New Zealand King Salmon Investments Ltd. · NZX:NZK
New Zealand King Salmon Investments — Shareholder Meeting (February 2026)
41 slides from New Zealand King Salmon Investments's shareholder meeting presentation, Feb 18, 2026
Slide 1: Annual Shareholders Meeting
For personal use only ANNUAL SHAREHOLDERS MEETING Wednesday 18th February 2026 Image: Blue Endeavour Pilot Pen tow
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: Welcome
WELCOME For personal use only Carl Carrington Mark Dewdney Chief Executive Officer Chair New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 4: Agenda
AGENDA • Chair update For personal use only • CEO address • Questions • Ordinary business and resolutions • Voting Te Pangu Seafarm – Kura Te Au/Tory Channel New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 5: Voting Instructions
For personal use only VOTING INSTRUCTIONS
Slide 6: How to Participate in Virtual/Hybrid Meetings and ask a Question
How to Participate in Virtual/ Hybrid Meetings and ask a Question Shareholder & Proxyholder Q & A Participation For personal use only Online Questions › If you have a question to submit during the live meeting, please select the Q & A tab on the right half of your screen at anytime. Type your questi
Slide 7: How to Participate in Virtual/Hybrid Meetings and Vote
How to Participate in Virtual/ Hybrid Meetings and Vote For personal use only Shareholder & Proxyholder Voting › Once the voting has been opened, the resolutions and voting options will allow voting. › To vote, simply click on the Vote tab, and select your voting direction from the options shown on
Slide 8: Chair Address
CHAIR ADDRESS • FY25 (Sept) results overview For personal use only • Outlook Blue Endeavour pilot pen tow New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 9: CEO Address
CEO ADDRESS • FY25 (Sept) Financial Performance For personal use only • Fish Performance • Business Update • Market Update • Wider Business Update • Outlook New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 10: FY25 (Sept) Performance
For personal use only FY25 (SEPT) PERFORMANCE
Slide 11: Pro-Forma EBITDA Comparison
PRO-FORMA 1 EBITDA COMPARISON PRO-FORMA EBITDA FY25 (JAN) to FY25 (SEPT) (9.1) For personal use only 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 Inc
Slide 12: FY25 (Sept) Operational Highlights
FY25(SEPT) OPERATIONAL HIGHLIGHTS FY25 (SEPT) FY25 (SEPT) GAAP NPAT REVENUE OF 3,315 For personal use only $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) (J
Slide 13: Fish Performance
For personal use only FISH PERFORMANCE
Slide 14: Fish Performance Update
FISH PERFORMANCE UPDATE • Fish performing well For personal use only • Feed out volumes remain strong • Continuous fish health monitoring over the critical summer period Ōtānerau – Tōtaranui/Queen Charlotte Sound New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 15: Stabilising the Core
STABILISING THE CORE Summer Feed Fish Health Tools Breeding For personal use only Improved fish performance, Continuous vaccine First year that thermotolerance- health & welfare, and maintaining development, therapeutant selected fish are at sea, feed rates and growth during the availability and opt
Slide 16: Inshore Optimisation & Consents
INSHORE OPTIMISATION & CONSENTS For personal use only • Increase in usable feed discharge • Consent condition refinements • Introduction of a wellboat Our seafarms with consent expiry dates New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 17: For personal use only
For personal use only New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 18: Wellboat Rationalisation
WELLBOAT RATIONALISATION Primary Benefit • Increase reliable farming capacity within existing inshore sites For personal use only (additional harvest of 2,000 metric tonnes annually) Additional Benefits • Enables grading, site fallowing and single-year class • Eliminates the current manual towing ri
Slide 19: Ronja King
RONJA KING For personal use only Inside one of the two ‘wells’ for transporting the live fish The Ronja King wellboat Inside the wheelhouse of the Ronja King New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 20: Progress Update - Growth Plan
PROGRESS UPDATE - GROWTH PLAN For personal use only Blue Endeavour Pens Assembled Blue Endeavour Pen Tow Blue Endeavour Pens at Waihinau Mooring Grid Installation Two pens were constructed at Port Marlborough Two pens were towed successfully to Waihinau Two pens are holding our first Blue Endeavour
Slide 21: Markets
For personal use only MARKETS
Slide 22: Sales by Market (Period Ended Sept 2025)
SALES BY MARKET (PERIOD ENDED SEPT 2025) For personal use only EUROPE JAPAN 3% 3% 41% CHINA NORTH AMERICA 5% ASIA EX. CHINA & JAPAN 4% AUSTRALIA 10% NEW ZEALAND 34% New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 23: China, North America, New Zealand market activity
NORTH CHINA AMERICA NEW ZEALAND For personal use only The Ahi pop-up in Shanghai, featured Regal King Salmon for top industry guests - introducing Regal to Shanghai’s premium dining scene North America’s 50 Best Restaurant Al Brown – our Regal Ambassador, championing Regal’s vision of Awards in Las
Slide 24: Relationships and Communications
RELATIONSHIPS AND COMMUNICATIONS For personal use only Te Whakamānutanga o te waka (Whekenui) with Te NZKS’ keynote presentation at 2025 AQNZ Conference, Rūnanga o Ngāti Kuia - October 2025 following Hon. Shane Jones. 1 of 2 short form documentaries created with influencer James Sibley – receiving o
Slide 25: Sustainability and Climate-Related Disclosures
SUSTAINABILITY AND CLIMATE-RELATED DISCLOSURES For personal use only • GHG Statement for the 8-month period prepared. This covered Scope 1, 2 & 3 emissions which all received limited assurance • Regulatory changes – NZK cease being a Climate Reporting Entity, but will continue to disclose our Scope
Slide 26: Outlook
OUTLOOK • Continue to build resilience in the For personal use only business • Multifactorial approach • Initiatives take time; increasingly in play • Build out growth markets • Prove-up Blue Endeavour • Stay the course Our Tentburn Hatchery - Southbridge New Zealand King Salmon Investments Limited—
Slide 27: Questions
For personal use only QUESTIONS
Slide 28: Ordinary Business and Resolutions
For personal use only ORDINARY BUSINESS AND RESOLUTIONS
Slide 29: Resolution: Auditor's remuneration
RESOLUTION 1 That the Board is authorised to fix the auditor’s remuneration for the For personal use only financial year ending 30 September 2026. The Board unanimously recommends that shareholders vote in favour of Resolution 1. New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 30: Resolution: Re-election of Jack Porus
RESOLUTION 2 That, having retired in accordance with NZX Listing For personal use only Rule 2.7.1, Jack Porus be re-elected as a Director. The Board unanimously recommends that shareholders vote in favour of Resolution 2. New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 31: Resolution: Re-election of Catriona Macleod
RESOLUTION 3 That, having retired in accordance with NZX Listing For personal use only Rule 2.7.1, Catriona Macleod be re-elected as a Director. The Board unanimously recommends that shareholders vote in favour of Resolution 3. New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 32: Catriona Macleod's Pre-Recorded ASM Address
CATRIONA MACLEOD’S PRE-RECORDED ASM ADDRESS For personal use only New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 33: Resolution: Wellboat Transaction
RESOLUTION 4 That the Wellboat Transaction, as described in the explanatory notes, is For personal use only approved for the purposes of NZX Listing Rule 5.1.1. The Board unanimously recommends that shareholders vote in favour of Resolution 4. New Zealand King Salmon Investments Limited— ASM Notice
Slide 34: Voting
For personal use only VOTING
Slide 35: Chair Closing
CHAIR CLOSING For personal use only New Zealand King Salmon Investments Limited— ASM Notice 2026
Slide 36: Appendices
For personal use only APPENDICES
Slide 37: 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 38: 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 For personal use only NZD 000s Revenue 117,719 117,719 Cost of goods sold (117,570) 4,618 21,286 (91,66
Slide 39: 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 For personal use only NZD 000s Revenue 210,993 210,993 Cost of goods sold (193,039) 6,834 35,086 (151,119)
Slide 40: 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 41: 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 — Shareholder Meeting (February 2026) on 6ix