Salmon Evolution Q2 results hit by weak prices and higher farming costs

Land-based salmon farmer Salmon Evolution has reported revenues of NOK91.1 million ($8.86 million) for the second quarter of 2025, after harvesting 1,232 tonnes head-on gutted (HOG) of salmon. However, the company's results were impacted by weak salmon prices and temporarily higher farming costs, leading to a farming EBITDA of negative NOK13.2 million and a Group EBITDA of negative NOK25.6 million for the quarter.

The company stated that the higher farming costs were due to non-recurring factors related to the harvest of underperforming groups affected by smolt quality issues from last year. The farm's net biomass growth for the quarter was 1,604 tonnes, a figure that was reduced by approximately 100 tonnes due to a precautionary pause in feeding related to construction for the facility's second phase.

Despite the challenging quarter, the company noted that its farm at Indre Harøy remains fully stocked, ending the period with a standing biomass of 3,043 tonnes. Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution, said that with a "strong" operational platform, the company is well positioned to capitalise on an expected salmon price recovery in 2026.

The company also reported that its Phase 2 expansion project is progressing on schedule, with the first smolt release targeted for the first quarter of 2026. To strengthen its financial flexibility, the company has secured a new credit facility of up to NOK250 million.