Icelandic Salmon has strengthened operations in the fourth quarter of 2024, following significant challenges in winter-spring 2023-24.
The group – the parent of Arnalax – says it has successfully stabilised biological conditions in the sea, resulting in higher harvest volumes and weights, as well as improving sea lice control.
“Our team’s dedicated efforts have enabled us to end a challenging year on a positive note,” said chief executive, Björn Hembre.
“With increased harvest volume and harvest weight, solid price achievement, and strong performance on smolt released into sea, we are on the right path.”
In a move to further strengthen its financial position, the group has secured an extension to its sustainability-linked financing agreement with DNB and Danske Bank, increasing its loan facility by €65 million to a total of €160 million.
For Q4 2024, the group reported operating income of €49.9 million, slightly down from €51.6 million in the same period last year. The decline was primarily attributed to lower harvest volumes. Operational EBIT for the quarter stood at €1.4 million, down from €2.0 million in Q4 2023, with EBIT/kg at €0.22 (€0.31 when adjusted for one-off costs).
Icelandic Salmon harvested 6,455 tonnes in Q4 2024, compared to 7,219 tonnes last year. The company continues to collaborate with authorities to reinstate a license for 10,000 tonnes MAB of sterile salmon in Ísafjarðardjúp, which was revoked in Q3. Efforts to establish larger sites for improved MAB utilisation are underway, although a final decision is expected only by the end of 2025.
Strong demand across key markets, including North America and Asia, has supported Icelandic Salmon’s performance, with high prices achieved for its products. The company is also confident in maintaining its full-year 2025 volume guidance of 15,000 tonnes despite the biological challenges faced in 2024.
