The Board of Directors of Salmon Evolution ASA
Elnesv\u00e5gen/\u00c5lesund 27 April 2026
Items included in the financial statements are presented in the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are presented in Norwegian kroner (NOK), which is the Parent company, and substantial subsidiaries, functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Salmon Evolution ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Salmon Evolution ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Salmon Evolution ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Depreciaton is charged to expense when the property, plant or equipment is ready for intented use. The group considered the test- and verification phase for first phase of its Indre Har\u00f8y facility ready for intended use from April 2023, and started depreciations from that time. For the second phase build out, which expected to be ready for intended use during 2026, assets under construction is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "Expenses related to research activities are expensed as incurred. Expenses related to development activities are capitalized if the product or process is technically and commercially feasible, and the Group has adequate resources to complete the development.
Patents are capitalized and measured at cost less accumulated amortization and any accumulated impairment losses, if any.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are derecognised when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in consolidated statement of profit or loss within the line other financial items, net.
Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the reporting period.
| (NOK thousands) | 2025 | 2024 |
|---|---|---|
| Sales revenues from farming | 325,250 | 467,742 |
| Smolt | 8,355 | 0 |
| Postsmolt | 10,851 | 11,305 |
| Atlantic Salmon (hog) | 302,398 | 451,398 |
| Atlantic Salmon (trimmed) | 3,646 | 5,039 |
| Other income | 772 | 3,831 |
| Total operating revenue | 326,022 | 471,573 |
| (NOK thousands) | 2025 | 2024 |
|---|---|---|
| Salaries | 80,510 | 76,550 |
| Social security | 13,465 | 12,256 |
| Pensions | 5,285 | 4,350 |
| Other benefits | 1,389 | 1,593 |
| Share-based payments | 2,044 | 726 |
| Gross personnel expenses | 102,693 | 95,475 |
| - Capitalized costs | -21,695 | -27,428 |
| Total personnel expenses recognized in P&L | 80,998 | 68,046 |
| Number of full-time employment equivalents | 89 | 81 |
During the ordinary course of business, the Group capitalizes portions of total salary and personnel costs towards assets under construction. In addition, a portion of the salaries related to the production are recognised as part of the biomass value in the balance sheet. Salary allocated to biomass in 2025 was NOK 51.5 million (NOK 34.4 million in 2024).
Norwegian entities are obligated to establish a mandatory company pension. This obligation is fulfilled under the current pension plan. No loans or guarantees have been given to the members of the board of directors or executive management.
| (NOK thousands) | 2025 | 2024 |
|---|---|---|
| Salaries | 80,510 | 76,550 |
| Social security | 13,465 | 12,256 |
| Pensions | 5,285 | 4,350 |
| Other benefits | 1,389 | 1,593 |
| Share-based payments | 2,044 | 726 |
| Gross personnel expenses | 102,693 | 95,475 |
| - Capitalized costs | -21,695 | -27,428 |
| Total personnel expenses recognized in P&L | 80,998 | 68,046 |
| Number of full-time employment equivalents | 89 | 81 |
| (NOK thousands) | Intangible assets | Assets under construction | Assets in use, not allocated | Buildings | Fixtures and fittings | Right-of-use assets | Total |
|---|---|---|---|---|---|---|---|
| Cost 1 January 2024 | 72,350 | 70,781 | 54,019 | 1,582,996 | 310,888 | 22,163 | 2,113,198 |
| Additions | 12,184 | 391,137 | 0 | 7,987 | 9,502 | 7,623 | 428,433 |
| Reclassified constructions | 0 | 19,859 | -54,019 | 7,756 | 26,404 | 0 | 0 |
| Reclassification according to IFRS 16* | 0 | 0 | 0 | 0 | -4,692 | 0 | -4,692 |
| Other reclassifications | -3,398 | 0 | 0 | 0 | 0 | 3,398 | 0 |
| Cost 31 December 2024 | 81,136 | 481,778 | 0 | 1,598,740 | 342,102 | 33,185 | 2,536,939 |
| Acc. depreciation 1 January 2024 | -3 | 0 | 0 | -27,711 | -17,984 | -10,079 | -55,776 |
| Depreciation for the period | -32 | 0 | 0 | -40,366 | -30,496 | -5,249 | -76,143 |
| Net book value 31 December 2024 | 81,101 | 481,778 | 0 | 1,530,665 | 293,622 | 17,858 | 2,405,020 |
| (NOK thousands) | Intangible assets | Assets under construction | Assets in use, not allocated | Buildings | Fixtures and fittings | Right-of-use assets | Total |
|---|---|---|---|---|---|---|---|
| Cost 1 January 2025 | 81,136 | 481,778 | 0 | 1,598,740 | 342,102 | 33,185 | 2,536,939 |
| Additions | 5,210 | 1,299,303 | 0 | 26,846 | 19,392 | 37,286 | 1,388,035 |
| Cost 31 December 2025 | 86,346 | 1,781,080 | 0 | 1,625,586 | 361,493 | 70,471 | 3,924,974 |
| Accumulated depreciation 1 January 2025 | -34 | 0 | 0 | -68,076 | -48,480 | -15,328 | -131,918 |
| Reversal of prior-period depreciation | 0 | 0 | 0 | 0 | 4,252 | 0 | 4,252 |
| Depreciation for the period | -1,804 | 0 | 0 | -40,803 | -27,984 | -9,629 | -80,221 |
| Net book value 31 December 2025 | 84,508 | 1,781,081 | 0 | 1,516,706 | 289,281 | 45,513 | 3,717,088 |
| Estimated lifetime | 3-10 years | n/a | n/a | 10-75 years | 3-50 years | 3-5 years | |
| Depreciation method | Linear | n/a | n/a | Linear | Linear | Linear |
* The previously capitalised value of leased land has been reclassified in accordance with IFRS 16 due to the fact that the lease payments are a variable cost based on a percentage of sales.
Straight-line depreciation is applied over the useful life of property, plant, and equipment based on the assets\u2019 historical cost and estimated residual value at disposal. Depreciation is charged to expense when the property, plant or equipment is ready for use or placed in service.
Earned grants that go in the balance sheet is included in new additions and are netted against the related asset\u2019s acquisition. See note 16 for further information.
| Finance expenses (NOK thousands) | 2025 | 2024 |
|---|---|---|
| Interest on debts and borrowings | 110,508 | 53,232 |
| Capitalised borrowing costs - general borrowings | -36,742 | 0 |
| Capitalised borrowing costs - specific borrowings | -44,413 | 0 |
| Realized loss/-gain on interest derivative | -6,019 | -5,966 |
| Change in value of financial derivatives (loss) | 3,005 | 4,460 |
| Foreign exchange losses | 5,340 | 0 |
| Other finance expenses | 914 | 884 |
| Total financial expenses | 32,593 | 52,610 |
| Net financial income/- expenses | -28,324 | -32,180 |
Incurred interest expenses and establishing fees are capitalized as part of assets under construction in accordance with IAS 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "Salmon Evolution ASA\u2019s consolidated financial statements have been prepared in accordance with IFRSs and IFRICs as adopted by the EU and applicable additional disclosure requirements in the Norwegian Accounting act. The separate financial statements for Salmon Evolution ASA have been prepared in accordance with the Norwegian Accounting Act \u00a7 3-9 and Finance Ministry\u2019s prescribed regulations from 21 January 2008 on simplified IFRS. The Board of Directors\u2019 report for the Group and the parent company is in accordance with the requirements in the Norwegian Accounting Act and Norwegian accounting standard no 16, as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-141": { "value": "Salmon Evolution is the global leader within land-based salmon farming with a clear roadmap for 100,000 tonnes HOG annual production capacity. Pioneering the hybrid flow-through system (HFS), Salmon Evolution is Extending the Ocean Potential by creating optimal growth conditions in a controlled environment on land. This approach, capturing the benefits of both land-based and sea-based farming, puts biology first and limits operational and biological risk. Salmon Evolution is strategically located the heart of the global aquaculture industry on the west coast of Norway, where the Company has its first facility and global centre of excellence fully operational at industrial scale. Enabled by the proof of concept in Norway, Salmon Evolution targets significant international expansion.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-143": { "value": "Torget 5, 6440 Elnesv\u00e5gen, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-144": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-145": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-146": { "value": "Indre Har\u00f8yvegen 88", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300P2OB7L255PF765", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }