Salmon Evolution (SALME) Q3 2023 TU earnings summary

Executive summary

• Standing biomass reached a record 2,100 tonnes at 30 September, up 101% QoQ, with strong appetite and normal mortality across the farm.

• Q3 net biomass growth was a record 1,290 tonnes; the end-September quarterly run rate was 1,600–1,700 tonnes, or 70–75% of steady-state volumes.

Financial highlights

• Q3 Batch 3 partial harvest totaled 185 tonnes HOG at an average NOK 72/kg, with a 96% superior share and tight weight concentration.

• Production costs were trending favorably as biomass production increased.

Outlook and guidance

• Steady-state production of 7,900 tonnes HOG p.a. targeted by year-end.

• Harvest volumes planned to rise significantly in Q4: remaining Batch 3, all of Batch 4 and parts of Batch 5; Batch 4 was shifted into October to optimize harvest weights and price realization.

• Two additional full-size batches planned for stocking in Q4.