Salmon Evolution (SALME) Q1 2026 TU earnings summary

Executive summary

• Achieved harvest of 1,765 tonnes HOG in Q1 2026, meeting guidance, with most activity concentrated in March.

• Implemented new feed and operational protocols, resulting in a significant step-change in growth.

• Key prerequisites for improved biomass growth and higher harvest volumes in the second half of 2026 are in place.

• First smolt stocking in phase 2 is scheduled within two weeks, supporting future growth.

Segment performance

• Harvested fish averaged 3.2 kg HOG, consistent with Q4 2025, and achieved an all-in price realization of ~84 NOK/kg.

• Superior grade share remained high at 94%, with a narrow weight spread; about 70% of 4+ kg HOG salmon fell into the 4-6 kg category.

• Net biomass growth was 1,357 tonnes LW, affected by operational changes, but underlying growth was 1,484 tonnes LW.

• Biomass growth in Q1 was temporarily affected by adaptation to new feed and protocol testing, but has since accelerated.

Significant events and developments

• Major recalibration of feed and operational protocols, including new feed binder and degassing system adjustments, led to improved water quality and growth.

• Turbidity and suspended solids in water reduced significantly, with particle levels dropping by 50% after feed changes.

• Largest recalibration on feed to date is expected to increase growth by ~4% and further improve water quality.

• Successful implementation of new feed and operational protocols marked a turning point in growth trajectory.