Record Year for Salmon Evolution Ends on a Strong Note
Salmon Evolution ASA (OSE: SALME) has wrapped up 2024 on a high note, with impressive financial results and operational achievements to show for it. The company reported generating 149.5 NOKm in revenues in the fourth quarter, with a group EBITDA of 9.2 NOKm and a Farming EBITDA of 15.3 NOKm.
CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen, expressed his satisfaction with the company’s performance, stating, “We are very pleased by ending 2024 with a new harvest record and strong KPIs, highlighting the significant milestones we have achieved in the last 12 months. 2024 has further strengthened our position as the leading land-based salmon farmer globally.”
Throughout the quarter, Salmon Evolution saw positive growth trends, driven by stable operations at Indre Harøy and Dale. Biomass growth reached 1,518 tonnes LW, marking the second-highest on record and a significant 11% increase Q/Q.
Schaug-Pettersen is optimistic about the year ahead, stating, “We are entering 2025 with a fully stocked farm and a positive trend, providing strong growth momentum going forward.”
Progress on the phase 2 expansion project at Indre Harøy remained on track during the quarter, with the project aiming for the first smolt release in the first quarter of 2026. Schaug-Pettersen noted, “With phase 2 up and running, we will have an operational strength few in the industry can rival.”
Key Highlights from the Quarter:
- New harvest record with a 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 the second half of 2024 paying off.
- Standing biomass at ~2,000 tonnes LW at the end of Q4.
Salmon Evolution also maintains a strong financial position, with 684 NOKm in available liquidity and 1,450 NOKm in earmarked construction financing.
Results Presentation:
CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust presented the fourth quarter 2024 results at Hotel Continental in Oslo, Norway, on Tuesday, February 11. A recording of the webcast is available on Salmon Evolution’s website.
Photo: CFO Trond Vadset Veibus and CEO Trond Håkon Schaug-Pettersen, credit: Salmon Evolution
