Salmon Evolution (SALME) Q2 2026 earnings summary

Executive summary

• Transitioning from construction and investment to scale-up and cash flow generation, with Phase II at Indre Harøy now operational and ramp-up progressing as planned, including three smolt releases by July 2026.

• Q2 2026 results were impacted by weak salmon prices and a backloaded harvest profile, leading to negative EBITDA and lower revenues compared to the prior year.

• Substantial production growth is targeted for the next 12 months, with a plan to release 2.8 million smolt in 2026, up 65% from 2025.

• Company remains confident in achieving mid-2027 run rate production target of 14,600 tons.

Financial highlights

• Q2 2026 operating revenue was 66.7 NOKm, down from 91.1 NOKm in Q2 2025, with farming EBITDA at -3.0 NOKm and group EBITDA at -11.1 NOKm.

• Harvest volume was 945 tonnes HOG, compared to 1,232 tonnes in Q2 2025; year-to-date farming EBITDA improved from NOK -8 million to NOK +15 million year-over-year.

• Farming costs in Q2 at 70.7 NOK/kg, down 13% year-over-year; economic feed conversion ratio improved by 5%-6%, with latest group harvested crossing the 1.1x threshold.

• Net loss before tax was -43.4 NOKm, an improvement from -71.7 NOKm in Q2 2025.

• Cash and cash equivalents at quarter-end were 280.6 NOKm.

Outlook and guidance

• Updated 2026 harvest guidance to approximately 6,000 tonnes HOG, down from 7,000 tonnes, due to lower than anticipated biomass production earlier in the year.

• Substantial production growth and improved unit economics are expected over the next 12 months, with scale benefits from Phase II ramp-up.

• Targeting farming costs of 60-65 NOK/kg by mid-2027 as scale and operational efficiencies increase.

• Market outlook for salmon prices is improving, with 2027 seen as a particularly attractive year.