Salmon Evolution (SALME) Q3 2025 TU earnings summary

Executive summary

• Achieved a harvest of 1,387 tonnes HOG in Q3 2025, with most harvests occurring early in the quarter.

• Average harvest weight increased by 20% from Q2 to Q3, reaching 3.5 kg HOG.

• Continued stable operations with good biology, minimal mortality, and record-high biomass production.

• Fully stocked farm at quarter-end, aligning with run-rate targets for both volume and number of individuals.

Financial highlights

• All-in price realization on harvested fish was approximately NOK 61/kg, with high price volatility during the quarter.

• Salmon prices recovered through September, with forward prices significantly up during the quarter.

Outlook and guidance

• Priority remains on further increasing harvest weights in upcoming periods.

• Strong interest from European processors for contracts covering the first half of 2026, indicating expectations of a tight market next year.

• Positioned to capitalize on improved market conditions with a fully stocked farm and increasing production metrics.