Salmon Evolution (SALME) Q4 2025 TU earnings summary

Executive summary

• Harvested 1,203 tonnes HOG in Q4 2025, with activity evenly spread through October and November, and a total 2025 harvest of 4,403 tonnes HOG.

• Entered 2026 with full and above-target standing biomass at year-end, reflecting a strategic focus due to anticipated tight salmon market conditions in early 2026.

• Standing biomass at year-end 2025 reached 3,115 tonnes LW, exceeding the run-rate target and representing a 54% year-over-year increase.

• Operations remained stable with net biomass growth of approximately 1,592 tonnes LW during Q4 2025, despite high fish logistics activity for biomass optimization.

• Anticipates a tight salmon market, especially in the first half of 2026.

Financial highlights

• Achieved an all-in price realization of approximately 74 NOK/kg on harvested fish in Q4 2025.

• Generated revenue of approximately 8.3 million NOK from the sale of ~69 tonnes LW smolt at regular market terms, a non-recurring transaction due to overcapacity.

Outlook and guidance

• Expect to harvest around 1,800 tonnes HOG in Q1 2026.

• Full year 2026 harvest guidance set at 7,000 tonnes HOG, supported by current phase 1 run-rate biomass growth for ~6,000 tonnes HOG annual harvest.

• Well positioned for continued improvements in biomass growth, harvest volumes, and harvest weights in upcoming periods, with several operational initiatives underway.