Salmon Evolution reports record Q1 harvest, but prices fall short of expectations

Norwegian land-based aquaculture firm Salmon Evolution has presented its full results for the first quarter of 2026, reporting a record harvest, but noting that salmon prices were lower than it had expected at the start of the year.

The land-based salmon farmer harvested 1,765 tonnes HOG during the quarter, in line with guidance. Average harvest weight was 3.2kg, and 94% of the volume was classified as superior grade.

The financial results showed that revenue reached NOK 152.2m (EUR 13.9m / USD 16.4m). Farming EBITDA was NOK 17.6m (EUR 1.6m / USD 1.9m), while group EBITDA was reported as NOK 9.5m (approximately EUR 870,000 / USD 1m).

The company achieved an all-in price of about NOK 84 per kg, up 12% from the same quarter last year, but below management’s expectations. Salmon Evolution said this was largely due to increased salmon supply.

Farming EBITDA costs were NOK 72.6 per kg, broadly unchanged from the previous quarter. Presenting the results, CFO Trond Vadset Veibust said costs should fall as production increases throughout 2026 and volumes from the company's Phase 2 facility, which has now begun operating, are added. The company is aiming for farming EBITDA costs in the low NOK 60s per kg by mid-2027.

Salmon Evolution recently released the first smolt into Phase 2 of its Indre Harøy hybrid flow-through facility after completing the first smolt release. The company said it plans a second release "within weeks" and expects to stock about 2.8 million smolt at the site in 2026, around 60% more than last year.

“I am incredibly proud of the collective effort that has brought Salmon Evolution to where we are today. This milestone would not have been possible without the dedication and hard work of our entire organization”, CEO Trond Håkon Schaug-Pettersen said.

“With Phase 2 operational and a solid capital structure in place, we are ready for the next chapter”, he added.

The company siad Phase 2 is now around 80% complete, with approximately seven months of work remaining. The company said the budget was tight and that it had added a 5% contingency buffer.

In April, Salmon Evolution completed a refinancing and private placement, whereby its long-term debt facilities were increased by NOK 250m (approximately EUR 22.9m / USD 27m), while the share issue raised gross proceeds of NOK 411.3m (EUR 37.6m / USD 44.4m).