Aerial view of Salmon Evolution's hybrid flow-through facility at Indre Harøy in November 2025, showing progress on its Phase 2 expansion.
Photo: Salmon Evolution
"A lot has happened at Indre Harøy lately,” said Salmon Evolution CEO Trond Håkon Schaug-Pettersen, indicating an updated aerial shot of the aquaculture facility as he opened this morning's Q3 results presentation.
The company's first smolt release in its new Phase 2 facility is scheduled for the first quarter of 2026, with preparatory testing and commissioning work to start “in less than 30 days,” according to the CEO.
The Norwegian land-based aquaculture company, which operates a hybrid flow-through facility at Indre Harøy near Molde, Norway, has reported record biomass production and stable operations during the third quarter of 2025.
During the quarter, the company achieved revenues of NOK 86.5 million (€7.3m / US$7.9m) after harvesting 1,387 tonnes of salmon (head-on gutted). However, Salmon Evolution made an operational loss, with a farming EBITDA of –NOK 30.6 million (€2.6m / US$2.8m) and a group EBITDA of –NOK 40.5 million (€3.4m / US$3.7m). The company also made an operational loss in the previous quarter.
The CEO said the figures were “a reflection of both very weak salmon prices during the quarter, as well as some temporary effects on farming costs.” He added that harvest volumes were close to 1,400 tonnes but around 8% below expectations due to lower-than-expected biomass. “We have already reviewed and adjusted operating procedures to address this going forward,” he said.
Looking ahead, Schaug-Pettersen said the company expected a “significant increase” in harvest volumes in 2026. “On that note, we are very pleased to see salmon price expectations for next year have come significantly up and we believe we are in a very good position to capitalise on this going into next year,” he said.
He outlined the company’s near-term focus as being on “two main priorities”: ensuring operational excellence in Phase 1 and executing Phase 2 “on time and on budget,” and described the imminent Phase 2 expansion as “a game changer" for the company. "With this expansion, we are moving towards an 18000 tonnes operation, which will be substantial in itself, and gives us the critical scale needed for strong returns, and also setting the stage for further growth," he explained.
Schaug-Pettersen added that planning for Phase 3 at Indre Harøy was already under consideration, describing it as “the obvious next step” given that “all the infrastructure is in place” and “the return metrics are very good.”
“Longer term, we have naturally ambitions beyond Indre Harøy, and as the global frontrunner in this industry, we see a lot of future opportunities for expansion,” he said. “Our strategy is clear: it’s about maximising what we have, delivering Phase 2 flawlessly, and using this as a launchpad for further expansion.”
The land-based salmon producer recently announced it has entered the Italian market through a collaboration with fish processing company Milarex and a leading Italian supermarket retailer, launching the country’s first consumer pack of land-based smoked salmon under The Icelander brand.
The product became available in stores on 9 October, marking the first time Italian households were able to buy salmon produced by land-based aquaculture.