Salmon Evolution, Indre Harøy, Norway.
Photo: Artec Aqua AS
Norwegian land-based salmon farming company Salmon Evolution has reported its results for the first quarter of 2025 this week, confirming "record biomass growth".
The company harvested 581 tonnes HOG, including post-smolt, generating revenues of NOK 49.7 million. The first quarter saw an overall operational loss, as Group EBITDA came in at NOK -4.1 million, although Farming EBITDA reached NOK 5.7 million.
As previously indicated by the company's Q1 operational update, the standing biomass at Salmon Evolution's Indre Harøy facility increased by 45% from the previous quarter to a new high of 2,939 tonnes LW, having achieved its targets for run-rate levels in terms of both volume and fish numbers. Net biomass growth for the quarter was 1,624 tonnes LW, a 7% increase compared to Q4 2024.
"Achieving our targeted run-rate biomass is essential for unlocking the full potential at Indre Harøy," said CEO Trond Håkon Schaug-Pettersen. "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."
Construction of the Phase 2 expansion at the company's hybrid flow-through facility is "well underway" and has progressed as planned during the quarter, Schaug-Pettersen said, with Salmon Evolution remaining on track for the first Phase 2 smolt release in Q1 2026 and first harvest in the final quarter of that year.
"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.
The company reported it had NOK 418 million in available liquidity at the close of Q1, including undrawn credit facilities, with NOK 1,450 million earmarked for construction financing related to the Phase 2 expansion.