New Zealand King Salmon (NZKS) has upgraded its financial and harvest guidance for FY 2026 after better-than-expected results in the first half of the year.
The company reported a net profit of NZD 13.8 million (USD 8.05 million, EUR 6.93 million) for the six months ending 31 March, 2026. That represents a reversal from the NZD 20.8 million (USD 12.14 million, EUR 10.45 million) loss it posted in the same period of the prior year.
The company's pro-forma EBITDA also increased, reaching NZD 17.2 million (USD 10.04 million, EUR 8.64 million) in H1 2026, up from the NZD 5.7 million (USD 3.33 million, EUR 2.86 million) it posted in H1 2025.
The increased profit and EBITDA came on increased revenue, which rose to NZD 100.3 million (USD 58.53 million, EUR 50.37 million), up from NZD 94.5 million (USD 55.14 million, EUR 47.45 million). Sales volumes also increased to 2,799 metric tons (MT), up from 2,624 MT.
“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,” NZKS CEO Carl Carrington said.
NZKS boosted its earnings expectations in April 2026, thanks to its summer growing season going well. In years past, the company has had biological issues at its New Zealand salmon farms due to warmer water causing elevated mortality. A record-breaking heatwave in FY 2022, for example, resulted in mortality rates as high as 42 percent.
Carrington said the company has focused its efforts on improving performance in the summer, and those efforts are paying off.
“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,” he said.
NZKS is also working on an offshore aquaculture installation it has dubbed Blue Endeavor, which received partial funding from the New Zealand government. NZKS has already purchased a processing site for the installation, and has made progress on infrastructure for the project, according to Carrington.
“Looking at the remainder of FY 2026 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,” he said. “These are big pieces of operational infrastructure that will underpin our volume growth from FY 2027 onwards.”
As a result of the strong financial performance, positive biological performance, and installation progress NZKS has upgraded its pro-forma EBITDA prediction from a range between NZD 19 million to NZD 27 million (USD 11.09 million to USD 15.76 million, EUR 9.54 million to EUR 13.56 million) to a range of NZD 23 million to NZD 29 million (USD 13.42 million to USD 16.92 million, EUR 11.55 million to EUR 14.56 million). It has also upgraded its harvest predictions from 5,800 MT to 6,100 MT.
“This guidance update represents the 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,” NZKS said.
NZKS Chair Mark Dewdney said the increases in harvest show a “clear path to scale” for the company, especially with the investments in Blue Endeavor.
“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,” Dewdney said. “The board remain confident in the stability of the business and the future growth trajectory.”
