New Zealand King Salmon (NZK) AGM 2024 Presentation summary

Financial performance and FY24 overview

• FY24 revenue reached $187 million, driven by market optimization, improved product and customer mix, price increases, and higher sales volumes.

• Pro-forma operating EBITDA for FY24 was $24.5 million, up from $11.7 million in FY23, reflecting increased sales and reduced mortality.

• Net profit after tax for FY24 was $12.2 million, a significant improvement from $3.8 million in FY23.

• Cost of goods sold increased due to inflation and higher volumes, with ongoing efforts to optimize operations and manage inflationary pressures.

• Geographic revenue split: North America 41%, New Zealand 36%, Australia 11%, Asia and Europe 12%.

Strategic initiatives and business update

• Strategic reset focused on optimizing core business, building resilience, and reducing volatility.

• Revised farming model led to lower mortality rates and is expected to underpin future growth.

• Blue Endeavour open ocean pilot project progressing, with first harvest targeted in coming years and potential to add $300 million annually to NZ revenue.

• FY25 harvest volumes forecast at ~7,000MT, maintaining inshore farms to support expansion.

• Investment in technology, breeding programs, and sustainability projects to support long-term growth.

Sustainability and social responsibility

• Released first Climate-Related Disclosures and set new sustainability goals.

• Achieved 4-star BAP certification in 2023, with ongoing projects to enhance environmental performance.

• King salmon recognized for low carbon footprint and high nutritional value.

• Over 440 staff employed, with strong community engagement and support initiatives.

• Focus on maximizing whole fish utilization and minimizing waste through Omega Plus brand.