Salmon Evolution ASA (OSL:SALME)

Q4 2025 Salmon Evolution ASA Earnings Call Transcript

Feb 24, 2026 / 07:30 AM GMT

Release Date Price: kr4.73 (-0.32%)

Transcript

Key Points

Positve

Salmon Evolution ASA (FRA:60E) is transitioning from a construction phase to a value creation phase with phase two nearing production.
The company has a proven platform with stable biology and high-quality production, demonstrating repeatable performance.
Phase two will increase capacity to 18,000 tons, significantly shifting the earnings profile by absorbing fixed costs and expanding margins.
The company is well-positioned with a fully stocked farm and exposure to the spot market as the salmon market is expected to tighten.
Phase two incorporates four years of operational experience, focusing on water quality and operational efficiency, promising better margins and lower risk.

Negative

Salmon prices were weak throughout 2025, impacting financial results as the company sells exclusively in the spot market.
The company experienced a negative EBITDA of 39 million for 2025 due to weak salmon prices.
There are ramp-up costs associated with phase two, which will affect farming costs in the short term.
The company is fully exposed to market fluctuations, which affected price realization in Q4.
Despite operational improvements, the company ended 2025 with a negative EBITDA, reflecting the challenging market conditions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SALME.OL - Salmon Evolution ASA
Q4 2025 Salmon Evolution ASA Earnings Call
Feb 24, 2026 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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Okay, good, morning, everyone, and thank you all for joining this, presentation of sal Revolution results for the forth quarter. Some revolution is currently at a pivotal inflection point where we are now transitioning from a period dominated by construction and investments towards now commissioning, scale up, and cash flow generation with phase two at the Indrahore quickly approaching first production. This is something we have looked forward, to for a long time, and today I want to thank all our dedicated and hardworking employees and partners for making this happen. And as you can see from the picture here, the scale of what we are doing is quite, remarkable. This is, next generation salmon farming. At an industrial scale, and we

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