New Zealand King Salmon Investments Ltd. · NZX:NZK
New Zealand King Salmon Investments — FY2025 Earnings Presentation
25 slides from New Zealand King Salmon Investments's earnings presentation, November 2025
Slide 1: FY25 (Sept) Financial Results
FY25 (SEPT) FINANCIAL RESULTS
Slide 2: Disclaimer
DISCLAIMER The information in this presentation has been prepared by New Zealand King Salmon Investments Limited with due care and attention. However, to the maximum extent permitted by law, neither New Zealand King Salmon Investments Limited nor any of its directors, employees, shareholders nor any
Slide 3: Presenters
PRESENTERS Carl Carrington Ben Rodgers Grant Lovell Chief Executive Officer Chief Financial Officer GM Aquaculture FY25 (SEPT) INVESTOR PRESENTATION 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY • The 8 months to 30 September 2025 (FY25 Sept) result was a net loss after tax of $6.3m (12 months to 31 January 2025 (FY25 Jan) was a net profit of $13.4m.) The current financial results have been impacted by the change in balance date to 30 September, reducing the reporting peri
Slide 5: FY25 (Sept) Performance
a \ \ FY25 (SEPT) PERFORMANCE
Slide 6: FY25 (Sept) Operational Highlights
FY25(SEPT) OPERATIONAL HIGHLIGHTS FY25 (SEPT) FY25 (SEPT) GAAP NPAT REVENUE OF 3,315 $118 187 211 175 167 118 1.9 28.5 13.4 MILLION FY22 FY23 FY24 FY25 FY25 METRIC TONNES HARVESTED (6.3) (JAN) (SEPT) DURING FY25 (SEPT) 8 months (73.2) 8 months FY22 FY23 FY24 FY25 FY25 (SEPT) (JAN) 8 months FY25 (SEP
Slide 7: Sales Performance
SALES PERFORMANCE North America (MT) Domestic Market (MT) Global Reach and Key Strategic Market focus 1,719 1,489 1,176 1,417 Sales have continued to be limited by supply constraints/available 1,091 250 1,219 1,109 1,058 232 harvest. The disruption has been most prevalent in Foodservice (fresh 1,414
Slide 8: Fish Performance
FISH PERFORMANCE • During 2HY25 (Sept), fish performance has been as expected with both low mortality and good growth over the late winter and early spring months. In water biomass is Biological Performance rebounding as forecast, however major volume growth will not occur until FY27. FY25 (Sept) F
Slide 9: Building Brand Strength for Sustainable Growth
BUILDING BRAND STRENGTH FOR SUSTAINABLE GROWTH Our brands remain central to creating long-term value, deepening consumer trust, and enhancing New Zealand King Salmon’s global reputation. Key Brand Highlights Ōra King • Global media coverage for Ōra King has continued to increase well across all digi
Slide 10: NZKS Sustainability Focus
NZKS SUSTAINABILITY FOCUS WE CONTINUE TO PROGRESS ON OUR SUSTAINABILITY JOURNEY • NZKS released its second Climate-Related Disclosures report in May 2025 – noting an improved carbon intensity measure and Scope 1, 2 and 3 GHG emissions being assured for the first time • With the proposed changes to t
Slide 11: FY25 (Sept) Results
FY25 (SEPT) RESULTS
Slide 12: FY25 (Sept) Headline Financial Performance
F Y 2 5 (SEPT) HEADLINE FINANCIAL PERFORMANCE Group Financial Performance Revenue – Total revenue was impacted by both the reduced reporting 1 period (8 months v PCP of 12 months) and a reduction in the available GAAP Pro-Forma harvest. The reduced volume was partially offset by an increase in FY25
Slide 13: Pro-Forma EBITDA Comparison
PRO-FORMA 1 EBITDA COMPARISON PRO-FORMA EBITDA FY25 (JAN) to FY25 (SEPT) (9.1) 29.7 (14.0) 19.8 (1.6) 2.9 (0.6) (31.5) 7.1 11.5 Part Year Price/Customer/ COGS Inflation Corporate Costs FY25 (SEPT) Adjustment Product Mix FY25 (JAN) Sales Volumes COGS - Volume Mortality Other Income • Partial year adj
Slide 14: Balance Sheet
BALANCE SHEET Group Financial Position NZKS has been rebuilding the biological assets in FY25 (Sept) following the subdued feed outs in the 24/25 Sept 25 Jan 2025 summer period. This resulted in lower harvest biomass available for sale for the period ended 30 September 2025. NZ$000s Audited Audited
Slide 15: From Surviving to Thriving
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Slide 16: FY26 Guidance Update
FY26 GUIDANCE UPDATE As NZKS move through some significant capital investments, guidance on a go forward basis, will be provided as Pro-Forma EBIT. As part of this transition Pro-Forma EBITDA is also provided for FY26. The Board provides FY26 guidance on the following metrics: • Pro-Forma EBIT with
Slide 17: Doubling Down on the Core
DOUBLING DOWN ON THE CORE Despite the supply disruptions, which have impacted both the FY25 (Sept) results and FY26 guidance, optimism remains around the long term growth opportunities for NZKS. Our direction of travel has not changed. Rather, the emphasis on certain initiatives has increased, seque
Slide 18: Doubling Down on the Core – Cont.
DOUBLING DOWN ON THE CORE – CONT. Action Why Status Aquaculture - continued Pilot RAS Reduce failed smoltification (runting), Ongoing – Design work underway with construction increase freshwater capacity and improve planned to commence in 2026 biological performance Lease of a wellboat Unlock underu
Slide 19: Blue Endeavour - Pilot Update
BLUE ENDEAVOUR - PILOT UPDATE • Mooring grid – The installation of the mooring grid has proved more challenging then anticipated due to vessel limitations and weather windows. To relocate the pilot pens from Waihinau to the BE site we need to install a minimum of 36 anchors. As at 25 November 2025,
Slide 20: Appendices
APPENDICES
Slide 21: High Flow Consent Conditions Reviewed and Renewed
HIGH FLOW CONSENT CONDITIONS REVIEWED AND RENEWED Feed NZKS have successfully received new high flow consents. The sites affected are Clay Expiry Point, Te Pangu, and Ngāmahau in Kura Te Au/Tory Channel, and Waitātā and Kopāua Farms Region Status Staging date in Te Hoiere/Pelorus Sound. These new co
Slide 22: FY25 (Sept) Reconciliation Between GAAP and Pro-Forma Financials
FY25 (SEPT) 1 RECONCILIATION BETWEEN GAAP AND PRO- FORMA FINANCIALS Pro-Forma Statutory Financial Fair Value Early FX Close- Depreciation Operating Financial Statements Adjustments outs Information NZD 000s Revenue 117,719 117,719 Cost of goods sold (117,570) 4,618 21,286 (91,666) Fair value gain /
Slide 23: FY25 (Jan) Reconciliation Between GAAP and Pro-Forma Financials
FY25 (JAN) RECONCILIATION BETWEEN GAAP AND PRO- FORMA FINANCIALS Pro-Forma Statutory Financial Fair Value Early FX Close- Depreciation Operating Financial Statements Adjustments outs Information NZD 000s Revenue 210,993 210,993 Cost of goods sold (193,039) 6,834 35,086 (151,119) Fair value gain / (l
Slide 24: Appendix – Glossary of Terms
APPENDIX – GLOSSARY OF TERMS FY27 Financial results for the 12 months from 1 October 2026 to 30 September 2027 FY26 Financial results for the 12 months from 1 October 2025 to 30 September 2026 FY25 (SEPT) Financial results for the 8 months from 1 February 2025 to 30 September 2025 FY25 (JAN) Financi
Slide 25: Understanding Our GAAP Results
UNDERSTANDING OUR GAAP RESULTS Pro-Forma Operating EBITDA refers to earnings before interest, tax, depreciation and amortisation, after allowing for Pro-Forma adjustments; being the exclusion of fair value adjustments relating to the fair value gains or losses arising from the application of NZ IAS
New Zealand King Salmon Investments — FY2025 Earnings Presentation on 6ix