Kaldvik (KLDVK) Q3 2024 earnings summary

Executive summary

• Operational EBIT reached EUR 2.1 million in Q3 2024, with 3,800 tonnes harvested and a superior share of 93%.

• Q3 2024 revenue surged to EUR 24.5 million, with biomass at quarter-end a record 22,500 tonnes and low mortality.

• ASC certification achieved in Q3 2024, supporting sustainable and responsible farming initiatives.

• Transitioned reporting and functional currency from NOK to EUR as of January 2024, with all comparatives restated.

Financial highlights

• Group revenue for Q3 2024 was EUR 24.5 million, with operational EBIT at EUR 2.1 million.

• Group EBIT per kg was EUR 0.55 in Q3 2024.

• Average price per kilo dropped to EUR 6.16 from EUR 7.32 in Q2 2024.

• EBITDA reached EUR 5 million in the quarter.

• Net loss for Q3 2024 was EUR -313,000, with EPS at 0.00.

Outlook and guidance

• 2024 harvest guidance is 15,000 tonnes, with 6,700 tonnes expected in Q4 2024; 2025 guidance is 25,000 tonnes, and long-term milestone is 30,000 tonnes.

• Positive market outlook for premium salmon and expected price improvement in 2025.

• Expectation to secure a 10,000-tonne license in Seyðisfjörður in H1 2025.

• Investment program of EUR 25 million in 2024 to reach 30,000 tonnes capacity.