Investor Presentation - FY21 Results

This release has been authorised by the Board of GrainCorp Limited

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FY21 Financial Results

11 November 2021

Robert Spurway, Managing Director and CEO Ian Morrison, Chief Financial Officer

WORK IN PROGRESS DRAFT

Disclaimer

This presentation includes both information that is historical in character and information that consists of forward onlylooking statements. Forward looking statements are not based on historical facts, but are based on current

expectations of future results or events. The forward looking statements are subject to risks, stakeholder engagement, uncertainties and assumptions which could cause actual results, timing, or events to differ materially from the expectations described in such forward looking statements. Those risks and uncertainties include factors and risks specific to the industry in which GrainCorp operates, any applicable legal requirements, as well as matters such as general economic conditions.

useWhile GrainCorp believes that the expectations reflected in the forward looking statements in this presentation are reasonable, neither GrainCorp nor its directors or any other person named in the presentation can assure you that such expectations will prove to be correct or that implied results will be achieved. These forward looking statements do not constitute any representation as to future performance and should not be relied upon as financial advice of any nature. Any forward looking statement contained in this document is qualified by this cautionary statement.

Numbers throughout the presentation may not add up due to rounding.

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Agenda

FY21 highlights

Safety and Sustainability

Strategy

FY21 financial performance

Balance sheet

Outlook and conclusion

Appendices

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FY21 highlights

Exceptional result - top end of earnings guidance

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FY21 performance

Strategy execution

Value and growth



$331m underlying EBITDA1

 Substantial steps to strengthen

 Harvest underway for another

 Highly efficient supply chain

core business:

well above average crop in FY22

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- commitment to deliver $40m

 Strong balance sheet, with



Delivering on operational

EBITDA from additional core

minimal core debt

initiatives - over $100m

operating initiatives by

 On-market share buy-back of up

embedded

2023/24

 10cps final dividend, fully franked

to $50m announced today

 Digital, alternative protein and

 Well positioned to invest for

animal nutrition investments and

growth andreturn capital to

collaboration underway

shareholders

18cps total dividends. On-market share buy-back of up to $50m announced

1. Underlying EBITDA is a non-IFRS measure representing earnings before interest, tax, depreciation and amortisation excluding significant items. No significant items in FY21.	4
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FY21 highlights

Outstanding financial and operational performance

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Underlying EBITDA1			Underlying NPAT3			Return on invested capital (ROIC)4
Continuing Operations			Continuing Operations
$331m	from		$139m	from		11.1%	from 1.6%
$108m2		($16m)2

Total grain handled5			Oilseed crush volumes			Core Debt
34.4mmt	14.2mmt		459kmt	from		$1m	(30-Sep 20)
	from			424kmt			from $37m

Underlying EBITDA is a non-IFRS measure representing earnings before interest, tax, depreciation and amortisation excluding significant items. No significant items in FY21.
FY20 underlying EBITDA and FY20 underlying NPAT are from Continuing Operations (i.e. excludes Malt).
Underlying NPAT is a non-IFRS measure that excludes significant items. No significant items in FY21.
ROIC is a non-IFRS measure and is defined as Group underlying Net Profit After Tax less interest expense (after tax) associated with core debt / Average net debt (excluding
commodity inventory funding) + average total equity. ROIC is inclusive of UMG Investment. ROIC exclusive of UMG Investment is 12.1%.	5
Composition of 'total grain handled' shown on Slide 15. mmt = million metric tonnes.