Salmon Evolution reports record biomass production in first quarter.
Salmon Evolution reported record standing biomass in the first quarter of 2025, but harvest volumes and slaughter weights remained below previous quarters, reflecting the ongoing impact of smolt quality challenges experienced in the first half of 2024.
The company ended the quarter with an all-time high standing biomass of 2,939 tonnes live weight (LW), up 45 percent from the fourth quarter of 2024. Net biomass growth during the quarter reached 1,624 tonnes LW, an increase of 7 percent from the preceding quarter.
Harvest volumes totalled 581 tonnes head-on gutted (HOG), down from 1,729 tonnes in the fourth quarter of 2024. The average slaughter weight was 2.3 kilograms HOG, compared with 3.8 kilograms in both the fourth quarter of 2024 and the first quarter of 2024.
The company said the reduced harvest weights were due to smolt quality issues from the first half of 2024. Superior share improved to 97 percent, up from 95 percent in the prior quarter.
Revenues in the period were NOK 49.7 million ($4.77 million/€4.27 million), while group EBITDA was negative NOK 4.1 million (-$0.39 million/-€0.35 million). Farming EBITDA was NOK 5.7 million ($0.55 million/€0.49 million).
“Achieving our targeted run-rate biomass is essential for unlocking the full potential at Indre Harøy,” said Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution. “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.”
Phase 2 expansion at the company’s Indre Harøy facility remains on schedule, with the first smolt release targeted for the first quarter of 2026 and first harvest in the fourth quarter of the same year. The company reported NOK 418 million ($40.13 million/€35.95 million) in available liquidity at the end of the quarter, including committed undrawn credit facilities, and NOK 1.45 billion ($139.2 million/€124.7 million) in earmarked construction financing.