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Salmon Evolution records ‘strong results’ for Q1

Salmon Evolution ASA made NOK 100.3 million (US$9.2 million) in the first quarter of 2024 and a group earnings before interest, taxes, depreciation, and amortization (EBITDA) of NOK 24.1 million (US$2.2 million).

In a press release, Trond Håkon Schaug-Pettersen, chief executive officer of Salmon Evolution said these are ”strong results” and “truly demonstrates that Salmon Evolution has established a unique, efficient and profitable growth platform. We are only at the start of our journey.”

The company had a Q1 harvest volume of 901 tonnes head-on-gutted (HOG), with an average weight of 4.6 kg live weight (LW).

Salmon Evolution also recorded a high-standing biomass of almost 2,700 tonnes LW. It also experienced stable operations with net biomass growth of ~1,560 tonnes LW, up 8 per cent from Q4 2023.

“This achievement is the result of many years of hard and relentless work by our great employees who deserves a big thank you today. With a record-strong salmon market and now a profitable phase 1 operation, Salmon Evolution is in a unique position to continue to lead the development of this very exciting industry,” said Schaug-Pettersen in a LinkedIn post.

The company expects that in Q2, harvest volumes will be in the range of 1,600 – 1,800 tonnes HOG.