Seafood-Biomass +0.3% Y/Y – Biomass production higher Y/Y-05/20/2026

研报英文原文证据摘录

Seafood-Biomass +0.3% Y/Y – Biomass production higher Y/Y-05/20/2026

Seafood

NEWSFLASH | 20 MAY 2026

Biomass +0.3% Y/Y – Biomass production higher Y/Y

Norwegian salmon biomass in sea per April sit at ~852kt, some +0.3% Y/Y. 25G biomass is however +1% Y/Y. Number of

individuals in sea is -1.4% lower (-3.1% per March) with less fish from previous generations. Feed consumption is up 3% Y/Y,

while mortality ticked lower to 0.8% (1.2% in March). Northern Norway II (PA10-13) salmon biomass +5.1% looks particularly

strong, which coincides well with SALM’s comment about their Norwegian biomass being +9% Y/Y per Q1 end on the back

of 10y high productivity. PAS pencil in +2% Norwegian volume growth for 2026e. Link to slides.

Please find slides for the April 2026 biomass update attached

Key highlights: Still strong production in sea

Biomass: +0.3% Y/Y in April vs -1.3% Y/Y per March, with lower harvesting and lower mortality (0.8% vs 1.2% in March). Harvest weights

were up 1% Y/Y. Still, production remains high for the fourth month of 2026, which in combination with still favorable seawater temperatures

should allow for similarly strong biomass figures into June. Biomass figures look particularly supportive for SALM.

Number of individuals: -1.4% Y/Y – Worth noting that 25G (which will constitute the majority of harvest in 2026) looks very strong, with

biomass +2% and number of individuals down 5%.

Weight of fish in sea: +1.7% Y/Y (more harvest-ready fish)

Northern Norway higher Y/Y

PA 10-13 biomass some 5.1% higher Y/Y

PA 8+9 biomass some 1.3% higher Y/Y

PA 5-7 biomass some -6.5% lower Y/Y

PA 3+4 biomass (salmon) up 2.3% Y/Y

PA 1+2 biomass some -25% lower Y/Y (Soft GSF print known through the extended trading update)