New Zealand · Delayed Price · Currency is NZD New Zealand King Salmon Investments Earnings Call Transcripts
Fiscal Year 2026
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The meeting reviewed a challenging financial period marked by a net loss and reduced harvest, but highlighted strong progress in strategic initiatives such as the wellboat lease, Blue Endeavour pilot, and advanced breeding programs. All resolutions, including the transformational wellboat transaction, were unanimously recommended by the board.
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Net loss after tax was NZD 20.8 million, mainly due to a non-cash write-down of biological assets, while pro forma EBITDA fell to NZD 5.7 million. Management remains confident in growth, with improved outlooks for harvest volumes and continued investment in Blue Endeavour and processing capacity.
Fiscal Year 2025
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FY2025 saw record pro forma EBITDA and strong cash generation, but net profit fell due to asset revaluation. FY2026 guidance was revised down after higher fish mortality and lower growth, prompting a focus on long-term resilience, Blue Endeavor expansion, and innovation in fish health.
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Net profit after tax fell to NZD 13.4 million due to non-cash losses, but Pro Forma EBITDA hit a record NZD 29.7 million. FY 2026 guidance is lower, reflecting reduced harvest from elevated mortality and growth challenges, with CapEx focused on Blue Endeavour and core operations.
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First-half pro forma EBITDA rose 26% to NZD 13.5 million, while GAAP net profit fell to NZD 6.0 million due to non-cash adjustments. Revenue grew 11% and Blue Endeavour pilot investments are progressing, with full-year EBITDA guidance set at NZD 26–30 million.