Salmon Evolution set a biomass production record in Q1, but harvested little

The company, which operates a hybrid flow-through/recirculation facility in Norway, summarises its operations in the first quarter of 2025 as follows:

• New record standing biomass of 2,939 tonnes live weight at the end of the quarter, an increase of 45% since Q4 2024 – standing biomass is now at targeted production level.
• New production record of 1,624 tonnes live weight, up 7% from Q4 2024, continuing the trend of steadily increasing production. 
• Harvest volume of 581 tonnes gutted weight, reflecting a conscious focus on biomass growth. 
• Achieved price (all inclusive) for harvested fish of approximately NOK 75 (£5.33) per kilogram. 

Harvested at suboptimal weight 

The company writes that during the quarter it had a conscious focus on biomass growth and optimisation of biomass composition to reach targeted production levels – which has resulted in a temporarily reduced harvest volume of 581 gwt  including live post-smolts for net pen farmers. 

"The harvest volume was also affected by available slaughter capacity; approximately 300 tonnes originally planned for March will be slaughtered in early April," the company writes.

Harvest weights in the first quarter were negatively impacted by quality challenges with smolts released in the first half of 2024, as well as the need to introduce new smolt groups within a short period of time – which resulted in partial slaughter of some groups with suboptimal weights. 

Most of the harvest took place in March, but was affected by the slaughter of smaller fish – as previously communicated. The harvest guidance for 2025 has been updated to 5,800–6,200 tonnes gutted weight, including post-smolts. 

"The guidance is in line with the expected production escalation, while prioritising maintaining targeted production levels," writes Salmon Evolution.

"The company enters the second quarter with significantly better biomass composition, and harvest weights are expected to improve starting in the second quarter," it writes. 

The achieved price (all inclusive) for harvested fish was approximately NOK 75 per kilo (calculated on a "back to farm" basis and adjusted for transport costs to the Norwegian border (equivalent to Sisalmoni, the spot price index that has replaced the Nasdaq index). Includes downgraded fish. Excludes post smolt).