Ann: Tassal successfully integrates farm holdings, page-13

Hmm, it's an interesting proposition a third revenue stream. As noted, it's quite early to be considering this as the CAPEX / management focus still remains on the prawn development strategy. I would suspect no real maneuvers could be made before FY27 beyond a few foundational / investigative work.

I suspect that expansion would not be more salmon - be it in Australia or overseas, as this is a relatively mature market with lower return on investments than other markets. Moreover, competition in Australia is already quite stiff, so the emphasis would be on export markets which they don't have the supply chains / synergies in place for.

Their modus operandi is to look at technologies that are already well established; markets that are not very competitive; and where they can focus on creating demand rather than take market share. Most of the seafood / shellfish options are actually quite competitive already (e.g. Twiggy Forrest moving in to abalones). I reckon marine based fin-fish would be a great opportunity, shifting from wild catch to aquaculture. Northern Australia and barramundi could be a really interesting area to develop for example. There are also some good river fish options like cod, but I think those markets may be smaller and more competitive.