NZK 1HY26 Half Year Results

26 May 2026

NZK - NEW ZEALAND KING SALMON INVESTMENTS LIMITED ANNOUNCES 1HY26 RESULTS
New Zealand King Salmon Investments Ltd (NZX & ASX: NZK) reports its financial performance for the six-
month period ended 31 March 2026 (1HY26). Key points include:
• Net profit for the period: $13.8m for the 6 months ended 31 March 2026 (1HY26), compared to a loss
of $20.8m for the 6 months ended 31 July 2025
• Pro-forma EBITDA: A profit of $17.2m for 1HY26, compared to a profit of $5.7m for the 6 months
ended 31 July 2025
• Pro-forma EBIT: A profit of $12.3m for 1HY26, compared to a profit of $1.2m for the 6 months ended
31 July 2025
• Sales volumes: Increased to 2,799 MT (6 months to 31 March 2026) from 2,624 MT (6 months to 31
July 2025)
• Revenue: increased to $100.3m (6 months to 31 March 2026) from $94.5m (6 months to 31 July 2025)
“It has been a positive start to FY26 with strong results off the back of positive fish performance over the summer
period, which also supported a strong first half of sales and greater operational efficiencies across the company.
The improved summer fish performance can be attributed to a range of factors and initiatives including the
implementation of the new summer diet, increased grading of stock and a focus on operational execution.

“Looking at the remainder of FY26 we have seen in May the arrival of the Ronja King wellboat and the successful
installation of our Blue Endeavour pilot pens, marking significant milestones for our company. These are big
pieces of operational infrastructure that will underpin our volume growth from FY27 onwards,” says CEO Carl
Carrington.

On the back of these half-year results, the Board is pleased to provide a further upgrade to guidance from the
market update on 17 April 2026.

o Pro-forma EBIT range upgraded to $13m to $19m (previous in market range of $10m to $18m)
o Pro-forma EBITDA range upgraded to $23m to $29m (previous in market range of $19m to $27m)
o Harvest G&G volume range remains at 5,800 G&G MT to 6,100 G&G MT
o Capex for FY26 is a range of $18m to $25m

This guidance update represents the ongoing positive fish performance as well as being further along in the
financial year, providing more certainty on impacts related to the ongoing conflict in the Middle East. While these
risks are still very much present, the impact on FY26 results has reduced with the passing of time and the fuel
price increases slowing. Whilst the potential cost impact to FY26 has reduced, there is still ongoing uncertainty
around airfreight availability for exporting, and this remains an ongoing risk consideration that may impact future
performance.

“Looking beyond FY26 our harvest guidance for FY27 is unchanged at ~7,200 G&G MT to ~7,600 G&G MT.
The FY28 harvest guidance has increased to ~8,500 G&G MT to ~9,100 G&G MT, up from ~8,200 G&G MT to
~8,800 G&G MT.

“This progressive increase in harvest reflects a clear path to scale. The investments we are making today in
open ocean farming, processing capacity, and our people are laying the foundation for a structurally different
business - one with significantly greater earnings potential. The Board remain confident in the stability of the
business and the future growth trajectory,” says Chairman Mark Dewdney.
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
Katie Bennett, Chief Financial Officer and Company Secretary, katie.bennett@kingsalmon.co.nz

---

NZK
Results announcement
31 March 2026



Results for announcement to the market
Name of issuer New Zealand King Salmon Investments Limited
Reporting Period 6 months to 31 March 2026
Previous Reporting Period 6 months to 31 July 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$100,253 6%
Total Revenue $100,253 6%
Net profit from continuing
operations
$13,808 <>
Total net profit $13,808 <>
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
$0.40 $0.34
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
Katie Bennett
Contact person for this
announcement
Katie Bennett
Contact phone number 03 548 5714
Contact email address Katie.bennett@kingsalmon.co.nz
Date of release through MAP

26/05/2026

Audited financial statements accompany this announcement. Pursuant to ASX Listing
Rule 1.15.3, New Zealand King Salmon Investments Limited confirms that it continues
to comply with the rules of its home exchange (the NZX Main Board)

---

Interim Consolidated Financial Statements
For the six months ended 31 March 2026
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 Payables11
9.Government Grants12
10.Fair Value Of Financial Instruments12
11.Commitments And Contingencies13
12.Capital And Reserves13
13.Related Party Disclosures14
14.Disaggregation Of Revenue15
15.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 (Resigned 16 January 2026)
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 WestInvestor Relations
Paul Munro (Chair) Auckland, New Zealandinvestor@kingsalmon.co.nz
Chiong Yong Tiong
Mark DewdneyGascoigne WicksShare Registry
79 High StreetComputershare Investor
People, Performance andBlenheim, New ZealandServices Limited
Safety CommitteeLevel 2, 159 Hurstmere Road
Victoria Taylor (Chair)Duncan CotterillTakapuna
Jack Porus197 Bridge StreetAuckland 0622, New Zealand
Mark DewdneyNelson, New Zealand+64 9 488 8777
Catriona Macleod enquiry@computershare.co.nz
Tavendale and Partners
Fish Farming Committee 94 Nile StreetComputershare Investor
Jack Porus (Chair)Nelson, New ZealandServices Pty Limited
Catriona MacleodYarra Fall
Mark Dewdney452 Johnston Street
Abbotsford VIC 3067
Australia
+61 3 9415 4083
enquiry@computershare.co.nz
3

Interim Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2026
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Note$000$000
Revenue from contracts with customers14100,253 94,471
Cost of goods sold5(88,190) (91,943)
Fair value gain/(loss) on biological transformation623,593 (17,199)
Gross profit /(loss)35,656 (14,671)
Other income93 588
Selling and distribution expenses(8,855) (8,404)
Corporate expenses(6,870) (6,278)
Other expenses(997) (829)
Profit /(loss) before interest and tax19,027 (29,594)
Finance income371 833
Finance costs(288) (334)
Profit /(loss) before tax19,110 (29,095)
Income tax (expense)/credit
(5,302) 8,250
Net profit /(loss) after tax13,808 (20,845)
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations482 (524)
Gain/(loss) on cash flow hedges(1,076) 9,850
Income tax effect of gain/(loss) on cash flow hedges301 (2,758)
Hedging gain /(loss) reclassified to profit & loss489 1,493
Income tax effect on reclassifications to profit & loss(155) (423)
Release of early closed out foreign exchange contracts- (405)
Deferred tax on early closed out foreign exchange contracts- 113
Net other comprehensive income /(loss)41 7,346
Total comprehensive income 13,849 (13,499)
Earnings per share
Basic earnings per share
3
0.03$ (0.04)$
Diluted earnings per share
3
0.03$ (0.04)$
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 March 2026
UNAUDITEDAUDITED
31 March 202630 September 2025
Assets
Note
$000$000
Current assets
Cash and cash equivalents40,155 45,629
Trade and other receivables420,136 14,927
Other current financial assets103,000 3,000
Taxation Receivable- 269
Inventories521,008 21,629
Biological assets694,914 80,306
Derivative financial assets102,779 1,817
Total current assets181,992 167,577
Non-current assets
Property, plant and equipment69,476 60,589
Derivative financial assets10469 1,479
Intangible assets2,400 2,541
Right-of-use assets8,696 9,083
Total non-current assets81,041 73,692
Total Assets263,033 241,269
Liabilities
Current liabilities
Trade and other payables817,897 15,444
Deferred Income9158 -
Employee liabilities4,515 4,153
Borrowings71,934 2,000
Lease liabilities1,806 1,725
Other financial liabilities13283 360
Derivative financial liabilities102,312 2,431
Taxation payable3,233 442
Total current liabilities32,138 26,555
Non-current liabilities
Employee liabilities318 282
Lease liabilities7,419 7,827
Deferred Income92,996 2,777
Deferred tax liabilities7,881 6,060
Derivative financial liabilities101,025 430
Total non-current liabilities19,639 17,376
Total Liabilities51,777 43,931
Net Assets211,256 197,338
Equity
Share capital12180,143 180,143
Reserves1,481 1,371
Retained earnings29,632 15,824
Total Equity
211,256 197,338
For and on behalf of the Board, who authorised the issue of these financial statements on 25 May 2026
DirectorDirector
25 May 202625 May 2026
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 March 2026
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 October 2025180,14313838484915,824197,338
Profit /(loss) for the period- - - - 13,80813,808
Other comprehensive income / (loss)- 482(441) - - 41
Total comprehensive income/(loss) for the period- 482(441) - 13,80813,849
Share based payment expense- - - 69- 69
Balance as at 31 March 2026180,143620 (57) 918 29,632211,256
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 March 2026
UNAUDITEDUNAUDITED
31 March 202631 July 2025
6 months6 months
$000$000
Operating activities
Receipts from customers93,612 95,785
Payments to suppliers(64,010) (51,410)
Payments to employees(23,408) (23,188)
Interest received432 827
Interest paid(271) (315)
Government grants received1,220 2,151
Income tax (paid) / received(269) (4,205)
Net cash flows (used in) / from operating activities7,306 19,645
Investing activities
Proceeds from sale of property, plant and equipment- 24
Purchase of property, plant and equipment(12,304) (8,501)
Government grants received related to property, plant and equipment322 -
Net cash flow (used in) / from investing activities(11,982) (8,477)
Financing activities
Repayment of borrowings(66) (2,147)
Payment of lease liabilities(919) (956)
Net cash flows (used in) / from financing activities(985) (3,103)
Net increase / (decrease) in cash and cash equivalents(5,661) 8,065
Net foreign exchange difference187 (449)
Cash and cash equivalents at beginning of the period45,629 49,738
Cash and cash equivalents at 31 March 202640,155 57,354
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 March 2026
1.Corporate Information
2.Basis of Preparation
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 March 2026 were authorised by the Directors on 25 May 2026.
The Group is principally engaged in the farming, processing, sale and distribution of premium salmon products.
These unaudited condensed interim consolidated financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (NZ GAAP) as applicable to interim financial statements, including NZ IAS 34 Interim Financial Reporting.
These unaudited condensed interim consolidated financial statements for the six-month period ended 31 March 2026 and the comparative
information for the six months ended 31 July 2025 are unaudited. The comparative information for the period ended 30 September 2025 is
audited. Comparative information for the Interim Consolidated Statement of Comprehensive Income, Interim Consolidated Statement of
Changes in Equity and Interim Consolidated Statement of Cash Flows are comprised from the corresponding six-month period ended 31 July
2025, and the comparative information for the Interim Consolidated Statement of Financial Position as at 30 September 2025, is comprised
from the audited financial statements for the eight-month period ended on that date.
During the prior financial reporting period, the Company changed its balance date from 31 January to 30 September, resulting in a transitional
eight‑month reporting period ended 30 September 2025. Accordingly, the comparative period presented for these interim financial statements
reflects the previously reported interim period ended 31 July 2025. Due to the change in year‑end and differing reporting periods, the
comparative amounts presented are not directly comparable to the current interim period.
The Group’s interim results are not significantly impacted by seasonality noting revenues are relatively consistent across the year. The Group
notes some variations may occur in relation to biomass mortality in the 6 months to 31 March 2026, as this tends to be the more volatile
period for biological assets.
Certain comparative figures for the period ended 31 July 2025, have been reclassified during the period for consistency with the current period
presentation. These classifications had no effect on the reported results of operations.
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.
The significant accounting policies applied by the Group have been applied consistently to all periods presented in these condensed interim
consolidated financial statements. These interim financial statements should be read in conjunction with the audited financial statements and
related notes included in the Company’s Annual Report for the eight-month period ended 30 September 2025. The same accounting policies,
estimates, and assumptions have been applied in the preparation of these interim financial statements as were applied in the preparation of
the consolidated financial statements for the period ended 30 September 2025.
8

Notes to the Interim Consolidated Financial Statements
For the six months ended 31 March 2026
3.Earnings per Share
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Earnings per share
$000$000
Profit /(Loss) attributable to ordinary equity holders
13,808(20,845)
# of Shares# of Shares
000000
538,182 538,182
Basic earnings per share$0.03$(0.04)
Diluted earnings per share$0.03$(0.04)
4.Trade And Other ReceivablesUNAUDITEDAUDITED
31 March 202630 September 2025
Trade and other receivables
$000$000
Trade receivables16,342 10,946
Allowance for expected credit losses(62) (313)
Prepayments2,861 1,342
GST receivable668 2,827
Other receivables327 125
Total trade and other receivables
20,13614,927
5.InventoriesUNAUDITEDAUDITED
31 March 202630 September 2025
Inventories
$000$000
Raw materials7,290 6,457
Work in progress2,083 353
Finished goods11,635 14,819
Total inventories
21,00821,629
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Amount of inventories recognised as an expense in the statement of
$000$000
comprehensive income
Cost of inventories recognised as an expense(88,661) (89,944)
Movement in net realisable value provision471 (1,999)
Total cost of goods sold including fair value uplift at point of harvest
(88,190) (91,943)
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 March 2026 includes a fair value uplift at point of harvest of $16,422k (31 July
2025: $12,093k). 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 March 2026 no volumes were
forecasted to be sold at returns materially below deemed cost plus further manufacturing costs.
Weighted average number of ordinary shares for basic and diluted earnings per share
The carrying value of finished goods as at 31 March 2026 includes a fair value uplift at point of harvest of $2,025k (30 September 2025: $2,371k) and net
realisable value provision of $2,275k (30 September 2025: $1,910k).
9

6.Biological Assets
UNAUDITEDAUDITED
31 March 202630 September 2025
6 months8 months
Reconciliation of the carrying value of biological assets
$000$000
Opening balance
80,306 88,145
Increase due to production
46,942 51,673
Decrease due to harvest
(34,492) (38,833)
Decrease due to mortality
(5,013) (11,107)
Changes in fair value
7,171 (9,572)
As at balance date
94,91480,306
UNAUDITEDAUDITED
UNAUDITED
31 March 202630 September 2025
31 July 2025
Fair value gain / (loss) recognised in profit and loss
$000$000$000
Fair value included in cost of goods sold(16,422) (19,660) (12,093)
Fair value gain/(loss) on biological transformation23,593 10,088 (17,199)
Total Change in Fair Value7,171(9,572) (29,292)
UNAUDITEDAUDITED
31 March 202630 September 2025
Harvested biomass
tonnestonnes
Total live weight harvested for the period 3,224 3,767
UNAUDITEDAUDITED
31 March 202630 September 2025
Estimated closing biomass
tonnestonnes
Closing fresh water stocks113 107
Closing seawater stocks4,745 4,136
Total estimated closing biomass live weight 4,858 4,243
Fair value measurement
Sales Price
Estimated remaining production cost
Volume
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.
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.
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.
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 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.
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 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.
10

Discount Rate
Fair value risk and sensitivity
31 March 202630 September 2025
Sensitivity Analysis of BiomassEffect on Pre-Tax Profit$000$000
Change in Sales Price
1
+10%28,867 22,561
Change in Sales Price
1
-10%(28,867) (22,561)
Change in harvest volume
2
+300MT9,841 8,308
Change in harvest volume
2
-300MT(9,841) (8,308)
Change in harvest volume
2,3
-900MT(22,598) (22,153)
Change in Feed Price
1
+10%5,507 3,690
Change in Feed Price
1
-10%(5,507) (3,690)
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 BorrowingsUNAUDITEDAUDITED
31 March 202630 September 2025
Current interest bearing loans and borrowings$000$000
Secured bank loans
- 2,000
Other borrowings
1,934 -
Total current interest bearing loans and borrowings
1,934 2,000
8.Trade And Other PayablesUNAUDITEDAUDITED
31 March 202630 September 2025
$000$000
Trade payables14,609 10,309
Other payables3,288 5,135
Total trade and other payables
17,897 15,444
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 March 2026.
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 16.8% for the period. (30
September 2025: 16.0%)
Blue Endeavour Pilot
The Blue Endeavour Pilot is the first stage of the Group’s Open Ocean Aquaculture Strategy, which covers the installation and trial farming of two pens at
the Blue Endeavour site over two production cycles across 2026-2027. This Pilot is New Zealand’s first consented open ocean site for aquaculture and,
as such, there are inherent uncertainties regarding how this model and associated risks will differ from the current operational model.
Determining the harvest volume is particularly uncertain as, having never farmed fish in this environment and as this is a novel approach for the King
salmon species, there is no historical data to generate future projections on the expected growth and mortality levels for these fish. In addition, there are
also risks associated with installing infrastructure in this environment, transporting fish to/from the site and equipment failure that could result in an event
where no biomass was harvested.
To account for the additional risk of farming these fish in such an unknown environment (the open ocean), a conservative harvest volume has been
applied, informed by the most recent mortality and growth data. Furthermore, the harvest sensitivity analysis below has been updated to illustrate the
potential volatility and downside risk associated with Blue Endeavour harvest volumes relative to standard operations.
11

9.Government GrantsUNAUDITEDAUDITED
31 March 202630 September 2025
$000$000
2,777-
5583,057
1076
(181) (280)
(3) (47)
(7) (29)
As at balance date
3,154 2,777
Deferred income
Current
158 -
Non-current
2,996 2,777
Total deferred income
3,154 2,777
10. Fair Value Of Financial Instruments
The following financial instruments of the Group are carried at fair value:
UNAUDITEDAUDITED
31 March 2026 30 September 2025
Current derivative financial assets$000$000
Forward exchange contracts2,295 1,339
Foreign exchange options484 478
Total current derivative financial assets
2,779 1,817
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 contracts469 1,302
Foreign exchange options- 177
Total non-current derivative financial assets
469 1,479
Current derivative financial liabilities
Forward exchange contracts1,595 1,336
Foreign exchange options717 1,095
Total current derivative financial liabilities
2,312 2,431
Non-current derivative financial liabilities
Forward exchange contracts1,025 151
Foreign exchange options- 279
Total non-current derivative financial liabilities
1,025 430
Valuation methods
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.
Received/receivable during the period (SFFF)
Received/receivable during the period (Other)
Recognised in other income (SFFF)
Recognised in other income (Other)
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 March 2026 (30 September 2025 - nil).
Recognised in expenses (Other)
Government grants have been received during the period for research & development expenses and for the purchase of certain items of property, plant
and equipment. There are no unfulfilled conditions or contingencies attached to these grants at period end.
The deferred income balance relates to grants received under the Sustainable Food and Fibre Futures (SFFF) fund to support the acquisition of property,
plant & equipment needed to deliver the ‘Future Farming: A Blueprint to Accelerate Salmon Farming in Aotearoa’ programme. These amounts will be
recognised in profit or loss over the assets’ remaining useful lives once capitalised. During the period, Blue Endeavour nets were capitalised, and
recognition of the associated funding in profit or loss has commenced.
Opening balance
12

11.Commitments And Contingencies
Capital commitments
Guarantees
12.Capital And Reserves
UNAUDITEDAUDITED
31 March 202630 September 2025
Issued Share Capital000000
Ordinary shares538,182 538,182
Total issued shares
538,182 538,182
UNAUDITEDAUDITEDUNAUDITEDAUDITED
31 March 202630 September 202531 March 202630 September 2025
Movement in ordinary share capital000000$000$000
The beginning of the period538,182
538,182
180,143
180,143
Share issue
-
-
-
-
Cancellation of shares
-
-
-
-
Total Share capital as at period end
538,182 538,182180,143 180,143
Reserves
Foreign currency translation reserve
Hedge reserve
UNAUDITEDAUDITED
31 March 202630 September 2025
$000$000
Unrealised gain /(loss)
57 (382)
Realised gain /(loss)
- -
Total gain /(loss) on hedge reserves
57(382)
Retained earnings
Share based payment reserve
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 March 2026 (30 September 2025: 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.
# 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.
The share-based payment reserve relates to one long term incentive (LTI) schemes (30 September 2025: two schemes). The performance share rights
(PSR) LTI scheme was approved in the period ended 31 January 2025. A total of 4,040,085 PSRs were issued to eligible senior employees under the PSR
LTI scheme in the period ended 31 March 2026 (30 September 2025: 2,176,433 PSRs were issued).
The Group has two guarantee facilities at 31 March 2026 totalling $134k (30 September 2025: $134k).
As at 31 March 2026 the Group has entered into agreements to purchase plant and equipment. The total commitment as at 31 March 2026 is $668k.
As at 30 September 2025 the Group had entered into agreements to purchase land, buildings, plant and equipment. The total commitment as at 30
September 2025 was $8,685k.
As at 31 March 2026 the Group had entered into commitments for a wellboat lease and a feed storage service agreement. As at 31 March 2026 the
agreements had not commenced.
13

13. Related Party Disclosures
Subsidiaries
New Zealand King Salmon Investments Limited has the following trading subsidiaries.
SubsidiaryCountry of IncorporationEquity Interest
The New Zealand King Salmon Co. LimitedNew Zealand100%
New Zealand King Salmon Exports LimitedNew Zealand100%
The New Zealand King Salmon Pty LimitedAustralia100%
New Zealand King Salmon USA IncorporatedUnited States of America100%
Transactions with related parties
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Related party payments$000$000
Goods and services purchased from other related parties- -
Directors fees260 330
Total related party payments
260 330
Related party sales$000$000
Goods sold to related parties
2
3,7524,022
Total related party sales
3,752 4,022
UNAUDITEDAUDITED
Amounts owing to related parties
31 March 202630 September 2025
Current amounts owing to related parties$000$000
Other amounts owing to related parties237 237
Fees payable to directors46 123
Total current amounts owing to related parties
283 360
Amounts owing by related parties$000$000
Amounts owing by related parties1,007271
Total amounts owing by related parties
1,007271
1
2
On 12 January 2026, China Resources Enterprise Limited entered into an intra-group share transfer arrangement under which its entire shareholding, was transferred to
China Resources Asset Management Limited.
The following provides the total amount of transactions that were entered into with related parties for the relevant financial period:
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.
During the period NZKS sold King salmon to China through China Resources Food Supply Chain Co. Ltd., 40% owned by China Resources Asset Management Limited
who is a shareholder of NZKS. Immaterial sales of salmon products were also made to Directors during this period.
At balance date Oregon Group Limited owned 39.55% (30 September 2025: 39.55%), China Resources Asset Management Limited
1
owned 9.87% (30
September 2025: China Resources Enterprise Limited owned 9.87%) and NZ Superannuation Fund owned 8.92% (30 September 2025: 8.88%) of the
shares in New Zealand King Salmon Investments Limited.
14

14.Disaggregation Of Revenue
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Revenue by Product Group$000$000
Whole Fish53,60346,291
Fillets, Steaks & Portions23,48923,618
Hot Smoked7,2886,613
Cold Smoked12,24414,171
Petfood1,292945
Other2,3372,833
Total revenue by product group
100,25394,471
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Revenue by Brand$000$000
Ōra King34,90130,231
Regal22,51522,673
Southern Ocean1,0711,889
Omega Plus1,278945
New Zealand King Salmon40,48838,733
Total revenue by brand
100,253 94,471
UNAUDITEDUNAUDITED
31 March 202631 July 2025
Revenue by Market$000$000
New Zealand38,62632,264
North America36,67538,975
Australia14,8799,872
China3,9164,158
Japan2,2232,694
Europe2,2482,625
Other1,6863,883
Total revenue by geographical location of customers
100,253 94,471
15. Events After Balance Date
Dividend
No dividend was declared in respect of the 6 months ended 31 March 2026 (8 month period to 30 September 2025: Nil).
Sales net of settlement discounts to two major customers for the period 1 October 2025 to 31 March 2026 totalled $29m, 29% of total net revenue (For
the period 1 February 2025 to 31 July 2025 two major customers totalled $26.8m or 28.4% of total gross revenue).
15

---

1HY26 FINANCIAL RESULTS

DISCLAIMER
The information in this presentation has been prepared by New Zealand King Salmon Investments Limited (NZK) 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 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.
1HY26 INVESTOR PRESENTATION 2

PRESENTERS
Carl Carrington
Chief Executive Officer
Katie Bennett
Chief Financial Officer
Grant Lovell
GM Aquaculture
Andrew Harrison
GM Strategy and Performance
1HY26 INVESTOR PRESENTATION 3

EXECUTIVE SUMMARY
1HY26
•The 6 months to 31 March 2026 (1HY26) result was a net profit after tax of $13.8m (6 months to 31 July 2025 (1HY25 (SEPT)) was a net loss of
$20.8m). The current financial results have been driven by a positive biological performance in the first half of the year. The improved performance has
supported a strong first half of sales as well as supporting greater operational efficiencies across aquaculture and processing.
•The Pro-Forma EBITDA for 31 March 2026 (1HY26), which is both our preferred performance measure and the profit measure that NZK guides to, was a
profit of $17.2m (1HY25 (SEPT)) profit of $5.7m). The improvement from the previous reporting period has been driven by improved fish performance.
Whilst the start of the period was still working through the reduced harvest from the previous periods reduced feedouts, the summer performance has
supported a strong first half result. The result is driven by an improved cost of fish, a reduction in mortality expense and processing efficiencies driven by
good quality fish.
Growth Plan Update
•The infrastructure for the Blue Endeavour pilot farm has been completed – mooring grid and two pens installed.
•The Ronja King wellboat – required for Blue Endeavour and wider inshore farms under a new operating model arrived into Picton end of April 2026
•Design work for the Recirculating Aquaculture System (RAS) pilot, at Tentburn site continues.
•Sustainable Food and Fibre Futures fund (now the Primary Sector Growth Fund), funding partnership with the New Zealand Government provided ~$55k
to NZK in 1HY26 to support the ‘Future Farming: A Blueprint to Accelerate Salmon Farming in Aotearoa’ Programme.
Balance sheet
•Balance Sheet remains strong with net cash on hand ~$43.2m.
•Capex spend for the 6 months to 31 March 2026 was ~$12.7m. This includes ~$9.0m of growth spend relating to BE Pilot capex, pilot RAS and the
Cloudy Bay site. Stay in business spend totalled $3.7m relating to replacement nets, aquaculture equipment, factory maintenance and BAU spend.
FY26 guidance
update
•Pro-Forma EBITDA guidance range, for FY26 has been upgraded to $23 m to $29 m, from the guidance upgrade in April of $19m to $27m.
•Pro-Forma EBIT guidance range, for FY26 has been upgraded to $13m to $19m, from the guidance upgrade in April of $10m to $18m.
•Expected harvest for FY26 is ~5,800 G&G MT to 6,100 G&G MT.
•Capex range for FY26 is $18m to $25m.
1HY26 INVESTOR PRESENTATION 4

1HY26 PERFORMANCE

$100
1HY26
REVENUE OF
MILLION
METRIC TONNES HARVESTED
DURING 1HY26
GEOGRAPHIC SPREAD OF REVENUE
NORTH
AMERICA
EUROPE
NEW ZEALAND
AUSTRALIA
JAPAN
CHINA
ASIA EX. CHINA &
JAPAN
37%
2%
4%
2%
15%
38%
2%
2,838
1HY26 OPERATIONAL HIGHLIGHTS
80
92
102
94
100
1HY23 1HY24 1HY25
(JAN)
1HY25
(SEPT)
1HY26
(24.5)
10.6
6.0
(20.8)
13.8
1HY23 1HY24 1HY25
(JAN)
1HY25
(SEPT)
1HY26
1HY26 GAAP NPAT
(12.7)
10.7
13.5
5.7
17.2
1HY23 1HY24 1HY25
(JAN)
1HY25
(SEPT)
1HY26
1HY26 PRO-FORMA OPERATING EBITDA
(17.1)
6.9
9.8
1.2
12.3
1HY23 1HY24 1HY25
(JAN)
1HY25
(SEPT)
1HY26
1HY26 PRO-FORMA OPERATING EBIT
1HY26 INVESTOR PRESENTATION 6

SALES PERFORMANCE
Global Reach and Key Strategic Market focus
North America (MT)
Domestic Market (MT)
Asia (MT)Ex China
Europe (MT)
Australia (MT)
First half sales
Second half sales
Sales have entered a market rebuilding phase following constrained
supply through FY25. Our core markets of New Zealand, Australia, North
America and China have responded well and are delivering to
expectations as fish size increases.
•North American demand remains steady, with smaller fish size
and availability influencing the current mix.
•In New Zealand, growth is driven by fresh salmon sales, with
Ready-to-Eat sales consistent with the previous year.
•Australia continues to perform steadily, with customer channels
well-suited to mixed fish sizes and maintaining consistent demand.
•As fish size normalises, demand in China strengthens, supported
by a clear preference for larger fish.
•The European demand was down in Foodservice, however Retail
demand remains strong compared to the previous year.
•Asia markets (excl. China) declined with the aforementioned
supply challenges.
China (MT)
258
372
351
295
408
321
321
400
71
FY23FY24FY25
(Jan)
FY25
(Sept)
FY26
5
37
71
113
102
30
67
39
FY23FY24FY25
(Jan)
FY25
(Sept)
FY26
1,086
1,314
1,421
1,098
1,051
1,091
1,176
1,489
250
FY23FY24FY25
(Jan)
FY25
(Sept)
FY26
1,156
958
1,016
866
1,081
1,219
1,058
1,109
232
FY23FY24FY25
(Jan)
FY25
(Sept)
FY26
131
81
83
62
45
87
64
71
18
FY23FY24FY25
(Jan)
FY25
(Sept)
FY26
Comparability of numbers: it should be noted that:
1.Because of seasonality over Christmas H1 FY26 is more comparable with H2 in previous years
2.As FY25 (SEPT) is only an 8-month period, H2 of FY25(SEPT) is only 2 months
249
262
236
190
113
234
226
268
26
FY23FY24FY25
(Jan)
FY25
(Sept)
FY26
1HY26 INVESTOR PRESENTATION 7

Key Highlights
Ōra King
•Ōra King continues to generate a large amount of media exposure globally, maintaining strong visibility across digital and
trade media, most notably across the US and Australia (Source: Meltwater).
•Marked a 10-year ambassador partnership milestone, reinforcing the depth of relationships within highly influential global
culinary networks.
•Achieved significant year-on-year growth in event-led digital performance, with reach and engagement more than doubling
around key industry moments (Source: Meta Platforms).
Regal
•Delivered strong seasonal visibility through chef-led storytelling in NZ, alongside new product innovation, supporting brand
presence during peak retail periods (Source: Meta Platforms).
•Sustained brand-building momentum in China, through chef advocacy and high-profile trade and cultural moments to
reinforce relevance in a priority growth market.
•In NZ, Regal continues to lead the salmon category in retail, with strong awareness and successfully converting 79% of
audience from consideration through to preference stages, ranking first amongst competitors (Source: Tracksuit).
Omega Plus
•Built targeted messaging to support awareness and growth across new and existing niche pet food segments, reinforcing
Omega Plus’s premium positioning.
Driving visibility, credibility, and long-term value across our portfolio of brands.
CONTINUED PROGRESS ACROSS CORE AND EMERGING BRANDS
Chef Ben Bayly, Ahi Restaurant
1HY26 INVESTOR PRESENTATION 8

FISH PERFORMANCE
•During 1HY26, fish performance has been better than forecast with both low mortality and positive, stable
feed-outs resulting in good growth over the summer period. This has resulted in a harvest volume uplift for
the remainder of FY26, and an increased harvest compared with 1HY25 (Sept).
•The improved summer performance can be attributed to a range of factors/initiatives including the
implementation of the new summer diet, improved seal protection, increased grading of stock and a focus on
operational execution.
•Unsurprisingly feed prices have increased over the period due to global instabilities impacting both freight
and raw materialpricing. Price was alsoinfluenced by the new summer diet which, while proven to be
effective, does come at a higher cost.
Biological
Performance
1HY26
1HY25
(Sept)
% chg.
Harvest Volume (G&G MT)2,8382,691
5%
Average Harvest Weight (G&G Kg)
3.623.2412%
Feed Conversion Ratio (FCR)
1.772.07-15%
Closing Livestock Biomass (MT)
4,8583,679
32%
Feed Cost ($ / Kg of feed)
3.633.1715%
SoundFarm
Harvested Volume (G&G MT)
1HY26
1HY25
(Sept)
% chg.
Queen Charlotte
Ruakākā
23512
Ōtānerau
-344
Tory Channel
Clay Point
457482
Te Pangu8701,250
Ngāmahau996590
Pelorus Sound
Waitātā
276-
Waihinau--
Freshwater
413
Total2,8382,6915%
2021/22
2022/23
2023/24
2024/25
2025/26
Oct-Mar Seafarm Mortality Biomass (MT)
OctNovDecJanFebMar
Oct-Mar Seafarm Daily Feeding (KGs)
2022/23 2023/24 2024/25 2025/26
1HY26 INVESTOR PRESENTATION 9

HEALTHY ENVIRONMENTS & COMMUNITIES
As a primary sector organisation, we understand the importance of the health of our natural environment. To
support this we continue to seek opportunities to best utilise the resources we do use and to minimise our
impact where we can. In FY26 to date:
•GHG Carbon emissions remain a focus with Scope 1, 2, and 3 carbon emissions for the period being 1,283 tCO2e, 366
tCO2e and 36,330 tCO2e respectively. This was an overall decrease in absolute emissions of 8% from the previous
comparable period.
•The Westshore Warehouse feed storage operations commenced in May 2026 with Port Marlborough. This will reduce
NZK’s road transport for salmon feed between Nelson and Picton by over 90%, lessening our environmental impact.
•Ongoing focus of our remaining raw materials to maximise value, respect our valuable natural resources, and minimise
our environmental footprint. We have also continued to invest in further improvements to our ensilage plant.
•We have recommitted to being a partner with The Aotearoa Circle.
•We have continued to maintain key certifications and verifications for responsible aquaculture - including 4-star BAP,
AQNZ A+ and the NZ salmon farming industry remains a Monterey Bay green best-choice.
Our social impact and contributions to our community are a significant focus for us. As a proud Te Tauihu-
based company, we support and engage in a range of initiatives that align with our values and aim to uplift and
support local communities. Some initiatives include:
•Fundraising at Havelock Mussel and Seafood Festival for the Te Hoiere Bat Recovery Project.
•Participating in educational initiatives such as with local schools and supporting the NMIT Scholarship Program.
•Continued partnership with the Moananui Blue Economy Cluster based in Nelson.
The Westshore Warehouse at Port Marlborough in Picton, serving
as a feed storage facility for NZK.
NZK volunteers at the 2026 Havelock Mussel and Seafood Festival,
fundraising for a local Forest & Bird environmental initiative.
1HY26 INVESTOR PRESENTATION 10

1HY26 RESULTS

1HY26 HEADLINE FINANCIAL PERFORMANCE
1
A full reconciliation between GAAP and Pro-Forma results is shown on pages 24 and 25 of this presentation
Revenue – Total revenue for the period was up from the prior period due to
increased sales volume. This is partly driven from the change in reporting period
with the current reporting period covering the Christmas period, which is a peak
demand period, particularly in the domestic market. Whilst revenue is up on the
prior period the product mix is less favourable to revenue due to an increase in
wholefish sales, which generally has a lower comparable price to value-added
product. In the previous period there was a higher proportion of value-added
product sold utilising finished goods on hand driven from harvest reductions.
Gross Profit – Gross Profit was positively impacted by the increase in wholefish
sales (as noted above), as well as the positive production efficiencies gained from
a strong fish performance in this period. Whilst the start of the period was still
working through the reduced harvest from the previous periods reduced feedouts,
the summer performance has supported a strong margin result for the first half.
This includes an improved cost of fish, a reduction in mortality expense and
processing efficiencies driven by good quality fish.
EBITDA – improvement from the prior period is covered in the gross profit
explanation above.
NPAT – Increased on a GAAP basis from the prior comparable period as the
company is now in a profit-making position a result of the increase in EBITDA
(explained above).
1HY26 INVESTOR PRESENTATION 12
Group Financial Performance
GAAPPro-Forma
1
NZ$000s
1HY26
1HY25
(SEPT)
% chg.1HY26
1HY25
(SEPT)
% chg.
Volume Sold (MT)2,799 2,624 7%2,799 2,624 7%
Revenue100,253 94,471 6%100,253 94,471 6%
Gross profit/(loss)35,656 (14,671)<>32,866 20,431 61%
Gross Margin %36%-16%33%22%
EBITDA23,954 (25,065)<>17,225 5,736 <>
EBITDA %24%-27%17%6%
EBIT19,027 (29,594)<>12,298 1,207 <>
Net profit/(loss) after
tax13,808 (20,845)<>8,963 1,331 <>

•Volume is slightly higher due to the change in balance date. 1HY25 (July) does not include Dec/Jan which are historically higher sales months for NZK. The reason that this difference is not
more pronounced is due to NZK’s reduced harvest that impacted on the first quarter on 1HY26.
•Revenue - Price/Mix – This decrease is predominantly driven by a change in product mix sold, with wholefish % sold being higher in 1HY26. Although this appears as a negative to revenue, the
lower processing cost of wholefish means that at a gross margin level this is value accretive. This product mix change is as a result of NZK’s improved biological performance from the changes
made in aquaculture, which have provided an increase in the overall quality of harvest.
•Cost of goods sold – As noted above some of this increase is driven by the higher wholefish %. However, the majority of this increase is from the improved biological performance. This
improved performance, as well as the anticipated incremental harvest volume ramp up over the next few periods, resulted in more biomass in water which in turn provides scale benefits to cost
of goods sold.
•Mortality was well down on the comparable period as previously noted under fish performance.
•Corporate costs – are up as NZK continue to invest in capability to deliver on the projects that anchor the company’s growth strategy.
1
Refer to pages 24 & 25 for full reconciliation between GAAP and Pro-Forma results
PRO-FORMA
1
EBITDA COMPARISON
0.9
(0.5)
7.1
5.0
(0.9)
(0.1)
17.2
5.7
1HY25 (SEPT)Change in VolumeRevenue -Price/Mix
COGS -Operational
Leverage/ Inflation & Mix
MortalityCorporate CostsOther Income1HY26
PRO-FORMA EBITDA 1HY25 (SEPT) to 1HY26
1HY26 INVESTOR PRESENTATION 13

BALANCE SHEET
There has been a strong focus on rebuilding our biomass, with initiatives such as the summer diet and a
continued focus on fish health and operational execution in aqua supporting this. Pleasingly, this has supported
an increase in biomass as well as a significant reduction in mortalities. The closing live weight biomass at the
end of the period was 4,858 MT, increasing from 30 September 2025 balance of 4,243 MT.
The fair value impact to the carrying value of the biological assets for the period is an increase of $7.2m,
compared to a decrease of $9.6m as at30 September 2025. This reflects both increased biomass levels and
improved underlying biological performance. This improvement aligns with the growth in live weight biomass
over the 6-month period.
In addition to the positive biological asset performance, working capital remains well-managed. For the period
ending 31 March 2026:
•Inventory decreased slightly to $21m from $21.6m. Finished goods and WIP inventories decreased from
$15.2m down to $13.7m, driven by continued focus on reducing stock on hand and an increase in stock
provisioning. The increase in raw materials reflects an increase in feed on hand, which aligns with the
increase in biomass. The increase in provisions reflects targeted inventory optimisation, reprocessing
activities, and packaging provisions linked to our SKU rationalisation process.
•Receivables have increased to $20.1m from $15.1m, driven by higher sales volumes in Mar 2026 (543
MT) compared to Sep 2025 (324 MT) as we were still operating under a reduced harvest at the end of
September.
•Payables increased by $2.5m, primarily reflecting higher input cost associated with the increased
biomass and the more expensive summer feed diet. The increase also captures elevated freight costs
linked to the fuel impacts from the ongoing Middle East Conflict, as well as the impact of foreign
exchange movements in key markets.
•As NZK has returned to a profit making position, we are now in a tax paying position, increasing the
current liabilities for the period.
NZKS invested ~$12.7m in capex for 1HY26. This included $9m spend across growth projects (Blue
Endeavour Pilot, RAS & Cloudy Bay), with the remaining $3.7m relating to otheroperational projects.
1
Cash and equivalents include $3m term deposits with maturities > 4 months (30 Sep 25: $3m)
1HY26 INVESTOR PRESENTATION 14
Group Financial Position
Mar-26Sep-25
NZ$000sUnauditedAudited
Current Assets
Cash and cash equivalents43,15548,629
Receivables20,13615,196
Inventories21,00821,629
Biological Assets94,91480,306
Derivative financial assets2,7791,817
181,992167,577
Non-Current Assets
Property, plant & equipment69,47660,589
Other11,56513,103
81,04173,692
Total Assets263,033241,269
Current Liabilities
Loans (external)1,9342,000
Lease Liabilities1,8061,725
Payables17,89715,444
Tax Payable3,233442
Other7,2686,944
32,13826,555
Non-Current Liabilities
Lease Liabilities7,4197,827
Other12,2209,549
19,63917,376
Total Liabilities51,77743,931
Net Assets211,256197,338
Net Cash / (Debt)43,15546,629

LOOKING AHEAD

FY26 GUIDANCE UPDATE
The Board provides an update to Guidance on the following metrics:
•Pro-Forma EBIT with a range of $13m to $19m
•Pro-Forma EBITDA with a range of $23m to $29m
•Harvest G&G volume with a range of 5,800 MT to 6,100 MT.
FY26 guidance is a result of:
•The Middle East Conflict: The Board recently increased guidance to reflect the completion of
the summer farming period, however widened the range to recognise risks linked to the
ongoing conflict in the Middle East. While these risks are very much still present, their likely
impact on FY26 results has reduced with the passing of time and a number of suppliers
reducing or flattening off fuel surcharges implemented at the start of the conflict. Furthermore
there has been limited disruption to key supply routes with suppliers managing to maintain
continuity of service.
•With continued strong fish performance there is increasing confidence NZK will be in the
upper part of this guidance range and so at this time the board considers it appropriate to
narrow the previous range while increasing slightly at the top end.
Looking further out harvest guidance for:
oFY27: ~7,200 G&G MT to ~7,600 G&G MT (unchanged)
oFY28: ~8,500 G&G MT to ~9,100 G&G MT(increased from ~8,200 MT to ~8,800 MT)
1HY26 INVESTOR PRESENTATION 16
One of the two Blue Endeavour pilot pens at a staging location on its way to the open ocean.

PROGRESS UPDATE - GROWTH PLAN
Blue Endeavour pens in the open ocean
Two pens have been successfully towed to the open
ocean in April. Harvest of BE fish to be complete by
October 2026.
Future processing capacity
Work continues on Cloudy Bay, Blenheim site,
including staging of capital investment in line with
volume ramp-up.
Wellboat farming operations begin
NZ’s first wellboat is now being incorporated into
our farming model with associated volume uplift.
New feed storage warehouse operational
Purpose-built quayside warehouse at Port
Marlborough for NZK feed storage and delivery
opens.
Pilot RAS design work underway
RAS will increase freshwater capacity, improve
biological performance, and fish health outcomes.
Strategic market development
Focus on market development and customer
generation is underway to keep demand ahead of
supply.
1HY26 INVESTOR PRESENTATION 17

Summer Feed
CONTINUED FOCUS ON FISH PERFORMANCE
Fish Health Initiatives
Improved fish performance, health &
welfare, and maintaining feed rates
and growth during the most
challenging conditions.
Ruakākā trial pens
Continuous vaccine development,
therapeutant availability, optimising
smolt production and wellboat.
Our ‘future resilient’ salmon
Breeding
First year that thermotolerance-
selected fish are at sea (pilot scale),
genomics application modelled to
accelerate gains.
Our RAS Pilot design for smolt optimisation
1HY26 INVESTOR PRESENTATION 18

Arrived in New Zealand late April 2026 – Operational from late May 2026.
Primary Benefit
•Increase reliable farming capacity within existing inshore sites
(additional harvest of 2,000 metric tonnes annually).
•Financial benefit – 2,000 mt/annum = $60million+ annual revenue uplift. Increasing further
once Blue Endeavour is operational and scaled.
Additional Benefits
•Enables grading, site fallowing and single-year class farming.
•Eliminates the manual towing risk.
•Operational simplification​ & risk reduction.
•Non-negotiable infrastructure requirement for open ocean farming.
•Fish counts will stabilise forecast providing increased confidence.
Further Opportunities
•Enables smolt transfers (required at increasing scale).
•Opens options around future harvest strategies – i.e. centralised
harvest site.
WELLBOAT – RONJA KING
The Ronja King arriving into Picton late April.
The Ronja King increases the mobility and flexibility within our seafarm footprint.
1HY26 INVESTOR PRESENTATION 19

BLUE ENDEAVOUR- PILOT UPDATE
•Mooring grid & pens –The installation of the first 36 anchors to allow the two pilot pens to be installed
was completed in March 26. The two pilot pens were relocatedfrom their inshore locationto Blue
Endeavour in late April. This process was very successful with the pens being relocatedover a 3 day
period and connected to the mooring grid. The period prior toreceiving fish will be utilised for infrastructure
& operational readiness
•The first fish will betransferred from our Te Pangu farm in late May/early June. This will be undertaken
with the Ronja King, New Zealand's first Wellboat. The first cohort of fish will be onsite for approx. 4/5
months before beingtransferred inshore for harvesting operations.
Current
One of the two pilot pens now in situ at Blue Endeavour location.
1HY26 INVESTOR PRESENTATION 20

QUESTIONS

APPENDICES

SEAFARM CONSENTS
FarmsRegion
Expiry
date
Status
RuakākāQueen Charlotte2044Active
ŌtānerauQueen Charlotte2044
Active
Forsyth BayPelorus2044Fallow
WaihinauPelorus2044Active
Crail BayPelorus2044Fallow
Clay PointTory Channel2050
Active
Te PanguTory Channel2050
Active
WaitātāPelorus2050
Active
NgāmahauTory Channel2050
Active
Kopāua
Pelorus2050Fallow
Blue Endeavour
Cook Strait2057Active
1HY26 INVESTOR PRESENTATION 23

1HY26 RECONCILIATION BETWEEN GAAP AND PRO-FORMA
FINANCIALS
1HY26 INVESTOR PRESENTATION 24
NZD 000s
Statutory Financial
Statements
DepreciationFair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue100,253 100,253
Cost of goods sold(88,190)3,939 16,864 (67,387)
Fair value gain / (loss) on biological transformation23,593 (23,593)-
Gross profit/(loss)35,656 3,939 (6,729)- 32,866
Other operating income93 - 93
Overheads
Selling and distribution expenses(8,855)339 (8,516)
Corporate expenses(6,870)649 (6,221)
Other expenses(997)(997)
Add: Depreciation4,927 (4,927)-
EBITDA23,954 - (6,729)- 17,225
Deduct: Depreciation and amortisation(4,927)(4,927)
EBIT19,027 (6,729)- 12,298
Finance income371 371
Finance costs(288)(288)
Net finance costs83 - - 83
Profit /(loss) before Tax19,110 (6,729)- 12,381
Income tax (expense) / credit(5,302)1,884 - (3,418)
Net profit/(loss) after tax13,808 (4,845)- 8,963

1HY25 (SEPT) RECONCILIATION BETWEEN GAAP AND PRO-
FORMA FINANCIALS
1HY26 INVESTOR PRESENTATION 25
NZD 000s
Statutory Financial
Statements
DepreciationFair Value AdjustmentsEarly FX Close-outs
Pro-Forma Operating
Financial Information
Revenue94,471 94,471
Cost of goods sold(91,943)3,896 14,007 (74,040)
Fair value gain / (loss) on biological transformation(17,199)17,199 -
Gross profit/(loss)(14,671)3,896 31,206 - 20,431
Other operating income588 (405)183
Overheads
Selling and distribution expenses(8,404)195 (8,209)
Corporate expenses(6,278)438 (5,840)
Other expenses(829)(829)
Add: Depreciation4,529 (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

APPENDIX – GLOSSARY OF TERMS
FY28Financial results for the 12 months from 1 October 2027 to 30 September 2028
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
1HY26Financial results for the 6 months from 1 October 2025 to 31 March 2026
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
EBITDAEarnings before interest, tax, depreciation and amortisation
EBITEarnings before interest and tax
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 NZK provides market guidance against
Pro-Forma Operating EBIT
Pro-Forma Operating EBIT refers to earnings before interest and tax after allowing for pro-forma adjustments as described in the Appendix to thisdocument. Pro-Forma
Operating EBIT is a non-GAAP profit measure​ that NZK provides market guidance against
1HY26 INVESTOR PRESENTATION 26

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.
Pro-Forma Operating EBIT refers to earnings before interest and tax, 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.
1HY26 INVESTOR PRESENTATION 27