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New Zealand King Salmon (NZK) investor relations material
New Zealand King Salmon H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net loss after tax of $20.8m for the half-year, compared to a net profit of $6.0m in the prior period, driven by a non-cash fair value write-down of biological assets, reduced harvest volumes, and challenging biological performance.
Pro forma EBITDA was $5.7m, down from $13.5m in the prior year, reflecting reduced harvest volumes and high operational leverage.
Management remains confident in long-term growth, supported by progress at Blue Endeavour and inshore farms, and strong demand in core markets.
Unaudited interim consolidated financial statements presented for the six months ended 31 July 2025.
Financial highlights
Revenue for the half-year was $94.5m, down 7% year-over-year due to reduced harvest volumes.
Gross profit turned negative at $(17.2)m, impacted by lower volumes and a $31.2m pre-tax fair value loss on biological assets.
Net cash on hand increased to $58.4m, up from $50m at the end of January, supported by disciplined working capital management and SFF Futures funding.
Finished goods inventory reduced from $17.9m to $11m over six months.
CapEx at 31 July was $8.5m, with a year-end forecast of $14m.
Outlook and guidance
Full-year pro forma EBITDA guidance remains at $1m–$7m, with expectations toward the upper half of the range.
Harvest outlook for FY26 is 5,200–5,800 MT, and for FY27 is 6,800–7,400 MT, reflecting confidence in biomass recovery.
Dividends remain on hold as cash is reinvested into the business.
Announced unconditional purchase of a commercial property for $8.14m, to be funded from existing cash.
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