Q3 2025 Salmon Evolution ASA Earnings Call Transcript
Key Points
- Phase 2 expansion is progressing on time and on budget, with the first smolt release scheduled for late Q1 2026.
- Stable operations with low mortality rates and high superior grade share, outperforming industry averages.
- Record high production in Q3 with harvest volumes close to 1,400 tonnes, generating NOK87 million in revenues.
- Expecting a significant increase in harvest volumes by 50% in 2026, reaching approximately 7,000 tonnes.
- Strong market positioning with partnerships like Milarex in Italy and premium brands in Norway and Sweden, enhancing market reach and sustainability credentials.
- Farming EBITDA at minus NOK30 million and group EBITDA at minus NOK40 million due to weak salmon prices and temporary farming cost effects.
- Full exposure to spot market led to a 15% decrease in price realization compared to the previous year.
- Temporary higher farming costs due to harvest deviations, impacting feed costs and fixed cost allocation.
- Elevated feed conversion ratio resulted in a NOK3 per kilo negative effect on costs.
- Overall financial performance in Q3 was unsatisfactory, with operating losses driven by weak salmon prices and higher farming costs.
Good morning, everyone, and welcome to this presentation of Salmon Evolution's results for the third quarter. My name is Trond Hakon Schaug-Pettersen. I'm the CEO of the company. With me here today also our CFO, Trond Vadset Veibust. Also a special welcome to Thomas Farstad, CEO of Milarex, who we have partnered with in connection with the launch of our salmon in Italian retail.
So for those of you who have tasted the product this morning, I hope you liked our Italian breakfast. As you can see from this picture, a lot has happened at Indre Haroy lately with our Phase 2 expansion and where we are starting commissioning and testing in less than 30 days in preparation of our first Phase 2 smolt release scheduled for Q1 next year.
So we will start this presentation by going through the highlights, then I will take you through the operations and our ongoing growth initiatives before our CFO will go through the financials. And then we will end the presentation with some comments on outlook. And towards the
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