Half-year Results

Camellia, the holding company of a group of agricultural businesses incorporated in jurisdictions across the world, announces its unaudited half year results for the six months ended 30 June 2026 ('H1 26'), and also gives an indication of expected production and price ranges for its agricultural operations for the full year.

Overview:

During H1 26, the Company made good progress in implementing the Value Enhancement Plan ('VEP'), announced in May 2025. The VEP is intended to improve operating performance, reduce portfolio risk and accelerate long-term growth.

The Company disposed of several non-core, low-return and non-operating assets, advanced existing growth projects and continued to implement efficiency measures across its businesses. In line with its medium-term horizon, there were early contributions from the VEP during the period, which are expected to build over time. This involved a sharp focus on operating cost efficiency, crop planting and land conversion as part of its growth programme; as these crops mature, production and associated revenue are expected to increase.

Revenue for the first half was £104.6 million which is slightly lower than the comparable period last year (£107.7 million), which included the revenue of the tea gardens that were subsequently disposed of. The seasonal trading loss improved to £5.0 million from £9.6 million in 2025, primarily as a consequence of strong cost discipline and favourable pricing and yields. The Company generated an EBITDA profit of £19.3 million (H1 25: £6.2 million loss), reflecting stronger operating results and profits on sales of non-core assets. As is traditionally the case, the first half reflects the seasonality of the business: costs at most of the operating companies are incurred relatively evenly throughout the year, while most revenue is generated in the second half.

The events in the Gulf, El Nino and the recently announced profits warning in Kakuzi have created headwinds for the trading profits for the full year. However, crop yields and realised prices for the remainder of the year continue to remain uncertain, making the full-year outcome difficult to predict. A further update on the forecast for the year will be provided in late October once the impacts are clearer.

H1 26 Financial Highlights:

• Revenue from operations of £104.6 million (H1 25: £107.7 million)
• Trading loss of £5.0 million (H1 25: loss £9.6 million)
• EBITDA profit of £19.3 million (H1 25: loss £6.2 million)
• Profit before tax of £15.6 million (H1 25: loss £10.4 million)
• Profit attributable to shareholders: £11.8 million (H1 25: loss £11.8 million)
• Cash and liquid assets as at 30 June 2026 of £133.2 million (30 June 25 £101.7 million, 31 Dec 25 £133.6 million)
• Final ordinary dividend of 260p per ordinary share in respect of the 2025 financial year approved at the AGM, equating to £6.6 million outflow in July 2026, post the period end and funded out of reserves.

H1 26 Operational and Strategic Highlights:

• Further disposals of non-core and non-operating assets, including the remaining Linton Park estate, Chalouni Tea Estate, artwork and other UK investment properties generated cash proceeds of £30.7 million and profits of £18.9 million, with the disposal programme of non-operating assets substantially complete
• Proceeds are supporting increasing investment into higher-return operating assets to generate long-term growth, with total capex of £15 million* committed to four growth projects over the next 5 years targeting c £35 million of additional annual revenue by 2035
• The growth projects, including the two new projects introduced in early 2026, are all proceeding to plan. All four are leveraging existing land, core infrastructure and management teams:

o Tanzania Avocados - Progressing well towards completing a 650Ha fully irrigated avocado operation by the end of 2027

o Brazil Commercial Forestry - On track to convert a further 200Ha of commercial forestry to higher-return arable production in 2026

o Brazil Citrus - Planting of the new citrus operation is set to commence in early Q4 with plans to complete 118Ha of a total of 400Ha in 2026

o Kenya Blueberries - Newly commercialised Kakuzi blueberry operation on track to be extended to 22Ha by the end of 2026

• Continued roll-out of operational efficiency projects and measures across businesses, including use of drone technology and solar energy generation, greater mechanisation, and more efficient fertiliser applications
• Ongoing exploration of new investment opportunities and trials of new crops to support improved returns, larger and more diversified revenues and reduce exposure to risks such as weather, pests and disease
• Appointment of Orli Arav as an independent Non-Executive Director post the period end in July 2026 bringing highly relevant expertise to the Board

*Aggregate amount including aspired-to but uncommitted capex for Kakuzi blueberries

Byron Coombs, Chief Executive of Camellia, commented:

"We delivered an improved first-half trading performance, reflecting strong cost discipline, efficiency measures and better yields and pricing across several of our tea businesses. We also made good progress with our Value Enhancement Plan, substantially completing the disposal of UK non-operating assets and advancing all four growth projects. While the full-year outcome remains uncertain, particularly given headwinds at Kakuzi and disruption arising from events in the Gulf, we remain focused on restoring sustainable profitability, reducing portfolio risk and building long-term growth."

Financial Summary Table for six months ended 30 June 2026:

* Additional performance measures, reconcilable in the financial statements / notes below.

Half Year Report:

This announcement forms part of the Company's half year report for the six months ended 30 June 2026, which is available to view and download from the Company's website at https://www.camellia.plc.uk.

Investor Webcast Presentation:

Camellia will also be hosting a presentation via the Investor Meet Company platform to discuss the H1 26 Results on Monday, 7 September 2026 at 13.00pm BST. The presentation is open to all existing and potential investors and will include a live Q&A session. Investors can sign up to the presentation and Investor Meet Company platform for free using this link:

Investors who already follow Camellia Plc on the Investor Meet Company platform will automatically be invited. Questions can be submitted ahead of the presentation via the Investor Meet Company dashboard up until 9.00am BST on the day, or at any time during the presentation.

596/2014, as part of UK domestic law via the European Union (Withdrawal) Act 2018.

India

India reported a trading loss of £3.3 million for H1 2026, compared with a trading loss of £9.9 million in H1 2025. Bulk tea production increased to 10.1 million kg from 9.3 million kg in the prior year, supported by favourable weather conditions. The average bulk tea selling price increased to Rs321/kg from Rs280/kg in H1 2025. Revenue decreased to £31.1 million from £33.6 million due to the impact of the sale of three tea gardens.

The Chalouni tea estate was sold in April 2026 with gross proceeds of £1.5 million. This takes the number of estates sold to three.

Packet tea trading profits rose to £0.7 million (2025: £0.6 million) primarily due to higher realised prices. Work continues to re-focus this business unit on higher-margin product lines. Instant tea trading profit was £0.5 million (2025: £0.4 million), again driven by higher realised prices.

Bangladesh

Bangladesh reported a trading loss of £3.2 million for H1 2026, compared with a trading loss of £4.6 million in H1 2025. Tea production increased to 3.4 million kg from 3.0 million kg in the prior year. The average tea selling price increased to Tk261/kg from Tk188/kg in H1 2025. Despite higher crop production and higher prices, revenue decreased to £6.5 million from £7.3 million, reflecting lower 2025 year-end inventory compared to the prior year.

The Tea Board of Bangladesh minimum pricing mechanism remained in place during the period. The 2026 minimum price for tea has been set at 245 Taka per kg. The business continues to look at ways to improve operational efficiency, including through mechanisation, the use of employee facial recognition systems to record employee attendance and production, and the payment of wages through mobile phone technology. Opportunities to realise cash through the sale of non-operating assets continue to be explored.

Eastern Produce Kenya

Eastern Produce Kenya reported a trading profit of £1.6 million in H1 2026, compared with a trading loss of £0.2 million in H1 2025. Tea production increased to 10.7 million kg from 10.2 million kg in the prior year. The average realised selling price increased to US$1.94/kg from US$1.82/kg in H1 2025. Revenue increased to £17.9 million from £16.7 million, with improved gross profit more than offsetting higher operational and administrative costs.

Kakuzi

Kakuzi reported a trading loss of £0.1 million in H1 2026, compared with a trading profit of £2.5 million in H1 2025. Avocado production in the period was slightly mixed, with Hass and Carmen volumes ahead of the prior year and Pinkerton broadly in line. Revenue decreased to £5.6 million from £8.3 million, principally reflecting timing of Hass avocado sales and weaker macadamia pricing. The anticipated lighter avocado crop and disrupted shipping routes negatively impacted the results for the period. Macadamia production increased to 428 tonnes from 413 tonnes, but the average macadamia selling price decreased to US$9.72/kg from US$11.56/kg in H1 2025.

Malawi

Malawi reported a trading profit of £2.9 million in H1 2026, compared with a trading profit of £5.0 million in H1 2025. Revenue increased to £24.0 million from £19.2 million. Underlying agricultural performance was more mixed: tea production decreased to 14.7 million kg from 15.0 million kg, while average tea prices decreased to US$1.15/kg from US$1.18/kg. Macadamia production declined to 361 tonnes from 430 tonnes. Cost pressures remained significant, particularly in macadamia production.

Tanzania

Tanzania reported a trading loss of £0.4 million in H1 2026, compared with a trading loss of £0.9 million in H1 2025. The improvement reflected lower administrative costs and a positive movement in gross profit. Development of the Tanzania avocado operation continues: 55 Ha of new orchards have been planted in H1 2026. The total newly planted area is expected to reach 100 Ha by the end of the year. Construction of the one-million-cubic-metre Mgagao dam is progressing, with completion expected by the end of November 2026. A new avocado packhouse is also under construction and is expected to be operational for the 2026 crop harvested in the fourth quarter of 2026.

South Africa

South Africa reported a trading profit of £0.1 million, compared with a trading loss of £0.2 million in H1 2025. Revenue decreased to £0.3 million from £0.5 million, reflecting weaker macadamia pricing and sales phasing. Macadamia production increased to 155 tonnes from 111 tonnes, but average selling prices decreased to US$6.40/kg from US$9.65/kg.

Brazil

Brazil reported a trading profit of £1.9 million in H1 2026, compared with a trading profit of £2.0 million in H1 2025. Revenue increased to £6.2 million from £5.5 million, with gross profit supported by the fair value movement on biological assets and stronger production economics. Soya production increased to 17,968 tonnes from 17,489 tonnes, while maize production increased to 5,471 tonnes from 5,397 tonnes. Soya selling prices were broadly in line with the prior year at R$2,116/tonne, while maize prices decreased to R$1,152/tonne from R$1,211/tonne. Cost of production increased in the period, due to higher fertiliser and fuel costs.

Other businesses

The non-core businesses reported a trading profit of £0.1 million in H1 2026, compared with a trading profit of £1.2 million in H1 2025. AJT Engineering's revenue decreased to £8.9 million from £13.0 million due to reductions in Engineering orders and phasing of the Site Services work. The business recorded a trading loss of £0.2 million (2025: £1.4 million profit) because of the reduced activity and adverse project timing. JING Tea's revenue increased to £3.6 million from £3.1 million, while its trading loss narrowed to £0.2 million from £0.5 million in H1 2025. Higher distribution and operating costs and weaker demand in key Middle Eastern markets continued to affect the business. EP Cape generated revenue of £0.3 million and recorded a trading loss of £0.1 million.

Corporate and exceptional items

Corporate and central items benefited materially from disposal activity and treasury gains. Profit on disposal of assets classified as held for sale was £18.4 million, while profit on disposal of tea estates was £0.5 million. Other gains and losses were £0.4 million, reflecting exchange gains on US treasury deposits partly offset by a hyperinflationary monetary loss related to Malawi. Group net cash was £51.6 million at 30 June 2026 (2025: £36.9 million), and total liquidity, including cash, money market holdings, gilts and treasury deposits, was £133.2 million (2025: £101.7 million).

Key Crops Production and Price Range Table:

The table below compares production and average selling prices for the Operating Companies' key crops in H1 2026 and H1 2025. It also presents FY 2025 outcomes and, where available, the current FY 2026 estimates.

Production is primarily influenced by weather during the growing season. Pricing dynamics vary by country and crop and reflect local and global supply, as well as demand.

* As Kakuzi is a listed entity, it is not possible to provide unpublished forward-looking guidance or unpublished current year data. More information about Kakuzi performance is available at https://www.kakuzi.co.ke/investors