© Salmon Evolution
Salmon Evolution, a leader in land-based salmon farming, continues to demonstrate strong operational results as it heads into a high-stakes fourth quarter. During Q3, the company achieved a Farming EBITDA of NOK 2.2 million despite a group EBITDA of -7.3 million NOK, signaling positive performance from its core farming operations even as it pushes towards ambitious expansion goals.
In a strategic move, Salmon Evolution delayed certain harvests to the fourth quarter to capitalise on anticipated higher market prices, a decision that aligns with the company’s ongoing efforts to optimise revenue in a fluctuating market.
Despite this tactical adjustment, the company remains on track to meet its full-year harvest guidance of 5,000 tonnes for 2024. With a standing biomass nearing record levels at approximately 2,600 tonnes live weight, Salmon Evolution is well-positioned to maximise harvest returns in the final months of the year.
“We have used the third quarter well, restocking [our Indre Harøy facility] and ensuring that we are in a strong position going into 2025, where we expect to increase production by about 40 percent,” said Salmon Evolution CEO Trond Håkon Schaug-Pettersen, in a press release.
Expansion on track for 2026
One of the company’s biggest milestones this quarter has been the accelerated progress on its new facility, which is set to increase total output to 18,000 tonnes annually upon completion. After securing the final investment decision in June, construction activities for the site have surged forward. The new facility, expected to be ready for its first smolt release in early 2026, will provide a substantial boost to the company’s organic growth capacity.
“The project is on track for first harvest during 2026, and we have gotten off to a very good start at the building site,” Schaug-Pettersen said. “With phase 2 online, we will have an operational strength few in the industry can rival.”
Financial Resilience Supports Expansion
As Salmon Evolution advances its ambitious growth targets, its financial position remains strong. With NOK 866 million in available liquidity, including committed undrawn credit facilities, the company has the necessary capital to support ongoing operations and development projects. Additionally, NOK 1.45 billion in earmarked construction financing underpins the company’s expansion, ensuring the company’s goals remain financially achievable.
