Salmon price falls hit producers’ financial results
The Måsøval group, one of Norway’s oldest major salmon farming companies, today unveiled second quarter revenues of NOK 869 million (£63.9m).
The figure is somewhat lower than the same period last year when revenues totalled just over NOK 1 billion (£72.5m) and salmon prices were a lot higher than today.
Måsøval said the decline is primarily attributable to lower sales prices, which averaged NOK 71.8 per kilogram (£5.21), compared to NOK 100.4 (£7.29) in Q2 2024.
Harvest volumes remained stable at 8,538 tonnes (8,469 tonnes in Q2 2024).
The Group reported an operational EBIT of NOK 28 million (£2m) , a reduction from NOK 315 million (£23m) in the corresponding quarter last year.
The net financial expenses amounted to NOK 55 million, (£4m) while fair value adjustment of biomass contributed positively with NOK 181 million (£13.3m).
The profit before tax was NOK 148 million (£10.8m) , and total tax expense for the quarter was NOK 44 million (£3.2m).
Looking ahead on farming the company said the group expects to harvest a total of approximately 28,100 GWT in 2025.
This includes an estimated 30% of total volume from commercial co-location agreements. For the third quarter of 2025, the Group expect to harvest 5,900 tonnes.
This includes approximately 200 tonnes from co-location agreements where the biomass is recognised in the group’s financial statements, and around 1,600 tonnes from co-location agreements where the biomass is not recognised.
Costs are expected to decline moderately in Q3.
Måsøval has been in the salmon farming business since the early 1970s.
Salmon Evolution also hit by price slump
Salmon Evolution has also to report that lower salmon prices are one of the reasons affecting financial performance this year.
The land based operator today reported revenues of NOK 91.1 million (£6.7m) against NOK 170.4 million (£12.6m) 12 months earlier.
Salmon Evolution harvested 1,232 tonnes, 349 tonnes down on a year ago. The company said in its Oslo Stock Exchange report that the lower results were down to weak salmon prices and temporarily high farming costs due to non-recurring factors.
Salmon Evolution said it was maintaining stable operations, a fully stocked farm and minimal mortality.
The biomass composition was fully normalised during the quarter, the company said, positioning Salmon Evolution for “continued positive development in operational KPIs and harvest weights” in coming periods.
“With a strong operational platform at the core we will continue to scale production, harvest and harvest weights,” said Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution.
He added: “We are well positioned to capitalise on an expected salmon price recovery in 2026.”
Salmon Evolution saw continued good progress in the phase 2 expansion project at Indre Harøy, and the project remains on track for targeted first smolt release in Q1 2026 and first harvest in Q4 2026.
“Momentum at the construction site remained strong throughout the quarter with installation of both intake pipes being a highlight,” said Schaug-Pettersen. “With Phase 2 we are creating a unique operational platform and the first smolt release is only about seven months away.”
Salmon Evolution said the Indre Harøy phase 2 was progressing according to plan, and on track for first smolt release in Q1 2026.
Other positive factors included continued stable operations in a fully stocked farm and minimal mortality.
The company ended the quarter with a standing biomass of 3,043 tonnes and an all-time high underlying biomass production.
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