Enabled by proof of concept at Indre Harøy, Salmon Evolution targets significant expansion.

Salmon Evolution ASA: Q4 2025 operational update

NORWAY
Friday, January 09, 2026, 00:10 (GMT + 9)

Salmon Evolution (OSE: SALME) is entering 2026 with full biomass in anticipation of a tight salmon market, especially during the first half of the year.

Q4 operational summary:

• Harvest of 1,203 tonnes HOG with all-in price realisation of NOK ~74/kg, and 2025 harvest volume of 4,403 tonnes HOG. Q4 harvest reflecting focus on 2026 with standing biomass year-end above target.
• Continued stable operations with a net biomass growth of ~1,592 tonnes LW during the quarter. Biomass production affected by high fish logistics activity due to biomass optimization going into 2026 – underlying biomass growth in line with previous quarters.
• Well positioned for 2026 – strong foundation for continued improvement in biomass growth, harvest volumes and harvest weights in coming periods.

“We expect to harvest around 1,800 tonnes HOG in the first quarter and are well positioned for continued improvements in biomass growth, harvest volumes and harvest weights in coming periods”, CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said.

Quarterly Operations Update: Q4 2025

Strategic Outlook & 2026 Guidance

The harvest strategy in Q4 reflects a deliberate focus on maximizing 2026 performance. Management is prioritizing standing biomass to enter the new year at full capacity, anticipating a supply-constrained salmon market—particularly in the first half of 2026.

• Q1 2026 Forecast: Expected harvest of ~1,800 tonnes HOG.

• FY 2026 Guidance: Full-year target set at 7,000 tonnes HOG.

• Growth Capacity: Current Phase 1 run-rate supports an annual harvest capacity of ~6,000 tonnes HOG.

Key Harvest Details:

• Q4 harvest activity was distributed evenly across October and November.

• The average harvest weight of 3.3 kg remains consistent with Q3 2025 levels.

Smolt Sales & Ancillary Revenue

During this period, the company executed a non-recurring sale of smolt due to production overcapacity.

• Volume: ~69 tonnes LW (Live Weight) smolt.

• Revenue: Approximately $783,000 USD (8.3m NOK).

• Terms: Transaction completed at standard market rates.

 Strong foundation and well positioned for 2026

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