Q1 trading update: Volumes in line, better price achievement

Norway: Updated traffic lights suggest lower growth

Value proposition playing out

Q4 Farming EBITDA break-even amid improving biology, with strong H1'24 incoming, showing the benefits of land-based farming. Strong outlook, despite somewhat delayed expansion abroad: BUY.

Q4 EBIT in line; H1'24 looks to be strong

Q4 EBIT NOK -33m (VA cons NOK -30m, ABGSCe -34m). SALME shows strength biologically when the conventional farmers struggle. Few changes to cons' '24e EBIT. Case-supportive report.

About to enter the big leagues

We estimate Q4 EBIT of NOK -34m (FactSet cons NOK -19m). '24e EBIT down on lower volumes, '25e up on higher prices. 2024 should be a milestone year; BUY, TP of NOK 10.

Q4 op. update: Volumes in line, but softer price

Q4'23 trading update showing harvest volumes in line, but a somewhat softer price acheivement. Focus is on biomass build in Q1, but SALME is set for significant harvest increase in Q2-Q4. While we see downside risk to cons' Q4'23e EBIT, '24 should be transformational and we still see upside in the

Evolving into something great

Q3: Strong growth momentum, approaching steady-state. '23e-24e EBIT down on higher costs, but outlook is still strong. Plenty of positive triggers ahead; BUY, TP of NOK 10 (10.5).

Q3: EBIT below, significant volume ramp-up in Q4

Q3 op. update: Regaining momentum

Prioritising biomass growth in Q3, harvest volumes were only modest at 185t (ABGSCe 350t). Following strong biological performance, SALME now looks set to reach steady-state operations in Q4, which should be an important trigger.

A bump in the road

Short-term hit from higher costs and low volumes but the margin and growth outlook remain favourable. Profitability to markedly improve; BUY, TP NOK 10.5 (11).

Q2: EBIT below on higher costs

Q2 Op. update: Back on track

A costly lesson, learn from it and move on

Short-term hit from higher mortality and slower ramp-up, but the margin and growth outlook remains favourable. Frontrunner with strong potential; BUY, TP NOK 11 (12.1).

Q1: Normalised operations

Q1'23 EBIT NOK -25m, vs cons at NOK -28m and ABGSCe NOK -23m. Operations have normalised following the elevated mortality in April (positive), but expect cons' '23e EBIT lower on mortality costs and slower ramp-up.

Increased mortality at the Indre Harøy facility

Q1 op. update: Focus on biomass ramp-up

No harvest in Q1'23, as SALME focused on building biomass. Supported by strong biological performance across all batches, SALME reiterates targets of steady-state production by Q4'23