Salmon Evolution reports record Q4.
Land-based farming frontrunner Salmon Evolution posted revenues of NOK 149.5 million ($13.3 million) in the fourth quarter of 2024, delivering a group EBITDA of NOK 9.2 million ($820,000) and a Farming EBITDA of NOK 15.3 million ($1.36 million).
The company ended the year with a new harvest record and reinforced its position as a leader in land-based salmon farming.
“We are very pleased by ending 2024 with a new harvest record and strong KPIs, highlighting the significant milestones we have achieved in the last 12 months,” said CEO Trond Håkon Schaug-Pettersen. “2024 has further strengthened our position as the leading land-based salmon farmer globally.”
Biomass growth in the quarter reached 1,518 tonnes live weight (LW), the second highest on record and an 11% increase quarter-on-quarter. The company enters 2025 with a fully stocked farm and strong growth momentum, supported by stable operations at its Indre Harøy and Dale facilities.
The Phase 2 expansion project at Indre Harøy remains on track, with first smolt release expected in the first quarter of 2026. “We are on plan and budget and are very happy with the progress at the building site. With Phase 2 up and running, we will have an operational strength few in the industry can rival,” Schaug-Pettersen added.
Key Highlights from Q4 2024:
- Harvest Record: Total harvest of 1,729 tonnes head-on gutted (HOG), including post-smolt.
- EBITDA Performance: Farming EBITDA of NOK 9 per kg, group EBITDA of NOK 9.3 million, and Farming EBITDA of NOK 15.3 million.
- Strategic Pricing: Deliberate backloading of harvest in the second half of 2024 contributed to solid price achievement.
- Biomass Growth: Standing biomass at quarter-end reached approximately 2,000 tonnes LW.
- Phase 2 Expansion: Construction progressing as planned, with first smolt release scheduled for Q1 2026.
- Financial Strength: Available liquidity of NOK 684 million ($60.7 million), including committed undrawn credit facilities, and NOK 1.45 billion ($128.8 million) in earmarked construction financing.
With its facility in Norway now fully operational, the company aims to expand internationally, targeting a long-term production capacity of 100,000 tonnes HOG annually.
