ASM Meeting Materials

Annual Shareholders’ Meeting
11
th
June 2025
Address by the Chair: Mark Dewdney

Introduction
Tēnā koutou katoa, me mihi kā tika ki ngā haukainga e whakakanohi i ngā iwi o Te Tauihu, e
mihi ana.
Kei aku nui, kei aku rahi,
nau mai ki tō tatou hui,
koutou kua tāe ā tinana mai, koutou kua tāe ā-hui-topa mai,
nōku te whiwhi i tō koutou taenga mai.
Tēnā koutou katoa.

Slide 3 – Welcome
Welcome to the ninth annual shareholders meeting of New Zealand King Salmon Investments
Limited. It is my pleasure to be here today, and to address you in my capacity as Chair.
I would like to acknowledge our Shareholders, Te Tauihu iwi representatives, and our auditors.
To everyone else, thank you for taking the time to join us, both in person and online.
Housekeeping first - in the case of an emergency an alarm will sound, please exit the building
and assemble at the grass area outside the Rutherford Hotel Nelson Entrance. In an
earthquake, drop, cover and hold. Remain inside until the shaking has stopped.
I would like to introduce my Board colleagues. With us today are Paul Munro, Catriona
Macleod, Yong Tiong and Victoria Taylor. We also have a number of our senior management
team joining us here, starting with our Chief Executive Officer Carl Carrington who will be
addressing you shortly, Ben Rodgers Chief Financial Officer, Graeme Tregidga Chief
Commercial Officer, Grant Lovell General Manager Aquaculture, Monique Hatfull Head of
Relationships and Communications. Other staff with specific expertise in our company are
also here today, including Katie Bennett Head of Finance and Sustainability, Mark Preece
Seawater Manager, Dr. Zac Waddington Fish Health and Welfare Manager and Chantelle Te
Haara Corporate Communications Specialist, who will assist in answering any questions. Adri
Smith, the audit partner from PwC, is also here and able to answer any specific audit-related
questions.

Slide 4 – Agenda
Now to the Agenda for today's presentation. I will give you a brief update from the Board with
a focus on reflections of the last financial year and the work ahead. Carl will then present a
company update. We will then have the opportunity for questions, and then the more
procedural ASM requirements will conclude the ASM today.

Slide 5 – Chair update
Reflecting on the year that was, our headline achievements in FY25, as compared to FY24
were:
Revenues increased from $187.1 million to $210.9 million in FY25 (an increase of 13%).
Net profit after tax decreased from $28.5 million to $13.4 million (a decrease of 53%).
Pro-forma EBITDA increased from $24.5 million to $29.7 million (an increase of 21% ).
We were pleased with our continued strong financial performance in F Y25 - it was our best
pro-forma EBITDA result since listing. The increase in pro-forma EBITDA but a decrease in
net profit after tax may appear counterintuitive, but the way we relate to it is; the pro-forma
EBITDA result reflects the in-year cash flows of the business, whereas the net profit reflects
the future profitability of the business. A large driver of the net profit result is the fair value of
our biomass at the end of the year i.e. what we expect to harvest in the next 12 months.
Unfortunately, this financial year has not started as we would’ve hoped. Higher than expected
mortality coupled with lower than anticipated growth rates at the start of FY26, saw us provide
to market a FY26 pro-forma EBITDA guidance range of $15m - $24m . With harvest volumes
down from FY25 to between 5,900MT & 6,300 MT originally forecast for FY26. The FY25 net
profit result reflected this decrease to available biomass for harvest.
A further update to our pro-forma EBITDA guidance was made on the 30
th
of May, when it
became apparent that the fish growth rates had not recovered as expected. The lower than
anticipated growth was mainly driven from reduced feed outs, which is a normal occurrence
over the warmer months. However, this year the reduction in feed outs was higher and lasted
for longer than modelled. This has led the Board to make the decision, on recommendation
from Management, to reduce harvest for a period of around 4 months. This will give us time
to rebuild biomass and increase the average harvest fish size. Harvest volumes are expected
to start to recover by September 2025.
FY26 forecast harvest volume have therefore been further revised down to ~5,200 MT to
~5,400 MT. This ~17% reduction in volume has resulted in reducing our forecast guidance
range to a pro-forma EBITDA of $ 6 - $12 million. This was not a decision the Board made
lightly, as it will impact our operations, as well as our customers. Without this step though, our
future harvests (FY27 and beyond) would be negatively impacted. This decision is expected
to contain the profitability impact to this financial year.
I will leave it to Carl to provide further detail around the underlying causes of these challenges,
and what we are doing to mitigate these future risks. However, on behalf of the Board I want
to point out three key reflections on this bumpy start:
1. The need to build our future biomass capacity is crucial – it is important we make
decisions that are in the best long-term interests of the company.

2. Ensuring we maintain a stable core business while we grow is critical – we have a
strong management team, and new strategies are already in place based on the
learnings from these challenges.

3. Aquaculture is cyclical – the only certainty is that it will be uncertain. Keeping humble
and staying the course in the face of continuous challenges is what is required to stay
viable. We’ve been in the business for over 35 years, and we intend to be in the
business a lot longer than that again.

On the upside, our balance sheet remains strong with net cash on hand at the end of FY25 of
$50.7m. This balance sheet provides us with a strong platform to invest and strengthen both
our existing operations and fund the Blue Endeavour pilot.
We have significant capital expenditure ahead of us this year, with the forecast being ~$21m,
comprising ~$12m for the Blue Endeavour Pilot project, and ~$9m for ‘stay-in-business’ capex.
On top of this, there is an increase in working capital required for the BE Pilot farm of ~$5m.
In line with the previous year and based on the significant work and expenditure ahead of us,
the Board has reconfirmed that dividends will remain on hold for the foreseeable future.
To summarise our assessment and outlook, the Board remains satisfied with our financial
performance for FY25. We are disappointed by the challenging start to FY26, but remain
confident that the actions we are taking give us optimism for the future.
I’d like to leave you with three further observations.
The first is on volatility. We remain exposed to the vagaries of nature. During the recent
summer period we had some of the hottest marine temperatures on record, which contributed
to reduced growth rates and an elevation in mortalities. It also showed that we must continue
to maintain vigilance, invest in risk assessment and mitigation, and continue to focus on our
fish R&D to allow us to farm fish in a way that is more resilient.
The second observation, which is a cause for optimism for the future, is that we have a strong
strategy for growth. The NZ King salmon sector has a huge amount of latent potential for
growth, and our company has the privilege of being the first in the world to farm our species
in the open ocean environment. Our Blue Endeavour project, once fully developed, could add
~$350 million in annual export revenue. Blue Endeavour is now becoming a reality, with pilot
pens in the water. Blue Endeavour is the catalyst for many other significant decisions and
investments to be made by our company and will have wider positive impacts for the local
region.
This Blue Endeavour growth strategy enabled us to partner with the New Zealand government
in our recently launched ‘Future Farming’ project. Earlier this year, we announced a significant,
multi-year partnership with the New Zealand Government under the Sustainable Food and
Fibre Futures (SFF Futures) fund. Carl will speak more about this project shortly, but the Board
would like to acknowledge the co-funding of this project by the Ministry for Primary Industries’
Sustainable Food and Fibre Futures fund. We hope that piloting the open ocean technologies
at Blue Endeavour will not only be a catalyst for significant growth for our company, but also
for the wider Salmon industry, enabling us to build scale over time.
And my final observation is that we have the most important ingredient of all for success, and
that is our people. You can’t become a world-leading company without a world-leading team
behind you. We are privileged to have over 450 talented, motivated and experienced team
members who make up our NZKS whānau.
In conclusion, with a strong growth strategy, a strong team to deliver it, and a continuous focus
on building resilience and mitigating risks, the Board believe our future is looking strong.
On that note, I will pass the microphone over to our CEO Carl Carrington.

Slide 6 – CEO address
Kei ngā huia kaimanawa o te kamupene, koutou hoki kua hui nei ki te whakarongo ki te
wānanga, kei te mihi.
My name is Carl Carrington, and I am the Chief Executive Officer. I came on board in August
2023, and it’s a privilege to be here today for my second NZKS Annual Shareholders Meeting.
Today I will be taking you through the highlights for the last financial year FY25, our strategic
reset, a business update, and finishing with the outlook for the coming financial year.

Slide 7,8,9 – Financial Summary
The results for the year ended 31 Jan 25 tell two stories- and like all stories, you need to spend
a bit of time to understand the bigger picture behind them.
Firstly , the positive – the pro-forma EBITDA result at $29.7m was a record result. The $29.7m
was at the midpoint of our original guidance of $26 - $32m which was subsequently revised to
$26m to $30m at the half year mark. This is a good result reflecting continued improvement at
the end of January.
This is a capital-intensive business, so it is important to understand depreciation and our ‘stay-
in-business’ capital programme. Depreciation runs at ~$8m p .a. and our typical ‘stay-in-
business capex’ for nets, boats, pen maintenance, factory equipment etc runs at around $10m
p.a. which is slightly ahead of depreciation reflecting inflation on capital items.
Cash-on-hand increased from $24.2m at the end of January 2024 to $50.7m driven by cash
earnings (EBITDA) and improvement in working capital, primarily related to an increased focus
on reducing inventories on hand.
Then we head into the second part of our results story. From late February through to early
May we experienced higher-than-expected mortalities and, just as impactful, lower growth
rates. These months are generally when water temperatures are warmer, and over this time
we experienced elevated water temperature which increases stress and reduces the fish ’s
resistance to bacteria and other pathogens. The mortality and slower growth impacted the
forecast harvest for FY26 and consequentially the fair value of biomass on hand at the end of
FY25. Fair value under the agriculture accounting standard (NZ IAS 41) is based on a forward-
looking forecast of biomass expected to be grown and harvested.
This, combined with adjustments relating to the historic early closeout of Forex contracts from
FY21/22, resulted in an NPAT of $13.4m, which is down 53% from the prior year.
The impact of the lower growth rates continued through to April and Mid-May resulting in a
decision by the Board to further reduce the FY26 harvest to between ~5,200MT to ~5,400MT.
As Mark mentioned earlier, I’ll now talk us through some of the strategies that we are
employing to address fish performance.

Slide 10,11 – Fish Performance
On to fish performance. Aquaculture can be a tough business. This is the third year since
implementing the adapted farming strategy where we largely exited the warmer water sites in
the Pelorus and Queen Charlotte Sounds over the summer period and concentrated our
farming activity in the cooler Tory Channel. I want to stress that the Pelorus and Queen

Charlotte farms have excellent farming conditions for around nine months of the year, but it is
a prudent strategy to reduce farming in these locations over the summer period.
We are of course disappointed that this year’s adapted farming strategy was not quite as
successful as the prior two years. It’s important to note though, that our FY25 mortality was
within planned range, which given the high summer temperatures in the Pelorus, shows that
the decisions we made three years ago have helped prevent the issues experienced over the
FY22/FY23 summer period occurring again.
FY26 has unfortunately started with reduced feed demand, which has impacted growth,
coupled with some elevated mortality, which has consequently impacted our total harvest
forecast for FY26. Mark has already taken us through the financial consequences of this
earlier. But what I want to point out is that this reflects the reality of operating leverage in our
business as it is currently sized. This is a business with high fixed costs and a large proportion
of semi-fixed variable costs. Therefore, any downgrades to our harvest outlook have an
amplified impact on earnings, and vice versa an improvement in harvest underpins stronger
earnings.
Now, on to reduced feed outs. As mentioned, this has had more impact than mortality. This
line graph puts the year we have just had in context. You’ll see the black line, which is this
calendar year, indicating how low our feed outs actually got, and how slow they have been to
recover.
The reason for the reduced feed outs and corresponding growth rates, as with anything fish
performance related, is multi-factorial, with the dominant correlation occurring with the warmer
water months. This can lead to increased stress and exacerbate fish health and performance
challenges, which can suppress fish appetite and the associated growth. We want to highlight
this is not a fish welfare issue as reduced feed outs over summer are a normal occurrence,
however this year the feed outs were more subdued than anticipated and have taken longer
to recover to expected levels.
There is always more work to do to further improve fish health and fish performance. I will now
spend some time taking you through the short, medium and long-term strategies we have in
place to tackle these fish health, resilience and performance challenges.

Slide 12 – Three workstreams to improve resilience
Our first focus area is our thermotolerance research and development.
We know from trials at the Cawthron Institute that we have several families that display higher
thermotolerance traits, and we also know that this is a highly heritable trait. Selective breeding
for thermotolerance has been successfully implemented in Atlantic salmon and also in many
other primary sectors. Over the past summer, we conducted further trials in sea pens to assess
how well these identified families perform in the real world, where there are other factors at
play beyond just temperature. We are determining whether greater thermotolerance in tank-
based trials also links to greater survivability in sea pens. The hypothesis based on
international experience is that it does.
Once validated, through the application of genomics technologies, we will refine our selective
breeding programmes to accelerate the gains of this trait. A note to make clear, genomics is
not Genetic Modification. Genomics is the mapping of genome sequences that allows us to
identify precisely which family members have the most generic potential for an identified trait.

Our second focus area is diet.
We know that diet has a big influence on fish health and with refinements to diet we believe
we can further improve fish health, particularly during more challenging periods such as
summer. Over the past 12 months, we completed the construction of trial pens at our Ruakākā
site. These pens, which you can see on this slide, enable us to carry out benchmarked
evaluations of different feeds on a large enough scale to be statistically significant, while not
compromising the performance of commercial-scale pens of up to 100,000 fish at a time.
Working closely with our primary feed supplier, our first completed trial identified promising
summer diet improvements that will be implemented to commercial pens later this year. We
are optimistic that implementing this diet we have just trialled over the more challenging
summer period will help us mitigate some of the feed out issues we experienced. Work in this
area will be ongoing.
And a third focus is vaccine deployment.
Part of growing fish in a natural system is that the environment is dynamic, and can pose
challenges for our salmon. These challenges will only be exacerbated in a changing climate.
This was definitely a part of the mix of the multifactorial challenges that we experienced this
year. Talking about the risks around pathogens and bacteria is not the most glamorous topic,
but without a proper problem definition, the current and future solutions we need to discuss
will not make sense. As a company we are unapologetically focused on our fish, which means
ensuring we have the necessary tools available, including preventative treatments such as the
best available vaccines, and other interventions in our future toolbox. This is part and parcel
of being a primary producer.
On to one of these tools - vaccination. All our smolt are vaccinated before going to sea. The
challenge is that the vaccine is effective for around 6 months and our fish are typically at sea
for 1 6 months or slightly longer. Vaccine development is an expensive activity – and currently
the New Zealand industry lacks the scale for international vaccine developers to invest
resources for the development of vaccines for King salmon and NZ pathogens in-country.
Small gains may offer meaningful upside.

Slide 13 – Vaccination machine video
This video shows you what it looks like when we vaccinate our fish. This machine at our
Tentburn hatchery is vaccinating smolt which are around 80g in size, and have been
anesthetised prior to entering the machine. This helps provide resilience to specific issues for
our fish once out at sea. (Play video).

Slide 14 – Markets
Turning now to our markets.
We have three strategic growth markets - being North America, Australia and China, supported
by a strong domestic position.
North America remains our primary market and that is unlikely to change any time soon. The
species is well understood and our brands, especially Ōra King, are well known and
appreciated by top chefs across the country. Expanding into higher-end retail channels is a
massive opportunity that will be enabled by Blue Endeavour expansion.

With respect to tariffs, to date we have not seen a material slow-down in demand. If
substitution to other proteins does occur, then volumes falling out of USA will be directed to
other growth markets where we are constrained for supply.
For NZ we expect to see continued modest growth slightly ahead of per capita growth as our
retail partners continue to grow the salmon category and as the foodservice channel recovers.
A larger opportunity exists in Australia where the food service channel has plenty of opportunity
for expansion and retailers are increasingly looking for consistent supply of a premium
alternative to range alongside Tasmanian Atlantic salmon.
Although China represents only 2% of our sales, the future opportunity is clear. We are very
underweight in our exposure to this market – in large part this is a historical hangover from a
lack of supply to support market development.

Slide 15 – Developing a key market: China
I’d like to use this opportunity to speak a little more about our strategic brand development in
China, to ensure we have deep and diverse future market opportunities. We are committed to
developing this premium market. We are pleased with our progress to date, and look forward
to our growth over time here, but in the interim while we remain somewhat constrained by
supply we are focused on establishing the brand in the right way.
Our first task is to establish recognition for the King salmon species and establishing that it is
worth paying considerably more for than other species. And secondly, establishing awareness
and adoption of Regal as the premier King salmon offer. The best time to develop a premium
position in a market is when there is no volume pressure for sales.
We are able to focus on securing the right distribution such as premium retail environments
shown here with Ole, City Super, Hema, and establishing the price points with consumers. We
know that once consumers try King salmon, they appreciate the difference and the quality. We
are well supported in market by our distribution partner China Resources and Rungkong
processing.

Slide 16 – Our Purpose Statement
We have recently launched our new purpose statement ‘Towards a Healthier Tomorrow’. You
may notice this is a slight wording tweak from our previous ‘Creating a Healthier World’ we
presented at last year's ASM, but the intent remains the same. T his is a broad and aspirational
purpose that acknowledges health is at the core of our company and a key driver, from the
health of our fish, and teams to our customers, communities, and environment. We also
intentionally use the word ‘healthier’ to reflect a direction of progress.
Sustainability and ESG have become a bit of a minefield, with overuse and greenwashing
having watered down their impact. We have chosen to define our own vision of success, one
which focuses on balanced progress across the five key dimensions – healthy economies,
healthy environments, healthy communities, healthy relationships and healthy kai.
I’ll briefly take you through what this looks like for us under each of these areas, with a
demonstration of meaningful actions.

Slide 17 – Healthy Economies
Beginning with Healthy economies. We are proud to be a significant contributor to both
regional and national economies, with future plans that will further grow this impact.

Slide 18 – Blue Endeavour update
Our Blue Endeavour Pilot is currently our biggest ticket investment and most significant
programme of work, and one that will create a strong economic future for our company. Our
Blue Endeavour project, once fully developed, could add ~$350 million in annual export
revenue, which aligns strongly with the central Government’s focus on an export-led economic
recovery and double export growth agenda.
It is great to be able to share with you now some of the progress made since our last ASM.
Just note that this is in our financial years, and the red line shows where we are at now:
• Our b aseline monitoring is nearly completed.
• Our two pilot pens have been assembled and successfully towed out to Waihinau,
where they are awaiting the nets which will be attached shortly.
• The first Blue Endeavour pilot fish have been transferred to the inshore nursery site
and are doing well.
• The mooring grid installation work is underway. It is scheduled to start tomorrow, June
12th (weather dependent), and will take up to three weeks.
• Our Blue Endeavour fish are scheduled to be towed to the BE site in late October 2025.
• The service vessel ‘Whekenui’ – currently under construction in Vietnam with expected
delivery September.
I wanted to share that we have been gifted the name Whekenui from a significant iwi partner,
Ngāti Kuia. We have a special relationship with Ngāti Kuia, and Blue Endeavour has been the
catalyst for us forming stronger shared interests, both through the cultural monitoring of our
farm, but also in other opportunities such as the naming of our service vessel.
The name ‘Whekenui’ is a derivative of ‘Te Wheke a Muturangi’. We have been gifted this
kōrero to share from Ngāti Kuia.
Kupe came to Aotearoa (the land of the long white cloud – New Zealand) on the Matahourua
waka (canoe) with Ngake in the Tawhirirangi waka, chasing Te Wheke a Muturangi (a giant
octopus) from Hawaiki. He caught up with and defeated Te Wheke a Muturangi at Tōtaranui
(Queen Charlotte Sound) and many place names at Tōtaranui are from his event and his
explorations of the area.

Slide 19 – Blue Endeavour Pilot Pens Video
I’m now going to share a quick video which shows the pen build, entry and tow out to Waihinau.
(Play video) .
This is very exciting to be able to see the manifestation of a decade's worth of work, including
research and development, consenting, monitoring and contracting, taking shape now in the
sea. This has truly been a cross-collaborative effort for our company, and has involved dozens

of other suppliers, domestically and internationally. Blue Endeavour is having a positive,
healthy economic impact beyond just our company, and will continue to do so as it scales up.

Slide 20 – Healthy Environments
On to our environments. We depend on a healthy environment for our fish to thrive. Minimising
our environmental footprint and working with the natural world is core to our business.

Slide 21 – Sustainability focus
We are acutely aware that the health of our fish, and ultimately our company, is directly tied to
the health of the ecosystems we operate within, making the natural environment a vital
foundation to our success. Operating in New Zealand’s unique marine and freshwater
environments is both a privilege and a responsibility we take seriously.
Here are a few ways in which we have demonstrated this responsibility:
• NZKS' base year of carbon emissions for Scope 1, 2 and 3 have been established at
81,216 tonnes of CO2e.
• NZKS’ second Climate-Related Disclosures for FY25 has been released in May 2025,
with emissions slightly up at 84,935, but pleasingly our G&G intensity measure has
reduced to 12.53 tonnes of CO2 equivalent per tonne of G&G harvested, from 13.03
in FY24. This effectively shows we have been more efficient with our carbon emissions
this year.
• Carried out work with a third party to explore reduction opportunities for Scope 1 and
2 emissions.
• NZKS completed New Zealand’s first in-house aquaculture finfish ensilage plant,
transforming by-products and diverting organic waste from landfill. The picture on this
slide is inside our ensilage processing facility in Picton.
• NZKS has undertaken comprehensive hydrology mapping to better understand our
climate risks at freshwater sites.
• Became a partner of The Aotearoa Circle, with involvement in developing the Seafood
Nature, Climate and Te Ao Māori Scenarios.
• Submission of NZKS’ fourth Modern Slavery Report (Australian Modern Slavery Act
2018).
• NZKS participated in the most recent XLab programme, which served as the catalyst
for the high-value protein recovery project. This new process captures and uses the
kidney line protein as a key ingredient in nutrient-rich fish meal for non-salmon
applications.
This last one is particularly interesting and demonstrates how we have achieved high-value
protein recovery from what was previously seen as an organic waste stream. It diverts waste,
saves us money on disposal costs, and is now earning us money by having found a home for
this valuable resource. We will continue to invest in and develop this kind of circularity thinking.

Slide 22 – Healthy Relationships
We have an ecosystem of important relationships which we are dependent upon for success.
We will continue to strengthen and invest in our relationships to achieve a healthy future.
We have been investing significantly in the relationship function of our business this year, as
critical to ensuring we have a long-term, healthy future. Some of the strategic focus areas this
year have been with shareholders, iwi, national and international salmon industry, customers,
science institutes, education providers, and of course local and central Government.
Our value proposition and our growth trajectory, positions us strongly to lean into the
Government's priorities. Aquaculture, and in particular open ocean aquaculture, is a primary
sector industry that maintains a strategic priority status, as outlined in the recently produced
New Zealand Aquaculture Development Plan 2025–2030.

Slide 23 – Future farming – A NZ Government Partnership
This alignment has enabled us to enter into a significant, multi-year partnership with the New
Zealand Government under the Sustainable Food and Fibre Futures (SFF Futures) fund. The
programme is expected to cost ~$29.3 million in total, with an investment by the government
of up to $11.7 million. Across its five-year duration, the ‘Future Farming’ programme will pilot
the technologies that will provide the ‘blueprint’ for substantive and sustainable salmon farming
growth in NZ, especially within new open ocean environments.
This programme encompasses three workstreams that will prove the technologies necessary
for any significant industry growth:
• Blue Endeavour Pilot —in relation to open ocean aquaculture (OOA),
• Recirculating Aquaculture Systems (RAS) Pilot —in relation to freshwater hatchery
technologies, and
• Novel Breeding Strategies Leveraging Genomics —to improve fish resilience and
breeding accuracy.
The successful deployment of these technologies in a pilot but commercially relevant scale
will demonstrate their utility to the wider NZ salmon farming sector. It will provide the business
confidence for other companies to deploy similar technologies to unlock significant growth,
while also supporting the long-term viability of the industry against climate-change
exacerbated challenges. NZKS acknowledges the co-funding of this project by the Ministry for
Primary Industries’ Sustainable Food and Fibre Futures fund.
Another critical milestone since the last ASM was the passing of the Resource Management
(Extended Duration of Coastal Permits for Marine Farms) Amendment Bill 2024 in August.
This landmark outcome has ensured our continued tenure at our inshore farms and is an
overwhelmingly positive vote of confidence for the aquaculture sector focused on building a
healthier future for New Zealand. Critically, it gives us the certainty of tenure to continue
farming our current inshore farms, which will play a crucial role in our entry into offshore
environments such as Blue Endeavour.

Slide 24 – Healthy Communities
We have been a part of the fabric of Te Tauihu for over 35 years. We value our team members
and communities (in the region and beyond) who are woven into our company.
Our people are the foundation of our company, and our team of over 450 is truly our greatest
asset. The level of unique expertise required to run the world’s largest, vertically integrated
King salmon company is quite phenomenal, and our ability to attract and retain talent is both
the envy of many, and an extremely high strategic priority.

Slide 25 – Attracting and maintaining a talented workforce
We demonstrate this commitment through a range of initiatives, including our new Emerging
Leader Programme, Life Skills Programme, Performance Management system, Health,
Safety, and Wellness Safety Focus, and NMIT scholarships.

Slide 26 – Healthy Kai
We are proud to grow a product that is recognised as a healthy, nutritious form of protein. King
salmon is a good source of omega-3 and is packed full of nutrients essential for overall health
and wellbeing.
We have invested significantly as a company to ensure this healthy kai is optimised through
strong brand recognition and differentiation. Our brands are highly sought after domestically
and globally. It is great to be in such high demand, however it can be a double-edged sword
when you don’t have the supply to meet the demand.
For example, with our current limited Ōra King volume, demand still far exceeds supply. The
focus in the build-up to Blue Endeavour will be strengthening our brand equity and
premiumising the Ōra King brand to supply high-end food service channels, as well as
strengthening the Regal brand in export markets for the retail channel.
Our Ambassador programme continues to grow in popularity, attracting more Michelin stars
and renowned chefs globally. It is an integral part of our brand and continues to be a focus of
ours.

Slide 27– Ōra King Ambassador video
I’ll just show you this quick video clip now, featuring our Ambassador chef Liwei Liao in Las
Vegas showcasing our dry-aged Ōra King and Ōra King TYEE for top chefs, again
demonstrating the strength of this brand. (Play video).

Slide 28,29 – Outlook
On to the outlook. Aquaculture can be a tough business – often we take two steps forward,
then face a new or slightly varied headwind that takes us back half a step. But directionally,
we continue to make steady progress building more resilience into the business year by year.

Blue Endeavour is a pathway to transformational growth and earnings, however it’s scalability
will be dependent on sequencing a range of other activities and investments, which you can
see on this slide.
Our focus is currently on operationalising the Blue Endeavour pilot farm, building the pilot RAS
at Tentburn, and advancing our breeding programme, three workstreams that are tied into the
Future Farming partnership. But we also know we cannot achieve future scale without our
factory capacity expansion, which involves extensive site option analysis and future
purchasing. And then turning our focus to the larger infrastructure requirements, such as a
Well Boat. And on top of all this, we cannot lose focus on maintaining a smooth and stable
core business.
As always, we will continue with our prudent approach of exercising patience and caution as
we prove out Blue Endeavour, continue to establish a solid platform, and build shareholder
confidence for the future investments we need to make.
That brings us to the end of my presentation. We’ve covered quite a bit of territory today, but
we look forward to answering any questions you may have. We’ll start with any from within the
room, and then we’ll move to any received online.
Nō rēira, tēnā koutou, tēnā koutou, tēnā koutou katoa.
Ends.

---

Annual Shareholders Meeting
Wednesday 11 June 2025

2025 ANNUAL SHAREHOLDERS MEETING
2
DISCLAIMER
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 haveany 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 ofrisks, 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.

WELCOME
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Mark Dewdney
Chair
Carl Carrington
Chief Executive Officer

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AGENDA
•Chair update
•CEO address
•Questions
•Ordinary business and resolutions
•Voting

•FY25 results overview
•Outlook
CHAIR UPDATE
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2025 ANNUAL SHAREHOLDERS MEETING
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CEO ADDRESS
•FY25 Financial summary
•Fish performance
•Market update
•Business update
•Outlook

2025 ANNUAL SHAREHOLDERS MEETING
FY25 PERFORMANCE
01

PRO-FORMAEBITDA COMPARISON
•Revenueis up primarily due to volume growth and continued focus on optimisation of product and customer mix choices. One initiative driving this is the optimisation of whole fish. FY25 has seen a small
uplift in the proportion of biomass sold as whole fish, and this will continue to be a focus area. Despite having a lower price point whole fish sales generally allow NZK to better leverage its strong brand
position to generate a higher margin
•Cost of goods is up on prior year – consistent with increased volume. While we continue to experience some inflation pressures the change in sales mix (referred to above) is helping minimise the
inflationary components in COGS
•MortalityThe slight increase in mortality from 1HY24 reflects the increase in biomass on hand for FY25. FY25 mortality was within Management's expectations
•Corporate costs are up on prior year. This reflects increased compliance costs as well as a continued investment in the back office to build capability ahead of growth, this investment is likely to continue
into FY26. Key areas of expenditure included:
•Increased investment in advertising and promotional spend
•Investments in capability as the business builds for the Blue Endeavour pilot. This includes additional professional servicesspend to support decision making around supporting infrastructure (i.e.
Greenfield site design)
•The compliance landscape continues to require increased investments across finance, technology, legal and sustainability functions
24.5
21.7
2.1
(14.3)
2.1
(1.4)
(4.8)
(0.2)
29.7
FY24Increased Sales
Volumes
Price/Customer/
Product Mix
COGS - Volume
Increase
COGS InflationMortalityCorporate CostsOther IncomeFY25
0.0
10.0
20.0
30.0
40.0
50.0
60.0
8
2025 ANNUAL SHAREHOLDERS MEETING

FY25OPERATIONALHIGHLIGHTS
$211
FY25 Revenue of
Million
6,778
Metric tonnes
harvested during FY25
Geographic spread of revenue
(7.1)
(73.2)
1.9
28.5
13.4
FY21FY22FY23FY24FY25
(7 months -
Jan)
(Jan)(Jan)(Jan)(Jan)
FY25 GAAP NPAT
10.9
8.7
(2.7)
24.5
29.7
FY21FY22FY23FY24FY25
(7 months -
Jan)
(Jan)(Jan)(Jan)(Jan)
FY25 Pro-Forma Operating EBITDA
95
175
167
187
211
FY21FY22FY23FY24FY25
(7m -
Jan)
(Jan)(Jan)(Jan)(Jan)
North
America
Europe
New
Zealand
Australia
Japan
China
Asia Ex Japan & China
44%
3%
2%
5%
11%
32%
3%
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B U S I N E S SU P D AT E
02

•Third year of the adapted farming strategy
•FY25 mortality was within planned range
•FY26 has started with some reduced feed
demand impacting growth, and some
elevated mortality, impacting total harvest
volume
•Fish growth (reduced feed outs) has had
more impact than mortality
FISHPERFORMANCE
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THREEWORKSTREAMSTOIMPROVERESILIENCE
1.Breeding for resilience
2.Diet development
3.Vaccinedeployment
Diet development -RuakākāTrialPensBreeding for resilience - thermotolerance
R&D (Image: Cawthron Institute)
Vaccinedeployment
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VACCINATIONMACHINE VIDEO
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MARKETS
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DEVELOPING A KEY MARKET: CHINA
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Our Purpose Statement —
Towards a Healthier Tomorrow
Health is at the core of our company —driving everything we
do, from the health of our fish and teams to our customers,
communities, and environment.
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Healthy Economies

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BLUEENDEAVOURUPDATE
Today - 11 June

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BLUE ENDEAVOUR PILOT PENS VIDEO

Healthy Environments

•Establishing carbon emissions for Scope 1, 2 and 3(81,216 tonnes
of CO2e)
•Second Climate-Related Disclosures for FY25 released in May
2025
•Exploring carbon reduction opportunities
•Completed New Zealand’s first in-house aquaculture finfish
ensilage plant (see image)
•Comprehensive hydrology mapping to understand climate risks
•Partner of The Aotearoa Circle –helping develop the Seafood
Nature, Climate and Te Ao Māori Scenarios
•Fourth Modern Slavery Report
•Participated in XLabprogramme – resulting in high-value protein
recovery project
SUSTAINABILITY FOCUS
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Healthy Relationships

FUTURE FARMING – A NZ GOVERNMENT PARTNERSHIP
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Healthy
Communities

ATTRACTING AND MAINTAINING A TALENTED WORKFORCE
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• Emerging Leader Programme
• Life Skills Programme
• Performance Management system
• Health, Safety, and Wellness Safety Focus
• NMIT scholarships

Healthy Kai

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ŌRA KING AMBASSADOR VIDEO

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OUTLOOK
03

OUTLOOK
•Continued progress
•Building resilience
•Blue Endeavour
transformational pathway
•Sequencing future investments

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QUESTIONS
04

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ORD I N A R Y B U S I N E S S
A N D R E S O L U T I O N S
05

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That the Board is authorised to fix the auditor’s remuneration for the financial year
ending 31 January 2026.
TheBoardunanimouslyrecommendsthatshareholdersvotein favourof Resolution1.
RESOLUTION1

2025 ANNUAL SHAREHOLDERS MEETING
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RESOLUTION2
Having retired in accordance with NZX
Listing Rule 2.7.1, that Chiong Yong be
elected as a Director.
TheBoardunanimouslyrecommendsthat
shareholders votein favourof Resolution2.

2025 ANNUAL SHAREHOLDERS MEETING
3434
RESOLUTION3
Having retired in accordance with NZX
Listing Rule 2.7.1, that Carol Chen be
elected as a Director.
TheBoardunanimouslyrecommendsthat
shareholders votein favourof Resolution3.

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CAROL CHEN’S PRE-RECORDED ASM ADDRESS

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RESOLUTION4
Having retired in accordance with NZX
Listing Rule 2.7.1, that Victoria Taylor be
elected as a Director.
TheBoardunanimouslyrecommendsthat
shareholders votein favourof Resolution4.

2025 ANNUAL SHAREHOLDERS MEETING
VOTING
06

2024 ANNUAL SHAREHOLDERS MEETING
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CHAIR CLOSING

2025 ANNUAL SHAREHOLDERS MEETING
A PPENDIC E S A N D D I S C L A I M E R
07

FY25 RECONCILIATION BETWEEN GAAP AND PRO-FORMA FINANCIALS
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NZD 000s
Statutory Financial
Statements
DepreciationFair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue
210,993 210,993
Cost of goods sold(193,039)6,834 35,086 (151,119)
Fair value gain / (loss) on biological transformation
27,411 (27,411)-
Gross Profit
45,365 6,834 7,675 -59,874
Other operating income5,475 (4,330)1,145
Overheads
Sales, marketing and advertising(16,814)
152 (16,662)
Corporate expenses(13,796)
1,151 (12,645)
Other expenses(1,983)(1,983)
Add back: Depreciation and amortisation
8,137 (8,137)
EBITDA
26,384 -7,675 (4,330)29,729
Deduct: Depreciation and amortisation(8,137)(8,137)
EBIT
18,247 -7,675 (4,330)21,592
Finance income1,466 1,466
Finance costs(619)(619)
Net finance costs
847 --847
Profit / (loss) before Tax19,094 -7,675 (4,330)22,439
Income tax (expense) / credit(5,735)(2,149)1,212 (6,672)
Net Profit / (loss) for the Year
13,359 -5,526 (3,118)15,767

FY24 RECONCILIATION BETWEEN GAAP AND PRO-FORMA FINANCIALS
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NZD 000s
Statutory Financial
Statements
DepreciationFair Value Adjustments
1
Early FX Close-outs
Pro-Forma Operating
Financial Information
Revenue187,106 187,106
Cost of goods sold
1
(173,172)6,326 29,331 (137,515)
Fair value gain / (loss) on biological transformation
1
45,118 (45,118)-
Gross Profit59,052 6,326 (15,787)-49,591
Other operating income8,065 (6,728)1,337
Overheads
Sales, marketing and advertising(15,004)151 (14,853)
Corporate expenses(11,840)1,108 (10,732)
Other expenses(868)(868)
Add back: Depreciation and amortisation7,585 (7,585)-
EBITDA46,990 -(15,787)(6,728)24,475
Deduct: Depreciation and amortisation(7,585)(7,585)
EBIT39,405 -(15,787)(6,728)16,890
Finance income1,051 1,051
Finance costs(396)(396)
Net finance costs655 655
Profit / (loss) before Tax40,060 -(15,787)(6,728)17,545
Income tax (expense) / credit(11,608)4,420 1,884 (5,304)
Net Profit / (loss) for the Year28,452 -(11,367)(4,844)12,241
1
FY24 GAAP Gross Profit has been restated due to a change in presentation in the financial statements (Depreciation associatedwith growing and processing salmon is now included in ‘Cost of goods sold).
There has also been a change in the fair value adjustment allocations between line items ‘Cost of goods sold’ and ‘Fair value gain / (loss) on biological transformation’ following a change in the valuation model
used. There is no change to reported EBITDA or NPAT on a GAAP or Pro-Forma basis.

EXISTING SEAFARMRESOURCE CONSENTS EXTENDED
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FarmsRegionExpiry dateStatus
RuakākāQueen Charlotte2044Active
ŌtānerauQueen Charlotte2044
Active
Forsyth BayPelorus2044Fallow
WaihinauPelorus2044Active
1
Crail BayPelorus2044Fallow
Clay PointTory Channel2050
Active
Te PanguTory Channel2050
Active
WaitātāPelorus2050
Active
NgāmahauTory Channel2050
Active
KopāuaPelorus2050Fallow
Blue Endeavour
Cook Strait2057Active
1
•TheMarineConsentsExtensionActcameintoforceinearlySeptember2024.Thishas
providedcertaintyof tenureforNZKS'resourceconsents
•Fiveconsents(Ruakākā,Ōtānerau,ForsythBay,Waihinau,CrailBay)thatwereduefor
expiryat theendof 2024,nowexpirein 2044
•TheActhasalsoextendedthedurationofWaitātā,Kopāua,Ngāmahau,ClayPointand
TePanguthroughto 2050
•Theconditionsof consentfortheoldestfarmswillto beupdated.NZKSwillworkwiththe
MarlboroughDistrictCouncilonthis,andthisprocessmaytakesometime
•Theextensionof tenureof thePelorussitesis importantin relationto thedevelopmentof
theBlueEndeavouropportunity. Theplanis toutilisethesesitesasnurseryfarmsand
asa harvestlocationforourBlueEndeavouroperation.Thiswillbeginin April2025with
WaihinaureceivingthefirststockforBlueEndeavour
1
NZKSintendstotransfersmolttoWaihinauin April2025,thesefishwillthenbetransferredtotheBlueEndeavoursitein October2025

APPENDIX – GLOSSARY OF TERMS
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FY26Financial results for the 12 months from 1 February 2025 to 31 January 2026
FY25Financial results for the 12 months from 1 February 2024 to 31 January 2025
FY24Financial results for the 12 months from 1 February 2023 to 31 January 2024
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
FY21Financial results for the 7 months from 1 July 2020 to 31 January 2021
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
RASRecirculating Aquaculture System

Pro-Forma Operating EBITDA refers to earnings before interest, tax, depreciation and amortisation, after allowing for Pro-Forma adjustments; being the
exclusion of fair value adjustments relating to the fair value gains or losses arising from the application of NZ IAS 41 Agriculture and NZ IAS 2 Inventories and
the early foreign currency contract close outs.
The impact of NZ IAS 41 Agriculture and NZ IAS 2 Inventories
Our GAAP results are impacted by fair value gains or losses arising from the application of NZ IAS 41 Agriculture and NZ IAS 2 Inventories. The impact of these
standards are explained below:
Fair Value under NZ IAS 41 Agriculture andNZ 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, thesestandards 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.
UNDERSTANDING OUR GAAP RESULTS
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F Y 2 5A NNUA LS HA RE HOL DE RSME E T I NG
FY2 4ANNUALSHAREHOLDE
RSMEETING
45