Fish performance leads to financial turnaround for NZ King Salmon
New Zealand King Salmon has reported substantially improved financial results for the first half of its 2026 financial year, and has also upgraded earnings guidance for the full year.
The company, which farms chinook salmon (Oncorhynchus tshawytscha) in the sounds at the top of South Island, made a net profit of A$13.8 million (£7.3m) for the six months ended March 31, 2026 (1HY26), compared to a loss of A$20.8m for the six months ended July 31, 2025.
Operating profit (EBIT) was A$12.3m for 1HY26, compared to A$1.2m for the six months ended July 31, 2025, and EBITDA was A$17.2m for 1HY26, compared to A$5.7m for the six months ended July 31, 2025.
Sales volume for the six months to March 31, 2026, was 2,799 tonnes, compared to 2,624 tonnes for the six months to July 31, 2025. Revenue increased to A$100.3m from A$94.5m over the same periods.
Positive fish performance
“It has been a positive start to FY26 with strong results off the back of positive fish performance over the summer period, which also supported a strong first half of sales and greater operational efficiencies across the company,” chief executive Carl Carrington said in a press release.
“The improved summer fish performance can be attributed to a range of factors and initiatives including the implementation of the new summer diet, increased grading of stock and a focus on operational execution.
“Looking at the remainder of FY26 we have seen in May the arrival of the Ronja King wellboat and the successful installation of our Blue Endeavour pilot pens, marking significant milestones for our company. These are big pieces of operational infrastructure that will underpin our volume growth from FY27 onwards.”
Upgraded guidance
Based on the half-year results, New Zealand King Salmon’s board has updated and upgraded guidance made in a market update in April.
EBIT range is upgraded to A$13m to $19m from previous guidance of A$10m to A$18m), and EBITDA range is upgraded to A$23m to A$29m (previously A$19m to A$27m).
Harvest volume range remains at between 5,800 G&G (gilled and gutted) tonnes to 6,100 G&G tonnes.
Capital expenditure for FY29 is between A$18m and A$25m.
NZ King Salmon said its guidance update represents ongoing positive fish performance as well as being further along in the financial year, providing more certainty on impacts related to the ongoing conflict in the Middle East. It added that though these risks are still very much present, the impact on FY26 results has reduced with the passing of time and the slowing of fuel price increases.
Whilst the potential cost impact to FY26 has reduced, there is still ongoing uncertainty around airfreight availability for exporting, and this remains an ongoing risk consideration that may impact future performance.
'A clear path to scale'
“Looking beyond FY26 our harvest guidance for FY27 is unchanged at ~7,200 G&G tonnes to ~7,600 G&G tonnes,” said chairman Mark Dewdney.
“The FY28 harvest guidance has increased to ~8,500 G&G tonnes to ~9,100 G&G tonnes, up from ~8,200 G&G tonnes to ~8,800 G&G tonnes.
“This progressive increase in harvest reflects a clear path to scale. The investments we are making today in open ocean farming, processing capacity, and our people are laying the foundation for a structurally different business - one with significantly greater earnings potential. The Board remain confident in the stability of the business and the future growth trajectory.”
