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) 1H23 result reaffirmed management’s FY22 guidance of a EBITDA loss between -NZ$8.5-12.0m</li><li>1H23 pro-forma EBITDA was below our expectations, as was reported earnings, where the difference is primarily attributed to fair value adjustments in COGS and timing differences between the first and second half</li><li>The 1H23 result suggests 2H23 EBITDA of ~NZ$3m is required to achieve the mid-point of full year guidance</li></ul>

New Zealand King Salmon’s (NZK) 1H23 result reaffirmed management’s FY22 guidance of a EBITDA loss between -NZ$8.5-12.0m1H23 pro-forma EBITDA was below our expectations, as was reported earnings, where the difference is primarily attributed to fair value adjustments in COGS and timing differences between the first and second halfThe 1H23 result suggests 2H23 EBITDA of ~NZ$3m is required to achieve the mid-point of full year guidance

New Zealand King Salmon (NZK): 1H23 Result – Initial Impressions