New Zealand King Salmon (NZK) investor relations material

Executive summary

• Net loss after tax of $20.8m for the half year, compared to a net profit of $6.0m in the prior period, driven by challenging biological performance, reduced harvest volumes, and a significant non-cash fair value write-down in biological assets.

• Pro forma EBITDA was $0.7m–$5.7m, down from $13.5m in the prior year, reflecting reduced harvest volumes and high operational leverage.

• Management remains confident in long-term growth, supported by strong demand, Blue Endeavour pilot progress, and regulatory improvements.

• Unaudited interim consolidated financial statements presented for the six months ended 31 July 2025.

• Business activities include farming, processing, sale, and distribution of premium salmon products.

Financial highlights

• Revenue for the half year was $94.5m, down 7% year-over-year due to reduced harvest volumes.

• Net cash on hand increased to $58.4m, up from $50m at January, supported by disciplined working capital management and SFF Futures funding.

• Gross profit turned negative at $(12.7)m to $(17.2)m, impacted by lower volumes and fair value losses on biological assets.

• Finished goods inventory reduced from $17.9m to $11m over six months.

• CapEx at July 31 was $8.5m, with a year-end forecast of $14m, mainly allocated to Blue Endeavour pilot.

Outlook and guidance

• Pro forma EBITDA guidance for the full year/8 months to 30 September 2025 is $1m–$7m, with expectations toward the upper half.

• Harvest outlook for FY26 is 5,200–5,800 tonnes, and for FY27 is 6,800–7,400 tonnes, reflecting confidence in operational improvements.

• CapEx forecast for FY25 is ~$14m, with $11m allocated to Blue Endeavour pilot.

• No dividend declared for the period as cash is reinvested into the business.