CORRECTION

Q3 2023 results: A stable production quarter

CORRECTION: On slide 10 in the attached presentation the numbers in the subtitle has been adjusted from 14,000t to 15,000t  This is done to prevent misunderstanding, the guide is 15,000t the same as is stated in a bulletpoint and was said during the live presentation.

Bíldudalur, 9th of November 2023

Icelandic Salmon is the parent company of Arnarlax, and other subsidiaries involved in salmon farming and processing in Iceland. The companies are collectively referred to as "Icelandic Salmon" or the "Group".

Operations

In the third quarter 2023, Icelandic salmon resumed harvesting, following a second quarter with limited harvest volume. The group harvested 4,040 tonnes in the quarter, up from 3,804 tonnes in the third quarter 2022.

“Our team demonstrated strong adaptability and commitment during a time with changing working conditions. Following a summer with limited harvest due to our focus on biological growth, we started harvesting in July. In the third quarter, total harvest came in slightly above the corresponding quarter last year, and the biological performance for the quarter was good” said Bjørn Hembre, CEO of Icelandic Salmon.

The group reported revenues of 42 million EUR in the third quarter 2023, up from 34 million EUR in the third quarter 2022. The EBIT for the quarter was positive of 3.0 million EUR, resulting in an EBIT/kg harvest of EUR 0.73. The EBIT/kg harvest was down from the corresponding quarter last year of EUR 0.99, due to higher costs, partly offset by strong price achievement compared to market prices.  

The smolt stocking continued in the third quarter and the group achieved operational improvements in smolt production. YTD the smolt weight is 236, up 36% from 2022.  

“The quality of the smolt is good and the survival rate of smolts is high. We see good effect of recent years’ investment and operational focus in our smolt production. “said Bjørn Hembre, CEO of Icelandic Salmon.

In October 2023, after the end of the third quarter, the group had to respond to an unfortunate biological challenge in Tálknafjörður. The incident was soon deemed a risk to animal health and the wellbeing of the fish, and a decision was made to take out significant volumes (see more information in Outlook below).

Strategic milestones

In September, Icelandic Salmon held its first Capital market day, giving stakeholders valuable insights into its operations and growth plans, and successfully completed a dual listing on the NASDAQ First North exchange in Iceland. This listing makes the company’s shares more easily accessible for Icelandic investors.