Quarterly Public Farm Review: Q4 2025 + Special Interview

What separates the salmon farms that thrived in Q4 from the ones still bleeding money and does it all come down to where they're located? This week, we break down the Q4 financial results from the publicly traded salmon companies, walking through EBIT per kilogram figures across the industry and unpacking why companies like Grieg and SalMar cleared 20 NOK/kg while others in Iceland and Scotland finished deep in the red. We also get into why Mowi's Norway division outperformed nearly everyone, yet the company still ranked third overall, a reminder that geography can make or break a balance sheet. Then, we sit down with Kaspar Coates and Nikolai Jensen, two Norwegian School of Economics graduates whose master's thesis is turning heads industry-wide, exploring how site-level factors like seawater temperature, sea lice pressure, and disease exposure directly tie to financial performance on the farm. For more aquaculture insights head to our Fish n' Bits blog.You can also check out Kasper and Nikolai's master thesis Investigating the relationship between site-specific biological characteristics and financial performance, in conventional open-net salmonid farming in Norway here.