Salmon Evolution said it is entering a “new chapter” following the start-up of Phase 2 operations at Indre Harøy and completion of a refinancing package that strengthened its liquidity position ahead of planned production growth.
The land-based salmon farmer posted Q1 revenue of NOK 152.2 million ($14.8 million) versus NOK 50 million a year earlier, with farming EBITDA of NOK 17.6 million and group EBITDA of NOK 9.5 million.
The company harvested 1,765 tonnes at an average harvest weight of 3.2 kg head-on gutted, achieving an all-in price of NOK 84/kg with a superior share of 94%.
Salmon Evolution said growth accelerated during the quarter following implementation of a new feed regime and operational changes, reinforcing confidence in production targets for the coming periods.
Phase 2 has now been taken into operation, with the first smolt release completed. Civil construction is largely finished, with process installations remaining the main focus area.
Arctic Securities said the company now appears to be at an “inflection point”, with production expected to more than double over the next 12 months through improved productivity in Phase 1 and ramp-up of Phase 2.
The bank highlighted harvest weight progression, cost reductions toward the company’s NOK 60/kg target, and the timing of a final investment decision on pre-grow-out tanks as the key operational watch points.
Salmon Evolution targets harvest weights above 4 kg through 2026 and a run-rate production capacity of 14,600 tonnes within 12 months. Arctic Securities estimated harvest volumes of roughly 11,200 tonnes based on current stocking levels.
Remaining Phase 2 CapEx stood at NOK 785 million at the end of the quarter, including a potential NOK 400 million investment tied to pre-grow-out tanks.
Following a NOK 411 million equity raise and refinancing completed in April, total available liquidity was approximately NOK 1.2 billion, according to Arctic Securities.
