Seeka Limited Analysis

Overview

Seeka is an integrated horticultural and produce company that grows, processes, distributes and markets high quality produce to world markets. An international business based in New Zealand focused on orchard-to-market excellence.

Seeka's core business is kiwifruit and it is a key supplier of New Zealand fruit to the global kiwifruit trade, via marketer Zespri, with around 21% market share. Seeka has invested capital to increase supply and processing capabilities as the industry anticipates growth with new gold kiwifruit variety.

Seeka continues to expand its product portfolio and capture value in emerging markets such as avocados while growing its geographical reach - now operating in Australia and Northland in addition to the Hawkes Bay, Bay of Plenty and the Coromandel. Seeka has a dominant market share with its Australian grown kiwifruit being supplied to local and export markets and nashi supplied to the local market.

Seeka provides an investment entry point to New Zealand kiwifruit and avocados and is poised for further growth.

Performance

The following information was extracted from Seeka Limited's Half year results, released 20 August 2025

Listed New Zealand produce company, Seeka reports its unaudited results for the six months ended 30 June 2025

• Revenue $307.9 million — up 8% on pcp
• EBITDA $83.5 million — up 22% on pcp
• NPBT $59.4 million — up 32% on pcp
• NPAT $37.8 million — up 121% on pcp (note deferred tax adjustment in pcp)
• Dividend — $0.15 per share to be paid 15 October 2025, record date 18 September (details further down)
• Forecast full year NPBT increased to be between $35.0 million to $39.0 million

Seeka is pleased to release its unaudited financial results for the six months ended 30 June 2025, delivering a record profit after tax of $37.8 million. While all parts of the business reported improved results, New Zealand kiwifruit volumes of 47.1 million class 1 trays were up on the previous corresponding period’s (pcp) 43.0 million trays, which underpinned the improved results.

Improved growing conditions benefitted both Seeka’s New Zealand orcharding and post-harvest businesses, while Seeka’s SeekaFresh business continued to build on its base. Seeka’s Australian business increased overall production and earnings following a good growing season and the introduction of new produce lines.

EBITDA for the six months lifted to $83.5 million from $68.4 million in the pcp. Net profit before tax was up 32% to $59.4 million, and net profit after tax of $37.8 million is more than double the pcp’s $17.1 million, noting that 2024 was impacted by a deferred tax adjustment from a legislated change to tax deductibility of non-residential buildings.

Seeka continues to focus on building balance sheet resilience by lowering debt, having reduced net bank debt by $40.2 million to $130.6 million over the 12 months, with a further $64.8 million banked in July 2025 in the normal course of business. While reducing debt, Seeka has continued to invest in its core business.