Arctic analyst: Land-based salmon leaders cross the commercialisation threshold; Andfjord makes first harvest, Salmon Evolution's phase two still to be proven
Arctic analyst Christian Olsen Nordby told iLaks that after years of construction, testing and financing, several Norwegian land-based salmon farming companies are moving from the project phase into commercial operations; Andfjord Salmon has begun harvesting, while Salmon Evolution has completed its phase-two expansion and stocked fish.
According to a report by Norwegian aquaculture media iLaks on 30 October 2026, Arctic analyst Christian Olsen Nordby said in an interview with the outlet that after years of construction, testing and financing, several Norwegian land-based salmon farming companies are beginning to shift from the project phase to commercial operations. He noted that some companies are still scrambling for financing, while the focus of the leading players is increasingly turning to capacity utilisation at their billion-kroner facilities.
Nordby called 2026 the year in which companies begin to prove the actual output capacity of their facilities. He noted that Salmon Evolution has completed its second phase and stocked smolt, while Andfjord Salmon has begun harvesting. "2026 is a year in which companies take an important operational step forward... the industry has moved another step ahead," he told iLaks.
Earlier this week, Andfjord Salmon raised NOK 1.25 billion through a new bond issue. Nordby believes the company has thereby crossed an important threshold: it has begun slaughtering fish and is no longer merely a construction project; the facility's first growth parameters are performing well, the fish are growing quickly, and development so far has been positive.
Nordby did not attach excessive significance to the billion-kroner loan. He said this is a capital-intensive industry and that building such facilities requires access to financing; the loan will be used to cover working capital needs and further business development. The loan carries an interest rate of three-month Nibor plus 8.5 percentage points, corresponding to an effective rate of about 13.3%. Nordby pointed out that current lending terms may not necessarily persist over the long term: Andfjord is still in the early stages of profitability, and the idea is that the company will prove over the coming years that the model works at a larger scale; once operations stabilise and enter a more normal operating state, refinancing into lower-cost debt would be a natural step.
Salmon Evolution's results announced this week were affected by a downgrade to its harvest guidance and EBITDA that remains negative. Nordby said what will determine the company's future direction is still biological results and progress on capacity utilisation. He said Salmon Evolution has harvested steadily for several consecutive quarters and remains the participant with the largest long-term delivery of fish; what remains to be proven is how high it can raise slaughter weight and how far it can utilise facility capacity.
He called phase two the next major test. The company has made several design improvements compared with phase one, and the answer will now come as to whether these improvements deliver higher facility utilisation. According to Nordby, the target is close to 4 kg gutted weight; average weights so far have typically been slightly above 3 kg, and the company's guidance points toward 4 kg slaughter weight, while he himself expects closer to 3.75 kg. He believes that if it can approach 4 kg, it would be in a good position.
The coming year will be decisive for assessing just how far the leading land-based farming companies have come, Nordby said, as it will show how improved capacity utilisation plays out at companies such as Salmon Evolution and Andfjord.