Salmon Evolution ASA (OSE: SALME) ended 2025 by demonstrating continued operational execution and strategic progress. The financial results in Q4 reflect continued pressure on market prices due to high supply growth, with revenues of 98.7 NOKm and a group EBITDA of -8.4 NOKm following harvest of 1,203 tonnes HOG. Net of ramp-up costs in relation to phase 2, farming operations were breakeven in the quarter.

“While the quarter was affected by pressure on market prices, the underlying financial development was in line with our expectations. We made a strategic choice to prioritize 2026, entering the year with record biomass levels in anticipation of a stronger market,” said Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution.
 
Indre Harøy phase 2 is on track, and currently in the middle of testing and commissioning in preparation for first smolt release scheduled to week 17. Much of the civil works scope is nearing completion, with the process installations being the core focus going forward.

“Phase 2 is on track and approximately 70% completed, and we clearly see that the learnings from Phase 1 have been translated into tangible improvements,” said Schaug-Pettersen. “With first smolt release less than 60 days away, we are entering the scale-up phase for Salmon Evolution, supported by a proven platform and positioned to double production capacity over the next 12 months”, he said.

Highlights:
· Indre Harøy phase 2 progressing according to plan, first smolt release scheduled in week 17. Plan to release 2.8 million smolt in 2026, up 65% from 2025.
· High supply growth continued to pressure market prices through the quarter, impacting financial results.
· Breakeven farming operations net of phase 2 ramp-up costs. Revenues of 98.7 NOKm, farming EBITDA -1.3 NOKm and group EBITDA -8.4 NOKm.
· Updated partnership model in Korea reflecting Salmon Evolution's strategic priorities in the near to medium term, hereunder continued focus on operational excellence and phase 2 project execution.
 
Results presentation:
CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust will present the results for the fourth quarter and full-year 2025 at Hotel Continental in Oslo, Norway, Tuesday 24 February at 08:00 CET.
 
The presentation and Q&A will be held in English, and participants may also follow the presentation and submit questions through a live webcast available on www.salmonevolution.no or with the following link: https://events.webcast.no/salmon-evolution/OEpmPDaoyhi5siPjdg0b/hBK2w3STiuM6Z6rvlY6r

Find the report by using the following link: https://salmonevolution.wrep.it/q4-2025 or see attached PDF.
 
A recording of the webcast will be made available on our website after the presentation.