King Salmon reports loss amid biological challenges

New Zealand King Salmon Investments Ltd reported a net loss of $20.8 million for the six-month period ending July 31, 2025, a stark contrast to the $6.0 million net profit in the prior comparable period. This loss was primarily driven by a $22.5 million (after tax) non-cash fair value write-down on biological assets/inventory. Pro-forma EBITDA also decreased significantly to $5.7 million from $13.5 million.

Sales volumes saw a 17% reduction, falling from 3,178MT to 2,624MT, while revenues declined by 7% from $101.7 million to $94.5 million. The company attributed these results to challenging biological performance, including subdued feed outs and elevated mortality rates, which led to a reduction in harvest for FY25 to allow biomass recovery.

Despite the setbacks, the board remains confident in current actions to mitigate production challenges. Chief executive Carl Carrington highlighted initiatives such as implementing a summer feed diet, selective breeding for resilience, and commencing construction of pilot Recirculated Aquaculture Systems (RAS) to improve smoltification outcomes. The company also confirmed its focus on executing growth through projects like the Blue Endeavour open ocean pilot farm and the acquisition of the Cloudy Bay commercial site.