Q4 2024 Salmon Evolution ASA Earnings Call Transcript
Key Points
- Salmon Evolution ASA (STU:60E) reported a record high harvest volume of over 1,700 tonnes gutted, generating almost NOK150 million in revenues.
- The company achieved a group EBITDA of NOK9 million, with the farming segment contributing NOK15 million, equivalent to NOK9 per kilo.
- Phase 2 expansion is progressing on time and on budget, expected to significantly increase production capacity to 18,000 tonnes.
- The company has a strong financial position, fully financed for phase 2, with available liquidity of NOK684 million and committed construction financing.
- Salmon Evolution ASA successfully launched land-based salmon as a separate category in Norwegian retail, partnering with the premium brand Lofoten.
- Salmon prices in the fourth quarter were weaker than expected, impacting revenue potential.
- The company experienced a temporary drop in harvest weight in Q1 due to biomass composition issues from previous smolt quality problems.
- Farming costs were temporarily impacted by post smolt sales and allocation of costs between segments.
- The geopolitical situation in North America may affect the economics of international projects, introducing uncertainty.
- Operational risks remain, although the company has backup systems in place, there are no guarantees against potential challenges.
Okay. Good morning, everyone, and welcome to this presentation of Salmon Evolution's results for the fourth quarter. My name is Trond HÃ¥kon Schaug-Pettersen. I'm the CEO of the company. And with me here today, I also have Trond Vadset Veibust, our CFO.
I think 2024 was a transformatory year for Salmon Evolution, where we demonstrated both continued solid operational progress and also strong financial metrics. And going into 2025, we believe that we are in a very good spot at the moment, both operationally, but also in terms of our phase 2 expansion, which will, I think, really be a game changer for the company.
So I will start this presentation by going through the highlights in the quarter. Then I will go through the operations and our ongoing growth initiatives before our CFO will take us through the financials. And finally, we'll end the presentation with a Q&A session. For those of you who are attending virtually, you can submit questions via the webcast.
As to the highlights for
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