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Salmon Evolution
Salmon Evolution (SALME) investor relations material
Salmon Evolution Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Transitioning from construction and investment to commissioning, scale-up, and cash flow generation, with phase II at Indre Harøy progressing on schedule and first smolt release planned for week 17, targeting a 65% increase in smolt release for 2026.
Strategic focus on disciplined execution, operational improvements, and maximizing output at Indre Harøy, aiming to enter 2026 with full biomass to capitalize on anticipated tight salmon market conditions.
Updated partnership model in Korea shifts to technical advisory, reducing investment commitments and reinforcing focus on Norwegian operations and capital discipline.
Proven operational platform with stable biology, high quality, and repeatable performance, positioning for industrial-scale land-based salmon farming.
High supply growth in the market pressured salmon prices, negatively impacting financial results.
Financial highlights
Q4 2025 operating revenues were 98.7 NOKm, down from 148.7–149.5 NOKm in Q4 2024.
Group EBITDA was -8.4 NOKm in Q4 2025 and negative NOK 80 million for the year; farming EBITDA at -1.3 NOKm, with breakeven farming operations net of phase II ramp-up costs.
Q4 harvest volumes were 1,200–1,203 tonnes HOG, with price realization at ~74 NOK/kg; annual price realization was NOK 70 per kilo.
Cash flow from operations in Q4 was positive at 18.7 NOKm, supported by reduced working capital.
Net interest-bearing debt increased to 1,757.4 NOKm due to phase II construction; equity ratio at 49% as of Q4 2025.
Outlook and guidance
Phase II at Indre Harøy is on track, with first smolt release planned for week 17 and full ramp-up expected by early next year.
2026 full year harvest guidance set at 7,000 tonnes HOG, with ~1,800 tonnes HOG expected in Q1 2026 and a 65% year-on-year increase in smolt stocking targeting 2.8 million smolt.
Run rate production expected to reach 14,000–15,000 tonnes gutted, with a target of 18,000 tonnes by year-end 2027.
Targeting production cost of ~53 NOK/kg at full scale (18,000 tonnes HOG), leveraging fixed cost scalability.
Anticipated market tightening and price recovery in 2026, positioning for improved earnings.
Phase 1 growth bottlenecks: What's the plan
Drivers for NOK 53/kg cost target in Phase 2
How non-recurring CapEx impacts long-term EBIT
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Next Salmon Evolution earnings date
Q1 20266 May, 2026
Salmon Evolution
Next Salmon Evolution earnings date
Q1 20266 May, 2026
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Frequently asked questions
Salmon Evolution Holding AS, together with its subsidiaries, produces and markets marine feed for salmon and other fish species. The company operates as a land-based salmon farming company in Norway. It focuses on the production of salmon meals through production of Norwegian Salmon Aquaculture at Bremnes AS and in cooperation with another operating entity. Salmon Evolution Holding AS us based in Molde, Norway.
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