NZK 1HY25 (SEPT) Half Year Results

25 September 2025

NZK - NEW ZEALAND KING SALMON INVESTMENTS LIMITED ANNOUNCES 1HY25 (SEPT) RESULT

New Zealand King Salmon Investments Ltd (NZX & ASX: NZK) reports its financial performance for the
six-month period ended 31 July 2025 (1HY25 (Sept)). Key points include:

• 1HY25 (Sept) net loss for the period of $20.8 million, compared to a net profit of $6.0
million in 1HY25 (Jan). The GAAP results were predominately impacted by non-cash
adjustments relating to a fair value write-down on biological assets/inventory of
$22.5m (after tax) compared to gain of $2.6m (after tax) for the prior comparable
period.

• 1HY25 (Sept) pro-forma EBITDA of $5.7 million, compared to an EBITDA of $13.5 million in
1HY25 (Jan).
• Sales volumes decreased from 3,178MT in 1HY25 (Jan) to 2,624 MT in 1HY25 (Sept)
(a decrease of 17%).
• Revenues decreased from $101.7 million in 1HY25 (Jan) to $94.5 million in 1HY25 (Sept) (a
decrease of 7%).
• Earnings guidance range of pro-forma EBITDA has been held at $1m - $7m for the
period 8 months 30 September 2025 (FY25 (Sept), with the Board guiding to the
upper half of this range.

New Zealand King Salmon Chair, Mark Dewdney, said: “The half-year results have been impacted by
challenging biological performance, with subdued feed outs and slightly elevated mortality impacting our
Salmon available for harvest and sale. As a direct result of these impacts the Board made the difficult decision
in May to reduce the harvest for FY25 (Sept), to allow our biomass to recover. Pleasingly, feed out rates (and
growth rates) are now back on track and biomass is rebuilding well for FY26 (Sept) and FY27 (Sept).

“Despite the challenges of this financial period, the Board remain confident that current actions will provide
further mitigations to production challenges, and the progression of the company’s growth plan will secure a
bright future,” says Dewdney.

New Zealand King Salmon Chief Executive Officer, Carl Carrington, said: “The good news is that we have
many initiatives already in motion that will help strengthen our core business, and mitigate the future impact of
these fish health and performance challenges. These include implementing a summer feed diet which will
improve summer performance, improve health and reduce mortality; breeding for resilience, continuing our
selective breeding for thermotolerance and summer survival. Kicking off construction of pilot Recirculated
Aquaculture Systems (RAS) at Tentburn, which we are very confident will improve smoltification outcomes,
reducing early runting.”

“We have a strong focus on executing growth, which can be seen in the progress of our Blue Endeavour open
ocean pilot farm, delivery of our service vessel Whekenui, and our purchase of the Cloudy Bay commercial
site in Blenheim, to support our future processing needs and volumes”, says Carl

“Our confidence remains around the long-term growth opportunities for NZK. Our direction of travel has not
changed. Rather, the emphasis on certain initiatives has increased, sequencing is shifting in response to new
circumstances, and certain investments are accelerating.”

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

ENDS

For investor or analyst queries, please contact:
Carl Carrington, Chief Executive Officer, carl.carrington@kingsalmon.co.nz
Ben Rodgers, Chief Financial Officer and Company Secretary, ben.rodgers@kingsalmon.co.nz

---

NZK
Results announcement
31 July 2025

Results for announcement to the market
Name of issuer New Zealand King Salmon Investments Limited
Reporting Period 6 months to 31 July 2025
Previous Reporting Period 6 months to 31 July 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$94,471 (7%)
Total Revenue $94,471 (7%)
Net profit/(loss) from
continuing operations
($20,845) <>
Total net profit/(loss) ($20,845) <>
Interim/Final Dividend
Amount per Quoted Equity
Security
Nil
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.34 $0.37
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

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

25/09/2025

Unaudited financial statements accompany this announcement.

---

Interim Consolidated Financial Statements
For the six months ended 31 July 2025
New Zealand King Salmon Investments Limited
and Subsidiaries

Contents
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 Statements8
1. Corporate Information8
2. Basis of Preparation8
3. Earnings per Share9
4. Trade and Other Receivables9
5. Inventories9
6. Biological Assets10
7. Interest Bearing Loans And Borrowings11
8. Trade And Other Payables12
9. Fair Value Of Financial Instruments12
10. Commitments And Contingencies12
11. Capital And Reserves13
12. Related Party Disclosures14
13. Disaggregation Of Revenue15
14. Events After Balance Date15
2

New Zealand King Salmon Investments Limited
Corporate Directory
Board of DirectorsBankersNew Zealand King Salmon
Mark DewdneyThe Bank of New ZealandTicker: NZK
Independent Non-Executive ChairDeloitte CentreListed on the NZX Main Board and
Jack Lee PorusLevel 6, 80 Queen Streetas a Foreign Exempt Listing on the ASX
Non-Executive DirectorAuckland, New ZealandNZ Company Number: 2161790
Chiong Yong Tiong
Non-Executive DirectorKiwibankRegistered Office
Catriona MacleodLevel 9, 20 Customhouse Quay17 Bullen Street, Tāhunanui
Independent Non-Executive DirectorWellington, New ZealandNelson 7011, New Zealand
Yuen Ping Carol Chen
Non-Executive DirectorAuditorPostal Address
Victoria TaylorPricewaterhouseCoopers (PwC)PO Box 1180
Independent Non-Executive DirectorLevel 4, 60 Cashel StreetNelson 7040, New Zealand
Paul MunroChristchurch, New Zealand Telephone
Independent Non-Executive Director+64 3 548 5714
LawyersWebsite
Audit, Finance, Risk and ProjectChapman Trippwww.kingsalmon.co.nz
Development CommitteeLevel 34, 15 Customs Street West
Paul Munro (Chair) Auckland, New ZealandShare Registry
Chiong Yong Tiong Computershare Investor
Mark DewdneyGascoigne WicksServices Limited
79 High StreetLevel 2, 159 Hurstmere Road
People, Performance andBlenheim, New ZealandTakapuna
Safety CommitteeAuckland, New Zealand
Victoria Taylor (Chair)Duncan Cotterill+64 9 488 8777
Jack Porus197 Bridge Streetenquiry@computershare.co.nz
Mark DewdneyNelson, New Zealand
Catriona Macleod Computershare Investor
Tavendale and PartnersServices Pty Limited
Fish Farming Committee 94 Nile StreetYarra Fall
Jack Porus (Chair)Nelson, New Zealand452 Johnston Street
Catriona MacleodAbbotsford VIC 3001
Mark DewdneyAustralia
+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 2025
UNAUDITED UNAUDITED
31 July 2025 31 July 2024
Note$000$000
Revenue from contracts with customers1394,471 101,735
Cost of goods sold5(89,986) (114,118)
Fair value gain/(loss) on biological transformation6(17,199) 33,984
Gross profit /(loss)
(12,714) 21,601
Other income588 3,001
Selling and distribution expenses(8,404) (8,431)
Corporate expenses(8,235) (7,359)
Other expenses(829) (56)
Profit /(loss) before interest and tax
(29,594) 8,756
Finance income833 644
Finance costs(334) (250)
Profit / (loss) before tax
(29,095) 9,150
Income tax credit /(expense)
8,250 (3,144)
Net profit /(loss) after tax
(20,845) 6,006
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations(524) 418
Gain/(loss) on cash flow hedges9,850 (3,530)
Income tax effect of gain/(loss) on cash flow hedges
(2,758) 998
Hedging gain /(loss) reclassified to profit & loss
1,493 1,622
Income tax effect on reclassifications to profit & loss
(423) (454)
Release of early closed out foreign exchange contracts
(405) (2,623)
Deferred tax on early closed out foreign exchange contracts
113 734
Net other comprehensive income /(loss)
7,346 (2,835)
Total comprehensive income
(13,499) 3,171
Earnings per share
Basic earnings per share
3
(0.04)$ 0.01$
Diluted earnings per share
3
(0.04)$ 0.01$
The interim consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
4

Interim Consolidated Statement of Financial Position
As at 31 July 2025
UNAUDITEDAUDITED
31 July 2025 31 January 2025
Assets
Note
$000$000
Current assets
Cash and cash equivalents57,354 49,738
Trade and other receivables414,343 17,262
Other current financial assets93,000 3,000
Inventories521,257 27,190
Biological assets655,785 88,145
Derivative financial assets91,484 1,016
Total current assets153,223 186,351
Non-current assets
Property, plant and equipment57,609 52,427
Derivative financial assets92,646 540
Intangible assets2,589 2,775
Right-of-use assets9,379 10,103
Total non-current assets72,223 65,845
Total Assets225,446 252,196
Liabilities
Current liabilities
Trade and other payables819,282 13,456
Deferred Revenue2,554 -
Employee liabilities4,228 4,838
Borrowings72,358 4,505
Lease liabilities1,745 1,834
Other financial liabilities12325 340
Derivative financial liabilities91,483 7,153
Taxation payable376 4,426
Total current liabilities32,351 36,552
Non-current liabilities
Employee liabilities267 326
Lease liabilities8,078 8,647
Deferred tax liabilities797 6,134
Derivative financial liabilities9388 3,506
Total non-current liabilities9,530 18,613
Total Liabilities41,881 55,165
Net Assets183,565 197,031
Equity
Share capital11180,143 180,143
Reserves2,116 (5,263)
Retained earnings1,306 22,151
Total Equity
183,565 197,031
For and on behalf of the Board, who authorised the issue of these financial statements on 24 September 2025
DirectorDirector
24 September 202524 September 2025
The interim consolidated statement of financial position should be read in conjunction with the accompanying notes.
5

Interim Consolidated Statement of Changes in Equity
For the six months ended 31 July 2025
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 2025180,143155(6,175) 75722,151197,031
Profit /(loss) for the period- - - - (20,845) (20,845)
Other comprehensive income / (loss)- (524) 7,870- - 7,346
Total comprehensive income/(loss) for the period- (524) 7,870- (20,845) (13,499)
Share based payment expense- - - 33- 33
Balance as at 31 July 2025180,143(369) 1,6957901,306183,565
UNAUDITED
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) 74114,798193,590
The 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 2025
UNAUDITED UNAUDITED
31 July 2025 31 July 2024
$000$000
Operating activities
Receipts from customers95,785 101,049
Payments to suppliers(51,410) (62,118)
Payments to employees(23,188) (22,626)
Interest received827 644
Interest paid(315) (230)
Government grants received2,151 33
Income tax (paid) / received(4,205) (548)
Net cash flows (used in) / from operating activities19,645 16,204
Investing activities
Placement / (maturity) of short term deposits- (1,000)
Proceeds from sale of property, plant and equipment24 2
Purchase of property, plant and equipment(8,501) (5,212)
Purchase of intangible assets- -
Net cash flow (used in) / from investing activities(8,477) (6,210)
Financing activities
Repayment of borrowings(2,147) (2,286)
Payment of lease liabilities(956) (517)
Net cash flows (used in) / from financing activities(3,103) (2,803)
Net increase / (decrease) in cash and cash equivalents8,065 7,191
Net foreign exchange difference(449) 199
Cash and cash equivalents at beginning of the period49,738 20,908
Cash and cash equivalents at 31 July57,354 28,298
The 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 2025
1.Corporate Information
2.Basis of Preparation
The Group’s interim results are not significantly impacted by seasonaility noting revenues are relatively consistant across the year. The Group
notes some variations may occur in relation to biomass mortality in the 6 months to 31 July, as this tends to be the more volatile period for
biological assets.
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 2025 were authorised by the Directors on 24 September 2025.
New Zealand King Salmon Investments Limited is a profit-orientated company incorporated and domiciled in New Zealand, registered under
the Companies Act 1993. The Company is dual listed with its primary listing of ordinary shares quoted in New
Zealand on the NZX Main Board (“NZX”), and a secondary listing in Australia as a foreign Exempt Entity on the Australian securities exchange
(“ASX”). The Company is an FMC reporting entity under the Financial Markets Conduct Act 2013.
These unaudited 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
2024 are unaudited. The comparative information for the year ended 31 January 2025 is audited.
The Group is principally engaged in the farming, processing, sale and distribution of premium salmon products.
The significant accounting policies applied by the Group during the period have been applied consistently to all periods presented in these
condensed consolidated interim financial statements. These financial statements should be read in conjunction with the financial
statements and related notes included in the Company’s Annual Report for the year ended 31 January 2025. 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 2025.
Certain comparative figures for the period ended 31 July 2024, have been reclassified during the period for consistency with the current period
presentation. These classifications had no effect on the reported results of operations.
8

Notes to the Interim Consolidated Financial Statements
For the six months ended 31 July 2025
3.Earnings per Share
UNAUDITEDUNAUDITED
31 July 202531 July 2024
Earnings per share
$000$000
Profit /(Loss) attributable to ordinary equity holders
(20,845) 6,006
# of Shares# of Shares
000000
538,182 538,686
Basic earnings per share$(0.04)$0.01
Diluted earnings per share$(0.04)$0.01
4.Trade and Other Receivables
UNAUDITEDAUDITED
31 July 202531 January 2025
Trade and other receivables
$000$000
Trade receivables12,171 13,716
Allowance for expected credit losses(293) (302)
Prepayments1,321 3,032
GST receivable1,028 707
Other receivables116 109
Total trade and other receivables
14,34317,262
5.Inventories
UNAUDITEDAUDITED
31 July 202531 January 2025
Inventories
$000$000
Raw materials6,246 8,528
Work in progress3,955 757
Finished goods11,056 17,905
Total inventories
21,25727,190
UNAUDITEDUNAUDITED
31 July 202531 July 2024
Amount of inventories recognised as an expense in the statement of
$000$000
comprehensive income
Cost of inventories recognised as an expense(87,987) (112,435)
Movement in net realisable value provision(1,999) (1,683)
Total cost of goods sold including fair value uplift at point of harvest
(89,986) (114,118)
Weighted average number of ordinary shares for basic and diluted earnings per share
The carrying value of finished goods as at 31 July 2025 includes a fair value uplift at point of harvest of $1,418k (31 January 2025:
$4,554k) and net realisable value provision of $1,309k ( 31 January 2025: $3,374k).
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 2025 includes a fair value uplift at point of harvest of
$12,093k (31 July 2024: $38,056k). 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 (“deemed cost”). As at 31 July 2025 no
volumes were forecasted to be sold at returns materially below deemed cost plus further manufacturing costs.
9

6.Biological Assets
UNAUDITEDAUDITED
31 July 202531 January 2025
Reconciliation of the carrying value of biological assets
$000$000
As at 1 February
88,145 94,460
Increase due to production
36,849 86,672
Decrease due to harvest
(29,919) (73,896)
Decrease due to mortality
(9,998) (14,059)
Changes in fair value
(29,292) (5,032)
As at balance date
55,78588,145
UNAUDITEDAUDITEDUNAUDITED
31 July 202531 January 202531 July 2024
Fair value gain / (loss) recognised in profit and loss
$000$000$000
Fair value included in cost of goods sold(12,093) (32,443) (31,594)
Fair value gain/(loss) on biological transformation(17,199) 27,411 33,984
Total Change in Fair Value(29,292) (5,032) 2,390
UNAUDITEDUNAUDITED
31 July 2025
31 July 2024
Harvested biomass
tonnestonnes
Total live weight harvested for the period 3,058 3,820
UNAUDITEDAUDITED
31 July 202531 January 2025
Estimated closing biomass
tonnestonnes
Closing fresh water stocks113171
Closing seawater stocks3,5664,708
Total estimated closing biomass live weight 3,6794,879
Fair value measurement
Sales Price
Estimated remaining production cost
The Group has two hatcheries in the South Island and seven operational marine salmon farms in the Marlborough Sounds. The fish
livestock typically grow for up to 31 months before harvest.
Biological assets are, in accordance with NZ IAS 41, measured at fair value less costs to sell. All fish at sea are subject to a fair value
calculation, while broodstock and smolt are measured at cost less impairment losses (as the best estimate of fair value given little
biological transformation). Measurement of fair value is performed using a discounted cash flow model and is categorised at Level 3 in
the fair value hierarchy, as the input is mostly unobservable.
The valuations are based on an income approach and takes into consideration unobservable inputs based on biomass in the sea, the
estimated growth rate, mortality and cost to completion at site level. Quality and size of the fish going forward and forecast sales
prices are considered at a Group level. A relevant contributory asset charge is included within the expected cash flow.
The fair value model calculates the net present value of expected cash flow. Valuation is based on a variety of premises, many of
which are unobservable. For mature fish (ready for harvesting) on the reporting date, uncertainty mainly involves realised prices and
volume. For immature fish (not ready for harvesting), the level of uncertainty is generally higher as the immaturity introduces
uncertainty around biological transformation and mortality.
There is no independently observable market price for King salmon ex-harvest and therefore the sales price is based on the sales price
the Group receives for finished product.
The planned point of harvesting is assessed based on the Group’s production plan for the year ahead, however, there may be
uncertainty regarding the estimated growth rate which in turn would affect cost. For immature fish, the fair value is adjusted by the
estimated remaining cost necessary to grow the fish to optimal harvest weight.
Forecast production costs include provisions for estimated feed prices, the cost of labour and other costs of biological transformation.
Estimations are affected by uncertainty regarding the feed pricing, the sea temperature and other conditions affecting growth and
costs.
10

Volume
Discount Rate
Fair value risk and sensitivity
UNAUDITEDAUDITED
31 July 202531 January 2025
Sensitivity Analysis of BiomassEffect on Pre-Tax Profit$000$000
Change in Sales Price
1
+10%19,333 20,935
Change in Sales Price
1
-10%
(19,333) (20,935)
Change in harvest volume
2
+300MT
7,907 7,642
Change in harvest volume
2
-300MT
(7,907) (7,238)
Change in harvest volume
2,3
-900MT
(23,722) N/A
Change in Feed Price
1
+10%
(3,100) (3,810)
Change in Feed Price
1
-10%
3,100 3,810
1
In respect of sales and feed pricing one of the key variables is FX for which the group has hedging in place
2
Harvest volume is measured at the Gilled and Gutted weight (G&G)
3
Harvest sensitivity includes impact of Blue Endeavour pilot uncertainty

Climate risk impact on biological assets
7.Interest Bearing Loans And Borrowings
UNAUDITEDAUDITED
31 July 202531 January 2025
Current interest bearing loans and borrowings$000$000
Secured bank loans
2,000 2,000
Other borrowings
358 2,505
Total current interest bearing loans and borrowings
2,358 4,505
New Zealand King Salmon considers three components to be key parameters for valuation: price, estimated harvest biomass volume
and feed cost. The following table is a sensitivity analysis, showing the change in the fair value of the biological assets, and hence the
Company’s profit before tax, in the event of changes in these parameters. The estimate of fair value of the biomass will always be
based on uncertain assumptions, even though the Group has built up expertise in assessing these factors.
The Group recognises that climate-related risks, such as warmer water temperatures, can impact on the fair value of biological
assets. Climate-related risks can impact on fish health factors, such as increased mortality and lower than anticipated growth rates.
The Group notes that fish mortality is multi-factorial with the dominant correlation currently occurring with prolonged elevated water
temperature which increases stress and reduces the fish’s resistance to bacteria and other pathogens. The Group consider these
risks when assessing the biomass measurement and fair value of biological assets as at 31 July 2025.
Estimate harvest volume is based off the size and weight of fish on balance date adjusted for the forecast future growth and mortality
until point of harvest. The estimated number of fish is based on the number of smolt transferred to the sea, and mortality, which is a
given percentage of the fish in the sea. These percentages are determined separately for each site based on the environmental factors
prevalent at the site and expected for the forecast period.
The discount rate considers both the time value (tying up capital) and risk adjustment (risk related to volume, cost and price). The time
value of money is estimated based off the NZ 10 year government bond. The risk adjustment reflects the price discount a hypothetical
buyer would demand as compensation for the risk assumed by investing in live fish rather than another investment. This risk
adjustment has been estimated using the company’s Weighted Average Cost of Capital adjusted for a return on the processing and
sales operations as well as other contributory assets on the fish farming side of the business. Removing these components leaves the
risk adjusted discount rate specific to biological assets at 16.5% for the period. (FY25: 14.5%)
11

8.Trade And Other Payables
UNAUDITEDAUDITED
31 July 202531 January 2025
$000$000
Trade payables11,149 9,799
Other payables8,133 3,657
Total trade and other payables
19,282 13,456
9.Fair Value Of Financial Instruments
The following financial instruments of the Group are carried at fair value:
UNAUDITEDAUDITED
31 July 202531 January 2025
Current derivative financial assets$000$000
Forward exchange contracts928 460
Foreign exchange options556 556
Total current derivative financial assets
1,484 1,016
Current other financial assets
Term deposits (4 -12 month term)3,000 3,000
Total other current financial assets3,000 3,000
Non-current derivative financial assets
Forward exchange contracts2,343 45
Foreign exchange options303 495
Total non-current derivative financial assets
2,646 540
Current derivative financial liabilities
Forward exchange contracts492 4,438
Foreign exchange options991 2,715
Total current derivative financial liabilities
1,483 7,153
Non-current derivative financial liabilities
Forward exchange contracts62 2,417
Foreign exchange options326 1,089
Total non-current derivative financial liabilities
388 3,506
Valuation methods
10.Commitments And Contingencies
Capital commitments
Guarantees
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 1: Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date.
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).
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
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 2025 (31 January 2025 - nil).
The group has two guarantee facilities at 31 July 2025 totalling $134k (31 July 2024: $134k).
The Group has entered into agreements to purchase plant and equipment. As at 31 July 2025 the total commitment is $2,691k (31 July
2024: $3,417k).
The carrying value of cash and short term deposits, 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.
12

11.Capital And Reserves
UNAUDITEDAUDITED
31 July 202531 January 2025
Issued Share Capital000000
Ordinary shares538,182 538,182
Total issued shares
538,182 538,182
UNAUDITEDAUDITEDUNAUDITEDAUDITED
31 July 202531 January 202531 July 202531 January 2025
Movement in ordinary share capital$000$000
The beginning of the period538,182
541,455
180,143
180,143
Share issue
-
-
-
-
Cancellation of shares
-
(3,273)
-
-
Total Share capital as at period end
538,182 538,182180,143 180,143
Reserves
Foreign currency translation reserve
Hedge reserve
UNAUDITEDAUDITED
31 July 202531 January 2025
$000$000
Unrealised gain /(loss)
(1,695) 6,467
Realised gain /(loss)
- (292)
Total gain /(loss) on hedge reserves
(1,695) 6,175
Retained earnings
Share based payment reserve
The share-based payment reserve relates to two long term incentive (LTI) schemes (FY25: two scheme) and three employee share
ownership schemes (FY25: two schemes). A new performance share rights (PSR) LTI scheme was approved in July 25. A total of
2,176,433 PSR were issued to eligible senior employees under this new PSR LTI scheme (FY25: 4,889,679 PSRs were issued).
# of SharesShare Capital
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements
of the foreign subsidiaries.
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 2025 (6 months to 31
July 2024: No dividend was declared nor paid).
The hedge reserve represents the unrealised gains and losses on 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).
Retained earnings represents the profits retained in the business.
13

12.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%
Transactions with related parties
UNAUDITEDUNAUDITED
31 July 202531 July 2024
Related party payments$000$000
Goods and services purchased from other related parties- -
Directors fees330 180
Total related party payments
330 180
Related party sales$000$000
Goods sold to related parties
1
4,0221,739
Total related party sales
4,022 1,739
UNAUDITEDAUDITED
Amounts owing to related parties
31 July 202531 January 2025
Current amounts owing to related parties$000$000
Other amounts owing to related parties237 237
Fees payable to directors88 103
Total current amounts owing to related parties
325 340
Amounts owing by related parties$000$000
Amounts owing by related parties315156
Total amounts owing by related parties
315156
1
The principal activity of The New Zealand King Salmon Co. Limited is the farming, processing, sale and distribution 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 sale of salmon.
At balance date Oregon Group Limited owned 39.55% (31 July 2024: 39.79%), China Resources Enterprise Limited owned 9.87% (31
July 2024: 9.87%) and NZ Superannuation Fund owned 8.88% (31 July 2024: 8.88%) of the shares in New Zealand King Salmon
Investments Limited.
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. Immaterial sales of salmon products were also made to Directors during this period.
The following provides the total amount of transactions that were entered into with related parties for the relevant financial period:
14

13.Disaggregation Of Revenue
UNAUDITEDUNAUDITED
31 July 202531 July 2024
Revenue by Product Group$000$000
Whole Fish46,29153,725
Fillets, Steaks & Portions23,61824,346
Hot Smoked6,6136,122
Cold Smoked14,17113,274
Petfood9451,366
Other2,8332,902
Total revenue by product group
94,471101,735
UNAUDITEDUNAUDITED
31 July 202531 July 2024
Revenue by Brand$000$000
Ōra King30,23138,743
Regal22,67322,580
Southern Ocean1,8892,356
Omega Plus9451,365
New Zealand King Salmon38,73336,691
Total revenue by brand
94,471 101,735
UNAUDITEDUNAUDITED
31 July 202531 July 2024
Revenue by Market$000$000
New Zealand32,26433,666
North America38,97544,477
Australia9,87210,945
China4,1582,356
Japan2,6942,061
Europe2,6252,913
Other3,8835,317
Total revenue by geographical location of customers
94,471101,735
14.Events After Balance Date
Dividend
Purchase of Commercial Property
No dividend was declared in respect of the 6 months ended 31 July 2025 (6 month period to 31 July 2024: Nil).
On 9 September 2025, the Group announced the unconditional purchase of a commercial site for $8.14m. The transaction is expected
to settle by 7 October 2025. NZK will use existing cash on hand to fund the purchase.
Sales net of settlement discounts to two major customer for the period 1 February 2025 to 31 July 2025 totalled $26.8m or 28.4% of
total gross revenue (For the period 1 February 2024 to 31 July 2024 two major customer totalled $22.7m or 22.4% of total gross
revenue).
15

---

1HY25 (SEPT) HALF YEAR
FINANCIAL RESULTS

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 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 supplements our unaudited half year results announcement. It should be read subject to and in conjunction with the additional information in that release, and other material
which we have released to the NZX.
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.
2
1HY25 (SEPT) INVESTOR PRESENTATION

PRESENTERS
Carl Carrington
Chief Executive Officer
Ben Rodgers
Chief Financial Officer
Grant Lovell
GM Aquaculture
3
1HY25 (SEPT) INVESTOR PRESENTATION

EXECUTIVE SUMMARY
1HY25 (Sept)
•The 6 months to 31 July 2025 (1HY25 (SEPT)) result was a Net loss after tax of $20.8m (6 months to 31 July 2024 (1HY25 (Jan)) was a Net profit of
$6.0m). When compared to the prior comparable period (pcp) the current financial results have been impacted by a period of challenging biological
performance, as subdued feed outs resulted in lower than forecast biomass at sea. The lower biomass at sea resulted in a decision to reduce
harvest volumes to rebuild biomass. The GAAP results are also impacted by non-cash adjustments relating to a pre-tax fair value loss on biological
assets/inventory of $31.2m (1HY25 (Jan) pre-tax gain of $3.7m).
•The Pro-Forma EBITDA at half year (1HY25 (Sept)), which is both our preferred performance measure and the profit measure that NZKS guides to,
was a profit of $5.7m (1HY25 (Jan) profit of $13.5m) impacted predominately by the decreased harvest noted above. The lost growth over this period
once again highlights the high operational leverage in the business which has high fixed and semi variable costs. Feed outs have recovered back to
forecast levels, and the implementation of a new summer feed diet should provide a mitigant heading into the upcoming summer.
•Despite the challenging half, confidence remains with both a growth pathway progressing (BE pilot) and strong demand for the product both locally
and globally.
Blue
Endeavourupdate
•Pilot pens have been constructed and are currently moored at Waihinau
•Pilot farm fish are performing as expected and continue to be grown out at Waihinau and will be ready to relocate to the Blue Endeavour (BE) site
November 2025.
•The BE service vessel “Whekenui” has been completed and is scheduled to be delivered to NZ in October.
•The contract for the design of the Pilot RAS, to be constructed at the Tentburn hatchery, has been signed
•Sustainable Food and Fibre Futures (SFF Futures) fund partnership with New Zealand Government is progressing well (~$2m received in funding
from SFF Futures under this partnership in 1HY25 (Sept))
Balance sheet
•Balance Sheet remains strong with net cash on hand ~$58.4m
•Capex spend for the 6 months to 31 July 2025 was $8.5m, with capex forecast for period end, 30 September 2025, being ~$14m. Capex spend for
the period, excluding the BE pilot spend, of $2.7m was focussed on stay in business capex including replacement nets, moorings, machinery and site
works. BE pilot capex $5.8m (includes pens, nets, moorings, service vessel and commencement of work on RAS pilot)
FY25 (Sept) guidance
•Pro-Forma EBITDA guidance range, for the 8-month period ended 30 September 2025, remains at $1million to $7million, with the Board guiding to
the upper half of this range.
•Expected harvest ~3,150 MT to 3,450 MT
4
1HY25 (SEPT) INVESTOR PRESENTATION

1HY25 (SEPT) PERFORMANCE

$94
1HY25 (SEPT)
REVENUE OF
MILLION
METRIC TONNES HARVESTED
DURING 1HY25 (SEP)
GEOGRAPHIC SPREAD OF REVENUE
NORTH
AMERICA
EUROPE
NEW ZEALAND
AUSTRALIA
JAPAN
CHINA
ASIA EX JAPAN & CHINA
41%
3%
4%
4%
11%
34%
3%
6
1HY25 (SEPT) INVESTOR PRESENTATION
2,691
1HY25 (SEPT) OPERATIONAL HIGHLIGHTS
80
80
92
102
94
1HY221HY231HY241HY25
(JAN)
1HY25
(SEPT)
(5.6)
(24.5)
10.6
6.0
(20.8)
1HY22 1HY23 1HY24 1HY25
(JAN)
1HY25
(SEPT)
1HY25 (SEPT) GAAP NPAT
4.3
(12.7)
10.7
13.5
5.7
1HY22 1HY23 1HY24 1HY25
(JAN)
1HY25
(SEPT)
1HY25 (SEPT) PRO-FORMA
OPERATING EBITDA

Key Brand Highlights
Ōra King
•Global media coverage for Ōra King has continued to increase well across all digital platforms
•“Beyond Fresh” was an exciting invite-only evening with Ōra King and Liwei Liao (Dry Aged Fish Guy),
where top influential chefs and decision-makers experienced the magic of dry-aging in Las Vegas, NA
Regal
•Growing the Regal Marlborough King Salmon brand in China continues through both developing
influential retail and foodservice partnerships and sharing our unique New Zealand story with discerning
Chinese consumers
•In NZ retail, Regal converts awareness to consideration at a rate of 77%, meaning consumers who know
about us are highly inclined to consider purchasing our salmon. Regal continues to lead in the salmon
category for both consideration and preference. (Source: Tracksuit – Feb 25 to July 25)
Omega Plus
•Partnered with PetStock to build awareness and preference across the Omega product range, with a
combined social and EDM campaign reaching more than 640,000 pet owners and strengthening brand
presence in market (Source: Meltwater, Mailchimp)
7
1HY25 (SEPT) INVESTOR PRESENTATION
Our brands remain central to creating long-term value, deepening consumer trust, and enhancing
New Zealand King Salmon’s global reputation.
BUILDING BRAND STRENGTH FOR SUSTAINABLE GROWTH

SALES PERFORMANCE
Global Reach and Key Strategic Market focus
North America (MT)
Domestic Market (MT)
Asia (MT)Excludes ChinaEurope (MT)
Australia (MT)
First half salesSecond half sales
Sales have been disrupted in 1HY25 (Sept) by supply constraints. The
disruption has been most prevalent in Foodservice (fresh sales), with the
impact on Retail being partially mitigated via utilisation of finished goods
on hand
•North American demand remains strong, however supply
constraints have resulted in a decrease in overall sales
•In New Zealand the Retail andFoodservice market was downdue
to fresh salmon availability
•The Australian market continues to show strong demand
(exceeding available supply). Consistent with other markets the
Foodservice channel has been constrained with supply challenges
•China has shown good growth despite the growth opportunities
being supply restricted. There is strong demand and this market
remains a significant growth opportunity
•The European market has remained quite flat in both Foodservice
and Retail at the premium end of the market
•Asia markets (excl. China) declined with the aforementioned
supply challenges
8
1HY25 (SEPT) INVESTOR PRESENTATION
China (MT)
1,414
1,086
1,314
1,421
1,098
1,719
1,091
1,176
1,489
FY22FY23FY24FY25
(JAN)
FY25
(SEPT)
1,333
1,156
958
1,016
866
1,417
1,219
1,058
1,109
FY22FY23FY24FY25
(JAN)
FY25
(SEPT)
203
258
372
351
295
290
321
321
400
FY22FY23FY24FY25
(JAN)
FY25
(SEPT)
4
5
37
71
113
34
30
67
FY22FY23FY24FY25
(JAN)
FY25
(SEPT)
100
131
81
83
62
132
87
64
71
FY22FY23FY24FY25
(JAN)
FY25
(SEPT)
575
249
262
236
190
451
234
226
268
FY22FY23FY24FY25
(JAN)
FY25
(SEPT)

FISH PERFORMANCE
•During 1HY25 (Sept) the third summerof ouradapted farming strategy was completed. This
involves having the majorityof our biomass in the cooler To r y Channel region over the warmer
months, before towing to Queen Charlotte Sound post-summer.
•As announced in May 2025, NZKS experienced a significant reduction in feed volume and slightly
elevated mortality over the 2024/25 summer period. This resulted in reduced growth, reduced
biomass at sea, an increased FCR over this period, and a major impact on the harvest volumes
available for sale.
•Feed prices have fallen over the last 12 months, which is a positive. The promising summer diet
trial (trialled at theRuakākātrialfacilitylast summer). will be rolled out across the businessin the
coming months. This diet displayed significant performance improvements but does also come
with an increased feed cost.
Biological
Performance
1HY25
(Sept)
1HY25
(Jan)% chg.
Harvest Volume (G&G MT)2,6913,362
(20%)
Average Harvest Weight (G&G Kg)
3.254.23(23%)
Feed Conversion Ratio (FCR)
2.071.8512%
Closing Livestock Biomass
3,6794,565
(19%)
Feed Cost ($ / Kg of feed)
3.173.45(8%)
SoundFarm
Harvested Volume (G&G MT)
1HY25
(Sept)
1HY25
(Jan)
% chg.
Queen Charlotte
Ruakākā
12
-
Ōtānerau
344
-
Tory Channel
Clay Point482
537
Te Pangu1,2501,701
Ngāmahau5901,117
Pelorus Sound
Waitātā-
-
Freshwater
13
7
Total2,6913,362(20%)
9
1HY25 (SEPT) INVESTOR PRESENTATION
2021
2022
2023
2024
2025
Seafarm Mortality Biomass (MT) from February - July

NZKS SUSTAINABILITY FOCUS
•NZKS released its second Climate-Related Disclosures report in May 2025 – noting an
improved carbon intensity measure. The Scope 1 & 2 emissions pertonne (tCO2e/t)
intensity indicator reduced by 9.5%​, showing efficient usage of resources
•NZKS’FY25(JAN)carbon emissions for Scope 1, 2 and 3 were assured for the first
time
•NZKS completed NZ’s first in-house aquaculture finfish ensilage plant in mid-2024,
which allows us to divert organic waste fromlandfill
•Ongoing focus on how to optimiseour remaining raw materials.
•Submission of NZKS’ fifth Modern Slavery Report (Australian Modern Slavery Act
2018)
•NZKS was part of the working group for the Seafood Integrated Scenarios report,
which is a world first, weaving together climate change, nature, and Te ao Māori into a
practical, culturally grounded scenario framework.
WE CONTINUE TO PROGRESS ON OUR SUSTAINABILITY JOURNEY
10
1HY25 (SEPT) INVESTOR PRESENTATION

1HY25 (SEPT) RESULTS

1HY25 (SEPT) HEADLINE FINANCIAL PERFORMANCE
1
A full reconciliation between GAAP and Pro-Forma results is shown on pages 23 and 24 of this presentation
2
1HY25 (JAN) GAAP Gross Profit/(loss) has been restated due to a change in presentation in the financial statements at the
end of FY25 (12 months to 31 Jan 25) (Depreciation associated with growing and processing salmon is now included in ‘Cost
of goods sold). There is no change to reported EBITDA or NPAT on a GAAP or Pro-Forma basis.
Revenue – Total revenue was impacted by a reduction in available
harvest. Revenue per kg increased due to a change in product mix
(higher proportion of value added product sold as finished goods on
hand was used to partially mitigate the reduction in harvest) and pricing
increases.
Gross Profit – GAAP Gross Profit was negatively impacted by both a
reduction in volume sold (lower harvest) and fair value movements when
compared to the prior period (this is in line with the decrease in the
forecasted harvestable biomass).
EBITDA – In addition to the gross profit explanation above. EBITDA was
negatively impacted by an increase in overhead costs. Consistent with
previous market updates, overhead costs have increased due to
investments in capability to deliver both BAU improvements and growth
projects (BE and Greenfield processing site). The decrease in other
income on a GAAP basis is attributable to a decrease in the unwind of
FX contracts closed out in FY21/FY22.
NPAT – has decreased on a GAAP basis from the prior comparable
period as a result of the decrease in EBITDA, partially offset by a tax
reduction in the tax expense.
12
1HY25 (SEPT) INVESTOR PRESENTATION
Group Financial Performance
GAAPPro-Forma
1
NZ$000s
1HY25
(SEPT)
1HY25
2

(JAN)
% chg.
1HY25
(SEPT)
1HY25
(JAN)
% chg.
Volume Sold (MT)2,624 3,178 (17%)2,624 3,178 (17%)
Revenue94,471 101,735 (7%)94,471 101,735 (7%)
Gross profit/(loss)(12,714)21,601 -22,388 28,364 (21%)
Gross Margin %(13%)21%24%28%
EBITDA(25,065)12,481 -5,736 13,516 (58%)
EBITDA %(27%)12%6%13%
EBIT(29,594)8,756 -1,207 9,791 (88%)
Net profit/(loss) after tax(20,845)6,006 -1,331 6,751 (80%)

1HY25 (SEPT) INVESTOR PRESENTATION
•Revenue
oVolume - is down due to a decrease in the available harvest volumes, which was a direct result of the subdued feed outs earlier in the period (reducing biomass at sea) . The lower
biomass resulted in a decision to reduce harvest volumes for FY25 (Sept) to rebuild biomass.
oPrice - The decreased volume impact was partially offset by both a change in product mix (a greater proportion of value added products were sold, utilising finished goods on hand) and
price increases.
•Cost of goods
oVolume - has decreased - consistent with a decline in harvested volumes.
oOperational Leverage - As commented previously the lower harvest volumes highlights the high operational leverage in the business, with high fixed and semi variable costs impacting
COGS.
•Mortality increased slightly on the prior comparable period (pcp), the mortality does represent an opportunity cost following onto lower biomass and impacting operational leverage.
•Corporate costs have increased and are up on the pcp reflecting:
oInvestments in capability as the business continues to builds for the delivery of growth initiatives (including the Blue Endeavour pilot and greenfield processing site)
1
Refer to pages 23 & 24 for full reconciliation between GAAP and Pro-Forma results
13
PRO-FORMA
1
EBITDA COMPARISON
13.5
(17.7)
10.5
9.2
(6.5)
(1.5)
(1.6)
(0.2)
5.7
1HY25 (JAN)
Decreased sales
volumes
Price/Customer/
Product Mix
COGS -Volume
Decrease
COGS -Operational
Leverage/ Inflation
MortalityCorporate CostsOther Income1HY25 (SEPT)
PRO-FORMA EBITDA 1HY25 (JAN) to 1HY25 (SEPT)

BALANCE SHEET
NZKS’ balance sheet has been impacted by the reduction in the value of Salmon at sea (biological
assets). The reduction in the fair value of biological assets recognises a reduction of fish available for
harvest which will impact future EBITDA. Biomass is expected to continue to recover through FY26 (12
months ended 30 September 2026) and FY27 (Consistent with a 30 – 36 month life cycle of salmon).
Should volumes recover as forecast, a fair value gain is expected to be recognised in the FY26 accounts.
Outside of the biological asset story working capital management has remained disciplined. For the
period ending 31 July 2025:
•Net Cash on hand increased to $58.4m (this includes ~$2.0m of funding received from the SFF
Futures fund partnership)
•Finished Goods (Inventories) on hand reduced from $17.9m to $11.0m, NZKS has sold down a
number of SKU’s to safety stock levels attributable to the reduced harvest
•Payables has increased due to timing of inventory purchases
•Other current liabilities have decreased due to the fair value movement of FX instruments and
timing of insurance instalments. The current period balance includes $2.6m related to deferred
revenue from the SFF Futures funding
NZKS invested ~$8.5m in capex for 1HY25 (Sept). Major capex projects included spend of $5.8m
associated with the Blue Endeavour pilot projects (including pens, nets, moorings, service vessel and
commencement of work on RAS pilot). Non Blue Endeavour pilot spend $2.7m, focused on stay in
business capex including replacement nets, moorings, machinery and site works. The Capex forecast for
the period ending FY25 (Sept) is ~$14m.
NZKS has also gone unconditional on a commercial site in Cloudy Bay Business Park in Blenheim for
$8.14 million (settlement expected 7 October 2025) with a lens to future processing requirements.
NZKS utilised all available brought forward tax losses during the year ended 31 January 2025 and was in
a tax paying position. The loss for the current period (1HY25 (SEPT))generated tax losses. Due to the
balance date change NZKS will have a 20-month income tax period from 1 Feb 24 to 30 Sept 25,
therefore the tax losses generated in this period will be offset against the taxable profit for the period to 31
January 2025 reducing the current tax payable position, as at 31 July 2025.
1
Cash and equivalents include $3m term deposits with maturities > 4 months (31 Jan 25: $3m)
14
1HY25 (SEPT) INVESTOR PRESENTATION
Group Financial Position
Jul-25Jan-25
NZ$000sUnauditedAudited
Current Assets
Cash and cash equivalents60,35452,738
Receivables14,34317,262
Inventories21,25727,190
Biological Assets55,78588,145
Derivative financial assets1,4841,016
153,223186,351
Non-Current Assets
Property, plant & equipment57,60952,427
Other14,61413,418
72,22365,845
Total Assets225,446252,196
Current Liabilities
Loans (external)2,3584,505
Lease Liabilities1,7451,834
Payables19,28213,456
Other8,96616,757
32,35136,552
Non-Current Liabilities
Lease Liabilities8,0788,647
Other1,4529,966
9,53018,613
Total Liabilities41,88155,165
Net Assets183,565197,031
Net Cash / (Debt)58,35450,738

FROM SURVIVING TO THRIVING

FY25 (SEPT)* GUIDANCE UPDATE
$1m-$7m
*FY25 (Sept) Pro-Forma EBITDA Guidance
(8 months to 30 September 2025, following change in
balance date)
•FY25 (Sept)* guidance range provided as Pro-Forma EBITDA of $1million – $7million.
The Board anticipate achieving in the upper half of the range.
•Our FY25 (Sept) guidance is a result of:
oHarvest reduction: The decision by the Board to reduce harvest was made to
rebuild biomass following a period of lower than anticipated growth over the first
half of 2025. The main contributor to the reduced growth was from subdued feed
outs. Feed outs have improved, however the long grow out cycle for Salmon
doesn’t see a rebound in biomass until the FY27 year. At this stage, the Board’s
best estimates of harvest volumes are:
oFY26 (30 September 2026) ~5,200 G&G MT to ~5,800 G&G MT
oFY27 (30 September 2027) ~6,800 G&G MT to ~7,400 G&G MT
oFinished Goods optimisation: With the reduction in harvest there has been
continued focus to reduce finished Goods on hand to safety stock levels
•FY25 Capex forecast at ~$14m
oBlue Endeavour Pilot Project ~$11m (includes pens, nets, moorings, service vessel
and commencement of work on RAS pilot)
oStay in business Capex of ~$3.0m which is below previous guidance around BAU
capital needs due to timing (replacement nets, moorings, machinery and site
works)
•The Board has reconfirmedthatdividends will remainon hold for the foreseeablefuture
as NZKS develops theBlue Endeavour project
16
1HY25 (SEPT) INVESTOR PRESENTATION

DOUBLING DOWN ON THE CORE
Despite the supply disruptions which will impact the FY25 (Sept) & FY26 results, optimism remains around the long
term growth opportunities for NZK. Our direction of travel has not changed.Rather, the emphasis on certain initiatives
hasincreased, sequencing is shifting in response to new circumstances, and certain investments are accelerating.
Doubling down on the core represents a focus on investments that will provide near term returns and provide a solid
platform for future growth. These include:
Aquaculture Improvements
•Implementing a summer feed diet, which was trialled at our Ruakākā trial facility in 2024/2025. This trial
demonstrated improved summer performance by reducing the FCR , reducing mortality and improving fish
health/welfare when compared to the current commercial diet used over the same period.
•Breeding for Resilience:Work is ongoing in our breeding programme to continue selective breeding for
thermotolerance and summer survival. NZKS is expanding our partnership with the MBIE-funded Climate
Adapted Finfish programme to include selective breeding for disease resistance and ongoing genomics work.
•Vaccine development: We arecontinuing ourvaccine developmentin collaboration with key partners.
•High flow consent conditions reviewed with some modifications – alignment of monitoring with best practice
(benthic, reef and water quality), simplification of compliance process, feed discharge staging requirements
removed, and allowance for therapeutants. The removal of feed discharge staging gives NZKS earlier access to
an additional 3,500MT of potentially
1
usable feed discharge down the Tory Channel.
•Therapeutants: with the change in some consent conditions, therapeutants (e.g. antibiotics) are now able to be
administered to our fish at 6 of our 8 active marine sites. This would only be undertaken with the direction and
supervision of our inhouse licensed veterinarian.
Processing & Sales
•Investments in processing capabilities that will enable NZKS to extract more value from harvested biomass
•Investment into the Regal brand in the China market. The early results are promising with limited supply being
the biggest constraint (reduced harvest). This is encouraging as we position this market for future growth.
17
1HY25 (SEPT) INVESTOR PRESENTATION
Ruakākā trial pens
Regal Brand in China
1. Additional feed discharge still needs to be in line with the environmental conditions of the consents

EXECUTING GROWTH
Executing Growth With fish for the Blue Endeavour Pilot Farm now at sea and due to be transferred to the Blue
Endeavor site later this year NZK continue to look for ways to accelerate and/or de-risk the growth profile. The focus is
on investing in the right things, in the right order and at the right time.
Aquaculture
•The SFF Fund (now called the Primary Sector Growth Fund) Future Farming project is progressing well:
- Blue Endeavour pilot farm continues to proceed as planned, with fish and pens being relocated to the
BE site in the coming months
- Pilot RAS continues to track to plan
•The lease of a well boat is being investigated (earlier than originally planned) to unlock operational
opportunities at the inshore farms.
Processing & Sales
•Cloudy Bay site acquired and design work underway for a new processing facility (Whole fish & filleting)
•Market development – geographies and customers
Corporate
•Continued investment in capability – to execute on the growth opportunities (including Blue Endeavour) NZK
continues to make investments in capability
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1HY25 (SEPT) INVESTOR PRESENTATION
Well-boat
Blue Endeavour pens

1HY25 (SEPT) INVESTOR PRESENTATION 19
A well-boat (live fish transportation vessel) is required to operate Blue
Endeavour at scale. NZKS is currently investigating the opportunity to bring
forward the timing of this lease.
A well-boat has the potential to unlock the following benefits for NZKS:
•Supports inshore volume increases by providing the ability to access
underutilised feed discharge​, thus increasing the farming capacity for inshore
sites​. An example of this would be transferring smolt to the To r y channel and
relocating these fish to the Pelorus over colder months to utilise the available
feed discharge
•Enables farming improvements through fallowing of sites, grading of fish
(during lifecycle) and single-year class​ which are expected to yield
improvements in both quality and fish performance
•Eliminates manual towing risk​ (reduce risk of mortality and degradation in fish
performance)
The Board and Management are still working through these options and plans
WELL-BOAT – A TRANSFORMATIONAL SHIFT

BLUE ENDEAVOUR- PILOT UPDATE
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1HY25 (SEPT) INVESTOR PRESENTATION
Today
Two pilot pens at Waihinau - to be towed to Blue Endeavour site in the
coming months
Blue Endeavour mooring grid work underway Blue Endeavour service vessel – ‘Whekenui’ en route from Vietnam
– ETA October

APPENDICES

HIGH FLOW CONSENT CONDITIONS REVIEWED AND RENEWED
FarmsRegion
Expiry
date
Status
Feed
Staging
Change *1
RuakākāQueen Charlotte2044ActiveNo Change
ŌtānerauQueen Charlotte2044
Active
No Change
Forsyth BayPelorus2044FallowNo Change
WaihinauPelorus2044ActiveNo Change
Crail BayPelorus2044FallowNo Change
Clay PointTory Channel2050
Active+1,500MT
Te PanguTory Channel2050
Active+500MT
WaitātāPelorus2050
Active+2,000MT
NgāmahauTory Channel2050
Active+1,500MT
Kopāua
Pelorus2050Fallow
+2,500MT
Blue Endeavour
Cook Strait2057ActiveNo Change
NZKS have successfully received new high flow consents. The sites affected are Clay
Point, Te Pangu, and Ngāmahau in Kura Te Au/Tory Channel, and Waitātā and Kopāua
in Te Hoiere/Pelorus Sound. These new consents consolidate and simplify conditions to
support effective and efficient monitoring and management of the farms. Key Benefits to
NZKS include:
•The removal of feed discharge staging has provided NZKS earlier access to3,000MT
of potentially usable feed discharge at Ngāmahau and Clay Point. There was also an
increase in feed discharge at Waitātā (2000MT) andKopāua (2500MT) but given the
current farming windows or site-specific environmental constraints,this is currently
unable to be utilised
•Consent wording has been changed so that other discharges associated with ethical
farming practices are allowed, provided all other legal requirements are met. This
allows farms to usetherapeutants under veterinary supervision
•Benthic Monitoring now aligns with the Best Management Practices - Benthic. This
enables the use of eDNA as a monitoring tool which will provide a more cost effective
and efficient way to assess the capacity and function of the benthic community
•Removal of benthic / water quality monitoring requirements for fallowed farms
•Other reduced monitoring conditions (reefs, King Shag populations) due to there
being no evidence farms are having an impact in these areas.
1. Additional feed discharge still needs to be in line with the environmental conditions of the consents.NZK already
operates many farms well under consented levelstomaintainconsent/environmental compliance
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1HY25 (SEPT) INVESTOR PRESENTATION

1HY25 (SEPT) RECONCILIATION BETWEEN GAAP AND PRO-
FORMA FINANCIALS
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1HY25 (SEPT) INVESTOR PRESENTATION
NZD 000s
Statutory Financial
Statements
DepreciationFair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue
94,471 94,471
Cost of goods sold(89,986)3,896 14,007 (72,083)
Fair value gain / (loss) on biological transformation
(17,199)17,199 -
Gross profit/(loss)(12,714)3,896 31,206 - 22,388
Other operating income588 (405)183
Overheads
Selling and distribution expenses(8,404)195 (8,209)
Corporate expenses(8,235)438 (7,797)
Other expenses(829)(829)
Add: Depreciation
4,529 (4,529)-
EBITDA(25,065)- 31,206 (405)5,736
Deduct: Depreciation and amortisation(4,529)(4,529)
EBIT
(29,594)31,206 (405)1,207
Finance income833 833
Finance costs(334)(334)
Net finance costs499 - - 499
Profit /(loss) before Tax(29,095)31,206 (405)1,706
Income tax (expense) / credit8,250 (8,738)113 (375)
Net profit/(loss) after tax
(20,845)22,468 (292)1,331

1HY25 (JAN)
1
RECONCILIATION BETWEEN GAAP AND PRO-FORMA
FINANCIALS
1
1HY25 (JAN) GAAP Gross Profit/(loss) has been restated due to a change in presentation in the financial statements at the end of FY25 (12 months to 31 Jan 25) (Depreciation associated with growing and
processing salmon is now included in ‘Cost of goods sold). There is no change to reported EBITDA or NPAT on a GAAP or Pro-Forma basis.
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1HY25 (SEPT) INVESTOR PRESENTATION
NZD 000s
Statutory Financial
Statements
DepreciationFair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue101,735 101,735
Cost of goods sold(114,118)3,105 37,642 (73,371)
Fair value gain / (loss) on biological transformation33,984 (33,984)-
Gross profit/(loss)21,601 3,105 3,658 - 28,364
Other operating income3,001 (2,623)378
Overheads
Selling and distribution expenses(8,431)74 (8,357)
Corporate expenses(7,359)546 (6,813)
Other expenses(56)(56)
Add: Depreciation3,725 (3,725)-
EBITDA12,481 - 3,658 (2,623)13,516
Deduct Depreciation and amortisation(3,725)(3,725)
EBIT8,756 - 3,658 (2,623)9,791
Finance income644 644
Finance costs(250)(250)
Net finance costs394 - - 394
Profit /(loss) before Tax9,150 - 3,658 (2,623)10,185
Income tax (expense) / credit(3,144)- (1,024)734 (3,434)
Net profit/(loss) after tax6,006 - 2,634 (1,889)6,751

APPENDIX – GLOSSARY OF TERMS
FY27Financial results for the 12 months from 1 October 2026 to 30 September 2027
FY26Financial results for the 12 months from 1 October 2025 to 30 September 2026
FY25 (SEPT)Financial results for the 8 months from 1 February 2025 to 30 September 2025
FY25 (JAN)Financial 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
1HY25 (SEPT)Financial results for the 6 months from 1 February 2025 to 31 July 2025
1HY25 (JAN)Financial results for the 6 months from 1 February 2024 to 31 July 2024
1HY24Financial results for the 6 months from 1 February 2023 to 31 July 2023
1HY23Financial results for the 6 months from 1 February 2022 to 31 July 2022
1HY22Financial results for the 6 months from 1 February 2022 to 31 July 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
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1HY25 (SEPT) INVESTOR PRESENTATION

UNDERSTANDING OUR GAAP RESULTS
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 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.
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1HY25 (SEPT) INVESTOR PRESENTATION