Quarterly Public Farm Review: Q2 2025

What happens when strong biology collides with weak markets? In this episode, we break down the Q2 earnings season in salmon farming, where EBIT margins have tightened, prices continue to slide, and producers are facing tough calls on investment, strategy, and survival. From Mowi’s consistency to Bakkafrost’s split results, and from Norway’s political backdrop to Scotland’s biological struggles, we look at who’s weathering the storm and who’s most exposed. Beyond the numbers, we explore the Catch-22 of salmon farming: better fish health leading to oversupply and weaker profits, just as ecological and political pressures intensify. Download the full report here.For more aquaculture insights head to our Fish n’ Bits blog.

What fuels the world’s most powerful AI models isn’t just data, it’s how that data is labeled and given context. In this week’s episode, we take listeners inside the often-overlooked world of data labeling, from Meta’s $14B investment in Scale AI to the billion-dollar rise of Surge AI, and connect the dots to aquaculture. You’ll learn why context-rich data—not just perfect data, is the real driver of better models, and how farms can apply these lessons to turn messy records into predictive intelligence. For more aquaculture insights head to our Fish n’ Bits blog.

How does a disease you can’t see, and often don’t even know is there, cause some of the most expensive losses in salmon farming? In this week’s episode, we examine Cardiomyopathy Syndrome (CMS), a viral heart disease that’s been quietly impacting farms for decades but is now forcing its way into the spotlight. From the biology of Piscine Myocarditis Virus to the real-world costs seen in recent Scottish outbreaks, we explore why CMS is so hard to detect, why it’s not on the official notifiable disease list, and what the latest science says about prevention, from genetics to nutrition. For more aquaculture insights head to our Fish n’ Bits blog.

Why do some salmon fight off sea lice with ease, while others struggle year after year? In this week’s episode, we discuss a groundbreaking new study from Nofima that explores what Pacific salmon, especially coho, can teach us about natural sea lice resistance. You’ll learn how cutting-edge techniques like AI-powered histology, proteomics, and spatial transcriptomics came together to paint a full biological picture – mapping the immune response from tissue structure to gene activation. Plus, hear from lead researcher Dr. Lene Sveen as she shares what these findings could mean for future treatments and breeding programs.For more aquaculture insights head to our Fish n’ Bits blog.

What does it actually take to build an AI model that matters, not just for headlines, but for real-world decisions in aquaculture? In this week’s episode, we explore the evolving role of artificial intelligence in fish health prediction and dive into Manolin’s work on pancreas disease modeling. From the explosive growth of global AI to the quiet (but powerful) momentum inside aquaculture, we unpack why “useful” is becoming the most important metric, and how aquaculture is finally stepping into the AI era.For more aquaculture insights head to our Fish n’ Bits blog.

Is aquaculture finally ready for the global stage? This week, we unpack the World Bank’s latest 100+ page aquaculture report—its first in 17 years—and why it's far more than hype. You’ll hear what the data actually says about aquaculture’s rise, where the next wave of growth will happen, and why the bottlenecks aren’t biological, they’re financial and political. From massive investment gaps to surprising country forecasts, this episode explores the report’s blueprint for making aquaculture a cornerstone of food security, climate resilience, and economic growth. For more aquaculture insights head to our Fish n’ Bits blog.

What happens when an old virus makes a new appearance? In this episode, we explore the legacy and resurgence of Infectious Salmon Anemia (ISA)—a disease that has shaped the global salmon industry for decades. With recent outbreaks reported in Northern Norway, we dive into what ISA is, how it spreads, and what history can teach us from past crises in Canada, Chile, Scotland, and the Faroe Islands. You’ll learn how modern tools like genetic sequencing, DNA vaccines, and strict biosecurity protocols are helping farms fight back—and what today’s uptick in cases might signal for the industry’s future. For more aquaculture insights head to our Fish n’ Bits blog.

When farms push smolt growth, what happens to biology, health, and risk? In this episode, we explore the evolving science and rising business pressures behind smoltification in salmon farming. From light control and brackish water systems to the push for 1 kg smolt, Tony breaks down why getting this phase right is so critical, and how larger smolt bring a new set of biological and operational challenges. Then, stay tuned for a conversation with Dr. Bill Harris, whose journey from Harvard pediatric nephrology to smoltification feed innovation reveals just how interconnected fish and human biology can be.For more aquaculture insights head to our Fish n’ Bits blog.

What happens when the biology is strong but the market turns against you? In this week’s episode, we break down the Q1 2025 earnings from publicly traded salmon producers across six countries. While fish health remains solid, companies are facing some of the lowest salmon prices in recent memory, dragging down profits, shaking up leadership, and forcing a rethink of what “profitable farming” really means. We dive into EBIT/kg performance across the board, spotlight standout results from Grieg and Salmones Camanchaca, and unpack why Iceland and Canada are at a strategic crossroads. Download our report for Q1 of 2025.For more aquaculture insights head to our Fish n’ Bits blog.

What happens when we build policy on the wrong measurements? In this episode, we unpack Norway’s proposed lice regulations and why the industry's biggest concern might not be the rules themselves, but the science behind them. From farm-level impact forecasts to a surprising case out of British Columbia, where sea lice returned despite the complete removal of salmon farms, we explore the statistical pitfalls that can shape, or misguide, long-term policy. If you're in farming, regulation, or simply trying to make sense of where the industry’s heading, this episode offers critical perspective.For more aquaculture insights head to our Fish n’ Bits blog.