Cobram Estate Olives Limited completed its 2024 Australian olive harvest receiving a total of 55,333 tons of olives leading to a total olive oil production of 10.1 million litres. The Company's production from its own groves was 9.4 million litres and processed an additional 0.7 million litres of third-party olive oil that will also be marketed by the Company. Due to the natural biennial cycle of olive oil yields, 2024 was, as expected, a lower-crop year in CBO's Australian olive groves.

The colder and shorter than average growing season in fiscal year 2023 ended up having a widespread negative impact for the Australian olive industry 2024 harvest, particularly in the Eastern seaboard where this year's production (excluding CBO's) is expected to be approximately 54% lower than last year and 43% lower than in 2022. Despite this, total production (CBO's and third party processed) was 3% higher than last `off-year' harvest in 2022. This was also pleasing given the short- term reduction of yields associated with the completion of replanting program removing nearly 100,000 adult trees and replacing them with more productive varieties.

The olive oil quality is very good, and the Company will have sufficient supply to meet the requirements of its packaged goods sales plan through to the 2025 harvest. After this years' favourable season, the Company's Australian olive trees are in good condition, noting 2025 is an `on-year' for Australian olive groves, with the crop expecting to be significantly higher than in 2024 subject to the normal risks associated with agricultural production. 2024 USA flowering: Flowering for the 2024 crop commenced early in May on most Californian groves, with full bloom at groves occurring during the second and third week of that month.

Winter and spring weather conditions were favourable for flower induction and fruit set and pleasingly now expect 2024 crop, an `off year', to be similar to or above 2023 harvest `on year' (3.2 million litres of olive oil). This is mainly driven by the maturing profile of groves and excellent flowering and fruit set. Of course, final yields are subject to the normal risks associated with agricultural production.