The Norwegian company Salmon Evolution generated USD 4.78 million in revenues in the first quarter 2025 after harvesting of 581 tons HOG including post smolt, with a group EBITDA of USD -394,382 and a Farming EBITDA of USD 548,287. Like this, Salmon Evolution set a new production record during the quarter and increased the standing biomass from the preceding quarter by 45% to 2,939 tons LW, reaching targeted run-rate levels.
CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust presented the results for the first quarter 2025 at Hotel Continental in Oslo, Norway.
“Achieving our targeted run-rate biomass is essential for unlocking the full potential at Indre Harøy. With this in place, alongside strong biological performance, we are well-positioned to continue to scale up both production volumes, harvest and harvest weights moving forward,” Schaug-Pettersen commented.
During the quarter progress in the phase 2 expansion project at Indre Harøy remained strong, and the project is on track for targeted first smolt release in Q1-26 and first harvest in Q4-26. “We maintained strong momentum at the construction site throughout the quarter and successfully achieved all key milestones,” said Schaug-Pettersen.
“With Phase 2 we are creating a unique operational platform and preparations for the first smolt release in about 10 months are already well underway,” he added.
Full Growth Potential
From the company highlighted the new production record with net biomass growth of 1,624 tons LW, up 7% from Q4 2024. Also, the company ending Q1 2025 with a new all-time high standing biomass of 2,939 tonnes LW, a 45% increase from Q4 2024, reaching targeted run-rate levels in both volume and number of individuals, a prerequisite for taking out the full growth potential.
On the other hand, revenues of USD 4.78 million after harvesting 581 tonnes HOG including post smolt, group EBITDA of USD -394,382 and farming EBITDA of USD 548,287. Meanwhile, Indre Harøy phase 2 construction well underway – on track for first smolt release in Q1-26 as planned.
Finally, USD 40.21 million in available liquidity including committed undrawn credit facilities at the end of the quarter. Additionally, the Company has 139.48 USDm in earmarked construction financing.
Strategic Partnership with Lofotprodukt
Some weeks before, Salmon Evolution announced its strategic partnership with Lofotprodukt, which launched smoked salmon made from Salmon Evolution’s land-based salmon under its premium brand, Lofoten. The first-ever smoked salmon consumer pack from a land-based facility to be launched in Norwegian retail.
“Lofoten is a renowned quality brand which combines craftmanship and innovation that aligns perfectly with our values,” explained Odd Frode Roaldsnes, Chief Commercial Officer at Salmon Evolution. “We have received countless requests from consumers eager to purchase our salmon. It is with great excitement that we can now share the news”. Now, this smoked salmon is available in Meny and selected Spar stores all over Norway.
According to them, the smoked salmon represents an advancement in food production, utilizing innovative technology at Salmon Evolution’s land-based facility.
Pioneering the Hybrid Flow-Through System
Let’s remember that Salmon Evolution is a global leader within land-based salmon farming. Pioneering the hybrid flow-through system (HFS), Salmon Evolution is Extending the Ocean Potential by creating optimal growth conditions in a controlled environment on land. This approach, capturing the benefits of both land-based and sea-based farming, puts biology first and limits operational and biological risk.
Salmon Evolution is strategically located the heart of the global aquaculture industry on the west coast of Norway, where the Company has its first facility and global centre of excellence fully operational at industrial scale. Enabled by the proof of concept in Norway, Salmon Evolution targets significant international expansion.
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