Salmon Evolution enters scale-up phase, prepares to double output

Norwegian land-based aquaculture firm Salmon Evolution has reported its results for the final quarter of 2025, showing a group EBITDA loss of more than NOK 8 million in Q4, while outlining its ambitions for 2026 as it prepares to double production capacity.

Presenting the results via livestream this morning, CEO Trond Håkon Schaug-Pettersen argued the company is now "moving towards a clear inflection point, where we go from build up to execution," with preparations underway for the Phase 2 expansion at its Indre Harøy hybrid flow-through facility in northern Norway to begin operations this spring.

The company achieved revenues of NOK 98.7 million in Q4, following the harvest of 1,203 tonnes (HOG) salmon. However, group EBITDA came in at NOK -8.4 million, which Schaug-Pettersen said reflected continued pressure on market prices due to high global supply growth. Farming EBITDA was NOK -1.3 million, although if Phase 2 ramp-up costs are excluded, the company's farming operations broke even during the quarter, the CEO said.

“While the quarter was affected by pressure on market prices, the underlying financial development was in line with our expectations. We made a strategic choice to prioritize 2026, entering the year with record biomass levels in anticipation of a stronger market,” he said.

The company’s expansion at Indre Harøy remains central to its growth plans. The company confirmed that Phase 2 is approximately 70% complete and is currently undergoing testing and commissioning ahead of the first smolt release, scheduled to take place in April.

“Phase 2 is on track and approximately 70% completed, and we clearly see that the learnings from Phase 1 have been translated into tangible improvements,” Schaug-Pettersen said. “With first smolt release less than 60 days away, we are entering the scale-up phase for Salmon Evolution, supported by a proven platform and positioned to double production capacity over the next 12 months.”

Salmon Evolution plans to release 2.8 million smolt in 2026, marking a 65% increase compared with 2025.

During his presentation this morning, Schaug-Pettersen said that Phase 2 "is about quality as much as scale" and "is not just about volume but biology, lower risk and better margins."

He commented that the company's four years of experience in Phase 1 had enabled them to identify "specific bottlenecks around particle levels, CO2 and flow" and guided decisions on technical improvements such as adding more 20% seawater into the system to improve water quality, upgrading degassing systems and water hydraulics, and adding particle filtration on recirculated water.

He added that the company was also using an improved feed composition expected to improve water quality, and that it is "increasingly using data and AI to replicate what works tank by tank and cycle by cycle". "These learnings are already embedded in Phase 2, and we see potential for Phase 1 upgrades in a very cost efficient manner," he noted.

The company also confirmed it has updated its partnership model in Korea - as reported by WeAreAquaculture in January, it had already indicated it would be stepping back from its joint venture South Korea to focus on its "strategic priorities in the near to medium term", namely its continued ramp-up in Norway.