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Q3 2023 results: A stable production quarter

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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.

In August, Arnarlax signed a commitment letter for its first sustainability-linked loan agreement, totalling EUR 100 million, with DNB, Danske Bank and Arion Bank who stepped in with an overdraft facility and as security agent for the loan agreement.  The agreement was successfully completed in the beginning of November.

Outlook

For the year 2023 as a whole, Icelandic Salmon expects to harvest 17,000 tonnes of salmon, up from the previous estimate of 16,000 tonnes. The increase is a result of growth beyond expected on our spring 2022 generation.

As mentioned above, Icelandic Salmon decided to take out significant volumes of fish in Tálknafjörður. This will have a one-off impact estimated at around EUR 5-6 million on profits in the fourth quarter 2023. Harvest volumes for 2024 is expected at 15,000 tonnes.

“For the longer term, we continue to see a potential for growth up to 26.000 tonnes on existing licenses supported by strong demand for sustainably farmed Atlantic Salmon,” said Bjørn Hembre, CEO of Icelandic Salmon.

The presentation9th of November

Attached is the presentation for the third quarter.

The presentation will be held at Arion Bank headquarters in Borgartún 19, 105 Reykjavík, in the conference room Þingvellir today, 9th of November. The conference room will be open from: 8:15 GMT (9:15 CEST) and company's CEO Bjørn Hembre and CFO Jónas Heiðar Birgisson will be presenting the company's results at 9:00 GMT (10:00 CEST), the presentation will also be available via webcast on arnarlax.webcast.is.

Questions may be asked after the presentation and there is also a possibility to send questions to questions@arnarlax.is during the presentation.

The presentation will be made available for replay on our website, www.arnarlax.is, shortly after the live event.

For further information, please contact:

CEO Bjørn Hembre

Tel: +354 620 1936

Email: bjorn@arnarlax.is

CFO Jónas Heiðar Birgisson

Tel: +354 414 0609

Email: jonas@arnarlax.is

About Icelandic Salmon: Icelandic Salmon is listed at the Euronext Growth. The company is the 100% owner of Arnarlax ehf, the leading farming company in Iceland with their head office in Bildudalur. The company is fully integrated, from egg to the fish is delivered to customers in the market, with control over all parts of the value chain.

See https://www.arnarlax.is for more information about the company.

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