Salmon Evolution ASA

F:60E

Inflection point: Management said Salmon Evolution is moving from heavy construction and investment into a scale-up phase, with Phase 2 at Indre Harøy now operating and the company targeting meaningful cash flow generation over time.

Q2 pressure: Weak salmon prices weighed on results, with Q2 revenue of NOK 67 million, farming EBITDA of minus NOK 3 million, and group EBITDA of minus NOK 11 million.

Operations improving: The company said biological trends are moving in the right direction, helped by new feed and operating protocols, better water quality, and strong performance in Phase 2 so far.

Guidance cut: 2026 harvest guidance was reduced to about 6,000 tonnes from 7,000 tonnes because biomass production was lower than expected earlier in the year.

Growth ahead: Management expects production to rise sharply over the coming quarters, with 2026 smolt stocking planned at around 2.8 million, up 65% from last year, and a mid-2027 run-rate target of 14,600 tonnes unchanged.

Market view: The company said salmon demand remains strong and the market outlook is becoming more supportive, with management calling 2027 “very, very interesting.”