Q3 2026

Farming Norway consists of the farming activities at the grow-out facility at Indre Harøy, smolt production at Salmon Evolution Dale and sales.

Salmon Evolution had revenues of 104.8 NOKm (86.6 NOKm) after harvesting 1,597 tonnes HOG in Q3 versus 1,387 tonnes HOG in the same quarter last year, up 15 %. The superior grade share was in line with Q2-26 and the long-term trend, and the average harvest weight was impacted by harvest of an underperforming fish group, also impacting the average price achieved as the Company had more fish in the 2-3 kg HOG category than normal. Harvest mostly took place in August and September.

Operating expenses ended at 118.1 NOKm (117.2 NOKm), reflecting higher harvest volumes in Q3-26 compared to Q3-25. In relation to preparation, testing and initiation of phase 2, the Company is taking some costs, and this amounted to 3.6 NOKm in capacity adjustments for Q3 – these costs were capitalized on the Indre Harøy phase 2 expansion project as part of testing related to initiation of operations.

Farming EBITDA cost/kg ended at 71.3 NOK/kg in Q3-26 versus 81.8 NOK/kg the same quarter last year. The negative cost impact from harvesting of the underperforming group was about 3 NOK/kg in Q3-26, primarily related to lower smolt yield and a higher-than-normal feed factor. Underlying normalized farming EBITDA cost/kg thus ended around 68 NOK/kg.

The Company has high focus on operational cost improvements. Phase 2 doubles production volumes, significantly strengthening the Company’s negotiating position with suppliers. In parallel with initiating operations in phase 2, the Company has an ongoing cost improvement program.

Operational EBITDA in the Farming segment ended at -13.3 NOKm (-30.6 NOKm), reflecting somewhat higher salmon prices and 13 % lower farming costs compared to the corresponding period last year.

Depreciations in the period ended at 20.3 NOKm, leaving Operational EBIT for Q3-26 at -33.6 NOKm.

In the Other segment all the resources related to projects and technology are employed, as well as general corporate functions.

In Q3-26 the Other segment recorded operating revenues of 10.9 NOKm (7.7 NOKm). Revenues in this segment are in all material respect related to sale of services to the Farming segment and the Indre Harøy phase 2 expansion.

The Other segment's cost base is mainly driven by salaries, which account for approximately 2/3rds of total operating expenses. This reflects the segment's focus on support and headquarter functions, including both general corporate functions and resources dedicated to projects and technology. Part of these salary costs are reinvoiced to the Farming segment, corresponding to services provided. Additionally, salaries relating to personnel involved in the Indre Harøy phase 2 expansion project are included in this segment's cost allocation.

Over the last two years, the Company has significantly reduced spending across headquarters and growth functions, reflecting a strategic reassessment of growth priorities as well as weaker salmon prices. Annual cash burn is reduced by approximately 20 NOKm compared to the 2024 level, with the full impact realized from year-end 2026. Key measures include reductions in headcount, growth-related expenditure and general spending, including seven fewer administrative FTEs over the past 12–18 months. The cash-burn reduction does not translate fully into P&L savings, as certain measures affect cash expenditure without a corresponding direct impact on the income statement.

Operating expenses totaled 17.8 NOKm (17.6 NOKm), in line with the 2026 run-rate and Q2-numbers.

The operational EBITDA ended at -6.9 NOKm (-9.9 NOKm).

The Group is the consolidated accounts of Salmon Evolution and consists of the Farming and Other segment.

Company revenues amounted to 104.9 NOKm (86.5 NOKm) in Q3-26, all related to sales of head-on gutted salmon and reflecting somewhat higher salmon prices and 15 % higher harvest volume y/y.

Operating expenses totaled 125.1 NOKm (127.0 NOKm). Operating expenses for the Company are in all material respect related to the Dale smolt facility and Indre Harøy grow-out facility, and other administrative expenses.

Operational EBITDA in the quarter ended at -20.2 NOKm (-40.5 NOKm), reflecting lower farming and growth costs compared to the corresponding period last year, and a higher harvest volume.

Depreciations in Q3-26 ended at 20.8 NOKm and the fair value adjustment amounted to 17.7 NOKm. This left the operating loss at 23.4 NOKm.

Net financials for the quarter were -2.3 NOKm (-10.5 NOKm). The Company recorded no tax cost in Q3-26. For the period the result ended at -25.7 NOKm (negative 46.3 NOKm).

Salmon Evolution’s share of K Smart’s net income is recognized in the profit and loss statement. The investment in K Smart is accounted for by using the equity method where K Smart is considered an associated company.