Six land-based salmon companies hold nearly NOK 7 billion in net interest-bearing debt; Salmon Evolution posts NOK 20.2 million negative EBITDA in Q3
Six land-based salmon farming companies listed on the Oslo Stock Exchange carry combined net interest-bearing debt of about NOK 6.98 billion, with annual interest costs of roughly NOK 650 million. Salmon Evolution released its Q3 results on October 28, reporting a NOK 20.2 million EBITDA loss and deferring harvests with a loan of up to NOK 200 million.
On October 28, Norwegian land-based salmon farming company Salmon Evolution released its Q3 2026 results, reporting a loss at the EBITDA level of NOK 20.2 million. The company is a market leader in land-based salmon production, and it shares a common profile with several peers: producing salmon on land, not yet profitable, and carrying an ever-growing debt burden.
Salmon Evolution is positioning for a sharp recovery in salmon prices next year, and is therefore deferring harvests, funding this arrangement with a loan of up to NOK 200 million. The loan is not free: its interest rate is close to twice that of an ordinary residential mortgage.
Land-based farming companies tend to report results on an EBITDA basis, a measure that excludes depreciation on what can be substantial capital expenditure (capex) as well as net financial costs. These companies have recently finally gained access to the credit market. The six land-based farming companies on the Oslo Stock Exchange currently carry combined net interest-bearing debt of about NOK 6.98 billion, with combined annual interest costs of about NOK 650 million.
On October 27, Andfjord Salmon completed a NOK 1.25 billion bond issue. The credit market did not hide its risk assessment of that loan: the effective interest rate was 13.3%. On the same day, reports emerged that Proximar Seafood is expected to run out of cash by the end of October; the company has skipped an interest payment on a convertible bond and is on the brink of bankruptcy.
Breaking down the companies' debt: Salmon Evolution's net interest-bearing debt is NOK 2,286 million (Q3 2026, reported October 28), with annual interest costs of about NOK 171 million; Andfjord Salmon NOK 1,660 million (September 30, 2026, preliminary figures, excluding leases), with annual interest costs of about NOK 185 million; Atlantic Sapphire about NOK 1,180 million (June 30, 2026, USD 118.2 million converted at about NOK 10/USD), with annual interest costs of about NOK 130 million; Proximar Seafood about NOK 950 million (March 31, 2026, from aggregated data, including leases), with annual interest costs of about NOK 86 million; Gigante Salmon NOK 498 million (September 30, 2026, excluding leases; NOK 605 million including leases), with annual interest costs of about NOK 48 million; and Nordic Aqua Partners about NOK 410 million (June 30, 2026, EUR 37.6 million converted at about NOK 11/EUR), with annual interest costs of about NOK 33 million. The six total about NOK 6,980 million, with annual interest costs of about NOK 650 million. The above debt figures were compiled with the assistance of the AI tool Claude.
Atlantic Sapphire has been taken over by some major shareholders and creditors, and its shares were delisted from the Oslo Stock Exchange last week. Gigante Salmon's production cost guidance at the EBIT level is NOK 71 to 80 per kilogram, a figure that does not yet include net interest costs of NOK 48 million per year, equivalent to slightly more than NOK 8 per kilogram.
Debt and interest rate levels impose substantial net financial costs on these farming companies, most notably for the two largest debtors, Salmon Evolution and Andfjord Salmon. Loan arrangements in the industry already embed expectations of a sharp recovery in salmon prices next year, an expectation that applies to all of the above farming companies. If the price recovery fails to materialize, 2027 could prove difficult for the companies concerned, their investors and their creditors.