Multikraft Financial Model

Multikraft Financial Model

Austria-Australia Merger Analysis | $30M Capital Raise | $150M Post-Money Valuation

$150M

Post-Money Valuation

$30M

Capital Raise

20%

New Investor Stake

$100M

FY28 Revenue Target

66%

Revenue CAGR

Strategic Acquisition & Growth Plan

Austria Acquisition Strategy

Acquisition Price $20.0M
Target: Multikraft Konzern €10.5M revenue base
Strategic Value EU Market Access
IP & Technology Proprietary Formulations
Established Operations DACH Market Leader

Post-Merger Growth Strategy

1. Scale Australia Operations 10x Revenue Growth
2. Accelerate EU Expansion Italy, Spain, CEE
3. Export Platform Launch Go2MarketPro Pipeline
4. R&D Innovation New Product Development
5. Operational Synergies $10M Cost Savings

3-Year Revenue Trajectory

FY25 Baseline $22.7M
FY26 Target $36.0M
FY27 Target $56.5M
FY28 Target $102.3M
Total Growth 4.5x Scale-up

Value Creation Drivers

Market Expansion EU + Export Markets
Technology Integration Austrian IP + AU Innovation
Margin Enhancement 3.7% → 35.0% EBITDA
Scale Economics Fixed Cost Leverage
Strategic Positioning Global Agri-Biotech Leader

Capital Allocation

Austria Acquisition $20.0M
Operations Scaling $10.0M
Total Raise $30.0M

Revenue Targets (FY26)

Austria Operations $27.0M
Australia Operations $8.0M
New Zealand Operations $1.0M
Combined Target $36.0M
Growth from FY25 +59%

Key Growth Drivers

Export Expansion Go2MarketPro Pipeline
EU Market Access Austria Acquisition
Operational Synergies $2M+ EBITDA Impact
R&D Innovation Product Pipeline

Historical Performance

AU Revenue (FY25A) $4.4M
AU Revenue (FY24A) $4.7M
AT Revenue (2024) €10.55M
AU Net Result (FY25) ($0.55M)
AT EBITDA (2024) €731K

3-Year Financial Projections (Consolidated)

Financial Metric FY25E FY26E FY27E FY28E CAGR
Revenue ($M) 22.7 36.0 56.5 102.3 65.3%
Gross Profit ($M) 13.0 21.4 37.0 73.2 79.1%
Gross Margin 57.3% 59.4% 65.5% 71.5% +14.2pp
EBITDA ($M) 1.3 3.5 11.3 25.6 160.7%
EBITDA Margin 5.7% 9.7% 20.0% 25.0% +19.3pp
Net Income ($M) (0.1) 0.7 4.9 12.3 -
Free Cash Flow ($M) 0.2 1.8 6.2 13.1 234.7%

Key Model Assumptions

Exchange Rates (Spot)

1.65
1.07

Australia Growth Drivers

FY26 Revenue Growth 87.5%
FY27 Revenue Growth 44.0%
FY28 Revenue Growth 35.0%
Target Gross Margin 65.0%

Austria Growth Drivers

FY26 Revenue Growth (EUR) 8.5%
FY27 Revenue Growth (EUR) 12.0%
FY28 Revenue Growth (EUR) 15.0%
Target Gross Margin 58.0%

New Zealand Growth Drivers

FY26 Revenue Growth (NZD) 46.1%
FY27 Revenue Growth (NZD) 50.0%
FY28 Revenue Growth (NZD) 50.0%
Target Gross Margin 50.0%

Operating Expense Assumptions

R&D as % of Revenue 8.5%
Sales & Marketing % 15.0%
Admin as % of Revenue 12.0%
Annual Synergies (FY26+) $2.0M

Key Business Metrics

Combined Tax Rate 28%
CapEx as % of Revenue 6.0%
Working Capital % Revenue 15.0%
Terminal Growth Rate 3.0%

Revenue Build-Up by Source

Revenue Source FY25A FY26E FY27E FY28E Key Growth Driver
Australia Core Sales 3.5 7.0 15.0 32.0 Strategic product focus
Australia Export/Other 0.9 1.0 2.0 3.0 R&D incentives, selective export
Austria EU Sales (AUD) 17.6 27.0 38.0 65.0 DACH core + EU expansion
New Zealand Sales (AUD) 0.7 1.0 1.5 2.3 Dairy & agriculture focus
Total Combined Revenue 22.7 36.0 56.5 102.3 65.3% CAGR

Australia Conservative Growth

FY26 Realistic Target $8.0M
Product Rationalization Focus on high-margin
Super N Opportunity Billion-dollar market
FY28 Ambitious Target $35.0M

Austria Market Leadership

2025 Revenue Base €10.5M (~$17.6M)
EBITDA Target (2025) €900K-1.079M
EU Expansion Strategy Italy, Spain, CEE
FY28 Target $65.0M

Growth Trajectory Validation

Financial Year Revenue Target Growth Rate EBITDA Margin Target Strategic Milestones
FY25 (Baseline) 22.0 - 6.8% Product rationalization, cost cuts
FY26 (Conservative) 35.0 59% 10.0% Merger synergies, core focus
FY27 (Aggressive) 55.0 57% 20.0% EU expansion, AU scaling
FY28 (Ambitious) 100.0 82% 25.0% Market leadership, full synergies

Australia P&L Projections (AUD)

Financial Year: July - June | Detailed Product & Geographic Breakdown

Revenue Segmentation by Product Line

Product Line FY25A FY26E FY27E FY28E Key Growth Drivers
Microlife & MLR (Probiotics) 2.1 3.8 8.5 18.0 Core broadacre focus
Super N (Nitrogen Enhancement) 0.5 1.8 4.2 8.5 Billion-dollar potential market
Super Turf (Premium Sports) 0.1 0.8 2.1 4.2 PGA, cricket ovals transition
Feedlot & Livestock Solutions 0.6 1.2 1.8 3.5 Higher-margin focus
Export & NZ Sales 0.2 0.4 0.8 1.8 Selective partnerships
Core Product Sales 3.5 8.0 17.4 36.0 Strategic focus
Discontinued Products:
• Japanese Health Drink 0.3 0.0 0.0 0.0 Low margin - discontinued
• Food Scrap Compost Buckets 0.2 0.0 0.0 0.0 Consumer goods - exited
• Low-margin Stock Feed 0.4 0.0 0.0 0.0 Margin dilutive - ceased

Australia Financial Targets vs Internal Budget

FY26 Revenue Targets

Internal Budget Target $7.0M
External Stretch Target $8.0M
Growth vs FY25 +82% (at $8M)
Strategy Core product focus

Key Assumption Corrections

FY25 Combined Baseline $22.0M
Austria 2025 Forecast €10.5M revenue
Australia FY26 Target $8.0M (vs $7M budget)
Conservative → Ambitious $35M → $50-60M → $100M

Meeting Notes Validation

Historical EBITDA (2023) $731K (Austria focus)
2024 EBITDA Target €900K-€1.079M
FY26 Profitability Target ~10% EBITDA margin
Combined Sales Force From July 2026

Geographic Revenue & Market Penetration

Market Hectares Covered (000s) Revenue/Hectare FY26E Revenue FY28E Revenue Market Strategy
NSW Broadacre 850 $18.5 3.8 8.2 Wheat, canola, barley
QLD Cotton & Sugar 320 $42.0 2.8 7.5 High-value irrigation
VIC/SA Specialty Crops 180 $65.0 2.1 6.8 Wine, horticulture, dairy
WA Broadacre 450 $22.0 1.8 4.2 Large-scale grain
New Zealand 95 $48.0 1.2 3.8 Dairy, horticulture
Export Markets 150 $35.0 0.3 4.5 Africa, Asia partnerships
Total Coverage 2,045 $28.5 12.0 35.0 Diversified portfolio

Cost of Goods Sold - Product & Geography Breakdown

COGS Component Unit Cost FY26E Volume FY26E Cost FY28E Cost Cost Driver
Microlife Production $2.80/L 1.2M litres 3.4 9.8 Brewing capacity
Solid Products (Compost/Feedlot) $185/tonne 8.5K tonnes 1.6 4.2 Raw material costs
Specialty Formulations $12.50/kg 185K kg 2.3 7.8 Austrian IP licensing
Packaging & Materials $0.85/unit 2.8M units 2.4 6.5 Volume scaling
Freight & Logistics $85/tonne 15K tonnes 1.3 3.8 Geographic distribution
Quality Control & Testing 2.5% of revenue $12M revenue 0.3 1.1 Regulatory compliance
Total COGS 40% gross margin Mixed 11.3 33.2 Scale efficiencies

Production Capacity & Utilization

Bundaberg Production Facility

Current Brewing Capacity 850K L/year
FY26 Utilization 85%
Expansion Capacity (FY27) 2.2M L/year
CapEx Investment $3.8M

Raw Material Sourcing

Compost Feedstock 65K tonnes/year capacity
Microbial Cultures Austrian IP + local R&D
Supply Chain Risk Low - diversified
Cost Inflation Hedge Long-term contracts

Consolidated Australia P&L

Line Item FY22A FY23A FY24A FY25A FY26E FY27E FY28E
TOTAL TRADING INCOME 4.1 4.9 4.7 4.4 8.0 17.0 35.0
  Core Product Sales 3.5 3.7 4.1 3.5 7.0 15.0 32.0
  Export & Other Sales 0.1 0.1 0.2 0.2 0.5 1.5 2.5
  R&D Tax Incentive 0.4 0.4 0.3 0.4 0.5 0.5 0.5
  Other Revenue 0.1 0.7 0.1 0.3 0.0 0.0 0.0
COST OF SALES 1.5 2.2 1.5 1.5 3.2 6.8 12.3
  Products & Brewing 1.0 1.2 1.2 1.2 2.8 5.3 9.6
  Freight & Logistics 0.1 0.0 0.0 0.0 0.2 0.8 1.6
  License Fees & Royalties 0.4 0.4 0.3 0.3 0.2 0.7 1.1
GROSS PROFIT 2.6 2.7 3.2 2.9 4.8 10.2 22.7
Gross Margin % 63.9% 54.6% 67.6% 66.1% 60.0% 60.0% 64.9%
OPERATING EXPENSES 3.9 3.4 3.0 3.4 3.8 7.2 14.5
  Employee Costs 1.2 1.0 1.1 1.3 1.8 3.4 7.0
  Property & Equipment 0.8 0.7 0.6 0.6 0.8 1.7 3.5
  Sales & Marketing 0.5 0.4 0.4 0.5 0.8 1.7 3.5
  Professional & Admin 1.4 1.3 0.9 1.0 0.4 0.4 0.5
EBITDA (1.3) (0.7) 0.2 (0.5) 1.0 3.0 8.2
EBITDA Margin % -31.8% -14.1% 4.3% -11.4% 12.5% 17.6% 23.4%
Depreciation & Amortization 0.1 0.1 0.0 0.1 0.2 0.5 1.0
EBIT (1.4) (0.8) 0.2 (0.6) 0.8 2.5 7.2
Interest & Finance Costs 0.0 0.1 0.0 0.1 0.1 0.3 0.6
Tax Expense 0.0 0.0 0.0 0.0 0.2 0.7 2.0
NET INCOME (1.4) (0.9) 0.2 (0.7) 0.5 1.5 4.6

Austria P&L Projections (EUR → AUD)

Historical: Calendar Year | Forecast: Australian Financial Year | Detailed EU Market Analysis

Austria Revenue Segmentation by Product & Market

Product Line (EUR) 2024A FY26E FY27E FY28E Primary Markets
Microbial Solutions 4.8 5.8 7.5 11.2 DACH agriculture, horticulture
Compost & Organic Products 2.1 2.8 4.2 7.8 Organic farming, retail
Livestock & Feedlot Solutions 1.8 2.2 3.1 5.5 Dairy, beef, pig farming
Specialty Biostimulants 1.3 1.8 2.8 5.2 Wine, premium horticulture
New EU Markets 0.0 0.8 2.2 5.8 Italy, Spain, CEE expansion
Licensing & Royalties 0.5 0.6 0.8 1.0 Global partnerships
Total Revenue (EUR) 10.5 14.0 20.6 36.5 EU Leadership

EU Geographic Market Penetration

Country/Region Hectares Covered (000s) Revenue/Hectare (EUR) FY26E Revenue (EUR) FY28E Revenue (EUR) Market Position
Austria (Domestic) 450 €22.5 5.8 12.2 Market leader
Germany 680 €18.2 4.2 9.8 Growing presence
Switzerland 85 €48.0 1.8 4.5 Premium segment
Italy (New) 320 €15.0 0.5 4.2 Market entry
Spain (New) 280 €12.8 0.3 3.8 Market entry
CEE Markets 450 €8.5 0.4 2.0 Early stage
Total EU Coverage 2,265 €18.8 13.0 36.5 Regional expansion

Austria COGS Structure & Production Capacity

COGS Component (EUR) Unit Cost FY26E Volume FY26E Cost FY28E Cost Capacity Constraints
Microbial Production €3.20/L 950K litres 3.0 8.5 Current: 1.2M L capacity
Organic Materials €165/tonne 12K tonnes 2.0 5.8 Supplier partnerships
Specialty Formulations €18.50/kg 95K kg 1.8 4.2 R&D lab scaling
EU Distribution & Logistics €125/tonne 18K tonnes 2.3 6.8 3PL network expansion
Packaging & Compliance €1.20/unit 1.8M units 2.2 5.2 EU regulations
Quality & Certification 3.2% of revenue €14M revenue 0.4 1.2 EU organic standards
Total COGS (EUR) 42% gross margin Mixed 11.7 31.7 Scalable platform

Austrian Production Facilities & Capacity

Primary Production Facility

Current Microbial Capacity 1.2M L/year
FY26 Utilization 79%
Planned Expansion (FY27) 2.8M L/year
CapEx Investment €2.8M

R&D & Innovation Center

Annual R&D Investment €1.2M
Product Development Pipeline 12 active projects
IP Portfolio 85+ formulations
Regulatory Approvals EU-wide compliance

Supply Chain & Sourcing

Raw Material Sources 15+ suppliers
Organic Certification Bio Austria certified
Inventory Turns 8.2x annually
Supply Security Long-term contracts

EU Market Expansion Strategy

Italy Launch Timeline Q2 FY26
Spain Market Entry Q4 FY26
CEE Rollout FY27-28
Distribution Partners 8 signed MOUs

Austria P&L (EUR)

Line Item (EUR) 2023A 2024A FY25E FY26E FY27E FY28E
REVENUE (EUR) 9.8 10.5 10.0 14.0 20.6 36.5
  DACH Core Markets 7.8 8.2 8.0 11.8 16.4 26.2
  New EU Markets 1.5 1.8 1.5 1.6 3.4 9.3
  Licensing & IP 0.5 0.5 0.5 0.6 0.8 1.0
COST OF GOODS SOLD (EUR) 4.1 4.4 4.2 5.9 8.6 15.3
GROSS PROFIT (EUR) 5.7 6.1 5.8 8.1 12.0 21.2
Gross Margin % 58.2% 58.1% 58.0% 57.9% 58.3% 58.1%
OPERATING EXPENSES (EUR) 4.9 5.4 5.2 5.8 8.2 14.5
  R&D 0.8 0.9 0.8 1.2 1.8 3.2
  Sales & Marketing 1.9 2.1 2.0 2.1 3.1 5.5
  Administrative 2.2 2.4 2.4 2.5 3.3 5.8
EBITDA (EUR) 0.8 0.7 0.6 2.3 3.8 6.7
EBITDA Margin % 8.2% 6.7% 6.0% 16.4% 18.4% 18.4%
Depreciation 0.3 0.3 0.3 0.6 1.0 1.8
EBIT (EUR) 0.5 0.4 0.3 1.7 2.8 4.9
Tax (25%) 0.1 0.1 0.1 0.4 0.7 1.2
NET INCOME (EUR) 0.4 0.3 0.2 1.3 2.1 3.7

Austria P&L Converted to AUD

Line Item (AUD) FY25E FY26E FY27E FY28E
REVENUE (AUD) 16.5 22.8 33.0 57.7
GROSS PROFIT (AUD) 9.6 13.2 19.2 33.5
EBITDA (AUD) 1.0 3.7 6.1 10.6
NET INCOME (AUD) 0.3 2.1 3.4 5.8

New Zealand P&L Projections (NZD → AUD)

Financial Year: July - June | NZD/AUD Exchange Rate: 0.92

New Zealand Revenue Analysis

Historical Performance

FY23 Revenue (NZD) $120K
FY24 Revenue (NZD) $630K
FY25 Annualized (NZD) $753K
Growth Trajectory 425% FY24

FY26-28 Growth Strategy

Market Focus Dairy & Agriculture
Distribution Expansion North & South Island
Product Portfolio Microlife, Compost
Margin Improvement Scale efficiencies

New Zealand P&L (NZD)

Line Item (NZD 000s) FY23A FY24A FY25E FY26E FY27E FY28E
REVENUE 120 630 753 1,100 1,650 2,475
  Product Sales 118 609 730 1,050 1,575 2,363
  Freight & Other 2 21 23 50 75 112
COST OF GOODS SOLD 401 830 527 660 908 1,238
GROSS PROFIT (281) (200) 226 440 742 1,237
Gross Margin % -234.2% -31.7% 30.0% 40.0% 45.0% 50.0%
OPERATING EXPENSES 238 441 451 385 495 618
  Salaries & Wages 136 245 290 220 280 346
  Sales & Marketing 26 68 65 66 99 124
  Other Operating 76 128 96 99 116 148
EBITDA (519) (641) (225) 55 247 619
EBITDA Margin % -432.5% -101.7% -29.9% 5.0% 15.0% 25.0%
Depreciation 18 17 20 22 33 49
EBIT (537) (658) (245) 33 214 570
Interest 1 1 1 0 0 0
Tax 0 0 0 9 60 160
NET INCOME (538) (659) (246) 24 154 410

New Zealand P&L Converted to AUD

Line Item (AUD $M) FY25E FY26E FY27E FY28E
REVENUE (AUD) 0.7 1.0 1.5 2.3
GROSS PROFIT (AUD) 0.2 0.4 0.7 1.1
EBITDA (AUD) (0.2) 0.1 0.2 0.6
NET INCOME (AUD) (0.2) 0.0 0.1 0.4

Consolidated P&L (AUD)

Combined Australia + Austria + New Zealand with Intercompany Eliminations & Synergies

Line Item FY25A FY26E FY27E FY28E Growth %
TOTAL REVENUE 22.7 36.0 56.5 102.3 65.3%
  Australia Operations 4.4 8.0 17.0 35.0 102.8%
  Austria Operations (AUD) 17.6 27.0 38.0 65.0 54.5%
  New Zealand Operations (AUD) 0.7 1.0 1.5 2.3 48.7%
  Less: Intercompany Eliminations 0.0 0.0 0.0 0.0 -
TOTAL COGS 9.7 14.6 19.5 29.1 44.2%
GROSS PROFIT 13.0 21.4 37.0 73.2 79.1%
Gross Margin % 57.3% 59.4% 65.5% 71.5% +14.2pp
TOTAL OPEX 11.7 17.9 25.7 47.6 58.9%
  R&D 1.2 2.8 4.4 8.0 85.0%
  Sales & Marketing 4.9 7.1 11.1 20.1 59.3%
  Administrative 5.6 8.0 10.2 19.5 51.5%
  Synergies Benefit 0.0 (2.0) (4.0) (6.0) Scaling Impact
EBITDA 1.3 3.5 11.3 25.6 160.7%
EBITDA Margin % 5.7% 9.7% 20.0% 25.0% +19.3pp
Depreciation & Amortization 1.0 1.8 3.3 6.0 83.4%
EBIT 0.3 1.7 8.0 19.6 226.9%
Interest Expense 0.3 0.7 1.2 2.5 105.4%
EBT 0.0 1.0 6.8 17.1 -
Tax Expense 0.1 0.3 1.9 4.8 28% rate
NET INCOME (0.1) 0.7 4.9 12.3 -
Net Margin % -0.4% 1.9% 8.7% 12.0% +12.4pp

Conservative-to-Ambitious Growth

FY26 Conservative Target $36.0M
EBITDA Target (~10%) $3.5M
FY27 Growth Acceleration 57% revenue growth
FY28 Market Leadership $102M milestone

Geographic Revenue Mix (FY28)

Austria (EU Markets) 63.5%
Australia 34.2%
New Zealand 2.2%
Total Markets APAC + EU

Consolidated Cash Flow Statement (AUD)

Cash Flow Item FY25E FY26E FY27E FY28E 4Y Total
OPERATING ACTIVITIES
Net Income (0.5) 3.2 8.6 19.0 30.3
Depreciation & Amortization 1.0 1.8 3.3 6.0 12.1
Inventory Change (1.2) (3.5) (6.0) (13.5) (24.2)
Receivables Change (0.3) 1.4 2.1 3.2 6.4
Payables Change 0.8 0.9 1.0 1.2 3.9
Shareholder Accounts Change (0.1) (0.2) (0.3) (0.4) (1.0)
Other Current A/R & A/P Movements 0.2 0.5 1.0 2.0 3.7
Tax Reserves Movement 0.1 0.4 0.7 1.2 2.4
Working Capital Changes (Total) (0.5) (0.5) (1.5) (8.9) (11.8)
Other Operating Items (0.1) 4.0 7.9 18.7 30.5
Operating Cash Flow (0.6) 1.7 3.4 5.1 9.6
INVESTING ACTIVITIES
Capital Expenditures (2.5) (3.8) (5.2) (6.8) (18.3)
Austria Acquisition 0.0 (20.0) 0.0 0.0 (20.0)
Other Investments (0.5) (1.0) (1.5) (2.0) (5.0)
Investing Cash Flow (3.0) (24.8) (6.7) (8.8) (43.3)
FINANCING ACTIVITIES
Equity Raise (Capital) 0.0 30.0 0.0 0.0 30.0
Debt Proceeds 2.0 5.0 3.0 2.0 12.0
Debt Repayments (1.0) (1.5) (2.0) (2.5) (7.0)
Interest Payments (0.2) (0.5) (0.8) (1.0) (2.5)
Dividends Paid 0.0 0.0 (0.5) (1.0) (1.5)
Financing Cash Flow 0.8 33.0 (0.3) (2.5) 31.0
NET CASH FLOW (2.8) 9.4 5.4 7.7 19.7
Beginning Cash Balance 3.5 0.7 10.1 15.5 3.5
ENDING CASH BALANCE 0.7 10.1 15.5 23.2 23.2
FREE CASH FLOW (3.3) 0.2 5.5 15.2 17.6

Cash Flow Analysis

Peak Cash Usage $24.8M (FY26)
Cash Runway 5+ years
FCF Break-even FY29E
Total Capital Required $50.0M

Capital Allocation Summary

Austria Acquisition $20.0M
Growth CapEx (4Y) $18.3M
Working Capital $11.7M
Total Uses $50.0M

Valuation Analysis & Investor Returns

$150M

Post-Money Valuation

4.3x

FY26 Revenue Multiple

21.4x

FY26 EBITDA Multiple

45.2%

Base Case IRR

$600M

FY28 DCF Value

DCF Valuation Inputs

Terminal Growth Rate 3.0%
WACC (Discount Rate) 12.0%
Present Value of FCF $45.2M
Terminal Value $329.8M

Comparable Analysis

Revenue Multiple Range 4.0x - 8.0x
EBITDA Multiple Range 15.0x - 35.0x
Median Revenue Multiple 6.0x
Selected Multiple 5.0x

Investment Returns (20% Stake)

Initial Investment $30.0M
FY28 Value @ 6x Revenue $60.0M
Money Multiple 2.0x
IRR (3 years) 26.0%

Upside Scenarios

Bull Case (8x Revenue) $80.0M
Bull Case IRR 38.7%
DCF Upside Value $75.0M
DCF IRR 36.2%

Revenue Multiple Sensitivity Analysis

Revenue Multiple FY26 Valuation FY27 Valuation FY28 Valuation 3Y IRR (20% stake)
4.0x $140.0M $220.0M $400.0M 38.7%
5.0x $175.0M $275.0M $500.0M 52.5%
6.0x (Base) $210.0M $330.0M $600.0M 67.2%
7.0x $245.0M $385.0M $700.0M 82.7%
8.0x $280.0M $440.0M $800.0M 99.1%

Scenario Analysis

Scenario Revenue CAGR EBITDA Margin (FY28) Exit Multiple FY28 Valuation Investor IRR
Bear Case 40% 25% 4.0x $280M 25.7%
Base Case 66.1% 35.0% 6.0x $600M 67.2%
Bull Case 80% 40% 8.0x $1,000M 125.9%

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