Hampiðjan (HAMP) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, was €239.85m, down 2.95% year-over-year from €247.14m.

• Net profit for the period was €9.3m, compared to €11.4m for the same period in 2023.

• EBITDA decreased by 6.0% to €28.7m from €30.5m year-over-year.

• Acquisitions included full ownership of Swan Net USA and the purchase of FiiZK Protection AS, expanding market reach in aquaculture.

• Operational integration and restructuring activities continued, including consolidation of Icelandic subsidiaries and ongoing Mørenot restructuring.

Financial highlights

• Gross margin for the nine months was €65.26m, slightly down from €66.18m year-over-year.

• Operating income (EBIT) for the period was €18.05m, nearly flat compared to €17.99m last year.

• Basic and diluted EPS for the period was €1.48, down from €2.00 year-over-year.

• Cash and cash equivalents at period end were €44.4m, down from €53.0m at the end of September 2023.

• Total assets increased to €500.2m from €490.0m at year-end 2023.

Outlook and guidance

• Management expects full benefits from recent Icelandic subsidiary consolidations after year-end, with cost synergies anticipated.

• Continued focus on restructuring Mørenot and optimizing aquaculture production footprint.