CEO Trond Håkon Schaug-Pettersen

Salmon Evolution Achieves Breakthrough Year in 2024 with Strong Growth and Industry-Leading Results

A Landmark Year: Record Harvests, Profitable Growth, and Bold Expansion Set the Stage for a Sustainable Future in Aquaculture

Ålesund - Salmon Evolution, a global frontrunner in land-based salmon farming, has marked 2024 as a transformative year, delivering a strong operational and financial performance that reinforces its position at the forefront of sustainable aquaculture. The company’s 2024 annual report highlights key milestones, including record harvests, profitability at scale, and significant strides in expansion both in Norway and internationally.

Click on the image to enlarge it

A Landmark Year for Land-Based Salmon Farming

In 2024, Salmon Evolution harvested 4,891 tonnes HOG salmon—up an impressive 261% from the previous year—bolstered by stable operations and robust biological performance at its flagship facility in Indre Harøy. Notably, the company achieved a superior grade share above 96%, with survival rates exceeding 95% and feed conversion ratios nearing 1.0—metrics that surpass traditional net-pen farming standards and highlight the effectiveness of Salmon Evolution’s hybrid flow-through technology.

The company also saw a 160% increase in harvest volume, driving operating revenues to 471.6 million NOK, up from 168.4 million NOK in 2023. With positive EBITDA of 71.4 million NOK, compared to a negative 84.0 million NOK the prior year, Salmon Evolution becomes the first land-based salmon farmer to demonstrate profitability at scale—a milestone that could reshape the future of sustainable aquaculture.

CEO Perspective: Steady Ground, Bold Ambitions

CEO Trond Håkon Schaug-Pettersen expressed optimism about the company’s trajectory:

“With profitability achieved at commercial scale, stable operations, and a fully funded expansion underway, 2024 was a defining year for Salmon Evolution. We’re proving that land-based salmon farming can be both sustainable and financially viable at scale.”

Strategic Expansion: Indre Harøy Phase 2 on Track

In June 2024, the company greenlit Phase 2 of the Indre Harøy expansion, a project that will elevate total annual harvest capacity from 7,900 to 18,000 tonnes HOG upon completion in 2026. The expanded facility will incorporate additional tank capacity and an optimized grow-out strategy to reduce production cycles and boost efficiency.

Click on the image to enlarge it

By year-end, 407 million NOK had been invested in Phase 2, with significant construction milestones reached, including delivery of the intake manifold and continued progress on tank installation. The project is advancing as planned, with first smolt release slated for Q1 2026.

Strong Financial Footing

Salmon Evolution ended 2024 with a solid liquidity position—cash and equivalents at 429.4 million NOK and total available liquidity of 684 million NOK, including undrawn credit facilities. Cash flow from operations was positive at 43.3 million NOK, a dramatic turnaround from a negative 124.4 million NOK in 2023. The successful equity raise in June 2024 contributed 342.3 million NOK in financing.

Despite a net loss of 47.4 million NOK, this represents a significant improvement from the 145.8 million NOK loss in 2023. The operating profit also rebounded sharply, narrowing to a loss of 15.2 million NOK from a 110.5 million NOK loss the year prior.

Global Expansion Plans Progressing

Salmon Evolution continues to pursue international growth, with projects under development in both North America and South Korea.

• In North America, the company is in advanced negotiations for a promising site, aiming to replicate the Indre Harøy model at a full-scale 36,000 tonnes HOG facility. Regulatory processes are underway, with operations projected to begin later this decade.

• In South Korea, the joint venture with Dongwon Industries remains active. While permitting progresses steadily, engineering activities have been scaled down due to site-specific challenges and cost considerations. The project remains strategically important, but the company is closely evaluating feasibility and financial support options with local authorities.

Operational Highlights and Biological Excellence

Biomass production rose by 52% to 5,706 tonnes LW, with standing biomass at year-end of 2,023 tonnes. Despite early-year challenges related to smolt quality, rapid response measures and improvements at the Dale smolt facility led to a robust second half, with biomass production accelerating and operational performance stabilizing.

Upgrades at Dale—including new heating capacity—delivered strong results, with biomass growth up 36% year-over-year. The company also improved the smoltification process, minimizing future biological risk.

Industry Impact and Looking Ahead

With a fully stocked farm and strong momentum heading into 2025, Salmon Evolution is well-positioned for continued growth. Its success underscores the viability of land-based salmon farming as a sustainable, scalable alternative to traditional aquaculture.

“We’ve not only proven the commercial potential of our model—we’ve set the standard,” said Schaug-Pettersen. “With Phase 2 underway and exciting opportunities on the horizon, we’re just getting started.”

[email protected]
www.seafood.media

Address:	Torget 5
City:	Elnesvågen
State/ZIP:	(NO-6440)
Country:	Norway
Phone:	+47 46 86 00 00
E-Mail:	[email protected]
Skype:	https://www.instagram.com/salmonevolution/
More about:

Print