Salmon Evolution reports breakeven farming operations in Q4 as phase 2 enters commissioning.
Salmon Evolution ended the fourth quarter of 2025 with continued operational progress at its Indre Harøy facility, while financial performance remained constrained by weak salmon prices and ongoing ramp-up costs linked to its second development phase.
Group revenues for the quarter totalled NOK 98.7 million ($9.9 million), with group EBITDA of -NOK 8.4 million ($-0.8 million), following harvest volumes of 1,203 tonnes head-on gutted (HOG). Farming EBITDA was -NOK 1.3 million ($-0.1 million). The company said farming operations were breakeven when excluding phase 2 ramp-up costs.
Salmon Evolution attributed the negative group result primarily to continued pressure on market prices driven by high global supply growth, alongside costs associated with scaling the Indre Harøy site. Management said underlying performance was broadly in line with internal expectations.
The company is currently in testing and commissioning of Indre Harøy phase 2, with first smolt release scheduled for week 17. Approximately 70 percent of the phase 2 build-out is complete, with civil works largely finished and process installations now the main focus.
Salmon Evolution plans to release 2.8 million smolt in 2026, up around 65 percent from 2025, as it moves into what it describes as a scale-up phase. The company expects phase 2 to enable a doubling of production capacity over the next 12 months.
Management also said it has updated its partnership model in Korea to better reflect near- to medium-term priorities, including operational execution and completion of phase 2, though no financial details were provided.