Salmon Evolution: Phase 2 on track despite Q3 earnings dip

Salmon Evolution ASA recorded NOK 86.5m in revenues during Q3 2025, driven by harvesting 1,387 tonnes HOG. However, weak salmon prices and temporary farming costs led to a Farming EBITDA of -NOK 30.6m and a Group EBITDA of -NOK 40.5m. Despite this, the company maintained a positive trend with stable operations and achieved an all-time high standing biomass of 3,009 tonnes LW by quarter-end, demonstrating strong biological and technical performance of its hybrid flow-through system.

The company's Indre Harøy Phase 2 is on schedule, with testing and commissioning set to begin within 30 days and the first smolt release targeted for Q1 2026. This expansion aims to increase annual harvest capacity to 18,000 tonnes HOG and is supported by a harvest guidance of 7,000 tonnes HOG for 2026, a 50% increase from 2025. Salmon prices showed recovery through September, with forward price expectations significantly improving during the quarter.

The company is strategically focused on operational excellence and Phase 2 project execution, building on its fully operational Phase 1. Improvements in water quality and fish logistics are expected, with all grow-out tanks and technical building shells completed for Phase 2. Salmon Evolution also initiated a refinancing process for its loan facilities, highlighting substantial excess value in its asset base, estimated at NOK 1bn above historic cost for Phase 1.