Q4 2024 results
Ricardo García, Vice Chairman Manuel Arriagada, CEO
05 March 2025 - Santiago, Chile
Q4 2024 Highlights
- Operating Revenues at USD 121m, +27% vs Q4 23, as volume sold increased by 35% in Atlantic and 28% in Coho. Full year at USD 405m, up 14%.
- EBITDA at USD 20.9m in Q4 24, up from USD 0.9m in Q4 23 (+USD 20m). Full year at USD 49m, up 47%.
- Atlantic quarterly harvest was 56% higher, at 13.7k MT WFE. There was a postponement of Q3 harvests to gain fish weight, which reached 5.5 Kg WFE, up from 4.5 Kg WFE in Q4 23. Full year Atlantic harvest at 47.7k MT WFE up from 44.1k in 2023.
- Reduction in Atlantic LW ex-cage quarterly cost by 50 cents from Q4 23, to USD 4.05/Kg. Recovery of harvest weight, good sanitary condition of the harvested sites, and a decrease in feed costs were behind this achievement.
- Coho salmon quarterly harvests at 3.4k MT WFE, down 63% from Q4 23 due to stocking plan reduction.
- Low extraordinary mortalities for the quarter (USD 0.1m vs USD 1.7m in Q4 23), with survival rates higher than the industry throughout the year.
- Atlantic salmon quarterly EBIT/Kg WFE at USD 0.90 compared to USD 0.30 in Q4 23. Full year at USD 0.6, same as 2023.
- NIBD reduction to USD 91.4m compared to USD 122.5m as of December 2023. NIBD to EBITDA ratio at 1.86x, well within the syndicated credit covenants (<4x).
- 2025 harvest estimates (MT WFE): Atlantic 54k - 56k; and Coho ~3k. Total harvests at 56-59k.
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Financial Highlights
Revenues
Million USD
117.1 | 120.5 | |||
94.6 | 94.5 | |||
72.4 | ||||
Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
EBITDA and EBIT/kg WFE
USD million and USD/kg WFE
0.54 | 0.78 | |||
-0.03 | 0.12 | 20.9 | ||
-0.20 | ||||
14.7 | ||||
9.2 | ||||
4.3 | ||||
0.9 | ||||
Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
EBITDA | EBIT/Kg |
3 | EBIT/Kg calculation presented by Salmones Camanchaca as a profitability indicator of the units actually sold and shipped to final buyers/customers, therefore excludes any provision made on inventories. |
Harvest & Stockings Growth in 2024
- During 2024, Atlantic harvests improved due to better sanitary conditions.
-
Atlantic 2025 harvest plan at
54-56k & ~3k for Coho (MT WFE). - Total stocking for 2025e higher than 2024 in Atlantic and similar in Coho.
- Chile Atlantic and Coho stocking as of December 2024 increased 7% vs 2023(*) in each species.
4 * Source: Aquabench
Atlantic harvest | |||||||||||||||
Thousand MT WFE | |||||||||||||||
17.8 | 17.5-18 | ||||||||||||||
14.3 | 13.7 | 13.5-14 | |||||||||||||
12.4 | 9.7 | 11.1 | 8.8 | 9.9 | 11.6 | 12.4 | 12-12.511-11.5 | ||||||||
8.1 | |||||||||||||||
6.4 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
2022 | 2023 | 2024 | 2025 | ||||||||||||
Atlantic Harvest volume | 44.5 | 44.1 | 47.7 | 54 - 56 | |||||||||||
(1,000 MT) | |||||||||||||||
Atlantic Smolt Stocking | 9.8 | 10.7 | 11.7 | 13 - 14 | |||||||||||
(millions units) | |||||||||||||||
Coho Harvest volume | 4.0 | 11.4 | 4.5 | 2 - 3 | |||||||||||
(1,000 MT) | |||||||||||||||
Coho Smolt Stocking | 1.6 | 2.8 | 0.8 | 0.8 | |||||||||||
(millions units) | |||||||||||||||
Total Stocking | 11.4 | 13.5 | 12.5 | 14 - 15 | |||||||||||
(millions units) | |||||||||||||||
Operational review
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Atlantic biology: favorable relative performance
Mortality rateSC vs Industry indicators
SC vs Industry (ex-SC) | (closed cycles as of December 2024) |
1.33% | Indicator | Industry | SC | |||||||
average | ||||||||||
1.08% | 1.06% | |||||||||
Mortality (%) | 12.5% | 7.7% | ||||||||
0.99% | ||||||||||
0.82% | 0.79% | FCRe acum (WFE) | 1.31 | 1.24 | ||||||
0.86% | 0.75% | |||||||||
0.71% | 0.70% | SGR (Specific Growth rate) | 0.73 | 0.79 | ||||||
0.65% | 0.62% | |||||||||
0.70% | ||||||||||
Length of cycle (months) | 14.0 | 12.9 | ||||||||
0.53% | ||||||||||
0.48% | 0.51% | Grs antibiotic/MT produced | 406 | 432 | ||||||
0.47% | ||||||||||
0.43% | 0.44% | Average harvest weight (Kg) | 5.1 | 5,0 | ||||||
0.38% | 0.37% | |||||||||
0.31% | ||||||||||
0.28% | 0.27% | |||||||||
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 | Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 | |||
Salmones Camanchaca | Industry (without SC) | |||
6 Source: Aquabench
Atlantic farming cost
Atlantic salmon LW ex-cage cost
(USD/kg)
4.98 | 4.91 | |||||
4.36 | 4.69 | 4.55 | 4.64 | |||
4.27 | ||||||
4.17 | 4.08 | |||||
4.05 | 4.05 | |||||
3.91 | ||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||
2022 | 2023 | 2024 | ||||||||||||||||||
Feed | OPEX | Smolt | Labor | Fish health | Other | |||||||||||||||
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-
Q4 24 LW cost at USD 4.05/kg,
50 cents lower vs Q4 23: - Lower feed costs
- Recovery of harvest weight
- Sanitary conditions
Atlantic finished product: all-in cost
- Total cost at USD 5.31/Kg WFE, 67 cents or 11% lower vs Q4 23.
- Processing cost at USD 0.96/Kg WFE (below USD 1/Kg target), -13% vs Q4 23, explained by higher processed volumes.
Atlantic Finished Product Cost
(USD/kg WFE)
6.85
6.46 | 6.11 | |||||||
5.97 | 5.83 | 6.02 | 5.99 | |||||
5.51 | 5.47 | 1.49 | 5.50 | |||||
5.35 | 1.18 | 5.31 | ||||||
0.98 | 1.10 | 1.12 | ||||||
1.29 | 1.24 | |||||||
1.03 | ||||||||
0.99 | 1.26 | 1.11 | ||||||
0.96 |
4.68 | 4.59 | 5.36 | 5.04 | 4.89 | 5.28 | 4.99 | ||||
4.49 | ||||||||||
4.36 | 4.21 | 4.39 | 4.35 | |||||||
Q1
Q2 | Q3 |
2022
Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||
2023 | ||||||||
Ex-cage cost | Processing cost | |||||||
Q2 | Q3 |
2024
Q4
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Atlantic farming sustainability: favorable outcome in comparable sites
Atlantic sustainability indicators
(closed cycles)
Indicator | Q4 2022 | Q4 2023 | Q4 2024 |
FIFO Ratio | 0.43 | 0.36 | 0.30 |
Length of cycle/Fallow period (months) | 14/10 | 15/9 | 15/9 |
Escapes (# of fish) | 0 | 0 | 0 |
Average antibiotic treatments | 1.6 | 1.0 | 3.2 |
Antibiotic usage (g/MT) | 305 | 250 | 502 |
Antiparasitic usage (g/MT) | 2.9 | 0 | 3.8 |
ASC certified harvest biomass | 69% | 70% | 83% |
- Fish in Fish Out ratio at 0.30, well below SLL target.
- Farming's length of cycle in average level.
- ASC certified harvested biomass at 83% in Q4 24 (70% in Q4 23)
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Markets
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