Salmon Evolution (SALME) investor relations material

Executive summary

• Indre Harøy phase II commenced operations with the first smolt release, marking a major milestone and transition to scale-up and cash flow generation.

• Significant operational improvements, including new feed protocols, led to a step-change in growth and reinforced confidence in reaching operational targets.

• Q1 2026 revenues reached NOK 152.2 million, with farming EBITDA at NOK 17.6 million and group EBITDA at NOK 9.4 million.

• Solid capital structure established after refinancing and private placement, increasing long-term debt facilities and raising NOK 411.3 million in equity.

Financial highlights

• Q1 2026 revenues were NOK 152.2 million, up from NOK 49.7 million in Q1 2025.

• Record harvest volume of 1,765 tonnes HOG, with an average price realization of 84.1 NOK/kg, up 12% year-over-year.

• Farming EBITDA cost was 72.6 NOK/kg, stable versus last quarter.

• Group EBITDA improved to 9.4 NOKm, with EBITDA margin at 6.2%.

• Cash flow from operations was -25.9 NOKm, mainly due to working capital buildup.

Outlook and guidance

• Expecting a stepwise ramp-up in biomass and production, with plans to stock 2.8 million smolt in 2026, a 60% increase year-over-year.

• Targeting 85% capacity utilization in phase I by mid-2027 and ramping up phase II to reach 14,000–15,000 tonnes gutted capacity.

• Phase II expected to more than double annual harvest volume, with long-term outlook supported by muted supply growth from traditional farming.

• Farming EBITDA cost expected to decline gradually through 2026, targeting low NOK 60s by mid-2027 and NOK 53 per kilo at full run-rate.

• No quarterly guidance on harvest volumes or sales/EBITDA issued.