Salmon Evolution posted Q1 2026 net income of NOK -39m, below the FactSet consensus of NOK -20m and Fearnley Securities’ estimate of NOK -31m. The company reiterated its full-year 2026 harvest guidance of 7,000 tonnes HOG.
Most headline figures were pre-reported ahead of the company’s April capital raise, limiting market surprise. Fearnley Securities said it expects no major share reaction, noting SALME has outperformed the Oslo Seafood Index by six percentage points over the past month.
Farming EBITDA cost came in at NOK 76/kg in Q1, above Fearnley’s estimate of NOK 69/kg, though down from NOK 83/kg in Q4 2025. EBITDA/kg reached NOK 10, against an estimate of NOK 15.
Fearnley Securities models farming EBITDA cost of NOK 63/kg for the remainder of 2026, citing expected scale effects and a newly implemented feed protocol at the company’s Indre Harøy site.
Salmon Evolution plans to release approximately 2.8 million smolt at Indre Harøy in 2026, up around 60% year-on-year. The first Phase 2 release was completed in April, with a second planned for Q2 and a third in early Q3.
Net interest-bearing debt rose to NOK 2,108m, above Fearnley’s NOK 2,041m estimate, driven by higher working capital. Q1 harvest volume of 1,765 tonnes came in exactly in line with forecasts, with a 94% superior share and price achievement of NOK 84/kg.
Fearnley Securities maintains a BUY rating with a target price of NOK 6.5. The key variable to watch is whether per-kilo costs fall as projected once Phase 2 volumes reach scale.
