Salmon Evolution raises £33.7m with share issues
Land-based fish farmer will use funding to pay off short-term loan and finish phase 2
Land-based fish farmer Salmon Evolution has completed a private placement of 89 million new ordinary shares in the company with gross proceeds of NOK 400.5 million (£31.8m / €36.7m). The company has also gained a new shareholder.
In addition, a retail offering of new shares in the company was successfully placed, with gross proceeds of NOK 10.8m (£858,000).
The company states in a stock exchange release that part of the proceeds from the private placement will be used to repay debt.
Repayment and cash buffers
The net proceeds from the private placement, together with the refinancing of debt, will be used to repay a short-term loan facility provided by DNB Bank ASA and Nordea Bank Abp, provide additional buffers to facilitate the completion of phase 2 of Salmon Evolution’s hybrid recirculation / flow-through facility on the island of Indre Harøy, and for general corporate purposes, the company writes.
In more detail, the refinancing involves the following:
- an increase in the group's total long-term loan facilities by NOK 250 million
- a three-year loan facility agreement, with an option for a one-year extension, subject to the lenders’ consent
- a repayment profile of approximately 15 years, starting in the first quarter of 2028
New shareholder
Certain new and existing shareholders had indicated in advance that they would subscribe for offer shares at the offer price (NOK 4.50 per share) for a total of more than NOK 200 million.
Among the existing shareholders, Ronja Capital Investment AS and Farvatn Private Equity AS had made commitments of over NOK 100 million.
The company Kontrazi AS, which is closely associated with Kontrari AS, has become a new shareholder in the company and purchased shares for NOK 100 million.
Market update
Salmon Evolution is scheduled to announce its first quarter 2026 results on May 6, 2026. As a result of the company conducting a private placement close to the quarterly presentation, it has also announced certain selected, preliminary and estimated figures related to the first quarter 2026 results:
- For the group: approximate financial figures with operating revenues of NOK 152 million, operational EBITDA of NOK 9 million and operational EBIT of minus NOK 11 million.
- For the farming segment: approximate financial figures with operational EBITDA of NOK 18 million and a farming EBITDA cost of NOK 72.6 per kilo.
The company emphasises that not all financial reporting and related consolidation, review and control procedures have been completed. The estimates provided in the announcement may therefore be adjusted and changed.
