NZK · NZX

New Zealand King Salmon Investments (NZK)

Primary Industries / AquacultureCovered: HY24 - HY266 published briefings

New Zealand King Salmon Investments is an NZX-listed primary industries / aquaculture company with HY24 - HY26 of published result briefings.

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Snapshot

Latest metrics

HY26, released 26 May 2026

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NZK latest metrics
Metric	Value	Change
Revenue	$100.3m	↑ +6.1%
EBITDA	$24m	↑ +317.6%
NPAT	$13.8m	↑ +166.3%
Operating cash flow	$7.3m	↓ -62.8%
OCF / EBITDA %	30.5%Outside range low ocf / ebitda cash conversion. 30.5%; 3-period range 63.7% to 342.6%. OCF / EBITDA cash conversion: 30.5%, below normal range; 3-period mean 178.7%, range 63.7%-342.6%.	↓ -312.0pp
Net debt	-$38.2m	↑ +30.5%
Net debt / EBITDA	-1.6x	↑ +83.3%
ROE %	6.5%Outside range high roe. 6.5%; 3-period range -11.4% to 6.1%. ROE: 6.5%, above normal range; 3-period mean -0.7%, range -11.4%-6.1%.	↑ +17.9pp
DPS	0.0c	—
PBT	$19.1m	↑ +165.6%

Source: latest published briefing (HY26, released 26 May 2026). Change compares against the prior equivalent period: HY26, released 25 September 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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NZK metric history
Metric	HY266 MONTHS26 May 2026	HY266 MONTHS25 September 2025	FY2512 MONTHS27 March 2025	HY256 MONTHS24 September 2024	FY2412 MONTHS27 March 2024	HY246 MONTHS21 September 2023	Trend
Revenue	$100.3m	$94.5m	$211m	$101.7m	$187.1m	$91.6m	Chart
Revenue growth %	6.1%	-7.1%Outside range low revenue growth. -7.1%; 3-period range 6.1% to 14.4%. Revenue growth: -7.1%, below normal range; 3-period mean 10.5%, range 6.1%-14.4%.	12.8%	11.1%	11.9%	14.4%Outside range high revenue growth. 14.4%; 3-period range -7.1% to 11.1%. Revenue growth: 14.4%, above normal range; 3-period mean 3.4%, range -7.1%-11.1%.	Chart HY26 Revenue growth %: Outside range low revenue growth. -7.1%; 3-period range 6.1% to 14.4%. Revenue growth: -7.1%, below normal range; 3-period mean 10.5%, range 6.1%-14.4%.
EBITDA	$24m	$5.7m	$26.4m	$12.5m	$47m	$18.5m	Chart
EBITDA margin %	23.9%	6.1%Outside range low ebitda margin. 6.1%; 3-period range 12.3% to 23.9%. EBITDA margin: 6.1%, below normal range; 3-period mean 18.8%, range 12.3%-23.9%.	12.5%	12.3%	25.1%	20.2%	Chart HY26 EBITDA margin %: Outside range low ebitda margin. 6.1%; 3-period range 12.3% to 23.9%. EBITDA margin: 6.1%, below normal range; 3-period mean 18.8%, range 12.3%-23.9%.
PBT	$19.1m	-$29.1m	$19.1m	$9.2m	$40.1m	$14.9m	Chart
PBT growth %	—	—	-52.4%	-38.3%	n/m	—	Chart
NPAT	$13.8m	-$20.8m	$13.4m	$6m	$28.5m	$10.6m	Chart
NPAT growth %	—	—	-53.0%	-43.4%	n/m	—	Chart
Operating cash flow	$7.3m	$19.6m	$38.5m	$16.2m	$13.2m	$11.8m	Chart
OCF / EBITDA %	30.5%Outside range low ocf / ebitda cash conversion. 30.5%; 3-period range 63.7% to 342.6%. OCF / EBITDA cash conversion: 30.5%, below normal range; 3-period mean 178.7%, range 63.7%-342.6%.	342.5%Outside range high ocf / ebitda cash conversion. 342.6%; 3-period range 30.5% to 129.8%. OCF / EBITDA cash conversion: 342.6%, above normal range; 3-period mean 74.7%, range 30.5%-129.8%.	145.8%	129.8%	28.1%	63.8%	Chart HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 342.6%; 3-period range 30.5% to 129.8%. OCF / EBITDA cash conversion: 342.6%, above normal range; 3-period mean 74.7%, range 30.5%-129.8%. HY26 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 30.5%; 3-period range 63.7% to 342.6%. OCF / EBITDA cash conversion: 30.5%, below normal range; 3-period mean 178.7%, range 63.7%-342.6%.
FCF pre-lease	-$5m	$11.1m	$27.7m	$11m	$7.2m	$10.2m	Chart
FCF post-lease	—	—	—	$11m	—	—	—
DPS	0.0c	0.0c	0.0c	0.0c	—	—	Chart
ROE %	6.5%Outside range high roe. 6.5%; 3-period range -11.4% to 6.1%. ROE: 6.5%, above normal range; 3-period mean -0.7%, range -11.4%-6.1%.	-11.4%Outside range low roe. -11.4%; 3-period range 3.1% to 6.5%. ROE: -11.4%, below normal range; 3-period mean 5.2%, range 3.1%-6.5%.	6.9%	3.1%	14.9%	6.1%	Chart HY26 ROE %: Outside range low roe. -11.4%; 3-period range 3.1% to 6.5%. ROE: -11.4%, below normal range; 3-period mean 5.2%, range 3.1%-6.5%. HY26 ROE %: Outside range high roe. 6.5%; 3-period range -11.4% to 6.1%. ROE: 6.5%, above normal range; 3-period mean -0.7%, range -11.4%-6.1%.
Net debt	-$38.2m	-$55m	-$45.2m	-$25.2m	-$15.5m	-$25.2m	Chart
Net debt / EBITDA	-1.6x	-9.59x	-1.71x	-2.02x	-0.33x	-1.36x	Chart HY26 Net debt / EBITDA: Outside range low net debt / ebitda. -9.6x; 3-period range -2.02x to -1.36x. Net debt / EBITDA: -9.60x, below normal range; 3-period mean -1.66x, range -2.02x--1.36x.
Debtor days	30Outside range high debtor days. 30d; 3-period range 23d to 28d. Debtor days: 29.7 days, above normal range; 3-period mean 26.1 days, range 23.4 days-28.1 days.	23Outside range low debtor days. 23d; 3-period range 27d to 30d. Debtor days: 23.4 days, below normal range; 3-period mean 28.2 days, range 26.9 days-29.7 days.	24	28	36	27	Chart HY26 Debtor days: Outside range low debtor days. 23d; 3-period range 27d to 30d. Debtor days: 23.4 days, below normal range; 3-period mean 28.2 days, range 26.9 days-29.7 days. HY26 Debtor days: Outside range high debtor days. 30d; 3-period range 23d to 28d. Debtor days: 29.7 days, above normal range; 3-period mean 26.1 days, range 23.4 days-28.1 days.
Inventory days	38Outside range low inventory days. 38d; 3-period range 41d to 64d. Inventory days: 38.2 days, below normal range; 3-period mean 52.6 days, range 41.0 days-63.6 days.	41	47	64Outside range high inventory days. 64d; 3-period range 38d to 53d. Inventory days: 63.6 days, above normal range; 3-period mean 44.2 days, range 38.2 days-53.3 days.	72	53	Chart HY25 Inventory days: Outside range high inventory days. 64d; 3-period range 38d to 53d. Inventory days: 63.6 days, above normal range; 3-period mean 44.2 days, range 38.2 days-53.3 days. HY26 Inventory days: Outside range low inventory days. 38d; 3-period range 41d to 64d. Inventory days: 38.2 days, below normal range; 3-period mean 52.6 days, range 41.0 days-63.6 days.
Total assets	$263m	$225.4m	$252.2m	$241.4m	$238.9m	$209m	Chart

Reference: annolyse.ai/companies/nzk

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY26 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

From NPAT swung to a $20.8m loss on a $31.2m biological asset write-down

HY25 represented 48.2% of FY25 revenue and 42.0% of FY25 EBITDA, meaning the prior-year shape was second-half weighted. Annualising HY26 revenue gives $188.9m, well below FY25's $211.0m, and the held FY26 EBITDA guidance of $1m-$7m signals management does not expect a normal second-half catch-up.

The release does not quantify when harvest volumes recover or what biomass position underpins FY26 guidance. The result therefore supports a near-term earnings reset narrative but leaves the timing of any return toward FY25-style EBITDA unresolved.

Open questions

Open questions from HY26

What harvest volume and pricing assumptions underpin the held FY26 pro-forma EBITDA guidance of $1m-$7m, and how sensitive is that range to water-temperature outcomes?
How long will the biomass rebuild constrain harvest volumes, and when does management expect EBITDA to return toward FY25 levels?
Why was capex stepped up 63.1% to $8.5m in a period of operating contraction, and what does the FY26 capital plan look like?
Will the $14.3m inventory drawdown reverse as biomass is rebuilt, and what working-capital outflow should be expected in coming halves?
Is the $31.2m fair value write-down a one-time reset, or are further biological-asset adjustments possible if conditions persist?

This briefing cannot assess the biological and environmental drivers of the biomass position, nor the forward harvest schedule that will determine whether FY26 guidance is conservative or realistic.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 26 May 2026

Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m

Pre-lease FCF turned negative at NZ$5.0m as capex rose and debtors built, even with biological performance lifting EBITDA to NZ$24.0m.

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HY26 · Released 25 September 2025

NPAT swung to a $20.8m loss on a $31.2m biological asset write-down

Operating cash flow rose 21.2% to $19.6m, but volumes fell 17% and FY26 pro-forma EBITDA guidance of just $1-7m points to genuine operating pressure.

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FY25 · Released 27 March 2025

Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing

Headline NPAT fell on a $7.7m fair-value loss on biological assets versus a $15.8m prior gain, while operating cash flow nearly tripled to $38.5m.

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HY25 · Released 24 September 2024

NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing

A $7.7m non-cash biological-asset/inventory swing pulled GAAP earnings down even as volumes, revenue and the company's guided pro-forma measure

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FY24 · Released 27 March 2024

NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap

Reported NPAT of $28.5m is flattered by a $15.8m fair value uplift and cash conversion ran at just 28.1% as working capital absorbed $12.3m.

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HY24 · Released 21 September 2023

NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m

Recovery from the FY23 mortality event delivered a $36.4m EBITDA swing, but reported EBITDA of $18.5m sits well above pro-forma EBITDA of $10.7m.

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New Zealand King Salmon Investments (NZK)

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Performance over time

Operating working-capital movement

HY26 → HY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m

NPAT swung to a $20.8m loss on a $31.2m biological asset write-down

Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing

NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing

NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap

NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m

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New Zealand King Salmon Investments (NZK)

Latest metrics

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Performance over time

Operating working-capital movement

HY26 → HY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m

NPAT swung to a $20.8m loss on a $31.2m biological asset write-down

Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing

NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing

NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap

NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m

Get notified when NZK publishes

New Zealand King Salmon Investments (NZK)

Latest metrics

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Performance over time

Operating working-capital movement

HY26 → HY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m

NPAT swung to a $20.8m loss on a $31.2m biological asset write-down

Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing

NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing

NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap

NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m

Compare this company

Get notified when NZK publishes

New Zealand King Salmon Investments (NZK)

Latest metrics

Ask about NZK

Ask about NZK

Sign in to chat

Performance over time

Operating working-capital movement

HY26 → HY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m

NPAT swung to a $20.8m loss on a $31.2m biological asset write-down

Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing

NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing

NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap

NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m

Compare this company

Get notified when NZK publishes