New Zealand King Salmon Investments Ltd. · NZX:NZK
New Zealand King Salmon Investments — 1HY26 Earnings Presentation
27 slides from New Zealand King Salmon Investments's earnings presentation, May 2026
Slide 1: 1HY26 Financial Results
1HY26 FINANCIAL RESULTS
Slide 2: Disclaimer
DISCLAIMER The information in this presentation has been prepared by New Zealand King Salmon Investments Limited (NZK) 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 n
Slide 3: Presenters
PRESENTERS Carl Carrington Katie Bennett Grant Lovell Andrew Harrison Chief Executive Officer Chief Financial Officer GM Aquaculture GM Strategy and Performance 1HY26 I NVESTOR PRESENTATI ON 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY • The 6 months to 31 March 2026 (1HY26) result was a net profit after tax of $13.8m (6 months to 31 July 2025 (1HY25 (SEPT)) was a net loss of $20.8m). The current financial results have been driven by a positive biological performance in the first half of the year. The improved pe
Slide 5: 1HY26 Performance
New Zeala King Salmon
Slide 6: 1HY26 Operational Highlights
1HY26 OPERATIONAL HIGHLIGHTS 1HY26 GAAP NPAT 1HY26 REVENUE OF 80 92 102 94 100 2,838 10.6 6.0 13.8 $100 (24.5) (20.8) MILLION 1HY23 1HY24 1HY25 1HY25 1HY26 METRIC TONNES HARVESTED (JAN) (SEPT) DURING 1HY26 1HY23 1HY24 1HY25 1HY25 1HY26 (JAN) (SEPT) 1HY26 PRO-FORMA OPERATING EBITDA 13.5 17.2 10.7 5.7
Slide 7: Sales Performance
SALES PERFORMANCE North America (MT) Domestic Market (MT) Global Reach and Key Strategic Market focus Sales have entered a market rebuilding phase following constrained 1,489 1,219 1,058 1,109 supply through FY25. Our core markets of New Zealand, Australia, North 1,176 1,091 America and China have r
Slide 8: Continued Progress Across Core and Emerging Brands
CONTINUED PROGRESS ACROSS CORE AND EMERGING BRANDS Driving visibility, credibility, and long-term value across our portfolio of brands. Key Highlights Ōra King • Ōra King continues to generate a large amount of media exposure globally, maintaining strong visibility across digital and trade media, mo
Slide 9: Fish Performance
FISH PERFORMANCE • During 1HY26, fish performance has been better than forecast with both low mortality and positive, stable Biological Performance feed-outs resulting in good growth over the summer period. This has resulted in a harvest volume uplift for 1HY25 the remainder of FY26, and an increase
Slide 10: Healthy Environments & Communities
HEALTHY ENVIRONMENTS & COMMUNITIES As a primary sector organisation, we understand the importance of the health of our natural environment. To support this we continue to seek opportunities to best utilise the resources we do use and to minimise our impact where we can. In FY26 to date: • GHG Carbon
Slide 11: 1HY26 Results
1HY26 RESULTS
Slide 12: 1HY26 Headline Financial Performance
1 H Y 2 6 HEADLINE FINANCIAL PERFORMANCE Group Financial Performance GAAP Pro-Forma1 Revenue – Total revenue for the period was up from the prior period due to increased sales volume. This is partly driven from the change in reporting period 1HY25 1HY25 with the current reporting period covering the
Slide 13: Pro-Forma EBITDA Comparison
PRO-FORMA 1 EBITDA COMPARISON PRO-FORMA EBITDA 1HY25 (SEPT) to 1HY26 (0.9) (0.1) 5.0 7.1 17.2 0.9 (0.5) 5.7 1HY25 (SEPT) Change in Volume Revenue - Price/Mix COGS - Operational Mortality Corporate Costs Other Income 1HY26 Leverage/ Inflation & Mix • Volume is slightly higher due to the change in bal
Slide 14: Balance Sheet
BALANCE SHEET There has been a strong focus on rebuilding our biomass, with initiatives such as the summer diet and a Group Financial Position continued focus on fish health and operational execution in aqua supporting this. Pleasingly, this has supported Mar-26 Sep-25 an increase in biomass as well
Slide 15: Looking Ahead
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Slide 16: FY26 Guidance Update
FY26 GUIDANCE UPDATE The Board provides an update to Guidance on the following metrics: • Pro-Forma EBIT with a range of $13m to $19m • Pro-Forma EBITDA with a range of $23m to $29m • Harvest G&G volume with a range of 5,800 MT to 6,100 MT. FY26 guidance is a result of: • The Middle East Conflict: T
Slide 17: Progress Update - Growth Plan
PROGRESS UPDATE - GROWTH PLAN Blue Endeavour pens in the open ocean Wellboat farming operations begin New feed storage warehouse operational Two pens have been successfully towed to the open NZ’s first wellboat is now being incorporated into Purpose-built quayside warehouse at Port ocean in April. H
Slide 18: Continued Focus on Fish Performance
CONTINUED FOCUS ON FISH PERFORMANCE Summer Feed Fish Health Initiatives Breeding Improved fish performance, health & Continuous vaccine development, First year that thermotolerance- welfare, and maintaining feed rates therapeutant availability, optimising selected fish are at sea (pilot scale), and
Slide 19: Wellboat – Ronja King
WELLBOAT – RONJA KING Arrived in New Zealand late April 2026 – Operational from late May 2026. Primary Benefit • Increase reliable farming capacity within existing inshore sites (additional harvest of 2,000 metric tonnes annually). • Financial benefit – 2,000 mt/annum = $60million+ annual revenue up
Slide 20: Blue Endeavour - Pilot Update
BLUE ENDEAVOUR - PILOT UPDATE • Mooring grid & pens – The installation of the first 36 anchors to allow the two pilot pens to be installed was completed in March 26. The two pilot pens were relocated from their inshore location to Blue Endeavour in late April. This process was very successful with t
Slide 21: Questions
QUESTIONS
Slide 22: Appendices
APPENDICES
Slide 23: Seafarm Consents
SEAFARM CONSENTS Expiry Farms Region Status date Ruakākā Queen Charlotte 2044 Active Ōtānerau Queen Charlotte 2044 Active Forsyth Bay Pelorus 2044 Fallow Waihinau Pelorus 2044 Active Crail Bay Pelorus 2044 Fallow Clay Point Tory Channel 2050 Active Te Pangu Tory Channel 2050 Active Waitātā Pelorus 2
Slide 24: 1HY26 Reconciliation Between GAAP and Pro-Forma Financials
1HY26 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 Revenue 100,253 100,253 Cost of goods sold (88,190) 3,939 16,864 (67,387) Fair value gain / (loss) on b
Slide 25: 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 Revenue 94,471 94,471 Cost of goods sold (91,943) 3,896 14,007 (74,040) Fair value gain / (loss
Slide 26: Appendix – Glossary of Terms
APPENDIX – GLOSSARY OF TERMS FY28 Financial results for the 12 months from 1 October 2027 to 30 September 2028 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 res
Slide 27: 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 — 1HY26 Earnings Presentation on 6ix