Sea Harvest Posts its Strongest Results to Date for Year Ended 31 December 2025

Press Release –  03 March 2026 

Record results as hake performance and efficiency gains boost earnings • Performance driven by improved fishing conditions, robust demand for Cape hake,  efficiency gains and disciplined cost control  

• Revenue increased by 21% to R8.7 billion (USD 548 million) 
• 298% increase in headline earnings per share to 219 cents (2024: 55 cents) • Operating profit increased by 125% to R1.3 billion (USD 82 million) at an operating  profit margin of 15% (2024: 8%) 
• Net debt reduced by R417 million, with net debt to EBITDA ratio improving to 1.3x  (2024: 2.5x) 

Sea Harvest CEO Felix Ratheb commented:  

“We delivered our strongest performance since listing nine years ago, with headline earnings  per share increasing fourfold. A strong hake biomass contributed to improved fishing  conditions, while robust demand, particularly from Europe, supported this record performance. In addition, lower fuel prices and continued focus on operational efficiency contributed to  accretion in gross profit margin. Encouragingly, our recently acquired Pelagics business and  our Australian operations delivered solid performances despite operating in challenging  environments. 

The Group also achieved strong free cash flow conversion, with net debt to EBITDA reducing  from 2.5x to 1.3x, notwithstanding significant capital investment in vessel maintenance and  the acquisition of two new freezer trawlers.” 

Looking forward, Ratheb said:  

“In the immediate term, the imminent sale of Ladismith Cheese and BM Foods will further  strengthen our balance sheet and allow us to focus on our fishing assets.  However, the current operating environment faces headwinds, including a 5% reduction in  2026’s hake total allowable catch (TAC), a low pelagic TAC, a stronger Rand and a weak  Chinese consumer environment. Despite these near-term challenges, demand for hake and  fishmeal/fish oil remains robust and ongoing investment in our vessels and world-class  production facilities provides a strong foundation to drive efficiencies in the Group and  navigate these challenges to protect our margins. Maintaining our recently adopted strategic  focus will position the Group to deliver sustainable long-term growth”

FINANCIAL HIGHLIGHTS  

Continuing operations 

• Revenue increased by 20% to R6.64 billion (2024: R5.53 billion)
  • organic growth of 7%
  • acquisitive growth of 13% from the full-year inclusion of the Sea Harvest  Pelagic and Aqunion businesses (both acquired on 14 May 2024)

• Operating profit increased by 140% to R1.18 billion (2024: R490 million) with the  operating profit margin improving to 18% (2024: 9%). 
• Basic HEPS from continuing operations increased by 442% to 195 cents (2024: 36  cents) and basic EPS from continuing operations increased by 85% to 98 cents  (2024: 53 cents). 
• Basic HEPS from total operations increased by 298% to 219 cents (2024: 55 cents), and basic EPS from total operations increased by 15% to 83 cents (2024: 72 cents). • Dividend declared of 76 cents (2024: 22 cents) per share. 
• Net debt reduced by R417 million to R2.24 billion (2024: R2.66 billion), with the Group  net debt to EBITDA ratio improving to 1.3x (2024: 2.5x) 

STRATEGY UPDATE  

At the beginning of 2025, the Group refined its short- and medium-term priorities to 2027: • Optimise the Group’s cash-generative businesses (South African Fishing Group); • Address the Group’s capital structure; and 

• Position the Group’s growth businesses for an upturn (Australia and Aquaculture). 

The Group set the following three-year strategy at the beginning of 2025. Progress in  delivering the strategy is set out below: 

OPERATIONAL PERFORMANCE  

Sea Harvest Corporation (44% of group revenue and 74% of operating profit) The core hake business. 

• Hake catch rates increased 42% and hake landings increased 17%.

• Revenue increased 19% to R4.1 billion, with sales volumes increasing 8% and sales  prices increasing 11%. 
• Operating profit increased 193% to R965 million, supported by efficiencies, lower  fuel, cost control, and hedge gains of R113 million. 
• The operating margin expanded to 24% (2024: 10%). 

Sea Harvest Pelagic (15% of group revenue and 15% of operating profit) The vertically integrated wild-caught pelagic fishing business (acquired May 2024) • Impacted by low anchovy and pilchard TACs, partly offset by exceptional redeye  catches and fish oil yields. 

• Pricing of fishmeal and fish oil was also softer than in 2024. 
• Revenue of R1.3 billion (2024: R970 million) and operating profit of R198 million  (2024: R183 million), with a 15% operating margin (2024: 19%). 

Aquaculture (4% of group revenue) 

• US dollar selling prices decreased 24% due to subdued demand in Hong Kong and  China and increased competition. 
• Revenue was flat as Aqunion’ s full-year inclusion was offset by lower selling prices. • Operational performance improved through good growth rates, quality improvements  and significant cost savings. The integration into one Aqunion Group is largely  complete.  
• Operating loss of R59 million. 

Cape Harvest Foods (24% of group revenue and 10% of operating profit) • Sales volumes increased 14% and average realisations increased 8% on a higher value mix.  

• Milk flow increased 8%, supporting efficiencies, together with low milk price inflation • Revenue increased 22% to R2.11 billion (2024: R1.73 billion)  
• Operating profit increased 47% to R135 million (2024: R91 million), with an operating  margin of 6% (2024: 5%). 

Australia (13% of group revenue and 5% of operating profit) 

• Improved prawn pricing and a strong engineering performance 
• Revenue increased 13% to R1.13 billion (2024: R997 million) 
• Operating profit increased to R65 million (2024: R0.2 million), with an operating  margin of 6% (2024: 0%)