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 EBITDA of NOK 9.2 million, 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 first harvest in Q4 2026.

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

• First-ever launch of land-based salmon as a separate category in Norwegian retail, in partnership with Lofoten.

Financial highlights

• Q4 2024 group revenue was NOK 149.5 million, with full-year revenue at NOK 471.6 million; Q4 group EBITDA was NOK 9.2 million and full-year EBITDA NOK 71.4 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 harvest was NOK 82.4 per kilo, up NOK 10 from Q3, outperforming the index for superior grade.

• Operational cash flow positive at NOK 43.3 million for 2024; available liquidity at year-end was NOK 684 million, excluding committed construction financing.

• Net loss for Q4 was NOK -26.9 million; full-year net loss was NOK -47.4 million.

Outlook and guidance

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

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

• Lower feed prices anticipated to further reduce farming costs in 2025.

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

• Focus on scaling up production and maintaining high operational standards to maximize farm potential.