Salmon Evolution has announced a profitable second quarter in 2024, with operating revenues reaching NOK 170.5 million, a group EBITDA (earnings before interest, taxes, depreciation, and amortisation) of NOK 45.4 million, and a positive cash flow from operations amounting to NOK 37.5 million. These results were driven by a record harvest of 1,581 tonnes HOG (Head-On-Gutted), alongside favourable pricing and a positive trend in cost management.
During the first half of 2024, the company achieved nearly NOK 300 million in revenue and a farming EBITDA close to NOK 100 million, reinforcing its position as a robust and efficient growth platform. CEO Trond Håkon Schaug-Pettersen highlighted the company’s strong performance, noting, “In the first half of 2024 Salmon Evolution had close to 300 million in revenues and a farming EBITDA of almost 100 million, continuing to demonstrate that Salmon Evolution has established a unique, efficient and profitable growth platform.”, He also expressed satisfaction with the completion of the phase 2 financing package during the quarter, which will support further expansion at the Indre Harøy site.
Key Highlights for the second quarter 2024:
- The company reported a positive cash flow from operations of NOK 37.5 million.
- Group EBITDA stood at NOK 45.4 million, with a farming EBITDA of NOK 58.6 million, translating to NOK 37.1 EBITDA per kilogram.
- A record harvest of 1,581 tonnes HOG was achieved in the second quarter, with a strong all-in price realisation of NOK 106 per kilogram, underpinned by an industry-leading superior grade share of 96 percent.
- Net biomass growth amounted to 1,261 tonnes LW, with a focus on restocking the facility to drive growth in the second half of 2024.
- The company advanced with the expansion of the Indre Harøy phase 2 project, successfully completing a private placement in June, raising gross proceeds of NOK 365 million, and securing NOK 675 million in increased bank facilities to fund the project.
- Salmon Evolution maintains a strong financial position with NOK 983 million in available liquidity, including committed undrawn credit facilities.
Upcoming Results Presentation
CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust will present the company’s second-quarter results on 15 August 2024 in Oslo, Norway.
