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Salmon Evolution (SALME) investor relations material
Salmon Evolution Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary19 Aug, 2025
Executive summary
Indre Harøy phase 2 construction is progressing on schedule, with major milestones achieved and first smolt release expected in Q1 2026; operations remain stable with minimal mortality and record-high standing biomass of 3,043 tonnes LW.
Q2 saw all-time high underlying biomass and normalized composition, positioning for increased harvest weights and volumes from Q3 onward.
Harvested 1,232 tonnes HOG in Q2, with revenues of 91.1 NOKm; results were impacted by weak salmon prices and higher temporary farming costs from non-recurring smolt quality issues.
Financial flexibility improved with new credit facilities totaling 250 NOKm and an increased overdraft facility to 200 NOKm.
Phase two will more than double production capacity and improve harvest regularity, supporting commercial growth.
Financial highlights
Q2 2025 group revenue was 91.1 NOKm, down from 170.5 NOKm in Q2 2024, mainly due to significantly weaker salmon prices.
Group EBITDA was -25.6 NOKm, with operational EBIT at -46.8 NOKm; farming segment EBITDA was -13.2 NOKm.
Cash flow from operations was -33.9 NOKm, and net interest-bearing debt at quarter-end was 944 NOKm.
All-in price realization on harvested fish was NOK 72.1/kg, down from NOK 106.1/kg in Q2 2024.
Temporary high farming costs in Q2 were due to harvesting underperforming groups affected by last year's smolt quality issues.
Outlook and guidance
2025 harvest guidance revised down to ~5,000 tonnes HOG, with underlying production expected at ~5,800–6,000 tonnes HOG, over 20% higher than 2024.
About 500 tonnes originally planned for 2025 have been shifted to 2026 to optimize for expected stronger prices.
Both harvest weights and volumes are set to increase from Q3 onward due to normalized biomass composition.
Market outlook for 2026 is positive, with global supply expected to contract and prices to recover.
Focus remains on operational excellence and completion of Indre Harøy phase 2.
Assess impact of biomass normalization on KPIs.
Explain the rationale for the harvest guidance update.
What are the key benefits of the new grow-out program?
Assess impact of biomass normalization on harvest costs.
Explain the drivers behind the expected price recovery in 2026.
Detail the rationale for prioritizing biomass in 2026.
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Next Salmon Evolution earnings date
Q3 202511 Nov, 2025
Next Salmon Evolution earnings date
Q3 202511 Nov, 2025
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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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