Key Highlights

  • New Zealand King Salmon Investments Limited (NZX/ASX:NZK) has upgraded its FY26 pro forma EBITDA guidance to a range of $36 million to $39 million, up from the previous range of $30 million to $34 million.
  • Pro forma EBIT guidance has also been lifted, to a range of $27 million to $30 million from $21 million to $25 million previously.
  • The expected FY26 harvest Volume range of 5,950MT to 6,050MT whole gilled and gutted remains unchanged.
  • Supply chain cost pressures, including rising feed prices and wellboat expenses, are beginning to emerge in FY26 and are expected to be more fully realised in FY27.

Shares in New Zealand King Salmon Investments Limited (ASX:NZK) has issued an upgrade to its FY26 Earnings guidance on 17 September 2026, marking the second such upgrade for the financial year and reflecting improved fish performance across its operations.

Guidance Range Lifted Across Both Key Metrics

The Board of New Zealand King Salmon Investments Limited advised the market that pro forma EBITDA for FY26 is now expected to fall between $36 million and $39 million, compared with the previous guidance range of $30 million to $34 million. Pro forma EBIT guidance has been similarly adjusted upward, moving from a prior range of $21 million to $25 million to a new range of $27 million to $30 million. Both figures represent a meaningful increase from the company's earlier projections issued to the market.

Harvest Volumes Hold Steady

Despite the upward revision to earnings expectations, the company's expected FY26 harvest volume range for whole gilled and gutted (G&G) salmon has remained unchanged, sitting between 5,950MT and 6,050MT. This indicates that the improvement in guidance has been driven by operational efficiency and cost performance rather than by an increase in the physical volume of fish brought to market.

Mortality Levels Below Expectations

Chief Executive Officer Carl Carrington said the company's continued focus on fish performance has had a positive flow-on effect on earnings, with mortality levels coming in below expectations and further upside identified in fish performance more broadly. Mortality management is a persistent variable in salmon aquaculture, and lower-than-anticipated losses directly support harvest efficiency and cost per kilogram outcomes.

Cost Pressures Flagged for FY27

The company has reiterated that it continues to invest in growth initiatives designed to support harvest volumes previously guided for FY27 and FY28. At the same time, New Zealand King Salmon has flagged that Supply chain cost pressures are beginning to emerge in FY26, including increases in feed prices and wellboat expenses, with the fuller impact of these costs expected to be realised in FY27. This represents a headwind that investors will need to weigh against the operational gains reflected in the current guidance upgrade.

FY27 Guidance Timing Confirmed

New Zealand King Salmon has indicated that it expects to provide formal guidance for FY27 in November 2026, to coincide with the release of its FY26 full-year results. This timeline gives the market a clear point at which the cost pressures flagged in today's announcement will be quantified alongside the company's growth Investment plans.

Key Takeaways

New Zealand King Salmon's second FY26 guidance upgrade of the year reflects continued operational improvement, particularly around fish mortality and performance, even as harvest volume targets remain unchanged. At the same time, the company has been transparent about emerging cost pressures in feed and wellboat expenses that are expected to weigh more heavily in FY27, and it has set November 2026 as the point at which fuller guidance for that year, alongside FY26 results, will be provided to the market.