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Salmon Evolution
Salmon Evolution (SALME) investor relations material
Salmon Evolution Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Phase 2 ramp-up remained on plan; near-term priority is meeting Phase 1 and 2 production targets. Q3 operational EBITDA was -NOK 20.2m.
2026 harvest guidance was reduced to ~5,500t HOG as the first Phase 2 harvest shifts to Q1 2027; 2027 guidance is 11,000–12,000t HOG.
Financial highlights
Q3 operating revenue was NOK 104.9m vs NOK 86.5m YoY; operational EBITDA was -NOK 20.2m vs -NOK 40.5m, and operational EBIT was -NOK 41.0m.
Q3 loss before tax and net loss were NOK 25.7m vs NOK 46.3m YoY; YTD net loss was NOK 107.3m vs NOK 172.7m.
Q3 operating cash flow was -NOK 1.5m; investing cash flow was -NOK 199.0m, mainly related to Phase 2 expansion.
All-in price realization was NOK 64.3/kg vs NOK 61.1/kg YoY; weak salmon prices and an underperforming fish group weighed on farming results.
Outlook and guidance
2026 harvest guidance is ~5,500t HOG vs prior guidance of ~6,000t; ~70% of the reduction reflects moving Phase 2’s first harvest to Q1 2027.
2027 harvest guidance is 11,000–12,000t HOG; H1 2027 is focused on building Phase 2 biomass toward steady-state levels.
Run-rate production target is 14,600t HOG by mid-2027; monthly Phase 2 smolt stocking from Q4 2026 is intended to support the ramp-up.
Target farming cost is NOK 60–65/kg by mid-2027, with scale benefits dependent on biological, environmental and market assumptions.
Harvest weights are expected to improve in Q4 2026; ~350t HOG of harvest shifted into Q1 2027.
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Latest events from Salmon Evolution
- Biomass doubled as ramp-up stayed on plan; Batch 2 harvest was due in Q2.SALME
Q1 2023 TU - Biomass reached 1,047 tonnes, supporting late-Q3 harvest and the Q4 steady-state target.SALMEQ2 2023 TU
- Record biomass and Q3 growth underpin a significant Q4 harvest ramp.SALMEQ3 2023 TU
- Record Q4 biomass and harvest position set up a significant 2024 volume ramp.SALMEQ4 2023 TU
- Phase 1 variability weighed on Q3 growth as Phase 2 advanced toward 14,600 tonnes HOG.SALMEQ3 2026 TU
- 945 tonnes HOG harvested; production targets a 14,600-tonne run-rate by mid-2027.SALMEQ2 2026 TU
- Q2 2026 marked by weak prices and losses, but strong production growth and cost improvements expected.SALMEQ2 2026
- Phase II launch and operational gains drove record harvests and improved financials.SALMEQ1 2026
- Record Q4 harvest, strong margins, and phase 2 expansion fully funded and on schedule.SALMEQ4 2024
Next Salmon Evolution earnings date
Q4 202624 Feb, 2027
Salmon Evolution
Next Salmon Evolution earnings date
Q4 202624 Feb, 2027
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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.