SALME Q4 2025

Salmon Evolution

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.

As per 31 December 2025 DNB Asset Management was the Company’s largest shareholder with 33,313,268 shares through various funds, corresponding to 7.2% of the total number of shares outstanding. The 20 largest shareholders held 57.7% of the shares in the Company.

During the quarter the average daily traded volume was about 762,000 shares and the average daily traded value was about NOK 3.9 million (Oslo Børs).

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

The Board of Directors of Salmon Evolution ASA

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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.

 Salmon Evolution has a 2026 harvest guidance of 7,000 tonnes HOG. Continued production growth in phase 1, paired with ramping up phase 2, adds significant production capacity through 2026. The effect of the phase 2 ramp up on harvest volumes in 2026 is limited.

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	Q4 2025	Q4 2024	2025	2024
Standing biomass (tonnes, LW)	3 115	2 023	3 115	2 023
Net growth (tonnes, LW)	1 592	1 518	6 451	5 706
Harvest volumes (tonnes, HOG)	1 203	1 729	4 403	4 891
All-in price realization/kg (NOK)¹	73,8	82,4	69,5	93,4
Farming EBITDA/kg	-1,1	8,9	-9,0	23,0
Farming costs/kg (NOK)	72,6	70,9	77,1	67,8
Financial (in NOK thousand)	Q4 2025	Q4 2024	2025	2024
Operating revenues	98 739	149 535	326 022	471 573
Operational EBITDA²	-8 431	9 248	-78 686	71 415
Operational EBIT²	-25 177	-11 291	-158 906	-4 727
Profit (loss) before tax	1 147	-26 925	-171 601	-47 405
Cash flow from operations	18 746	965	-59 052	43 331
Operational EBITDA Farming Norway²	-1 304	15 325	-39 483	112 425
Capital structure (in NOK thousand)	Q4 2025	Q4 2024	2025	2024
Cash flow from investment activities	-386 911	-155 496	-1 252 431	-342 562
Cash flow from financing activities	375 247	20 742	1 045 458	342 297
Cash and cash equivalents	163 438	429 462	163 438	429 462
Net Interest-bearing debt	1 757 437	313 111	1 757 437	313 111
Equity ratio (%)	49 %	70 %	49 %	70 %
Profitability	Q4 2025	Q4 2024	2025	2024
Earnings per share (NOK)	0,00	0,00	-0,37	-0,11
^{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}

SALME Q4 2025Extending the ocean potential

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