Photo: Salmon Evolution/FIS

Salmon Evolution Advances Phase 2 Expansion Amidst Market Challenges

Company Positions for Future Growth as Operations Stabilize and Construction Stays on Schedule

INDRE HARØY — Salmon Evolution, a leader in land-based (RAS) salmon farming, is moving forward with its Phase 2 expansion at Indre Harøy, despite a challenging second quarter marked by weak salmon prices. The company reported revenues of $8.6 million (91.1 NOK) from harvesting 1,232 tonnes of head-on gutted (HOG) salmon.

The second-quarter results were impacted by a market downturn and temporary spikes in farming costs, leading to a negative Farming EBITDA of -$1.2 million (-13.2 NOKm) and a Group EBITDA of -$2.4 million (-25.6 NOKm). These costs were linked to non-recurring factors, including the harvesting of salmon groups that had been affected by smolt quality issues in the previous year.

Despite these financial headwinds, the company's operational performance remains strong.

On-Track for Future Growth

Salmon Evolution's farm is fully stocked with a stable biomass of 3,043 tonnes live weight. The company has maintained minimal mortality rates, and its underlying biomass production reached an all-time high in the second quarter. The biomass composition has returned to normal, setting the stage for improved performance in key operational metrics and increased harvest weights in the coming periods.

"With a strong operational platform at the core, we will continue to scale production, harvest, and harvest weights," said Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution. "We are well-positioned to capitalize on an expected salmon price recovery in 2026."

The company's focus remains on the Phase 2 expansion, which is progressing on schedule. The project is on track for its first smolt release in Q1-2026 and the first harvest from the new facility in Q4-2026.

A key highlight of the quarter was the successful installation of the new intake pipes, a crucial step for the expansion. "Momentum at the construction site remained strong throughout the quarter," Schaug-Pettersen added. "With Phase 2, we are creating a unique operational platform, and the first smolt release is only about 7 months away."

Strengthening Financial Position

In a move to increase financial flexibility, Salmon Evolution has secured a new credit facility of up to $23.5 million (250 NOKm), in addition to increasing its overdraft facility by $4.7 million (50 NOKm). This financial reinforcement will support the company's expansion plans and help it navigate market fluctuations, ensuring it can continue its path to becoming a global leader in land-based aquaculture.

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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/
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