New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon's (NZK) FY23 result was broadly in line with our expectations, with underlying EBITDA and NPAT supported by higher average selling prices, despite a lower than expected sales volume.</li><li>There were some positive surprises in the outlook commentary and included (1) a higher FY24 EBITDA guidance range (+24% at the midpoint) versus expectations at the May 2022 equity raise, and (2) improved harvest volume expectations from a stronger than expected seasonal harvest in FY23.</li><li>We upgrade our near-term forecasts reflecting stronger FY24 guidance.</li></ul>

New Zealand King Salmon's (NZK) FY23 result was broadly in line with our expectations, with underlying EBITDA and NPAT supported by higher average selling prices, despite a lower than expected sales volume.There were some positive surprises in the outlook commentary and included (1) a higher FY24 EBITDA guidance range (+24% at the midpoint) versus expectations at the May 2022 equity raise, and (2) improved harvest volume expectations from a stronger than expected seasonal harvest in FY23.We upgrade our near-term forecasts reflecting stronger FY24 guidance.

New Zealand King Salmon: FY23 Result — Turning Upstream