Salmon Evolution reduced its farming costs from NOK 81.2 to NOK 70.7 per kilo compared to the second quarter of last year.

Photo: Salmon Evolution.

Salmon Evolution cuts 2026 harvest guidance by 1,000 tonnes

Weak prices characterised the second quarter, but the farmer reduced costs by over NOK 10 per kilo and reduced its deficit significantly.

Therese Soltveit Therese Soltveit Journalist & web editor LandbasedAQ norway

Published August 18, 2026 - 12:50 p.m.

Salmon Evolution now expects to harvest around 6,000 tonnes (head-on, gutted) of fish in 2026. The previous forecast was 7,000 tonnes HOG.

The company explains the 14.3% downward adjustment by saying that biomass production was lower than expected in the first part of the year. At the same time, the first four tanks and the new intake station in phase 2 have been handed over.

“We expect production volume to more than double over the next 12 months,” says chief executive Trond Håkon Schaug-Pettersen in the second quarter report.

CEO Trond Håkon Schaug-Pettersen expects production volume to more than double in the next 12 months.

The remaining food fish tanks in phase 2 of the hybrid recirculation/flow-through facility on the island of Indre Harøy in Norway are scheduled to be completed and put into operation gradually throughout the rest of 2026.

Fluctuating appetite

The report explains that biomass growth in the first quarter was affected by the introduction of new feed and changes in operating protocols.

The company writes that in the second quarter, Salmon Evolution had good feed intake in April, on par with March, while appetite was temporarily lower in May and early June.

This was mainly due to a suboptimal operation related to fish logistics and a longer than normal acclimation period for a new smolt group that was released in phase 1. In the second half of June and into July, appetite recovered in all fish groups.

Following the introduction of the new feed and changes to the operating protocols, Salmon Evolution continued to see positive effects on water quality and growth throughout the quarter. A comparison of similar fish groups above around 3 kg, before and after the changes, shows significantly improved feed intake and growth in the latter part of the production cycle, a period that has historically been associated with declining feed intake. This data shows that the improvements in water quality are enabling further operational progress, but the full positive effects are still ahead for the company.

Lower cost

Salmon Evolution had operating revenues of NOK 66.7 million in the second quarter, compared to NOK 91.1m in the same period last year. The decrease is mainly due to the harvest volume falling from 1,232 to 945 tonnes HOG.

The achieved price was NOK 69.7 per kilogram, compared to NOK 72.1 in the second quarter of 2025.

The cost of farming ended at NOK 70.7 per kilogram. This is down from NOK 72.6 in the first quarter and NOK 81.2 in the same quarter last year.

Operational EBITDA for the fish farming business was NOK -3m, compared to NOK -13.2m the previous year. For the group as a whole, operational EBITDA ended at NOK -11.1m, an improvement from NOK -25.7m.

The operating profit was NOK -31.2m, compared to NOK -46.8m in the second quarter of 2025. After a negative value adjustment of biomass of NOK 5.5 million, the operating profit was NOK -36.7m.

The pre-tax profit ended at NOK -43.4m, compared to NOK -71.7m the previous year.

For the first half of the year, Salmon Evolution had operating revenues of NOK 218.9m. Operational EBITDA for the fish farming business was positive at NOK 14.6m, while the group as a whole had an operational EBITDA of NOK -1.7m. The result before tax was NOK -81.6m.

More than NOK 2bn invested

First smolt stocking in phase 2 at Indre Harøy for Salmon Evolution.

Salmon Evolution invested NOK 229m in Phase 2 during the quarter. By the end of June, a total of NOK 2.09 billion had been invested in the project.

The investment budget for phase 2, including four planned tanks for larger smolts, is up to NOK 2.65bn. The tanks are estimated to cost around NOK 400m, but the investment decision has not yet been made.

The company is targeting an annual production rate of 14,600 tonnes of HOG by mid-2027. When the entire phase 2, including the planned tanks for larger smolts, is completed, the expected annual harvest capacity will be around 18,000 tonnes HOG.

At the end of the quarter, Salmon Evolution had NOK 280.6m in cash. Net interest-bearing debt was NOK 2.04bn, while the equity ratio was 48%.

At the end of the second quarter, NOK 2.09 billion had been invested in phase 2 at Indre Harøy. Of this, NOK 229 million was invested during the quarter.