New Zealand · Delayed Price · Currency is NZD New Zealand King Salmon Investments Earnings Call Transcripts
Fiscal Year 2026
-
First half FY 2026 saw a return to profitability with net profit of NZD 13.8 million and pro forma EBITDA of NZD 17.2 million, driven by improved fish performance and operational efficiencies. Full-year EBITDA guidance was raised, and growth initiatives like Blue Endeavor and the wellboat are underway.
-
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.
Fiscal Year 2025
-
Net loss after tax was NZD 20.8 million, mainly due to a non-cash fair value write-down on biological assets, while pro forma EBITDA was NZD 5.7 million. Revenue fell to NZD 94 million on lower harvest volumes, but management remains confident in growth, with guidance at the upper end of NZD 1–7 million EBITDA.
-
FY2025 saw record EBITDA and revenue growth but a sharp drop in net profit due to biological asset revaluation. Strategic focus is on Blue Endeavor, R&D for fish resilience, and market expansion, while dividends remain suspended to fund growth. Shareholders approved all board recommendations.
-
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.
-
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.