Arctic Fish (AFISH) Q4 2024 earnings summary

Executive summary

• Achieved highest operational EBIT in company history for 2024, with a profitable bottom line for the year.

• Harvested 3,456 tonnes in Q4 2024, up from 2,529 tonnes in Q4 2023; biological development and growth met expectations.

• Fully integrated value chain from smolt production to sales ensures quality and sustainability.

• Operational revenue for Q4 2024 was EUR 24.5 million, up from EUR 19.0 million year-over-year, driven by higher volumes and price achievement.

• New state-of-the-art processing facility operational since Q3 2023, supporting growth and external contracts.

Financial highlights

• Q4 2024 revenue reached EUR 24.5 million, up from EUR 9.0 million in Q4 2023; full-year revenue at EUR 80.9 million.

• Q4 operational EBIT was EUR 2.1 million, down from EUR 4.2 million last year; full-year operational EBIT at EUR 15.1 million.

• Net profit for Q4 2024 was EUR 1.3 million, compared to EUR 1.4 million in Q4 2023; full-year profit was EUR 2.6 million, reversing a loss of EUR 12.9 million in 2023.

• Net interest-bearing debt at year-end was EUR 132.7 million, down EUR 1.3 million from Q3 2024.

• Operational EBITDA for Q4 was EUR 4.4 million; cash flow from operations totaled EUR 5.8 million.

Outlook and guidance

• 2025 harvest volume guidance set at 15,000 tonnes, a 40% increase year-over-year.

• Long-term volume target of 25,000 tonnes by 2029, supported by organic growth and license capacity.

• Application underway to expand land-based smolt production from 1,000 to 2,400 tonnes.

• Sufficient smolt capacity secured through internal production and external agreements.

• Minimal Q4 CAPEX; ongoing investments in smolt production to support growth plans.