Seafood-Chilean biomass 4.9% lower Y/Y per end of April-05/26/2026

Research evidence excerpt

Seafood-Chilean biomass 4.9% lower Y/Y per end of April-05/26/2026

Seafood

NEWSFLASH | 26 MAY 2026

Chilean biomass 4.9% lower Y/Y per end of April

We are nearing the inflection point. Chilean Atlantic salmon harvest grew +3% Y/Y in April, but underneath the hood;

Biomass is 4.9% lower Y/Y (vs. -3.7% per March). Number of *sh in sea is down 1.8 % Y/Y (~4m individuals less) while weights

are -3.2% Y/Y. Biomass production continue to lag last years print; now ~5% lower Y/Y (5th month in a row with slower growth

Y/Y). PAS pencil in 1.6% growth from Chile in 2026e, while YTD harvest is +16%. We believe our estimates are within reach

based on H1 growth (biomass overhang entering the year) and negative growth in H2. Slowing biomass production limits

the supply potential from Chile and with biomass now also entering a meaningful Y/Y decline, we read this print as a positive

print for the Norwegian names. Slides attached.

Please *nd slides for April 2026 biomass update attached

Another month of slowing biomass growth should see Chilean growth ease in the coming months

• Biomass in sea -4.9% Y/Y

• Number of individuals in sea -1.8% Y/Y

• Weight of sh in sea -3.2% Y/Y

• LTM smolt stocking +0.6% Y/Y, while number of 25G of sh in sea is down 3.3% Y/Y (down 5m individuals G/G)

Chilean biomass of Atlantic salmon in sea ~4.9% lower Y/Y and biomass production still lagging 2025

Chile: Monthly biomass production (LWT)

Chilean atlantic salmon in sea (m, Y/Y)

210 1.0% 90 000

200 0.5% 80 000

0.0%

70 000

180 (0.3%)(0.4%)

-0.5%

170 60 000

-1.0%

50 000

150 -1.5%

(1.7%)(1.8%)

140 -2.0% 40 000

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12

Min/max (17-23) Avg (17-23) 2025 2026 Y/Y Min/max (19-23) Avg (19-23) 2025 2026