This is Salmon Evolution
Letter from the CEO
2025 has been a year defined by steady execution and purposeful progress for Salmon Evolution. Building on last year’s momentum, we’ve kept operations stable, strengthened biological performance and positioned the company for its next chapter—scaling in a way that is both responsible and efficient. The groundwork laid in 2024, focused on continuous operational improvements, has continued to guide our decisions throughout the year.
2025: Advancing from a Strong Base
Phase 1 has given us a resilient operational platform supported by a highly capable team—people who know our facility and our fish better than anyone, tank by tank. With proven HFS technology and strong KPIs, we’ve been able to refine production routines, tighten risk management and safeguard fish welfare, all through data‑driven processes designed to keep conditions optimal every single day. These learnings are now fully embedded across the organization and form the backbone of our scale‑up strategy.
Phase Two: On Track and Build for Reliability
Construction on Phase 2 progressed according to plan in 2025, and we have now released our first smolt in the new facility, an important milestone as we move into our next stage of capacity expansion. At full capacity, Phase 2 will more than double our annual output to 18,000 tonnes (HOG), enabling a more consistent weekly harvest rhythm. New operational features, such as pre‑grow‑out tanks and shorter grow‑out cycles, will support both higher throughput and greater flexibility.
This scale‑up isn’t about growth for the sake of growth, it’s about reaching critical mass while leveraging the systems, infrastructure and expertise already in place. By building on the Indre Harøy platform, Phase 2 is specifically engineered to reduce operational risk and deliver greater harvest predictability. This will open new opportunities with partners across retail and foodservice as our supply rhythm matures.
«Each milestone has reinforced our confidence in the strength of our vision and approach»
Brand, Market and Partnerships
Alongside our operational focus, we have continued to build the Salmon Evolution brand and expand our customer reach. In 2025 we launched our smoked salmon in Norway, Sweden and Italy, strengthening our presence in key markets and giving consumers more ways to experience land‑based salmon. These initiatives are designed to prepare our commercial engine for the consistent weekly volumes that Phase 2 will unlock.
Looking ahead
The path forward is clear: complete Phase 2 safely, keep it on budget and ramp toward full 18,000‑tonnes annual capacity with reliability and precision defining our operations. With continued improvement in biological performance, a broader commercial footprint and a technology platform built for sustainability, Salmon Evolution is well positioned to deliver stable value to customers, partners and shareholders.
Thank you to our employees, partners and stakeholders for your trust and commitment. Together, we are extending the ocean’s potential, responsibly, sustainably, and on land.
Key figures
| Operational | 2025 | 2024 |
|---|---|---|
| Standing biomass (tonnes, LW) | 3,115 | 2,023 |
| Net growth (tonnes, LW) | 6,451 | 5,706 |
| Harvest volumes (tonnes, HOG) | 4,403 | 4,891 |
| All-in price realization/kg (NOK)1 | 69.5 | 93.4 |
| Farming EBITDA/kg | -9.0 | 23.0 |
| Farming costs/kg (NOK) | 77.1 | 67.8 |
| Financial (in NOK thousand) | 2025 | 2024 |
| Operating revenues | 326,022 | 471,573 |
| Operational EBITDA2 | -78,686 | 71,415 |
| Operational EBIT2 | -158,906 | -4,727 |
| Profit (loss) before tax | -171,601 | -47,405 |
| Cash flow from operations | -59,052 | 43,331 |
| Operational EBITDA Farming Norway2 | -39,483 | 112,425 |
| Capital structure (in NOK thousand) | 2025 | 2024 |
| Cash flow from investment activities | -1,252,431 | -342,562 |
| Cash flow from financing activities | 1,045,458 | 342,297 |
| Cash and cash equivalents | 163,438 | 429,462 |
| Net Interest-bearing debt | 1,757,437 | 313,111 |
| Equity ratio (%) | 49 % | 70 % |
| Profitability | 2025 | 2024 |
| Earnings per share (NOK) | -0.37 | -0.11 |
| 1 Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent) | ||
| 2 Before fair value adjustment related to biological assets | ||
Abbreviations:
LW: Live weight, HOG: Head on gutted, HFS: Hybrid flow-through system,
ESG: Environmental, Social and Governance, CAGR: Compounded Annual Growth Rate.
Our StrategySalmon Evolution is redefining aquaculture with its hybrid flow-through system, focusing on scalability, sustainability, and operational excellence.
Our Strategy for Sustainable Growth
Our strategy prioritizes delivering premium-quality salmon, expanding responsibly, and leveraging innovation to set new industry standards.
Salmon Evolution has invested heavily in building a robust organization, implementing high-quality control systems, and establishing an advanced digital infrastructure. Together, these elements form a solid operational platform, equipping the company with deep expertise in managing hybrid flow-through salmon farms and laying the groundwork for future expansion. Sustainability is at the core of everything we do. Our hybrid flow-through system minimizes environmental impact, optimises profitability and potentially reduces emissions compared to traditional salmon farming. We are committed to creating an optimal environment for our salmon, thus maintaining the highest standards of fish welfare and biosecurity as we grow.
Operational Excellence
Operational excellence is the core DNA in our strategy. 2025 reiterated our strategic focus, to execute existing operations and preparations for phase 2. Further growth will build on operational excellence in current activities - and as we scale - we will continue optimizing operations, cost and delivering consistent, high-quality salmon, solidifying our role as a leader in sustainable salmon farming.
The Road Ahead
The progress achieved over several years has laid a strong foundation for continued growth and innovation. The heavy lifting is done, and the Company has an unmatched and scalable platform in land-based salmon farming. At Indre Harøy the Company has a clear growth pipeline taking total capacity towards 36,000t HOG, as well as additional long-term growth options through a potential phase 4. Built on success at Indre Harøy, the Company aims to establish other salmon farming sites at attractive locations in Norway and abroad. Guided by a clear strategy, we are confident in our ability to create lasting value for stakeholders and shape the future of aquaculture.
Our Technology
The Company uses a hybrid flow-through system (HFS) technology, which provides a steady supply of fresh, filtered seawater while reusing approximately 65% of the water. This reusage level represents what the Company considers the “sweet spot”, balancing cost efficiency with operational risk. Higher reuse levels require more extensive filtration and water treatment, increasing the complexity and operational risk. Lower reuse levels will significantly complicate filtration and UV treatment of incoming water, as well as maintaining a stable temperature at the farm.
At the Indre Harøy facility, seawater intake is based on two inlet pipes located at depths of 25 meters and 95 meters. This allows access to seawater with optimal temperatures year-round, thus reducing the energy consumption related to heating the water to maintain a stable temperature. The incoming water is filtered and treated with UV to minimize the impact from parasites, viruses and other particles, and eliminate the impact from sea lice, whilst ensuring a continuous flow of fresh, clean seawater.
To maintain optimal biological and growth conditions in the fish tanks, oxygen and CO2 levels are continuously monitored and adjusted. Each tank operates as a separate biological zone, ensuring that water does not mix between tanks. This design serves as a critical risk mitigation measure, as any potential disease outbreak is contained within the affected tank, preventing cross-contamination.
Aligned with our commitment to sustainability and circular economy principles, Salmon Evolution filters wastewater and collects sludge, which is then transported to a recirculation plant for conversion into fertilizer, biogas, or similar products.
Salmon Evolution uses data and AI to continuously drive optimization and reduce risk, leveraging the benefits of land-based salmon farming where the goal is to identify and replicate optimal conditions for fish growth. Every day over 40 million data points are logged at Indre Harøy, creating a vast pool of insights, that paired with deep operational expertise and know-how, provide actionable data for real-time decision making.
Making a home for the salmon to thrive
ManagementThe company has a dedicated management team with extensive experience from the aquaculture industry, and a well-developed organisation with the necessary competence and execution capabilities.
Want to know more? Read about the management on salmonevolution.no.
Trond Håkon Schaug-Pettersen | Trond Vadset Veibust |
Ingjarl Skarvøy | Kamilla Mordal Holo |
Odd Frode Roaldsnes | Vidar Aslaksen Skjørli |

