Gigante Salmon cuts harvest and profit forecast for next year
The land based fish farmer Gigante Salmon has cut its harvest forecast for next year following serious biological challenges.
Gigante Salmon view
The Norwegian based company had expected to harvest 10,600 tons in 2027 with an expected EBIT cost of NOK 58 per kilo.
But it said this week that based on the current status of the 2025 generation it now expects a total harvest to be in the 8,000 to 8,500 ton range along with a higher (heads on gutted) EBIT cost of NOK 60-65 per kilo.
The statement added: “The revised expectations are primarily driven by higher-than-anticipated mortality in the 2025 generation.“
It says a contributing factor to the elevated mortality is that approximately one million fish were stocked as late as November 2024, which has led to significant challenges related to winter ulcers.
This elevated mortality has reduced the biomass available for harvest in 2027 and negatively impacted cost efficiency.
“The elevated mortality represents a permanent loss of biomass and is the primary driver behind the reduced harvest volume expectations for 2027,” says Gigante Salmon.
Gigante has implemented operational and biological measures aimed at improving performance in subsequent generations and continues to closely monitor the development.
But it says the lower harvest volume and higher cost level are expected to have a negative impact on the company’s financial performance in 2027 compared to previous expectations.
The estimates remain subject to biological development and normal operational uncertainty and the company will provide further updates as visibility improves.
The announcement concludes : “The company operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business.”
Earlier this year Gigante Salmon raised around £27 million in new shares to help fund growth
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