Seafood-Chilean biomass 5.5% lower Y/Y per end of May-06/26/2026

研报英文原文证据摘录

Seafood-Chilean biomass 5.5% lower Y/Y per end of May-06/26/2026

Seafood

NEWSFLASH | 26 JUN 2026

Chilean biomass 5.5% lower Y/Y per end of May

Chilean Atlantic salmon harvest fell 3.6%Y/Y in May and biomass continue to trend lower, now sitting at -5.5% Y/Y (vs -4.9%

in April). Biomass production to continue to track below last year’s prints, now 7% lower Y/Y. The number of ,sh increased

M/M on higher stocking and is now down 0.8% Y/Y. LTM smolt stocking sits 3.1% higher Y/Y, but 25G is however down 4%

Y/Y in number. PAS estimates +1.6% Chilean growth in 2026, while YTD harvest growth is now +11.9% (vs +16% in April).

This print con,rms our view that Chile will now enter a period of negative growth, which all else equal should be viewed as

positive read-across for the Norwegian names. Slides attached.

Please ,nd slides for May 2026 biomass update attached

Slowing biomass growth should result in slowing Chilean harvest in the coming months

• Biomass in sea -5.5% Y/Y

• Number of individuals in sea -0.8%

• LTM smolt stocking +3.1% Y/Y, while number of 25G sh in sea is down 4% Y/Y

Chilean biomass of Atlantic salmon in sea ~5.5% lower Y/Y and biomass production still lagging 2025

Chilean atlantic salmon in sea (m, Y/Y) Chile: Monthly biomass production (LWT)

210 1.0% 90 000

200 0.5% 80 000

0.0%

70 000

180 (0.3%)(0.4%)

-0.5%

170 (0.8%) 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

Chilean salmon individuals in sea per generation (m) Chilean biomass of atlantic salmon (kt)

250 550 6%

4.0%

200 190 188 500 4%

2%

150 63 66 450 -0.6%

0%

100 -3.7% -2%

126 121 -4.9%-5.5% -4%

300 -6%

0 250 -8%

5-2025 5-2026 1 2 3 4 5 6 7 8 9 10 11 12