Salmon Evolution (SALME) Q2 2026 TU earnings summary

Executive summary

• Q2 harvest totaled 945 tonnes HOG; operations were solid, with improved Phase 1 biology and Phase 2 startup progressing to plan.

Outlook and guidance

• Phase 1 and 2 production is projected to ramp to 7,900 tonnes HOG over ~12 months, with management targeting a faster ramp-up than Phase 1.

• Run-rate production target is 14,600 tonnes HOG by mid-2027; projections depend on current assumptions and biological and environmental factors.

• Improved biomass growth is expected to lift H2 2026 harvest volumes and weights; at 85% capacity utilization, expected average harvest weight is 4+ kg HOG.

• The full impact of new feed and optimized operating protocols has yet to materialize, but key prerequisites for significant biomass growth are in place.

Segment performance

• Q2 harvest was 945 tonnes HOG at 3.5 kg average weight; superior-grade share was 96%, with 85% of harvested biomass above 3 kg HOG.

• All-in price realization was ~70 NOK/kg, reflecting harvest profile and weak Q2 salmon prices; calculated back to farm and adjusted for transport to Norway border, including downgraded fish.

• Net biomass growth reached 1,706 tonnes LW, versus 1,357 tonnes LW in Q1; standing biomass was 2,897 tonnes LW at quarter-end.

• Phase 1 biomass growth improved following feed and operating-protocol changes; Phase 2 smolt inserts adapted with minimal mortality and feeding and growth in line with targets, while design upgrades improved water quality.

• Phase 2 commenced operations in late April; two smolt releases were completed, including ~300,000 smolts in the first two tanks in mid-May, with the next two tank handover scheduled for July and a third release in preparation.