23rd Australasian AgFood Conference - Sustainable Returns through Cycles

EVENT	23rd Australasian AgFood Conference	19 March 2025
THEME	Sustainable returns through cycles
KEY TAKE-AWAY	Prepare for more volatility  |  One-page summary
COMPANIES	Listed: BGA, CBO, ELD, GNC, NTR.TSX, NUF, RIC, SGLLV, SHV Private: Digital Agriculture Services, Safe Ag, Pentarch, Rocket Seeder
LINK TO VIDEOS	AgFood_Conference_Videos_2025
REPORT WITH LINKS	PAC_AgFood_Conference_March 2025
BACKGROUND	For almost 25 years PAC Partners has brought together the 20 leaders across Australasia’s agfood sector to help the risk assessment between investors and companies. This year our annual conference underlined that trade and supply chain volatility will be a feature over the next 12 months. We recommend owning a basket of emerging ASX agfood gatekeepers because they can deliver 15% Return on Investment and 10% EBIT growth through most volatility and cycles. Feel free to call Paul Jensz on 0410 650 909 or email pjensz@pacpartners.com.au for a discussion of opportunities.
LISTED COMPANY KEY POINTS CLICK ON LINKS TO INDIVIDUAL PRESENTATIONS	BGA – Buy. “Great Australian food company” vision is in overdrive Volatility – Use clean, green image in SE Asia & Middle East Cycle – 75+% branded sales & #1/#2 positions give flexibility News – Gunther’s passion and energy for BGA are big. CBO – Leverage strong relationships with Australian and US retailers Volatility – Can rely on fast growing brands in US & Australia Cycle – Scale, Aust/US production & brand smooths biennial News – Sam’s articulation of global strategy was clear ELD – Buy. Using partnerships to improve food security & productivity Mark Barber presented as Chair of Agribusiness Australia Aim:4%pa growth to $100bn by 2030 with innovation, access Australia has an advantage with commercial sustainability GNC – End to end value chain is real, and attracting new partners Volatility – Reiterated FY’25F guidance Cycle – Scale, products services may lift in average earnings New News – Rob’s diversification and self-insurance are real NTR – Operate across the global supply chain, and choose add value Volatility – Focus on adding value with global and local agility Cycle – Global leader in fertiliser (K,N) & #1 in distribution New News – Adrian has won capex & innovation for Australia NUF* – Buy. Use Global lens for all decisions.  (Shane Bannan) Volatility – Crop productivity is the focus with global approach Cycle – Sth America demonstrates Nuseed’s global strength New News –  Rachel’s new role will accelerate seeds RIC – Buy. Extend core competencies with strengthened team Volatility – Reset cost base by $5m, and support customers  Cycle – Supplier behind the brands with a low cost base News – Staff’s share ownership helps Quinton’s 3-year plan SGLLV – Ready for global geopolitical volatility with commercial grid Volatility - Multi-country supply footprint and brands protect Cycle – Proven steady growth with variable Australian crop News – Paul’s presentation simplified a complex structure and growth options. SGLLV should be on investor watch-lists SHV – Direct relationships with customers assist platform leverage  Volatility – Internal improvements and customer links help Cycle – Almond orchards are in the sweet spot for production News – David had detailed plan. E.g.: 20kt processing for $6m