New Zealand King Salmon (NZK) AGM 2025 summary

Opening remarks and agenda

• The meeting began with acknowledgments to shareholders, staff, iwi representatives, and auditors, and outlined the agenda, including financial review, strategy, Q&A, and procedural matters.

• Safety instructions and introductions of board members and senior management were provided.

• Chair Mark Dewdney and CEO Carl Carrington welcomed attendees and outlined the agenda, including updates, financial review, business outlook, Q&A, and voting on resolutions.

• The agenda covered a chair update, CEO address, questions, ordinary business, and voting.

Financial performance review

• FY2025 revenues rose 13% to NZD 210.9 million, while net profit after tax fell 53% to NZD 13.4 million due to biological asset revaluation.

• Pro forma EBITDA increased 21% to NZD 29.7 million, marking a record since listing.

• FY25 revenue reached $211 million, up from $187 million in FY24, driven by increased sales volumes and product mix optimization.

• FY25 GAAP NPAT was $13.4 million, down from $28.5 million in FY24, with cost of goods sold rising due to volume and inflation.

• Cash on hand grew to NZD 50.7 million, driven by improved working capital and cash earnings.

• FY2026 guidance was revised downward due to higher mortality and lower fish growth, with EBITDA forecasted at NZD 6–12 million.

• Corporate costs increased due to compliance and capability investments, expected to continue into FY26.

• Geographic revenue split: North America 44%, New Zealand 32%, Australia 11%, with growth focus in China.

Board and executive committee updates

• The board reaffirmed a long-term focus, maintaining a strong balance sheet and resisting new debt.

• Dividends remain on hold to prioritize reinvestment and business strengthening.

• Directors Yong Tiong, Carol Chen, and Victoria Taylor stood for re-election, all recommended by the board.

• Board recommended re-election of Chiong Yong, Carol Chen, and Victoria Taylor as directors, with unanimous support.

• Carol Chen delivered a pre-recorded address to shareholders.