Weak fish batch and low prices led to Q3 loss for Salmon Evolution
The Norwegian land-based farmer needs more financing, and has now secured a credit facility of up to NOK 200 million with Scandinavian bank DNB
Published
Salmon Evolution harvested 1,597 tonnes (head on gutted weight) in the third quarter of this year, an increase from 945 tonnes in Q2 and from 1,387 tonnes HOG in Q3 2025 . The achieved price was approximately NOK 64 per kilo and the superior share was 94%.
Farming EBITDA ended at minus NOK 13.3 million, and EBITDA for the group was minus NOK 20.2m. EBIT, a widely accepted measure of operating profit, was minus NOK 41m, a reduced loss compared to the EBIT of minus NOK 61.5m made in Q3 2025.
Biomass growth for the quarter was reported at 1,984 tonnes.
Underperforming batch
As previously reported, harvest weight in Q3 was only 3kg. At the end of Q2, the company expected that the fish harvested in the second half of the year would weigh over 4kg HOG.
The Q3 report states that biomass growth in phase 1 of the hybrid recirculation / flow-through facility was affected by one poorly performing fish group. This group was harvested during Q3, and it is reported that growth in phase 2 has gone according to plan.
"We remain fully focused on unlocking the phase 1 biomass growth potential
through targeted and ongoing initiatives centered on continued water quality
improvements," said Salmon Evolution chief executive Trond Håkon Schaug-Pettersen.
Guidance lowered
The company has reduced its harvest guidance for 2026, now at approximately 5,500 tonnes HOG. The company explains that this is mainly due to the postponement of the first harvest in phase 2 until 2027, when prices are expected to be higher.
So far this year, the company has harvested around 4,300 tonnes HOG: 1,765 tonnes in Q1, 945 tonnes in Q2 and 1,597 tonnes in Q3. This means that the company expects to harvest around 1,200 tonnes in the fourth quarter.
For 2027, Salmon Evolution is guiding for 11,000-12,000 tonnes HOG.
“Strong underlying demand and limited supply growth provide a favourable backdrop for salmon prices heading into 2027. Our production volumes are set to more than double next year. This provides a solid foundation as we now enter the most exciting phase in the company's history,” says Schaug-Pettersen.
Phase 2 almost complete
The development of phase 2 at the site on the island of Indre Harøy is proceeding according to plan, according to the company. Construction is expected to be completed by the end of the year, and the last two tanks will be handed over by the builders in the first quarter of 2027.
When phase 2 is complete, the plant will have an annual production capacity of 15,800 tonnes HOG. According to the company, the site, infrastructure and concessions provide the basis for expansion to approximately 36,000 tonnes HOG per year.