Salmon Evolution (SALME) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 harvest of 1,729 tonnes HOG, contributing to a full-year harvest of 4,891 tonnes HOG, with a 96% superior grade share and industry-leading survival rates.

• Group EBITDA reached NOK 71.4 million for 2024, with Q4 farming EBITDA at NOK 15.3 million (NOK 8.9–9/kg), reflecting strong price realization and operational efficiency.

• Indre Harøy phase 2 expansion is progressing on schedule and budget, targeting 18,000 tonnes HOG annual capacity by 2026, with first smolt release in Q1 2026 and full funding secured.

• Maintained a strong financial position with NOK 684 million in available liquidity and NOK 1,450 million in earmarked construction financing.

• 2024 marked significant operational progress, representing about 30% of global land-based salmon harvests.

Financial highlights

• Q4 2024 group revenue was NOK 149.5 million, with full-year revenue at NOK 471.6 million, and Q4 group EBITDA of NOK 9.2 million.

• Farming segment Q4 revenue was NOK 148.7 million, EBITDA NOK 15.3 million, and full-year farming EBITDA NOK 112.4 million.

• All-in price realization for Q4 was NOK 82–82.4/kg, up NOK 10/kg from Q3, outperforming the index for superior grade.

• Operational cash flow positive at NOK 43.3 million for 2024.

• Net financials in Q4 were -5.1 million NOK, mainly due to interest expenses.

Outlook and guidance

• 2025 harvest guidance is 6,000–6,500 tonnes HOG, including post-smolt sales, with Q1 2025 expected at 1,100 tonnes HOG and some volume potentially shifting to Q2.

• Lower feed prices and increased volumes expected to reduce farming costs in 2025.

• Attractive market outlook with strong prices expected for 2025 and beyond.

• Biomass expected to increase to high 2,000s or close to 3,000 tonnes in Q1, supporting cost efficiency.

• Indre Harøy phase 2 on track for first smolt release in Q1 2026 and first harvest in Q4 2026.