Salmones Camanchaca (SALMOCAM) Q4 2024 earnings summary

Executive summary

• Q4 2024 operating revenues rose 27% year-over-year to USD 121 million, driven by higher sales volumes of Atlantic salmon (+35%) and Coho (+28%), with improved Coho prices and stable Atlantic prices.

• Full-year 2024 revenues increased 14% to USD 405 million, with Atlantic sales up 15% and Coho sales doubling due to prior season harvest growth, despite lower prices for both species.

• EBITDA for Q4 2024 was USD 20.9 million (vs. USD 0.9 million in Q4 2023), with full-year EBITDA at USD 49.1 million, up 47% from 2023.

• Net income for Q4 2024 was USD 3.9 million, reversing a USD 6.5 million loss in Q4 2023; full-year net income was USD 13.9 million, compared to a USD 6.0 million loss in 2023.

• Net financial debt decreased to USD 91.4 million by December 2024, $31 million lower than the previous year, with net debt/EBITDA ratio improved to 1.86x.

Financial highlights

• Q4 2024 EBIT before fair value adjustments was USD 15.1 million, compared to a loss of USD 4.2 million in Q4 2023; full-year EBIT was USD 27.4 million, up 88%.

• Atlantic salmon EBIT per kg WFE was USD 0.90 in Q4 2024, up from USD 0.30 in Q4 2023; full-year EBIT per kilo was around USD 0.62–0.63.

• Atlantic ex-cage cost in Q4 2024 dropped 11% year-over-year, reaching USD 4.05 per kilo, with total cost (including processing) at USD 5.31 per kilo, also 11% lower.

• Operating cash flow in Q4 2024 was USD 28.2 million, up from USD 16 million in Q4 2023.

• Inventory provisions reversed in 2024, adding USD 2.4 million for Atlantic and USD 5.4 million for Coho, with a total Q4 EBITDA contribution of USD 4.8 million.

Outlook and guidance

• 2025 harvest guidance: 54–56 thousand MT WFE Atlantic, ~3 thousand MT WFE Coho; total 56–59 thousand MT WFE, with 95% Atlantic.

• 2026 harvest guidance: 63–68 thousand MT WFE combined Atlantic and Coho, with another 10% harvest growth guided for 2026.

• 2025 stocking is expected to be 15% higher than 2024, with Atlantic harvest dominating and Coho stable.

• Market prices are expected to remain stable in 2025, with no significant demand boost in the U.S.

• Coho operations to remain at one sea-site, focusing on market development and operational refinement.