Inarctica Grows H1 2026 Revenue by 38% to 13.8 Billion Rubles on Salmon and Trout Sales

Summary: Russian salmon and trout farmer Inarctica increased its revenue for the first six months of 2026 by 38% to 13.8 billion rubles, the company said in a press release, with sales volumes up 57% to 13,200 tonnes and fish stocks in water bodies at 27,700 tonnes as of the end of June, 33% above the year-ago level.

The half-year numbers

Revenue for the first half grew 38% year on year against the backdrop of increasing sales volumes, although at a more restrained pace than the sales volumes themselves, said Andrei Baranov (Andrei Baranov), deputy chief executive of Inarctica, as quoted in the company release covered by Vedomosti on Aug. 10, 2026. The formulation matters: volume grew faster than revenue, which means the average selling price of the company's red fish was lower than a year earlier, and the top line expansion was bought with tonnes rather than with price.

The company noted that sales grew 57% and reached 13,200 tonnes against the backdrop of biomass growth and high demand for red fish. Fish stocks in water bodies at the end of June 2026 reached 27,700 tonnes, 33% above the indicator of a year earlier, Inarctica specified.

What drove the growth

Two engines are visible in the release. The first is biological: a larger biomass in the water converts into a larger harvestable volume, and the 57% sales increase is the realization of fish placed in previous cycles. The second is commercial: high demand for red fish on the domestic market absorbed the additional volume without the company having to export its way out of the harvest, in a year when wild salmon catches in Russia were under pressure and farmed supply carried a larger share of the red fish shelf.

Biomass as the forward indicator

The 27,700 tonnes of biomass in water at the end of June is the number that schedules the second half and the first half of 2027: in salmon farming, revenue follows biomass with a biological lag of one to two growing seasons. A 33% year-on-year biomass increase therefore pre-announces volume growth beyond the reported half, while the price side of the equation remains the variable the company does not control.

The caviar price backdrop

The red fish market around the release was mixed on the delicacy side. Earlier, on Aug. 4, it became known that pink salmon caviar had cheapened by 7% compared with the previous year, while other salmon caviar types grew more expensive: the price of sockeye caviar rose 17%, chum caviar added 14% and coho caviar 13%. For a farmer whose revenue line is whole fish and fillet, the caviar spread is a signal of species-level demand rather than a direct revenue driver, but it confirms that the red fish complex in 2026 is pricing species separately rather than moving as one basket.

What the growth means for the company

The half-year result converts Inarctica's biomass investment of previous cycles into a revenue curve: 13,200 tonnes sold in six months places the company's annualized sales above 26,000 tonnes, a scale at which fixed costs of marine farms and logistics are spread over a materially larger base than in 2025. The restrained price dynamic is the cost of that scale: selling 57% more volume for 38% more revenue implies accepting a lower average price, a rational trade in a market where wild supply is shrinking and farmed volume takes the shelf.

Revenue H1 2026: 13.8 billion rubles, up 38% year on year.
Sales volume: 13,200 tonnes, up 57%, on biomass growth and high red fish demand.
Biomass in water at end-June 2026: 27,700 tonnes, up 33% year on year.
Price dynamic: revenue growth slower than volume growth, per deputy CEO Andrei Baranov.
Market backdrop: pink salmon caviar down 7% year on year; sockeye up 17%, chum up 14%, coho up 13%.