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Investor Relations14 Oct 2025
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SalMar (SALM) investor relations material
SalMar Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Q2 2025 results were impacted by downgraded fish and lower prices, but strong biological performance and cost improvements in Northern Norway, along with record biomass, set up for increased volumes in H2 2025.
Group operational EBIT fell 34% QoQ to NOK 524 million, mainly due to lower market prices and negative results from Icelandic Salmon.
Merger with Wilsgård (Vilskoy) completed in August 2025, expanding production capacity and strengthening presence in Northern Norway.
Two new green bonds totaling NOK 2 billion were issued in August 2025 to enhance financial flexibility.
Volume guidance for FY 2025 increased by 4,000 tonnes to 298,000 tonnes, with further organic growth potential highlighted.
Financial highlights
Operating revenues were NOK 6,175 million in Q2 2025, up 19% QoQ but down 8% YoY for H1 2025.
Operational EBIT for Norway: NOK 696 million at NOK 12.8/kg; group operational EBIT: NOK 524 million at NOK 8.1/kg.
Net profit after tax: NOK 146 million; adjusted EPS: NOK 1.9 for Q2 2025.
Net interest-bearing debt (including leasing): NOK 21.7 billion; debt/EBITDA ratio (including leasing): 3.8.
Equity ratio at 32.8% after dividend payout.
Outlook and guidance
FY 2025 harvest guidance increased to 298,000–298,200 tonnes, with 18% growth over 2024 and further organic potential up to 378,000 tonnes.
Lower global supply growth expected in H2 2025; positive demand outlook despite tariff and regulatory uncertainties.
Cost reductions expected to become more visible as new generations are harvested.
Contract share for Q3 2025 around 22%, and 30% for FY 2025.
Next harvest for SalMar Ocean scheduled for 2026.
Wilsgård merger: how does it boost Northern Norway?
Central Norway: outlook for downgrade impact?
Sales & Industry: contract impact on future profit?
Expected cost impact of improved Superior share?
Detail 1.2bn NOK cost reduction plan.
How will record biomass drive future profitability?
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Next SalMar earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
SalMar engages in the farming, harvesting, and processing of salmon. It operates through the Production and Sales divisions. The company's Production division offers fish feed, marine technologies, and services to its customers in Asia, North America, South America, Europe, and internationally. The company's Sales division market products of its Production division to customers in Norway through its subsidiary Salmar AS. Its Technology division specializes in research and development activities related to the salmon farming industry.
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