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ANNUAL SHAREHOLDERS MEETING Wednesday 18th February 2026 Image: Blue Endeavour Pilot Pen tow
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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 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.
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New Zealand King Salmon Investments Limited— ASM Notice 2026 WELCOME Carl Carrington Chief Executive Officer Mark Dewdney Chair
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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
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VOTING INSTRUCTIONS
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› If you have a question to submit during the live meeting, please select the Q & A tab on the right half of your screen at anytime. Type your question into the field and press submit. Your question will be immediately submitted to the moderator. Online Questions How to Participate in Virtual/ Hybrid Meetings and ask a Question Shareholder & Proxyholder Q & A Participation Help › The Q & A tab can also be used for immediate help. If you need assistance, please submit your query in the same manner as typing a question and a Computershare representative will respond directly to you.
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How to Participate in Virtual/ Hybrid Meetings and Vote › Once the voting has been opened, the resolutions and voting options will allow voting. › To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen. › Your vote has been cast when the tick appears. › To change your vote, select ‘Change Your Vote’ . Shareholder & Proxyholder Voting
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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
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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
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FY25 (SEPT) PERFORMANCE
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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 o Volume – 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. o Price – 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 o Volume – COGS reduced due to a decrease in available biomass, harvest volumes were down ~1,100MT or 25% (on a like for like basis). o Operational 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)
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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
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FISH PERFORMANCE
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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
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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
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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
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New Zealand King Salmon Investments Limited— ASM Notice 2026
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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
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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
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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.
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MARKETS
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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%
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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
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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.
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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
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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
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QUESTIONS
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ORDINARY BUSINESS AND RESOLUTIONS
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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.
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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.
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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.
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New Zealand King Salmon Investments Limited— ASM Notice 2026 CATRIONA MACLEOD’S PRE -RECORDED ASM ADDRESS
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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.
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VOTING
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New Zealand King Salmon Investments Limited— ASM Notice 2026 CHAIR CLOSING
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APPENDICES
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New Zealand King Salmon Investments Limited— ASM Notice 2026 HIGH FLOW CONSENT CONDITIONS REVIEWED AND RENEWED Farms Region Expiry date Status Feed Staging Change *1 Ruakākā Queen Charlotte 2044 Active No Change Ōtānerau Queen Charlotte 2044 Active No Change Forsyth Bay Pelorus 2044 Fallow No Change Waihinau Pelorus 2044 Active No Change Crail Bay Pelorus 2044 Fallow No Change Clay Point Tory Channel 2050 Active +1,500MT Te Pangu Tory Channel 2050 Active +500MT Waitātā Pelorus 2050 Active +2,000MT Ngāmahau Tory Channel 2050 Active +1,500MT Kopāua Pelorus 2050 Fallow +2,500MT Blue Endeavour Cook Strait 2057 Active No 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 to 3,000MT of potentially usable feed discharge at Ngāmahau and Clay Point. There was also an increase in feed discharge at Waitātā (2000MT) and Kopāua (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 use therapeutants 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 levels to maintain consent/environmental compliance
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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 Revenue 117,719 117,719 Cost of goods sold (117,570) 4,618 21,286 (91,666) Fair value gain / (loss) on biological transformation 10,088 (10,088) - Gross Profit 10,237 4,618 11,198 - 26,053 Other operating income 981 (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: Depreciation 5,890 (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 income 1,057 1,057 Finance costs (442) (442) Net finance costs 615 - - - 615 Profit /(loss) before Tax (8,984) - 11,198 (405) 1,809 Income tax (expense) / credit 2,657 - (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
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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 Revenue 210,993 210,993 Cost of goods sold (193,039) 6,834 35,086 (151,119) Fair value gain / (loss) on biological transformation 27,411 (27,411) - Gross Profit 45,365 6,834 7,675 - 59,874 Other operating income 5,475 (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: Depreciation 8,137 (8,137) - EBITDA 26,384 - 7,675 (4,330) 29,729 Deduct Depreciation and amortisation (8,137) (8,137) EBIT 18,247 - 7,675 (4,330) 21,592 Finance income 1,466 1,466 Finance costs (619) (619) Net finance costs 847 - - 847 Profit / (loss) before Tax 19,094 - 7,675 (4,330) 22,439 Income tax (expense) / credit (5,735) (2,149) 1,212 (6,672) Net Profit / (loss) for the Year 13,359 - 5,526 (3,118) 15,767
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New Zealand King Salmon Investments Limited— ASM Notice 2026 APPENDIX – GLOSSARY OF TERMS FY27 Financial results for the 12 months from 1 October 2026 to 30 September 2027 FY26 Financial 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 FY24 Financial results for the 12 months from 1 February 2023 to 31 January 2024 FY23 Financial results for the 12 months from 1 February 2022 to 31 January 2023 FY22 Financial 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 1HY24 Financial results for the 6 months from 1 February 2023 to 31 July 2023 1HY23 Financial results for the 6 months from 1 February 2022 to 31 July 2022 1HY22 Financial results for the 6 months from 1 February 2022 to 31 July 2021 EBITDA Earnings before interest, tax, depreciation and amortisation FCR Feed Conversion Ratio – the amount of feed (in kilograms) required to grow 1 kilogram of fish weight G&G Gilled and gutted. Note that all volumetric information presented is on a gilled and gutted basis unless otherwise stated GAAP Generally Accepted Accounting Practice MT Metric tonnes NPAT Net profit after tax, also reported as net profit for the period in our published financial results NZKS New 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 this document. Pro-Forma Operating EBITDA is a non-GAAP profit measure that NZKS provides market guidance against RAS Recirculating Aquaculture System
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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.