New Zealand King Salmon has reported a net loss of NZ$20.8 million ($12.1 million) for the six months ended July 31, 2025, reversing from a net profit of NZ$6 million recorded in the prior comparable period.
The result was significantly affected by non-cash adjustments, including a NZ$22.5 million fair value write-down on biological assets and inventory, compared with a NZ$2.6 million gain a year earlier.
Revenues fell by seven per cent to NZ$94.5 million from NZ$101.7 million, reflecting lower harvest volumes. Sales volumes dropped to 2,624 tonnes in the latest half-year from 3,178 tonnes previously, representing a 17 per cent decline.
Outgoings rose largely due to biological performance issues, with the company highlighting subdued feed out and elevated mortality rates. Pro-forma EBITDA came in at NZ$5.7 million, down from NZ$13.5 million in the prior period.
Chair Mark Dewdney stated that the board decided in May to reduce harvest volumes for the 2025 financial year in order to allow biomass to recover. “Feed out rates and growth rates are now back on track and biomass is rebuilding well for the 2026 and 2027 financial years,” Dewdney said.
Chief Executive Officer Carl Carrington noted that several initiatives are underway to strengthen operations and improve resilience.
These include introducing a summer feed diet to improve performance and reduce mortality, expanding selective breeding programmes for thermotolerance and summer survival, and beginning construction of pilot recirculated aquaculture systems at Tentburn aimed at improving smolt outcomes.
Carrington also pointed to growth investments such as progress on the Blue Endeavour open-ocean pilot farm, the delivery of service vessel Whekenui, and the acquisition of the Cloudy Bay commercial site in Blenheim to support processing capacity.
“Our confidence remains around the long-term growth opportunities for New Zealand King Salmon,” Carrington said.
The board reaffirmed its earnings guidance for the full year to September 30, 2025, maintaining a pro-forma EBITDA range of NZ$1 million to NZ$7 million, and guiding towards the upper half of this range.
While the half-year results show pressure from reduced sales and higher biological challenges, management stated that current recovery measures and new projects are expected to support growth in the coming years.
