Announcement PDF Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000 17 November 2025 Appendix 4E and Annual Report for the Financial Period Ended 30 September 2025 Elders Limited (ASX:ELD) today reports its results for the financial year ended 30 September 2025. Attached is the Appendix 4E (Results for announcement to the market) and Annual Report for the 12-month period ended 30 September 2025. Further Information: Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905 Authorised by: Elders Limited Board of Directors View this announcement on Elders’ Investor Hub. Elders Limited Appendix 4E (Rule 4.3A) RESULTS FOR ANNOUNCEMENT TO MARKET For the year ended 30 September 2025 Attached is the final report for the year ended 30 September 2025. The consolidated profit after tax and non-controlling interests was $50.3 million (2024: $45.1 million). Additional Appendix 4E disclosure requirements and further details on the results and operations are included in the Annual Report provided to the Australian Securities Exchange. Result 12 months September 2025 $000 Revenue up 2% to 3,201,710 Profit after tax for the year attributable to members up 12% to 50,291 Dividends Amount per security Franked amount per security 2025 Final Dividend 18.0 cents 18.0 cents Interim Dividend 18.0 cents 9.0 cents Total 36.0 cents 27.0 cents 2024 Final Dividend 18.0 cents 12.6 cents Interim Dividend 18.0 cents 9.0 cents Total 36.0 cents 21.6 cents The record date for the final dividend is 26 November 2025. Dividend payment date is 23 December 2025. September 2025 September 2024 $ $ Net tangible assets backing per ordinary security (191,211,193)1 2.81 1.93 1 Assets for the purpose of net tangible assets include right-of-use assets associated with leases recognised in accordance with AASB 16 Details of subsidiaries Subsidiaries Name % Held by the group Details of entities over which control has been gained Riverland Lending Services Pty Ltd 100 Details of entities over which control has been lost AI Asia Pacific Operations Holding Limited - APO Administation Ltd - ANNUAL REPORT Elders Limited ABN 34 004 336 636 elders.com.au 2025 1 Contents Chair's Report 2 CEO’s Report 4 Year in Brief 6 Operating and Financial Review 8 Review of Operations 21 Sustainability 30 Directors’ Report 49 Remuneration Report 56 Executive Management 76 Elders Limited Annual Financial Report 80 Shareholder Information 146 Company Directory 147 Elders Limited Annual Financial Report 2 Chair’s Report On behalf of the Board of Directors I am pleased to present the Annual Report for FY25; a year where Elders delivered a steady financial performance resulting in underlying earnings before interest and tax of $143.5 million. Elders’ strength lies in its diverse, multi- product, and geographically balanced portfolio, supported by the Eight Point Plan, which helped to mitigate the impact of dry conditions across key regions. In FY25 this diversification ensured that we met our core ambition of delivering great returns in good years, and good returns in average years. Acquisition of Delta Agribusiness This year Elders has focussed on the acquisition of Delta Agribusiness (Delta), our largest strategic growth initiative in recent years. This acquisition completed 3 November 2025 and expands our geographic footprint in key regions and enhances our retail presence and agronomic service offering. Delta’s integration, guided by a 'light-touch' strategy, will see Elders and Delta leverage their collaborative strengths and deep community connections to provide value to our clients. Operational highlights Elders’ operational efficiency initiatives continued to mature in FY25. The Systems Modernisation (SysMod) program is positioned to deliver tangible results, unlocking efficiency gains and ensuring systems are fit to sustain the business for future growth. Furthermore, continued focus on our rural products backward integration strategy remains crucial in improving margins and supply chain resilience. The launch of the AgriToll formulation facility in Western Australia this year was an important milestone in this strategy. Leadership succession The Board is actively engaged in a global search for the appointment of a new Chief Executive Officer. Mark Allison’s considerable contribution to this business cannot be understated and we are looking for an individual of the highest calibre to steer Elders in its next phase. The CEO’s position is complemented by a very strong executive leadership team whose diverse skills and thorough understanding of rural and regional Australia are instrumental in Elders’ next phase of growth. Recent changes to establish an entity-based management structure has enhanced operational clarity and accountability, positioning Elders to deliver improved shareholder value through more agile and efficient execution. As part of this evolution, in FY26, each division will have its own CEO. Nick Fazekas has been appointed Divisional CEO of Elders Crop Protection. Peter Lourey has been appointed Divisional CEO of AIRR. Elders Real Estate is now a standalone division, led by Tom Russo as Divisional CEO, recognising the entity’s strong performance and strategic importance within the broader Elders portfolio. Feed and Processing will remain led by Andrew Talbot, now as Divisional CEO. The Divisional CEO of Elders Rural Services will be appointed in due course. Also, in July, Tammy Harrington was appointed to the Executive Committee as General Manager Business Development in which she has since played a significant role with the completion of Elders’ acquisition of Delta. Board renewal Our Board renewal process continued in FY25 with the aim of enhancing the Board’s capabilities and diversity of skill. In January 2025, Bethwyn Todd commenced as an independent Non- Executive Director bringing significant executive experience coupled with a strong understanding of the agricultural sector. Stephanie Nixon also joined the Board as Non-Executive Director on 1 October 2025 and brings important expertise, particularly in corporate strategy, mergers and acquisitions, governance, and risk management. On 1 November 2025, Glenn Davis officially assumed the role of Chair. I will retire from my role as a Non-Executive Director of Elders at this year’s AGM after almost 12 years on the Board. It has been a privilege to serve this historic and important Australian-owned company, and I am proud of the progress we have made together. During my time as Chair, I have had the privilege of steering Elders through some considerable and transformational projects including the acquisition of AIRR, the implementation of the SysMod program, the investment in Elders Wool, and now Delta. I extend my gratitude to my fellow Board members. I also thank our shareholders for your continued support, and our clients for the trust you place in Elders every day. Ian Wilton Non Executive Director Chair's Report 3 Elders Limited Annual Financial Report 4 CEO’s Report In FY25, Elders continued to demonstrate the strength and resilience that has defined our 186-year legacy in Australian agribusiness. We remained steadfast in our commitment to sustainable growth, operational excellence, and client trust, in the face of mixed seasonal conditions. We prioritised improvements to our systems to best equip us to serve producers into the future and made considerable headway in our strategy for acquisitive growth to add to the diversity of our portfolio. Safety, health and environment At Elders, we are dedicated to continually evolving and improving our safety performance. It is unacceptable that any of our people are harmed at work and we continue our efforts to achieve a ‘zero harm’ work environment. This year we incurred six lost time injuries but achieved a notable reduction in our Total Recordable Injury Frequency Rate (TRIFR), down to 4.5 from 9.0 in FY24. Lost time injuries are well below industry rates. We attribute the reduction in total recordable injuries this year to the positive impact of recently implemented safety training, Critical Safety Standards and the progression of our strategic Safety, Health & Environment plan. These results have also been supported by our renewed focus on capability building and safe behaviours, delivering meaningful improvements in workplace safety. Financial performance In FY25, Elders achieved underlying earnings before interest and tax (EBIT) of $143.5 million. Under mixed seasonal conditions, Elders’ diversified portfolio played a key role in mitigating the impact of dry conditions across key agricultural regions, with stronger activity in livestock and real estate supporting overall results. A summary of our FY25 results include: • underlying earnings before interest and tax at $143.5 million • gross margin of $684.6 million, supported by strong livestock prices and real estate growth • cost increase of 6%, with key drivers from acquisitions and transformational initiatives • return on capital (ROC) of 11.3%, consistent with last year, impacted by transformational activities, with capital deployed preceding benefits • accounting leverage ratio (including the capital raised for the Delta Agribusiness acquisition) of 1.8 times • operating cash inflow of $117.9 million and cash conversion of 137% • eight new businesses acquired and six additional points of presence • underlying earnings per share of 46.5 cents and dividends per share of 36.0 cents CEO’s Report 5 Growth and reinvestment By the time this report is released, Elders will have completed its acquisition of Delta Agribusiness (Delta). Our team worked extensively throughout FY25 to achieve this result, and we are delighted to welcome Delta to Elders where they will continue to operate independently, delivering value to customers through their well-reputed brand and people. The acquisition of Delta will add 58 retail locations to our rural network, greatly improving our geographic reach and diversification in key agricultural areas. It will also create a range of benefits that will flow on to clients, including allowing clients to access an expanded product and services range, stronger supply partnerships, enhanced expertise, and greater collaborative innovation efforts. For our shareholders, it is an example of Elders’ continuing growth story and strategy to create meaningful returns. In FY26 we expect the Delta acquisition to provide a material increase to Retail Products gross margin. Elders continued to make strong progress on the Systems Modernisation project (SysMod), supporting growth and delivering a seamless customer experience. In FY25 we advanced Wave 2, rolling out Microsoft Dynamics 365 across retail operations and supply chain. Most retail branches will be operating in D365 in Q1 of FY26, with remaining sites, B&W Rural, warehouses and third party logistics, to follow. Progress also continued on Wave 3 Livestock, introducing saleG8 as the new livestock operations system that will commence in South Australia later this year. Wave 4 is now underway, working to transition financial and customer management processes from AS400 into D365 to deliver more efficient and connected systems. It also includes development of a new Elders Online customer portal and Real Estate Settlements system, both scheduled for release in 2026. Elders made significant progress embedding sustainability across its operations, with a strong focus on climate impacts and environmental stewardship. We achieved our target of 100% renewable electricity across all Australian sites ahead of schedule, primarily through investments in solar energy, energy-efficient equipment, and the procurement of Large-Scale Generation Certificates. We progressed our waste strategy by partnering with bagMUSTER, operated by AgSafe, to pilot additional avenues for collecting and recycling agricultural plastic bags, supporting circular economy outcomes. Elders commenced alignment with the Australian Sustainability Reporting Standards (ASRS) in preparation for mandatory compliance, taking early action to lead in this space. We also further strengthened our supply chain resilience with the launch of AgriToll, a domestic crop protection manufacturing business to bolster local supply chains and reduce environmental impact. Community engagement remains central to our identity and sustainability ambitions, and in FY25 our investments in community initiatives were again supplemented by the distribution of grants under our Community Giving Project. Over the course of the program, which commenced in FY24, Elders has funded 25 local initiatives across six pillars, including environmental awareness, innovation, and diversity. A highlight of FY25 was the formalisation of a Memorandum of Understanding with Charles Sturt University (CSU) to advance sustainable innovation and education through the creation of a BioSolutions Hub, research collaboration, and student engagement programs. This partnership is designed to drive agricultural innovation, support First Nations Australians to pursue careers in agriculture, and ensure that Elders’ work remains at the forefront of industry needs. In sustainable agriculture, Thomas Elder Sustainable Agriculture (TESA) drove innovation through research partnerships, trial demonstrations, and advisory services that promote adaptive farming practices and carbon farming. This is an industry leading arm that supports farmer adoption of the latest agricultural innovation for greater productivity and sustainability outcomes. Outlook At the start of FY26, we made some important changes to company structure that will position us for growth in the coming year and improve accountability and transparency. These changes include the establishment of a group structure where distinct, yet interconnected, business entities sit under Elders Limited management. We also implemented changes to the Elders Rural Services structure, moving from a state-based to a regional structure with defined Northern, Southern and Western Regions. These regions are aligned to agricultural production zones and will be led by three regional general managers. Our new divisional structure marks a significant evolution of Elders and sets the direction for the next phase of Elders’ storied history. It is with much optimism that I look to 2026 and the opportunities for Elders to grow and prosper alongside our clients. Elders expects EBIT growth in FY26 driven by a positive forecasting for most agricultural commodities, and a significant contribution from Delta to Rural Products margin. We now have clear direction for stable and methodical performance to make the most of improved conditions and to remain responsive to the needs of agricultural communities. On behalf of the leadership team, I would like to thank our people, the engine room of our success, for their dedication and collaboration in achieving FY25’s result. I’d also like to thank the Elders Board, and our clients for their ongoing support. Mark Allison Managing Director and CEO 6 LOSTTIME INJURIES 77% EMPLOYEE ENGAGEMENT 50.9 NETPROMOTERSCORE Elders Limited Annual Financial Report 6 YEAR INBRIEF $3.2b Sales revenue drivenbystronglivestockpricesandrealestategrowth $541m Costs maintainedbelowinflation,excludingacquisitionandtransformation 1.8x Leverage ratio impactedbyimprovedearningsprofile andDeltaAgribusinesssharecapitalproceeds $143.5m Underlying EBIT strongoperationalandfinancialresilience $684.6m Gross margin diversificationsupportinggoodreturnsinmixedseasonalconditions 11.3% Return on capital consistentwithFY24 36c Dividends per share targetingshareholdergrowththroughagriculturalcycles 137% Cash conversion exceedstargetof90%percapitalmanagementframework Year in Brief 7 Operatingand FinancialReview 2025 Operating and Financial Review 9 Operating and Financial Review Throughout FY25, Elders demonstrated strong operational and financial resilience in the face of mixed seasonal conditions. Elders’ diversified portfolio, through its national geographic footprint and multi- product offering, played a key role in mitigating the impact of dry conditions across key regions, with stronger activity in livestock and real estate supporting overall results. Elders is well positioned to benefit from an improving agricultural outlook, supported by improved capability and efficiency from the roll out of modern systems. Key metrics for the full year ended 30 September 2025: • underlying earnings before interest and tax at $143.5 million • gross margin of $684.6 million, supported by strong livestock prices and real estate growth • cost increase of 6%, with key drivers from acquisitions and transformational initiatives • return on capital (ROC) of 11.3%, consistent with last year, impacted by transformational activities, with capital deployed preceding benefits • accounting leverage ratio (including the capital raised for the Delta Agribusiness acquisition) of 1.8 times • operating cash inflow of $117.9 million and cash conversion of 137% • eight new businesses acquired and six additional points of presence • underlying earnings per share of 46.5 cents and dividends per share of 36.0 cents • six lost time injuries, with a reduction of total recordable injury frequency rate to 4.5 from 9.0 in FY24 • progress on key sustainability milestones and initiatives • improvements in diversity, with 24% of women in senior positions and 33% women in senior executive positions • strong customer focus with net promoter score of 50.9 Delta Agribusiness to complement earnings growth in FY26: • The Delta Agribusiness acquisition, completed 3 November 2025, to provide an increase in gross margin • Positive outlook for Retail Products gross margin with general recovery in soil moisture profiles and average outlook for summer crops • Livestock markets are forecast to remain buoyant, with prices supported by strong restocker demand, offsetting lower volumes from drought impacted regions • Rural and residential real estate activity to benefit from increased demand due to interest rate stabilisation at lower levels, while organic growth and the full-year contribution from recent acquisitions are also expected to provide further upside • Ongoing development of Financial Services offerings, with continued uptake of the recently established Elders Finance employed broker model • Strong demand for grain and grassfed products at Killara, supported by high occupancy, improved livestock performance and animal health outcomes from our new feed mill • Underlying cost base targeted to continue to be contained below inflation, adjusted for acquisition and transformational costs • Continued investment in organic growth and transformational initiatives Elders Limited Annual Financial Report 10 Profit and Loss Profit: Reported and Underlying $million FY25 FY24 Change Change % Sales 3,201.7 3,131.3 70.4 2% Gross margin Retail Products 275.7 284.5 (8.8) (3%) Wholesale Products 75.5 75.7 (0.2) (0%) Agency Services 150.2 123.1 27.1 22% Real Estate Services 105.1 82.6 22.5 27% Financial Services 56.8 54.5 2.3 4% Feed and Processing Services 21.3 17.2 4.1 24% Total gross margin 684.6 637.6 47.0 7% Costs (distribution and administration) (541.0) (509.6) (31.4) (6%) Underlying earnings before interest and tax 143.5 128.0 15.5 12% Finance Costs (28.5) (34.6) 6.1 18% Underlying profit before tax 115.0 93.4 21.6 23% Tax (24.4) (24.7) 0.3 1% Non-Controlling Interests (4.6) (4.8) 0.2 4% Underlying profit to shareholders 86.0 64.0 22.0 34% Items excluded from underlying profit (35.7) (18.9) (16.8) 89% Reported profit after tax to shareholders 50.3 45.1 5.2 12% Underlying earnings before interest, tax, depreciation and amortisation 227.1 201.5 25.6 13% Underlying earnings per share (cents) 46.5 40.7 5.8 14% Items Excluded from Underlying Profit The statutory result included items that are unrelated to operating financial results. Measurement and analysis of financial results excluding these items are considered to give a meaningful representation of like-for-like performance from ongoing operations ("underlying profit"). Underlying profit is a non-IFRS measure and is not audited or reviewed. $million FY25 FY24 Commentary Divestment and other closure costs (2.5) (6.2) Costs incurred to exit various investments, including legal costs One-off acquisition costs (9.7) (1.0) Costs related to the acquisition of Delta Agribusiness Asset impairments (19.0) - Impairments on goodwill for previously acquired businesses, including onerous contracts One-off asset recovery 2.1 - Insurance proceeds received for damages as a result of a severe weather event at Killara Feedlot Restructuring initiatives (5.7) (6.1) Costs associated with the re-organisation of operations and structure to improve efficiency and reduce costs Platform and system modernisation (6.4) (5.6) Relates to platform modernisation costs that are one off in nature and cannot be capitalised Business transformation costs (0.9) (4.8) Recognition of one off costs for transformational activity, mostly related to start up costs for Elders Wool and AgriToll MD & CEO retention (0.2) (1.6) One off retention arrangements for the MD & CEO Other costs (1.0) (0.4) Other one off costs in the ordinary course of business Tax adjustments 7.7 6.7 Tax benefits from one off items Total (35.7) (18.9) Operating and Financial Review 11 Sales Sales increased $70.4 million or 2% compared to last year. This is largely driven by ongoing improvements in price for cattle and sheep, and higher cattle volumes. Real Estate continued to be a key contributor, with outperformance across broadacre, residential and property management. This was partially offset by subdued crop protection sales with dry conditions prevailing across Southern parts of the country until June. Improved confidence and client sentiment in the drier regions followed rainfall in Q4, however, the improved trading conditions did not completely offset the impact to crop protection sales in the second and third quarters. Fertiliser, seed and animal health sales remained favourable to the prior year. Gross Margin Retail Products Retail Products margin declined compared to last year, due to continued localised competition, exacerbated by dry conditions particularly in South Australia and western Victoria. The most significant decrease was attributable to crop protection gross margin, resulting from lower sales and competitive pressure. Strong sales performance in fertiliser and animal health partially offset this impact in gross margin. Wholesale Products Wholesale Products gross margin was stable compared to last year. Despite an uplift in sales, gross margin percent declined, impacted by product mix and competitive pressure in the crop protection wholesale market exacerbated in dry regions. Agency Services Agency Services gross margin increased compared to last year. Livestock continued to outperform with significant uplifts in price for cattle and sheep, and higher cattle volumes. Wool gross margin saw ongoing improvement, with the full year benefits from Elders Wool Handling partly driving upside in earn per bale. This was partially offset by lower bales sold, in line with reduced global demand for wool as producers continue to await a market recovery. Real Estate Services Real Estate Services gross margin improved compared to last year, with the IPST Holdings (previously operated as Knight Frank Tasmania) acquisition providing a full year benefit to prior year. There was continued organic growth across all key service categories, supported by improving seasonal conditions and stronger commodity prices, as well as recent interest rate cuts supporting demand for rural and residential properties. Financial Services Financial Services gross margin increased compared to last year, with outperformance across most categories offsetting foregone earnings from the finalisation of the Rural Bank relationship agreement. Gross margin from livestock related products continued to increase in line with improved livestock conditions, supported by growth in the recently established Elders Finance employed broker model (encompassing commercial, agriculture, and asset finance loans). Feed and Processing Services Feed and Processing Services gross margin grew compared to last year, largely attributable to increased cattle throughput, as well as production efficiencies gained through the recent investment in a modern feed mill. This resulted in higher average daily weight gain and a reduction in downtime. Costs Costs increased $31.4 million or 6% compared to last year, with $19.5 million pertaining to acquisitions and growth-related activities. Underlying costs increased slightly (2.2%), supported by strict cost management discipline across the business, as well as flow on benefits from cost savings initiatives implemented in late FY24. Cost to earn improved slightly from 80% to 79%. Net Profit After Tax Net profit after tax includes the recognition of underlying tax expense ($24.4 million), effective from 1 October 2021. The physical payment of tax is expected to commence in FY26, following the FY25 tax return. Elders Limited Annual Financial Report 12 EBIT by Geography $million FY25 FY24 Change Change % Wholesale Products 30.4 31.3 (0.9) (3%) New South Wales 57.4 40.4 17.0 42% Queensland and Northern Territory 21.7 12.6 9.1 72% Victoria and Riverina 59.9 58.4 1.5 3% South Australia 23.7 26.7 (3.0) (11%) Tasmania 8.0 5.2 2.8 54% Western Australia 34.5 31.1 3.4 11% Corporate Overheads (91.6) (77.7) (13.9) (18%) Underlying earnings before interest and tax 143.5 128.0 15.5 12% Wholesale Products Wholesale Products EBIT declined year on year. Despite an uplift in sales, gross margin percentage declined, impacted by product mix and competitive pressure in the chemical wholesale market. Costs increased compared to the prior year but maintained below inflation. New South Wales New South Wales EBIT uplift supported by gross margin outperformance across most products, particularly Agency Services, with favourable livestock prices and volumes in both cattle and sheep. Increased cattle throughput and ongoing efficiencies contributed to margin improvement in Killara. Queensland and Northern Territory Queensland and Northern Territory resulted in a strong EBIT uplift year on year. Real Estate gross margin outperformed across broadacre, residential and property management categories, while livestock prices and volumes also contributed to the upside. Costs were well contained, driven by cost savings initiatives. Victoria and Riverina Victoria and Riverina resulted in a gross margin uplift, with Agency Services recording a significant increase. However, this growth was partially offset by a decline in Retail Products sales, largely attributable to prolonged dry conditions in parts of western Victoria, adversely impacting crop protection demand, especially during the second and third quarters. Costs increased compared to last year, largely due to higher people costs. South Australia South Australia’s EBIT was significantly impacted by ongoing dry conditions across most of the state, up until June. Whilst Retail Products gross margin was subdued as a result, Real Estate and Financial Services recorded an uplift on the prior year. Costs remained consistent year on year. Tasmania Tasmania's EBIT improved year on year, benefitting from a full year of the IPST Holdings (previously operated as Knight Frank Tasmania) acquisition. Gross margin across most products were also favourable compared to last year. Western Australia Western Australia recorded a considerable EBIT uplift on the prior year. Improved livestock prices and growth in residential and property management were key features for the year, which was also supported by cost savings initiatives. Corporate Overheads Corporate overheads increased year on year. This is largely driven by strategic and transformational expenditure, including Systems Modernisation and associated IT costs. Operating and Financial Review 13 Capital Management Balance Sheet $million FY25 FY24 Change Change % Trade and other receivables 989.7 895.3 94.4 11% Inventory 441.0 399.5 41.5 10% Livestock 69.6 47.4 22.2 47% Trade and other payables (757.0) (667.0) (90.0) (13%) Working capital 743.3 675.2 68.1 10% Property, plant and equipment 98.8 93.2 5.6 6% Right-of-use assets 261.1 246.6 14.5 6% Equity accounted investments and other financial assets 71.2 66.1 5.1 8% Intangibles 557.8 538.1 19.7 4% Provisions (81.8) (79.5) (2.3) (3%) Capital (net operating assets) 1,650.4 1,539.7 110.7 7% Borrowings: working capital and other facilities (325.3) (477.0) 151.7 32% Lease liabilities (268.8) (253.7) (15.1) (6%) Cash and cash equivalents 46.7 40.2 6.5 16% Net debt (547.4) (690.5) 143.1 21% Tax assets / (liabilities) (17.5) (3.9) (13.6) 349% Shareholders' equity 1,085.5 845.3 240.2 28% Working Capital $million FY25 FY24 Change Change % Retail Products 442.2 429.9 12.3 3% Wholesale Products 101.6 110.6 (9.0) (8%) Agency Services 63.7 64.2 (0.5) (1%) Real Estate Services (12.2) (18.4) 6.2 (34%) Financial Services 101.7 71.8 29.9 42% Feed and Processing Services 79.9 51.9 28.0 54% Other (33.6) (34.9) 1.3 4% Working capital (balance date) 743.3 675.2 68.1 10% Working capital (average) 734.4 676.0 58.4 9% Key movements in working capital Working capital as of balance date closed at $743.3 million, up $68.1 million or 10% from the prior year: • trade and other receivables increased $94.4 million or 11%, mainly due to Livestock debtors, in line with higher sales turnover • inventory increased $41.5 million or 10%, corresponding with uplifts in winter crop sales, which were delayed by a late winter break and cautious customer sentiment • livestock increased $22.2 million or 47%, driven by elevated prices, as well as higher cattle on hand • trade and other paya