Salmon Evolution achieves high profitability and record harvest in Q2 2024

Norwegian salmon farmer on land Salmon Evolution recorded its best quarterly harvest ever in the second quarter of 2024, delivering year-over-year increases in operating revenue, consolidated EBITDA and cash flow.

Thanks to the 1,581 tonnes (MT) of headed and gutted fish caught in the second quarter of 2024 and strong prices, Salmon Evolution closed the second quarter of this year with operating revenue of NOK 170.4 million (USD 16.1 million, EUR 14.5 million), an increase of 180 percent from the NOK 60.7 million (USD 5.7 million, EUR 5.2 million) it recorded in the same period in 2023. This strong increase in revenue corresponded to an improved result, allowing the company to report a group EBITDA of NOK 45.4 million (USD 4.3 million, EUR 3.9 million), following an EBITDA loss of NOK 20.8 million (USD 2 million, EUR 1.8 million).

Positive cash flow from operations also improved, reaching NOK 37.5 million (USD 3.6 million, EUR 3.2 million). Previously, the company had reported a loss of NOK 25.1 million (USD 2.4 million, EUR 2.1 million).

Transfer of results to the Oslo City Hall, Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution, noted that in the second quarter The company benefited from a price of around NOK 106 (USD 10.08, EUR 9.06) per kilogram thanks to an “industry-leading” premium grade share of 96 percent. The average harvest weight during the quarter was 3.6 kilograms, with the company taking advantage of strong prices through “opportunistic harvesting.”

Even outside of the fishing season, Salmon Evolution had a busy second quarter.

Schaug-Pettersen confirmed that the company has completed the financing package for …