NZ King Salmon significantly increases earnings guidance
Fish farmer doubles EBITDA forecast after lower-than-expected mortality in summer
New Zealand King Salmon has upgraded its earnings guidance for its 2026 financial year following a good summer farming period, it has announced.
The fish farmer, which produces king salmon (Oncorhynchus tshawytscha) in the Marlborough Sounds in the north of New Zealand’s South Island, now expects earnings before interest, tax, depreciation and amortisation (EBITDA) in the range of NZ $19 million to NZ $27m, and earnings before interest and tax (EBIT) of between NZ $10m to NZ $18m.
Previous guidance was for EBITDA of between NZ $9m and NZ $15m, and EBIT ranging from a $3m loss to a $3m operating profit.
Lower mortality
New Zealand King Salmon chief exeutive Carl Carrington said: “While work on the half‑year financial results is ongoing, we now have greater confidence in fish performance to date, and the anticipated impact on FY26 full year financial performance.
“Mortality levels over summer have been lower than forecast and feed‑out rates have remained strong which has resulted in the company having more fish to sell, and an overall improvement in fish size and quality.”
As a result of improved summer performance, the expected FY26 harvest of whole gilled and gutted (G&G) fish has increased to between 5,800 tonnes and 6,100 tonnes, compared with the prior guidance range of 5,500 tonnes to 5,900 tonnes.
Summer feed
The company said the improved performance reflects a combination of factors. Key contributors have been a new summer feed diet, informed by feed trials completed in the prior financial year, as well as a strong focus on operational execution at sea farms.
Improved fish performance has also enabled greater operational efficiency. Higher biomass available for harvest reduces unit costs across farming and processing operations, and allows NZ King Salmon to sell more fish into higher returning products and markets.
Air freight
The company said aquaculture performance over the remaining months of the financial year has historically been relatively stable, which supports confidence in the uplift to guidance. But directors have broadened the guidance range to reflect short‑term external uncertainties that could impact results for the balance of FY26. These include potential impacts on the availability and cost of air freight into key markets, and increased production and supply chain costs arising from global oil price movements. These risks are linked to the ongoing conflict in the Middle East.
New Zealand King Salmon will release its half‑year financial results in late May. That announcement will be accompanied by a comprehensive performance update for the first half of FY26 as part of the half‑year investor presentation.
