Seeka at $5.12: A Record Kiwifruit Season Pushed Pre-Tax Profit Up 60%
Seeka had a year to remember in 2025. A record kiwifruit harvest flowed straight through to the company's earnings, lifting pre-tax profit 60% and allowing it to slash debt. The SEK.NZ stock is now one of the clearer ways to invest in New Zealand's kiwifruit success story. The question for investors, as always with a harvest-driven business, is how much of that record result can be repeated.
Seeka is a horticulture services company. It provides orchard leasing and management, post-harvest processing, packing, cool storage, and marketing for kiwifruit, and also handles avocado, citrus, and Kiwiberry crops. It sits in the middle of the supply chain between growers and global markets, which means its earnings rise and fall with the size and quality of the harvest.
Recent Performance
As of early 2026, SEK traded around $5.12, on a market capitalisation of roughly $226 million. The shares have been supported by the strong 2025 result. On reported earnings over the prior 12 months, the stock has traded on a price-to-earnings ratio (a measure of how much investors pay per dollar of profit) of around 11 to 12, which is not demanding.
The share price has reflected a good year. The harder part is judging the years ahead.
Key Metrics
The figures that frame the case:
- •Share price: around $5.12 NZD
- •Market capitalisation: roughly $226 million
- •FY2025 operating revenue: $440 million, up 7%
- •FY2025 net profit before tax: $48 million, up 60%
The gap between 7% revenue growth and 60% pre-tax profit growth is the story. It shows how much operating leverage Seeka has: when harvest volumes are strong, the company's processing and storage assets run fuller, fixed costs are spread over more fruit, and profit jumps far faster than revenue. The same leverage works in reverse in a weak season. For how we treat operating leverage in harvest-driven businesses, see our [methodology](/methodology).
The Big Picture
The engine of the 2025 result was the kiwifruit crop. New Zealand delivered an excellent growing season, and Seeka handled a record 47.1 million trays of kiwifruit. Fruit quality was strong from both independent growers and Seeka's own orchards, which supported efficient processing and good returns into export markets.
The financial outcomes followed. Operating revenue rose 7% to $440 million. EBITDA (earnings before interest, tax, depreciation and amortisation) climbed 26% to $96 million. Net profit after tax came in at $32 million, a sharp improvement on the prior year. Seeka also used the strong cash generation to cut net bank debt to $100.3 million, down about $37 million on the year. Lower debt means lower interest costs and a more resilient balance sheet heading into future seasons.
Shareholders saw the benefit directly. Seeka paid 30 cents per share in dividends across its 2025 financial year and declared a further fully imputed dividend of 25 cents per share. A fully imputed dividend carries New Zealand tax credits, which makes it more valuable to local shareholders than the headline figure suggests.
Seeka sits in the same broad part of the economy as other New Zealand produce exporters. Apple-focused [Scales Corporation](/stocks/scales-corporation) and [T&G Global](/stocks/tg-global) tell a similar story of strong recent seasons feeding strong results, and the same caution applies to all three: the weather giveth and the weather taketh away.
What to Watch
Three things will shape the outlook.
First, the next harvest. Seeka's earnings are tied to crop volume and quality. A record season is wonderful, but it sets a high bar. Watch grower forecasts and growing conditions for the seasons ahead.
Second, the balance sheet. Debt reduction has strengthened the company. Watch whether Seeka keeps that discipline or gears back up for expansion.
Third, capacity and automation. Seeka has been investing in processing capacity and automation. Watch whether that investment lifts efficiency and helps handle larger crops.
The Bottom Line
The bull case for Seeka is a record harvest converted into a 60% pre-tax profit jump, sharply lower debt, a healthy dividend, and an undemanding valuation. The bear case is a business whose earnings depend heavily on the size and quality of each year's crop, which means a weaker season would pull profit down just as quickly as a strong one lifted it. At around $5.12, Seeka is a well-run horticulture business priced reasonably, as long as investors go in understanding how much rides on the weather.
*This article is for informational purposes only and does not constitute financial advice. Always do your own research or consult a licensed financial adviser before making investment decisions. Figures are drawn from publicly available company disclosures and market data and may change after publication. See our [methodology](/methodology) for how we approach these articles.*