New Zealand King Salmon Investments Ltd. · NZX:NZK
New Zealand King Salmon Investments — 1HY25 Earnings Presentation
26 slides from New Zealand King Salmon Investments's earnings presentation, Sep 25, 2025
Slide 1: 1HY25 (Sept) Half Year Financial Results
For personal use only 1HY25 (SEPT) HALF YEAR 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 For personal use only Carl Carrington Ben Rodgers Grant Lovell Chief Executive Officer Chief Financial Officer GM Aquaculture 1HY25 (SEPT) INVESTOR PRESENTATION 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY • The 6 months to 31 July 2025 (1HY25 (SEPT)) result was a Net loss after tax of $20.8m (6 months to 31 July 2024 (1HY25 (Jan)) was a Net profit of $6.0m). When compared to the prior comparable period (pcp) the current financial results have been impacted by a period of challenging
Slide 5: 1HY25 (Sept) Performance
For personal use only 1HY25 (SEPT) PERFORMANCE
Slide 6: 1HY25 (Sept) Operational Highlights
1HY25 (SEPT) OPERATIONAL HIGHLIGHTS 1HY25 (SEPT) 1HY25 (SEPT) GAAP NPAT REVENUE OF 80 80 92 102 94 2,691 For personal use only $94 10.6 6.0 MILLION 1HY22 1HY23 1HY24 1HY25 1HY25 METRIC TONNES HARVESTED (5.6) (JAN) (SEPT) DURING 1HY25 (SEP) (20.8) (24.5) 1HY22 1HY23 1HY24 1HY25 1HY25 (JAN) (SEPT) EUR
Slide 7: 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. For personal use only Key Brand Highlights Ōra King • Global media coverage for Ōra King has continued to increas
Slide 8: Sales Performance
SALES PERFORMANCE North America (MT) Domestic Market (MT) Global Reach and Key Strategic Market focus For personal use only 1,719 1,489 Sales have been disrupted in 1HY25 (Sept) by supply constraints. The 1,176 1,417 disruption has been most prevalent in Foodservice (fresh sales), with the 1,091 1,2
Slide 9: Fish Performance
FISH PERFORMANCE • During 1HY25 (Sept) the third summer of our adapted farming strategy was completed. This Biological Performance involves having the majority of our biomass in the cooler Tory Channel region over the warmer 1HY25 1HY25 months, before towing to Queen Charlotte Sound post-summer. (Se
Slide 10: NZKS Sustainability Focus
NZKS SUSTAINABILITY FOCUS WE CONTINUE TO PROGRESS ON OUR SUSTAINABILITY JOURNEY For personal use only • NZKS released its second Climate-Related Disclosures report in May 2025 – noting an improved carbon intensity measure. The Scope 1 & 2 emissions per tonne (tCO2e/t) intensity indicator reduced by
Slide 11: 1HY25 (Sept) Results
For personal use only 1HY25 (SEPT) RESULTS
Slide 12: 1HY25 (Sept) Headline Financial Performance
1 H Y 2 5 (SEPT) HEADLINE FINANCIAL PERFORMANCE Group Financial Performance Revenue – Total revenue was impacted by a reduction in available GAAP Pro-Forma1 harvest. Revenue per kg increased due to a change in product mix For personal use only (higher proportion of value added product sold as finish
Slide 13: Pro-Forma EBITDA Comparison
PRO-FORMA 1 EBITDA COMPARISON PRO-FORMA EBITDA 1HY25 (JAN) to 1HY25 (SEPT) For personal use only (6.5) 9.2 (1.5) 5.7 13.5 (1.6) (0.2) (17.7) 10.5 1HY25 (JAN) Decreased sales Price/Customer/ COGS - Volume COGS - Operational Mortality Corporate Costs Other Income 1HY25 (SEPT) volumes Product Mix Decre
Slide 14: Balance Sheet
BALANCE SHEET Group Financial Position NZKS’ balance sheet has been impacted by the reduction in the value of Salmon at sea (biological Jul-25 Jan-25 assets). The reduction in the fair value of biological assets recognises a reduction of fish available for harvest which will impact future EBITDA. Bi
Slide 15: From Surviving to Thriving
For personal use only FROM SURVIVING TO THRIVING
Slide 16: FY25 (Sept) Guidance Update
FY25 (SEPT)* GUIDANCE UPDATE • FY25 (Sept)* guidance range provided as Pro-Forma EBITDA of $1million – $7million. The Board anticipate achieving in the upper half of the range. • Our FY25 (Sept) guidance is a result of: For personal use only o Harvest reduction: The decision by the Board to reduce h
Slide 17: Doubling Down on the Core
DOUBLING DOWN ON THE CORE Despite the supply disruptions which will impact the FY25 (Sept) & FY26 results, optimism remains around the long term growth opportunities for NZK. Our direction of travel has not changed. Rather, the emphasis on certain initiatives has increased, sequencing is shifting in
Slide 18: Executing Growth
EXECUTING GROWTH Executing Growth With fish for the Blue Endeavour Pilot Farm now at sea and due to be transferred to the Blue Endeavor site later this year NZK continue to look for ways to accelerate and/or de-risk the growth profile. The focus is on investing in the right things, in the right orde
Slide 19: Well-Boat – A Transformational Shift
WELL-BOAT – A TRANSFORMATIONAL SHIFT A well-boat (live fish transportation vessel) is required to operate Blue For personal use only Endeavour at scale. NZKS is currently investigating the opportunity to bring forward the timing of this lease. A well-boat has the potential to unlock the following be
Slide 20: Blue Endeavour - Pilot Update
BLUE ENDEAVOUR - PILOT UPDATE Today For personal use only Two pilot pens at Waihinau - to be towed to Blue Endeavour site in the Blue Endeavour mooring grid work underway Blue Endeavour service vessel – ‘Whekenui’ en route from Vietnam coming months – ETA October 1HY25 (SEPT) INVESTOR PRESENTATION 2
Slide 21: Appendices
For personal use only APPENDICES
Slide 22: 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 23: 1HY25 (Sept) Reconciliation Between GAAP and Pro-Forma Financials
1HY25 (SEPT) RECONCILIATION BETWEEN GAAP AND PRO- FORMA FINANCIALS Statutory Financial Pro-Forma Operating Depreciation Fair Value Adjustments Early FX Close-outs Statements Financial Information NZD 000s For personal use only Revenue 94,471 94,471 Cost of goods sold (89,986) 3,896 14,007 (72,083) F
Slide 24: 1HY25 (Jan) Reconciliation Between GAAP and Pro-Forma Financials
1HY25 (JAN)1 RECONCILIATION BETWEEN GAAP AND PRO-FORMA FINANCIALS Statutory Financial Pro-Forma Operating Depreciation Fair Value Adjustments Early FX Close-outs Statements Financial Information NZD 000s For personal use only Revenue 101,735 101,735 Cost of goods sold (114,118) 3,105 37,642 (73,371)
Slide 25: 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 For personal use o
Slide 26: 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 For personal use only of fair value adjustments relating to the fair value gains or losses arising from the
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