Salmon Evolution (SALME) Q2 2024 TU earnings summary

Executive summary

• Achieved record-high harvest volume of 1,581 tonnes HOG in Q2 2024, capitalizing on strong salmon prices and marking a significant operational milestone.

• Maintained a superior grade share of 96% for harvested fish, reflecting high product quality.

• Realized strong all-in price of NOK 106/kg, supported by a robust salmon market.

• High harvest activity is expected to continue into Q3 2024, with anticipated volumes of approximately 1,600 tonnes HOG.

Financial highlights

• Realized an all-in price of approximately NOK 106/kg in Q2, though June saw weaker market prices impacting results.

• Opportunistic harvesting in April and May leveraged record high salmon prices, while June's lower prices affected average realization.

• All-in price realization reached NOK 106/kg, indicating strong market demand and pricing power.

Outlook and guidance

• Q3 2024 harvest volumes are expected to reach around 1,600 tonnes HOG, with increasing average harvest weights and continued operational momentum.

• Focus remains on restocking and setting up for strong growth in the second half of 2024.