Q1 2026

Salmon Evolution

Indre Harøy phase 2 taken into operation with first smolt release completed. On track for subsequent milestones.

As per 31 March 2026 Ronja Capital Investment AS was the Company’s largest shareholder with 32,457,311 shares, corresponding to 7.0% of the total number of shares outstanding. The 20 largest shareholders held 55.4% of the shares in the Company.

During the quarter the average daily traded volume was about 800,000 shares.

Salmon Evolution ASA was listed on Oslo Børs on 9 July 2021.

The Board of Directors of Salmon Evolution ASA

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Significant step-change in growth following implementation of new feed and changes to operational protocols during Q1, reinforcing confidence in the stated operational targets for the coming periods.

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Revenues of 152.2 NOKm, farming EBITDA 17.6 NOKm and group EBITDA 9.5 NOKm in Q1. 

Solid capital structure in place following completion of refinancing and private placement in April - existing long-term debt facilities increased by 250 NOKm and private placement raising gross proceeds of 411.3 NOKm.

Salmon Evolution is the global leader within land-based salmon farming. Pioneering the hybrid flow-through system (HFS), Salmon Evolution is Extending the Ocean Potential by creating optimal growth conditions in a controlled environment on land. This approach, capturing the benefits of both land-based and sea-based farming, puts biology first and limits operational and biological risk. 

Salmon Evolution is strategically located the heart of the global aquaculture industry on the west coast of Norway, where the Company has its first facility and global centre of excellence fully operational at industrial scale. Enabled by proof of concept in at Indre Harøy, Salmon Evolution targets significant expansion.

Salmon Evolution is listed on Oslo Børs under the ticker SALME. To learn more, please visit 

Torget 5, 6440 Elnesvågen (HQ)
Keiser Wilhelms gate 22, 6003 Ålesund 


Grow-out: Indre Harøyvegen 88, 6430 Bud
Smolt: Dalsfjordvegen 2805, 6120 Folkestad 

Operational	Q1 2026	Q1 2025	2025
Standing biomass (tonnes, LW)	2 334	2 939	3 115
Net growth (tonnes, LW)	1 357	1 624	6 451
Harvest volumes (tonnes, HOG)	1 765	581	4 403
All-in price realization/kg (NOK)¹	84,1	75,9	69,5
Farming EBITDA/kg	10,0	9,7	-9,0
Farming costs/kg (NOK)	72,6	72,6	77,1
Financial (in NOK thousand)	Q1 2026	Q1 2025	2025
Operating revenues	152 239	49 668	326 022
Operational EBITDA²	9 427	-4 092	-78 686
Operational EBIT²	-11 300	-25 413	-158 906
Profit (loss) before tax	-38 191	-52 407	-171 601
Cash flow from operations	-25 874	-6 558	-59 052
Operational EBITDA Farming Norway²	17 625	5 657	-39 483
Capital structure (in NOK thousand)	Q1 2026	Q1 2025	2025
Cash flow from investment activities	-287 744	-237 814	-1 252 431
Cash flow from financing activities	287 474	232 794	1 045 458
Cash and cash equivalents	137 294	163 438	137 294
Net Interest-bearing debt	2 107 742	863 438	2 107 742
Equity ratio (%)	45 %	63 %	45 %
Profitability	Q1 2026	Q1 2025	2025
Earnings per share (NOK)	-0,08	-0,11	-0,37
^{1 Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent)}
^{2 Before fair value adjustment related to biological assets}

Q1 2026Extending the ocean potential

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