Salmon Evolution increased standing biomass by more than 50% in 2025, even as lower salmon prices and higher farming costs pushed the company into an operational EBITDA loss, according to the land-based farmer’s annual report.
Standing biomass rose to 3,115 tonnes live weight from 2,023 tonnes in 2024, while net growth increased to 6,451 tonnes from 5,706 tonnes.
Harvest volumes fell to 4,403 tonnes head-on gutted from 4,891 tonnes.
Operating revenues declined to NOK 326.0 million (€30 million) from NOK 471.6 million, while operational EBITDA was negative NOK 78.7 million (€7.2 million), compared with positive NOK 71.4 million a year earlier.
All-in price realisation fell to NOK 69.5/kg from NOK 93.4/kg. Farming costs rose to NOK 77.1/kg from NOK 67.8/kg, resulting in farming EBITDA per kilo of negative NOK 9.0 versus positive NOK 23.0 in 2024.
Cash and cash equivalents fell to NOK 163.4 million (€15.0 million), while net interest-bearing debt rose to NOK 1.76 billion (€161.7 million).
The equity ratio declined to 49% from 70%.
