Salmon Evolution went into its Q3 2026 report as a high-expectation growth story with a weak recent share chart. The stock closed at NOK2.86 on 28 October, down about 11% over seven days and roughly 30% over three months, which shows how much optimism had already been drained from the story.
The headline this quarter is volume and cost execution under pressure from low salmon prices. Revenue reached NOK104.9m, yet the company still reported a net loss of NOK25.7m and group EBITDA of NOK20m in the red, a combination that helps explain why the latest price reaction looks cautious rather than excited.
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Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs Q3 2025):NOK104.9m vs. NOK86.5m (top line higher year on year)
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Net Income/Loss (Q3 2026 vs Q3 2025):loss of NOK25.7m vs. loss of NOK46.3m (quarterly loss narrowed)
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Basic EPS (Q3 2026 vs Q3 2025):loss of NOK0.05 per share vs. loss of NOK0.10 per share (per share loss reduced)
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Trailing 12-Month Revenue and Net Loss (to Q3 2026 vs to Q3 2025):revenue NOK422.5m vs. NOK376.8m and net loss NOK106.2m vs. NOK199.7m (higher sales with a smaller full year loss)
Salmon Evolution is cutting capex and betting on a tighter salmon market. Ask Charlie what makes Salmon Evolution so bullish on 2027 .
Evaluating Salmon Evolution's Phase 2 Upside
The bullish story hinges on Indre Harøy becoming a much larger, leaner production hub for Salmon Evolution over the next few years.
"Bullish analysts expect Salmon Evolution to turn the Indre Harøy facility into a materially larger and more efficient producer as Phase 2 ramps up and biological performance continues to improve."
Q3 shows early but incomplete progress. Harvested volumes reached 1,597 tonnes gutted and Phase 2 now has fish in 4 of 12 tanks, with monthly smolt stocking starting. Farming costs of about NOK 71/kg, or roughly NOK 68/kg excluding the weak fish group, are moving toward the NOK 60 to 65/kg mid 2027 target, but EBITDA at farming and group level is still loss making.
That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for .
Salmon Evolution: Ramp Targets Slip Against Bear Fears
Bears worry that Salmon Evolution will miss throughput targets and leave fixed costs undiluted as Phase 2 ramps.
"While the ramp up of Phase 2 and the plan to stock around 2.8 million smolt in 2026 are expected to improve fixed cost dilution in a model with a high fixed cost share, slower than planned capacity utilization in either Phase 1 or Phase 2 would delay unit cost reduction and weigh on future earnings."
Q3 plays into that story. Phase 2 handover of the final tanks has slipped into Q1 2027, 2026 harvest guidance has been cut to 5,500 tonnes, and farming EBITDA remains loss making despite cost per kilo improvement. As a result, the scale thesis is not yet delivering on earnings.
Spot Quiet Dislocations In Quality
Salmon Evolution shows how a pressured quarter can leave a story looking unfinished rather than broken. The real opportunity is finding stocks that could be undervalued before the market corrects them.
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Company 1 - 31% below our estimate - targets higher aftermarket revenue as efficiency projects, portfolio pruning and a large valves acquisition reshape margins and contract mix.
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Company 2 - 23% below our estimate - leans on rising robotic surgery adoption and new procedure types to lift installed systems, recurring usage and higher value equipment pull through.
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Company 3 - 34% below our estimate - shifts more customers into paid memberships while scaling trade in, recommerce and logistics to lower delivery costs and reuse old devices.
Those are three of them. See the full list of 191 companies trading below our fair value estimates →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SALME.OL .
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