New Zealand King Salmon (NZK) H1 2026 earnings summary

Executive summary

• Net profit after tax for 1HY26 was $13.8m, reversing a $20.8m loss in the prior period, driven by strong biological performance, improved fish health, and operational efficiencies.

• Pro-forma EBITDA rose to $17.2m from $5.7m, reflecting improved fish performance and reduced mortality.

• Major infrastructure milestones included the completion of Blue Endeavour pilot farm infrastructure and arrival of the Ronja King wellboat, supporting future growth.

• Capex for 1HY26 totaled $12.7m, with $9.0m allocated to growth projects.

• Balance sheet remains strong with net cash of $43.2m at period end.

Financial highlights

• Revenue increased 6% year-over-year to $100.3m, with sales volume up 7% to 2,799 MT.

• Gross profit improved to $35.7m, reflecting stronger biological performance and a fair value gain on biological assets of $7.1m.

• Pro-forma EBITDA reached $17.2m, up from $5.7m in the prior period.

• Net profit after tax was $13.8m, returning to profitability.

• Mortality performance improved, contributing a $5m benefit compared to the prior period.

Outlook and guidance

• Full-year pro-forma EBITDA guidance raised to $23m–$29m (from $19m–$27m); EBIT guidance similarly increased to $13m–$19m.

• FY28 harvest guidance increased to 8,500–9,100 MT, reflecting confidence from operational improvements and new infrastructure.

• FY27 harvest guidance remains unchanged at 7,200–7,600 MT; ongoing strong biological performance and reduced risk from Middle East conflict support confidence in upper guidance range.

• FY26 capex expected in the $18m–$25m range.

• Revenues expected to remain consistent across the year, with some volatility in biological asset mortality.