Competitive farming cost, expected to improve further with scale and falling feed cost

Salmon Evolution ASA: Strong ending to a record year

Salmon Evolution ASA (OSE: SALME) generated 149.5 NOKm in revenues in the fourth quarter which translated into a group EBITDA of 9.2 NOKm and a Farming EBITDA of 15.3 NOKm.

Highlights in the quarter 

• New harvest record with total harvest of 1,729 tonnes HOG including post smolt. 

• Farming EBITDA of 9 NOK/kg, Group EBITDA of 9.3 NOKm and Farming EBITDA of 15.3 NOKm. 

• Solid price achievement – strategy of backloading harvest in second half of 2024 paying off. 

• Standing biomass end Q4 at ~2,000 tonnes LW. Stable operations supporting continued positive growth trend at Indre Harøy, with biomass growth of 1,518 tonnes LW in the quarter.  

• Indre Harøy phase 2 construction well underway – on track for first smolt release in Q1-26 as planned. 

• Strong financial position with 684 NOKm in available liquidity including committed undrawn credit facilities. Additionally, the Company has 1,450 NOKm in earmarked construction financing.

Click on the image to enlarge it

“We are very pleased by ending 2024 with a new harvest record and strong KPIs, highlighting the significant milestones we have achieved the last 12 months”, CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said. “2024 have further strengthened our position as the leading land-based salmon farmer globally”.

During the quarter the positive growth trend continued, supported by continued stable operations at Indre Harøy and Dale. Biomass growth ended at 1,518 tonnes LW, the second highest on record and up 11% Q/Q.

“We are entering 2025 with a fully stocked farm and a positive trend, providing strong growth momentum going forward”, Trond Håkon Schaug-Pettersen said.

During the quarter progress in the phase 2 expansion project at Indre Harøy remained strong, and the project is on track for targeted first smolt release in the first quarter of 2026.

“We are on plan and budget and are very happy with the progress at the building site”, Schaug-Pettersen said. “With phase 2 up and running we will have an operational strength few in the industry can rival”.

Continued strong results in 2024

New harvest record

Increasing harvest weights

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2024

Farming: NOK 8.9/kg EBITDA margin

• 1.0 NOKm positive cash flow from operations. 

• Impacted by timing of harvest and post smolt sale. 

• Investments related to phase 2 and gradually picking up as planned. 

• On track and budget. 

• Strong financial position. Available liquidity of 684 NOKm including available committed undrawn credit facilities but excluding the 1,450 NOKm in committed construction facilities related to Indre Harøy phase 2.

[email protected]
www.seafood.media

Address:	Torget 5
City:	Elnesvågen
State/ZIP:	(NO-6440)
Country:	Norway
Phone:	+47 46 86 00 00
E-Mail:	[email protected]
Skype:	https://www.instagram.com/salmonevolution/
More about:

Print