,972,597) (32,623) 315 16,923

2024 $000 1,791,651 537 (1,768,002) (34,834) (1,158) (11,806)

Cash flows from investing activities Dividends received from associates and joint ventures Purchase of intangibles Proceeds from sale of property, plant and equipment Acquisition of property, plant and equipment Net cash outflow from investing activities

3,399 (1,802) 8,893 (15,417) (4,927)

7,037 (10,265) (28,644) (31,872)

Cash flows from financing activities Net (decrease)/increase in external debt Issue of share capital Repayment of principal and interest on lease liabilities Redemption of share capital Net cash (outflows)/inflows from financing activities

(4,537) 1,190 (7,092) (4,721) (15,160)

52,493 7,841 (8,456) (4,195) 47,683

Net movement in cash and cash equivalents Opening cash and cash equivalents Effect of exchange rate fluctuations on cash held Closing cash and cash equivalents

C4

(3,164) 14,687 359 11,882

4,005 10,638 44 14,687

Reconciliation of profit to net cash inflows/(outflows) from operating activities

Note

2025 $000 20,384

2024 $000 (95,762)

35,209 3,309 5,558 2,763 (5,553) 5,496 (12,692) (86) 917 703 35,624

35,275 49,747 (26,744) (1,505) 2,198 3 (87) (9,688) 7 891 (1,894) 48,203

(33,293) 2,689 1,359 186 (10,026) (39,085)

23,635 (1,651) 41,214 (351) (27,094) 35,753

16,923

(11,806)

Cash flows from operating activities Cash receipts from customers Interest received Cash paid to suppliers and employees Interest paid Taxes refunded/(paid) Net cash inflows/(outflows) from operating activities

Net profit/(loss) for the year Adjustments for items not involving cash flows: Depreciation and amortisation Restructure and impairment expenses Movement in deferred tax Fair value of financial derivatives Effect of exchange rate movement on working capital Loss/(gain) on sale of property, plant and equipment Accounts payable movements for investing and financing activities Earnings from associates Movement in provision for doubtful debts Lease interest recognised in financing activities Other non cash items

Movement in trade and other receivables Movement in employee benefits Movement in inventories Movement in income tax payable Movement in trade and other payables Movement in working capital items Net cash inflows/(outflows) from operating activities

IN THIS SECTION The notes to the financial statements within sections A to F include information that is considered relevant and material to assist the reader in understanding changes in the Group's financial position or performance. Information is considered material if: the amount is significant because of its size and nature; it is important for understanding the results of the Group; it helps explain changes in the Group’s business; or it relates to an aspect of the Group’s operations that is important to future performance.

A B O U T T H I S R E P O RT Reporting entity Alliance Group Limited (the Company) is a for-profit entity domiciled in New Zealand and registered under the Companies Act 1993 and the Co-operative Companies Act 1996. The Company is an FMC Entity in terms of the Financial Markets Conduct Act 2013 and prepares its financial statements in accordance with this Act and the Financial Reporting Act 2013.

These consolidated financial statements are for the Company and its subsidiaries (together referred to as "Group") and the Company's interests in associates as at and for the year ended 30 September 2025.

The Group is primarily involved in meat processing and export sales.

Statement of compliance and basis of preparation The financial statements have been prepared: in accordance with Generally Accepted Accounting Practice (GAAP) in New Zealand and comply with International Financial Reporting Standards (IFRS) and the New Zealand equivalents (NZ IFRS), as appropriate for a for-profit entity; on a going concern basis; and in New Zealand dollars, with all values rounded to the nearest thousand dollars unless otherwise stated.

In preparing the Group financial statements, all material intragroup transactions, balances, income and expenses have been eliminated. Subsidiaries are consolidated on the date on which control is obtained to the date on which control is lost.

The financial statements are prepared for the 52-week period ending 27 September 2025 (last year: 52-week period ending 28 September 2024) due to the 4-4-5 calendar used by the Group.

This method is used to ensure comparability given the weekly trading cycles of the Group. For simplicity, the financial statements and accompanying notes will be presented and referred to as at 30 September year end.

Going concern The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to continue in operation for the foreseeable future and meet its obligations as they fall due.

At balance date, the Group current liabilities exceeded current assets by $158.1m (last year: $178.2m). This is due to the short-term nature of the interest-bearing loans and borrowings of $209.7m (last year $220.8m). These debts are classified as current as the facility matures on 18 December 2025. The proceeds from the capital raise will be primarily used to repay the short-term debt returning the group to a positive working capital position.

At balance date, the Group was in the process of securing additional capital to fund its operations and meet its obligations as they fell due. Whilst an agreement with Dawn Meats had been signed prior to year end, several conditions were still required to be met at balance date including shareholder vote, OIO and High Court approval.

The notes to the Group financial statements form an integral part of these financial statements.

43

44

SECTION 09

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

A. FINANCIAL PERFORMANCE

Going concern (Cont) Dawn Meats Corporate Group (“Dawn Meats”) is headquartered in Ireland, and is investing in Alliance through its nominated investment vehicle Delmec Unlimited, a company incorporated in the Isle of Man. On successful completion of the capital raise and repayment of significant debt including discharging Westpac New Zealand from the banking syndicate, a continuation of the facility until maturity date has been agreed as per the amended facilities agreement signed on 26 September 2025, refer to note C7.

Subsequent to balance date, all material conditions have been met securing sufficient funding to support its ongoing operations and meet its financial obligations for at least the next twelve months. The transaction is set to be completed in early December 2025 and the proceeds to be received in full at that time.

IN THIS SECTION This section explains the financial performance of Alliance providing additional information about individual items in the income statement, including: accounting policies, judgements and estimates that are relevant for understanding items recognised in the income statement. analysis of Alliance's performance for the year by reference to key areas including: revenue, payments to our farmers, expenses and taxation.

The Directors have incorporated the capital raise and new banking terms into the forecast for the next financial year.

As a result, the Directors have concluded that the going concern basis of preparation is appropriate, and no material uncertainty exists at the date of approving these financial statements. Refer to note F5 — Events after balance date for more information on the Capital Raise.

A1

REVENUE

Foreign currency Transactions denominated in a foreign currency are converted at the exchange rates at the dates of the transactions. Foreign currency assets and liabilities (such as receivables and payables) are translated at the rate prevailing at balance date.

The assets and liabilities of international subsidiaries are translated to New Zealand dollars at the closing rate at balance date. The revenue and expenses of these subsidiaries are translated at rates approximating the exchange rates at the dates of the transactions.

Exchange differences arising on the translation of subsidiary financial statements are recorded in the foreign currency translation reserve (equity). Cumulative translation differences are recognised in the income statement in the period in which any international subsidiary is disposed of.

Revenue - sale of goods Other operating income Total income

Other accounting policies that are relevant to an understanding of the financial statements are provided throughout the notes to the financial statements. The accounting policies have been consistently applied to the periods in these financial statements. Where applicable comparatives have been amended to align with current year’s expenses.

Critical judgements and estimates The preparation of financial statements requires management to exercise its judgement in applying the Group's accounting policies. Estimates and judgements are reviewed by management on an on-going basis, with revisions recognised in the period in which the estimate is revised and in any future periods affected. Areas of estimate or judgement that have most significant impact on the amounts recognised in the financial statements are: -

Note B1 Note B2 Note B3 Note D2 Basis of preparation

Impairment Inventories Intangible assets Derivative financial instruments Going Concern

2024 $000 1,772,215 1,705 1,773,920

Other operating income materially consists of recovery of expenses and rental income (last year: recovery of expenses and rental income) Segment Reporting In the following table, revenue from the sale of goods is disaggregated by geographical market.

The principal functional currency of international subsidiaries is the British Pound Sterling; the closing rate at balance date was 0.4307 (last year: 0.4741).

Other accounting policies

2025 $000 2,057,863 859 2,058,722

Asia-Pacific Europe, the Middle East and Africa Americas Total Revenue - sale of goods

2025 $000 1,036,829 395,565 625,469 2,057,863

2024 $000 970,469 370,992 430,754 1,772,215

Revenue measurement and recognition Revenue from the sale of goods is measured at an amount that reflects the consideration expected to be received in exchange for transferring those goods. The measurement is based on the transaction price, net of commissions, volume rebate, and excludes amounts incurred on behalf of the customer.

In respect of export sales, the largest category of sales, the Group has determined that there are two performance obligations. The Group is obligated under the contract to supply specified goods and arrange and pay for shipping and insurance on behalf of the customer. Control of goods passes, and the service of arranging shipping and insurance is complete, at the point when the goods have been loaded onto the first point of carriage, to be delivered to the customer’s chosen destination. Revenue is recognised at this point in time.

Comparatives Some comparative balances have been reclassified and restated to conform with changes in presentation and classification adopted in the current period.

45

46

SECTION 09

A2

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

FINANCE INCOME AND EXPENSES

Interest from bank Dividend received Finance income Interest paid on loans & borrowings Interest on lease liabilities Finance expenses Net finance costs

2025 $000 390 390

2024 $000 536 1 537

35,351 917 36,268 35,878

35,997 891 36,888 36,351

Measurement & recognition Interest income or expense is recognised using the effective interest rate method.

Financial expenses comprise interest expense on borrowings including related fees and losses on interest rate hedging instruments and the interest component of lease payments.

A3

PERSONNEL EXPENSES

Wages and salaries Employer contribution to defined contribution plans Increase/(decrease) in liability for long service leave Total personnel expenses

2025 $000 343,531 6,419 739 350,689

2024 $000 368,795 7,152 (61) 375,886

Included within cost of sales in the income statement are wages and salaries of $315.5m (last year: $336.3m).

The remaining personnel expenses are included within administrative expenses, sales and marketing expenses.

In addition to the capital raise costs disclosed in note C5, transaction costs of $995,120 have been incurred to 30 September 2025 and are included within personnel expenses under administrative expenses in the income statement.

A4

TA X AT I O N

A4.1

Taxation Expense 2025 $000

2024 $000

Recognised in the income statement Current tax expense Current income tax expense Adjustments for prior years Deferred tax expense in respect of building depreciation change Deferred tax expense/(credit) Total income tax expense/(benefit) in income statement

929 3,313 4,242

1,841 112 7,515 (34,518) (25,050)

Income tax expense calculation Net profit/(loss) before tax Income tax using the company’s tax rate (28%) Net (non-assessable)/non-deductible items Tax effect of post-tax equity accounted earnings Tax effect of lower tax for overseas subsidiary De-recognition of deferred tax on buildings Tax effect of consolidation adjustments Under provided in prior years Adjustments for prior years Income tax expense/(benefit)

24,626 6,895 (1,733) (1,163) (81) 411 (87) 4,242

(120,812) (33,827) 627 428 (93) 7,515 180 8 112 (25,050)

As at balance date imputation credits available for use in subsequent periods totalled $46.7m (last year: $46.7m).

Measurement & recognition Income tax expense is the income tax assessed on taxable profit for the year. Taxable profit differs from profit before tax reported in the income statement as it excludes items of income and expense that are taxable or deductible in future years (i.e. deferred tax) and also excludes items that will never be taxable or deductible. Income tax expense components are current income tax and deferred tax.

Measurement & recognition Provision is made for benefits owing to employees in respect of wages and salaries, annual leave, long service leave and short term and long term employee incentives for services rendered. Provisions are recognised when it is probable they will be settled and can be measured reliably. They are carried at the remuneration rate expected to apply at the time of settlement. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement when they are due.

Liabilities recognised in respect of long service leave are measured at the present value of the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date.

47

48

SECTION 09

OUR FINANCIAL STATEMENT S

A4

TA X AT I O N ( C O N T )

A4.2

Deferred tax Movement in temporary differences during the year

Balance at 1 October 2023 Recognised in income Recognised in equity Reallocate prior year between current and deferred tax Balance at 30 September 2024 Balance at 1 October 2024 Recognised in income Recognised in equity Reallocate prior year between current and deferred tax Balance at 30 September 2025

ANNUAL REP ORT 2025

B . O P E R AT I N G A S S E T S IN THIS SECTION Property, plant and equipment $000 (3,421) (680) (1) (403)

Inventories

Employee benefits

Other items

Derivatives Tax losses carried forward $000 $000 957 28,054 (417) 21,959 1,878

Total

$000 234 1,209 -

$000 4,585 5,192 (807)

$000 2,472 (252) (934)

(4,505)

1,443

8,970

1,286

540

51,891

59,625

(4,505) (7,042) 3 (1,591)

1,443 (803) (162)

8,970 (4,253) (593)

1,286 (81) 76

540 (1,689) -

51,891 10,745 2,081

59,625 (3,123) 3 (189)

(13,135)

478

4,124

1,281

(1,149)

64,717

56,316

$000 32,881 27,011 (1) (266)

Based on future cashflow forecasts in the Group's five-year integrated plan, the Group considers it probable that future taxable profits will be available against which the tax losses can be recovered, and therefore related deferred tax asset can be realised.

Measurement and recognition: Deferred tax is income tax that is expected to be payable or recoverable in the future as a result of the unwinding of temporary differences. These arise from differences in the recognition of assets and liabilities for financial reporting and for the filing of income tax returns. Deferred tax is recognised on all temporary differences, other than those arising from goodwill and the initial recognition of assets and liabilities in a transaction (other than in a business combination) that affects neither the accounting nor taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the year when a liability is settled or an asset realised, based on tax rates and tax laws that have been enacted or substantively enacted at balance date.

This section shows the assets the Group uses in the processing of red meat products supplied by our New Zealand farmers in order to generate operating revenues. Key revenue generating assets include: Property, plant and equipment Inventories Intangible assets Right-of-use assets

B1

P R O P E R T Y, P L A N T A N D E Q U I P M E N T Group

Land

Buildings

Cost Balance at 1 October 2023 Transfers from work in progress Additions Disposals Effect of movements in exchange rates Balance at 30 September 2024 Balance at 1 October 2024 Transfers from work in progress Additions Disposals Effect of movements in exchange rates Balance at 30 September 2025

$000 26,413 26,413 26,413 (1,120) 25,293

Depreciation and impairment losses Balance at 1 October 2023 Depreciation Impairment of assets at Smithfield Disposals Effect of movements in exchange rates Balance at 30 September 2024 Balance at 1 October 2024 Depreciation Disposals Effect of movements in exchange rates Balance at 30 September 2025 Net book value Balance at 30 September 2023 Balance at 30 September 2024 Balance at 30 September 2025

49

$000 140,963 379 1,381 142,723 142,723 163 180 (17,012) 126,054

Plant and equipment $000 572,532 36,609 18,336 (293) 59 627,243 627,243 9,184 7,855 (79,242) 173 565,213

Work in progress $000 54,886 (36,988) 13,158 31,056 31,056 (9,347) 8,012 29,721

Total $000 794,794 32,875 (293) 59 827,435 827,435 16,047 (97,374) 173 746,281

455 51 506 506 51 557

85,653 2,093 6,542 94,288 94,288 1,810 (16,911) 79,187

402,241 23,825 22,044 (293) 49 447,866 447,866 23,398 (76,627) 145 394,782

798 798 798 (798) -

488,349 25,969 29,384 (293) 49 543,458 543,458 25,259 (94,336) 145 474,526

25,958 25,907 24,736

55,310 48,435 46,867

170,291 179,377 170,431

54,886 30,258 29,721

306,445 283,977 271,755

50

SECTION 09

B1

OUR FINANCIAL STATEMENT S

P R O P E R T Y, P L A N T A N D E Q U I P M E N T ( C O N T )

Measurement & recognition Owned assets Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.

Cost includes expenditures that are directly attributable to the purchase of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Work in progress relates to expenditure on items of property, plant and equipment which are not yet available for use. When an asset is made available for use it is transferred from work in progress to the relevant asset category and depreciated across its useful life.

Impairment The carrying value of property, plant and equipment are reviewed at each reporting date. If an indicator of impairment exists, then the recoverable amount is estimated. An impairment loss is recognised in the income statement if the carrying amount exceeds the recoverable amount.

Disposals The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the income statement.

Depreciation Depreciation of property plant and equipment assets is calculated on a straight-line or diminishing value basis. This allocates the cost of an asset, less any residual values (estimated value at time of disposal) over the estimated remaining useful life of the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives.

ANNUAL REP ORT 2025

B1

P R O P E R T Y, P L A N T A N D E Q U I P M E N T ( C O N T )

The Group is confident in the results of the planned initiatives, and the results of the VIU indicated significant headroom above the carrying amount of the assets.

The group has carried out sensitivity analysis and determined the following reasonably possible changes in key assumptions, across the forecast period, and their impact on headroom: Changes in key assumption

5% reduction in contribution margin* ($) 0.5% increase in discount rate 5% reduction in livestock volumes 10% increase in capital expenditure

The residual value and useful lives are reviewed and if appropriate adjusted, at each reporting date.

The Group makes estimates or exercises judgement in assessing indicators of impairment, forecast future cash flows, and determining other key assumptions used for assessing fair values (less cost of disposal) or value in use.

$000 (91,399) (50,801) (186,667) (72,206)

*Contribution margin includes livestock costs and plant operation costs but excludes some processing overheads costs, therefore is not directly comparable to measures within the consolidated income statement. Contribution margin is a key measure that the Group reviews to measure performance and a key measure included within the discounted cashflow model.

Based on the sensitivity analysis, the Group believes that a reasonable deterioration in an individual key assumption, in isolation, would not cause the carrying amount of the assets to exceed or be near to their recoverable amount. An improvement in the key assumptions would increase the headroom further.

As a result of the assessment, as at 30 September 2025, the Directors consider that the fair value of the CGU, exceeds the net assets of the Group and no impairment is required.

B2

INVENTORIES

Key judgement The Group makes estimates of the remaining useful lives of assets, which are as follows; Buildings 15 - 67 years Plant and equipment 2.5 - 25 years

Decrease in headroom

Raw materials and consumables Livestock Trading stocks Total inventories

2025 $000 17,228 10,143 79,604 106,975

2024 $000 16,850 7,506 83,978 108,334

Measurement & recognition

Impairment tests

Inventories are valued at the lower of cost and net realisable value.

While the group has seen improvements in the performance from prior year, posting a net profit before tax of $24.6m, it has continued to be impacted by tough trading conditions and the high cost of debt. This has led the Group to conclude that indicators of impairment, under the accounting standard, exist as at year end.

Cost: Consistent with other meat processors, the Group utilises the “retail method” to value trading stocks, in accordance with NZ IAS 2 - Inventory, to value the cost of inventory. Under the “retail method”, the cost of trading stock inventory is ascertained by deducting from sales value an estimated profit margin expected to be earned on the future sale of inventory.

Where an indicator of impairment is identified, accounting standards require that an impairment test is performed for each cash-generating unit (“CGU”). To assess the recoverable amount of the net assets of the Group, management has considered several relevant valuation data points: the fair value of the Group with reference to the Dawn Meats capital raise (refer note F5), independent valuations prepared by Northington Partners and Deloitte and management developed discounted cash flow models using the value in use (“VIU”) method for the CGU. An impairment loss is recognised if the carrying amount of an CGU exceeds its recoverable amount.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Estimated selling price is determined based on a valuation hierarchy where the Group looks to use directly observable prices on trading stocks where possible. In the first instance the Group will use values on committed sales orders to determine estimated selling price. In the event that the inventory is not on a committed sales order then estimated selling price will be determined with reference to post year end sales price. In the event that the inventory item in question is not on a committed sales order or sold post year end then forecasted selling price will be used. If the forecast sales price was increased by 10% then this would increase profit by $1.5m (last year: $2.0m). If the forecast sales price was decreased by 10% then this would decrease profit by $1.5m (last year: $2.0m).

The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent the Group’s assessment of future trends in the industry and have been based on data from both external and internal sources.

The VIU calculation used five-year future cash flows based on Board approved business plans and is discounted based on a weighted average cost of capital ("WACC") of 12.13% pre-tax (8.73% post tax). The cash flow forecast included specific estimates for five years and a terminal growth rate of 2.00% thereafter. Cash flows are based on historical margin levels of between 2.00% and 4.00%, stable livestock volumes, and management’s views on market trends, pricing and yields.

51

Livestock is valued at fair value.

Key judgement The Group determines the sale values used to calculate the cost of inventory by reference to: contract sale prices, or for uncontracted inventory, the future anticipated realisable value.

52

SECTION 09

B3

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

I N TA N G I B L E A S S E T S Group

B 3 I N TA N G I B L E A S S E T S ( C O N T ) Resource consents

Software

Cost Balance at 1 October 2023 Transfers from work in progress Additions Effect of movements in exchange rates Disposals Balance at 30 September 2024 Balance at 1 October 2024 Transfers from work in progress Additions Effect of movements in exchange rates Disposals Balance at 30 September 2025

$000 2,320 2,320 2,320 55 26 2,401

$000 37,174 9,407 9,346 9 55,936 55,936 24 (194) 55,766

$000 692 692 692 692

Amortisation Balance at 1 October 2023 Amortisation Disposals Effect of movements in exchange rates Balance at 30 September 2024 Balance at 1 October 2024 Amortisation Disposals Effect of movements in exchange rates Balance at 30 September 2025

245 81 326 326 82 408

11,257 2,828 1 14,086 14,086 4,077 (194) 28 17,997

2,075 1,994 1,993

25,917 41,850 37,769

Net book value Balance at 30 September 2023 Balance at 30 September 2024 Balance at 30 September 2025

Goodwill

Work in progress $000 29,155 (9,407) 19,748 19,748 (55) 446 20,139

New Zealand Units $000 648 5,409 (4,825) 1,232 1,232 2,238 (3,104) 366

Total $000 69,989 14,755 (4,816) 79,928 79,928 2,710 24 (3,298) 79,364

-

-

-

11,502 2,909 1 14,412 14,412 4,159 (194) 28 18,405

692 692 692

29,155 19,748 20,139

648 1,232 366

58,487 65,516 60,959

Measurement & recognition Resource consents Costs incurred in obtaining resource consents for processing sites are capitalised and amortised from the granting of the consent on a straight line basis for the period of the consent.

Software Costs associated with acquiring and developing identifiable software assets controlled by the Group are capitalised at cost and amortised over the expected life of the asset. The costs of internally generated identifiable software assets controlled by the Group comprise all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management.

Goodwill Goodwill that arises upon an acquisition is included in intangible assets. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Work in progress Work in progress relates to expenditure on items of intangible assets which are not yet available for use. When an asset is made available for use it is transferred from work in progress to the relevant intangible asset category and amortised across its useful life.

New Zealand Units New Zealand Units are purchased to offset carbon emissions under the New Zealand Emissions Trading Scheme. The units are measured at cost and expensed using weighted average method. Units are surrendered during the year to meet our obligations under the New Zealand Emissions Trading Scheme.

Key judgement The Group makes estimates of the remaining useful lives of assets, which are as follows; -

Software 2 – 15 years

-

Resource consents 5 – 35 years

The residual value and useful lives are reviewed and, if appropriate, adjusted at each reporting date.

Work in progress additions above primarily relate to expenditure on the Enterprise Resource Planning (ERP) system, Alliance's core IT system, which will be transferred to software as it is made available for use. The ERP system is being transferred to software in stages as the relevant components of the system are made available for use.

Substantial expenditure on internally developed software continues to be capitalised as work in progress. The software has not yet reached the stage where it is available for use and has therefore not been transferred to intangible assets.

Management has assessed the recoverability of these costs and determined that no impairment or write-down is required at this time.

The amortisation of resource consents and software is included in Administrative expenses.

53

54

SECTION 09

B4

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

C. MANAGING FUNDING

R I G H T- O F- U S E A S S E T S Right of use buildings Cost Balance at 1 October 2023 Transfers from capital work-in-progress Additions Disposals Effect of movements in exchange rates Balance at 30 September 2024 Balance at 1 October 2024 Transfers from work in progress Additions Disposals Effect of movements in exchange rates Balance at 30 September 2025

$000 7,279 1,725 37 9,041 9,041 63 (310) 227 9,021

Right of use plant and vehicles $000 13,108 7,310 20,418 20,418 985 (1,058) 20,345

Depreciation and impairment losses Balance at 1 October 2023 Depreciation Impairment of assets at Smithfield Disposals Effect of movements in exchange rates Balance at 30 September 2024 Balance at 1 October 2024 Depreciation Impairment of assets at Smithfield Disposals Effect of movements in exchange rates Balance at 30 September 2025

1,928 1,314 79 3,321 3,321 1,411 (274) 188 4,646

4,448 5,083 402 9,933 9,933 4,380 (906) 13,407

Net book value Balance at 30 September 2023 Balance at 30 September 2024 Balance at 30 September 2025

5,351 5,720 4,375

8,660 10,485 6,938

Work in Progress

Total

$000 613 (613) -

$000 21,000 8,422 37 29,459 29,459 1,048 (1,368) 227 29,366

613 -

6,376 6,397 402 79 13,254 13,254 5,791 (1,180) 188 18,053

14,624 16,205 11,313

IN THIS SECTION This section explains how the Group manages its capital structure and working capital along with the various funding sources.

C1

C A P I TA L M A N AG E M E N T

The Group's capital includes share capital, reserves and retained earnings.

The Board's objective when managing capital is to maintain a strong capital base to ensure the Group is able to undertake future growth opportunities and maximise the return to shareholders. The Board considers a strong capital base is necessary to protect the Group from volatility and changes in capital and operating market conditions. During the year, the Group made changes to standard shareholding requirements in relation to livestock supply to provide an increase in shareholder equity over time.

The Board monitors forecast capital inflows and outflows, and the level of shareholding relative to shareholders’ supply to ensure that the company retains a strong capital base, with a key reference point being the shareholders equity ratio.

The equity ratio calculated as total equity relative to total assets is a non-GAAP (generally accepted accounting practice) measure. Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.

Total equity Total assets Equity ratio

C2

Right-of-use assets are initially measured at cost. This comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

2024 $000 288,150 737,387 39.1%

2023 $000 380,210 783,166 48.5%

2025 000’s 106,581 2,605 (4,721) 104,465

2024 000’s 103,906 6,870 (4,195) 106,581

2025 $000 104,465 104,465

2024 $000 106,581 1,415 107,996

2022 $000 447,759 796,591 56.2%

S H A R E C A P I TA L Co-operative shares Shares on issue at 1 October Shares allotted during the year Shares surrendered during the year Shares on issue at 30 September Share capital

Measurement & recognition

2025 $000 303,662 748,826 40.6%

Shares issued at 30 September Share issue pending Share capital

The right-of-use asset is subsequently depreciated from the commencement date to the end of the lease term.

55

56

SECTION 09

C2

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

S H A R E C A P I TA L ( C O N T )

C5

All co-operative shares are fully paid up and have a par value per share of $1.

The status of trade receivables at the reporting date is as follows:

At 30 September 2025 there were no share issues pending (last year: 1.415 million shares).

Group trade receivables

All shares have equal voting rights and shareholders are entitled to one vote per share. The maximum individual shareholding is 2.2 million shares (last year: 2.2 million shares). Upon winding up, shares rank equally with regard to the company’s residual assets.

Shares are issued and surrendered at their nominal value under the company’s constitution and the Co-operative Companies Act 1996. Co-operative shares may be surrendered where shareholders have not transacted with the company for five years or do not have the capacity to be a transacting shareholder.

Capital raise costs incurred as part of the Dawn Raise transaction will be offset against equity next financial year on successful completion. Details of the costs incurred to date are disclosed in Note C5.

C3

R E S E RV E S

Foreign currency translation reserve Cash flow hedge reserve Reserves

2025 $000 (6,172) (4,100) (10,272)

$000 51,540 51,540

2025 Gross receivable Impairment Net receivable

58,505 58,505

16,128 16,128

> 30 days overdue $000 634 (314) 320

Total $000 63,922 (314) 63,608

522 (228) 294

75,155 (228) 74,927

Trade receivables are measured on initial recognition at fair value, and are subsequently carried at amortised cost.

Receivables are reviewed on an individual basis to determine whether any amounts are unrecoverable and a specific provision is made. The provision for expected credit losses is the estimated amount of the receivable that is not expected to be paid. Debts known to be uncollectible are written off as bad debts to the income statement immediately.

In assessing the collectability of receivables the Group considers the customer's credit history and historical recovery performance and trends.

Foreign currency translation reserve The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations as well as from the translation of financial instruments that hedge the company’s net investment in a foreign subsidiary.

The Group has derecognised trade receivables that have been sold to the bank under the receivables financing agreement and where the Group has determined that substantially all the risks and rewards have been transferred to the bank. The Group has assigned $30m (last year: $17.5m) of receivables as at 30 September 2025, of which $5.9m (last year: $2.5m) has been derecognised.

Costs incurred by the group in relation to the capital raise (primarily external advice and analysis) have been recognised separately as disclosed above. If the transaction is successful the amounts will be capitalised against equity, if unsuccessful, will be expensed in the income statement.

Costs of $535,724 associated with potential investment projects have been recognised as a prepayment. If the transaction is successful the amounts will be capitalised against the investment. If the project is unsuccessful or abandoned, all costs will be expensed in the income statement.

C A S H A N D C A S H E Q U I VA L E N T S 2025 $000 11,882 11,882

2024 $000 14,687 14,687

T R A D E A N D O T H E R R E C E I VA B L E S

Trade receivables – net of impairment Prepayments Capital raise costs Amounts owed to the Company by associates Total receivables Impairment included in trade receivables

57

2024 Gross receivable Impairment Net receivable

1 – 30 days overdue $000 11,748 11,748

Measurement and recognition

Cash and cash equivalents Net cash and cash equivalents

C5

Not yet due

Measurement and recognition

2024 $000 (10,861) 1,930 (8,931)

Cash flow hedge reserve The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet been settled.

C4

T R A D E A N D O T H E R R E C E I VA B L E S ( C O N T )

2025 $000 74,927 12,168 8,846 59,626 155,567 228

2024 $000 63,608 14,860 39,031 117,499 314

C6

T R A D E PAYA B L E S , O T H E R PAYA B L E S A N D P R O V I S I O N S

Trade payables Revenue received in advance Provisions for restructuring at Smithfield Payables to related parties Total payables Provisions for restructuring at Smithfield Opening Balance Utilised during the year Increase in provisions Total Provisions

2025 $000 167,796 1,601 1,023 170,420

2024 $000 147,854 9,342 17,468 1,243 175,907

2025 $000 17,468 (17,468) -

2024 $000 17,468 17,468

58

SECTION 09

C6

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

T R A D E PAYA B L E S , O T H E R PAYA B L E S A N D P R O V I S I O N S ( C O N T )

C8

Measurement and recognition

Measurement and recognition

Trade payables and other accounts payable are recognised when the entity becomes obliged to make future payments resulting from the purchase of goods and services. The entity has financial risk management policies in place to ensure that all payables are paid with in the credit timeframe.

Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the Group’s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar environment under similar terms and conditions.

A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the provision can be reliably measured.

C7

Current Non-current

The lease liability is measured at amortised cost using the effective interest method. The lease liability is increased to reflect interest expense incurred on the lease liability and reduced to reflect the cash lease payments made.

2025 $000 180,000 29,746 18,424 228,170

2024 $000 200,000 20,766 10,300 1,641 232,707

228,170 -

222,407 10,300

On 11 September 2025 the group entered into an extension with the syndicate to extend the current Syndicated Facilities Agreement to 18 December 2025. Subsequently on 26 September 2025, the group entered into a deed amending and restating the Syndicated Facilities Agreement, including revised facility limits and covenants which is conditional on successful completion of the capital raise with Dawn Meats further extending the maturity date to 31 October 2026. A successful capital raise and the resulting cash injection, repays a large portion of the facility resulting in the retirement of Westpac New Zealand from the Syndicate.

Measurement and recognition Borrowings are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost (using the effective interest method). Fees for establishing new borrowings are spread over the term of those borrowings.

The loan facility is a syndicated facility with four AA- rated banks and three A rated banks. It comprises a 12 month Seasonal Facility. The loan facility is secured against the property and assets of the Group given under a Security Trust Deed. As such all Group's inventory is effectively pledged as security for the borrowing facility. The Seasonal Facility is tailored to reflect the seasonal working capital cycle.

Other loans are funds received from the Provincial Growth Fund to fund qualifying projects and receivables factoring with Hong Kong and Shanghai Banking Corporation (HSBC).

LEASE LIABILITIES

Opening balance Net additions Interest of lease liabilities Repayments Foreign Currency Movements Closing balance Current Non-current

59

Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that are based on an index or a rate, amounts expected to be payable under a residual value guarantee, and any exercise price the Company is reasonably certain to exercise.

I N T E R E ST B E A R I N G LOA N S A N D B O R RO W I N G S

Secured bank loans - current Other loans - current Other loans - non-current Bank credit facilities

C8

LEASE LIABILITIES (CONT)

Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset.

Lease expenses The Income Statement includes expenses relating to short term leases of $0.5m (last year: $0.6m) and expenses relating to leases of low value assets of $0.7m (last year: $1.1m). Depreciation of right of use assets is reported in note B4. Interest on lease liabilities are reported as financial expenses (see note A2).

The Group has considered the potential impact of lease payments should it exercise all extension options and has determined that the amounts are negligible.

C9

E M P LOY E E B E N E F I T S

Annual leave Long service leave Payroll accruals Other Employee benefits current

2025 $000 12,170 554 8,757 1,118 22,599

2024 $000 10,587 534 7,653 1,855 20,629

Long service leave - non-current Employee benefits - non-current

2025 $000 5,042 5,042

2024 $000 4,323 4,323

Measurement and recognition 2025 $000 14,513 2,825 917 (7,092) 134 11,297

2024 $000 12,124 9,954 891 (8,502) 46 14,513

4,435 6,862

5,584 8,929

Provision is made for benefits owing to employees in respect of wages and salaries, annual leave, long service leave and short term and long term employee incentives for services rendered. Provisions are recognised when it is probable they will be settled and can be measured reliably. They are carried at the remuneration rate expected to apply at the time of settlement. Obligations for contributions to defined contribution pension plans are recognised as an expense in income statement when they are due.

60

SECTION 09

OUR FINANCIAL STATEMENT S

D . F I N A N C I A L I N S T R U M E N T S U S E D T O MANAGE RISK

ANNUAL REP ORT 2025

D1

MANAGEMENT OF FINANCIAL RISKS (CONT) The Group is required to disclose the expected timings of cash outflows for each of its financial liabilities.

The amounts in the table below are the contractual undiscounted cash flows (including interest), so will not always reconcile to the amount disclosed on the statement of financial position.

IN THIS SECTION This section explains the financial risks that the Group faces and how these risks are managed. This includes reviewing the hedging instruments used to manage risk.

D1

MANAGEMENT OF FINANCIAL RISKS The Group is subject to a variety of financial risks relating to its operations that are managed by the Group's Treasury Policy. This policy provides guidance to management on minimising the exposure to these risks and the use of derivative financial instruments.

The Group is exposed to the following risks which arise during the normal course of business.

Credit risk Commodity risk Liquidity risk Interest rate risk Foreign currency risk Management of the Group's key financial risks

D1.1

Credit risk Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its financial obligations.

The group is exposed to concentrations of credit risk principally in relation to cash and cash equivalents, and derivatives. The Group mitigates this by transacting with six major trading banks.

Exposure to credit risk also arises in relation to trade debtors. Refer to note C5 for the status of trade receivables. This risk is managed through a credit approval process and on-going monitoring being undertaken. Offshore debtor credit risk is also partially managed by the use of confirmed letters of credit from reputable banks.

There are no significant concentrations of credit risk in relation to trade debtors. The carrying amount of financial assets represents the group’s maximum credit exposure. A provision for impairment of receivables is established using the expected credit losses model, which is based on forward-looking analysis which considers historical provisioning rates and relevant macro-economic factors.

D1.2

Contractual cash flow $000

< 3 months

3 – 12 mths

1 – 2 yrs

2 – 5 yrs

> 5 yrs

$000

$000

$000

$000

$000

2024 Loans and borrowings Trade and other payables Bank credit facilities Lease Liabilities Financial liabilities – derivatives

231,066 175,903 1,641 14,513 1,096

231,066 175,903 1,641 14,513 1,096

219,987 175,903 1,641 1,639 1,096

779 3,945 -

10,300 3,522 -

5,407 -

-

2025 Loans and borrowings Trade and other payables Bank credit facilities Lease Liabilities Financial liabilities – derivatives

209,746 170,420 18,424 11,297 7,388

209,746 172,853 18,424 11,297 7,388

208,872 172,853 18,424 1,270 7,388

874 3,165 -

3,364 -

3,498 -

-

Interest rate risk The Group is exposed to interest rate risk on movements in floating interest rates on loans and borrowings.

The Group adopts a policy of ensuring that between 0 - 100% (dependant on the facility type, see breakdown below) of its interest rate risk exposure is at a fixed rate. This is achieved partly by entering into fixed-rate risk instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to movements in reference interest rates.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. If a hedging relationship is directly affected by uncertainty arising from IBOR reform, then the Group assumes for this purpose that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method.

The Group manages interest rate volatility to cash flow using pay-fixed interest rate swap (IRSs) and forward rate agreements (FRA's).

Commodity risk The Group is exposed to commodity pricing risk on inventory, in particular trading stock, which is managed through negotiated supply contracts.

D1.3

D1.4

Balance sheet $000

Liquidity risk Liquidity risk represents the group’s ability to meet its contractual obligations as they fall due.

The primary objective is to ensure that sufficient liquidity is available to meet the Group’s short and long term cash obligations.

Interest rate risk hedging parameters Facility Type Seasonal debt 0 – 1 year Seasonal debt 1 – 2 years Core debt 0 – 1 year Core debt 1 – 2 years Core debt 2 – 5 years

Hedging band 40% – 90% 0% – 50% 50% – 100% 0% – 50% 0% – 30%

The secondary objective is the optimal use of cash resources to minimise total funding costs.

The primary source of liquidity will be from foreign currency and domestic receipts. The secondary source will generally be from prior arranged borrowing facilities with financial institutions. The funding facilities negotiated will need to reflect sufficient headroom to accommodate the various uncertainties associated with the nature of the business and industry.

The finance division prepares an annual budget and a revolving 12-week cash flow forecast profiling expected cash flows and projected liquidity requirements. These projected liquidity requirements are monitored against funding facilities to ensure sufficient liquidity resources are available.

In general, the group generates sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and maintains adequate banking facilities to cover potential shortfalls.

61

62

SECTION 09

D1

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

MANAGEMENT OF FINANCIAL RISKS (CONT)

D2

Interest rate sensitivity The following table shows the estimated pre-tax impact on the group of a general 100 basis point (BPS) change in interest in respect to interest rate derivatives that the company had in place at balance date:

100 BPS increase in interest rates 100 BPS decrease in interest rates

D1.5

2025 Profit & Loss $000 -

2024 Equity Profit & Loss

Equity

$000 (147) (1,881)

$000 2,087 (2,123)

$000 -

D E R I VA T I V E F I N A N C I A L I N S T R U M E N T S What is a derivative?

A derivative is a type of financial instrument typically used to manage the interest rate and foreign exchange risks that the Group faces due to its business operations. The different types of derivative used are: Forward Exchange Contracts: A contract between two parties (for example, a bank and a customer) where one party agrees to sell or buy a fixed amount of a currency, at an agreed rate, on a certain date. The agreed foreign exchange rate is referred to as the forward rate.

Foreign exchange option: An option gives the right to buy or sell an instrument at a fixed price on or before a certain date in the future. The buyer of an option has a right but not an obligation and can only lose the premium paid. The seller of an option has an obligation with no rights. The seller receives premium but has full risk of loss should rates move against them and the buyer chooses to exercise the option.

Foreign currency risk The Group operates internationally, and is subject to the risk of financial losses arising from adverse exchange rate movements in USD, EUR, GBP, CAD, JPY and AUD. Risks arise due to the risk associated with the cash receipts made in currency exposure other than the functional currency. To manage the foreign exchange risks the Group enters into financial market derivatives. All foreign exchange contracts on hand at balance date are expected to impact the income statement within 12 months.

Interest rate derivatives:

The Group's policy is for the critical terms of the forward exchange contracts to align with the hedged item.

Interest Rate Swap (IRS) A swap contract whereby two parties agree to swap interest payments on a notional principal sum over an agreed period. The most frequently used Interest Rate Swap structure is a fixed-variable structure, in which one party to the agreement pays a fixed rate over the term of the swap in exchange for variable-rate interest payments from the other party. One to five-year Interest Rate Swaps are commonly traded and hence the risk exposure is greater than a FRA.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cashflows of the hedged item using the hypothetical derivative method.

In these hedge relationships, the sources of any ineffectiveness, should it arise, are expected to be attributable differences in the amount of, or repricing dates between, the swaps and the borrowings . The Group did not have any new sources of hedge ineffectiveness emerging in designated hedging relationships. If it had, then it would be required to disclose those sources by risk category and explain the resulting hedge ineffectiveness.

The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash flow hedges.

The Group currently hedges up to 100% of trade debtors denominated in a foreign currency. The Group also hedges inventory to the extent it can identify inventory values that will be sold in a foreign currency.

The following disclosures relate to the valuation of foreign exchange exposures as at 30 September. The Group has foreign exposures throughout the financial year which fluctuate both in terms of the amount of the exposures at any one time and the effect of movements in the exchange rate. The NZD equivalent of the notional amount of foreign exchange contracts at balance date are in D2.

The following table shows the estimated pre-tax impact on the group of a general 10% change in the value of the New Zealand dollar in respect to foreign exchange currency derivatives that the company had in place at balance date (note the sensitivity analysis excludes the equivalent impact on the underlying hedged item to which the derivatives relate):

10% increase in value of NZD 10% decrease in value of NZD

2025 Profit & Loss $000 5,409 (6,568)

Equity $000 6,598 (8,257)

2024 Profit & Loss $000 4,446 (5,433)

Forward Rate Agreement (FRA) A contract that fixes the interest rate now that will apply to a loan or deposit for an amount for a given period starting on a certain date in the future (the settlement date). The most common FRA is for 3 months therefore the amount exposed is limited compared to the longer duration of an Interest Rate Swap.

Recognition Derivative financial instruments are recognised at fair value on the date the contracts are agreed and are re-measured on a periodic basis. The recognition of movements in fair value depends upon the hedging instrument and its designation or classification, as summarised below: Cash flow hedge: Changes in fair value of hedges that are designated and qualify as cash flow hedges and are considered effective for accounting purposes are recognised through other comprehensive income into the cash flow hedge reserve (in equity).

The gain or loss relating to any ineffective element is recognised immediately in the income statement. Amounts accumulated in other comprehensive income are recognised in the income statement in the periods when the forecast transactions take place.

Measurement of fair value The Group's financial instruments carried at fair value are defined as level 2 for valuation purposes for 2025 and 2024 financial periods. At 30 September 2025 the fair value of the Group’s derivative financial instruments was a $6.9m liability (last year: $4.6m asset).

Foreign exchange contract: Fair value is the difference between the contract exchange rate and the quoted forward exchange rates to close it out at the reporting date. This is calculated by using the present value of the estimated future cash flows and applying published forward exchange rates and discount rates based on the forward interest rate swap curve.

Equity

Foreign exchange options The fair value has two components being;

$000 4,022 (4,916)

-

intrinsic value, being the difference between the option strike rate and the current market rate, and

- time value, this can never be negative, and represents the dollar value that the option has of the time left to run to maturity The intrinsic value of the option, if it is deemed effective is taken through the hedge reserve in equity. The time value is deferred to the cashflow hedge reserve.

The fair value uses a discounted cash flow and applies observable option volatilities and quoted forward exchange and interest rates that match the maturity dates of the contracts.

63

64

SECTION 09

D2

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

E . G RO U P ST RU C T U R E

D E R I VAT I V E F I N A N C I A L I N S T RU M E N T S ( C O N T ) Interest rate derivatives: The fair value is the estimated amount that the Group would pay or receive if the contract stopped at the reporting date. This is calculated by discounting the future interest and principal cash flows using published market interest rates that match the maturity dates of the contracts and discount rates based on the forward interest rate swap curve. The fair value uses a discounted cash flow and applies observable option volatilities and quoted forward exchange and interest rates that match the maturity dates of the contracts.

The Group enters into derivative transactions under international Swaps and Derivatives Association (ISDA) master netting agreements. In general under these agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances — e.g. when a credit event such as a default occurs - all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.

Derivatives designated as cash flow hedges - Foreign exchange contracts - Interest rate swaps - Forward rate agreements - Foreign exchange options Derivatives not designated as cash flow hedges - Foreign exchange contracts - Interest rate swaps

65

SUBSIDIARIES

The financial statements include the financial statements of the Company and the subsidiaries listed below.

Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of the entity so as to obtain benefit from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

2024 Notional Fair value principal $000 $000

The Company has the following investments:

New Zealand Holdings (UK) Limited through its offshore domiciled trading subsidiary Alliance Group (NZ) Limited

71,227 125,000 40,613

(2,252) (1,014) (1,015)

46,705 245,000 -

2,121 (969) -

56,574 293,414

(2,691) (6,972)

55,075 346,780

3,466 4,618

The following table details the instruments held to hedge exposures to changes in foreign currency and interest rates:

1 –6 months

Maturity 6 – 12 months

More than 1 year

Forward exchange contracts Net exposure (in thousands of New Zealand Dollars) - Average New Zealand Dollars:USD forward contract rate - Average New Zealand Dollars:EUR forward contract rate - Average New Zealand Dollars:GBP forward contract rate - Average New Zealand Dollars:AUD forward contract rate - Average New Zealand Dollars:CAD forward contract rate - Average New Zealand Dollars:JPY forward contract rate

127,801 0.5973 0.5117 0.4305 0.9060 0.8164 86.2159

nil nil nil nil nil nil nil

nil nil nil nil nil nil nil

Interest rate risk Interest rate swaps Net exposure (in thousands of New Zealand Dollars) Average fixed interest rate

125,000 3.83%

0 n/a

0 n/a

Foreign currency risk

This section provides information to help readers understand the Group's structure and how it affects the financial position and performance of the Group.

E1

The following table details the notional principal amounts of derivatives at the end of the reporting period: 2025 Notional Fair value principal $000 $000

IN THIS SECTION

Principal activity

Country

Balance date

2025 Ownership interest

2024 Ownership interest

Sales, distribution and marketing

United Kingdom

30-Sep

100.0%

100.0%

Investments in subsidiaries

E2

A S S O C I AT E S A N D J O I N T V E N T U R E S

Measurement & recognition Associates are those entities in which the Company has significant influence, being the ability to participate in however not control the financial and operating decisions of the entity.

Joint ventures are those entities in which the Company has joint control and has rights to the net assets of the venture.

Associates and joint ventures are accounted for using the equity method of accounting where the investment is recorded at cost plus its share of any profit or loss during the ownership period. Any dividends received are deducted from the investment value.

If the Company’s share of losses exceeds its interest in the associate, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the entity.

Other Investments recognise entities in which the Company holds an investment but no significant influence or joint control.

66

SECTION 09

E2

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

F. O T H E R N O T E S

A S S O C I AT E S A N D J O I N T V E N T U R E S ( C O N T ) The Company has the following investments:

Associates The Lamb Co-operative Inc. The NZ and Australian Lamb Company Limited Joint ventures Alpine Origin Merino Limited High Health Alliance Limited Meateor GP Limited

Other investments Quality New Zealand Limited

2025

2024

Principal activity

Country

Balance date

Ownership interest

Ownership interest

Sales, distribution and marketing Sales, distribution and marketing

USA

30-Sep

40.5%

46.0%

CAN

30-Sep

47.1%

44.2%

Research and development Research and development Supply of meat ingredients to pet food industry

NZ

30-Sep

50.0%

50.0%

NZ

30-Sep

50.0%

50.0%

NZ

31-Dec

50.0%

50.0%

Sales, distribution and marketing

NZ

Investments in equity accounted investees Movements in carrying value of equity accounted investments: Balance at beginning of year Investment/(return) in share capital Add patronage dividends issued as advances Add patronage dividends reinvested Less withholding tax on dividends Less promissory notes repaid Add/(less) share of foreign exchange translation reserve Add share of profit after tax Less dividends received Closing balance This balance comprises: Shares in associate companies and joint ventures Advances to associated companies at cost Share of post-acquisition increases in net assets Share of foreign exchange translation reserve Closing balance

IN THIS SECTION This section includes information required to comply with financial reporting standards that is not covered in other sections.

F1

R E L A T E D PA R T I E S Transactions with related parties, including directors, are made on terms equivalent to those that prevail in arm’s length transactions.

F1.1

Parent and ultimate controlling party The immediate parent and ultimate controlling party of the Group is Alliance Group Limited.

F1.2

Identity of associates and joint ventures The Group’s associates and joint ventures are outlined in Section E.

30-Sep

9.6%

10.5%

2025 $000

2024 $000

F1.3

Transactions with related parties and equity accounted investments: 2025 Sales and recharges to associates

65,299 3,461 68,760 12,692 (7,922) 73,530

63,535 2,184 65,719 9,688 (10,108) 65,299

Summary financial information for equity accounted investees and proportionately consolidated entities, not adjusted for the percentage ownership: Total Total Revenues assets liabilities Associates and joint ventures $000 $000 $000 2024 314,990 176,841 1,203,673 2025 405,676 247,454 1,481,579

36,569 10,896 22,226 (4,392) 65,299

$000 274,370

6,065

6,731

Dividends from associates

6,922

9,108

Dividends from joint ventures Purchases from Directors Sales to Directors

1,000

1,000

(9,254)

(5,531)

187

41

59,626

39,031

Balances with related parties Amounts owed to the Company by associates Amounts owed to the Company by joint ventures

87

34

Amounts owed to joint ventures by the Company

827

1,135

Amounts owed to Directors by the Company

F1.4

196

109

4,910

3,006

Key management personnel compensation

Short term employee benefits Profit (loss) $000 17,483 27,388

$000 397,671

Sales and recharges to joint ventures

Loans to associates 36,569 10,896 30,457 (4,392) 73,530

2024

Post-employee benefits

2025

2024

$000

$000

6,724

6,005

225

149

Directors fees - the Company

1,039

994

Total key management personnel compensation

7,988

7,148

Key management personnel comprise the Company's Executive Leadership Team (ELT) and its Board of Directors.

Benefits paid to the Leadership Team include salaries, non cash benefits and contributions to post employment superannuation schemes.

67

68

SECTION 09

F2

OUR FINANCIAL STATEMENT S

2025

2024

$000 389 197 600

$000 370 141 511

C A P I TA L C O M M I T M E N T S

Committed payments for approved capital expenditure

F4

F6

AU D I T O R S ’ R E M U N E R AT I O N

Audit fees - KPMG Audit fees - KPMG (UK) Total auditors' remuneration

F3

ANNUAL REP ORT 2025

2025

2024

$000

$000

3,257

4,129

CONTINGENT LIABILITIES Capital Raise Transaction Costs

N E W STA N DA R D S A N D I N T E R P R E TAT I O N S IFRS 18 – Presentation and Disclosure in Financial Statements In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 Presentation and Disclosure in Financial Statements. This standard replaces IAS 1 Presentation of Financial Statements and introduces significant changes to the structure and presentation of the primary financial statements.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted.

The Group has not early adopted IFRS 18.

The key features of IFRS 18 include: - A defined structure for the statement of profit or loss, introducing new categories: operating, investing, and financing.

- New requirements for disaggregation and enhanced disclosure of management-defined performance measures (MPMs).

Standardised line items and improved comparability across entities.

The Group is currently assessing the impact of IFRS 18 on its financial statement presentation and disclosures. While the adoption of IFRS 18 is not expected to have a material effect on the recognition or measurement of assets and liabilities, it is anticipated to result in significant changes to the presentation and structure of the Group’s primary financial statements and related disclosures.

The Group intends to implement IFRS 18 in accordance with the effective date and will continue to monitor any further guidance issued by the New Zealand External Reporting Board (XRB) or other regulatory bodies to ensure a smooth transition.

Subsequent to balance date, the Group is expected to complete the capital raise with Dawn Meats. As part of this transaction, the Group is contractually obligated to pay advisory and success fees associated with the capital raise.

As the transaction was not completed as at 30 September, no liability was recognised in the financial statements for the year then ended. The obligation to pay these costs arise only upon the successful completion of the capital raise, which occurred after year end. Accordingly, the related costs represent a contingent liability at balance date.

The total estimated success fees payable in relation to the capital raise are approximately $4m. These costs will be recognised in the subsequent financial period and recognised as cost of the equity raise. If the transaction is not completed the costs are recognised as an expense in the income statement.

Other Contingencies In the normal course of business, the Group is subject to inquiries, claims and investigations. There are no other material matters to disclose in this respect at 30 September 2025.

F5

E V E N T S S U B S E Q U E N T T O B A L A N C E DAT E Capital Raise - Conditional agreement executed post balance date On 12 August 2025 the Board of Alliance Group unanimously selected Dawn Meats as its preferred strategic partner.

Under the proposed transaction, Dawn Meats will acquire 65% of the shares for an initial consideration of $250m (with a potential top‑up subject to the Co‑operative’s performance), valuing the Co‑operative at approximately $502m.

The financial performance of the Group and other purchase price adjustments has resulted in an additional circa $26m bringing the final consideration to $276m for a 65% shareholding in Alliance Group.

The investment is structured via a Scheme of Arrangement and serves to: Reduce Alliance’s working capital debt by $200m; Accelerate capital investment; Provide for a distribution of up to $40m to members, subject to livestock supply - The additional purchase price adjustment of approximately $26million will be declared as a dividend, credited to the current account of Alliance Cooperative Limited. This amount will be paid following the payment of the First, Second and if applicable, Third Loyalty Payment Amounts, as indicated in the payment waterfall noted in the scheme booklet.

At balance date, the transaction is subject to: -

Approval by shareholders by way of a scheme of arrangement; Approval by the New Zealand High Court; Overseas Investment Office clearance; and Other customary regulatory and shareholder conditions.

On 4 October 2025 the Overseas Investment Office granted clearance subject to conditions including maintenance of all six processing plants and minimum capital expenditure. On 20 October 2025 a Special General Meeting was held, at which shareholders voted in favour. High Court approval was obtained on 17 November 2025.

The estimated date of completion is early December 2025, Dawn Meats will hold 65% equity in Alliance Group, with the remaining 35% retained by the newly formed farmer-shareholder co‑operative.

69

70

SECTION 09

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

Independent Auditor’s Report To the Shareholders of Alliance Group Limited Report on the audit of the consolidated financial statements

Opinion We have audited the accompanying consolidated financial statements which comprise:

­

­ the consolidated statement of financial position as at 27 September 2025;

­ the consolidated income statement, statements of other comprehensive income, changes in equity and cash flows for the 52 week period then ended; and

­ notes, including material accounting policy

information and other explanatory information.

­

­

In our opinion, the accompanying consolidated financial statements of Alliance Group Limited (the Company) and its subsidiaries (the Group) on pages 40 to 70 present fairly in all material respects: the Group’s financial position as at 27 September 2025 and its financial performance and cash flows for the 52 week period ended on that date; In accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) issued by the New Zealand Accounting Standards Board and the International Financial Reporting Standards issued by the International Accounting Standards Board.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of Alliance Group Limited in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and Ethical Standards 1 and the IESBA Code.

Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.

Our firm has provided other services to the Group in relation to Agreed upon procedures in respect of a scrutineering engagement. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.

Materiality © 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Document classification: KPMG Public

The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements as a whole was set at $7 Million, determined with reference to a benchmark of the Group’s Revenue. We chose the benchmark because, in our view, this is a key measure of the Group’s performance.

The key audit matter

How the matter was addressed in our audit

This judgement does not give rise to ­ Obtaining a Legal Confirmation from the Group’s Lawyers a material uncertainty casting confirming which conditions had been met prior to year end; significant doubt on the Group’s ­ Reviewing any conditions that had not been fully met at balance ability to continue as a going date, to determine if these were material conditions that would concern.

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of impact the completion of the Capital raise. the consolidated financial statements in the current period. We summarise below those matters and our key audit In assessing this key audit matter, procedures to address those matters in order thatanalysed the Shareholders a body may better - We the cashas flow projections by: understand the we involved senior audit team process by which we arrived at our audit opinion. members who understand the ­ Challenging management’s forecasted cash flow assumptions Our procedures were undertaken in the context ofand andsensitivity solely for analysis the purpose of FY26 our audit opinion on the Group’s business, industry, and the in the Budget; consolidated financial statements economic environment it operatesas in.a whole and we do not express discrete opinions on separate elements of ­ Assessing the planned levels of operating and capital the consolidated financial statements. expenditure for consistency of relationships and trends to the Group’s historical results, and our understanding of the business, industry and economic conditions of the Group; and

Key audit matters

The key audit matter

How the matter was addressed in our audit

­ Testing the mathematical accuracy of management’s forecasted of covenant calculations for the year ending 30 Going Concern Basis of Accounting (refer to Statement compliance and basis of preparation) September 2026.

The Group’s use of the going Our proceduresthe included: We considered Group’s plans and intentions with respect to the - audit concern assumption and the maturity of its debt facilitiesassessment (which is subject toforecast the successful - We considered the Group’s of their associated extent of uncertainty is a completion with of the capital raise) at 31 October 2026; and of the compliance debt facility covenants, the reasonableness key audit matter, due to the level of debt reduction strategies as well as the consequential impact of - We evaluated the Group’s going concern disclosures in the judgement required by us in these matters on the Directors’ assessment of the Group’s ability to financial report by comparing them to our understanding of the evaluating the Group’s assessment continue as a going concern, including whether or not material matter, the Group’s plans to address those events or conditions, of the events or conditions that may uncertainties exist. and accounting standard requirements. cast significant doubt on their ability to continue as a going concern.

- We read and challenged: We have no findings to report as a result of our procedures.

These are outlined in the about this ­ The Group’s going concern paper to obtain an understanding of report section. the key Impairment of non-current assets (refer to note B1) assumptions and judgements made; The Directors have determined that ­ The Audit and Risk Committee and Board papers addressing use of thethe going concern assumption Although group reported a profit Our audit procedures included: potential future capital structure, funding and forecast cash is Their assessment forappropriate. the period, the Group flows; and Reviewing management’s assessment of indicators of impairment considered cash flow projections, performance is sensitive to globalthe against the requirements of applicable financial reporting viability of other ­ The newly executed debt the facility arrangements between the prices along withalternative continuedstrategies supply framework; to manage and reduce debt and the Group and its banking syndicate, including both the current restraints and increasing operating expectation the debt on Agreement that is scheduled to mature costs which of ledrenewing management to - Syndicated ReviewingFacilities management’s value-in-use discounted cash flow facilities expire on of 31 October December 2025 and amended Agreement which is concludewhich that indicators analysis 18, calculating thethe recoverable amount of the CGU; 2026 (withinexist twelve of the subject to the completion of the Capital Raise and will extend impairment asmonths at 27 September - theAssessing the date reasonableness of, 2026, and challenging Audit Report Date).

For the renewal loan's expiry to October 31, to obtain ankey 2025. assumptions,ofincluding: of this debt facility to come into understanding the key terms including peak facility limits, Wherethe an Group indicator of impairment is effect, is required to repayment termsfinancial and banking covenants. ­ Forecast performance, including achievement of identified, ancomplete impairment must successfully thetest capital contribution marginofexpectations, livestock We assessed the conditions the Capital Raise by: volumes and be performed for each cashraise. cost savings; generating unit (“CGU”). ­ Obtaining the Share Subscription Agreement and Share The preparation of these projections ­ The discount rate; andto determine all conditions required Implementation agreements incorporated a number of for the completion of the Capital raise; assumptions and significant ­ Terminal growth rate. judgements, and the Directors have ­ Obtaining supporting documentation for all conditions of the Checking the appropriateness and accuracy of the concluded that the range of possible Capital raise which has been completed prior to the year end; methodology applied to determine the recoverable amount for outcomes considered in arriving at the CGU; -

Performing cross-checks of the model assumptions and outcomes against relevant internal and external information.

2

71

72 3

SECTION 09

OUR FINANCIAL STATEMENT S

ANNUAL REP ORT 2025

The key audit matter

How the matter was addressed in our audit

The key audit matter

How the matter was addressed in our audit

This judgement does not give rise to a material uncertainty casting significant doubt on the Group’s abilityjudgement to continue as anot going This does give rise to concern. a material uncertainty casting significant doubt on the Group’s In assessing this key audit matter, ability to continue as a going we involved senior audit team concern. members who understand the Group’s business, industry, and the In assessing this key audit matter, economic environment operates in. we involved senior auditit team members who understand the Group’s business, industry, and the economic environment it operates in.

­ Obtaining a Legal Confirmation from the Group’s Lawyers How the matter was addressed in our audit confirming which conditions had been met prior to year end;

The key audit matter

This included assessing against procedures we performed in How the matter was addressed in ourkeyaudit relation to the going concern basis of accounting audit

The key audit matter

matter discussed above; ­ Obtaining a Legal Confirmation from the Group’s Lawyers Performing sensitivity analysis over reasonably possible confirming which conditions had been met prior to year end; changes in key assumptions; ­ Reviewing any conditions that had not been fully met at balance Performing cross checks of the value-in-use discounted cash date, to determine if these were material conditions that would flow analysis against third-party multiple valuations obtained impact the completion of the Capital raise. by management; and In assessing this key audit matter, - We analysed the cash flow projections by: Checking the appropriateness of the disclosures in the we involved senior audit team consolidated financial statements. members who understand the ­ Challenging management’s forecasted cash flow assumptions Group’s business, industry, and the and sensitivity analysis in the FY26 Budget; We have no findings to report regarding the Group’s conclusion that economic environment it operates in. there no materialthe impairment of theofCGU’s carrying ­ isAssessing planned levels operating and amount. capital expenditure for consistency of relationships and trends to the Carrying value of trading stocks applying theGroup’s retail method (refer to note historical results, and B2) our understanding of the business, industry and economic conditions of the Group; and Consistent with industry practice, the Our audit procedures included: ­ Testing the mathematical accuracy of management’s Group adopt the ‘retail method’ to forecasted covenant calculations for the year ending 30 - Comparing management’s inventory valuation approach under the determine the carrying value of September 2026. retail method with the requirements of New Zealand Equivalents to trading stock. Under the retail International Reporting Standards; method, inventory units are - We considered the Group’s plans and intentions with respect to the measured at the expected sales maturity of its facilities (which is subject to the successful - Comparing thedebt expected selling price for trading stock items to value adjusted for cost to sell and an completion of the volumes capital raise) at 31 October 2026; and actual contracted and sales completed subsequent to year expected profit margin. end; - We evaluated the Group’s going concern disclosures in the The retail method is used as financial report byitems comparing to our understanding of the - For trading stock with nothem contracted or completed sales livestock inputs can result in a matter, the Group’s plans toexpected address those orrecent conditions, subsequent, comparing the sellingevents price to selling varying combination of trading stock and accounting standard requirements. values; outputs depending on the assessed We have no findings to report asaccuracy a result ofofour - Assessing the mathematical theprocedures. profit margin market demand, and the Group does adjustment, including consistency of the closing trading stock not allocate processing costs to and production costs to other audit procedures completed; Impairment of non-current assets (refer tovolumes note B1) individual inventory units.

- Challenging management’s assessment of inclusion or exclusion of We consider thereported carryingavalue Although the that group profit Ourcertain audit procedures included: expense items within the margin adjustment calculation; of stockthe to Group be a key audit fortrading the period, and Reviewing management’s assessment of indicators of impairment matter due toisthe nature of retail performance sensitive to the global against the requirements of the applicable financial reporting method and the - Assessing the calculated profit margin adjustment percentage for prices along withjudgement continued supply framework; associated in determining the consistency with market indicators, expectations, and historical restraints and increasing operating expected selling price and margin levels. costs which led management to Reviewing management’s value-in-use discounted cash flow adjustment. conclude that indicators of calculating amount of the CGU; We haveanalysis no findings to reportthe asrecoverable a result of our procedures impairment exist as at 27 September Assessing the reasonableness of, and challenging key 2025.

Revenue Recognition (refer to note A1.1) assumptions, including: Where an indicator of impairment is ­ Forecast financial performance, including achievement of identified,represents an impairment must Revenue a keytest financial Our audit procedures included: contribution margin expectations, livestock volumes and be performed for each statement caption and cashis a primary - Evaluatedcost the savings; design and implementation of revenue controls; generating unit (“CGU”). driver to financial performance.

- Assessing thediscount revenue rate; recognition ­ The and policies of the Group, and We consider that revenue considering against the requirements of the accounting standards; recognition, in particular around year ­ Terminal growth rate. end, is a key audit matter as the - Reconciling cash receipts to revenue recorded; testing a sample of Checking the appropriateness and accuracy of the criteria for recognising revenue is revenue transactions, vouching to supporting evidence; and methodology applied to determine the recoverable amount for based on the contracted the CGU;

­ Reviewing any conditions that had not been fully met at balance ­ Obtaining a Legal Confirmation from the Group’s Lawyers date, to determine if these were material conditions that would confirming which conditions had been met prior to year end; impact the completion of the Capital raise. ­ Reviewing any conditions that had not been fully met at balance - We analysed the cash flow projections by: date, to determine if these were material conditions that would ­ impact Challenging management’s cash flow assumptions the completion of theforecasted Capital raise. and sensitivity analysis in the FY26 Budget; - We analysed the cash flow projections by: ­ Assessing the planned levels of operating and capital ­ Challenging management’s forecasted cash flow assumptions expenditure for consistency of relationships and trends to the and sensitivity analysis in the FY26 Budget; Group’s historical results, and our understanding of the business, industry and economic conditions of capital the Group; and ­ Assessing the planned levels of operating and expenditure for consistency of relationships and trends to the ­ Testing the mathematical accuracy of management’s Group’s historical results, and our understanding of the forecasted covenant calculations for the year ending 30 business, industry and economic conditions of the Group; and September 2026. ­ Testing the mathematical accuracy of management’s - We considered the Group’s plans and intentions with respect to the forecasted covenant calculations for the year ending 30 maturity of its debt facilities (which is subject to the successful September 2026. completion of the capital raise) at 31 October 2026; and - We considered the Group’s plans and intentions with respect to the - We evaluated the Group’s going concern disclosures in the maturity of its debt facilities (which is subject to the successful financial report by comparing them to our understanding of the completion of the capital raise) at 31 October 2026; and matter, the Group’s plans to address those events or conditions, and evaluated accountingthe standard - We Group’srequirements. going concern disclosures in the financial report by comparing them to our understanding of the We have no findings to report as a result of our procedures. matter, the Group’s plans to address those events or conditions, and accounting standard requirements.

Impairment of non-current assets (refer to note B1) We have no findings to report as a result of our procedures.

Although the group reported a profit Our audit procedures included: for the period, Group Impairment ofthe non-current assets (refer to note B1) - Reviewing management’s assessment of indicators of impairment performance is sensitive to global against the requirements of the applicable financial reporting prices along continued Although the with group reportedsupply a profit Our audit procedures included: framework; restraints and increasing for the period, the Group operating Reviewing management’s assessment of indicators of impairment costs which led management to Reviewing management’s value-in-use discounted cash flow performance is sensitive to global against the requirements of the applicable financial reporting conclude thatwith indicators of supply analysis calculating the recoverable amount of the CGU; prices along continued framework; impairment exist as at 27 operating September restraints and increasing Assessing the reasonableness of, and challenging key 2025. which led management to costs Reviewing management’s value-in-use discounted cash flow assumptions, including: conclude that indicators of analysis calculating the recoverable amount of the CGU; Where an indicator of impairment is impairment exist as at 27 September ­ Forecast financial performance, including achievement of identified, an impairment test must Assessing the reasonableness of, and challenging key 2025. contribution margin expectations, livestock volumes and be performed for each cashassumptions, including: cost savings; generating unit (“CGU”).

Where an indicator of impairment is ­ Forecast financial performance, including achievement of identified, an impairment test must ­ The discount rate; and contribution margin expectations, livestock volumes and be performed for each cash­ cost Terminal growth rate. savings; generating unit (“CGU”).

Checking the appropriateness and accuracy of the ­ The discount rate; and methodology applied to determine the recoverable amount for ­ Terminal growth rate. the CGU; Checking the appropriateness and accuracy of the Performing cross-checks of the model assumptions and methodology applied to determine the recoverable amount for outcomes against relevant internal and external information. the CGU; -

This judgement does not give rise to a material uncertainty casting significant doubt on the Group’s ability to continue as a going concern.

Performing cross-checks of the model assumptions and outcomes against relevant internal and external information.

-

Performing cross-checks of the model assumptions and outcomes against relevant internal and external information.

3

4

3

3

73

74

SECTION 09

OUR FINANCIAL STATEMENT S

The key audit matter

How the matter was addressed in our audit

Performance obligations and requires an assessment of when control of the goods transfers, including consideration when theto This judgement does notofgive rise risks and rewards of ownership a material uncertainty casting are transferred. significant doubt on the Group’s ability to continue as a going concern.

- Obtaining evidence of the delivery for a sample of sales How the matter was close addressed in our audit transactions which occurred to balance date to ensure that

The key audit matter

In assessing this key audit matter, we involved senior audit team members who understand the Group’s business, industry, and the economic environment it operates in.

ANNUAL REP ORT 2025

—

Implementing the necessary internal control to enable the preparation of a consolidated set of financial statements that is free from material misstatement, whether due to fraud or error; and — Assessing the ability of the Group to continue as a going concern. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations or have no realistic alternative but to do so.

the sales were recognised in the appropriate period. ­ Obtaining a Legal Confirmation from the Group’s Lawyers - Performing a review over credit notes raised subsequent to year confirming which conditions had been met prior to year end; end to understand the nature and cause of the credit notes raised and comparingany to the related provision at year ­ Reviewing conditions that had not beenend. fully met at balance date, to determine if these were material conditions that would We have no matters to report as a result of our procedures. impact the completion of the Capital raise.

The key audit matter

How the matter was addressed in our audit

This judgement does not give rise to a material uncertainty casting significant doubt on the Group’s ability to continue as a going concern.

­ Obtaining a Legal Confirmation from the Group’s Lawyers confirming which conditions had been met prior to year end;

Auditor’s responsibilities for the audit of the consolidated financial statements

- We analysed the cash flow projections by: ­ Challenging management’s forecasted cash flow assumptions and sensitivity analysis in the FY26 Budget;

Other information

­ Assessing the planned levels of operating and capital expenditure for consistency of relationships and trends to the Group’s historical results, and our understanding of the The Directors, on behalf of the Group, are responsible for the other information. The other information comprises business, industry and economic conditions of the Group; and information included in the entity’s Annual Report, but does not include the financial statements and our auditor’s ­ Testing the mathematical accuracy of management’s report thereon. forecasted covenant calculations for the year ending 30 Our opinion on the consolidated financial statements does not cover any other information and we do not September 2026. express any form of assurance conclusion thereon.

- We considered the Group’s plans and intentions with respect to the In connection with our audit of the consolidated financial statements our responsibility is to read the other maturity of its debt facilities (which is subject to the successful information and in doing so, consider whether the other information is materially inconsistent with the completion of the capital raise) at 31 October 2026; and consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially - We evaluated the Group’s going concern disclosures in the misstated. financial report by comparing them to our understanding of the If, based on the work we have performed, we conclude there is a material misstatement of this other information, matter, the Group’s plans to address those events or conditions, we are required to report that fact. We have nothing to report in this regard. and accounting standard requirements.

­ Reviewing any conditions that had not been fully met at balance date, to determine if these were material conditions that would impact the completion of the Capital raise.

In assessing this key audit matter, - We analysed the cash flow projections by: we involved Our objectivesenior is: audit team members who understand the ­ Challenging management’s forecasted cash flow assumptions — business, to obtain reasonable assurance about whether the financial statements as a Budget; whole are free from Group’s industry, and the and sensitivity analysis in the FY26 material misstatement, whether due to fraud or error; and economic environment it operates in. ­ Assessing the planned levels of operating and capital — to issue an independent auditor’s report that includes our opinion. expenditure for consistency of relationships and trends to the Reasonable assurance is a high level of assurance but it ishistorical not a guarantee that our an audit conductedofinthe Group’s results, and understanding accordance with ISAs NZ will always detect a material misstatement when it exists. business, industry and economic conditions of the Group; and Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they ­ Testing the mathematical accuracy of management’s could reasonably be expected to influence the economic decisions of users taken on the basis of the forecasted covenant calculations for the year ending 30 consolidated financial statements.

September 2026.

A further description of our responsibilities for the audit of the consolidated financial statements is located at the External Reporting Board (XRB) website at:- We considered the Group’s plans and intentions with respect to the maturity of its debt facilities (which is subject to the successful https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/ completion of the capital raise) at 31 October 2026; and This description forms part of our independent auditor’s report.

- We the Group’s going concern disclosures The engagement partner on the audit resulting in evaluated this independent auditor’s report is David Gates in the financial report by comparing them to our understanding of the matter, the Group’s plans to address those events or conditions, For and on behalf of: and accounting standard requirements.

We have no findings to report as a result of our procedures.

We have no findings to report as a result of our procedures.

Use of this independent auditor’s report

Impairment of non-current assets (refer to note B1)

Impairment of non-current assets (refer to note B1)

Although the group reportedreport a profit audit included: This independent auditor’s is madeOur solely to procedures the Shareholders.

Our audit work has been undertaken so for the period, the Group that we might state to the Shareholders those matters we are required to state to them in the independent - Reviewing management’s assessment of indicators of impairment performance is sensitive global auditor’s report and for notoother purpose. To against the fullest permitted none offinancial KPMG, any entities theextent requirements of by thelaw, applicable reporting prices along with continued supply directly or indirectly controlled

by KPMG, or any of their respective members or employees, accept or assume framework; restraints and increasing operating any responsibility and deny all liability to anyone other than the Shareholders for our audit work, this independent costs which led management to - formed.

Reviewing management’s value-in-use discounted cash flow auditor’s report, or any of the opinions we have conclude that indicators of analysis calculating the recoverable amount of the CGU; impairment exist as at 27 September Assessing the reasonableness of, and challenging key 2025. assumptions, including: Where an indicator of impairment is ­ Forecast financial performance, including achievement of identified, an impairment test must contribution margin expectations, livestock volumes and be performed for each cashcost savings; generating unit (“CGU”). ­ The discount rate; and The Directors, on behalf of the Group, are responsible for: ­ Terminal growth rate.

— The preparation and fair presentation of the consolidated financial statements in accordance with NZ Checking the appropriateness accuracyFinancial of the Reporting IFRS issued by the New Zealand Accounting Standards Board and the and International methodology applied to determine the recoverable amount for Standards issued by the International Accounting Standards Board; the CGU;

KPMG Although the group reported a profit Christchurch for the period, the Group performance sensitive to global 18 Novemberis2025 prices along with continued supply restraints and increasing operating costs which led management to conclude that indicators of impairment exist as at 27 September 2025.

Responsibilities of Directors for the consolidated financial statements

-

Performing cross-checks of the model assumptions and outcomes against relevant internal and external information.

5

Our audit procedures included: - Reviewing management’s assessment of indicators of impairment against the requirements of the applicable financial reporting framework; -

Reviewing management’s value-in-use discounted cash flow analysis calculating the recoverable amount of the CGU;

-

Assessing the reasonableness of, and challenging key assumptions, including:

Where an indicator of impairment is identified, an impairment test must be performed for each cashgenerating unit (“CGU”).

­

Forecast financial performance, including achievement of contribution margin expectations, livestock volumes and cost savings;

­

The discount rate; and

­

Terminal growth rate.

-

Checking the appropriateness and accuracy of the methodology applied to determine the recoverable amount for the CGU;

-

Performing cross-checks of the model assumptions and outcomes against relevant internal and external information.

6

75

76 3

3

10

S T A T U T O RY I N F O R M AT I O N & F I V E -Y E A R REVIEW

SECTION 10

STAT U T O RY I N F O R M AT I O N & F I V E -Y E A R R E V I E W

ANNUAL REP ORT 2025

S T A T U T O RY I N F O R M A T I O N & F I V E -Y E A R R E V I E W

DISCLOSURES OF INTEREST (CONT)

DIRECTOR

ENTITY

R E L AT I O N S H I P

R K Bowmar

Redcliffs Station Limited Bowmar Ensor Trust Towncroft Partnership LJ & JO Bowmar Mantle Grove Trust Mid-Canterbury Federated Farmers Electricity Ashburton Limited t/a EA Networks

Director and Shareholder Trustee Partner Beneficiary Beneficiary Meat and Wool Chair Director

D G Morrison

Ahika Journeys Limited Te Ao Kakano Limited Alpha Sheep Genetics Group DG & BC Morrison Limited Pure Taste New Zealand (NZ) Limited W9

Director and Shareholder Director and Shareholder Member Director and Shareholder Director and Shareholder Chairman

R J Greer

Greer Glenmoffat Farm Limited Fishjet NZ Limited G + S Homes (2022) Limited Hauroko Valley Primary School* (ceased approx. August 2025)

Director and Shareholder Director and Shareholder Director and Shareholder Chairman*

C W Day (appointed 17 December 2024)

Foodstuffs South Island Limited Datacom Group Limited CW & CR Day Trust Institute of Directors of New Zealand* (ceased 15 April 2025)

Chief Financial Officer Director Trustee and Beneficiary Director

M J Iremonger (appointed 18 December 2024)

Staffa Farming Partnership Staffa Investments Limited Kaimoo Farms Limited Partnership MKBB General Limited Willesden Farms Limited

Partner Director and Shareholder Partner Director General Manager

G W Baldwin (appointed 18 December 2024)

Farmlands Co-Operative Society Limited Trinity Lands Limited Awarua Dairies Limited Wuppertal Farming Limited Waterfall Developments Limited Rapuke Farms Limited Longview Trust New Zealand Institute for Bioeconomy Science Limited (Crown Research Institute) (appointed 01 July 2025 – see note below for Landcare Research NZ Limited) Manaaki Whenua – Landcare Research NZ Limited* (ceased 01 July 2025 due to amalgamation – new entity New Zealand Institute for Bioeconomy Science Limited – interest disclosed above)

Director and Shareholder Director Director and Shareholder Director and Shareholder Director and Shareholder Director and Shareholder Trustee Director

S D Robertson* (ceased as director 31 March 2025)

Norman Family Trust G R Foot Trust Robertson Family Trust

Trustee Trustee Trustee

J A Miller* (ceased as director 18 December 2024)

Roslyn Downs Limited Roslyn Downs Land Holdings Limited Claymore Dairies Limited

Director and Shareholder Director and Shareholder Director and Shareholder

The directors present to the shareholders the seventy fifth annual report and financial statements of the company for the year ended 30 September 2025.

F I N A N C I A L R E S U LT

INTERESTS REGISTER

The result for the year ended 30 September 2025 is a net profit of $20.4m after tax.

The Company maintains an Interests Register in which particulars of certain transactions and matters involving the directors are recorded.

Entries in the Interests Register must in turn be disclosed in the Annual Report.

DISCLOSURES OF INTEREST Directors have disclosed interests in the following entities pursuant to section 140 of the Companies Act 1993 during the period 29 September 2024 until 27 September 2025. All interests held during the period are included below and reflect the status of those interests as at 27 September 2025:

DIRECTOR

ENTITY

R E L AT I O N S H I P

S M Brown

Brown Land Holdings Limited Dairy Goat Co-operative (N.Z.) Limited Sarah Brown and Associates Limited Sarah Brown Family Trust

Director and Shareholder Director Director and Shareholder Trustee

Quayside Holdings Limited Quayside Properties Limited Quayside Securities Limited Waipura Forestry Limited Waipura North Limited

Chair Chair Chair Shareholder Shareholder

Benmore Downs Limited Platinum Dairies Limited Salvation Army Jeff Farm Management Board Takitimu Discussion Group Limehill School Board Balance Agri Nutrients Limited Collie Investment Trust JG & PJ Collie Trust

Director and Shareholder Chairman, Director and Shareholder Chairman Facilitator Presiding Member (Chair) Director Trustee Trustee

M D Wynne

J G Collie

79

Director

The Interests Register also includes, pursuant to section 140(1) of the Companies Act 1993, entries for authorising the remuneration and particulars of indemnities and insurance for the directors.

80

SECTION 10

STAT U T O RY I N F O R M AT I O N & F I V E -Y E A R R E V I E W

ANNUAL REP ORT 2025

R E L E VA N T I N T E R E S T S I N S H A R E S

EMPLOYEE REMUNER ATION

Directors have disclosed the following holdings of relevant interests in Alliance Group Limited shares pursuant to Section 148 of the Companies Act 1993:

During the year ended 30 September 2025 the numbers of employees of the group who received remuneration including benefits of $100,000 or more were:

DIRECTOR

Shares held as at 30 September 2024

Shares acquired since 30 September 2024

Shares held at 30 September 2025

R K Bowmar

51,201

4,261

55,462

S M Brown

29,587

1,364

30,951

J G Colllie

178,393

3,080

181,473

R J Greer

133,731

3,035

136,766

J A Miller (Retired 18 December 2024)

144,550

1,744

146,294

D G Morrison

63,584

112

M J Iremonger (Appointed 18 December 2024)

0

G W Baldwin (Appointed 18 December 2024)

R E M U N E R AT I O N

N O. O F E M P L OY E E S

$100,000 – $110,000

307

$110,001 – $120,000

185

$120,001 – $130,000

121

$130,001 – $140,000

74

$140,001 – $150,000

50

63,696

$150,001 – $160,000

34

5,496

5,496

$160,001 – $170,000

12

26,459

3,912

30,371

$170,001 – $180,000

14

$180,001 – $190,000

2

C W Day (Appointed December 2024)

0

0

0

$190,001 – $200,000

13

$200,001 – $210,000

5

M D Wynne

0

0

0

$210,001 – $220,000

6

$220,001 – $230,000

4

$230,001 – $240,000

4

$240,001 – $250,000

2

$250,001 – $260,000

4

$280,001 – $290,000

1

$290,001 – $300,000

1

$300,001 – $310,000

2

$320,001 – $330,000

1

All share transactions were carried out at their nominal value of $1.00 per share.

D I R E C T O R S R E M U N E R AT I O N The following remuneration was paid (and received) during the year ended 30 September 2025.

DIRECTOR

R E M U N E R AT I O N

$330,001 – $340,000

2

G W Baldwin

74,848

$340,001 – $350,000

1

R K Bowmar

95,000

$390,001 – $400,000

1

S M Brown

110,000

$520,001 – $530,000

1

J G Collie

95,000

$540,001 – $550,000

1

C W Day

82,708

$610,001 – $620,000

1

R J Greer

95,000

$770,001 – $780,000

1

M J Iremonger

74,848

$920,001 – $930,000

1

J A Miller (retired)

23,750

$2,030,001 – $2,040,000

1

D G Morrison

95,000

S D Roberston (retired)

55,000

M D Wynne

237,500

81

Our remuneration policy and practices are designed to attract, retain and reward high calibre senior leaders for the delivery of results that create value for our shareholders. This is achieved through market benchmarked remuneration that balances fixed and variable pay linked directly to the performance of the co-operative. The remuneration package for the Chief Executive and Executive Leadership Team is reviewed annually by the People Committee taking into account company results, individual performance and market data supplied by external specialist remuneration advisors.

CO-OPER ATIVE STATUS As required by Section 10 of the Co-operative Companies Act 1996, the following resolution was passed by the board on 11 November 2025. All directors present voted in favour of the resolution, “It was the opinion of the board that Alliance Group Limited has throughout the year ended 30 September 2025 been a co-operative company within the meaning of the Co-operative Companies Act 1996 on the following grounds: (a) Alliance Group Limited carries on as its principal activity a co-operative activity as that term is defined in the Co-operative Companies Act 1996; (b) The Constitution of Alliance Group Limited states its principal activities as being co-operative activities; and (c) Not less than 60% of the voting rights of Alliance Group Limited were held by transacting shareholders as that term is defined in the Co-operative Companies Act 1996.

852

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SECTION 10

STAT U T O RY I N F O R M AT I O N & F I V E -Y E A R R E V I E W

ANNUAL REP ORT 2025

STAT U TO RY I N F O R M AT I O N ( C O N T )

DIRECTORS

C O M PA N Y ’ S A F FA I R S

The names of the persons holding office as directors of the company as at 30 September 2025 are listed in the Directory in the inside of the back cover.

The Company achieved a return to profitability during the year recording a net profit after tax of $20.4m. This reflects the positive impact of strong management actions and a renewed focus on the business fundamentals, enterprise efficiency, market value creation and organisational discipline and the benefits are now flowing through to farmers.

AUDITOR S Under section 200 of the Companies Act, KPMG, Chartered Accountants, continue in office as auditors.

Further information on the year under review, including key operational highlights and the successful capital raise with Dawn Meats to strengthen the Company’s balance sheet and support future growth is provided in the Chairman’s and Chief Executive’s Review and the accompanying financial statements.

Mark Wynne

Chris Day

Chairman

Director

18 November 2025

C O N S O L I DAT E D F I V E Y E A R R E V I E W FIVE YEAR REVIEW

Revenue Net profit/(loss) after tax Property, plant and equipment Total assets Shareholders' funds Shareholders' funds as a percentage of total assets Ordinary shares

83

2025 $000 2,057,863 20,384 271,755 748,826 303,662 40.6% 104,465

2024 $000 1,772,215 (95,762) 283,977 737,387 288,150 39.1% 106,581

2023 $000 2,033,584 (70,171) 306,445 783,166 380,210 48.5% 103,906

2022 $000 2,240,702 73,636 284,202 796,591 447,759 56.2% 92,165

2021 $000 1,847,097 23,811 269,127 703,099 370,676 52.7% 88,634

84

11

D I R E C T O RY

C O R P O R AT E O F F I C E

MANAGERS

51 Don Street PO Box 845, Invercargill 9840 Telephone: 03 214 2700 Email: executive@alliance.co.nz Website: www.alliance.co.nz

Dannevirke Plant

K Adams

Levin Plant

C Mason

Lorneville Plant

J Graham

Mataura Plant

A Pelser

Nelson Plant

S Baird

C H R I STC H U RC H O F F I C E

Pukeuri Plant

P Shuker

Level 3 123 Victoria Street Christchurch Central 8013

Alliance Group (NZ) Limited (UK subsidiary)

H Scott

Alliance Asia

D Drury

Alliance NZ Sales

ELECTED DIRECTORS J G Collie

Winton

D G Morrison

Gore

R K Bowmar

Methven

R J Greer

Otautau

M J Iremonger

Banks Peninsula

G W Baldwin

Putaruru

G Neal (Acting)

AUDITOR S KPMG

BANKERS ANZ Bank New Zealand Limited Bank of New Zealand Bank of China The Hongkong and Shanghai Banking Corporation Limited

APPOINTED DIRECTORS M D Wynne

Auckland

S M Brown

Kimbolton

C W Day

Kapiti Coast

Chief Executive Officer

W Wiese

Chief Financial Officer

A Varghese-Cowan

General Manager Supply Chain and Planning

J McWilliam N Jones

General Manager People and Culture

K Gardener

General Manager Livestock and Shareholder Services

M Behrent

General Manager Safety and Processing Global Marketing Director

Westpac New Zealand Limited

REGISTERED OFFICE Level 3 51 Don Street Invercargill 9810

EXECUTIVE LE ADERSHIP TE AM A S AT 1 3 N OV E M B E R 2 02 5

Global Sales Director

Rabobank NZ Branch

W Shaw S Henderson

General Counsel and Company Secretary

N Godber

Chief Transformation Officer

B McCrone

The information in this annual report is for shareholders only and is not to be reproduced in whole or in part without the consent of Alliance Group Limited.

51 Don Street, Invercargill 9810 PO Box 845, Invercargill 9840 0800 354 435 03 214 2700 alliance.communications@alliance.co.nz ALLIANCE.CO.NZ