Answering questions, Mr Hildebrand said re the bulk segment,...

Answering questions, Mr Hildebrand said re the bulk segment, procurement margins in the first half always straddles the harvest.

in FY 24, EBITDA for this division grew by A$5 million but FY25 IH has decreased. 1H 25 did not have $2 million in drought feeding.

For iH 25, pricing of grains has been consistent but less ability to take advantage of arbitrage.

Bulk stockfeeds growth across the industry is about three per cent per annum. RIC's latest rise of 2.2pc was representative to whom it's supplied: expectation is for three per cent growth.

In 1H 25, aqua sales volumes was lower, a disappointment, but given dog feed sales increased, Narangba (Queenland) had to increase to a 24 hours, six days a week operation. This will migrate to 24/7. It was flat financially in 1H 25 compared to 1H 24.

In 2H 25, there should be a marginal increase in bulk stockfeeds EBITDA. Dairy sales are strong. Total uplift of $1 million.

Oceania Meat Processors has not had its 1H 25 result disclosed, but the first three months' trading was previously disclosed: $3.3 million profit. We exceeded that in the latest three months due to business efficiencies. Contracting for calendar 2025 has been locked in at higher levels than the original acquisition thesis.

In FY 26, at a minimum, Carrick (Tasmania) will be operating on a second shift, giving a $1.5 million to $2 million EBITDA increment.