Norway · Delayed Price · Currency is NOK Salmon Evolution ASA Earnings Call Transcripts
Fiscal Year 2025
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Transitioning from investment to scale-up, with phase II at Indre Harøy nearing production, the platform is set for significant volume and earnings growth. Despite weak 2025 prices, operational improvements and market recovery in 2026 are expected to drive strong financial performance.
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Phase 2 expansion is on track, with Q3 seeing record production but negative EBITDA due to weak salmon prices and temporary higher costs. Harvest volumes are set to rise 50% in 2026, and the company is well positioned to benefit from a tightening global salmon market and higher prices.
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Phase II expansion is on track, doubling capacity and improving harvest regularity. Q2 results were impacted by weak salmon prices and non-recurring costs, but operational stability and normalized biomass position the company for stronger performance as market conditions improve.
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Phase II construction is on track, doubling production capacity and driving cost efficiency. Q1 saw record production and strong biological performance, though weak salmon prices impacted results. Harvest weights and costs are set to improve from Q2 onward.
Fiscal Year 2024
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Record Q4 harvest and strong financials capped a transformative year, with phase two expansion on track to double capacity. Operational improvements, high product quality, and robust liquidity position the company for continued growth and margin enhancement in 2025.
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Operational and biological performance remained strong, with positive farming EBITDA and record superior grade share. Phase II construction is on track and fully funded, supporting a 40% production increase in 2025. Available liquidity stands at 866 million NOK.
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Strong Q2 profitability driven by record harvests, high prices, and operational improvements. Phase two expansion is fully financed and underway, with faster ramp-up expected and long-term cost reductions anticipated.
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Phase II expansion is fully funded, raising production capacity to 18,000 tons gutted and enabling strong cash flow for future growth. Operational performance and cost efficiency are improving, with competitive financing secured and further scaling planned.