New Zealand King Salmon Investments Limited (ASX:NZK): Raised FY26 Earnings Guidance and Harvest Growth Plans

Aditi Sarkar

23 October 2026 12:29 AM AEDT

New Zealand King Salmon Investments Limited (ASX:NZK): Raised FY26 Earnings Guidance and Harvest Growth Plans

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Highlights

New Zealand King Salmon Investments (ASX:NZK) lifted FY26 pro-forma EBITDA guidance to NZ$30 million to NZ$34 million in August 2026.
Half-year net profit was NZ$13.8 million on revenue of NZ$100.3 million.
FY26 pro-forma EBIT guidance was raised to NZ$21 million to NZ$25 million.
FY27 guidance is scheduled for November, alongside the FY26 results.

New Zealand King Salmon Investments Limited farms, processes and sells king salmon under brands including Ōra King, Regal and New Zealand King Salmon. The company has upgraded its earnings guidance for a second time in 2026, with full-year results and FY27 guidance scheduled for November.

Company Business

The company operates salmon farms at sites including Te Pangu, Ngāmahau, Clay Point and Pelorus Sound, along with freshwater operations. Products include whole fish, fillets, steaks and portions, cold-smoked and hot-smoked salmon and petfood. Revenue by brand in the six months to 31 March 2026 comprised New Zealand King Salmon at NZ$40.5 million, Ōra King at NZ$34.9 million and Regal at NZ$22.5 million.

By market, New Zealand contributed NZ$38.6 million of revenue, North America NZ$36.7 million, Australia NZ$14.9 million and China NZ$3.9 million. Two major customers accounted for NZ$29 million, or 29% of net revenue, so customer concentration is a feature of its sales base.

Recent Development

In late May 2026 New Zealand King Salmon Investments (ASX:NZK) reported half-year net profit of NZ$13.8 million and lifted FY26 pro-forma EBIT guidance to NZ$13 million to NZ$19 million. Management credited stronger summer fish performance, a new summer diet and increased grading.

In August 2026 it issued a further market update. Pro-forma EBITDA guidance for FY26 was raised to NZ$30 million to NZ$34 million from NZ$23 million to NZ$29 million, and pro-forma EBIT guidance to NZ$21 million to NZ$25 million from NZ$13 million to NZ$19 million. Harvest volume guidance was narrowed to 5,950 to 6,050 tonnes of whole gilled and gutted fish. Chief Executive Carl Carrington cited continuing positive fish performance, operational execution and a smaller-than-expected effect from global oil supply chain challenges.

The Ronja King wellboat arrived in Picton in April and is expected to add about 2,000 tonnes of annual harvest capacity within existing inshore sites. Two pilot pens at Blue Endeavour, New Zealand's first consented open-ocean aquaculture site, were towed out in April 2026, with harvest of the pilot fish expected to be complete by October 2026.

Financial Performance and Sector Context

For the six months to 31 March 2026, (ASX:NZK) reported revenue of NZ$100.3 million compared with NZ$94.5 million in the comparative period, and sales volume was 2,799 tonnes compared with 2,624 tonnes. Pro-forma EBITDA was NZ$17.2 million compared with NZ$5.7 million, and pro-forma EBIT was NZ$12.3 million compared with NZ$1.2 million. The statutory net profit of NZ$13.8 million compared with a NZ$20.8 million loss. No dividend was declared.

Harvest volume was 2,838 tonnes, up 5%, and feed cost rose 15% to NZ$3.63 per kilogram. Closing livestock biomass was 4,858 tonnes, up 32% year on year.

At 31 March 2026, net assets were NZ$211.3 million, cash and term deposits were NZ$43.2 million and borrowings were NZ$1.9 million. Capital expenditure guidance for FY26 is NZ$18 million to NZ$25 million. The company has indicated harvest volumes of about 7,200 to 7,600 tonnes for FY27 and about 8,500 to 9,100 tonnes for FY28.

Sector conditions include air freight availability for exports, fuel and feed costs, and warmer water temperatures that influence mortality.

Risks to Consider

Biological and environmental factors remain central, including water temperature and fish mortality. The biological asset valuation is sensitive to price, harvest volume and feed cost assumptions, and a 10% change in sales price would alter pre-tax profit by NZ$28.9 million. Management has stated that supply chain cost pressures are likely to continue into FY27 and that growth investment may weigh on FY27 earnings. The Blue Endeavour pilot carries execution uncertainty.

What to Watch Next

FY27 guidance is expected in November 2026 alongside the FY26 results. Items to monitor for (ASX:NZK) include the outcome of the Blue Endeavour pilot harvest, the contribution of the Ronja King wellboat, progress at the Cloudy Bay processing site and any update to the FY27 and FY28 harvest ranges.

Key Insights

New Zealand King Salmon Investments (ASX:NZK) moved from a statutory loss in the comparative period to a half-year profit and has since raised its FY26 earnings guidance twice. Better fish performance and a product mix shifted towards whole fish supported the result, and borrowings are minimal. The company has indicated that FY27 earnings may be affected by cost pressures and growth investment. Monitoring points include the November results, harvest delivery, freight and feed costs, and open-ocean farming progress.

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