Q2 2026

Salmon Evolution

Weak salmon prices and backloaded harvest profile impacting Q2 financials.

As per 30 June 2026 Ronja Capital Investment AS was the Company’s largest shareholder with 38,701,756 shares, corresponding to 7.0% of the total number of shares outstanding. The 20 largest shareholders held 56.6% of the shares in the Company.

During the quarter the average daily traded volume was about 980,000 shares.

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

Continued operational progress in Phase 1, with improvements from the new feed and operational protocols increasingly visible although the full positive effects are still ahead. 

The Board of Directors of Salmon Evolution ASA

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Phase 2 ramp-up and operation according to plan, with the third smolt release completed in July.

On track for substantial production growth and improving unit economics coming 12 months - plan to release a combined 2.8 million smolt in phases 1 and 2 for 2026, up 65% from 2025.

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	Q2 2026	Q2 2025	2025
Standing biomass (tonnes, LW)	2 897	3 043	3 115
Net growth (tonnes, LW)	1 706	1 604	6 451
Harvest volumes (tonnes, HOG)	945	1 232	4 403
All-in price realization/kg (NOK)¹	69,7	72,1	69,5
Farming EBITDA/kg	-3,2	-10,8	-9,0
Farming costs/kg (NOK)	70,7	81,2	77,1
Financial (in NOK thousand)	Q2 2026	Q2 2025	2025
Operating revenues	66 685	91 141	326 022
Operational EBITDA²	-11 118	-25 656	-78 686
Operational EBIT²	-31 239	-46 846	-158 906
Profit (loss) before tax	-43 436	-71 746	-171 601
Cash flow from operations	-23 674	-33 886	-56 261
Operational EBITDA Farming Norway²	-3 022	-13 247	-39 483
Capital structure (in NOK thousand)	Q2 2026	Q2 2025	2025
Cash flow from investment activities	-240 528	-271 811	-1 252 431
Cash flow from financing activities	407 470	16 574	1 045 458
Cash and cash equivalents	280 561	128 760	163 438
Net Interest-bearing debt	2 039 655	940 069	1 757 437
Equity ratio (%)	48 %	61 %	49 %
Profitability	Q2 2026	Q2 2025	2025
Earnings per share (NOK)	-0,08	-0,16	-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}

Q2 2026

Summary

Key figures