Salmon Evolution (SALME) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 harvest reached 680 tonnes HOG, with a superior grade share of 98% and strong product quality feedback.

• Maintained strong operational performance, including improved daily growth rates and key biological parameters.

• Harvest volumes for 2024 are expected to total approximately 5,000 tonnes HOG, with Q4 guidance unchanged at ~1,800 tonnes HOG.

• Strategic decision to push more harvest into Q4 to capitalize on higher expected prices.

Financial highlights

• All-in price realization in Q3 was approximately NOK 72/kg, outperforming the index due to high superior grade share.

• Average harvested fish weight in Q3 was ~3.3 kg HOG, up 10% from Q2.

Outlook and guidance

• Harvest guidance for 2024 remains unchanged at approximately 5,000 tonnes HOG, with expectations of increased harvest weights in Q4.

• Standing biomass at end of Q3 was 2,582 tonnes LW, near all-time highs, positioning for a strong Q4.

• Two additional smolt batches planned for Q4, supporting continued growth.

• Expected further increase in harvest weights and potential to capitalize on anticipated price rebound.