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Salmon Evolution (SALME) investor relations material
Salmon Evolution Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Indre Harøy phase 2 expansion is progressing on schedule and budget, with commissioning and testing starting within 30 days and first smolt release targeted for Q1 2026, supporting a first harvest in Q4 2026.
Operations remain stable in Phase 1, with low mortality rates, high superior grade share, and record-high biomass and production in Q3 2025.
Strategic focus is on operational excellence, flawless execution of Phase 2, and disciplined growth, with international expansion considered for the longer term.
Partnerships with Milarex and premium brands are expanding market reach, including the launch of Italy's first land-based smoked salmon.
Financial highlights
Q3 2025 harvest volume reached 1,387 tonnes HOG, nearly doubling year-over-year, driving revenue to NOK 86.5m and group EBITDA to -NOK 40.5m, mainly due to weak salmon prices and higher farming costs.
All-in price realization was about NOK 61/kg, down 15% year-over-year, reflecting full exposure to the spot market and high price volatility.
Farming EBITDA per kg was -NOK 22.1, with normalized underlying cost estimated at NOK 70–76/kg.
Cash and cash equivalents at quarter-end were NOK 156 million, with net interest-bearing debt at NOK 1,358 million and an equity ratio of 54%.
Net loss before tax was -NOK 46.3m, and EPS was -0.10 NOK.
Outlook and guidance
Harvest guidance for 2025 updated to 4,600 tonnes HOG, with 2026 guidance at 7,000 tonnes HOG, a 50% increase, and a target run rate of 14,600 tonnes within 18 months and 18,000 tonnes by end of 2027.
Forward salmon prices for 2026 and beyond have been revised significantly upwards, driven by expectations of limited supply growth and solid demand.
Impact of Q3 harvest deviation on farming costs?
Phase 2 production cycle changes impact on risk?
Why were EBITDA covenants amended for 2025?
How to normalize farming costs and improve FCR?
Phase 3 financing strategy, post-Phase 2 cash flow
Maximize price realization in tight 2026 market
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Next Salmon Evolution earnings date
Q4 202511 Feb, 2026
Next Salmon Evolution earnings date
Q4 202511 Feb, 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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