Icelandic Salmon As · OSL:ISLAX
Icelandic Salmon As — Q1 2024 Earnings Presentation
13 slides from Icelandic Salmon As's earnings presentation, 2024
Slide 1: Q1 2024 Summary Presentation
Q1 2024 SUMMARY PRESENTATION
Slide 2: This is Icelandic Salmon
THIS IS ICELANDIC SALMON Icelandic Salmon AS is listed on the Euronext Growth market in Oslo, and Harvesting plant Four smolt facilities, NASDAQ First North in Reykjavik. in Bíldudalur. Current capacity The company is the sole owner and of 7-8 million smolt, BRCGS* certified parent company of Arnarl
Slide 3: Challenging Quarter: Q1 Summary
CHALLENGING QUARTER Q1 SUMMARY Harvest Operational EBIT (Thousand tonnes gw) (EUR/kg.) 7,2 2,79 6,6 Quarterly harvest volume of 2,769 tonnes compared to Q1- 23 at 6,572 tonnes 4,0 — Continued harvesting of spring 2022 generation in Q1 2,8 — The Q1 harvest volume reflects the high volume in Q4 2023 0
Slide 4: License Status
LICENSE STATUS STRATEGIC UPDATE APPLICATIONS PENDING APPROVAL Arnarlax holds licenses of 23,700 tonnes MAB in the Icelandic Westfjords (Arnarfjörður, • Expect 10,000 tonnes MAB licence of sterile Patreksfjörður and Tálknafjörður). salmon in Ísafjörður shortly • Includes 3 new sites for operation • 4
Slide 5: Sales & Marketing Update
5 SALES & MARKETING UPDATE STRATEGIC UPDATE AND OUTLOOK STRONG INTEREST FOR ICELANDIC SALMON • Strong market with high prices • Benefitted from high average weight and good price on downgraded fish • Volume to US significantly lower than in Q1 2023. 89% • Asia market – Maximizing a high value market
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS SUSTAINABILITY – IT’S IN OUR NATURE 6
Slide 7: Group Balance
GROUP BALANCE FINANCIAL HIGHLIGHTS Assets Liabilities KEY ITEMS FOR FIRST QUARTER 2024 (EUR million) (EUR million) 85 Balance affected by biological challenges 238 231 23 74 — Decrease of biological assets by EUR 1.2 million. 23 97 82 New lease asset 62 51 — Lease of WellBoat affecting lease assets
Slide 8: NIBD Q4 2023
NIBD Q4 2023 NET INTEREST-BEARING DEBT Working capital influenced by changes in biological assets Increase in lease liability with new WellBoat Low investment activities — Main focus on finalizing investments in FreshWater and SeaWater equipments SUSTAINABILITY – IT’S IN OUR NATURE 8
Slide 9: Operational Update
OPERATIONAL UPDATE SUSTAINABILITY – IT’S IN OUR NATURE 9
Slide 10: Operational Update
OPERATIONAL UPDATE STATUS • Biological challenges • Continued good demand in the market • Increased smolt output in 2024 • Strong biological performance on spring 2022 generation • Risk reduction by new vaccines and delicing capacity • Follow up sustainability strategy SUSTAINABILITY – IT’S IN OUR N
Slide 11: New Aquaculture Strategy
NEW AQUACULTURE STRAGETY PRESENTED BY MINISTRY OF FISHERIES MINISTRY OF FOOD, AGRICULTURE AND FISHERIES STRATEGY AND LAWS • Ministry sent the law proposal to the Parliament in April 2024 • New Minister of Food, Agriculture and Fisheries was appointed on the 10th of April 2024 • Potential for growth
Slide 12: Outlook
OUTLOOK Volume guidance kept unchanged at 15,000 tonnes for 2024 2025 volumes will be affected by biological challenges in Q1 2024 Contract share is expected to be 30% in Q2, and ~10% for 2024 New site, Vatneyri in Patreksfjörður, is ready for smolt output in May 2024 Icelandic Salmon is well suited
Slide 13: Strandgata 1, Bíldudalur, Iceland
Strandgata 1 Iceland arnarlax.is 465 Bíldudalur (354) 456 0100 arnarlax@arnarlax.is