Salmon Evolution (SALME) Q1 2025 TU earnings summary

Executive summary

• Achieved a new production record with 1,624 tonnes LW in net biomass growth in Q1 2025, up 7% from Q4 2024, continuing a trend of increasing production.

• Ended Q1 2025 with an all-time high standing biomass of 2,939 tonnes LW, a 45% increase since Q4 2024.

• Maintained stable operations with exceptionally low mortality and consistently excellent product quality, with superior grade share above 95%.

• Harvested 581 tonnes HOG in Q1 2025, reflecting a strategic focus on biomass growth.

• All-in price realization on harvested fish was approximately NOK 75/kg in Q1 2025, though impacted by smaller fish harvested.

Segment performance

• Deliberate focus on biomass growth and optimizing composition led to a temporary reduction in harvest volume to 581 tonnes HOG in Q1 2025.

• Harvest volumes were also impacted by limited harvest capacity, with ~300 tonnes shifted from March to early April.

• Harvest weights in Q1 were negatively affected by earlier smolt quality issues, requiring partial harvesting at suboptimal weights.

• Facility on Norway's west coast is fully operational at industrial scale, serving as the global center of excellence.

Outlook and guidance

• Entering Q2 2025 with improved biomass composition and expected higher harvest weights.

• Updated 2025 harvest guidance to 5,800–6,200 tonnes HOG, aligned with production ramp-up and maintaining targeted run-rate biomass.

• Stable operations and strong biological KPIs position the company for continued operational improvement in coming quarters.