According to Swedish legislation, yes.
If 100 g of ready made sausage include meat that weighed 104 grams just before being added to the rest of it, then that counts as a sausage having 104% of meat. No problem at all if the percentage does not add up to 100.
Obviously, in the process of making sausages, the meat loses some weight insofar as it gets drier, loses water content. So, if ever you come to Sweden and find sausages with meat content above 100%, do not fear. It is just the legal method of calculating percentages, same for all ingredients, whether they lose weight or not, that has been legally applied. And although I cannot say that I know the other percentages in that sausage, I am pretty sure that if meat ingredient weighs more than sausage when ready, it is a pretty meaty sausage./HGL