Highlights

  • New Zealand King Salmon posted a $13.8 million profit in 1HY26, reversing a $20.8 million loss in the prior comparable period.
  • Revenue rose to $100.3 million, while pro-forma EBITDA jumped to $17.2 million on stronger fish performance and operational efficiencies.
  • NZK upgraded FY26 Earnings guidance, while also lifting FY28 harvest forecasts as growth investments begin to scale.

Overview

New Zealand King Salmon Investments Limited (NZX:NZK) delivered a strong turnaround in 1HY26, reporting a net profit of $13.8 million compared with a loss in the prior period, as improved fish performance, higher sales volumes, and operational efficiencies lifted earnings. Revenue increased to $100.3 million, while EBITDA and EBIT also rose sharply. Management said summer fish performance was supported by operational initiatives including a new diet and stock grading improvements. Following the stronger first-half result, NZK upgraded FY26 earnings guidance and reaffirmed confidence in its Long-term Growth strategy.

How Did New Zealand King Salmon Return to Profit in 1HY26?

NZK’s turnaround in 1HY26 was driven by stronger fish performance during summer, which improved harvest outcomes, sales volumes, and operational efficiency. Revenue rose to $100.3 million as sales volumes increased to 2,799 metric tonnes. Pro-forma EBITDA climbed to $17.2 million, while EBIT improved to $12.3 million. Management said operational initiatives such as a new summer fish diet, increased stock grading, and tighter execution contributed to stronger biological performance and improved profitability across the Business.

Why Has NZK Upgraded Guidance and Growth Forecasts?

Following its stronger first-half result, NZK upgraded FY26 EBIT guidance to $13 million–$19 million and EBITDA guidance to $23 million–$29 million. The company said improved fish performance and greater earnings visibility supported the upgrade. NZK also reaffirmed FY27 harvest guidance and lifted FY28 harvest expectations, reflecting investments in open ocean farming, processing capacity, and new infrastructure such as the Ronja King wellboat and Blue Endeavour pilot pens, which are expected to support future Volume growth.