AFC Strategic Review

AFC Group Holdings Limited (NZX: AFC) advises that its Board of Directors has determined to undertake a strategic review of the Company's operations, assets and group structure. The review will consider potential restructuring and other strategic options aimed at addressing the Company's current financial and operational challenges and supporting its longer-term sustainability. The Board is evaluating a range of options. No final decisions have been made regarding any specific transaction or restructuring proposal. There is no certainty that the strategic review will result in any particular transaction or outcome. AFC will provide further updates to the market as required under its continuous disclosure obligations. On behalf of the Board of Directors Dr Howard Long Interim CFO 30 October 2026 For Further Information Please contact Dr Howard Long howard.long@afcnz.com