Salmon Evolution’s financial results in Q2 2026 were impacted by weak salmon prices, but the company said it is still making strong progress on the ramp up of its land-based salmon-farming facility.
Salmon Evolution posted revenue of NOK 67 million (USD 7.2 million, EUR 6.2 million) in Q2 2026, down from the NOK 90 million (USD 9.6 million, EUR 8.3 million) it posted in the same period of 2025. That decrease was partially due to a lower harvest of 945 metric tons (MT) of head-on gutted (HOG) salmon, compared to 1,232 MT the prior year.
While its revenue was lower, its farming EBITDA was improved at a loss of NOK 3 million (USD 321,000, EUR 275,000) in Q2 2026, an improvement over the NOK 13 million (USD 1.4 million, EUR 1.2 million) loss it posted in Q2 2025. For the half-year, its farming EBITDA reached gains of NOK 15 million (USD 1.6 million, EUR 1.4 million), up from a loss of NOK 8 million (USD 857,000, EUR 734,000) the prior year.
Farming costs also reduced during the quarter to roughly NOK 71 (USD 7.61, EUR 6.51) per kilogram, down slightly from the Q1 2026 costs and down 13 percent year over year.
Salmon Evolution CEO Trond Håkon Schaug-Pettersen said the company’s results are backdropped by the company’s operations continuing to make steady process.
"With Phase 1 steadily improving and Phase 2 ramping up according to plan, Salmon Evolution is entering a period of substantial growth,” he said. “We expect production volumes to more than double over the next 12 months, driving better unit economics and profitability. Combined with an expected recovery in salmon prices, this puts us in a good position as we enter what we believe will be one of the most exciting phases in the company's history.”
The company said its Phase 2 ramp-up is going according to plan and its third smolt release was completed in July. Phase 2 of its operations is slated to add roughly 10,100 MT of production capacity, more than doubling harvest capacity from 7,900 MT to 18,000 MT of HOG salmon. The increased capacity of Phase 2, according to the company, is thanks to incorporating four pre-grow-out tanks, creating a capital-efficient way to scale.
“Under the new program, the stocking weights in the grow-out department are raised from ~130 grams to ~400 grams, while the targeted harvest weight is reduced to approximately 5.2 kilograms live weight,” the company said. “Combined, this shortens the production cycle from approximately 11 months to eight to nine months, making it possible to increase the number of smolt stockings from six to eight per year per phase, improving the utilization of the grow-out facility.”
The company also said its currently stocked salmon had good appetite in April but a temporarily lower appetite in May and June due to “a suboptimal fish logistics operation” that began to alleviate in June and July.
While the company is entering its ramp-up phase, Salmon Evolution has updated its harvest guidance from 7,000 MT of HOG salmon to 6,000 MT, which it said reflects lower biomass production than it predicted during the first part of 2026.
