Half Year 2026 New Zealand King Salmon Investments Ltd Earnings Call Transcript
Key Points
- The company reported a pro-forma EBITDA profit of $5.7 million, indicating underlying earnings despite challenges.
- New Zealand King Salmon Investments Ltd (ASX:NZK) has a strong balance sheet with cash reserves increasing to $58.4 million.
- The Blue Endeavour project is progressing well, with two pens constructed and a service vessel expected soon.
- The company received approximately $2 million in grant funding from the New Zealand government, supporting its initiatives.
- Ora King and Regal brands are gaining recognition and traction in key markets like North America and China, enhancing brand strength.
- The company reported a net loss after tax of $20.8 million, significantly impacted by a $22.5 million write-down in biological assets.
- Reduced harvest volumes due to biomass challenges led to a decrease in revenue and profitability.
- Operational leverage means any reduction in production has a disproportionate negative impact on profitability.
- The company faces ongoing challenges with fish performance, including elevated mortality and reduced growth.
- Feed costs are expected to remain flat or slightly increase, adding pressure to operational expenses.
Thank you for standing by, and welcome to the New Zealand King Salmon half-year results announcement.
(Operator Instructions)
I would now like to hand the conference over to Mr. Carl Carrington, Chief Executive Officer. Please go ahead.
Good morning, everyone. Welcome to the half-year results for New Zealand King Salmon. We'll get into the presentation now. First of all, just the standard disclaimer, if everybody could read that in their own time to, be familiar with the disclaimer we have there. Thank you.
Presenting today myself, Ben Rodgers, our CFO; and Grant Lovell, our GM of Aquaculture, be the team on the call today. Let's get into the summary of the results. So the first half net profit after tax result is a loss of $20.8 million. This GAAP result was predominantly impacted by non-cash adjustments relating to a fair value write down in the biological assets of $22.5 million after tax.
The driver of the write down relates to the
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