Had to postpone harvest: there have never been more fish here
Norwegian land-based fish farmer Salmon Evolution set a new production record during the first quarter and increased standing biomass by 45% from the previous quarter. Good growth, but also the postponement of harvests affected the biomass.
At the end of Q1 2025, there were 2,939 tonnes (live weight) of biomass in Salmon Evolution's hybrid flowthrough / recirculation facility on the island of Indre Harøy.
Operating revenues for the quarter ended at NOK 49.7 million (£3.6m). The company harvested food fish and sold post-smolts with a combined total weight of 581 tonnes (head on gutted equivalent). This resulted in a Group EBITDA of NOK -4.1m and a Farming EBITDA of NOK 5.7m.
"Achieving our production rate target is crucial to realising the full potential at Indre Harøy," Salmon Evolution chief executive Trond Håkon Schaug-Pettersen says in a stock exchange release.
"With this in place, combined with strong biological performance, we are well positioned to continue to scale up both production volumes, harvest and harvest weights going forward."
Lower harvest than planned
The company writes in its quarterly report that the harvest volume was influenced by a conscious prioritisation of biomass growth and optimisation of standing biomass to support long-term production goals.
"In addition, and as previously communicated, parts of the planned harvest were postponed to the end of the quarter, and limited availability of slaughter capacity led to approximately 300 tonnes originally intended for slaughter in March being postponed to April."
The average harvest weight in the first quarter of 2025 was 2.3 kg HOG.
"As previously communicated, this is due to smolt quality problems that occurred in the first half of 2024."
According to the company, this was compensated for by releasing several new smolt groups in a short period of time, which led to the company entering the quarter with a suboptimal biomass composition.
"This resulted in the need for partial slaughter of some groups at suboptimal weights. Salmon Evolution enters the second quarter of 2025 with a significantly improved biomass composition, and it is expected that slaughter weights will improve from the second quarter onwards. Furthermore, the company expects that the biomass composition will be fully normalised during the second quarter," it says.
Forecast revised down
The harvest forecast for 2025 was revised from an estimated 6,000–6,500 tonnes HOG to 5,800–6,200 tonnes HOG, in line with the expected production escalation, while prioritising maintaining the production rate target throughout the year.
Fewer problems with smolts
In the first quarter of 2025, Salmon Evolution stocked one new smolt group in line with the plan, achieving a stocking weight above the target.
The company says it has not experienced the same challenges that arose in the first half of 2024, which emphasises the positive effect of the corrective measures implemented last year.
"Upgrades at the smolt facility in Dale – including the installation of additional heating capacity to ensure a more stable and favourable growth environment throughout the winter season, as well as improvements to the smoltification process – have had the desired effect, resulting in improved biological performance and higher smolt quality," the company writes.
Phase 2 under construction
During the quarter, there was good progress in the phase 2 development at Indre Harøy, and the project is on track for the planned first stocking of smolt in the first quarter of 2026 and first harvest in Q4 2026.
“We maintained strong progress on the construction site throughout the quarter and reached all important milestones,” says Schaug-Pettersen. “With phase 2, we are establishing a unique operational platform, and preparations for the first smolt release in about 10 months are already well under way.”
Highlights of the quarter:
- New production record with net biomass growth of 1,624 tonnes LW, up 7% from the fourth quarter of 2024.
- Ended the first quarter of 2025 with a new record high standing biomass of 2,939 tonnes LW, an increase of 45% from the fourth quarter of 2024, and reached the target for production rate in both volume and number of individuals - a prerequisite for realising full growth potential.
- Operating revenues of NOK 49.7m after harvesting 581 tonnes HOG (including post-smolts for marine farm customers), Group EBITDA of NOK -4.1m and Farming EBITDA of NOK 5.7m.
- Phase 2 development at Indre Harøy well under way – on track for first smolt stocking in Q1 2026 as planned.
- NOK 418m in available liquidity including unused credit facilities at quarter end. In addition, the company has NOK 1.45 billion in earmarked facility financing.
