Announcement PDF Forbidden Foods Limited ACN: 616 507 334 Appendix 4D & Interim Report - Half-Year Ended 31 December 2024 Forbidden Foods Limited ABN 82 616 507 334 Reporting period: For the half-year ended 31 December 2024 Previous period: For the half-year ended 31 December 2023 Results for announcement to the market Six months ended 31 December 2024 Movement % $ Up 18.5% to $1,733,741 Loss for the period attributable to the owners of Forbidden Foods Limited Down 17.1% to ($899,687) Total comprehensive loss for the period attributable to the owners of Forbidden Foods Limited Down 17.1% to ($899,687) Revenue from ordinary activities The loss for the consolidated entity after providing for income tax amounted to $899,687 (31 December 2023: $1,084,851). Please refer to the review of operations on page 3 of the accompanying half-year financial report for more information. Net tangible assets Net tangible asset backing per ordinary share At 31 Dec 2024 Cents At 30 Jun 2024 Cents (0.10) (0.28) Dividends There were no dividends paid, recommended, or declared during the current or previous financial period. Dividend reinvestment plans Not applicable. Control gained or lost over entities Forbidden Foods Limited acquired 100% of the issued capital of Good Oats Pty Ltd, which is trading under Oat Milk Goodness (‘OMG’), on 26 September 2024. Details of associates and joint venture entities Not applicable. Foreign entities The results of subsidiaries have been compiled using International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. Interim review The interim financial report has been reviewed by the consolidated entity’s independent auditor and the auditor’s review report is included as part of the attached Interim Report. Attachments The Interim Report of Forbidden Foods Limited for the half-year ended 31 December 2024 is attached. Signed On behalf of the directors Albert Cheok Chair 28 February 2025 Melbourne FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Contents Directors’ report 3 Auditor’s independence declaration 6 Consolidated statement of profit or loss and other comprehensive income 7 Consolidated statement of financial position 8 Consolidated statement of changes in equity 9 Consolidated statement of cash flows 10 Notes to the financial statements 11 Directors’ declaration 18 Independent auditor’s review report to the members of Forbidden Foods Limited 19 Corporate directory 21 1 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 2 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Directors’ report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of Forbidden Foods Limited (referred to hereafter as the ’company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. Directors The following persons were directors of Forbidden Foods Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Alex Aleksic Katie Eshuys (resigned 31 October 2024) Marcus Brown (resigned 27 September 2024) Albert Cheok Nathan Quailey Daniel Rootes (appointed 27 September 2024) Principal activities The principal activities of the consolidated entity during the financial half-year consisted of operating a premium food and milk beverage company, focusing on the health & wellness markets. Review of operations During the half-year ended 31 December 2024 (‘H1 FY2025’) the consolidated entity focused on an initial capital raise to support the turnaround strategy, e-commerce sales and investing in strategic marketing initiatives. Key achievements: • Completion of all script deal to acquire non-dairy business, Oat Milk Goodness (‘OMG’). • Successful raising of $0.65 million in August 2024 in connection with the 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. • 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. • 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 Forbidden Food Limited’s main brand, Blue Dinosaur, will be featured on the players’ warm up tops for the duration of the season, commencing in April 2025. 3 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 The normalised result of the Group is as follows, after deducting acquisition expenses as a result of the acquisition of Oat Milk Goodness: Normalisations Sales Statutory H1FY2025 $ 1,733,741 $ - Normalised H1FY2025 $ 1,733,741 Cost of goods sold (984,213) - (984,213) Gross Profit 749,528 - 749,528 Other Income 31,562 - 31,562 Employee benefits expenses (454,785) - (454,785) Warehousing and distribution expenses (260,884) - (260,884) Marketing and advertising expenses (277,219) - (277,219) Professional services expenses (137,256) - (137,256) Depreciation and amortisation expenses (7,686) - (7,686) Finance expenses (46,558) - (46,558) Other expenses (496,389) 193,016 (303,373) Overhead expenses (1,680,777) 193,016 (1,487,761) Loss for the half-year ended 31 December 2024 (899,687) 193,016 (706,671) Significant changes in the state of affairs Marcus Brown resigned on 27 September 2024 is his capacity as Executive Director and CEO of North America. Katie Eshuys resigned on 31 October 2024 in her capacity as a Non-Executive Director. Daniel Rootes was appointed to the board on 27 September 2024 as a Non-Executive Director. On 26 September 2024, Forbidden Foods Limited acquired 100% of the issued capital of Good Oats Pty Ltd, trading as Oat Milk Goodness (‘OMG’). The consideration was completed via script for 285,000,000 million shares at $0.012 cents per share. As part of this transaction, the consolidated entity raised $0.65 million, issuing 54,166,667 million new fully paid ordinary shares (“Shares”) in the Company at $0.012 cents per share. In the opinion of the directors, other than the matters identified in this report, there were no other significant changes in the state of affairs of the consolidated entity that occurred during H1 FY2025. Rounding of amounts The consolidated entity is an entity of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investment Commission, relating to ‘rounding off’. Amounts in this report have been rounded to the nearest dollar in accordance with that instrument, unless otherwise stated. 4 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors Albert Cheok Chair 28 February 2025 Melbourne 5 RSM Australia Partners Level 27, 120 Collins Street Melbourne VIC 3000 PO Box 248 Collins Street West VIC 8007 T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Forbidden Foods Limited and its controlled entities for the half year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA PARTNERS B Y CHAN Partner Dated: 28 February 2025 Melbourne, Victoria THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation 6 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024 Revenue Other income Note 3 2024 $ 1,733,741 2023 $ 1,463,048 4 31,562 74,495 984,213 850,675 Expenses Cost of goods sold Selling expenses Employee benefits expense 5 Freight out and distribution expense Depreciation and amortisation expense 5 26,669 19,256 454,784 640,935 260,884 146,536 7,686 7,322 Information technology expenses 56,877 100,447 Marketing and promotion costs 277,219 260,135 Product development expenses 36,344 23,652 Occupancy expenses 26,547 14,369 Professional services expenses 137,256 313,583 Travel and transportation expenses 28,324 50,935 Corporate expenses 100,141 135,371 Finance expenses 46,558 27,721 Acquisition expenses 5 193,016 - Other expenses 28,472 31,457 (899,687) (1,084,851) - - (899,687) (1,084,851) 269 (5,197) (899,418) (1,090,048) Loss before income tax expense for the half-year Income tax expense Loss after income tax expense for the half-year Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Total comprehensive loss for the half-year Loss per share Basic (cents per share) 6 (0.22) (0.61) Diluted (cents per share) 6 (0.22) (0.61) The above consolidated statement of profit or loss and comprehensive income should be read in conjunction with the accompanying notes. 7 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Consolidated statement of financial position For the half-year ended 31 December 2024 31 Dec 2024 $ 30 Jun 2024 $ Cash and cash equivalents 399,748 254,728 Trade and other receivables 350,648 353,912 Inventories 658,049 334,937 Other assets 62,431 61,911 1,470,876 1,005,488 Note Assets Current assets Total current assets Non-current assets Property, plant and equipment 22,590 - 4,337,531 1,427,564 Total non-current assets 4,360,121 1,427,564 Total assets 5,830,997 2,433,052 1,764,237 1,426,619 Income tax payable 80,867 102,204 Employee benefits 41,576 29,040 1,886,680 1,557,863 - - Total liabilities 1,886,680 1,557,863 Net assets 3,944,317 875,189 21,805,013 17,768,264 Intangible assets 7 Liabilities Current liabilities Trade and other payables Total current liabilities Non-current liabilities Total non-current liabilities Equity Issued capital 8 Reserves 9 5,202 73,136 Retained losses (17,865,898) (16,966,211) Total equity 3,944,317 875,189 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. 8 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Consolidated statement of changes in equity For the half-year ended 31 December 2024 Consolidated Balance at 1 July 2024 Issued capital $ 17,768,264 Reserves $ 73,136 Retained losses $ (16,966,211) Total equity $ 875,189 Loss for the period - - (899,687) (899,687) Other comprehensive loss - 269 - 269 Total comprehensive income/(loss) - 269 (899,687) (899,418) 4,036,749 - - 4,036,749 - (68,203) - (68,203) Balance at 31 December 2024 21,805,013 5,202 (17,865,898) 3,944,317 Consolidated Issued capital $ 16,428,304 Reserves $ 840,903 Retained losses $ (15,494,452) Total equity $ 1,774,755 Loss for the period - - (1,084,851) (1,084,851) Other comprehensive loss - (5,197) - (5,197) Total comprehensive income/(loss) - (5,197) (1,084,851) (1,090,048) 949,709 - - 949,709 - (854,246) 854,246 - - 34,615 - 34,615 17,378,013 16,075 (15,725,057) 1,669,031 Transactions with owners: Contributions of equity, net of transaction costs Share-based payments settled in cash Balance at 1 July 2023 Transactions with owners: Contributions of equity, net of transaction costs Transfer of Share based payment reserve to retained earnings Share-based payments Balance at 31 December 2023 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 9 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Consolidated statement of cash flows For the half-year ended 31 December 2024 Note 2024 $ 2023 $ Cash flows from operating activities Receipts from customers (inclusive of GST) 2,020,043 1,237,271 Payments to suppliers and employees (inclusive of GST) (2,470,566) (2,287,622) Interest paid - 2,886 Income Taxes refunded/(paid) (21,337) 32,050 Other income 30,924 73,200 (440,936) (942,215) (1,257) (7,368) Net cash used in operating activities Cash flows from investing activities Payments for intangibles Proceeds from disposal of intangible assets - 20,409 Payment for business combination 10 (193,016) - Net proceeds received on acquisition 10 210,038 - 15,765 13,041 Net cash from/(used in) investing activities Cash flows from financing activities Proceeds from issue of shares 8 755,000 1,058,600 Capital raising costs 8 (138,251) (84,526) Finance costs 5 (46,558) (27,721) Net cash from financing activities 570,191 946,353 Net (decrease)/increase in cash and cash equivalents 145,020 17,179 Cash and cash equivalents at the beginning of the financial year 254,728 351,986 Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the half-year - (516) 399,748 368,649 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. 10 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements For the half-year ended 31 December 2024 Note 1. Material accounting policy information (a) Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Going concern The consolidated financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and realisation of assets and discharge of liabilities in the normal course of business. As disclosed in the financial statements, the consolidated entity incurred a net loss of $899,687 and had net cash outflows of $440,936 for the period ended 31 December 2024. As at that date, the consolidated entity had net current liabilities of $415,804. These factors indicate a material uncertainty which may cast significant doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. The Directors believe that there are reasonable grounds to believe that the consolidated entity will be able to continue as a going concern, after consideration of the following factors: - The consolidated entity had $399,748 cash at bank at 31 December 2024; The consolidated entity has prepared cash flow forecasts that supports the ability of the consolidated entity to continue as a going concern; and The consolidated entity has demonstrated the ability to raise further capital over multiple years and the Directors are confident that a future capital raising, if necessary, would be successful. On 14 February 2025, the company issued 142,857,143 million new fully paid ordinary shares at an issue price of $0.007 per Share, raising $1.0 million in capital (refer to Note 13). Accordingly, the Directors believe that the consolidated entity will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report. The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that might be necessary if the consolidated entity does not continue as a going concern. (b) Changes in accounting policies and disclosures The interim financial statements have been prepared using the same accounting policies and methods of computation as, and should be read with, the financial statements and related notes included in the consolidated entity’s annual report for the year ended 30 June 2024, unless otherwise stated. (c) Critical accounting estimates The same significant judgements, estimates, and assumptions included in the notes to the financial statements in the consolidated entity’s annual report for the year ended 30 June 2024 have been applied to these interim financial statements, unless otherwise stated. 11 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements Continued (d) New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the accounting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Note 2. Operating segments The consolidated entity has only one operating segment, being the provision of goods to customers in the food and beverage industry operating within retail, food service, food manufacturing and quick service restaurants. This operating segment has been determined based on how the consolidated entity’s management team (the chief operating decisionmaker) reviews financial performance. Therefore, as the results are the same as the consolidated entity, they have not been repeated. Note 3. Revenue Six months ended 31 December 2024 $ 2023 $ Revenue from contracts with customers Sale of goods 1,733,741 1,463,048 Total revenue 1,733,741 1,463,048 Sale of goods revenue is recognised at the point of sale, which is where the customer has taken ownership of the goods, which is generally at the time of delivery, unless otherwise agreed. Disaggregation of revenue from contracts with customers is as follows: Six months ended 31 December 2024 $ 2023 $ Geographical regions Australia and New Zealand 1,684,895 1,227,169 United States 45,590 193,669 United Arab Emirates 3,256 40,054 - 2,156 1,733,741 1,463,048 2024 $ 30,924 2023 $ 73,200 Europe Total revenue Note 4. Other income Six months ended 31 December Government grants Profit/(loss) on disposal of property, plant and equipment Other income Total other income - (1,591) 638 2,886 31,562 74,495 12 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements Continued Note 5. Expenses Six months ended 31 December 2024 $ 2023 $ Salaries and wages 346,634 466,061 Superannuation 37,484 55,543 - 34,615 Non-executive director fees 62,856 46,818 Other employee related expenses 7,810 37,898 Total employee benefits expense 454,784 640,935 Depreciation of plant and equipment 2,005 3,866 Amortisation of intangible assets 5,681 3,456 Total depreciation and amortisation expense 7,686 7,322 Loss before income tax includes the following specific items: Employee benefits expense Share-based payments Depreciation and amortisation expense Finance costs Debtor finance fees 855 4,850 Trade finance fees 27,265 19,181 Other interest 18,438 3.690 Total finance costs 46,558 27,721 13 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements Continued Note 6. Loss per share The consolidated entity presents basic and diluted loss per share (LPS) data for its ordinary shares. Basic LPS is calculated by dividing the net loss attributable to the owners of Forbidden Foods Limited by the weighted average number of ordinary shares on issue during the period. Diluted LPS is determined by adjusting the net loss attributable to the owners and the weighted average number of ordinary shares on issue for the effects of all potential dilution to ordinary shares. Instruments are only treated as dilutive when their conversion to ordinary shares would decrease earnings per share or increase the loss per share. Six months ended 31 December Net loss attributable to the owners of Forbidden Foods Limited 2024 $ (899,687) 2023 $ (1,084,851) Net loss attributable to the owners of Forbidden Foods Limited (899,687) (1,084,851) Weighted average number of ordinary shares for calculating basic and diluted loss per share 2024 No. 411,824,815 2023 No. 176,960,710 Weighted average number of ordinary shares for calculating basic and diluted loss per share 411,824,815 176,960,710 Basic loss per share 2024 Cents (0.22) 2023 Cents (0.61) Diluted loss per share (0.22) (0.61) At 31 Dec 2024 $ 4,301,158 At 30 Jun 2024 $ 1,386,767 36,373 40,797 4,337,531 1,427,564 Six months ended 31 December Six months ended 31 December Note 7. Intangibles Goodwill Trademarks Total intangibles Movements in each class of intangible assets during the period are set out below: Balance at 1 July 2024 Goodwill $ 1,386,767 Additions through business combination (Note 10) 2,914,391 1,263 2,915,654 - (5,687) (5,687) 4,301,158 36,373 4,337,531 Amortisation expense Balance at 31 December 2024 Trademarks $ 40,797 Total $ 1,427,564 14 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements Continued Note 8. Issued capital At 31 Dec 2024 $ 21,805,013 At 30 Jun 2024 $ 17,768,264 21,805,013 17,768,264 Number of shares 227,223,467 Share capital $ 17,768,264 22,965,136 275,582 Issue of ordinary shares – 23 September 2024 5,833,334 105,000 Issue of ordinary shares – 24 September 2024 31,201,531 374,418 Issue of ordinary shares – 26 September 2024 285,000,000 3,420,000 Ordinary shares – fully paid Total issued capital Movements in ordinary share capital during the period are set out below: Fully paid ordinary shares Balance at 30 June 2024 Issue of ordinary shares – 21 August 2024 Share issue costs Balance at 31 December 2024 - (138,251) 572,223,468 21,805,013 At 31 Dec 2024 $ 5,202 At 30 Jun 2024 $ 4,933 Note 9. Reserves Foreign currency translation reserve Share-based payments reserve Total reserves - 68,203 5,202 73,136 Share-based payments $ 68,203 Total $ 73,136 Movements in each class of reserve during the period are set out below: Balance at 1 July 2024 Foreign currency translation Share-based payments settled in cash Balance at 31 December 2024 Foreign currency $ 4,933 269 - 269 - (68,203) (68,203) 5,202 - 5,202 15 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements Continued Note 10. Business combinations On 26 September 2024, Forbidden Foods Limited acquired 100% of the issued capital of Good Oats Pty Ltd, trading as Oat Milk Goodness (‘OMG’). The acquisition of OMG was completed via the issue of 285,000,000 million fully paid ordinary shares (“Shares”) at $0.012 cents per share. OMG contributed revenues of $407,311 and profit from ordinary activities of $31,745 for the period ended 31 December 2024. If the acquisition occurred on 1 July 2024, the half-year revenue would have been $729,563. Details of the net assets acquired and the resulting goodwill are as follows: Total $ Purchase consideration: - Equity 3,420,000 Assets acquired: - Cash and cash equivalents 210,038 - Trade receivables 137,052 - Inventories 169,446 - Plant and equipment 24,595 - Trade payables (20,595) - Employee benefits (14,927) Total net identifiable assets acquired and liabilities assumed Goodwill 505,609 2,914,391 Cash used to acquire business: - Acquisition costs expensed to profit or loss Cash used to acquire business 193,016 193,016 The acquisition accounting is provisional as at 31 December 2024. Note 11. Contingent liabilities The consolidated entity had no contingent liabilities at 31 December 2024 (30 June 2024: nil). Note 12. Fair value measurement The carrying amounts of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial liabilities. 16 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Notes to the financial statements Continued Note 13. Subsequent events On 14 February 2025, the consolidated entity sought to raise a further $1.0 million in capital. This was successfully completed 21 February 2025 and 142,857,143 fully paid ordinary shares were issued at $0.007 cents per share. No other matters or circumstances have arisen since 31 December 2024 that has materially affected or could materially affect the reported results from operations or financial positions for the period then ended. 17 FORBIDDEN FOODS LIMITED 31 DECEMBER 2024 Directors’ declaration In the directors’ opinion: • the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 ‘Interim Financial Report’, the Corporations Regulations 2001 and other mandatory professional reporting requirements; • the attached financial statements and notes give a true and fair view of the consolidated entity’s financial position as at 31 December 2024 and of its performance for the half-year ended on that date; and • there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the directors Albert Cheok Chair 28 February 2025 18 RSM Australia Partners Level 27, 120 Collins Street Melbourne VIC 3000 PO Box 248 Collins Street West VIC 8007 T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199 www.rsm.com.au INDEPENDENT AUDITOR’S REVIEW REPORT To the Members of Forbidden Foods Limited Conclusion We have reviewed the accompanying half-year financial report of Forbidden Foods Limited (“the Company”) and its subsidiaries (collectively “the Group”) which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising material accounting policy information and other explanatory information, and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group is not in accordance with the Corporations Act 2001 including: (a) giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Fo