Salmones Camanchaca S A : Press Release 2024 - Q4

About this update from Salmones Camanchaca Sa

Salmones Camanchaca S.A. improves its results due to higher sales and lower costs Fourth quarter revenues reached USD 121 million, 27% higher than the same period in 2023, with higher sales volumes of Atlantic and Coho salmon. Total Revenues for 2024 were USD 405 million, 14% higher than 2023. EBITDA in Q4 2024 was USD 20.9 million, which compares with USD 0.9 million in Q4 2023. Accumulated EBITDA as of December was USD 49.1 million, higher than the USD 33.5 million recorded in 2023. The quarterly cost of harvested Atlantic salmon (ex-cage, live fish) reached 4.05/Kg, 11% lower than in Q4 2023, due to good sanitary conditions in the harvested sites and a drop in the cost of food. Santiago, March 3, 2025 - Salmones Camanchaca S.A. published its financial results for 2024, favored by a last quarter with revenues of USD 121 million, 27% higher than the same period in 2023. This improvement is explained by higher sales volumes of Atlantic and Coho salmon. Although prices fell 6% in Atlantic and 16% in Coho, full-year revenues grew 14%, up to USD 405 million, doubling Coho's sales and 15% higher in Atlantic. Atlantic harvests in the fourth quarter were 13,689 MT WFE, 56% higher than in Q4 2023, and Coho harvests were 3,354 MT WFE, 63% lower. In the accumulated 2024, the harvests of both species were 52.2 thousand MT WFE, while sales rose to 60.6 thousand MT WFE with a significant reduction in inventories. The quarterly cost of harvested Atlantic salmon (ex-cage, live weight) was USD 4.05/Kg, 11% lower than in Q4 2023, and is explained by the recovery of harvest weight, a good sanitary condition in the harvested sites and a decrease in feed cost. Consequently, ex- cage costs accumulated in 2024 reached USD 4.38/Kg live weight, lower than the USD 4.60/Kg of the same period of 2023. The company has continued to show improvements in its operations and in the health condition of farmed fish, with very low mortalities when compared to the rest of the industry. In addition to this, there have been several operational optimization programs that have resulted in lower costs and higher efficiencies. In this context, EBITDA for the quarter was USD 20.9 million, positively compared to USD 0.9 million in Q4 2023. Accumulated EBITDA as of December reached USD 49.1 million, higher than the USD 33.5 million recorded in 2023. Regarding the results, Ricardo García Holtz, Vice Chairman of the Company, stated: "the operational and efficiency efforts that we have deployed in the last two years, and which were added to a normalization in the food ingredient´s markets, contributed to a better result in 2024. This reinforces the impulse to continue working on these focuses in the future, offsetting higher costs that have arisen due to regulatory restrictions or oceanic conditions. Unlike 2024, we see a slight recovery in prices in 2025 and we estimate a growth of close to 10% in our harvests." However, the executive stated that "despite the potential that salmon has as a sustainable food with a lower environmental impact compared to almost all other proteins, and the advantages of Chile, the scenario of stagnation of the national industry generates unease, and the absence of a national public policy that indicates a path of progress and development, so necessary for the people of the south of our country."

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