New Zealand King Salmon (NZK) AGM 2025 summary

Opening remarks and agenda

• Meeting commenced with acknowledgments to shareholders, staff, partners, and auditors, and outlined safety procedures for attendees.

• Board and executive team introduced, including key management and technical staff available for Q&A.

• 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.

• Agenda included board update, CEO presentation on performance and strategy, Q&A, and procedural resolutions.

Financial performance review

• FY2025 revenues rose 13% to NZD 210.9 million, with pro forma EBITDA up 21% to NZD 29.7 million, the best since listing.

• Net profit after tax fell 53% to NZD 13.4 million due to biological asset revaluation.

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

• Pro-forma operating EBITDA rose to $29.7 million from $24.5 million in FY24, reflecting higher volumes and margin improvements.

• FY2026 guidance revised down twice due to higher mortality and lower growth, with EBITDA now forecast at NZD 6–12 million.

Board and executive committee updates

• Board reaffirmed focus on long-term growth, resilience, and maintaining a strong core business amid industry cyclicality.

• Significant capital expenditure planned, including NZD 12 million for Blue Endeavor and NZD 9 million for core operations.

• 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.