New Zealand King Salmon (NZK) H2 2025 earnings summary

Executive summary

• FY 2025 net profit after tax was NZD 13.4 million, down from NZD 28.5 million, impacted by a NZD 7.7 million fair value loss on biological assets and lower FX contract unwind contribution.

• Pro Forma EBITDA reached a record NZD 29.7 million, up from NZD 24.5 million, driven by higher volumes and pricing.

• Harvest volume for FY 2025 was 6,778 tons, with revenue up 13% to NZD 211 million.

• Strategic focus remains on optimizing core earnings and executing growth, particularly through the Blue Endeavour project and government partnership.

• Balance sheet remains strong with net cash of about NZD 50 million, supporting ongoing and future investments.

Financial highlights

• Revenue increased 13% to NZD 211 million, with volume sold up 12% to 6,582 MT and harvest volume up 9% to 6,778 MT.

• Pro Forma EBITDA grew 21% to NZD 29.7 million; Pro Forma NPAT up 29% to NZD 15.8 million.

• GAAP net profit after tax: NZD 13.4 million, impacted by NZD 7.7 million fair value loss on biological assets and NZD 4.3 million FX contract unwind.

• Net cash on hand at year-end was just over NZD 50 million, up from NZD 24.2 million in FY24.

• CapEx for FY 2025 was NZD 10.5 million, below guidance due to timing and cost avoidance.

Outlook and guidance

• FY 2026 Pro Forma EBITDA guidance is NZD 15–24 million, reflecting reduced harvest due to elevated mortality and lower growth rates.

• Harvest forecast for FY 2026 is 5,900–6,300 tons, down from 6,778 tons in FY 2025.

• CapEx for FY 2026 is forecast at NZD 21 million, with NZD 12 million for Blue Endeavour pilot and NZD 9 million for core operations.

• Dividends remain on hold as Blue Endeavour is developed.

• Full rebound in harvest volumes to around 7,000 tons anticipated for FY 2027.