Salmon Evolution continues the positive trend with stable operations, a fully stocked farm and record biomass production in Q3 2025

Salmon Evolution Doubles Down on Expansion Despite Quarterly Price Headwinds

NORWAY
Wednesday, November 12, 2025, 01:00 (GMT + 9)

Land-based aquaculture leader maintains stable operations and records biomass growth in Q3 2025 as its transformative Phase 2 project nears commissioning at Indre Harøy.

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Salmon Evolution ASA (OSE: SALME) is pressing ahead with ambitious expansion plans at Indre Harøy, positioning itself for long-term growth even as its Q3 2025 results were temporarily dampened by weak salmon prices. The company reported stable operations, a fully stocked farm, and all-time high biomass production, underscoring its operational reliability.

The company harvested 1,387 tonnes HOG during the quarter, generating revenues of 86.5 million NOK (approximately $8.24 million USD). Financial results were affected by low salmon prices and temporary effects on farming costs. This led to a Farming EBITDA of -30.6 million NOK (approximately -$2.91 million USD) and a Group EBITDA of -40.5 million NOK (approximately -$3.86 million USD). The company ended the quarter with a standing biomass of 3,009 tonnes LW.

The operational consistency, however, stands in contrast to the financial hit and highlights the strategic focus on scaling. CEO Trond Håkon Schaug-Pettersen called the upcoming expansion a "complete gamechanger," stating he is "more confident than ever that Salmon Evolution will deliver strong value for our stakeholders and continue to lead the industry forward.”

The Indre Harøy Phase 2 project is progressing according to plan, with testing and commissioning set to begin in less than 30 days. This project is key to reducing operational expenses, as the company’s strategic goal is to achieve cost leadership through scaling effects. The first smolt release for Phase 2 is scheduled for Q1 2026.

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Looking ahead, the company noted that salmon prices began recovering through September, with forward price expectations significantly improving during the quarter. Salmon Evolution has set an ambitious harvest guidance of 7,000 tonnes HOG for 2026, which represents an increase of approximately 50% compared to expected 2025 volumes. This projected volume increase is a direct result of the upcoming Phase 2 capacity coming online.

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