New Zealand King Salmon lowers FY26 harvest forecast amid higher mortality
New Zealand King Salmon has warned that higher-than-expected mortality rates and slower growth at its sea farms will impact harvest volumes and profitability for the 2026 financial year.
The company said that while summer mortality is a recurring challenge, levels this year have exceeded expectations. However, the board noted that losses remain significantly lower than those recorded in late 2022 and early 2023, according to a stock exchange update on Monday.
The company’s financial guidance for the current year remains unchanged, with pro-forma operating EBITDA expected to be between $26 million and $30 million, as the higher mortality occurred after 31 January 2025. However, harvest volumes for the 2026 financial year have now been revised to between 5,900 and 6,300 tonnes gutted weight, with pro-forma operating EBITDA projected in the range of $15 million to $24 million.
New Zealand King Salmon attributed the increased mortality to prolonged elevated water temperatures, which have placed fish under stress and increased their susceptibility to bacterial infections and other pathogens.
The company said it has adjusted its farming model to reduce exposure to warmer sites over the summer and is investing in thermotolerance, vaccine development, and tailored diets to improve fish health.
The board said it will provide further guidance for 2026 when the company releases its full-year results on 27 March.
