New Zealand salmon farmer raises earnings guidance by NZ $5m-$6m
Fewer mortalities and better fish performance boost projections for 2026
New Zealand King Salmon has upgraded its earnings guidance for the 2026 financial year for the fourth time.
Pro‑forma EBITDA is now expected to be in the range of NZ $36 million to NZ $39m (£15.4m-£16.7m) and pro‑forma EBIT – a more reliable measure of operating profit - ranging to NZ $27m to NZ $30m.
The company initially guided for EBIT ranging from a NZ $3m loss to a NZ $3m operating profit, but in April it raised that to EBIT for FY26 of between NZ $10m to NZ $18m. Guidance was then raised again to EBIT of between NZ $13m and NZ $19m, and August it was raised further to EBIT of between NZ $21m and $NZ 25m.
The expected FY26 harvest volume of whole gilled and gutted (G&G) king salmon (Oncorhynchus tschawytscha) remains at between 5,950 tonnes to 6,050 tonnes.
Lower mortality levels
New Zealand King Salmon chief executive Carl Carrington said: “It is pleasing to be able to provide a further guidance upgrade for FY26. Our ongoing focus on fish performance continues to have a positive flow on impact to our earnings with mortality levels continuing to come in below expectations and ongoing fish performance upside.”
NZ King Salmon said that as previously noted it is continuing to focus on investing in growth to support the delivery of the harvest volumes previously guided to for FY27 & FY28.
It is expected that the supply chain cost pressures starting to be seen in FY26, including increasing feed prices and wellboat expenses, will be realised in FY27. The company expects to provide guidance for FY27 in November at the FY26 results announcement.
Big expansion planned
NZ King Salmon operates 11 sites in three water bodies in South Island's Marlborough Sounds – Tory Channel, Charlotte Sound, and Pelorus Sound.
It plans to expand production by 10,000 tonnes annually by developing its Blue Endeavour site in open water in the Cook Strait between New Zealand's North and South Islands. The farm will comprise two blocks of 10 circular pens.
The project is aligned with the NZ government’s aquaculture strategy to increase the value of the industry to NZ $3 billion by 2035, which has also seen permission recently granted for a 14,400-tonne king salmon farm off Rakiura (Stewart Island), the third-largest and southernmost inhabited island of New Zealand.
