New Zealand King Salmon (NZK) H2 2025 earnings summary

Executive summary

• Net loss after tax of $6.3m for the 8 months to 30 September 2025, compared to a net profit of $13.4m for the 12 months to 31 January 2025, impacted by a shorter reporting period and challenging biological performance.

• Pro-Forma EBITDA for the 8 months was $7.1m, down from $29.7m in the prior 12 months, reflecting reduced harvest and high operational leverage.

• Capex spend was $12.5m, with $6.1m allocated to the Blue Endeavour pilot and $6.4m to ongoing business needs.

• Balance sheet remains strong with net cash of $46.6m.

• Blue Endeavour pilot progressing, though mooring grid completion delayed to March 2026.

Financial highlights

• Revenue for the 8 months was $117.7m, down 44% from $211.0m in the prior 12 months, due to both a shorter period and reduced harvest.

• Gross profit margin dropped to 9% from 22% year-over-year.

• Pro-Forma EBITDA margin was 6% for the period, compared to 14% previously.

• Net cash on hand decreased to $46.6m, reflecting lower profitability and ongoing investments.

Outlook and guidance

• FY26 Pro-Forma EBITDA guidance: $9m–$15m; Pro-Forma EBIT guidance: ($3m) to $3m.

• Expected harvest for FY26: 5,500–5,900 MT; Capex forecast: $28m–$36m.

• Dividends remain on hold as capital is allocated to growth projects.

• If a wellboat lease is secured, harvest volumes could rise to 7,200–7,600 MT in FY27 and 8,200–8,800 MT in FY28.