Salmon Evolution CFO Trond Vadset Veibust (left) and CEO Trond Håkon Schaug-Pettersen (right) at Indre Harøy.
Photo: Salmon Evolution.
Norwegian land-based salmon farmer Salmon Evolution reported a farming EBITDA loss of NOK 3.0 million (EUR 276,000/USD 322,000) in the second quarter of 2026, as weak salmon prices and the timing of harvests impacted its results.
Group EBITDA came to negative NOK 11.1 million (EUR 1.02m/USD 1.19m) for the quarter, while year-to-date farming EBITDA remained positive at NOK 14.6 million (EUR 1.34 million/USD 1.57 million). Salmon Evolution also reported a group EBITDA loss for the first half of the year of NOK 1.7 million (EUR 156,000/USD 183,000).
The company said low salmon prices, together with a harvest profile weighted towards later in the year, affected its second-quarter performance.
Farming costs were approximately NOK 71 per kg (EUR 6.52/USD 7.62), slightly lower than in the first quarter and 13% below the same period last year.
The financial update follows Salmon Evolution's July operational report, when the company disclosed a second-quarter harvest of 945 tonnes HOG, down from a record 1,765 tonnes in the first quarter.
At the time, Salmon Evolution said biological performance was improving in Phase 1 at its hybrid flow-through Indre Harøy facility, while Phase 2 had been progressing according to plan since operations began in late April.
The company has now completed a third smolt release into Phase 2, which took place in July.
Salmon Evolution said it remains on track to release a combined 2.8 million smolt across Phases 1 and 2 during 2026, an increase of 65% compared with last year.
The company also said it expects production volumes to more than double over the next 12 months as Phase 2 ramps up and operational improvements in Phase 1 take effect.
Salmon Evolution said the impact of new feed and operating protocols introduced in Phase 1 is becoming increasingly visible, although it expects further benefits ahead.
“With Phase 1 steadily improving and Phase 2 ramping up according to plan, Salmon Evolution is entering a period of substantial growth,” said CEO Trond Håkon Schaug-Pettersen, via a press release.
“We expect production volumes to more than double over the next 12 months, driving better unit economics and profitability. Combined with an expected recovery in salmon prices, this puts us in a good position as we enter what we believe will be one of the most exciting phases in the company’s history.”