Salmon Evolution (SALME) Q3 2026 earnings summary

Executive summary

• Phase 2 ramp-up remained on plan; near-term priority is meeting Phase 1 and 2 production targets. Q3 operational EBITDA was -NOK 20.2m.

• 2026 harvest guidance was reduced to ~5,500t HOG as the first Phase 2 harvest shifts to Q1 2027; 2027 guidance is 11,000–12,000t HOG.

Financial highlights

• Q3 operating revenue was NOK 104.9m vs NOK 86.5m YoY; operational EBITDA was -NOK 20.2m vs -NOK 40.5m, and operational EBIT was -NOK 41.0m.

• Q3 loss before tax and net loss were NOK 25.7m vs NOK 46.3m YoY; YTD net loss was NOK 107.3m vs NOK 172.7m.

• Q3 operating cash flow was -NOK 1.5m; investing cash flow was -NOK 199.0m, mainly related to Phase 2 expansion.

• All-in price realization was NOK 64.3/kg vs NOK 61.1/kg YoY; weak salmon prices and an underperforming fish group weighed on farming results.

Outlook and guidance

• 2026 harvest guidance is ~5,500t HOG vs prior guidance of ~6,000t; ~70% of the reduction reflects moving Phase 2’s first harvest to Q1 2027.

• 2027 harvest guidance is 11,000–12,000t HOG; H1 2027 is focused on building Phase 2 biomass toward steady-state levels.

• Run-rate production target is 14,600t HOG by mid-2027; monthly Phase 2 smolt stocking from Q4 2026 is intended to support the ramp-up.

• Target farming cost is NOK 60–65/kg by mid-2027, with scale benefits dependent on biological, environmental and market assumptions.

• Harvest weights are expected to improve in Q4 2026; ~350t HOG of harvest shifted into Q1 2027.