Cobram Estate Olives (ASX:CBO) expects to mill over 74,300 tonnes of olives and produce about 11.3 million liters of olive oil in the almost-complete 2026 harvest season, down from 80,000 tonnes and 14.2 million liters, respectively, in the 2025 harvest, according to a Tuesday filing with the Australian bourse.

Cobram said 2026 was a lower-yielding "off-year" across the majority of its Australian olive groves, reflecting the natural biennial cycle of olive production, adding that the 2027 crop is expected to be "substantially higher" than 2026 volumes.

The company also expects to have adequate supply for its packaged goods sales plan through the 2027 harvest, per the filing.

Meanwhile, Cobram has formally claimed a purchase price adjustment in its acquisition of California Olive Ranch, seeking to reduce the purchase price paid by up to $31.9 million. The sellers have disputed the adjustment in an ongoing legal process.

Cobram said that based on unaudited management accounts, California Olive Ranch is unlikely to achieve a base profitability threshold for the six months through June that would trigger an earn-out payment of up to $15 million.