31 December 2020 Half Year Report and Appendix 4D Key H1 FY21 Highlights

•  The first half of FY21 reflected two contrasting quarters of sales performance. While revenue declined 33% on the prior corresponding period due to challenging market conditions driven by COVID-19 restrictions and broader economic uncertainty, sales rebounded strongly in Q2 FY21 by 118%.
•  Strong market share growth was achieved by the Oli6® brand across Australian retail and the important Cross Border E-Commerce (CBEC) channel.
•  Average Selling Price improved on the prior corresponding period, representing brand strength and a strong business model.
•  Strong cash position of $17.6M with no debt provides the opportunity to further invest in the Goat Infant Formula (GIF) category, following a successful capital raise in Q1 FY21. The GIF category remains an attractive and fast-growing segment.
•  Nuchev has confirmed a number of positive changes to its Executive Leadership Team to support the company’s growth aspirations domestically and internationally, allowing CEO Ben Dingle to allocate more time on growing and building the business across all markets.
•  The company expects to achieve strong revenue and volume growth in H2 FY21 in the CBEC channel, however this may be offset by continued COVID-19-related uncertainty in the Export channel.