Seafarms Group (SFG ) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and confirmation of quorum, with the usual Chairman attending via video link due to a family matter.

• CEO welcomed attendees, acknowledged returning participants, and outlined a focus on key actions and year-end activities shaping the business.

• Shareholders welcomed both in-person and virtually, with introductions of directors, CEO, auditors, and legal representatives.

• Notice of meeting and procedural matters covered, including seven resolutions to be decided by poll, with Computershare as Independent Returning Officer.

• Voting procedures for both online and in-person attendees explained, with opportunities for questions throughout.

Financial performance review

• FY25 revenue was $14.6m, down from $25.5m in FY24, with a net loss after tax of $11.7m due to ongoing investment in Project Sea Dragon.

• Total production dropped to 508 tonnes from 1,118 tonnes, reflecting reduced stocking in response to market conditions.

• Net assets decreased to $3.1m, with cash on hand at $3.3m and net current liabilities at ($5.5m).

• Sale of Farms One and Two to Main Stream concluded, with continued production via leaseback until January 8, allowing for ongoing banana and black tiger prawn production.

• Avatar increased the loan facility to $16.5m after year-end.

Board and executive committee updates

• Board recommended in favor of all resolutions, including remuneration report and director reappointment.

• CEO provided a business update, highlighting ongoing commitment to major projects and operational continuity despite legal and financial challenges.

• CEO expressed gratitude to the board, staff, partners, and shareholders for their support throughout the year.