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Salmon Evolution ASA Interim / Quarterly Report 2026
3732_rns_2026-05-06_8d241933-a493-4071-b3e0-ff65e0bdf8f9.pdf
Interim / Quarterly Report
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Extending the ocean potential
Q1 2026
SALMON EVOLUTION
Q1 2026 | Highlights
Highlights
- Indre Harøy phase 2 taken into operation with first smolt release completed. On track for subsequent milestones.
- Significant step-change in growth following implementation of new feed and changes to operational protocols during Q1, reinforcing confidence in the stated operational targets for the coming periods.
- Revenues of 152.2 NOKm, farming EBITDA 17.6 NOKm and group EBITDA 9.5 NOKm in Q1.
- Solid capital structure in place following completion of refinancing and private placement in April - existing long-term debt facilities increased by 250 NOKm and private placement raising gross proceeds of 411.3 NOKm.
Key figures
| Operational | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Standing biomass (tonnes, LW) | 2 334 | 2 939 | 3 115 |
| Net growth (tonnes, LW) | 1 357 | 1 624 | 6 451 |
| Harvest volumes (tonnes, HOG) | 1 765 | 581 | 4 403 |
| All-in price realization/kg (NOK)¹ | 84,1 | 75,9 | 69,5 |
| Farming EBITDA/kg | 10,0 | 9,7 | -9,0 |
| Farming costs/kg (NOK) | 72,6 | 72,6 | 77,1 |
| Financial (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
| Operating revenues | 152 239 | 49 668 | 326 022 |
| Operational EBITDA² | 9 427 | -4 092 | -78 686 |
| Operational EBIT² | -11 300 | -25 413 | -158 906 |
| Profit (loss) before tax | -38 191 | -52 407 | -171 601 |
| Cash flow from operations | -25 874 | -6 558 | -59 052 |
| Operational EBITDA Farming Norway² | 17 625 | 5 657 | -39 483 |
| Capital structure (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
| Cash flow from investment activities | -287 744 | -237 814 | -1 252 431 |
| Cash flow from financing activities | 287 474 | 232 794 | 1 045 458 |
| Cash and cash equivalents | 137 294 | 163 438 | 137 294 |
| Net Interest-bearing debt | 2 107 742 | 863 438 | 2 107 742 |
| Equity ratio (%) | 45 % | 63 % | 45 % |
| Profitability | Q1 2026 | Q1 2025 | 2025 |
| Earnings per share (NOK) | -0,08 | -0,11 | -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
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
This is Salmon Evolution
Operations
Norway
After completing 16 production cycles Salmon Evolution has unparalleled insight and data into production of salmon in closed and controlled environments, and this is constantly used to optimize operations. Using this insight, Salmon Evolution has designed a targeted improvement program for phase 1, which together with phase 2, is expected to result in substantial production growth over the next 12 months.
As part of this improvement program the Company did changes to its operational protocols during Q1 as well as the implementation of a new and improved feed. Both these changes have had significant positive effects on water quality, reinforcing confidence in the operational targets stated for the coming periods.
Towards the end of February Salmon Evolution implemented changes to operating protocols following a testing period. This change at the grow-out facility is designed to prevent gas buildup caused by stagnant water in parts of the degassing system. This had an immediate positive impact on feeding across all tanks post implementation.
Additionally, the Company has implemented a new and improved feed during Q1. The Company have been working on this project alongside strategic feed partner Cargill during the second half of 2025. It represents a large recalibration of the feed formulae as well as including the implementation of a new feed binder. The new feed was introduced during the first half of the quarter, with a slightly longer adaptation period than anticipated following implementation. This recalibration is deeply rooted in the operational data the Company has gathered over the last 4 years and is expected to increase biomass growth by up to 4 % and enhance water quality. The new feed is also estimated to slightly lower the feed cost per kg.
The new feed binder that was introduced and fully implemented by the end of February has led to an immediate and notable improvement in water quality, with particle levels reduced by approximately 50% post-implementation. Lower particle concentrations enable increased water flow and better tank hydraulics, allowing for higher feeding intensity at the grow-out facility.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
Net biomass growth during the quarter was influenced by these changes and totaled 1,357 tonnes LW in Q1. Underlying biomass growth net of harvest deviations ended at 1,484 tonnes LW. Outside planned impacts implementation of targeted improvements, operations remained stable with minimal mortality across the farm.
Changes in operational protocols was the primary driver resulting in significantly improved feeding towards the end of February (as measured as the % feeding of daily target/budget). Although the new feed – and especially the new feed binder – has resulted in a significantly lower particle levels, the Company expects that the positive effects of this primarily will arise in the coming quarters as the biomass is now produced in a water environment where the particle level is defined to be at very good levels, enabling the Company to increase the water flow and thus better tank hydraulics. In sum, Salmon Evolution considers these two improvements – protocol adjustments and feed recalibration - a significant step forward in optimizing operations and enhancing both biomass growth and water quality at the Indre Harøy grow-out facility.
Results at the Dale smolt facility continue to outperform last year, with biomass growth above Q1 last year, driven by good water temperatures as well because of the corrective measures taken in 2024 to improve smolt quality, including investments in upgrades to the facility.
At the end of the quarter the standing biomass totaled 2,334 tonnes LW, below the normal run-rate of 2,800 – 3,000 tonnes LW. This primarily reflects normal fluctuations following scheduled harvest activity at the end of March. Approximately 50 % of harvest in Q1 took place in March.
Harvest for the quarter ended at 1,765 tonnes HOG, the highest quarterly harvest volume on record and up ~300 % from the same period last year. Average harvest weights in the quarter ended at 3.2 kg HOG.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
Photo: Drone overview Indre Harøy January 2026
Growth
Indre Harøy phase 2
In land-based salmon farming, Indre Harøy Phase 1 and 2 is a unique platform with strong expected cash flow generation, supporting a significant organic investment capacity for Salmon Evolution in the years ahead.
Phase 2 - including the planned pre-grow out tanks - is expected to add around 10,100 tonnes, increasing Salmon Evolution's annual harvest capacity from 7,900 tonnes to approximately 18,000 tonnes HOG. An additional 2,200 tonnes HOG beyond the original plan of 7,900 tonnes HOG are achieved by incorporating four pre-grow-out tanks, offering a highly capital-efficient way to scale production using existing infrastructure.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
Under the new program the stocking weights in the grow-out department are raised from ~130 grams to ~400 grams, while the targeted harvest weight is reduced to approximately 5.2 kg LW. Combined this shortens the production cycle from approximately 11 months to 8–9 months, making it possible to increase the number of smolt stockings from 6 to 8 per year per phase, improving the utilization of the grow out facility. Generally, this is considered a more conservative production plan with lower average harvest weight and peak densities through the production cycle, also lowering the operational risk through increased robustness and added operational flexibility.
The Phase 2 grow-out project builds on the extensive know-how and knowledge gained in Phase 1, and construction is divided between Artec Aqua, responsible for process facility design, construction, and commissioning, and HENT, responsible for civil design and construction, in addition to own deliverables.
Indre Harøy growth potential
Project status – Indre Harøy phase 2
The project is progressing as planned, with handover of the first two tanks and first smolt insert in week 17 completed.
The remaining grow out tanks will be gradually completed and taken into operation over the course of 2026, and Salmon Evolution expects to stock around 1.1 million smolt in phase 2 this year, bringing the total 2026 smolt release to around 2.8 million, up from 1.7 million smolt in 2025.
In parallel Salmon Evolution has completed planning and engineering activities for the pre-grow-out tanks. Salmon Evolution will initiate a thorough process with potential contractors to have full visibility on cost and reduce risk in the cost estimates before investment decision is taken.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
The total investment budget for the phase 2 grow-out and pre-grow out facility is estimated to be up to 2.65 NOKbn. Although the grow-out project remained on plan and prognosis in Q1, the budget headroom remained limited and an additional 5 % contingency buffer of 125 NOKm has been added. With regards to the pre-grow out tanks, the total estimated invest was revised to 400 NOKm including contingencies and buffers, reflecting inflation during the last 24 months as well as some implemented changes following completion of the planning and engineering activities. At the end of Q1-26 the accumulated investment in the phase 2 project amounted to 1,865 NOKm, of which 285 NOKm invested during the quarter. As of date the grow-out project is about 80 % completed, with good visibility on remaining CAPEX and on track to reach targeted milestones.
Photo: Project development Indre Harøy January 2026
Salmon Evolution has recently signed a long-term smolt sourcing agreement with an external supplier. Together with the in-house smolt production at Dale, the Company's smolt needs for phases 1 and 2 are covered. In parallel, Salmon Evolution is developing a plan to cover future smolt needs, including for phase 3.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
Norway expansion
In July 2025 new regulation for land-based aquaculture in Norway was put into law. Salmon Evolution's grow-out facility at Indre Harøy is already fully compliant with the new requirements.
Consequently, with full regulatory clarity and the most efficient salmon farming value-chain globally - a key enabler for industry cost leadership - Norway and Indre Harøy phase 3 is our top priority for further expansion.
At Indre Harøy including phase 3, Salmon Evolution have all permits in place for up to 36,000 tonnes HOG in annual production. At Indre Harøy there is also additional land regulated for industrial use with a primary focus on establishing aquaculture-related businesses, that could potentially facilitate further expansion outside the communicated 36,000 tonnes HOG. However, this will require Salmon Evolution to purchase the land and secure the necessary permits for such potential expansion.
Salmon Evolution is continuously exploring other possible high-potential expansion sites in Norway, focusing on sites with similar, optimal farming conditions as Indre Harøy.
International expansion
Activity and investments in international expansion projects have been reduced to a minimum, as development of the Indre Harøy site remains Salmon Evolution's foremost priority.
In North America an extensive site search has been undertaken over the last few years with several high-potential sites identified. In this process Salmon Evolution has focused on areas with an existing salmon farming value chain, mirroring the approach in Norway. Considering the current geopolitical situation and uncertainty with respect to tariffs combined with the expected capex and opex structure, Salmon Evolution has a "wait and see" approach to future expansion in North America.
Update on partnership model in Korea
In January 2026 Salmon Evolution announced an update on the partnership with Dongwon Industries where the parties intend to construct and operate a land-based salmon farm in Korea. The existing joint venture agreement has been replaced with technical advisory agreement, under which Salmon Evolution will provide technical advisory services on market terms, including provisions for potentially significant royalty payments linked to certain operation milestones. Under the new structure, Salmon Evolution has no further investment commitments but remains a minority shareholder with 49 % ownership which is expected to be diluted over time. As part of the agreement, Salmon Evolution also holds a five-year purchase option for up to 33 % ownership in the project on market terms.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
Funding
Since inception, Salmon Evolution has actively utilized debt and capital markets to fund its growth roadmap. The Company continues to optimize its capital structure through strategic financial management, balancing debt and equity to maintain financial stability while supporting expansion projects. By regularly evaluating and adjusting its capital structure, Salmon Evolution aims to minimize financing costs and enhance returns on capital employed, ensuring a strong foundation for long-term value creation.
Development in paid-in equity (NOKm)
Source: Company data
Funding Indre Harøy Phase 1 and 2
In April 2026 Salmon Evolution refinanced and expanded its existing senior secured debt financing package related to Indre Harøy Phase 1 and 2, from 2,225 NOKm to 2,475 NOKm, as well as raising gross proceeds of 411.3 NOKm in equity in a private placement.
The expanded debt funding package has a tenor of 3 years with extension option and consists of the following credit facilities:
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
- a NOK 525m Term Loan Facility (the "Term loan"). Refinances construction finance debt for the First Phase. Bullet repayment.
- a NOK 250m RCF Capex Facility (the "RCF"). Finances general corporate and working capital, and/or for repayment of intra-group loans. Bullet repayment.
- a NOK 1,475m Construction Facility for the grow-out facility (the "Construction facility grow-out"). Finances the debt-portion of the construction costs for the Second Phase grow-out facility. Repayment period is 8.5 years, with start of repayment to commence in Q1 2028.
- A NOK 225m Construction Facility for the pre-grow out tanks (the "Construction facility pre-grow"). Finances the debt-portion of the construction's costs for the Second Phase pre-grow out tanks.
Additionally, the refinancing included a full covenant reset and allows the Company to increase the existing 200 NOKm overdraft facility related to biomass and receivables financing in phase 1 up to 400 NOKm for phases 1 and 2. Currently 200 NOKm of the 400 NOKm permitted is available to the Company.
Additionally, the Company held a short-term facility with DNB and Nordea up to 250 NOKm that was repaid as part of the refinancing.
As per 31 March 2026, the Term Loan of 525 NOKm, the 250 NOKm RCF, 160m of the short-term facility and 1,022 NOKm of the Construction facility grow-out was drawn under the existing debt facilities package was drawn.
Funding Salmon Evolution Dale
The Company has a debt financing package of 60 NOKm in relation to Salmon Evolution Dale.
The bank debt package is split across three separate facilities and is used as follows:
- General corporate purposes, hereunder financing of working capital
- Investments relating to facility upgrades
- 25 NOKm in acquisition financing utilized for refinancing of seller's credit with previous owners
As per 31 March 2026 about 48 NOKm of the 60 NOKm debt financing package was drawn.
Extending the ocean potential
Q1 2026 | This is Salmon Evolution
Our technology – Hybrid flow-through system (HFS)
The Company use a hybrid flow-through system (HFS) technology, which provides a steady supply of fresh, filtered seawater while reusing approximately 65% of the water. This reusage level represents what the Company considers the "sweet spot," balancing cost efficiency with operational risk. Higher reuse levels require more extensive filtration and water treatment, increasing the complexity and operational risk. Lower reuse levels will significantly complicate filtration and UV treatment of incoming water, as well as maintaining a stable temperature at the farm.
At the Indre Harøy facility, seawater intake is based on two inlet pipes located at depths of 25 meters and 95 meters. This allows access seawater with optimal temperatures year-round, thus reducing the energy consumption related to heating the water to maintain a stable temperature. The incoming water is filtered and treated with UV to minimize the impact from parasites, viruses and other particles, and eliminate the impact from sea lice, whilst ensuring a continuous flow of fresh, clean seawater.
To maintain optimal biological and growth conditions in the fish tanks, oxygen and CO2 levels are continuously monitored and adjusted. Each tank operates as a separate biological zone, ensuring that water does not mix between tanks. This design serves as a critical risk mitigation measure, as any potential disease outbreak is contained within the affected tank, preventing cross-contamination.
Aligned with our commitment to sustainability and circular economy principles, Salmon Evolution filters wastewater and collects sludge, which is then transported to a recirculation plant for conversion into fertilizer, biogas, or similar products.
Salmon Evolution use data and AI to continuously drive optimization and reduce risk, leveraging the benefits of land-based salmon farming where the goal is to identify and replicate optimal conditions for fish growth. Every day over 40 million data points are logged at Indre Harøy, creating a vast pool of insights, that paired with deep operational expertise and know-how, provide actionable data for real-time decision making.
Making a home for the salmon to thrive
Extending the ocean potential
Q1 2026 | Group financial review
Group financial review
Revenue and results for the first quarter 2026
Comparable figures for Q1 2025 in brackets
Farming Norway
| (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Operating revenue | 152 239 | 59 188 | 325 250 |
| Operational EBITDA² | 17 625 | 5 657 | -39 483 |
| Operational EBIT² | -2 608 | -14 049 | -116 399 |
| All-in price realization/kg (NOK)¹ | 84,1 | 75,9 | 69,5 |
| Harvest volumes (tonnes, HOG) | 1 765 | 581 | 4 403 |
| Farming EBITDA cost/kg | 72,6 | 72,6 | 77,1 |
| Operational EBITDA/kg (NOK) | 10,0 | 9,7 | -9,0 |
| Operational EBIT/kg (NOK) | -1,5 | -24,2 | -26,4 |
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
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 harvested 1,765 tonnes HOG in the quarter, up from 581 tonnes HOG in the same quarter last year, with average harvest weights and superior grade share in line with Q4-25. This generated revenues of 152.2 NOKm (59.2 NOKm) with an all-in price realization of 84 NOK/kg during the quarter, up 12 % y/y. The all-in price realization reflects an overweight of harvest activity during March.
Operating expenses ended at 134.6 NOKm (53.3 NOKm), reflecting the much higher harvest volumes y/y. In relation to preparation, testing and initiation of phase 2, the Company is taking some costs, and this amounted to 5.8 NOKm in capacity adjustments for Q1 – these cost where capitalized on the Indre Harøy phase 2 expansion project as part of testing related to initiation of operations.
Farming EBITDA cost/kg ended at 72.6 NOK/kg, in line with Q4-25.
Operational EBITDA in the Farming segment ended at 17.6 NOKm (5.7 NOKm), reflecting higher harvest volumes and better salmon prices compared to the corresponding period last year.
Depreciations in the period ended at 20.2 NOKm, leaving Operational EBIT for Q1-26 at -2.6 NOKm.
Extending the ocean potential
Q1 2026 | Group financial review
Other
| (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Operating revenue | 9 584 | 8 501 | 34 272 |
| Operational EBITDA | -8 212 | -9 309 | -39 203 |
In the Other segment all the resources related to projects and technology are employed, as well as general corporate functions. A significant portion of costs are related to future expansion.
In Q1-26 the Other segment recorded operating revenues of 9.6 NOKm (8.5 NOKm). Revenues in this segment are in all material respect related to sale of services to the Farming segment and growth projects – primarily the Indre Harøy phase 2 expansion.
The Other segment's cost base is mainly driven by salaries, which account for approximately 65% of total operating expenses. This reflects the segment's focus on personnel-intensive activities, 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.
Operating expenses totaled 17.8 NOKm (17.5 NOKm), in line with the 2025 run-rate. Cash burn on growth projects outside phase 2 at Indre Harøy has been reduced to a minimum, and other cost saving measures has been implemented including not filling vacant positions at administrative level leading to a reduction of headcount of 5 FTEs through 2025 and into 2026.
The operational EBITDA ended at -8.2 NOKm (-9.3 NOKm).
Group
| (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Total operating revenue and other income | 152 239 | 49 668 | 326 022 |
| Operational EBITDA² | 9 427 | -4 092 | -78 686 |
| Operational EBIT | -11 300 | -25 413 | -158 906 |
| Fair value adjustment of biomass | -26 866 | -19 256 | 15 630 |
| Operating Profit (EBIT) | -38 166 | -44 669 | -143 276 |
| Net financial | -26 | -7 738 | -28 324 |
| Profit (loss) before tax | -38 191 | -52 407 | -171 601 |
2 Before fair value adjustment related to biological assets
The Company is the consolidated accounts of Salmon Evolution and consists of the Farming and Other segment.
Extending the ocean potential
Q1 2026 | Group financial review
Company revenues amounted to 152.2 NOKm (49.7 NOKm) in Q1-26, all related to sales of head-on gutted salmon and reflecting a much higher harvest volume y/y.
Operating expenses totaled 148.8 NOKm (53.8 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 9.4 NOKm (-4.1 NOKm), reflecting a higher harvest volume and better salmon prices compared to the corresponding period last year. Additionally, Salmon Evolution has taken some ramp-up costs related to phase 2 directly in the profit and loss, booked as capacity adjustments.
Depreciations in Q1-26 ended at 20.7 NOKm and the fair value adjustment amounted to -26.9 NOKm. This left the operating loss at 38.2 NOKm.
Net financials for the quarter were 0.0 NOKm (-7.7 NOKm). In Q4 the Company reassessed its application of IAS 23 Borrowing cost and its effect on capitalization of borrowing cost related to financing of Indre Harøy, leading to more of the Company's interest cost being capitalized on the ongoing phase 2 expansion. See note 5 for further information.
The Company recorded no tax cost in Q1-26. For the period the result ended at -38.2 NOKm (negative 52.4 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.
Cash flow
| (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Net cash flow from operating activities | -25 874 | -6 558 | -59 052 |
| Net cash flow from investments activities | -287 744 | -237 814 | -1 252 431 |
| Net cash flow from financing activities | 287 474 | 232 794 | 1 045 458 |
| Net change in cash and cash equivalents | -26 143 | -11 578 | -266 024 |
| Cash and cash equivalents at start of period | 163 438 | 429 462 | 429 462 |
| Cash and cash equivalents at end of period | 137 294 | 417 884 | 163 438 |
Net cash flow from operating activities in Q1 amounted to NOK -25.9 million (NOK -6.6 million), mainly reflecting working capital movements in the period. A high level of harvesting towards the end of the quarter drove a build-up of trade receivables impacting the cash flow from operations
Investments in the quarter, was in all material aspects related to the Indre Harøy phase 2 expansion project. The net cash flow from investment activities in the quarter ended at - 287.7 NOKm (-237.8 NOKm).
Extending the ocean potential
Q1 2026 | Group financial review
Cash flow from financing ended at 287.5 NOKm (positive 232.8 NOKm), primarily related to drawdowns on the construction financing net of interest paid in the period.
Total change in cash and cash equivalents in the quarter ended at -26.1 NOKm (-11.6 NOKm). Cash and cash equivalents ended at 137.3 NOKm excluding amounts available under the existing bank facilities.
Financial position
| (in NOK thousand) | 31 March 2026 | 31 March 2025 |
|---|---|---|
| Non-current assets | 4 050 720 | 2 693 379 |
| Current assets | 474 778 | 747 049 |
| Total assets | 4 525 498 | 3 440 427 |
| Equity | 2 024 257 | 2 170 900 |
| Non-current liabilities | 50 057 | 854 462 |
| Current liabilities | 2 451 184 | 415 065 |
| Total equity and liabilities | 4 525 498 | 3 440 427 |
On 31 March 2026 the book value of the Company's assets was 4,525.5 NOKm (3,440.4 NOKm). The increase from previous periods is primarily related to the ongoing Indre Harøy phase 2 expansion project.
The fixed assets in the Company mostly relate to the facility at Indre Harøy, comprising land, buildings, and production equipment, as well as the Dale smolt facility and other smaller items. There are no significant movements from the previous quarter, apart from the increase in fixed assets related to the Indre Harøy phase 2 project.
Current assets in the Company are primarily biological assets, receivables, and cash & cash equivalents.
On 31 March 2026 all debt facilities under the existing debt facilities was reclassified from non-current to current liabilities, as the existing debt facilities had maturity date in less than 12 months (March 2027). However, the existing debt facilities related to Indre Harøy was refinanced in April 2026. Refer to the 'Funding' section for more details.
Total equity amounted to 2,024.3 NOKm which corresponds to an equity ratio of 45%.
Consolidated net interest-bearing debt totalled 2,107.7 NOKm at the end of the quarter.
Extending the ocean potential
Q1 2026 | Group financial review
Share information
As per 31 March 2026 Ronja Capital Investment AS was the Company's largest shareholder with 32,457,311 shares, corresponding to 7.0% of the total number of shares outstanding. The 20 largest shareholders held 55.4% of the shares in the Company.
During the quarter the average daily traded volume was about 800,000 shares.
Salmon Evolution ASA was listed on Oslo Børs on 9 July 2021.
| Shareholder | # of shares | % share |
|---|---|---|
| Ronja Capital AS | 32 457 311 | 7,0 % |
| Farvatn AS | 30 696 975 | 6,6 % |
| DNB Asset Management AS | 29 955 909 | 6,5 % |
| Handelsbanken Fonder | 22 253 817 | 4,8 % |
| Dongwon Industries | 17 932 838 | 3,9 % |
| Rofisk AS | 17 204 563 | 3,7 % |
| Frode Kjølås | 13 173 105 | 2,8 % |
| Stette Invest AS | 12 410 954 | 2,7 % |
| Jakob Hatteland | 10 907 805 | 2,4 % |
| Nordea Funds | 9 872 106 | 2,1 % |
| Ewos AS | 9 480 984 | 2,0 % |
| Mevold Invest AS | 9 074 474 | 2,0 % |
| Lyngheim Invest AS | 8 149 252 | 1,8 % |
| Hustadlitt AS | 7 500 000 | 1,6 % |
| Kristofer Reiten | 7 267 330 | 1,6 % |
| Bondø Invest AS | 4 614 718 | 1,0 % |
| Fosna Forvaltning AS | 3 700 000 | 0,8 % |
| AS Straen | 3 300 000 | 0,7 % |
| Møring AS | 3 116 017 | 0,7 % |
| Småge Eiendom AS | 3 033 333 | 0,7 % |
| Total 20 largest shareholders | 256 101 491 | 55,4 % |
| Other shareholders | 206 501 815 | 44,6 % |
| Total number of shares | 462 603 306 | 100,0 % |
Source: Monitor Holdings, Company
Extending the ocean potential
Q1 2026 | Outlook
Outlook
Statement from the board of directors
Salmon Evolutions current strategic priorities are operational excellence and Indre Harøy phase 2 project execution. Following implementation of targeted improvements during the first quarter 2026, related to feed recalibration and operational protocol adjustments, Salmon Evolution saw a step-change in growth. The board considers this very promising and a significant step forward in optimizing operations and enhancing both biomass growth and water quality at the Indre Harøy grow-out facility.
At the beginning of 2026, the salmon market experienced volatility, primarily driven by geopolitical instability. In addition to these global factors, Norway's sea-based farmers contributed to solid production levels, supported by record-high water temperatures. While supply growth from conventional salmon farming methods has slowed as 2026 begins, the market still continues to absorb a record volume of salmon.
The Board maintains a positive view on the long-term structural demand for Atlantic salmon and anticipates that growth from traditional farming methods will remain muted in the years to come, underpinning a strong price outlook.
At the start of the second quarter, Salmon Evolution successfully began operations for Indre Harøy phase 2, marked by the initial smolt insertion in week 17. This milestone represents a pivotal moment for the company, as phase 2 significantly increases capacity and will more than double the annual volume of harvest in time. Achieving this critical scale is anticipated to strengthen Salmon Evolution's financial performance over the coming years, enabling robust organic investment capabilities. The board is pleased with the progress, noting that the project is advancing on schedule and remains positioned to achieve upcoming milestones.
The company remains fully committed to its long-term vision; to be a global leader in land-based salmon farming, delivering sustainable, high-quality salmon while continuously driving biological and operational excellence. With phase 1 at Indre Harøy in full operation and phase 2 operations initiating soon, Salmon Evolution is in a unique position to capitalize on future opportunities and further solidify its leadership position in the industry.
Extending the ocean potential
Q1 2026 | Outlook
Extending the ocean potential
20
Q1 2026 | Outlook
Responsibility Statement
Responsibility statement in connection with interim management report by the Board of Directors and CEO of Salmon Evolution ASA.
We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 31 March 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting and gives a true and fair view of the Company's and Company's assets, liabilities, financial position and profit or loss as a whole. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the period and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties facing the
Company, and major related parties' transactions.
The Board of Directors of Salmon Evolution ASA
Ålesund/Elnesvågen 5 May 2026
Tore Tønseth
Chair
Peder Stette
Director
Anne Breiby
Director
Ingvild Vartdal
Director
Vibecke Bondø
Director
Jan-Emil Johannessen
Director
Eunhong Min
Director
Trond Håkon Schaug-Pettersen
CEO
Extending the ocean potential
Q1 2026 | Interim financial statements
Interim financial statements
Statement of Profit and Loss
| (in NOK thousand) | Note | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|---|
| Sales revenue from farming | 2 | 152 239 | 49 668 | 325 250 |
| Other income | 0 | 0 | 772 | |
| Total operating revenue and other income | 152 239 | 49 668 | 326 022 | |
| Change in inventory | 3 | -32 576 | 47 520 | 43 711 |
| Cost of materials | 3 | -46 016 | -39 753 | -203 064 |
| Personnel expenses | -18 949 | -20 071 | -80 998 | |
| Other operating expenses | -45 271 | -41 455 | -164 357 | |
| Operational EBITDA | 9 427 | -4 092 | -78 686 | |
| Depreciations | 4 | -20 727 | -21 321 | -80 221 |
| Operational EBIT | -11 300 | -25 413 | -158 906 | |
| Fair value adjustment of biomass | 3 | -26 866 | -19 256 | 15 630 |
| Operating Profit (EBIT) | -38 166 | -44 669 | -143 276 | |
| Financial income | 5 | 9 403 | 4 742 | 9 746 |
| Financial expense | 5 | -8 767 | -11 620 | -32 593 |
| Share of net income from associated companies | -662 | -859 | -5 478 | |
| Net financial | -26 | -7 738 | -28 324 | |
| Profit/loss before tax | -38 191 | -52 407 | -171 601 | |
| Income tax expense | 6 | 0 | 0 | 0 |
| Profit/loss for the period | 7 | -38 191 | -52 407 | -171 601 |
| Basic earnings per share (NOK) | 7 | -0,08 | -0,11 | -0,37 |
| Diluted earnings per share (NOK) | 7 | -0,08 | -0,11 | -0,37 |
| Consolidated statement of comprehensive income | ||||
| Profit/(loss) for the period | -38 191 | -52 407 | -171 601 | |
| Currency translation differences | 5 | -711 | -308 | 862 |
| Total comprehensive income for the period, net of tax | -38 902 | -52 715 | -170 738 |
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Q1 2026 | Interim financial statements
Statements of financial position
| (in NOK thousand) | Note | 31 March 2026 | 31 March 2025 | 31 Des 2025 |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 4 | 84 403 | 81 880 | 84 508 |
| Assets under construction | 4 | 2 114 496 | 738 283 | 1 781 081 |
| Buildings and property | 4 | 1 504 544 | 1 520 670 | 1 516 707 |
| Fixtures an fittings | 4 | 285 302 | 295 414 | 289 282 |
| Right-of-use assets | 4 | 44 106 | 47 610 | 45 513 |
| Investment in associated companies | 4 701 | 9 522 | 6 073 | |
| Other long-term receivables | 13 169 | 0 | 13 169 | |
| Total non-current assets | 4 050 720 | 2 693 379 | 3 736 332 | |
| Inventory | 3 | 11 731 | 9 500 | 11 351 |
| Biological assets | 3 | 172 512 | 202 350 | 232 335 |
| Trade receivables | 84 322 | 49 935 | 10 314 | |
| Other current receivables | 50 178 | 53 310 | 51 585 | |
| Financial derivatives | 5 | 18 740 | 14 069 | 10 254 |
| Cash and cash equivalents | 137 294 | 417 884 | 163 438 | |
| Total current assets | 474 778 | 747 049 | 479 276 | |
| Total assets | 4 525 498 | 3 440 427 | 4 215 608 | |
| Equity and liabilities | ||||
| Share capital | 8 | 23 130 | 23 130 | 23 130 |
| Share premium | 8 | 2 414 996 | 2 415 049 | 2 414 997 |
| Other reserves | 13 797 | 11 838 | 13 310 | |
| Uncovered losses | -427 666 | -279 117 | -388 765 | |
| Total equity | 2 024 257 | 2 170 900 | 2 062 673 | |
| Long-term interest-bearing debt | 9 | 17 300 | 818 800 | 1 545 228 |
| Lease liabilities - long term | 9 | 29 114 | 32 019 | 30 088 |
| Other long-term liabilities | 9 | 3 643 | 3 643 | 3 643 |
| Total non-current liabilities | 50 057 | 854 462 | 1 578 959 | |
| Short-term interest-bearing debt | 9 | 2 187 697 | 163 237 | 334 571 |
| Trade payables | 212 919 | 220 490 | 192 047 | |
| Social security and other taxes | 2 841 | 1 721 | 7 527 | |
| Lease liabilities - short term | 9 | 10 925 | 12 819 | 10 987 |
| Other short-term liabilities | 36 801 | 16 798 | 28 842 | |
| Total current liabilities | 2 451 184 | 415 065 | 573 975 | |
| Total liabilities | 2 501 241 | 1 269 528 | 2 152 934 | |
| Total equity and liabilities | 4 525 498 | 3 440 427 | 4 215 607 |
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Q1 2026 | Interim financial statements
Statement of cash flow
| (in NOK thousand) | Note | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|---|
| Profit/loss before tax | -38 191 | -52 407 | -170 738 | |
| Adjustments for: | ||||
| Depreciation, amortisation and impairment loss | 4 | 20 727 | 21 321 | 84 473 |
| Net financials | 26 | 7 738 | 28 324 | |
| Share based payment expenses | 487 | 355 | -1 827 | |
| Changes in working capital: | ||||
| Change in trade receivables | -74 144 | 40 793 | 67 598 | |
| Change in other current receivables | 1 309 | -2 838 | -3 808 | |
| Change in inventory and biological assets | 3 | 32 563 | -47 132 | -41 438 |
| Change in fair value of biomass | 3 | 26 866 | 19 256 | -15 630 |
| Change in trade payables | 7 842 | 6 800 | -4 937 | |
| Change in social security and other taxes | -4 733 | -1 999 | 442 | |
| Change in other current liabilities | 1 375 | 1 555 | -1 511 | |
| Cash (outflow) from operations | -25 874 | -6 558 | -59 052 | |
| Cash flow from investment activities | ||||
| Payments for fixed assets | 4 | -289 278 | -238 012 | -1 260 474 |
| Proceeds from government grants | 0 | 0 | 2 258 | |
| Payments for intangible assets | 4 | -322 | -894 | -3 960 |
| Financial income received | 1 856 | 1 092 | 9 746 | |
| Net cash (outflow) from investment activities | -287 744 | -237 814 | -1 252 431 | |
| Cash flow from financing activities | ||||
| Proceeds from new borrowings | 9 | 325 498 | 254 750 | 1 153 412 |
| Repayment of borrowings | -300 | -300 | -1 200 | |
| Payments of principal portion of lease liabilities | -2 602 | -4 812 | -12 173 | |
| Interest paid lease liabilities | -663 | -411 | -2 503 | |
| Financial expenses paid | -34 458 | -16 432 | -92 078 | |
| Net cash (outflow) from financing activities | 287 474 | 232 794 | 1 045 458 | |
| Net change in cash and cash equivalents | -26 143 | -11 578 | -266 024 | |
| Cash and cash equ. at the beginning of the period | 163 438 | 429 462 | 429 462 | |
| Cash and cash equ. at the end of the period | 137 294 | 417 884 | 163 438 |
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Q1 2026 | Interim financial statements
Statement of Changes in Equity
| (in NOK thousand) | Note | Share capital | Share premium | Other reserves | Other equity | Uncovered losses | Total equity |
|---|---|---|---|---|---|---|---|
| Balance at 1 January 2025 | 8 | 23 130 | 2 415 049 | 11 483 | 0 | -226 402 | 2 223 260 |
| Profit/loss for the period | 0 | 0 | 0 | 0 | -52 407 | -52 407 | |
| Other comprehensive income | 0 | 0 | 0 | 0 | -308 | -308 | |
| Total comprehensive income | 0 | 0 | 0 | 0 | -52 715 | -52 715 | |
| Share based payment expensed | 355 | 355 | |||||
| Transactions with owners | 0 | 0 | 355 | 0 | 0 | 355 | |
| Balance at 31 March 2025 | 8 | 23 130 | 2 415 049 | 11 838 | 0 | -279 117 | 2 170 900 |
| Balance at 1 January 2026 | 8 | 23 130 | 2 414 996 | 13 310 | 0 | -388 764 | 2 062 673 |
| Profit/loss for the period | 0 | 0 | 0 | 0 | -38 191 | -38 191 | |
| Other change | 0 | 0 | 0 | 0 | 0 | ||
| Other comprehensive income | 0 | 0 | 0 | 0 | -711 | -711 | |
| Total comprehensive income | 0 | 0 | 0 | 0 | -38 902 | -38 902 | |
| Other paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | |
| Share based payment expensed | 0 | 0 | 487 | 0 | 0 | 487 | |
| Transactions with owners | 0 | 0 | 487 | 0 | 0 | 487 | |
| Balance at 31 March 2026 | 8 | 23 130 | 2 414 996 | 13 797 | 0 | -427 666 | 2 024 257 |
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Q1 2026 | Interim financial statements
Selected notes to the quarterly financial statements
Note 1 Summary of significant accounting policies
General information
Salmon Evolution ASA and its subsidiaries, Salmon Evolution Norway AS, Salmon Evolution International AS, Salmon Evolution Dale AS, Salmon Evolution Sales AS and Salmon Evolution Technology AS (the "Company", "SE" or "the Company") is a Norwegian land-based salmon farmer headquartered in Hustadvika kommune in Møre og Romsdal.
Salmon Evolution operates a hybrid flow-through (HFS) system, utilizing fresh seawater from the Norwegian coast. The Company is building a land-based salmon farming facility at Indre Harøy, with a planned annual production of 36,000 tons HOG fully built. Phase 1, with a planned annual production of 7,900 tons HOG, is fully operational, whilst construction of phase 2 planned to add an addition 10,100 tons HOG bringing total production up to 18,000 tons HOG was initiated in August 2024.
These interim financial statements were approved by the Board of Directors on 5 May 2026.
These interim financial statements have not been audited.
Consolidation
These condensed consolidated statements for the period ended 31 March 2026 include Salmon Evolution ASA together with its subsidiaries Salmon Evolution Norway AS, Salmon Evolution International AS, Salmon Evolution Dale AS, Salmon Evolution Sales AS and Salmon Evolution Technology AS.
Basis of preparation
These interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim financial reporting". These interim financial statements do not provide the same scope of information as the annual financial statement and should therefore be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU.
Going concern
The Company has adopted the going concern basis in preparing its consolidated financial statements. When assessing this assumption, management has assessed all available information about the future. After
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Q1 2026 | Interim financial statements
making such assessments, management has a reasonable expectation that the Company has adequate resources to continue its operational existence for the foreseeable future.
Accounting policies
The accounting policies adopted are consistent with those of the previous financial year except that income tax expense is recognized in each interim period using the expected weighted average annual income tax rate for the full financial year. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. The Company does not include net deferred tax benefits in its balance that exceeds the tax effect of group contributions in order to equalize tax payable in its subsidiaries.
Revenue
Revenue from contracts with customers as defined in IFRS 15 is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods.
Revenue for the Company derives from sale of whole and processed salmon in the spot marked. It has not been made any forward sales contracts. The Company recognised revenue at the point in time when control of the goods is transferred to the customer at an amount that reflects the expected amount that the group is entitled to have for the goods. The sales price is based on available market price where the price will vary with both quality and size.
Normal credit term of the sales transactions is 30 days. If the delivered products have discrepancies compared to the agreed sales contract, cash refunds are given to the customer. Up until now, refunds are not material.
Property, plant & equipment
Property, plant, and equipment is measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and costs include expenditures that are directly attributable to the acquisition and placement of fixed assets in service. Costs of major replacements and renewals that substantially extend the economic life and functionality of fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.
Assets are normally considered property, plant, and equipment if the useful economic life exceeds one year. Straight-line depreciation is applied over the useful life of property, plant, and equipment based on the asset's historical cost. If a substantial part of an asset has an individual and different useful life, that portion is depreciated separately. The asset's residual value and useful life are evaluated annually. Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the carrying amount of the asset and recognized as part of other income in the accompanying statements of other comprehensive income.
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Q1 2026 | Interim financial statements
Depreciation is charged to expense when the property, plant or equipment is ready for intended use. For the second phase build out, which expected to be ready for intended use during 2026, assets under construction is not depreciated.
Biological assets
Biological assets are, in accordance with IAS 41, measured at fair value unless the fair value cannot be measured reliably. For salmon in the grow-out facility, a present value model is applied to estimate the fair value. For roe, fry and smolt, historical cost is deemed to provide the best estimate of fair value, and hence applied.
Cost of production is adjusted for unutilized production capacity. The Company has started to take some costs related to the preparation and testing of phase 2.
For further information, please refer to note 3.
Borrowing costs
In accordance with IAS 23, the Company's loan agreements are subject to the following principles relating to borrowing costs:
General and specific borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Application of IAS 23 has been taken into consideration where the Group has general borrowings which has partly been financing qualifying assets but not been directly allocated to the construction of a qualifying asset. See note 5 for more information.
Other borrowing costs are expensed in the period in which they are incurred.
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Q1 2026 | Interim financial statements
Note 2 Segment
The Company has implemented segment reporting which consists of production of farmed salmon in Norway (Farming Norway), other activities (Other), and eliminations. The segment performance is monitored to assess performance and profitability at a strategic level.
Farming Norway consists of Salmon Evolution Norway AS (grow-out facility), Salmon Evolution Dale AS (smolt facility) and Salmon Evolution Sales AS. Additionally a portion of the Group overhead costs is allocated to the segment. Other consist of both revenue and costs not attributable to the farming segment.
Sales revenue from contracts with customers comes from both Europe, UK, Asia, US and other markets.
Q1 2026
| (In thousand NOK) | Farming Norway | Other | Eliminations | Group |
|---|---|---|---|---|
| External revenue | 152 239 | 0 | 0 | 152 239 |
| Internal revenue | 0 | 9 584 | -9 584 | 0 |
| Operating revenue | 152 239 | 9 584 | -9 584 | 152 239 |
| Change in inventory | -32 576 | 0 | 0 | -32 576 |
| Cost of materials | -38 323 | 0 | 0 | -38 323 |
| Personnel expenses | -14 758 | -13 775 | 9 584 | -18 949 |
| Other operating expenses | -48 956 | -4 021 | 14 | -52 964 |
| Operational EBITDA | 17 625 | -8 212 | 14 | 9 427 |
| Operational EBIT | -2 608 | -9 179 | 488 | -11 300 |
| Fair value adjustment of biomass | -26 866 | 0 | 0 | -26 866 |
| Net financial | -28 433 | 27 004 | 1 403 | -26 |
| Profit/loss before tax | -57 907 | 17 825 | 1 891 | -38 191 |
| Harvested volum (tonnes, HOG) | 1 765 | 1 765 | ||
| Operational EBITDA/kg (NOK) | 10,0 | 5,3 | ||
| Operational EBIT/kg (NOK) | -1,5 | -6,4 | ||
| Total PPE | 3 997 180 | 91 023 | -55 353 | 4 032 851 |
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Q1 2026 | Interim financial statements
Q1 2025
| (in thousand NOK) | Farming Norway | Other | Eliminations | Group |
|---|---|---|---|---|
| External revenue | 59 188 | 0 | -9 520 | 49 668 |
| Internal revenue | 0 | 8 151 | -8 151 | 0 |
| Operating revenue | 59 188 | 8 151 | -17 670 | 49 668 |
| Change in inventory | 38 948 | 0 | 8 572 | 47 520 |
| Cost of materials | -37 868 | 0 | 0 | -37 868 |
| Personnel expenses | -15 495 | -12 726 | 8 151 | -20 071 |
| Other operating expenses | -39 115 | -4 733 | 508 | -43 340 |
| Operational EBITDA | 5 657 | -9 309 | -440 | -4 092 |
| Operational EBIT | -14 049 | -11 399 | 35 | -25 413 |
| 0 | ||||
| Fair value adjustment of biomass | -19 256 | 0 | -0 | -19 256 |
| Net financial | -38 723 | 33 144 | -2 158 | -7 738 |
| Profit/loss before tax | -72 028 | 21 745 | -52 407 | |
| Harvested volum (tonnes, HOG) | 581 | |||
| Operational EBITDA/kg (NOK) | 9,7 | |||
| Operational EBIT/kg (NOK) | -24,2 | |||
| Total PPE | 2 651 889 | 89 216 | 2 683 857 |
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Q1 2026 | Interim financial statements
FY 2025
| (In thousand NOK) | Farming Norway | Other | Eliminations | Group |
|---|---|---|---|---|
| External revenue | 325 250 | 772 | 0 | 326 022 |
| Internal revenue | 0 | 33 500 | -33 500 | 0 |
| Operating revenue | 325 250 | 34 272 | -33 500 | 326 022 |
| Change in inventory | 43 711 | 0 | 0 | 43 711 |
| Cost of materials | -205 055 | 0 | 1 991 | -203 064 |
| Personnel expenses | -49 976 | -53 044 | 22 022 | -80 998 |
| Other operating expenses | -153 413 | -20 431 | 9 487 | -164 357 |
| Operational EBITDA | -39 483 | -39 203 | 0 | -78 686 |
| Operational EBIT | -116 399 | -44 404 | 1 896 | -158 906 |
| Fair value adjustment of biomass | 15 630 | |||
| Net financial | -28 324 | |||
| Profit/loss before tax | -171 601 | |||
| Harvested volum (tonnes, HOG) | 4 403 | 4 403 | ||
| Operational EBITDA/kg (NOK) | -9,0 | -17,9 | ||
| Operational EBIT/kg (NOK) | -26,4 | -36,1 | ||
| Total assets | 3 644 993 | 33 459 | 38 636 | 3 717 088 |
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Q1 2026 | Interim financial statements
Note 3 Biological assets and inventory
Biological assets are, in accordance with IAS 41, measured at fair value. For salmon in the grow-out facility, a present value model is applied to estimate the fair value. For roe, fry and smolt, historical cost is deemed to provide the best estimate of fair value, and hence applied.
The fair value of fish in the grow-out facility is calculated by multiplying the estimated biomass at the time of harvest with the estimated sales price at the same time and deducted for estimated costs to sell. For fish not ready for harvest, remaining production costs to grow the fish to harvest weight are deducted. The cash flow is further discounted by a discount rate considering both risk adjustment and time value.
The Company considers that fish greater than 4.6 kg is ready for harvest (about 3.8 kg gutted weight), and such fish is thus classified as harvestable fish. Fish that have not achieved this weight are classified as non-harvestable.
In the event of incident-based mortality, all costs allocated to fish affected by incident-based mortality will be deducted from the book value of the inventory.
Book value of inventory
| (in NOK thousand) | Q1 2026 | Q1 2025 |
|---|---|---|
| Equipment | 6 720 | 5 962 |
| Raw materials | 5 011 | 3 538 |
| Biological assets | 172 512 | 202 350 |
| Finished goods | 0 | 0 |
| Total | 184 243 | 211 850 |
Biological assets
| (tonnes) | Q1 2026 | Q1 2025 |
|---|---|---|
| Biological assets end of period | 2 334 | 2 939 |
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Q1 2026 | Interim financial statements
Biological assets
| (in NOK thousand) | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Biological assets beginning of period | 232 335 | 171 004 | 171 004 |
| Increase due to production | 97 223 | 98 059 | 411 389 |
| Reduction due to harvest/sale | -130 180 | -47 457 | -365 687 |
| Fair value adjustment beginning of period | -37 021 | -21 391 | -21 391 |
| Fair value adjustment end of period | 10 155 | 2 135 | 37 021 |
| Biological assets end of period | 172 512 | 202 350 | 232 335 |
The estimated biomass volume is based on the actual number of individuals in the grow-out departments on the balance sheet date, adjusted for projected mortality up to harvest time and multiplied with the estimated harvest weight per individual at harvest time.
The estimated sales price for the fish in the grow-out facility is based on forward prices from Sisalmoni with relevant adjustments. The net sales value is adjusted for expected quality differences and harvesting, logistics and sales expenses.
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Q1 2026 | Interim financial statements
Note 4 Property, plant, equipment, right of use- and intangible asset
Straight-line depreciation is applied over the useful life of property, plant, and equipment based on the asset's historical cost and estimated residual value at disposal. Depreciation is charged to expense when the property, plant or equipment is ready for intended use.
| (in NOK thousand) | Intangible assets | Assets under construction | Buildings and property | Fixtures and fittings | Right-of-use assets | Total |
|---|---|---|---|---|---|---|
| Cost 1 January 2025 | 81 136 | 481 778 | 1 598 739 | 342 102 | 33 184 | 2 536 939 |
| Additions | 2 144 | 256 505 | 277 | 9 630 | 31 600 | 300 157 |
| Cost 31 March 2025 | 83 279 | 738 283 | 1 599 016 | 351 733 | 64 785 | 2 837 096 |
| Acc. depreciation 1 January 2025 | -34 | 0 | -68 077 | -48 480 | -15 328 | -131 919 |
| Depreciation for the period | -1 365 | 0 | -10 270 | -7 839 | -1 847 | -21 321 |
| Net book value 31 March 2025 | 81 880 | 738 283 | 1 520 670 | 295 414 | 47 610 | 2 683 857 |
| (in NOK thousand) | Intangible assets | Assets under construction | Buildings and property | Fixtures and fittings | Right-of-use assets | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Cost 1 January 2026 | 86 346 | 1 781 080 | 1 625 586 | 361 493 | 70 471 | 3 924 976 |
| Additions | 322 | 333 415 | -1 596 | 3 084 | 1 264 | 336 489 |
| Cost 31 March 2026 | 86 667 | 2 114 495 | 1 623 990 | 364 578 | 71 735 | 4 261 465 |
| Acc. depreciation 1 January 2026 | -1 838 | 0 | -108 880 | -72 212 | -24 957 | -207 889 |
| Depreciation for the period | -427 | -10 565 | -7 063 | -2 672 | -20 727 | |
| Net book value 31 March 2026 | 84 403 | 2 114 495 | 1 504 544 | 285 302 | 44 106 | 4 032 850 |
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Q1 2026 | Interim financial statements
Note 5 Finance income and finance cost
Finance income
| (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Interest income | 10 | 3 983 | 5 916 |
| Change in value of financial derivatives (gain) | 7 547 | 427 | 0 |
| Foreign exchange gains | 906 | 331 | 3 811 |
| Other finance income | 941 | 0 | 19 |
| Financial income | 9 403 | 4 742 | 9 746 |
| Share of net income from associated companies | -662 | -859 | -5 477 |
| Total financial income | 8 741 | 3 883 | 4 269 |
Finance expenses
| (in NOK thousand) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Interest on debts and borrowings | 38 805 | 12 469 | 110 508 |
| Capitalised borrowing costs - general borrowings | -10 029 | 0 | -36 742 |
| Capitalised borrowing costs - specific borrowings | -21 223 | 0 | -44 413 |
| Realized loss/gain on interest derivative | -1 634 | -1 509 | -6 019 |
| Change in value of financial derivatives (loss) | 0 | 0 | 3 005 |
| Foreign exchange losses | 2 632 | 432 | 5 340 |
| Other finance expenses | 217 | 229 | 914 |
| Total financial expenses | 8 767 | 11 621 | 32 593 |
| Net financial income/- expenses | -26 | -7 738 | -28 324 |
Application of IAS 23 has been taken into consideration where the Group has general borrowings which has partly been financing qualifying assets but not been directly allocated to the construction of a qualifying asset.
The Group did not have any fair value adjustments of financial liabilities in 2026, nor in 2025.
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Note 6 Tax
| (in NOK thousand) | Q1 2026 | Q1 2025 |
|---|---|---|
| Profit/loss before tax | -38 191 | -52 407 |
| Calculated tax (22%) | -8 402 | -11 529 |
| Tax payable | 0 | 0 |
| Change in deferred tax (asset) | -8 402 | -11 529 |
| Change in deferred tax not recognised in the balance sheet | 8 402 | 11 529 |
| Tax expense | 0 | 0 |
Income tax expense is recognised based on management's estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the period ended 31 March 2026 is 22%, compared to 22% for the period ended 31 March 2025.
Deferred tax benefit has not been recognised in the balance sheet as the Companies within the group are in their start-up phase and does not have any historical results to refer to when assessing whether future taxable profits will be sufficient to utilize the tax benefit.
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Q1 2026 | Interim financial statements
Note 7 Earnings per share
| (in NOK thousand) | Q1 2026 | Q1 2025 |
|---|---|---|
| Gain/loss attributable to the equity owners of the Group | -38 191 | -52 407 |
| Gain/loss for calculation of diluted earnings per share | -38 191 | -52 407 |
| Weighted average number of shares outstanding1) | 462 603 306 | 462 603 306 |
| Dilutive options | 0 | 0 |
| Average number of shares and options used in calculation for diluted EPS | 462 603 306 | 462 603 306 |
| Basic earnings per share (NOK) | -0,08 | -0,11 |
| Diluted earnings per share (NOK) | -0,08 | -0,11 |
Basic earnings per share are based on the weighted average number of common shares outstanding during the period.
Q1 2026: The Company had 462,603,306 shares for the whole period.
Q1 2025: The Company had 462,603,306 shares for the whole period.
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Q1 2026 | Interim financial statements
Note 8 Share capital & capital history
| (in NOK thousand) | Date | Capital Increase | Share Capital After Change | Par Value | Subscription price per share | New shares | Total no. of outstanding shares |
|---|---|---|---|---|---|---|---|
| Opening balance 1 July 2020 | 5 375 159 | 0,05 | 107 503 182 | ||||
| Share options exercised | 10 July | ||||||
| 2020 | 30 000 | 5 405 159 | 0,05 | 3,33 | 600 000 | 108 103 182 | |
| Private placement | 23 July | ||||||
| 2020 | 581 395 | 5 986 554 | 0,05 | 4,30 | 11 627 906 | 119 731 088 | |
| Private placement | 11 September | ||||||
| 2020 | 5 000 000 | 10 986 554 | 0,05 | 5,00 | 100 000 000 | 219 731 088 | |
| Private placement | 23 March | ||||||
| 2021 | 4 166 667 | 15 153 221 | 0,05 | 6,00 | 83 333 333 | 303 064 421 | |
| Acquisition Kraft Laks | 16 August | ||||||
| 2021 | 109 535 | 15 262 756 | 0,05 | 7,58 | 2 190 694 | 305 255 115 | |
| Private placement | 12 October | ||||||
| 2021 | 277 068 | 15 539 824 | 0,05 | 7,71 | 5 541 374 | 310 796 489 | |
| Share options exercised | 26 March | ||||||
| 2022 | 81 250 | 15 621 074 | 0,05 | 4,80 | 1 625 000 | 312 421 489 | |
| Private placement | 5 April | ||||||
| 2022 | 1 666 667 | 17 287 741 | 0,05 | 9,00 | 33 333 333 | 345 754 822 | |
| Private placement | 18 April | ||||||
| 2023 | 3 409 091 | 20 696 832 | 0,05 | 7,70 | 68 181 818 | 413 936 640 | |
| Private placement | 18 June | ||||||
| 2024 | 2 433 333 | 23 130 165 | 0,05 | 7,50 | 48 666 666 | 462 603 306 |
The Company entered into an investment agreement with Dongwon Industries and completed a NOK 50 million in towards Dongwon Industries in July 2020.
The Company raised NOK 500 million in a private placement in connection with its initial public offering related to the admission on Merkur Market (now Oslo Børs) in September 2020. Further, the Company also raised another NOK 500 million in a private placement in March 2021.
In August 2021 the Company acquired 100% of the shares in Kraft Laks AS. As part of the settlement the Company issued 2,190,694 new shares of NOK 7.6 per share and thereby increased its equity by NOK 16.6 million. In October 2021 the Company carried out a private placement of USD 5m (NOK ~43m) towards Cargill.
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Further, in April 2022 the Company carried out a private placement raising gross proceeds of NOK 300 million at a subscription price of NOK 9.0 per share.
In April 2023 the Company carried out a private placement raising gross proceed of NOK 525 million at a subscription price of NOK 7.7 per share.
In June 2024 the Company carried out a private placement raising gross proceed of NOK 365 million at a subscription price of NOK 7.5 per share.
See note 11 subsequent events.
Extending the ocean potential
39
Q1 2026 | Interim financial statements
Note 9 Interest bearing debt
Long-term interest bearing dept
| (in NOK thousand) | 31.03.2026 | 31.03.2025 |
|---|---|---|
| Debt to credit institutions | 17 300 | 818 800 |
| Leasing liabilities | 29 114 | 32 019 |
| Total long-term interest-bearing debt | 46 414 | 850 819 |
Short-term interes bearing dept
| (in NOK thousand) | 31.03.2026 | 31.03.2025 |
|---|---|---|
| Debt to credit institutions | 2 187 697 | 163 237 |
| Leasing liabilities | 10 925 | 12 819 |
| Total short-term interest-bearing debt | 2 198 622 | 176 056 |
| Total interest-bearing debt | 2 245 036 | 1 026 875 |
| Cash & cash equivalents | 137 294 | 163 438 |
| Net interest-bearing debt | 2 107 742 | 863 437 |
As per 31 March 2026, 1,797 NOKm was drawn of the existing senior secured debt financing package. In addition, the Company has drawn 199 NOKm, of the 200 NOKm available under the Overdraft Facility.
The Company has also entered into loan agreements for a total of NOK 60 million relating to Salmon Evolution Dale AS of which around NOK 48 million was drawn as per 31 March 2026. This loan is for financing of working capital, investments in Salmon Evolution Dale as well as refinancing of the seller's credit from the acquisition of Salmon Evolution Dale AS. The above table does not include other long-term liabilities of NOK 3.6 million related to water rights in Salmon Evolution Dale AS.
The loans are floating interest rate loans denominated in NOK with an interest charge based on NIBOR 3M plus an agreed margin.
In April 2026 Salmon Evolution refinanced and expanded its existing senior secured debt financing package related to Indre Harøy Phase 1 and 2, from 2,225 NOKm to 2,475 NOKm, as well as raising gross proceeds of 411.3 NOKm in equity in a private placement.
Extending the ocean potential
Q1 2026 | Interim financial statements
Financial covenants
The most important financial covenants for the long-term financing of the Company are, respectively, a solvency requirement that the borrower's (Salmon Evolution Norway AS) book equity ratio (including intra-group loans) shall be minimum 45% (updated agreement: 37.5%). Further, there is a profitability requirement linked to the borrower's EBITDA which shall be greater than NOK 250 million on a last 12-month basis from Q2 2027 (updated agreement: NOK 200 million). The minimum EBITDA levels reflects the Company's gradual ramp up of production volumes and profitability in phases 1 and 2
Finally, there is a minimum cash requirement that stipulates that the obligors (Salmon Evolution Norway AS, Salmon Evolution Sales AS and Salmon Evolution ASA) cash balance shall be greater than NOK 100 million at any time (updated agreement: no change). Any undrawn and available amounts under the revolving facility and the overdraft is included in the calculation of the cash balance. Additionally there is included a solvency requirement from Q3 2028 in the updated agreement.
Security
The Company's bank debt facilities are fully guaranteed by Salmon Evolution ASA. The respective lenders also have a pledge over 100% of the shares in the borrower, Salmon Evolution Norway AS and Salmon Evolution Dale AS. Furthermore, the respective lenders have a pledge over all material operating assets of the Company, hereunder inter alia, land, plant and machinery, operating licenses, inventory and receivables.
Cash movements in financial activities
| (NOK thousand) | Short term | Long term |
|---|---|---|
| Balance at January 1, 2025 | 163 805 | 582 411 |
| Repayment of loans and borrowings | -45 120 | -300 |
| Proceeds from new bank loan | 49 870 | 250 000 |
| Change in leases liabilities | 7 502 | 22 351 |
| Balance at March 31, 2025 | 176 056 | 854 462 |
| Balance at January 1, 2026 | 345 558 | 1 578 959 |
| Repayment of loans and borrowings | -696 | -300 |
| Proceeds from new bank loan | 1 853 822 | -1 527 628 |
| Change in leases liabilities | -61 | -974 |
| Balance at March 31, 2026 | 2 198 623 | 50 057 |
Extending the ocean potential
Q1 2026 | Interim financial statements
Note 10 Transactions with related parties
During the ordinary course of business, the Company may engage in certain arm's length transactions with related parties.
There were no material transactions with related parties in 2025.
Note 11 Subsequent events
Solid capital structure in place following completion of refinancing and private placement in April - existing long-term debt facilities linked to Indre Harøy increased by 250 NOKm from 2,225 to 2,475 NOKm and private placement raising gross proceeds of 411,3 NOKm.
Extending the ocean potential
Q1 2026 | Interim financial statements
ABOUT SALMON EVOLUTION
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 www.salmonevolution.no.
BOARD OF DIRECTORS
Tore Tønseth
Chairman of the Board
Anne Breiby
Board Member
Ingvild Vartdal
Board Member
Peder Stette
Board Member
Eunhong Min
Board Member
Jan-Emil Johannessen
Board Member
Vibecke Bondø
Board Member
SALMON EVOLUTION
OFFICE ADDRESS
Torget 5, 6440 Elnesvågen (HQ)
Keiser Wilhelms gate 22, 6003 Ålesund
PRODUCTION SITES
Grow-out: Indre Harøyvegen 88, 6430 Bud
Smolt: Dalsfjordvegen 2805, 6120 Folkestad
ORG NUMBER
NO 925 344 877 MVA
E-mail: [email protected]
Web: salmonevolution.no
MANAGEMENT
Trond Håkon Schaug-Pettersen
CEO
Trond Vadset Veibust
CFO
Ingjarl Skarvøy
COO
Odd Frode Roaldsnes
CCO
Kamilla Mordal Holo
CPTO
Vidar Skjørli
HR Director
Extending the ocean potential