New Zealand King Salmon (NZKS) has reported its financial performance for the six-month period ended March 31, 2026 (H1 FY2026).
Net profit for the period totalled NZ$13.8 million (US$8.21 million) for H1 FY2026, compared to a loss of NZ$20.8 million (US$12.4 million) for the six months ended July 31, 2025. Pro-forma gross operating profit meanwhile peaked at NZ$17.2 million (US$10.2 million) compared to a profit of US$5.7m for the six months ended July 31, 2025.
Pro-forma operating income for H1 FY2026 totalled NZ$12.3 million (US$7.32 million) compared to a profit of NZ$1.2 million (US$0.71 million) for the six months ended July 31, 2025.
Sales volumes increased to 2,799 tonnes in H1 FY2026 from 2,624 tonnes in the six months to July 31, 2025. Revenue increased to NZ$100.3 million (US$59.7 million) in H1 FY2026 from NZ$94.5 million in the six months to July 31, 2025.
"It has been a positive start to FY2026 with strong results off the back of positive fish performance over the summer period, which also supported a strong first half of sales and greater operational efficiencies across the company," said NZKS CEO Carl Carrington. "The improved summer fish performance can be attributed to a range of factors and initiatives including the implementation of the new summer diet, increased grading of stock, and a focus on operational execution.
"Looking at the remainder of FY2026, we have seen in May the arrival of the Ronja King wellboat and the successful installation of our Blue Endeavour pilot pens, marking significant milestones for our company. These are big pieces of operational infrastructure that will underpin our volume growth from FY2027 onwards."
On the back of these half-year results, the NZKS board provided a further upgrade to guidance from the market update on April 17, 2026. The pro forma operating income range has been upgraded to NZ$13 million-NZ$19 million (US$7.7 million-US$11 million) and the pro forma gross operating profit range has been upgraded to NZ$23 million-NZ$29 million (US$14 million-US$17 million).
NZKS said the guidance update represents the ongoing positive fish performance as well as being further along in the financial year, providing more certainty on impacts related to the ongoing conflict in the Middle East. While these risks are still very much present, the impact on FY2026 results has reduced with the passing of time and the fuel price increases slowing.
The company said that, whilst the potential cost impact to FY2026 has reduced, there is still ongoing uncertainty around airfreight availability for exporting, and this remains an ongoing risk consideration that may impact future performance.
