SALMON EVOLUTION BREAKS EVEN FOR FIRST TIME

Salmon Evolution breaks even for first time. Land-based Norwegian farmer, Salmon Evolution, has broken even for the first time, according to its fourth quarter 2023 results.

CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said:

“Q4 2023 marked a significant milestone for Salmon Evolution, having harvested over 1,100 tonnes HOG with good results and reaching break even EBITDA in the farming segment for the first time. Looking into 2024 we remain optimistic, and we are very satisfied with our harvest results year to date, showing increasing harvest weights, exceptionally high superior share and strong price realisation”,

Key highlights were:

• EBITDA breakeven in farming segment for the first time.
• Harvest volumes of 1,104 tonnes (HOG) in Q4, with an average weight of ~3.5 kg (HOG) and superior share of 90 %.
• Continued strong biological performance, with good appetite and low mortality across the farm. Standing biomass of more than 2,200 tonnes LW per 31 December 2023.
• All-time high biomass production in Q4 with 1,439 tonnes in net biomass growth.
• Q1 QTD volume of 457 tonnes (HOG) having harvested 2/4 groups. Average weight of ~3.9 kg (HOG) and superior share above 95 %.
• On track for farming costs on par with the conventional industry.
• Available liquidity of NOK 645 million per 31 December 2023 including committed available undrawn credit facilities.

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