Announcement PDF ASX Announcement Forbidden Foods Limited ASX: FFF 28 February 2025 Half-year results summary Forbidden Foods Ltd (ASX: FFF) (“Forbidden Foods” or “the Company”) is pleased to present this summary of its financial results for the half-year ended 31 December 2024. Additional information is provided in the FY2025 HalfYear Financial Report. Highlights for H1 FY2025 Financial highlights • • • • • • • • • Completion of all-script deal to acquire non-dairy business, Oat Milk Goodness (‘OMG’). Successful capital raising of $0.65 million in August 2024 in connection with OMG acquisition. Revenue up 18.5% in H1 FY2025 v prior corresponding period, underpinned by strong momentum for the combined entity in the December quarter following completion of the OMG acquisition. December quarter net sales of $1.17 million, up 104% from the previous quarter and up 77% from Q2 FY2024, best quarterly sales result since new management joined the Company in July 2023 and implemented a strategic restructure. Sales in November 2024 also marked the highest monthly sales total since the restructure, which was initially focused on cost reduction initiatives and the scaled expansion of high-margin growth channels. 17.1% reduction in net loss for the period to ($899,687), with adjustments for one-off acquisition costs resulting in a further 34.1% improvement in net losses for the period ($706,671). Cost savings in H1 FY2025 due to material reduction in employee benefits expenses and corporate service expenses which are expected to contribute to stronger margin growth from continuing operations as revenue increases. Further costs savings generated from the OMG acquisition, led by the streamlining of warehousing and logistics operations across the brand portfolio. Company now positioned to maintain growth of group revenues from a lower cost base, underpinning drive towards profitability and positive operating cash flows. Sales Cost of goods sold Gross Profit Other Income Statutory H1 FY2025 $ 1,733,741 Statutory H1 FY2024 $ 1,463,048 749,528 612,373 (984,213) 31,562 General expenses (including one-off transaction costs) (1,680,777) Adjusted loss for H1 FY2025 (706,671) Loss for half-year ended 31 December 2024 Adjustment for one-off acquisition costs Forbidden Foods Limited | ACN 616 507 334 | ASX:FFF info@forbiddenfoods.com.au | www.forbiddenfoods.com.au (850,675) 74,495 (1,771,719) Change on PCP % +18.5% -15.7% 22.4% -57.6% +5.1% (899,687) (1,084,851) +17.1% 193,016 - - (1,084,851) +34.9% Operating highlights • • • Official launch of new OMG product, Coffee ‘PrOATein’, with ranging secured in 456 Woolworths outlets across Australia. Additional new products under development and scheduled for launch in H2 FY2025, increasing the offering under the group’s multi-brand strategy and continuing to promote brand awareness for the Blue Dinosaur product range. Sponsorship agreement with the Melbourne Mavericks Netball team where Blue Dinosaur brand will be featured on the players’ warm up tops for the duration of the season, commencing April 2025. Management commentary: Forbidden Foods’ Chief Executive Officer, Alex Aleksic said: “We are pleased to present the accounts for H1 FY2025 – a significant six months which was highlighted by the strategic acquisition of Oat Milk Goodness and the Company’s transition to a high-growth, multi-brand platform in the FMCG sector. “The execution of that strategy is reflected in these figures, with accelerating revenue growth from our combined brand offering. Importantly, our sales strategy will be complemented by ongoing cost savings from staff changes and operational synergies generated from the OMG acquisition. Combined with the discontinuation of one-off costs associated with the transaction that will roll off in H2 FY2025, Forbidden Foods is well positioned for a material nearterm improvement in operating cash flows and underlying net profits. “With a targeted strategy to expand sales and distribution alongside new product development based on the Company’s proprietary market research, we look forward to further accelerating the group’s growth profile in CY25 and beyond.” ENDS For further information, please contact: Alex Aleksic Chief Executive Officer alex.aleksic@forbiddenfoods.com.au Henry Jordan Six Degrees Investor Relations henry.jordan@sdir.com.au About Forbidden Foods Ltd Forbidden Foods Ltd (ASX: FFF) is a health & wellness food company. The Company was established with a vision to provide engaging brands that provide the very best foods to meet consumer demand for clean, sustainable and healthy products. The core brand in the portfolio is Blue Dinosaur® which is sold in Australia & USA. Forbidden Foods Limited | ACN 616 507 334 | ASX:FFF info@forbiddenfoods.com.au | www.forbiddenfoods.com.au