Arctic Fish (AFISH) Q3 2024 earnings summary

Executive summary

• Operational EBIT per kg improved to €0.27 from €0.17 year-over-year, marking the third consecutive quarter of outperformance.

• Harvested volumes declined to 3,407 tonnes from 4,383 tonnes in Q3 2023, impacting revenue.

• Revenues for Q3 2024 were €20.7 million, down from €29.7 million in the prior year, mainly due to lower volumes and price variance.

• Long-term harvest volume guidance of 25,000 tonnes by 2029 reaffirmed.

• Maintained steady biological development and growth throughout the period.

Financial highlights

• Operational EBIT for Q3 2024 was €0.9 million, up from €0.7 million in Q3 2023, with an improved margin of 4.5% versus 2.5%.

• Net loss for the quarter was €0.4 million, a significant improvement from a €17.7 million loss in Q3 2023.

• Underlying EPS was €0.04, compared to €0.11 in Q3 2023.

• Net interest-bearing debt increased to €133.9 million from €118.6 million in the previous quarter, mainly due to working capital build-up.

• Equity ratio decreased to 36.6% from 37.5% sequentially.

Outlook and guidance

• 2025 harvest volume guidance set at 15,000 tonnes, a 44% year-over-year increase.

• Long-term target of 25,000 tonnes by 2029 reiterated, to be achieved through organic growth and improved license utilization.

• Volumes for 2024 expected to align with previous forecasts.