AI Terminal
Arctic Fish Holding
Quarterly Report • May 14, 2025
3537_rns_2025-05-14_04948cf9-6d6a-40cd-af62-6d61972b6c87.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Q1 2025 Presentation 14 May 2025
Arctic Fish in brief
Arctic Fish (AFISH), listed at Euronext Growth market in Oslo, is a leading
salmon farmer in Iceland with an attractive and sustainable value
chain from smolt to sales.
The license portfolio for the company is 29,800 tonnes MAB
(Maximum Allowed Biomass) and includes licenses covering 10 farming
areas in 5 different fjords, all located in the Westfjords of Iceland.
The company's value chain consists of a state-of-the-art RAS hatching
and smolt production facility, attractive sea sites with high bearing
capacity and high-energy equipment, and a newly completed
harvesting facility with sufficient capacity to secure the utilization of the licenses and growth objectives for the company.
The salmon is eventually sold under the branding of "Mowi Arctic"
utilizing the substantial synergies that is available through the majority owner.
Highlights Q1 2025
Harvested quantities amounted to 3,140 tonnes compared to 2,531 tonnes for the same period
last year, which is an increase of 24%.
Operational EBIT pr. kg amounted to 0.16 EUR pr.
kg. For the same
period last year, the Operational EBIT pr. kg
amounted to 3.84 EUR pr. kg. The result in the quarter was negatively impacted by market conditions.
Biological performance in the quarter was strong with growth
beyond expectations.
CAPEX investments amounted to 5.9 MEUR in
the quarter, mainly related to setup of new
seawater sites.
Arctic Fish has appointed Daníel Jakobsson as CEO effective from 1 May, 2025.
| EUR '000) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Operational revenue and other income | 22,056 | 24,138 | 80,902 |
| Operational EBITDA | 2,737 | 11,823 | 23,794 |
| Operational EBIT | 517 | 9,725 | 15,105 |
| Net interest-bearing debt (NIBD) | 131,142 | 112,339 | 132,650 |
| Underlying EPS (EUR) | -0.02 | 0.22 | 0.30 |
| Net cash flow per share (EUR) | 0.13 | 0.14 | -0.26 |
| ROCE | 1.0% | 20.9% | 7.8% |
| Equity ratio | 32.2% | 38.8% | 35.4% |
| Harvest volume (GWT) | 3,140 | 2,531 | 10,667 |
| Operational EBIT - EUR per kg | 0.16 | 3.84 | 1.42 |
Q1 Presentation 2025
Arctic Fish has appointed Daníel Jakobsson as CEO effective from 1 May, 2025.
Daníel has held a managerial position at Arctic Fish since 2021, leading the company's business development and, during this period, has gained extensive knowledge of the company's operations and strategy.
His leadership qualities, expertise, and deep roots within the Westfjords community make him exceptionally well-suited to guide the company through the upcoming growth phase at Arctic Fish.
CEO Introduction
Profit & Loss
Revenues amounted to 22.1 MEUR in the
quarter, a decrease of 9% from the
corresponding prior-year period which can be
traced to market conditions impacting price achievement this year.
Harvested volumes in the quarter amounted to 3,140 tonnes, or 24% higher than at the same period last year where the company harvested 2,531 tonnes.
The Group achieved a positive operational EBIT
of EUR 0.5 million compared to EUR 9.7 million in Q1 2024.
The Operational EBIT in Q1 this
year is affected by the market conditions overall, as previously mentioned.
| EUR '000) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Operational revenue and other income | 22,056 | 24,138 | 80,902 |
| Operational EBIT | 517 | 9,725 | 15,105 |
| Net fair value adjustment of biomass | -13,404 | 1,391 | 3,940 |
| License and production fees / taxes | -971 | 641 | -2,704 |
| Impairment losses | |||
| Restructuring costs | -2,408 | -428 | -2,238 |
| EBIT | -16,266 | 10,047 | 14,103 |
| Net financial items | -2,457 | -2,695 | -10,592 |
| Earnings before tax | -18,724 | 7,352 | 3,511 |
| Profit or loss for the period | -14,979 | 5,882 | 2,615 |
| Basic EPS (EUR) | -0.47 | 0.18 | 0.08 |
| Underlying EPS (EUR) | -0.02 | 0.22 | 0.30 |
| Net cash flow per share (EUR) | 0.13 | 0.14 | -0.26 |
| Operational EBIT margin | 2.3% | 40.3% | 18.7% |
| Harvested tonnes GW | 3,140 | 2,531 | 10,667 |
| Operational EBIT per kg | 0.16 | 3.84 | 1.42 |
| ROCE | 1.0% | 20.9% | 7.8% |
Financial Position
At the end of the reporting period, total assets amounted to EUR 227.8 million, a decrease of
EUR 22.1 million from the prior period (Q4'2024).
At the end of the quarter, the Group's equity
totalled EUR 73.4 million, a decrease of EUR 15.0
million from the end of the previous quarter.
The Group's net interest-bearing debt (NIBD) decreased by EUR 1.5 million, from EUR 132.7
million at the end of 2024 to EUR 131.1 million at
the end of the first quarter 2025.
| EUR '000) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Non-current assets | 134,782 | 139,994 | 127,379 |
| Current assets | 93,009 | 96,392 | 122,537 |
| Total assets | 227,791 | 236,386 | 249,917 |
| Equity | 73,376 | 91,623 | 88,355 |
| Non-current liabilites | 130,900 | 126,857 | 133,856 |
| Current liabilities | 23,515 | 17,907 | 27,705 |
| Total equity and liabilities | 227,791 | 236,386 | 249,917 |
| Net interest bearing debt | 131,142 | 112,339 | 132,650 |
| Equity ratio | 32.2% | 38.8% | 35.4% |
Cash flow & Net interest-Bearing Debt
Capital
Expenditures increase the NIBD by EUR 5.9 million and financial items further increase the NIBD by EUR 2.7 million.
The net
change amounts to a EUR 1.5 million reduction from EUR 132.6 million down to EUR 131.1 million.
Net interest-bearing debt has decreased as a
result of positive operational cash flow mainly related to working capital changes and a positive Operational EBITDA.
| EUR '000) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| NIBD beginning of period* | -132,650 | -114,289 | -114,289 |
| Operational EBITDA* | 2,737 | 11,823 | 23,794 |
| Change in working capital | 10,681 | -988 | -18,092 |
| License and production fees / taxes | -971 | -641 | -2,704 |
| Other adjustments | -2,408 | 428 | -2,238 |
| Cash flow from operations | 10,039 | 9,766 | 706 |
| Net CAPEX | -5,878 | -5,042 | 8,710 |
| Cash flow from Investments | -5,878 | -5,042 | -8,710 |
| Net interest and financial items paid | -2,565 | -2,420 | -9,405 |
| Other items | -101 | -96 | -266 |
| Currency effect | 13 | -258 | -740 |
| NIBD end of period* | -131,142 | -112,339 | -132,650 |
*Excluding effects of IFRS 16
Capital Expenditures
Capital Expenditures have been focused on three main pillars throughout the value chain.
Substantial CAPEX in prior years has built up a sustainable growth foundation throughout the value chain, with current investments focused on expansions and growth initiatives.
Expected CAPEX in 2025 is 13 MEUR and will be focused on seawater related equipment.
Volume Guidance
Q1 Presentation 2025
License Portfolio
The license portfolio for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. Of the 29,800 tonnes, 27,000 tonnes are for fertile salmon.
Additionally, the Group holds a license for land-based smolt production on its own property in Norðurbotn, with a current annual production capacity of 1,000 tonnes. The Group has initiated the process and application to increase this capacity to 2,400 tonnes.
Q1 2025 Presentation Thank you
