Negative Q3 EBITDA, what does it mean for expansion.
Land-based salmon farmer Salmon Evolution reported record biomass production and steady biological performance in the third quarter of 2025, positioning the company to benefit from improving market conditions after a period of weaker prices.
Revenue totalled NOK 86.5 million ($8.57 million), with harvest volumes of 1,387 tonnes HOG. The company reported a farming EBITDA of NOK -30.6 million (-$3.03 million) and a group EBITDA of NOK -40.5 million (-$4.01 million), attributing the results to low spot prices and temporary cost effects related to farming operations.
Chief executive Trond Håkon Schaug-Pettersen said the company’s expansion remains on track. “Phase 2 is on schedule, with testing and commissioning starting in less than 30 days,” he said. “This represents a major milestone for Salmon Evolution, and I am more confident than ever that we will deliver strong value for our stakeholders and continue to lead the industry forward.”
At the end of the quarter, Salmon Evolution had a standing biomass of 3,009 tonnes live weight, the highest in the company’s history. The Indre Harøy facility remained fully stocked, and the company expects to release first smolt into its Phase 2 system in the first quarter of 2026.
Forward salmon prices strengthened through September, and the company reaffirmed its harvest guidance of 7,000 tonnes HOG for 2026, approximately 50 percent higher than expected 2025 volumes.
Salmon Evolution describes its hybrid flow-through system as a model that combines the biological advantages of conventional sea-based farming with the environmental control of land-based production, reducing operational risk while maintaining growth potential.
