NZK 1HY25 Half Year Results

24 September 2024
NZK - NEW ZEALAND KING SALMON INVESTMENTS LIMITED ANNOUNCES 1HY25 RESULT

New Zealand King Salmon Investments Ltd (NZX & ASX: NZK) reports its financial performance for
the six-month period ended 31 July 2024 (1HY25). Key points include:

• 1HY25 net profit for the year of $6.0 million, compared to a net profit of $10.6
million in 1HY24.
• 1HY25 pro-forma EBITDA of $13.5 million, compared to an EBITDA of $10.7 million in
1HY24.
• Sales volumes increased from 3,023MT in 1HY24 to 3,178 MT in 1HY25 (an
increase of 5%).
• Revenues increased from $91.6 million in 1HY24 to $101.7 million in 1HY25 (an increase
of 11%).
• The mortality cost increased from $7.8 million in 1HY24 to $8.5 in 1HY25.
• Earnings guidance range of pro-forma EBITDA has been revised to $26 million -
$30 million (original guidance range of $26 million - $32 million provided to
market in March 2024).

New Zealand King Salmon Chair, Mark Dewdney, said: “The half year result for the period ended July 2024
is underpinned by the continued steady performance of our new fish farming approach. This gives us
further confidence that we will be able to deliver strong aquaculture outcomes again this summer. Sales
have held up well across all markets and channels, despite global cost-of -living pressures. We are happy
with our solid first half result.”

New Zealand King Salmon Chief Executive Officer, Carl Carrington, said: “Looking forward, we are revising
our full year harvest downwards to 6,800MT due to elevated levels of early runting (fish failing to adapt to
seawater). Our aquaculture team is working closely with experts to address this challenge. Initial trials of
mitigants are looking promising, and we are assessing options for pilot trials of freshwater Recirculated
Aquaculture Systems (RAS) which we believe may also improve fish outcomes when adapting to seawater.”

Regarding sales, Carrington noted: “We are making steady progress in developing our presence in China.
We are focused on establishing a premium position for our Regal brand in this market through partnering
with premium customers across multi-channels. Market support is positive, and King salmon is recognised
by customers for its premium taste, texture and presentation. Quality distribution is growing on a
trajectory consistent with building the value proposition ahead of volume. Patience and consistency are
required to lay the right foundations for the longer term.”

Planning for the pilot trial of Blue Endeavour is well underway, with the ordering of two pens and
associated mooring infrastructure which will grow up to 500MT at the Blue Endeavour site. The first fish
for this pilot farm are currently growing at our Tentburn facility. We anticipate they will be relocated to
our nursery farm in Pelorus Sounds around April 2025, and then to Blue Endeavour around October 2025.
“This is a milestone achievement for New Zealand King Salmon and New Zealand more generally, and we
are cautiously optimistic the site will prove up a transformational growth pathway,” says Carrington.

“I express gratitude for the efforts of all our team members who are committed to help our company
create a healthier world. I thank our customers and distribution partners for their continued support –
together we create memorable culinary experiences for consumers the world over,” says Carrington.

The Board is providing a revised pro-forma EBITDA guidance in a range of $26 million - $30 million.

Authorised by:
Board of Directors of New Zealand King Salmon Investments Limited

For investor or analyst queries, please contact:
Carl Carrington, CEO, New Zealand King Salmon Investments Ltd,
carl.carrington@kingsalmon.co.nz
Ben Rodgers, CFO and Company Secretary, New Zealand King Salmon Investments Ltd,
ben.rodgers@kingsalmon.co.nz

About New Zealand King Salmon
New Zealand King Salmon is the world’s largest aquaculture producer of the premium King salmon
species. We operate under our four key brands: Ōra King, Regal, Southern Ocean, and Omega Plus,
as well as our New Zealand King Salmon label. We have been growing and selling King salmon to
consumers for more than 35 years.

More information can be found at www.kingsalmon.co.nz

---

NZK
Results announcement
31 July 2024


Results for announcement to the market
Name of issuer New Zealand King Salmon Investments Limited
Reporting Period 6 months to 31 July 2024
Previous Reporting Period 6 months to 31 July 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$101,718 11%
Total Revenue $101,718 11%
Net profit/(loss) from
continuing operations
$6,006 (43%)
Total net profit/(loss) $6,006 (43%)
Interim Dividend
Amount per Quoted Equity
Security
Nil - Dividends remain on hold as NZK develops production
growth options
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.37 $0.32
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Increase net tangible assets reflects the recovery of the
business (including biological asset values) following the
mortality event which impacted FY22/FY23.
Authority for this announcement
Name of person

authorised
to make this announcement
Ben Rodgers
Contact person for this
announcement
Ben Rodgers
Contact phone number 03 548 5714
Contact email address Ben.rodgers@kingsalmon.co.nz
Date of release through MAP

24/09/2024

Unaudited financial statements accompany this announcement.

---

NEW ZEALAND KING SALMON INVESTMENTS LIMITED
AND SUBSIDIARIES
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
1HY25
1

CONTENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
Page
Corporate directory3
Interim consolidated statement of comprehensive income 4
Interim consolidated statement of financial position5
Interim consolidated statement of changes in equity6
Interim consolidated statement of cash flows7
Notes to the interim consolidated financial statements
8
2

NEW ZEALAND KING SALMON INVESTMENTS LIMITED AND SUBSIDIARIES
CORPORATE DIRECTORY
BOARD OF DIRECTORSBANKERSNEW ZEALAND KING SALMON
Mark DewdneyThe Bank of New ZealandINVESTMENTS LIMITED
Independent Non-Executive ChairDeloitte CentreTicker: NZK
Jack Lee PorusLevel 6, 80 Queen StreetListed on the NZX Main Board and
Non-Executive DirectorAucklandas a Foreign Exempt Listing on the ASX
Paul James Steere (Resigned 31 March 2024)
New Zealand
Independent Non-Executive DirectorNZ Company Number: 2161790
Chiong Yong TiongKiwibank
Non-Executive DirectorLevel 9, 20 Customhouse QuayRegistered Office
Catriona MacleodWellington17 Bullen Street
Independent Non-Executive DirectorNew ZealandTahunanui
Carol ChenNelson
Non-Executive DirectorAUDITORNew Zealand
Victoria TaylorPricewaterhouseCoopers (PwC)Postal Address
Independent Non-Executive DirectorLevel 4, 60 Cashel StreetPO Box 1180, Nelson 7040
Paul Munro (Appointed 1 March 2024)
Christchurch New Zealand
Independent Non-Executive DirectorNew ZealandTelephone
+64 3 548 5714
Audit, Finance and Risk CommitteeLAWYERSWebsite
Paul Steere (Chair) (Resigned 31 March 2024)
Chapman Trippwww.kingsalmon.co.nz
Paul Munro (Chair) (Appointed 31 March 2024)
Level 34, 15 Customs Street West
Jack Porus AucklandSHARE REGISTRY
Mark DewdneyNew ZealandComputershare Investor
Services Limited
People and Performance CommitteeGascoigne WicksLevel 2, 159 Hurstmere Road
Victoria Taylor (Chair)79 High StreetTakapuna
Jack PorusBlenheimAuckland
Mark DewdneyNew ZealandNew Zealand
+64 9 488 8777
Health & Safety and Food Safety CommitteeDuncan Cotterillenquiry@computershare.co.nz
Catriona Macleod (Chair)197 Bridge Street
Chiong Yong TiongNelsonComputershare Investor
Mark DewdneyNew ZealandServices Pty Limited
Yarra Fall
Fish Farming Committee
Tavendale and Partners452 Johnston Street
Jack Porus (Chair)94 Nile StreetAbbotsford VIC 3001
Catriona MacleodNelsonAustralia
Mark DewdneyNew Zealand+61 3 9415 4083
enquiry@computershare.co.nz
Investor Relations
investor@kingsalmon.co.nz
3

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 JULY 2024
UNAUDITED UNAUDITED
31 July 2024 31 July 2023
Note$000$000
Revenue from contracts with customers14101,718 91,561
Cost of goods sold6(100,454) (84,435)
Fair value gain on biological transformation733,984 31,189
Freight costs to market(10,638) (11,205)
Gross profit
24,610 27,110
Other income3,098 3,974
Sales, marketing and advertising expenses(6,400) (5,229)
Distribution overheads(1,958) (1,675)
Corporate expenses(6,813) (5,721)
Other expenses(56) -
Profit/(loss) before interest, tax, depreciation and amortisation
12,481 18,459
Depreciation and amortisation expense(3,725) (3,852)
Finance income644 457
Finance expenses(250) (183)
Profit/(loss) before tax
9,150 14,881
Income tax credit / (expense)
(3,144) (4,251)
Profit/(loss) after tax6,006 10,630
Other comprehensive income
Exchange differences on translation of foreign operations418 175
Movement on cash flow hedges(1,908) (2,687)
Release of early closed out foreign exchange contracts
(2,623) (3,551)
Deferred tax on early closed out foreign exchange contracts
734 994
Income tax effect of movement on cash flow hedges
544 747
Net other comprehensive income / (loss)
(2,835) (4,322)
Total comprehensive income 3,171 6,308
UNAUDITED UNAUDITED
Earnings per share31 July 2024 31 July 2023
Basic earnings per share
4
0.01$ 0.02$
Diluted earnings per share
4
0.01$ 0.02$
The above interim consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
4

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
UNAUDITEDAUDITED
31 July 2024 31 January 2024
Assets
Note$000$000
Current Assets
Cash and cash equivalents28,29820,908
Trade and other receivables518,14618,427
Other financial assets107,0006,000
Inventories635,56337,059
Biological assets780,80182,468
Derivative financial assets101,221976
Total Current Assets171,029165,838
Non-current Assets
Property, plant and equipment50,68648,335
Biological assets79,24211,992
Derivative financial assets101,3442,829
Intangible assets2,9793,282
Right-of-use assets6,1186,669
Total Non-current Assets70,36973,107
Total Assets
241,398238,945
Liabilities
Current Liabilities
Trade and other payables916,61016,536
Employee benefits3,6623,974
Borrowings81,1313,417
Lease liabilities9941,028
Other financial liabilities13404288
Derivative financial liabilities104,4833,639
Taxation payable1,902732
Total Current Liabilities29,18629,614
Non-current Liabilities
Employee benefits533472
Borrowings82,0002,000
Lease liabilities5,3955,872
Deferred tax liabilities7,8867,741
Derivative financial liabilities102,8082,951
Total Non-current Liabilities18,62219,036
Total Liabilities
47,80848,650
Net Assets
193,590190,295
Equity
Share capital12180,143180,143
Reserves(1,351) 1,360
Retained earnings14,7988,792
Total Equity
193,590190,295
DirectorDirector
23 September 202423 September 2024
The above interim consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the Board, who authorised the issue of these financial statements on 23 September 2024
5

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 JULY 2024
Share
Capital
Foreign
Currency
Translation
Reserve
Hedge
Reserve
Share Based
Payment
Reserve
Retained
Earnings/
(Deficit)
Total
Equity
UNAUDITED$000$000$000$000$000$000
Balance as at 1 February 2024180,143(632) 1,3756178,792190,295
Profit / (loss) for the period- -
-
- 6,0066,006
Other comprehensive income / (loss)- 418(3,253) - - (2,835)
Total comprehensive income/(loss) for the period- 418(3,253) - 6,0063,171
Share based payment expense- - - 124- 124
Balance as at 31 July 2024180,143(214) (1,878) 74114,798 193,590
UNAUDITED
Balance as at 1 February 2023180,143(614) 7,209828 (19,660) 167,906
Profit / (loss) for the period- - - 10,63010,630
Other comprehensive income / (loss)- 175(4,497) - - (4,322)
Total comprehensive income/(loss) for the period- 175(4,497) - 10,6306,308
Share based payment expense- - - 18- 18
Balance as at 31 July 2023180,143(439) 2,712846(9,030) 174,232
The above interim consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
6

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 JULY 2024
UNAUDITED UNAUDITED
31 July 2024 31 July 2023
$000$000
Operating activities
Receipts from customers101,049 92,282
Payments to suppliers(62,118) (61,118)
Payments to employees(22,626) (19,849)
Interest received644 457
Interest paid(230) (126)
Government grants received33 99
Income tax (paid) / received(548) 23
Net cash flows (used in) / from operating activities16,204 11,768
Investing activities
Placement of short term deposits(1,000) -
Proceeds from sale of property, plant and equipment2 17
Purchase of property, plant and equipment(5,212) (1,573)
Purchase of intangible assets- (129)
Net cash flow (used in) / from investing activities(6,210) (1,685)
Financing activities
Repayment of borrowings(2,286) -
Payment of lease liabilities(517) (726)
Net cash flows (used in) / from financing activities(2,803) (726)
Net increase / (decrease) in cash and cash equivalents7,191 9,357
Net foreign exchange difference199 88
Cash and cash equivalents at 1 February20,908 19,221
Cash and cash equivalents at 31 July28,298 28,666
The above interim consolidated statement of cash flows should be read in conjunction with the accompanying notes.
7

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
1. CORPORATE INFORMATION
2. BASIS OF PREPARATION
3.
NEW STANDARDS,INTERPRETATIONS, AND AMENDMENTS ADOPTED BY THE GROUP
The condensed interim consolidated financial statements of New Zealand King Salmon Investments Limited (the Company) and
its subsidiaries (together the Group) for the six months ended 31 July 2024 were authorised by the Directors on 23 September
2024.
New Zealand King Salmon Investments Limited is a profit-orientated company incorporated and domiciled in New Zealand. The
Company is registered under the Companies Act 1993 and listed on the NZX Main Board ("NZX") and the Australian Securities
Exchange ("ASX"). The Company is an FMC reporting entity under the Financial Markets Conduct Act 2013.
The interim condensed consolidated financial statements do not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at
31 January 2024.
The accounting policies adopted in the interim condensed financial statements are consistent with those applied in the annual
financial statements as at 31 January 2024. Management have applied the same principles and used the same key sources of
estimation in the preparation of the interim financial statements as those applied in the consolidated financial statements for the
period ended 31 January 2024. The Group has not early adopted any standard, interpretation or amendment that has been
issued but is not yet effective.
The condensed interim consolidated financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (NZ GAAP) as appropriate for interim financial statements. They have been prepared in
accordance with NZ IAS 34 Interim Financial Reporting. The interim financial statements and the comparative information for
the six months ended 31 July 2023 are unaudited. The comparative information for the year ended 31 January 2024 is audited.
The Group is principally engaged in the farming, processing and sale of premium salmon products.
8

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
4. EARNINGS PER SHARE
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Earnings per share
$000$000
Profit / (Loss) attributable to ordinary equity holders
6,00610,630
# of Shares# of Shares
000000
Weighted average number of ordinary shares for basic and diluted earnings per share538,686541,455
Basic earnings per share$0.01$0.02
Diluted earnings per share$0.01$0.02
5. TRADE AND OTHER RECEIVABLES
UNAUDITEDAUDITED
31 July 2024 31 January 2024
Trade and other receivables
$000$000
Trade receivables15,67713,968
Allowance for expected credit losses(222) -
Prepayments1,5992,991
GST receivable9901,455
Other receivables10213
Total trade and other receivables18,14618,427
6. INVENTORIES
UNAUDITEDAUDITED
31 July 2024 31 January 2024
Inventories
$000$000
Raw materials9,90411,995
Work in progress5861,816
Finished goods25,07323,248
Total inventories35,56337,059
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Amount of inventories recognised as an expense in the statement of
$000$000
comprehensive income
Cost of inventories recognised as an expense101,902 86,148
Movement in net realisable value provision(1,448) (1,713)
Total cost of goods sold including fair value uplift at point of harvest100,454 84,435
Basic earnings per share amounts are calculated by dividing the profit for the period attributable to shareholders of the Company by
the weighted average number of ordinary shares on issue during the period. Diluted earnings per share are calculated by dividing
the profit attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the
year plus the weighted average number of shares that would be issued on conversion of all dilutive potential ordinary shares into
ordinary shares.
The cost of inventories recognised as an expense for the period ended 31 July 2024 includes a fair value uplift at point of harvest of
$38,565k (31 July 2023: $27,510k). This cost is included in cost of goods sold in the Statement of Comprehensive Income.
The cost of inventory includes fish harvested at the fair value less cost to sell at harvest date, based on management’s expected
future sales pricing and mix of product (“deemed cost”). As at 31 July 2024 no volumes were forecasted to be sold at returns
materially below deemed cost plus further manufacturing costs.
The carrying value of finished goods as at 31 January 2024 includes a fair value uplift at point of harvest of $7,817k (31 January
2024: $8,326k) and net realisable value provision of $3,779k ( 31 January 2024: $5,066k).
9

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
7. BIOLOGICAL ASSETS
UNAUDITED
Cost Value GainTotal
Biological assets
$000$000$000
As at 1 February 2024
49,69244,76894,460
Increase due to biological transformation
1
43,13631,59474,730
Decrease due to harvest
2
(34,938) (38,056) (72,994)
Decrease due to mortality
3
(8,544) - (8,544)
Changes in fair value
4
- 2,3902,390
As at 31 July 2024
49,34640,69690,042
UNAUDITED
Cost Value GainTotal
Biological assets
$000$000$000
As at 1 February 2023
42,88129,81172,692
Increase due to biological transformation
1
41,86928,71970,588
Decrease due to harvest
2
(30,874) (26,561) (57,435)
Decrease due to mortality
3
(7,806) - (7,806)
Changes in fair value
4
- 2,4712,471
As at 31 July 2023
46,07034,44080,510
AUDITED
Cost Value GainTotal
Biological assets
$000$000$000
As at 1 February 2023
42,88129,81172,692
Increase due to biological transformation
1
85,94959,597145,546
Decrease due to harvest
2
(66,510) (55,330) (121,840)
Decrease due to mortality
3
(12,628) - (12,628)
Changes in fair value
4
- 10,690 10,690
As at 31 January 2024
49,692 44,768 94,460
1
2
3
4
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Fair value gain / (loss) recognised in profit and loss
$000$000
Gain arising from growth of biological assets31,59428,719
Movement in fair value of biological assets2,3902,470
Total fair value gain on biological transformation33,984 31,189
UNAUDITEDAUDITED
31 July 202431 January 2024
Biological assets
$000$000
Current80,80182,468
Non-current9,24211,992
Total biological assets90,04394,460
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Harvested biomass
tonnestonnes
Total live weight harvested for the period 3,820 3,401
The Group has two hatcheries in the South Island and six operational marine salmon farms in the Marlborough Sounds. The fish
livestock typically grow for up to 31 months before harvest.
Biological transformation fair value is impacted by volume increases and fish weight at reporting date relative to the target harvest weight of 4 kgs
(proportional recognition).
Harvested fair value is included under cost of goods sold in the statement of comprehensive income and is calculated by multiplying the current
period's harvest (biomass) by the prior years expected gross margin per kg (recognised at 100%).
Changes in fair value are impacted by movements in margin primarily being changes in sales price and costs to sell (fish cost, harvest, processing
and freight to market).
Mortality cost is expensed directly to the statement of comprehensive income within the cost of goods sold in the period which it occurs and is not
subject to a fair value uplift.
10

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
7. BIOLOGICAL ASSETS (CONTINUED)
UNAUDITEDAUDITED
31 July 202431 January 2024
Estimated closing biomass
tonnestonnes
Closing fresh water stocks107176
Closing seawater stocks4,4585,203
Total estimated closing biomass live weight 4,5655,379
Fair value measurement
Fair value risk and sensitivity
8. INTEREST BEARING LOANS AND BORROWINGS
UNAUDITEDAUDITED
31 July 2024 31 January 2024
Current interest bearing loans and borrowings$000$000
Secured bank loans
750750
Other borrowings
3812,667
Total current interest bearing loans and borrowings
1,1313,417
31 July 202431 January 2024
Non-current interest bearing loans and borrowings$000$000
Secured bank loans
2,0002,000
Total non-current interest bearing loans and borrowings
2,0002,000
The estimated unrealised fair value gain in livestock at 31 July 2024 has decreased due to an increased forecast cost of fish
harvested alongside less biomass on hand at balance date. Average price increases are forecast with continuing robust global
demand for the product and rising costs of inputs. Changes in these assumptions will impact the fair value calculation. The realised
profit which is achieved on the sale of inventory will differ from the calculations of fair value of biological assets because of changes
in key factors such as the final market destinations and product mix of inventory sold, changes in price, foreign exchange rates,
harvest weight, growth rates, mortality, cost levels and differences in harvested fish quality.
Leaving all other variables constant a 15% increase/decrease in average future sales prices would increase/decrease the fair value
of biological assets on hand and profit before tax by $17.8m (31 January 2024: $18.3m) (excludes the impact of finished goods),
while a 15% increase/decrease in future harvest volume would increase/decrease the fair value of biological assets on hand and
profit before tax by $6.2m (31 January 2024: $6.8m).
Measurement of fair value is performed using a fair value model. The method of valuation therefore falls into level three of the fair
value hierarchy as the inputs are unobservable inputs.
A 15% increase/decrease in costs to sell would decrease/increase the fair value of biological assets on hand and profit before tax
by $11.6m (31 January 2024: $11.5m). Changes in fish health and environmental factors may affect the quality of harvested fish,
which may be reflected in realised profit via both achieved sales price and production costs.
The Group is exposed to financial risks relating to the production of salmon stock including increasing climate change volatility,
climatic events, disease and contamination of water space.
The valuation of biological assets is carried out separately for each site at a brood and strategy level. Estimated actual cost up to
the date of harvest per site is used to measure the expected margin at the time the fish is defined as ready for harvest, being 4.0kg
live weight. Selling price is estimated at balance date based on the most relevant future market price at expected harvest date. The
expected gross margin is recognised proportionately based on average biomass at reporting date. Fair value measurement
commences at the date of transfer to sea water as this is considered the point at which the fish commence their grow out cycle.
The Group seeks to produce and market the highest quality salmon products. Extensive monitoring and benchmarking is carried
out to provide optimum conditions and diets to maximise fish performance during the grow out cycle. Sales are maintained in a
range of brands, products and markets to maximise returns from the quality mix of fish harvested. The Group has insurance to
cover some of the risks relating to the livestock.
The Company retains the Business Finance Scheme Loan via BNZ (expiry October 2025) that arose from the Government
providing financial assistance following the Covid-19 pandemic. At 31 July 2024 the balance drawn on the Business Finance
Scheme was $2.75m (31 January 2024: $2.75m).
11

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
9. TRADE AND OTHER PAYABLES
UNAUDITEDAUDITED
31 July 2024 31 January 2024
$000$000
Trade payables11,11415,480
Other payables5,4961,056
Total trade and other payables16,610 16,536
10. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following financial instruments of the Group are carried at fair value:UNAUDITEDAUDITED
31 July 2024 31 January 2024
Current derivative financial assets$000$000
Forward exchange contracts681 534
Foreign exchange options540 442
Total current derivative financial assets1,221 976
Current other financial assets
Term deposits (4 -12 month term)7,000 6,000
Total other current financial assets7,000 6,000
Non-current derivative financial assets
Forward exchange contracts421 1,324
Foreign exchange options923 1,505
Total non-current derivative financial assets1,344 2,829
Current derivative financial liabilities
Forward exchange contracts2,664 1,888
Foreign exchange options1,819 1,751
Total current derivative financial liabilities4,483 3,639
Non-current derivative financial liabilities
Forward exchange contracts916 632
Foreign exchange options1,892 2,319
Total non-current derivative financial liabilities2,808 2,951
Valuation methods
Level 1: Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
11. COMMITMENTS AND CONTINGENCIES
Capital commitments
Guarantees
The carrying value of cash and short term deposits, trade receivables, trade payables and other current liabilities is considered a
reasonable approximation to their fair value due to the short term maturities of these instruments.
The carrying value of the Business Finance Scheme Loan via BNZ is $2.75m (31 January 2024: $2.75m) and is considered a
reasonable approximation of its fair value due to the short term maturities of the drawings.
Financial instruments have been categorised into the following hierarchy and valued according to the following definitions, based on
the lowest level input that is significant to the fair value measurement as a whole:
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as
prices) or indirectly (i.e. derived from prices)
All derivative financial instruments for which a fair value is recognised have been categorised within level 2 of the fair value
hierarchy. Industry experts have provided the fair values for all derivatives based on an industry standard model. There were no
transfers between Level 1 and Level 2 during the period ended 31 July 2024 (31 July 2023 - nil).
The group has two guarantee facilities at 31 July 2024 totalling $134k (31 July 2023: Three guarantee facilities totalling $132k).
The Group has entered into agreements to purchase plant and equipment. As at 31 July 2024 the total commitment is $3,417k (31
July 2023: $463k).
12

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
12. CAPITAL AND RESERVES
UNAUDITEDAUDITED
Share capital31 July 2024 31 January 2024
Issued shares000000
Ordinary shares538,183 541,455
Total issued shares
538,183 541,455
UNAUDITEDAUDITEDUNAUDITEDAUDITED
31 July 202431 January 202431 July 202431 January 2024
Movement in ordinary share capital000000$000$000
The beginning of the period541,455 541,455 180,143180,143
Share issue
- - - -
Cancellation of shares
(3,272) - - -
Total Share capital as at period end
538,183 541,455180,143180,143
Reserves
Foreign currency translation reserve
Hedge reserve
UNAUDITEDAUDITED
31 July 202431 January 2024
$000$000
1,364 990
Total gain / (loss) on hedge reserves
1,364 990
Retained earnings
Share based payment reserve
13. RELATED PARTY DISCLOSURES
Subsidiaries
New Zealand King Salmon Investments Limited has the following trading subsidiaries.
SubsidiaryCountry of IncorporationEquity Interest
The New Zealand King Salmon Co. LimitedNew Zealand100%
New Zealand King Salmon Exports LimitedNew Zealand100%
The New Zealand King Salmon Pty LimitedAustralia100%
New Zealand King Salmon USA IncorporatedUnited States of America100%
Ordinary shares are fully paid with no par value. Each ordinary share has an equal right to vote, to participate in dividends and to
share in any surplus on winding up of the Company. No dividend was declared nor paid during the 6 months to 31 July 2024 (6
months to 31 July 2023: No dividend was declared or paid). During the period the company has acquired and cancelled 3,272,437
ordinary shares originally acquired under long term incentive plans, to enable repayment of a loan owed by Mr Rosewarne to NZK,
as part of his long term incentive plans.
Share Capital
The principal activity of The New Zealand King Salmon Co Limited is the farming and processing of salmon. The activity of New
Zealand King Salmon Exports Limited,The New Zealand King Salmon Pty Limited, and New Zealand King Salmon USA
Incorporated is the distribution of salmon
# of Shares
Retained earnings represents the profits retained in the business.
The foreign currency translation reserve is used to record exchange difference arising from the translation of the financial
statements of the foreign subsidiary.
The share based payment reserve relates to two long term incentive (LTI) schemes and two employee share ownership schemes.
One of the LTI schemes was established in 2024 and relates to the grant of Performance Share Rights to eligible senior
employees. The other schemes involve the Company making interest-free limited recourse loans to selected personnel to acquire
shares in the Company. The employees must remain in employment for the duration of the vesting or escrow periods before the
employees receive the full benefit of share ownership subsequent to repayment of the loan balance remaining at time of vesting.
The hedge reserve represents the unrealised gains and losses on interest rate swaps and foreign currency forward contracts that
the Group has taken out in order to mitigate foreign currency risks, net of deferred tax. Also included are the realised gains on early
closed foreign currency forward contracts where the hedged future cash flows are still expected to occur (net of tax).
Unrealised gain / (loss)
At 31 July 2024 Oregon Group Limited owned 39.79% (31 July 2023: 39.55%) and China Resources Enterprise Limited owned
9.87% (31 July 2023: 9.81%) of the shares in New Zealand King Salmon Investments Limited.
13

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
13. RELATED PARTY DISCLOSURES (CONTINUED)
Transactions with related parties
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Related party payments$000$000
Goods and services purchased from other related parties- -
Directors fees180 241
Total related party payments
180 241
Related party sales$000$000
Goods sold to related parties
1
1,7391,783
Total related party sales
1,739 1,783
UNAUDITEDAUDITED
Amounts owing to related parties
31 July 202431 January 2024
Current amounts owing to related parties$000$000
Other amounts owing to related parties237233
Fees payable to directors16755
Total current amounts owing to related parties
404288
Amounts owing by related parties$000$000
Amounts owing by related parties15672
Total amounts owing by related parties
15672
1
14. DISAGGREGATION OF REVENUE
UNAUDITEDUNAUDITED
31 July 2024 31 July 2023
Revenue by Product Group$000$000
Whole Fish53,71646,443
Fillets, Steaks & Portions24,34221,775
Wood Roasted3,3423,181
Cold Smoked12,72812,585
Other7,5907,577
Total revenue by product group
101,71891,561
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Revenue by Brand$000$000
Ōra King38,73626,553
Regal22,57614,650
Southern Ocean2,3563,662
Omega Plus1,3651,831
New Zealand King Salmon36,68544,865
Total revenue by brand
101,718 91,561
UNAUDITEDUNAUDITED
31 July 202431 July 2023
Revenue by Market$000$000
New Zealand33,66031,131
North America44,46937,540
Australia10,94310,987
Japan2,0612,747
Europe2,9132,747
Other7,6726,409
Total revenue by geographical location of customers
101,71891,561
The following provides the total amount of transactions that were entered into with related parties for the relevant financial period:
During the period NZKS sold King Salmon to China through China Resources Food Supply Chain Co. Ltd., 40% owned by China Resources
Enterprise Limited who is a shareholder of NZKS. These sales were conducted on the same terms as an arm’s length transaction.
Sales net of settlement discounts to two major customer for the period 1 February 2024 to 31 July 2024 totalled $22.7m or 22.4% of
total gross revenue (For the six months to 31 July 2023 two major customer totalled $20.0m or 21.9% of total gross revenue).
14

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2024
15. EVENTS AFTER BALANCE DATE
Dividend
No dividend was declared in respect of the 6 months ended 31 July 2024 (6 month period to 31 July 2023: Nil).
15

---

1HY25 INVESTOR PRESENTATION
1HY25 FINANCIAL RESULTS

1HY25 INVESTOR PRESENTATION
DISCLAIMER
1
The information in this presentation has been prepared by New Zealand King Salmon Investments Limited with due care and attention. However, to the maximum extent permitted by law, neither
New Zealand King Salmon Investments Limited nor any of its directors, employees, shareholders nor any other person shall have any liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current expectations, estimates
and assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results contemplated in any projections and forward-looking statements in this
presentation will be realised and any forward-looking statements are subject to material adverse events, significant one-off expenses or other unforeseeable circumstances. As such, actual results
may differ materially from those projected in this presentation. No person is under any obligation to update this presentation at any time after its release to you or to provide you with further
information about New Zealand King Salmon Investments Limited.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial measures used in
this presentation include:
•EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance expense / (income), and taxation expense to net earnings
•EBIT. We calculate EBIT by adding back (or deducting) finance expense / (income), and taxation expense to net earnings
•Pro-Forma Operating EBITDA refers to earnings before interest, tax, depreciation and amortisation after allowing for pro-forma adjustments as described in the Appendix to this document
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position and returns. They should
not, however, be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled
amounts reported by other companies.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice. An investor should, before making any investment decisions, consider the appropriateness of the information in this presentation, and seek professional advice,
having regard to the investor’s objectives, financial situation and needs.
This presentation is solely for use of the party to whom it is provided.

1HY25 INVESTOR PRESENTATION
PRESENTERS
2
Carl Carrington
Chief Executive Officer
Ben Rodgers
Chief Financial Officer
Graeme Tregidga
Chief Commercial Officer
Grant Lovell
GM Aquaculture

1HY25 INVESTOR PRESENTATION
EXECUTIVE SUMMARY
3
1HY25
•GAAP Net profit - 1HY25 net profit after tax of $6.0m (1HY24 $10.6m). When compared to the prior comparable period GAAP results have been
impacted by non-cash adjustments relating to biological assets/inventory of a loss of $3.6m (1HY24 gain of $4.1m) and a smaller contribution from
the continued unwind of early close out of FX contracts in FY22 $2.6m (1HY24 $3.6m)
•The 1HY25 pro-forma EBITDA, which is both our preferred performance measure and the profit measure that NZKS guides to, was a profit of $13.5m
(1HY24 profit of $10.7m). Rolling 12-month pro-forma EBITDA is $27.3m
•Second summer through the adapted farming strategy, mortalitycontinues to track within management's expectations following changes to the
farming model (1HY25 $8.5m v 1HY24 $7.8m). NZKS are continuing to invest in R&D with the intention of further improving fish health outcomes
(Continuation of vaccine development and thermotolerance work)
•Focus continues to be on optimising earnings to increase the self-funding component of the Blue Endeavour project
Blue Endeavour
•Baseline monitoring underway
•Open Ocean infrastructure (pens and mooring grid) ordered – expected delivery January 2025
•Pilot service vessel under construction – expected delivery September 2025
•Pilot farm fish currently being grown out at NZKS’ first feeding facility
Balance sheet
•Balance Sheet remains strong with net cash on hand $32.5m
•FY25 Capex excluding BE pilot forecast at ~$14m. Projects are focussed on BAU asset replacements, increases to resilience and reducing
risk. FY25 BE pilot capex estimatedat $9.6m
FY25 guidance
update
•Pro-forma EBITDA guidance range of $26m to $30m
•FY25 expected harvest ~6,800 MT

1HY25 INVESTOR PRESENTATION
1HY25 PERFORMANCE
01
4

1HY25 INVESTOR PRESENTATION1HY25 INVESTOR PRESENTATION
1HY25 OPERATIONAL HIGHLIGHTS
$102
1HY25
REVENUE OF
MILLION
3,362
METRIC TONNES
HARVESTED
DURING 1HY25
33%
GEOGRAPHIC SPREAD
OF REVENUE
2%
44%
11%
EUROPE
5%
3%
NORTH
AMERICA
ASIA EX JAPAN & CHINA
JAPAN
NEW
ZEALAND
AUSTRALIA
5
2%
CHINA
95.2
80.1
80.0
91.6
101.7
FY21
(7m to
Jan)
1HY221HY231HY241HY25
-7.1
-5.6
-24.5
10.6
6.0
FY21
(7 months -
Jan)
1HY22 1HY23 1HY24 1HY25
millions
1HY25 GAAP NPAT
10.9
4.3
(12.7)
10.7
13.5
FY21
(7 months -
Jan)
1HY22 1HY23 1HY24 1HY25
millions
1HY25 PRO-FORMA OPERATING
EBITDA

1HY25 INVESTOR PRESENTATION
BUILDING A RESILIENT FUTURE
1.Fish Health
NZKS has ongoing research and development projects to support fish health outcomes. This includes continuing
breeding programme work for thermotolerance, ongoing vaccine developments and the implementation of trial
pens. These trial pens will allow us to carry out ongoing and important fish health work such as diet trials
2.Climate Resilience
NZKS has undertaken hydrology assessments at both freshwater sites to understand flood and drought risks on
our operations. To also support the mitigation of climate risks, investigations into Re-use and RAS systems are
being carried out, as well as significant works on the culvert at our Tentburn site
3.Blue Endeavour Growth
The Pilot project is progressing well, with work having commenced on the service vessel, infrastructure build of
the mooring grid and pens and the fish for the pilot already at the first feeding facility
4.Capacity & Productivity
To support future growth, work has commenced on a greenfield feasibility, which has also involved the trialing of
automated processing equipment
5.Licenses
The Marine Consents ExtensionAct, has provided certainty of tenure for NZKS'resource consents
6.Circular Economy
The ensilage plant became operational in 1HY25
6

1HY25 INVESTOR PRESENTATION
BUILDING ON OUR BRAND EQUITY
Giving customers a reason to engage with our brands through:
•Promoting the success of our Ōra King ambassador chefs and key foodservice customers to drive credibility and
build organic content
•Aligning advertising and promotional spend with sales growth and margin targets in each market
•In-house digital and social media programmes for our retail and foodservice brandsto maintain brand presence with
relevant audiences in the most cost-effective way possible
•Dialling up usage occasions such as 'brunch' or 'entertaining'in creative and engaging ways
•Building on specialty retail strategy for Omega Plus in the domestic market and supporting sales growth with key
retailers through targeted promotions across social, digital and in-store events
Regal Brand Insights
•Regal remains New Zealand’s #1 smoked salmon brand
1
across preference, awareness and consideration – showing
there is still a huge amount of trust in the Regal brand
•Regal Epicurean continues to drive engagement amongst the younger demographic and directly contributing to our
overall positive market share across the Regal range
•Positive expansion in our Export markets for retailers wanting a point of difference and strong premium offering
1
panel survey data by Tracksuit Ltd. as at 21
st
August 2024
7

1HY25 INVESTOR PRESENTATION
SALES PERFORMANCE
Continuing to target price and product optimisation
First half salesSecond half sales
The global consumer demand landscape remains generally weak, with the
Foodservice sector experiencing a more pronounced downturn. However,
amidst this challenging environment, sales for our premium products have
remained robust. This resilience is attributed to consumers' ongoing
preference for high-quality protein. Notably, there has been a significant
increase year on year in Retail, driven by a trend of increased at-home dining.
•New Zealand sales have grown in the Retail channel, whilst
Foodservice is consistent year on year. Theimported Atlanticvolume is
showing solid growth
•North American demand continues to perform well.Ōra King demand
continues to exceed supply. An increase in our frozen programme is
driving volume growth. Our Regal branded retail smoked products
continue to perform well, and we have expanded our distribution
•There was a slight reduction in volume in the Japan market, this was
driven by increased prices. This volume has been redistributed to other
markets
•Asia markets (excl. Japan) have seen consistent performance with
Regal smoked products performing well
•China represents a growth opportunity (currently underexposed to this
market); we continue to work together with our importer partner to build
our brand and in-market relationships
•The Australian market continues to hold steady acrossboth Foodservice
and Retail
•European market has had overall growth as we have seen sales
transition from smoked to frozen fillets
Domestic Market (MT)
North America (MT)
Australia (MT)
Europe (MT)
Japan (MT)Asia (MT)Excludes Japan
8

1HY25 INVESTOR PRESENTATION
FISH PERFORMANCE
•1HY25 oversaw the second summer of theadapted farming strategy, which involves having the
majorityof biomass in the cooler Tory Channel region over the warmer months, before towing to
Queen Charlotte Sound. Pleasingly, the positive biological performance shown in the first summer
period, including lower summer mortality, was repeated over the 2023-24 summer
•1HY25 harvest volumes were upon 1HY24, as optimisation of the operating model continues. The
full year harvest has been revised down to 6,800MT. This decrease in forecast harvest reflects the
impact of early runting (fish failing to adapt to seawater) experienced in 1HY25. The ongoing longer-
termforecast harvest biomass of our active farms remains at ~6,800MT to 7,200MT
•Feed prices remainvolatile due to commodity pricing of raw material ingredients and global geo-
political tensions; however, there has been some recent relief which is expected to flow into the feed
pricing in 2HY25
•A new trial pen is being built at our Ruakaka site which will be completed in 2HY25. Thiswill allow
more focused R&D in conjunction with our feed and science partners
9
SoundFarm
G&G Volume Harvested (MT)
1HY251HY24
Queen Charlotte
Ruakaka
--
Otanerau
-229
Tory Channel
Clay Point
5371,567
Te Pangu1,701310
Ngamahau1,117870
Pelorus Sound
Waitata
--
Kōpaua (fallowed)-
-
Waihinau (fallowed)
--
Forsyth (fallowed)
--
Freshwater
617
3,3622,993
Biological Performance
1HY25
1HY24
% chg.
Harvest Volume (t)3,3622,99312%
Average Harvest Weight (Kg)4.233.6915%
Feed Conversion Ratio (FCR)
1.90 1.73 10%
Closing Livestock Biomass4,565
4,770 (4%)
Feed Cost ($ / Kg of feed)
3.45 3.334%
2019
2020
2021
2022
2023
2024
Mortality Biomass Feb - July

1HY25 INVESTOR PRESENTATION
•NZ farmed King salmon is a low carbon protein
1
compared to the global average of other animal
proteins
•NZKS’ first Climate-Related Disclosures for FY24 were released in May 2024
•NZKS'base year of carbon emissions for Scope 1, 2 and 3have been established at 78,976 tonnes
of CO2e
•The ensilage plant, which allows us to utilise our organic waste streams as a feedstock for biogas
and organic fertiliser production, started to operate in early FY25. Improving circularity, this facility
is a first in NZ for finfish primary production
•NZKS has undertaken hydrology mapping to better understand our climate risks at freshwater sites
•NZKS participated in the most recent XLab programme to build capability in designing for a circular
economy and explore opportunitiesfor future projects
•Submission of NZKS’ fourth Modern Slavery Report (Australian Modern Slavery Act 2018)
We continue to progress on our sustainability journey
10
1
Carbon footprints of different dietary proteins on the global market – production to retail only. LCA Report – King salmon from New Zealand. V1.6, May 2023
NZKS SUSTAINABILITY FOCUS

1HY25 INVESTOR PRESENTATION
1HY25 RESULTS
02
11

1HY25 INVESTOR PRESENTATION
1HY25 HEADLINE FINANCIAL PERFORMANCE
Revenue – 1HY25 benefitted from both an increase in volume sold and price increases executed
in late FY24, reflecting the recovery of inflationary pressure on input costs (feed and people). In
addition to price increases, NZKS continues to look at margin enhancement through product
optimisation andmarket choices
Gross Margin % – The GAAP Gross Margin decrease on the prior comparable period is due to the
fair value movement on biological asset growth being less than the increase in fair value harvest
costs over the first 6 months of the year (This is in line with the decrease in forecasted harvestable
biomass). Excluding IFRS adjustments, pro-forma gross margin improved on prior year. This is
driven by improved revenues as noted above
EBITDA – on a GAAP basis was negatively impacted by a decreases in Gross Margin (noted
above), other income and an increase in overhead costs. Overhead costs have increased due to
investments in capability to deliver both growth projects and right size the operations post the
mortality event in FY22/23. In addition, like many listed organisation’s NZKS is facing increasing
compliance costs. The decrease in other income on a GAAP basis is attributable to a half on half
decrease in the continued unwind of the early close out of FX contracts from FY21/FY22. On a
Pro-Forma basis (removing the non-cash fair value movements) EBITDA improved half on half due
to an increase in Gross Margin partially offset by an increase in corporate overheads (more detail
is provided in a waterfall chart on the next slide)
NPAT – on a GAAP basis decreased on the prior comparable period as a result of a decrease in
EBITDA and an additional impact to tax expense of ~$650k, due to buildings no longer being
depreciated
1
A full reconciliation between GAAP and Pro-Forma results is shown on pages 20 and 21 of this presentation
Group Financial Performance
GAAP
Pro-Forma
1
NZ$000s1HY251HY24% chg.1HY251HY24% chg.
Volume Sold (t)
3,178 3,023 5%3,178 3,023 5%
Revenue101,718 91,561 11%101,718 91,561 11%
Gross Margin24,610 27,110 -9%28,270 22,940 23%
Gross Margin %24%30%28%25%
EBITDA
12,481 18,459 -32%13,518 10,737 26%
EBITDA %12%20%13%12%
EBIT
8,756 14,607 -40%9,793 6,885 42%
NPAT6,006 10,630 -44%7,043 4,076 73%
12

1HY25 INVESTOR PRESENTATION
PRO-FORMA
1
EBITDA COMPARISON
•Revenue is up due to a combination of market optimisation, product and customer mix, price increases and an increase in volume sold
•Cost of goods is up on prior year due to an increase in volume and cost inflation. NZKS continue to manage inflationary pressures by looking at opportunities to optimise our
Aquaculture and Processing operations, however some of the inflationary increase in cost of goods sold can have up to an 18-month lag (salmon life cycle) before it shows up in
the P&L. There has also been a focus on reducing older cold store inventory (predominately RRM), which has led to an increase in rendering costs or sales at lower margins
•Mortality The slight increase in mortality from 1HY24 reflects the increase in biomass on hand for 1HY25. Mortality is tracking within management's expectations
•Corporate costs are up on prior year. This reflects both investments in additional head count and professional services when compared to 1HY24. These investments are
reflective of:
•Increased capability and resource required to support business growth aspirations (i.e. including new CEO, acting CEO in 1HY24 moved to CCO role)
•The continued right sizing of the business post mortality event in FY23 , investments in communications, risk capability, marketing
•Compliance landscape continues to require further investments across finance, technology, legal and sustainability functions
1
Refer to pages 20 & 21 for full reconciliation between GAAP and Pro-Forma results
13

1HY25 INVESTOR PRESENTATION
•NZKS’s balance sheet remains strong with net cash on hand of $32.5m. This balance sheet provides
NZKS with a strong platform to invest in both the existing operations and fund the Blue Endeavour pilot
•While the solid pro-forma EBITDA performance supports this improved cash position other areas have
also contributed:
oThe decrease of Inventory was predominately due to a decrease in feed on hand, due to a change in
supplier terms with one feed supplier (no longer consignment) resulting in larger swings in feed stock
on hand
oNZ King Salmon invested ~$5.3m in capex for the six months ended 31 July 2024. As in previous
years capital expenditure tends to be weighted to the second half of the year. It is expected that Blue
Endeavour pilot and larger processing capex will be incurred in 2HY25
oTax losses carried forward – The cash position benefitted from the utilisation of the majority of
NZKS’s available tax losses, which was generated in FY22/FY23. It is expected this will be fully
utilised by the end of FY25 and NZKS will be in a tax paying position
oThe decrease in biological assets (outside of fair value adjustments) reflects a decrease in biomass
at sea. The decrease in biomass at sea is attributable to the impact of early runting experienced in
1HY25. The ongoing longer-termforecast harvest biomass of our active farms remains at ~6,800 MT
to 7,200MT
BALANCE SHEET
1
Cash and equivalents include $7m term deposits with maturities > 4 months
14
Group Financial Position
Jul-24Jan-24
NZ$000sUnauditedAudited
Current Assets
Cash and cash equivalents
1
35,298 26,908
Receivables18,146 18,427
Inventories35,563 37,059
Biological Assets80,801 82,468
Derivative financial assets1,221 976
171,029 165,838
Non-Current Assets
Property, plant & equipment50,686 48,335
Biological assets9,242 11,992
Other10,441 12,780
70,369 73,107
Total Assets241,398 238,945
Current Liabilities
Loans (external)750 750
Lease Liabilities994 1,028
Payables16,610 16,536
Other10,832 11,300
29,186 29,614
Non-Current Liabilities
Loans (external)2,000 2,000
Lease Liabilities5,395 5,872
Other11,227 11,164
18,622 19,036
Total Liabilities47,808 48,650
Net Assets193,590 190,295
Net Cash / (Debt)32,548 24,158

1HY25 INVESTOR PRESENTATION
FY25 & BLUE ENDEAVOUR
UPDATE
14
03

1HY25 INVESTOR PRESENTATION
FY25 GUIDANCE UPDATE
$26m-$30m
FY25 Guidance
The Board is providing a revised pro-forma EBITDA guidance in a range of $26m – $30m
The first half was a solid result in the face of some headwinds:
•Runting: full year harvest revised downwards to 6,800MT due to elevated levels of early
runting (fish failing to adapt to seawater)
•Sales:the start of 1HY25 was impacted by variability in fish size, which in turn impacted
customer confidence. Ongoing work to improve forecasting and consistent sustained fish
size has helped rebuild much of this confidence
Management have increased optimism going into the second half of the financial year, as in
addition to the improvements mentioned above, there are several other positives when looking
ahead:
•Sales:We are making steady progress in developing our presence in China, while
elsewhere sales have held up well across all markets, and channels, despite global cost-of-
living pressures and issues noted above
•Cost Management: despite lower forecast harvest volumes ongoing focus on aquaculture,
processing and freight operational costs have kept our cost per kg in line with budget. (noting
NZKS has seen corporate costs increase compared to the prior comparable period)
•Positive fish trials: trials carried out in response to early runting issues are promising and if
successful the rollout of the identified mitigant may provide future earnings upside
The Board has reconfirmedthatdividends will remainon hold for the foreseeablefuture as NZKS
develops theBlue Endeavour project
16

1HY25 INVESTOR PRESENTATION
EXISTING SEA FARM RESOURCE CONSENTS EXTENDED
FarmsRegionExpiry dateStatus
RuakakaQueen Charlotte2044Active
OtanerauQueen Charlotte2044
Active
Forsyth BayPelorus2044Fallow
WaihinauPelorus2044Fallow
Crail BayPelorus2044Fallow
Clay PointTory Channel2050
Active
Te PanguTory Channel2050
Active
WaitataPelorus2050
Active
NgamahauTory Channel2050
Active
KōpauaPelorus2050Fallow
Blue Endeavour
Cook Strait2057Inactive
•The Marine Consents ExtensionAct came into force inearlySeptember 2024. This has
provided certainty of tenure for NZKS'resource consents.
•Five consents (Ruakaka, Otanerau, Forsyth Bay, Waihinau, Crail Bay) that were due for
expiry at the end of 2024, now expire in 2044.
•TheAct has also extended the duration of Waitata, Kōpaua, Ngamahau, Clay Point and
Te Pangu throughto 2050.
•The conditions of consent are likely to be updated. NZKS willwork with the Marlborough
District Councilon this, and this process may take some time.
•The extension of tenure of the Pelorus sites is important in relation to the development of
the Blue Endeavour opportunity. The plan is to utilise these sites as nursery farms and
as a harvest location for our Blue Endeavour operation. This will begin April 2025 with
Waihinau likely receiving thefirst stock for Blue Endeavour.
17

1HY25 INVESTOR PRESENTATION
FY24FY25FY26FY27FY28
BE Pilot
Through to1st Harvest
Consent Confirmed
Baseline Monitoring
Confirm Infrastructure & Timeframes
Order Key Infrastructure
Mooring Installed
Pens Constructed & Launched
Up to 200K fish in Pelorus
Fish Relocated and farmed at BE
Return and Harvest from Pelorus
2nd Harvest from BE Pilot
+0-500T+0-400
BLUE ENDEAVOUR- PILOT
•Baseline monitoring - underway
•The service Vessel is currently under construction in Vietnam
•Pen and mooring contract has been signed with Scale AQ with
the build process to take place early next year
•The fish for the Blue Endeavour pilot are now at our first feeding
facility, being grownready for transfer to the inshore nursery site
next April

Update
18

1HY25 INVESTOR PRESENTATION
APPENDICES
04
19

1HY25 INVESTOR PRESENTATION
1HY25 RECONCILIATION BETWEEN GAAP AND PRO-FORMA FINANCIALS
20
NZD 000s
Statutory Financial
Statements
Fair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue101,718 101,718
Cost of goods sold(100,454)37,642 (62,812)
Fair value gain / (loss) on biological transformation33,982 (33,982)0
Freight costs to market(10,636)(10,636)
Gross Margin24,610 3,660 28,270
Other operating income3,098 (2,623)475
Overheads
Sales, marketing and advertising(6,400)(6,400)
Distribution overheads(1,958)(1,958)
Corporate expenses(6,813)(6,813)
Other expenses(56)(56)
EBITDA12,481 3,660 (2,623)13,518
Depreciation and amortisation(3,725)(3,725)
EBIT8,756 3,660 (2,623)9,793
Finance income644 644
Finance costs(250)(250)
Net finance costs394 394
Profit / (loss) before Tax9,150 3,660 (2,623)10,187
Income tax (expense) / credit(3,144)(3,144)
NPAT6,006 3,660 (2,623)7,043

1HY25 INVESTOR PRESENTATION
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1HY24 RECONCILIATION BETWEEN GAAP AND PRO-FORMA FINANCIALS
NZD 000s
Statutory Financial
Statements
Fair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue91,561 91,561
Cost of goods sold(84,435)27,018 (57,417)
Fair value gain / (loss) on biological
transformation31,189 (31,189)-
Freight costs to market(11,205)(11,205)
Gross Margin27,110 (4,171)22,940
Other operating income3,974 (3,551)423
Overheads
Sales, marketing and advertising(5,229)(5,229)
Distribution overheads(1,675)(1,675)
Corporate expenses(5,721)(5,721)
Other expenses- -
EBITDA18,459 (4,171)(3,551)10,737
Depreciation and amortisation(3,852)(3,852)
EBIT14,607 (4,171)(3,551)6,885
Finance income457 457
Finance costs(183)(183)
Net finance costs274 274
Profit / (loss) before Tax14,881 (4,171)(3,551)7,159
Income tax (expense) / credit(4,251)1,168 (3,083)
NPAT10,630 (3,003)(3,551)4,076

1HY25 INVESTOR PRESENTATION
APPENDIX – GLOSSARY OF TERMS
1HY25Financial results for the 6 months from 1 February 2024 to 31 July 2024
2HY25Financial results for the 6 months from 1 August 2024 to 31 January 2025
FY24Financial results for the 12 months from 1 February 2023 to 31 January 2024
1HY24Financial results for the 6 months from 1 February 2023 to 31 July 2023
FY23Financial results for the 12 months from 1 February 2022 to 31 January 2023
FY22Financial results for the 12 months from 1 February 2021 to 31 January 2022
EBITDAEarnings before interest, tax, depreciation and amortisation
FCRFeed Conversion Ratio – the amount of feed (in kilograms) required to grow 1 kilogram of fish weight
G&GGilled and gutted. Note that all volumetric information presented is on a gilled and gutted basis unless otherwise stated
GAAPGenerally Accepted Accounting Practice
MTMetric tonnes
NPATNet profit after tax, also reported as net profit for the period in our published financial results
NZKSNew Zealand King Salmon Investments Limited
Pro-Forma Operating EBITDA
Pro-Forma Operating EBITDA refers to earnings before interest, tax, depreciation, amortisation after allowing for pro-forma adjustments as described in the
Appendix to thisdocument. Pro-Forma Operating EBITDA is a non-GAAP profit measure​ that NZKS provides market guidance against
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1HY25 INVESTOR PRESENTATION
UNDERSTANDING OUR GAAP RESULTS
The impact of NZ IAS-41 Agriculture and NZ IAS-2 Inventory
Our GAAP results are impacted by Fair Value gains or losses arising from the application of NZ IAS-41 Agriculture and NZ IAS-2 Inventory. The impact
of these standards are explained below:
Fair Value under NZ IAS-41 Agriculture and NZ IAS-2 Inventory
When we record a change in biomass at sea, or where the expected future profit we realise on fish that we sell changes, these standards require us to
quantify and recognise the gain or loss in the current period. This applies to both biomass at sea and inventories of finished products.
Our Statement of Financial Position shows biological assets at their fair value. Pro-Forma Operating Financial Performance removes gains / losses associated
with the application of these standards. The company will present Pro-forma results for future reporting periods on this basis.
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