Summary
- Delivering on phase 1 and 2 production targets is the key strategic priority.
- Phase 2 ramp-up and operation according to plan, with the third smolt release completed in July.
- Farming EBITDA of -13.3 NOKm and Group EBITDA of -20.2 NOKm.
- 2027E harvest guidance of 11,000 to 12,000 tonnes HOG, 2026E harvest guidance updated to 5,500 tonnes HOG after using available flexibility to move phase 2 first harvest to Q1-27.
- Additional funding is in place through a new credit facility of 200 NOKm and an increase in the overdraft facility from 200 to 300 NOKm.
Key figures
| Operational | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
|---|---|---|---|---|---|
| Standing biomass (tonnes, LW) | 2 936 | 3 009 | 2 936 | 3 009 | 3 115 |
| Net growth (tonnes, LW) | 1 984 | 1 797 | 5 048 | 5 025 | 6 451 |
| Harvest volumes (tonnes, HOG) | 1 597 | 1 387 | 4 306 | 3 201 | 4 403 |
| All-in price realization/kg (NOK)1 | 64,3 | 61,1 | 73,6 | 67,8 | 69,5 |
| Farming EBITDA/kg | -8,3 | -22,1 | 0,3 | -11,9 | -9,0 |
| Farming costs/kg (NOK) | 71,3 | 81,8 | 71,7 | 80,3 | 77,1 |
| Financial (in NOK thousand) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
| Operating revenues | 104 852 | 86 475 | 323 776 | 227 284 | 326 022 |
| Operational EBITDA2 | -20 200 | -40 507 | -21 891 | -70 255 | -78 686 |
| Operational EBIT2 | -41 045 | -61 470 | -83 584 | -133 730 | -158 906 |
| Profit (loss) before tax | -25 683 | -46 301 | -107 311 | -172 748 | -171 601 |
| Cash flow from operations | -1 502 | -40 610 | -50 010 | -82 050 | -59 052 |
| Operational EBITDA Farming Norway2 | -13 294 | -30 592 | 1 309 | -38 177 | -39 483 |
| Capital structure (in NOK thousand) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
| Cash flow from investment activities | -199 028 | -348 748 | -728 341 | -861 268 | -1 252 431 |
| Cash flow from financing activities | 113 771 | 416 951 | 808 716 | 670 210 | 1 045 458 |
| Cash and cash equivalents | 193 802 | 156 354 | 193 802 | 156 354 | 163 438 |
| Net Interest-bearing debt | 2 286 255 | 1 358 100 | 2 286 255 | 1 358 100 | 1 757 437 |
| Equity ratio (%) | 46 % | 54 % | 46 % | 54 % | 49 % |
| Profitability | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
| Earnings per share (NOK) | -0,05 | -0,10 | -0,21 | -0,37 | -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 | |||||