Norwegian land-based aquaculture company Salmon Evolution posted lower operating revenue and operational EBITDA in Q4 2025 and in FY 2025 as company leadership said the company is on the verge of a major scale-up in operations.
Salmon Evolution posted operating revenue of NOK 98.7 million (USD 10.32 million, EUR 8.76 million) in Q4 2025, down from NOK 148.7 million (USD 15.54 million, EUR 13.2 million) in Q4 2024. For FY 2025, its revenue slipped to NOK 325.2 million (USD 33.99 million, EUR 28.87 million), down from NOK 467.7 million (USD 48.9 million, EUR 41.52 million) the prior year.
The company's operational EBITDA also dropped, falling to a loss of NOK 1.3 million (USD 140,000, EUR 120,000) in Q4 2025, down from earnings of NOK 15.3 million (USD 1.6 million, EUR 1.36 million) in Q4 2024. For the full year, Salmon Evolution posted a loss of NOK 39.5 million (USD 4.13 million, EUR 3.51 million), down from a positive operational EBITDA of NOK 112.4 million (USD 11.75 million, EUR 9.98 million) in FY 2024.
Salmon Evolution CEO Trond Håkon Schaug-Pettersen said the company is at a “pivotal inflection point” in which it is beginning to shift from a period of construction and investment to scaling up and generating cash flow.
“This is something we have looked forward to for a long time,” Schaug-Pettersen said during the company’s results presentation.
Schaug-Pettersen, in a release covering the company’s financial results, said Q4 2025 was partially impacted by market prices but was largely in line with expectations. The company’s facility, as of Q4 2025, had a standing biomass of 3,115 metric tons (MT) live weight, up from the 2,023 MT it had in Q4 2024.
“We made a strategic choice to prioritize 2026, entering the year with record biomass levels in anticipation of a stronger market," Schaug-Pettersen said.
The company said it is expecting to begin its Phase 2 operations in 2026, which Schaug-Pettersen said will be the real inflection point for Salmon Evolution’s operations.
“We are entering the value-creation phase. With Phase 2 coming online, capacity moves toward 18,000 MT, and that is fundamentally shifting the earnings profile of the company,” Schaug-Pettersen said. “This is where fixed costs are absorbed, margins expand, and cash generation accelerates.”
Salmon Evolution said it plans to continue its trajectory and expects to release its first smolt into Phase 2 within the next 60 days, or in roughly Week 17 of 2026.
The company said in its results report that throughout 2025, operations at its Indre Harøy facility demonstrated the fundamental concept of its land-based flow-through aquaculture system with stable production and biological performance which resulted in high survival rates and superior grade shares that are “industry-leading.”
The company said that its performance is still behind its stated targets and that it plans to further improve its facility throughout 2026.
“The scale of what we are doing is quite remarkable. This is next-generation salmon farming at an industrial scale,” Schaug-Pettersen said. “We truly believe what we have built here is something that’s going to have a profound impact on the salmon farming industry in the years and decades to come.”
