NZX Governance Explorer

How New Zealand King Salmon Investments Limited makes money

Where NZK’s revenue went in FY2025: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. NZK company profile

How New Zealand King Salmon Investments Limited makes money — FY2025

Revenue $211.0m · EBITDA $30.0m (14.2% of revenue) · Net profit $13.4m (6.3% of revenue) · Financial year ending June (from the issuer record)

New Zealand King Salmon Investments Limited (NZK) FY2025: where revenue of $211.0m wentRevenue → EBITDA: $30.0mRevenue → Operating costs (net of other income): $181.0mEBITDA → EBIT: $18.2mEBITDA → Depreciation & amortisation: $11.8mEBIT → Net profit: $13.4mEBIT → Interest: $619kEBIT → Income tax: $4.3mOther items (net gain) → Income tax: $1.5mRevenue: $211.0mRevenue$211.0mEBITDA: $30.0mEBITDA$30.0mOperating costs (net of other income): $181.0m (derived)Operating costs (net ofother income)$181.0m · derivedEBIT: $18.2mEBIT$18.2mDepreciation & amortisation: $11.8m (derived)Depreciation &amortisation$11.8m · derivedOther items (net gain): $1.5m (balancing item)Other items (net gain)$1.5m · balancingNet profit: $13.4mNet profit$13.4mInterest: $619kInterest$619kIncome tax: $5.7mIncome tax$5.7m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

New Zealand King Salmon Investments Limited FY2025 figures used in the chart
FY2025AmountStatusNote
Revenue$211.0mReported
Operating costs (net of other income)−$181.0mDerived *Reported operating expenses $32.6m do not reconcile; not used.
EBITDA$30.0mReported
Depreciation & amortisation−$11.8mDerived *
EBIT$18.2mReported
Interest (net finance costs)−$619kReported
Income tax−$5.7mReported
Other items (net gain)+$1.5mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$13.4mReported
  • * depreciation amortisation: $11.8m = EBITDA − EBIT (may include impairments)
  • * operating costs: $181.0m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($211m) vs the summary table ($211m): agree within 2%.
  • Passed: D&A not recorded; derived as EBITDA − EBIT.
  • Not met: Reported operating expenses ($32.6m) leave $178.4m, not EBITDA of $30m (gap $148.4m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $1.5m is 0.7% of revenue (limit 25%).
  • Not met: Fewer than two operating segments with revenue; shown as one Revenue figure.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: New Zealand King Salmon Investments Limited Annual Report (PDF, NZX)

EBITDA bridge, FY2024 → FY2025

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

NZK EBITDA bridge FY2024 to FY2025FY2024 EBITDA: $47.0m$47.0mFY2024 EBITDARevenue change: +$23.9m+$23.9mRevenue changeCost change (derived): −$40.9m−$40.9mCost change (derived)FY2025 EBITDA: $30.0m$30.0mFY2025 EBITDA
NZK EBITDA bridge FY2024 to FY2025: figures
StepFY2024FY2025Effect on EBITDAStatus
FY2024 EBITDA$47.0m$47.0mAs charted
Revenue$187.1m$211.0m+$23.9mReported
Operating costs (net, derived)$140.1m$181.0m−$40.9mDerived: revenue − EBITDA
FY2025 EBITDA$30.0m$30.0mAs charted

$47.0m +$23.9m −$40.9m = $30.0m, which equals FY2025 EBITDA of $30.0m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2024 to FY2025

MeasureFY2024FY2025ChangeChange %
Revenue$187.1m$211.0m+$23.9m+12.8%
EBITDA$47.0m$30.0m−$17.0m−36.2%
Net profit$28.5m$13.4m−$15.1m−53.0%
EBITDA margin25.1%14.2%−10.9 pts—
Net margin15.2%6.3%−8.9 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (7 of 9 years from FY2017). The shaded line is the median of 12 other listed Consumer Staples operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
NZK ebitda margin by financial year, with peer median0%15%30%FY17FY18FY20FY22FY24FY25FY2017: NZK 28.3%; peer median 12.0% (5)FY2018: NZK 17.8%; peer median 16.1% (4)FY2019: NZK 13.4%; peer median 14.7% (4)FY2020: NZK 23.2%; peer median 18.4% (4)FY2021: not charted — operating lossFY2022: not charted — operating lossFY2023: NZK 11.7%; peer median 11.9% (6)FY2024: NZK 25.1%; peer median 16.2% (8)FY2025: NZK 14.2%; peer median 17.9% (9)
EBIT margin
NZK ebit margin by financial year, with peer median0%15%30%FY17FY18FY20FY22FY24FY25FY2017: NZK 25.1%; peer median 7.7% (7)FY2018: NZK 14.6%; peer median 9.1% (5)FY2019: NZK 9.7%; peer median 12.2% (5)FY2020: NZK 17.2%; peer median 12.5% (6)FY2021: not charted — operating lossFY2022: not charted — operating lossFY2023: NZK 6.7%; peer median 9.0% (6)FY2024: NZK 21.1%; peer median 12.1% (9)FY2025: NZK 8.6%; peer median 10.4% (10)
Net margin
NZK net margin by financial year, with peer median0%15%30%FY17FY18FY20FY22FY24FY25FY2017: NZK 16.7%; peer median 5.2% (7)FY2018: NZK 10.1%; peer median 4.3% (5)FY2019: NZK 6.6%; peer median 8.0% (5)FY2020: NZK 11.6%; peer median 10.5% (6)FY2021: not charted — operating lossFY2022: not charted — operating lossFY2023: NZK 1.1%; peer median 4.1% (6)FY2024: NZK 15.2%; peer median 3.4% (9)FY2025: NZK 6.3%; peer median 6.9% (10)

NZK   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

NZK margins by year with peer medians
YearEBITDA margin: NZK · peer median (n)EBIT margin: NZK · peer median (n)Net margin: NZK · peer median (n)Note
FY201728.3%12.0% (5)25.1%7.7% (7)16.7%5.2% (7)
FY201817.8%16.1% (4)14.6%9.1% (5)10.1%4.3% (5)
FY201913.4%14.7% (4)9.7%12.2% (5)6.6%8.0% (5)
FY202023.2%18.4% (4)17.2%12.5% (6)11.6%10.5% (6)
FY2021—24.1% (2)—7.6% (4)—6.0% (4)Not charted: operating loss
FY2022—18.2% (6)—11.0% (6)—5.4% (6)Not charted: operating loss
FY202311.7%11.9% (6)6.7%9.0% (6)1.1%4.1% (6)
FY202425.1%16.2% (8)21.1%12.1% (9)15.2%3.4% (9)
FY202514.2%17.9% (9)8.6%10.4% (10)6.3%6.9% (10)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2022: EBIT is -$60.9m. This layout does not draw an operating loss.
  • FY2021: EBITDA is -$2m. This layout draws revenue flowing into profit and does not draw an operating loss.

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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