Seafood-Biomass +2.6% Y/Y – “Wow factor” in the May print-06/22/2026

Research evidence excerpt

Seafood-Biomass +2.6% Y/Y – “Wow factor” in the May print-06/22/2026

Seafood

NEWSFLASH | 22 JUN 2026

Biomass +2.6% Y/Y – “Wow factor” in the May print

Norwegian salmon biomass in sea per May sit at ~870kt, some +2.6% Y/Y and all-time high for the season (Link to slides). To

put things into perspective, the current biomass is close to August 2025 which may suggest that farmers will hit biomass

limits even earlier this year. By and large, we are witnessing exceptional biology (record low mortality and record high

production for the season). Number of individuals is down 1.1%, feed consumption is +9% Y/Y, with biomass production +

11% Y/Y(!). The 25G is performing strong, with feed consumption +12% and biomass +5% Y/Y. We think the May-print

suggest upside to volumes and hence (even more) downside to price estimates. Thus, it will likely be viewed as delta

negative for the stocks as the price comeback will be postponed even further.

Please nd slides for the May biomass update attached

Key highlights: Biomass production exceeding expectations – yet again

Biomass: +2.6% in May, with 25G performing stellar; biomass up 5.3%, feed consumption up 12% and weight in sea up 7% Y/Y.

Number of individuals: -1.1% Y/Y – with 25G (most of which expected to be harvested in 2026) down -1% (but offset by higher weight)

Average weight of 9sh in sea: +3.8% Y/Y (more harvest ready 9sh in sea)

Regional biomass: Northern Norway continue 9ring on all cylinders

• PA 10-13 biomass +6.9% Y/Y (strong SALM read-X, which we think hold additional upside beyond guidance)

• PA 8+9 biomass +10.3% Y/Y (Solid Mowi north read-X)

• PA 5-7 biomass -9.3% Y/Y (largely driven by PA5. PA6 is up 1%)

• PA 3+4 biomass (salmon) +10% Y/Y (positive read-X for LSG)

• PA 1+2 biomass -27% Y/Y (another soft GSF read-x)