Salmon Evolution on track to slaughter 5,000 tons this year.
Norwegian land-based producer Salmon Evolution reported third-quarter revenues of NOK 51.3 million ($4.67 million), with a group EBITDA of NOK -7.3 million (-$664,300) and a farming EBITDA of NOK 2.2 million ($200,200), reflecting stable operations and strong biological performance metrics.
The company strategically deferred certain harvest volumes to the fourth quarter to capitalize on anticipated higher prices and remains on track to meet its annual harvest target of 5,000 tons head-on-gutted (HOG) for 2024.
The standing biomass at the quarter’s close approached record levels, reflecting strong operational momentum.
CEO Trond Håkon Schaug-Pettersen commented, “The third quarter was used effectively to restock our Indre Harøy facility, positioning us to increase production by approximately 40% in 2025. Our stable operations and reliable KPIs instill confidence as we move into the next year.”
Significant progress was made on the company’s Phase 2 expansion project following the final investment decision in June. This expansion is expected to increase total production capacity to 18,000 tonnes HOG, supporting Salmon Evolution’s growth trajectory. Schaug-Pettersen noted, “Phase 2 is progressing well and remains on track for its first harvest in 2026. Once operational, we will have an industry-leading production capacity.”
Key Highlights for Q3
- Stable operations with strong biological KPIs.
- Group EBITDA of NOK -7.3 million (-$664,300) and farming EBITDA of NOK 2.2 million ($200,200), or NOK 3.3 EBITDA per kilogram.
- Harvest volumes deferred to Q4 to maximize price realization, with full-year harvest guidance unchanged.
- Near-record biomass levels of approximately 2,600 tons live weight at the quarter’s end.
- Phase 2 construction at Indre Harøy commenced, with initial smolt release expected in Q1 2026.
- Strong financial position with NOK 866 million ($78.8 million) in available liquidity and NOK 1.45 billion ($131.95 million) earmarked for construction financing.
