Norway · Delayed Price · Currency is NOK Icelandic Salmon AS Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw strong biological and financial progress, with higher biomass, improved equity, and a positive tax ruling. 2026 guidance targets a 67% volume increase, with CapEx focused on maintenance and expectations for stronger market prices in Q2.
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High production costs and a one-time biomass adjustment led to a negative EBIT, despite increased harvest volumes and strong price achievement in key markets. Bank loan terms were extended, and volume guidance remains robust for 2025 and 2026.
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Q2 results were impacted by a BKD outbreak, leading to higher costs and early harvest, with operational EBIT at €8.3 million and negative €2.1 per kilo. Volume guidance for 2024 was lowered, but significant biomass growth is expected in 2025, supporting future volume increases.
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Q1 2025 saw a sharp drop in harvest volume and negative EBITDA due to biological challenges and low capacity utilization. Investments continued in production capacity, with 2025 guidance maintained at 15,000 tons and expectations for lower costs and higher volumes in the second half.
Fiscal Year 2024
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Q4 featured increased harvest volumes, stable biology, and strong market prices, though full-year harvest declined due to earlier biological challenges. 2025 guidance remains at 15,000 tons, with lower costs expected as volumes recover and new smolt facility capacity comes online.
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Q3 2024 saw stabilized operations and improved biological control, but harvest volumes and EBIT remained low due to earlier challenges. Strong demand in North America and Asia boosted sales mix, and volumes are expected to rise significantly in Q4.
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Q2 results were heavily impacted by biological challenges, leading to negative EBIT and reduced harvest volumes, but operational improvements and new licenses position the company for higher output in H2 2024. Demand remains strong, and cost reductions are expected as capacity utilization improves.