ASM Meeting Materials

Annual Shareholders’ Meeting
18 February 2026
Address by the Chair: Mark Dewdney, and CEO: Carl Carrington

Introduction
Tēnā koutou katoa, me mihi kā tika ki ngā haukainga e whakakanohi i ngā iwi o Te Tauihu,
e mihi ana.
Kei aku nui, kei aku rahi, nau mai ki tō tatou hui, koutou kua tāe ā tinana mai, koutou kua
tāe ā-hui-topa mai, nōku te whiwhi i tō koutou taenga mai.
Tēnā koutou katoa
Slide 3 – Welcome
Welcome to the tenth annual shareholders meeting of New Zealand King Salmon
Investments Limited. It is a privilege to address our shareholders, partners, and team
members – both in person and online. Thank you for your continued support.
I’d like to extend a warm welcome to a few guests in attendance today, including some
Te Tauihu iwi representatives from Ngāti Kuia, Te Ātiawa and Ngāti Rārua – we are very
honoured to have you join us today. We also have members from the Ministry for
Primary Industries, with whom we have a significant partnership programme called
‘Future Farming’, centred around piloting some of our future growth projects. We also
have represented here Invest NZ, who, along with their sister organisation New Zealand
Trade and Enterprise, provide great assistance and advice to the aquaculture sector.
Having all your support and partnerships is greatly important to the long-term
sustainability and growth of our company.
It has only been 8 months since our ASM in June last year. This reporting period, from 1
February to 30 September 2025, marks our transition to a new 30 September balance
date. We have made this change to allow us to report at a time when our business
performance is most predictable. Whilst the headline financial result for this period is
disappointing, we are happy with the progress that we have made throughout the
business. We look forward to sharing this progress with you today.
Housekeeping: In the event of an emergency, an alarm will sound. Please exit the
building and assemble at the grass area outside the Rutherford Hotel Nelson Entrance.
In an earthquake, drop, cover and hold. Remain inside until the shaking has stopped.
I would like to introduce my Board colleagues. With us today are Paul Munro and Jack
Porus. Unfortunately, Yong Tiong is unable to attend the ASM today due to conflicting
events. Both Victoria Taylor and Catriona Macleod are unwell and unable to attend in

person but will join us online. Carol Chen resigned from the NZKS Board eƯective 16
January 2026. We would like to acknowledge Carol’s service. We also note that China
Resources Enterprise Limited completed an intra-group transfer of their shareholding to
the China Resources Asset (CRA) Management division, which was released to NZX on
14 January. The Board is yet to meet with CRA management team but will do so later this
year. We will consider at that time whether a replacement director from CRA is to be
appointed to the Board. If a decision is made to do so, then the new director will be
appointed by the Board, and in accordance with NZX Listing Rule 2.7.1 will stand for
election by shareholders at the 2027 ASM.
We also have all our senior management team joining us here today – and a special
warm welcome to the new team members in this leadership lineup. I’ll ask them to
stand as I call their names, please. Firstly, Chief Executive OƯicer – Carl Carrington who
will be addressing you shortly, Katie Bennett – Interim Chief Financial OƯicer, Graeme
Tregidga – Chief Commercial OƯicer, Grant Lovell – General Manager Aquaculture, Nikki
Rackley – General Manager People and Culture, Neil Roper – General Manager
Operations and Supply Chain, Monique Hatfull – Head of Relationships and
Communications, and Andrew Harrison – Head of Performance and Strategy.
Other staƯ with specific expertise in our company are also here today, including, Dr. Zac
Waddington – Fish Health and Welfare Manager, Toni Sythes – General Counsel, Anna
Morgun – Executive Assistant and Georgia Dickson, who will assist in answering any
questions and other matters. William Lovell, the Audit Senior Manager from PwC, is also
here and able to answer any specific audit-related questions. We also have Mark
Tappenden and Jane Stretton from Computershare here to assist with the voting.
Slide 4 – Agenda
We will start with my Chair update, providing a brief update from the Board with a focus
on reflections of the last financial year, and the work ahead. Carl will then present a
comprehensive company update, which will include covering the highlight of today’s
resolutions, being the wellboat transaction, followed by the opportunity for questions,
and then the more procedural ASM requirements will conclude the meeting today.
You have received comprehensive information on the wellboat resolution in the Notice
of Meeting, but we will also spend additional time on this during the presentation to try
and cover the key reasons for bringing forward the utilisation of a wellboat into our
operating model. We are very pleased to bring this resolution to you today for voting,
which is the result of significant and diligent work from the NZKS Management team.
The wellboat, which for those who don’t know is a vessel to transfer live fish, creates a
major opportunity to improve our farming operations, and is an initiative the Board are
very proud to endorse.

Slide 5 – Voting instructions
This year we have opened up the meeting to allow shareholders to vote online and
enable questions to be asked via the meeting portal as we acknowledge the ordinary
resolution for the wellboat transaction. This is a significant element in our growth
strategy. It is also a new concept in New Zealand aquaculture, so naturally there may be
more questions than normal.
You would’ve received instructions from Computershare already, but as this is new and
we want to make sure you are aware of how to vote and participate in the meeting, I will
cover this upfront.
Slide 6 – How to participate in virtual/ hybrid meetings and ask a question
Today’s meeting is being held both in-person and online through Computershare’s
online meeting platform.
For those of you attending the meeting virtually, if you would like to submit a question,
the Q&A is always open so please feel free to submit questions throughout the meeting.
These will be addressed at the relevant time.
When asking a question in the room, please use the microphone and introduce yourself
by name. Just a reminder that this is a meeting for shareholders, and therefore
questions are reserved for shareholders only during the ASM. However we are all very
happy to answer additional questions from our guests after the meeting or at a later
time.
Questions may be moderated, or if we receive multiple questions on one topic,
amalgamated together. Any questions not answered in time will receive an email
response after the meeting.
Slide 7 – How to participate in virtual/hybrid meetings and vote
Voting today will be conducted by way of a poll on all items of business.
For those in the room, if you do not have a voting paper, please indicate now by raising
your hand and a member of Computershare’s team will assist you.
For those online, if you are eligible to vote at this meeting, you will be able to cast your
vote under the Vote tab. Once the voting has opened, the resolutions will allow votes to
be submitted. You can change your vote, up until the time I declare voting closed.
Voting papers will be collected at the end of the resolution and voting section of the
meeting by the Computershare team who will act as scrutineers and the results will be
posted to the NZX later this afternoon.

If you need any assistance, the Computershare team are able to help both here and
online.
I now declare the voting open for all resolutions.
Slide 8 – Chair update
Reflecting on the last financial period and again noting that this was an 8-month period
due to our balance date change. Key results were:
The net loss for the period to 30 September 2025 was $6.3m. This compared to a profit
of $13.4m for the previous year ended 31 January 2025.
Our pro-forma EBITDA for the period was $7.1m. This compared to a profit of $29.7m for
the year ended 31 January 2025.
Group revenue decreased from $210.9m for the 12 months to 31 January 2025 to
$117.7m for the 8 months ended 30 September 2025.
Clearly, our financial performance over this 8-month period reflected a challenging year.
The primary reason for these results was the reduced harvest we experienced last year.
We harvested 3,315MT in the 8-month period to 30 September 2025, compared to
6,778MT in the prior 12-month financial reporting period. This harvest reduction
subsequently impacted the revenue and earnings for this reporting period. We took
shareholders through this decision at length in our last ASM in June.
It is important to acknowledge that this result falls short of our expectations, but it is
equally important to clearly state that the Board and Management remain steadfast in
their commitment to building a long-term, sustainable, and successful company that
will reward shareholders who maintain their support. Aquaculture is a long game.
The Board maintains confidence regarding our progress and current position for the
following reasons.
We have a strong balance sheet, with net cash on hand of ~$46.6m. This puts us in a
very healthy cash position ahead of our growth strategy.
We continue to focus on building stability and resilience. Stabilising the core has been
priority number one for NZKS this period – and we are already seeing very positive
improvements. We know we can never take our eye oƯ the ball here, and that this
2025/2026 summer period will be very important in terms of providing proof points for
our investments. Carl will focus on this in his address.
We have made further significant progress on our growth strategy over this period,
including making key infrastructure purchases that will help us reach our future scale-
up goals. We have a great team of experienced, loyal and committed staƯ working
throughout the New Zealand King Salmon business.

In line with the previous years and based on the significant work and expenditure ahead
of us, the Board has reconfirmed that dividends will remain on hold for the foreseeable
future.
Before I pass over to Carl, I would like to say that I believe this coming year will be one of
the most transformational we have ever had, with us leading some significant New
Zealand ‘firsts’ – the first time an open ocean salmon pilot farm has been progressed in
New Zealand; the first time a Recirculating Aquaculture System pilot for the King
Salmon species has commenced; and, pending the outcome of today’s vote, the first
time a wellboat will operate in New Zealand waters.
If these initiatives are successful, which we believe they will be, they will transform not
only the future of our company, but that of New Zealand’s salmon aquaculture sector.
On behalf of the Board, I’d like to thank Carl, our management team, and our wider
NZKS whānau for all their work over the last period. We look forward to what the year
ahead will bring.
I will now pass over to our CEO, Carl Carrington.
Slide 9 – CEO address
Kia ora koutou, my name is Carl Carrington, and I am the Chief Executive OƯicer here at
NZKS. This is now my third rotation around the sun, as I joined the business in August
2023.
Today, I will be taking you through the highlights for the last financial period, FY25
(ending September), fish performance, market and business update, and finishing with
the outlook for the coming financial year.
Slide 10 & 11 – Financial summary
As covered in our last ASM, from March 2025 we experienced biological challenges
across our sea farms. Subdued feed outs slowed biomass growth for around four
months, and we deliberately reduced harvest from April through late October to rebuild
biomass. The consequences were lower revenue, reduced overhead recovery, higher
cost of goods sold, and weaker earnings despite gains in pricing and product mix.
Pro-forma EBITDA declined from $29.7 million for the 12 months ended January 2025 to
$7.1 million for the 8-months ended September 2025. While disappointing, on the
positive side our adapted farming model, which sees us exiting our Pelorus and Queen
Charlotte sites over summer and concentrating our farming in our Tory Channel
locations to optimise seasonal performance and production - again prevented elevated
mortality and cushioned a potentially worse outcome.

Slide 12 – FY25 (Sept) Operational highlights
Revenue for the 8-month period was $118 million, reflecting the shorter reporting period
and reduced harvest. North America remains our largest market (41%), China grew to
5%, Australia reduced slightly to 10% as a result of lower supply (however it remains a
strategic growth market), and New Zealand at 34% remains vital as our home market.
Japan remains important for long-standing relationships and as a large market capable
of taking significant volumes if required, albeit achieving global pricing parity can be
challenging.
GAAP NPAT for the period was a loss of $6.3 million, strongly influenced by reduced
biomass inventory, impacting the fair value of our livestock on the balance sheet, versus
the prior year.
Capex for the FY25 (Sept) period was forecast at around $14 million, including ~$2.7
million non–Blue Endeavour pilot spend focused on stay-in-business items (nets,
moorings, machinery, site works). Due to the balance date change, NZKS had a 20-
month income tax period (1 Feb 2024–30 Sept 2025). Losses generated in 1HY FY25
(Sept) will oƯset the tax payable position from the 12 months ended 31 January 2025.
Despite the challenges we faced, particularly with fish performance and environmental
volatility, we have made significant strides by strategically investing in our future growth.
But before I get to these investments, I will address the most important question on your
mind: how are our fish performing so far this summer?
Slide 13 & 14 – Fish performance update
In the aquaculture space, our focus has been on strengthening our core business and
laying the foundations for significant expansion in the years ahead. The lesson is clear:
disciplined husbandry, better summer diets, and thermotolerance breeding are the right
long-term levers.
Summer has started well with mortality and fish performance tracking nicely. Feed
volumes have remained strong throughout the early part of summer, but we continue to
track this closely. It has been a real ‘fish-focus’ over this period, with net cleaning to
optimise the pen environment, fish health monitoring for early detection of issues, and
a strong focus on feeding and feed quality.
Slide 15 – Stabilising the core
Our priority remains to stabilise the core – for harvest certainty and by extension, to
ease earnings volatility. In aquaculture, there are no quick fixes; improvements require
time, investment, and disciplined execution. For example, hatchery investments
typically take ~3 years from broodstock to spawning, and farming investments take 2.5–
3 years from egg to harvestable fish.

The good news is we now have some key initiatives that have been in development for
some time now being implemented this summer, which are contributing to the stability
we are seeking.
Summer feed: we have now rolled out our customised summer diet commercially,
initially trialled at our Ruakākā trial facility last summer. Early results show our fish have
been performing well, feeding better during the early summer, and we have seen fewer
feed-related health issues. This is very promising.
Fish health tools: vaccine development remains a core focus, and we have an ongoing
work programme to improve vaccine eƯicacy and duration. We now have the ability to
deploy antibiotics under veterinary guidance, if required, at six of our eight operational
farms.
In terms of smolt optimisation, we have programmes underway at our Tentburn
hatchery, with a pilot RAS (Recirculating Aquaculture System) design stage complete,
which will include brackish water challenge capability.
Breeding: this is the first year that our thermotolerance-selected fish are at sea, which is
extremely exciting. We are also implementing genomics (which is the study and
mapping of genomes – which are the full set of genetic instructions for an organism - but
does not involve the manipulation of genes or genomes) into our breeding programme,
which is expected to accelerate pedigree breeding gains by ~30% per generation.
Slide 16 – Inshore optimisation and consents
In 2024 the Resource Management (Extended Duration of Coastal Permits for Marine
Farms) Amendment Bill extended the duration of consents across our farms out to
2050. During 2025 we worked with the Marlborough District Council to update
conditions at several high-flow sites. As a result of this process, the need for ‘feed
staging’ was removed, allowing earlier access to potentially usable feed discharge of up
to 5,000MT across our inshore operations.
This additional feed discharge capacity underpins the business case for the wellboat,
where the economics stack up based on our inshore farms alone.
I’ll now spend some time discussing the opportunity we have in front of us to lease a
wellboat.
The introduction of a wellboat marks one of the most transformative steps NZKS has
taken in over two decades. It will fundamentally reshape how we farm, creating a more
resilient, eƯicient, and future-ready operation.
You have received comprehensive information in the Notice of Meeting released to
market on the 19
th
of January, but I would like to spend some time now walking you
through why this is such a transformative, and fundamentally essential, next step for our
company.

Slide 17 – Features and benefits of a wellboat
To start, it's important to understand what a wellboat is and how it functions. A wellboat
is a specialised vessel designed for the safe transport of live fish, eƯectively serving as a
‘floating aquarium’ that maintains optimal conditions for fish welfare during transit over
long distances. Wellboats have become an integral part of the global aquaculture
industry, streamlining operations and supporting higher standards of fish welfare in the
farming operation. The diagram shown here highlights the sophisticated features of a
modern Wellboat – features that will significantly advance our farming capabilities and
enhance our scalability.
The wellboat plays a crucial role in improving fish welfare and biosecurity. By facilitating
precise grading and enabling the early removal of runts (failed smolt), we can minimise
disease risk and ensure a healthier, more uniform stock. The vessel supports industry-
leading aquaculture practices by enabling single-year class management and allowing
for the fallowing of sites, both of which contribute to elevated biosecurity standards.
Additionally, optimising site usage with the wellboat helps to potentially reduce the
need for therapeutic treatments in the future.
From an operational perspective, the introduction of a wellboat greatly enhances risk
management, and eƯiciency. Transitioning from the current higher-risk tow model to the
wellboat aligns our practices with proven international standards for live fish transport,
reducing operational risks and improving the reliability of our processes.
Slide 18 – Wellboat rationalisation
Let’s now turn to the reasons a wellboat is critical for our operations and growth, and
the transformative impact it will have on our company’s trajectory. We have long
signalled that a wellboat is an essential enabler for scaling our business, and it is a
prerequisite for advancing Blue Endeavour beyond the pilot phase.
Through detailed business case analysis, it became clear that a wellboat does far more
than just support expansion - it also significantly enhances the productivity and
resilience of our current sites. With a wellboat, we can eƯiciently transfer fish out of
certain farm locations during summer, optimising their welfare and reducing biological
risk. This also allows us to make better use of our feed discharge allowance as
discussed earlier, maximising our operational eƯiciency.
The introduction of a wellboat fundamentally expands our reliable farming capacity. It
unlocks the potential for an additional 2,000 metric tonnes of annual harvest within our
existing inshore footprint. This is not just incremental growth – it is a step change that
strengthens our ability to meet market demand and maintain stable supply year-round.
The resulting uplift could represent $60 million or more in additional annual revenue.

Operationally, we anticipate over 100 wellboat movements in the first financial year
alone, streamlining our farming model and enabling site movements that are currently
not possible with existing methods. The map on the right illustrates the enhanced
mobility and flexibility the wellboat will provide, significantly enhancing our farming
operations.
Strategically, the wellboat delivers improved forecasting and operational clarity. With in-
cycle fish counts and grading, we will have a more robust biomass inventory, supporting
better planning and decision-making across the business. Dedicated nursery and grow-
out site strategies will further simplify operations and reduce complexity.
Additionally, the wellboat is the cornerstone for future open ocean growth – it is an
indispensable asset for the Blue Endeavour open ocean project.
Globally, the use of wellboats is standard practice in salmon farming, especially for live
fish transport. By investing in this technology, NZKS will align with industry-leading,
scalable, and responsible operating models. Notably, New Zealand remains the only
major salmon-producing country where wellboats are not yet in use – this investment
marks a significant step towards modernising our sector.
In summary, the rationale for investing in a wellboat is extremely compelling. This is why
we have worked diligently to secure this opportunity for NZKS. I will now outline the
specifics of the vessel we have secured for lease, pending the outcome of today’s vote.
Slide 19 – Ronja King
After conducting a thorough global review of wellboat options, we identified a vessel
that meets both the technical requirements and cost parameters necessary to support
our operations at scale. Following a period of negotiations, we announced to the NZX on
the 9
th
of February that we have entered into, subject to shareholder approval today, a
long-term lease with Sølvtrans Rederi III AS (“Sølvtrans”), a highly respected Norwegian
wellboat operator.
On to the specifics of the vessel. I’m going to play this video in the background while I
talk a bit about the Ronja King [play video]. Firstly, you’ll notice the name ‘Ronja King’.
We were given the opportunity to add to the traditional name Ronja, which represents
the founders two children (Robin and Anja), and wanted to include an identifiable name
that connects the vessel to our company, and our unique species. The Ronja King is
57Fm, has a ‘well’ volume capacity of 1,000m3 spread across two ‘well tanks’, and a
gross tonnage volume of 1,276T.
Sølvtrans is internationally recognised and currently serves the Tasmanian salmon
farming sector. With the largest share of the global wellboat market, their expertise and
reliability are well established.

We are confident that a long-term lease with Sølvtrans will provide operational certainty
and commercial stability, delivering superior value and increased security for our
shareholders. Importantly, this leasing model oƯers us greater flexibility as our business
grows, allowing us to upsize to a larger vessel if required, without committing to an
outright purchase at this stage.
To recap key financial details from the Notice of Meeting: all annual lease payments for
the wellboat will be funded from NZKS’s working capital and cashflow, ensuring
financial prudence and sustainability.
Slide 20 – Progress update of growth plan
The wellboat is a critical key piece of future infrastructure to unlock our growth, but in
the last reporting period, we have also made significant progress in implementing our
growth strategy and making wise investments in key projects both in the ocean and on
land.
Our Blue Endeavour trial pens were assembled and towed to Waihinau. Our mooring
grid installation is underway, and while we initially experienced delays, we are now
making great progress with 30 of the total 44 moorings in place (although noting we only
need 36 to proceed with the first two pens). We are preparing for the tow out of the pens
to Blue Endeavour in the next month or so. The mooring grid delays meant our Blue
Endeavour fish have spent the summer period at our inshore farms. We are pleased to
report they are growing nicely and ready to be moved out, hopefully via a new wellboat,
once the pens are in place. And finally, our baseline monitoring period at Blue
Endeavour is now complete.
During the reporting period we made further significant investments in the supporting
infrastructure: our current Bullen Street factory is nearing its sustainable capacity
(~9,000MT p.a.), and we have moved to secure additional future processing capacity.
In October 2025 we completed the purchase of a commercial site in Cloudy Bay
Business Park (Blenheim) for $8.14 million, to support future processing needs as
volumes scale with Blue Endeavour.
We completed and received MV Whekenui, our dedicated service vessel, in October. I’ll
play this video in the background while I talk [play video]. Built in Vietnam and arriving
via lift shift as seen in this video, Whekenui is now in Picton and set to underpin daily
operations (feed logistics, power, monitoring, personnel transport). This video also
shows some of the footage of Te Whakamānutanga o te waka (Whekenui) ceremony
with Te Rūnanga o Ngāti Kuia, who gifted us the name Whekenui. The name ‘Whekenui’
honours the pūrākau of Te Wheke o Muturangi, and the waters where Whekenui will be
operating. We also had the pleasure of hosting some Marlborough Council members
and other leaders on a tour of Whekenui, as shown in this video.

And the Westshore Warehouse project, which saw us enter into a feed storage and
delivery contract with Port Marlborough, which will see a 3,200sqm purpose-built
warehouse constructed. This will bring significant benefits, as the feed will arrive
directly at Picton once this is completed this year and be stored portside, allowing
loading to the feed barge directly from the warehouse and eliminating several hundred
truck trips every year from Nelson to Marlborough, removing the associated CO2
emissions.
It is very rewarding to see how our growth and investments are also the catalyst for other
growth and benefits for our regional economies.
Slide 21 & 22 – Markets
We continue to be a brand-led company, and we view our premiumisation on the global
and domestic stage as very important.
Our strategic growth markets remain North America, China, and Australia. New Zealand
remains vital as our home market, although realistically, New Zealand's growth will
likely be subdued. Japan is important to maintain valued relationships and distribution
access for future growth opportunities. With future additional supply coming from
inshore utilisation and Blue Endeavour, we see pathways to expand premium
foodservice and retail channels, including higher-end China retail and pushing deeper
into US and Australian foodservice and retail.
The next slide gives a quick flavour of some of the investments we have been making
into these key markets.
Slide 23 – China, North America and New Zealand brand snapshots
China – this video I’m about to share is of the Ahi restaurant pop-up at W Shanghai on
The Bund in November last year. From Aotearoa to the bustling city of Shanghai, the Ahi
restaurant pop-up was a celebration of Kiwi hospitality, craft and connection through
food and beverage. This private hosting event was coordinated by New Zealand Trade
and Enterprise (NZTE), with 26 prestigious guests, and featuring our Regal King Salmon
as one of the main components of a curated NZ dining experience. The New Zealand
Ambassador, Minister for Trade Todd McClay, and NZTE Regional Director joined the
Regal team's table for their meal. Several potential food service partners were
introduced through the pop-up, including fine-dining restaurants like TING by FJ &
Obscura, iconic bund venues like W Hotel, Waldorf Hotel, The Roosevelt, and trending
western restaurant groups like Bella Vita Group and MUSE Group. This pop-up served as
a strong introduction for Regal into Shanghai’s premium food service scene. [Play
video].
North America – Ōra King continues to be influential in the world of fine dining,
particularly in the US. In September, we attended North America’s 50 Best Restaurant

Awards in Las Vegas. As the first NZ sponsor, we promoted our Ōra King brand and the
wider NZ story to North America’s best chefs. This video here showcases the event,
including a stunning statue of an Ōra Tyee encased in ice. [Play video].
New Zealand – and to our very important domestic market. We are fortunate to have a
relationship with Al Brown, who has been a consistent advocate of our Regal King
Salmon. Al Brown is one of New Zealand’s most celebrated chefs and restaurateurs. As
an ambassador for Regal, Al Brown shares his love of authentic, generous hospitality
while championing Regal’s vision of accessible, everyday gourmet eating. Here is a
quick clip of Al’s launch of his social media series, which we are receiving great
engagement on. [Play video].
Slide 24 – Relationships and communications
Alongside investing in our brands, we have continued to strengthen our relationships
with government, iwi, science institutes, customers, media, education providers and
others.
This slide has just a few examples of these initiatives. From the left, last year, we were
honoured to be gifted the name ‘Whekenui’ by Te Rūnanga o Ngāti Kuia for our
specialised service vessel, reflecting shared purpose and place. The next image is of
NZKS’ keynote speech following the Hon. Minister Jones at the Aquaculture NZ
conference last year.
At our last ASM, we heard the call to continue to invest further energy into our
communications both with investors and beyond. This reporting period we have put
significant eƯorts into increasing our public profile through a range of channels –
including traditional media, social media, panel presentations and conferences.
We partnered with international aquaculture communicator James Sibley, who created
two short-form ‘documentaries’ about our farming practices and company. [Play video].
The videos received great engagement, with over 1.5 million views, and were a great way
to create exposure to a younger audience, helping us to maintain transparency and
build our social license.
We continue contributing to sector leadership, including participation in the Seafood
Integrated Scenarios work weaving climate, nature, and Te Ao Māori into a practical
framework, and progressed modern slavery reporting in line with the Australian Modern
Slavery Act.
While traditional media is becoming increasingly ‘user pays’, we continue to proactively
engage with media outlets to ensure we achieve good, accurate coverage. This year we
are refreshing our corporate website and kicking oƯ a new quarterly update newsletter,
which will give more frequent updates on our company news and stories. The sign-up

information was on the front page of the NOM, and there is a sign-up form here as well
that we can assist you with after the ASM.
Slide 25 - Sustainability and Climate-Related Disclosures
We released to market a GHG Statement for the 8-month reporting period to 30
September 2025. This report discloses our Scope 1, 2 and 3 GHG emissions, in which
limited assurance was obtained across all three scopes. Our absolute emissions are
down from the previous reporting period, driven from this change in balance date. The
reduced harvest impacted our intensity metric, with less harvested biomass to spread
across the more fixed business-as-usual GHG emissions. We progressed high-value
protein recovery by capturing kidney line protein for nutrient-rich fish meal in non-
salmon applications and have continued to work on the research and development of
our remaining raw materials.
As highlighted during the 30 September 2025 results, with the proposed changes to the
Climate Reporting threshold, NZKS will no longer be a Climate Reporting Entity. As a
result of this change, NZKS no longer prepares or files Climate-Related Disclosures.
Instead, we have produced an annual ‘GHG Statement’ as noted above. From FY26
onwards NZKS intends to prepare a GHG Statement and disclose our Scope 1, 2 and 3
emissions and obtain a level of assurance over Scope 1 and 2 emissions. This will
enable us to continue to identify opportunities to improve our carbon intensity
measures as the business pursues our long-term growth opportunities.
Slide 26 – Outlook
Aquaculture can be a tough business – progress is often two steps forward and half a
step back. Directionally, we are building resilience into the business year by year. This
summer is a major test of our fish health tools and feeding strategies, and it is pleasing
to see preliminary solid results so far. We will continue exercising patience and caution
as we prove out Blue Endeavour, establish a solid platform, and build shareholder
confidence for future investments.
Our direction of travel hasn’t changed: healthier fish, stronger operations, and a
scalable oƯshore platform that can unlock long-term growth for NZKS.
Previously, we have been cautiously optimistic about our future growth prospects. As
we progress through this summer period we are increasingly confident, without being
overly confident, that the work undertaken over the past few years is stabilising our core
operations and laying the foundation for growth.
Thank you for your trust, partnership, and belief in the future of New Zealand King
Salmon. Together, we are building a stronger, more resilient company and contributing
to a healthier tomorrow for our communities and environment.
Nō reira, tēnā koutou, tēnā koutou, tēnā koutou katoa.

---

ANNUAL SHAREHOLDERS MEETING
Wednesday 18th February 2026
Image: Blue Endeavour Pilot Pen tow

New Zealand King Salmon Investments Limited— ASM Notice 2026
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 annual shareholder meeting. 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 result s 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.

New Zealand King Salmon Investments Limited— ASM Notice 2026
WELCOME
Carl Carrington
Chief Executive Officer
Mark Dewdney
Chair

New Zealand King Salmon Investments Limited— ASM Notice 2026
AGENDA
•Chair update
•CEO address
•Questions
•Ordinary business and resolutions
•Voting
Te Pangu Seafarm – Kura Te Au/Tory Channel

VOTING
INSTRUCTIONS

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New Zealand King Salmon Investments Limited— ASM Notice 2026
CHAIR ADDRESS
•FY25 (Sept) results overview
•Outlook
Blue Endeavour pilot pen tow

New Zealand King Salmon Investments Limited— ASM Notice 2026
CEO ADDRESS
•FY25 (Sept) Financial Performance
•Fish Performance
•Business Update
•Market Update
•Wider Business Update
•Outlook

FY25 (SEPT) PERFORMANCE

New Zealand King Salmon Investments Limited— ASM Notice 2026
•Partial year adjustment (Change in balance date) – As a result of the balance date change, the current period represents eight months of earnings versus the prior comparable period of 12 months.
•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. Pleasingly, biomass at sea is rebuilding as forecasted.
oPrice – The decreased volume impact was partially offset by both price increases and product mix (higher proportion of value-added product sold utilising finished goods on hand with harvest reductions).
•Cost of goods
oVolume – COGS reduced due to a decrease in available biomass, harvest volumes were down ~1,100MT or 25% (on a like for like basis).
oOperational Leverage – As commented in previous presentations, NZK has high operational leverage (high fixed and semi variable costs impacting COGS), future initiatives to grow volumes are crucial to unlock this
challenge.
•Mortality increased on the prior comparable period (PCP). Mortality represents both an expense (costs that won’t be recovered from investments in biological assets) and also an opportunity cost as lost margin and flow on
impacts to operational leverage.
•Corporate costs – are favourable to the PCP predominately due to both a reduction in the Short Term Incentive (STI) accruals and NZKS managing costs with the reduced harvest. This is not expected to repeat, with
corporate costs anticipated to increase, as NZKS continue to increase investment in capability to support the delivery of growth initiatives.
1
Refer to pages 38 & 39 for full reconciliation between GAAP and Pro-Forma results
PRO-FORMA
1
EBITDA COMPARISON
(9.1)
(31.5)
11.5
19.8
(14.0)
(1.6)
2.9
(0.6)
29.7
7.1
FY25 (JAN)
Part Year
Adjustment
Sales Volumes
Price/Customer/
Product Mix
COGS - Volume
COGS Inflation
Mortality
Corporate Costs
Other Income
FY25 (SEPT)
PRO-FORMA EBITDA FY25 (JAN) to FY25 (SEPT)

New Zealand King Salmon Investments Limited— ASM Notice 2026
$118
FY25 (SEPT)
REVENUE OF
MILLION
METRIC TONNES HARVESTED
DURING FY25 (SEPT) 8 months
GEOGRAPHIC SPREAD OF REVENUE
NORTH
AMERICA
EUROPE
NEW ZEALAND
AUSTRALIA
JAPAN
CHINA
ASIA EX. CHINA &
JAPAN
41%
3%
5%
4%
10%
34%
3%
3,315
FY25(SEPT) OPERATIONAL HIGHLIGHTS
175
167
187
211
118
FY22 FY23 FY24 FY25
(JAN)
FY25
(SEPT)
8 months
(73.2)
1.9
28.5
13.4
(6.3)
FY22 FY23 FY24 FY25
(JAN)
FY25 (SEPT)
8 months
FY25 (SEPT) GAAP NPAT
8.7
(2.7)
24.5
29.7
7.1
FY22 FY23 FY24 FY25
(JAN)
FY25 (SEPT)
8 months
FY25 (SEPT) PRO-FORMA
OPERATING EBITDA

FISH PERFORMANCE

New Zealand King Salmon Investments Limited— ASM Notice 2026
FISH PERFORMANCE UPDATE​
•Fish performing well
•Feed out volumes remain strong
•Continuous fish health monitoring over
the critical summer period
Ōtānerau – Tōtaranui/Queen Charlotte Sound

New Zealand King Salmon Investments Limited— ASM Notice 2026
Summer Feed
STABILISING THE CORE
Fish Health Tools
Improved fish performance,
health & welfare, and maintaining
feed rates and growth during the
most challenging conditions.
Ruakākā trial pens
Continuous vaccine
development, therapeutant
availability and optimising smolt
production.
Our ‘future resilient’ salmon
Breeding
First year that thermotolerance-
selected fish are at sea,
genomics application modelled to
accelerate gains.
Our RAS Pilot design for smolt optimisation

New Zealand King Salmon Investments Limited— ASM Notice 2026
INSHORE OPTIMISATION & CONSENTS
•Increase in usable feed
discharge
•Consent condition refinements
•Introduction of a wellboat
Our seafarms with consent expiry dates

New Zealand King Salmon Investments Limited— ASM Notice 2026

New Zealand King Salmon Investments Limited— ASM Notice 2026
WELLBOAT RATIONALISATION
Primary Benefit
•Increase reliable farming capacity within existing inshore sites
(additional harvest of 2,000 metric tonnes annually)
Additional Benefits
•Enables grading, site fallowing and single-year class
•Eliminates the current manual towing risk
•Lowest risk option to support open ocean​ pilot
•Fish counts will stabilise forecast confidence
•Operational simplification​ & risk reduction
•Non-negotiable infrastructure requirement for open ocean farming
Further Opportunities
•Enables smolt transfers (required at increasing scale)
•Opens options around future harvest strategies – i.e. centralised
harvest site
Map showing potential movements of the Ronja King throughout our farming footprint

New Zealand King Salmon Investments Limited— ASM Notice 2026
RONJA KING
The Ronja King wellboat
Inside one of the two ‘wells’ for transporting the live fish
Inside the wheelhouse of the Ronja King

New Zealand King Salmon Investments Limited— ASM Notice 2026
PROGRESS UPDATE - GROWTH PLAN
Blue Endeavour Pens Assembled
Two pens were constructed at Port Marlborough
and launched in April.
Blue Endeavour Pen Tow
Two pens were towed successfully to Waihinau
(Pelorus Sound) in late April.
Mooring Grid Installation
A 44 anchor mooring grid is being installed at
the Blue Endeavour site (starting in September).
Blue Endeavour Baseline Monitoring
The baseline monitoring period is now complete
(including biogenic habitats, marine life, and
cultural mauri monitoring assessments).
Blue Endeavour Pens at Waihinau
Two pens are holding our first Blue Endeavour
pilot fish at our inshore nursery site at Waihinau.
Commercial Site Purchase – Cloudy Bay
We have purchased a commercial site at Cloudy
Bay Business Park in Blenheim for future factory
capacity needs.
Blue Endeavour Service Vessel
Built in Vietnam, Whekenui arrived in Nelson
mid-October, and will service the farm and carry
feed for Blue Endeavour.
Feed Storage Warehouse
We have entered into a lease agreement with
Port Marlborough. Construction has begun on a
purpose-built 3,200sqm quayside warehouse on
the Westshore area of the port.

MARKETS

New Zealand King Salmon Investments Limited— ASM Notice 2026
SALES BY MARKET (PERIOD ENDED SEPT 2025) ​
NORTH
AMERICA
41%
EUROPE
3%
ASIA EX. CHINA & JAPAN
4%
AUSTRALIA
10%
CHINA
5%
JAPAN
3%
NEW ZEALAND
34%

NORTH
AMERICA
NEW ZEALAND
The Ahi pop-up in Shanghai, featured Regal King Salmon for top industry
guests - introducing Regal to Shanghai’s premium dining scene
North America’s 50 Best Restaurant
Awards in Las Vegas – sponsored by Ōra
King.
Al Brown – our Regal Ambassador, championing Regal’s vision of
accessible, everyday gourmet eating.
CHINA

New Zealand King Salmon Investments Limited— ASM Notice 2026
RELATIONSHIPS AND COMMUNICATIONS
Te Whakamānutanga o te waka (Whekenui) with Te
Rūnanga o Ngāti Kuia - October 2025
NZKS’ keynote presentation at 2025 AQNZ Conference,
following Hon. Shane Jones.
1 of 2 short form documentaries
created with influencer James Sibley –
receiving over 1.5 million views across
the series.

New Zealand King Salmon Investments Limited— ASM Notice 2026
SUSTAINABILITY AND CLIMATE-RELATED
DISCLOSURES
•GHG Statement for the 8-month period prepared.
This covered Scope 1, 2 & 3 emissions which all
received limited assurance
•Regulatory changes – NZK cease being a Climate
Reporting Entity, but will continue to disclose our
Scope 1, 2 and 3 GHG emissions
•Our focus will be on improvements to our GHG
footprint, with a particular focus on our carbon
intensity measures

New Zealand King Salmon Investments Limited— ASM Notice 2026
OUTLOOK
•Continue to build resilience in the
business
•Multifactorial approach
•Initiatives take time; increasingly
in play
•Build out growth markets
•Prove-up Blue Endeavour
•Stay the course
Our Tentburn Hatchery - Southbridge

QUESTIONS

ORDINARY BUSINESS AND
RESOLUTIONS

New Zealand King Salmon Investments Limited— ASM Notice 2026
RESOLUTION 1
That the Board is authorised to fix the auditor’s remuneration for the
financial year ending 30 September 2026.
The Board unanimously recommends that shareholders vote in favour of
Resolution 1.​

New Zealand King Salmon Investments Limited— ASM Notice 2026
RESOLUTION 2
That, having retired in accordance with NZX Listing
Rule 2.7.1, Jack Porus be re-elected as a Director.
The Board unanimously recommends that
shareholders vote in favour of Resolution 2.​

New Zealand King Salmon Investments Limited— ASM Notice 2026
RESOLUTION 3
That, having retired in accordance with NZX Listing
Rule 2.7.1, Catriona Macleod be re-elected as a
Director.
The Board unanimously recommends that shareholders
vote in favour of Resolution 3.​

New Zealand King Salmon Investments Limited— ASM Notice 2026
CATRIONA MACLEOD’S PRE-RECORDED ASM ADDRESS

New Zealand King Salmon Investments Limited— ASM Notice 2026
RESOLUTION 4
That the Wellboat Transaction, as described in the explanatory notes, is
approved for the purposes of NZX Listing Rule 5.1.1.
The Board unanimously recommends that shareholders vote in favour of
Resolution 4.​

VOTING

New Zealand King Salmon Investments Limited— ASM Notice 2026
CHAIR CLOSING

APPENDICES

New Zealand King Salmon Investments Limited— ASM Notice 2026
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 under consented levelstomaintainconsent/environmental compliance

New Zealand King Salmon Investments Limited— ASM Notice 2026
FY25 (SEPT)
1
RECONCILIATION BETWEEN GAAP
AND PRO-FORMA FINANCIALS
NZD 000s
Statutory Financial
Statements
Depreciation
Fair Value
Adjustments
Early FX Close-
outs
Pro-Forma
Operating Financial
Information
Revenue117,719 117,719
Cost of goods sold(117,570)4,618 21,286 (91,666)
Fair value gain / (loss) on biological transformation10,088 (10,088)-
Gross Profit10,237 4,618 11,198 - 26,053
Other operating income981 (405)576
Overheads
Selling and distribution expenses(10,717)446 (10,271)
Corporate expenses(8,642)826 (7,816)
Other expenses(1,458)(1,458)
Add: Depreciation5,890 (5,890)-
EBITDA(3,709)- 11,198 (405)7,084
Deduct Depreciation and amortisation(5,890)(5,890)
EBIT(9,599)- 11,198 (405)1,194
Finance income1,057 1,057
Finance costs(442)(442)
Net finance costs615 - - - 615
Profit /(loss) before Tax(8,984)- 11,198 (405)1,809
Income tax (expense) / credit2,657 - (3,136)113 (365)
Net Profit /(loss) for the Year(6,327)- 8,062 (292)1,444
1
for the 8 months from 1 February 2025 to 30 September 2025

New Zealand King Salmon Investments Limited— ASM Notice 2026
FY25 (JAN) RECONCILIATION BETWEEN GAAP
AND PRO-FORMA FINANCIALS
NZD 000s
Statutory Financial
Statements
Depreciation
Fair Value
Adjustments
Early FX Close-
outs
Pro-Forma
Operating Financial
Information
Revenue210,993 210,993
Cost of goods sold(193,039)6,834 35,086 (151,119)
Fair value gain / (loss) on biological transformation27,411 (27,411)-
Gross Profit45,365 6,834 7,675 - 59,874
Other operating income5,475 (4,330)1,145
Overheads
Selling and distribution expenses(16,814)152 (16,662)
Corporate expenses(13,796)1,151 (12,645)
Other expenses(1,983)(1,983)
Add: Depreciation8,137 (8,137)-
EBITDA26,384 - 7,675 (4,330)29,729
Deduct Depreciation and amortisation(8,137)(8,137)
EBIT18,247 - 7,675 (4,330)21,592
Finance income1,466 1,466
Finance costs(619)(619)
Net finance costs847 - - 847
Profit / (loss) before Tax19,094 - 7,675 (4,330)22,439
Income tax (expense) / credit(5,735)(2,149)1,212 (6,672)
Net Profit / (loss) for the Year13,359 - 5,526 (3,118)15,767

New Zealand King Salmon Investments Limited— ASM Notice 2026
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

New Zealand King Salmon Investments Limited— ASM Notice 2026
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.