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SalMar (SALM) investor relations material
SalMar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record high harvest volume of 93,200 tons in Q3 2025, up 55% year-over-year, but profitability was impacted by lower salmon prices compared to previous quarters and Q3 2024.
Operational EBIT for the group was NOK 711 million, with a margin of NOK 7.6 per kilo, down from NOK 1,041 million and NOK 17.3 per kilo in Q3 2024; profitability was affected by lower prices but improved through the quarter.
Merger with Wilsgård (Vilskoi) completed in August 2025, increasing total assets, NIBD, and strengthening presence in Northern Norway.
Strong biological performance in Northern Norway and Sales & Industry, while Icelandic Salmon posted weak results due to high costs and extraordinary items.
Negative results from Icelandic Salmon due to high costs and low prices; positive contributions from Sales and Industry segment.
Financial highlights
Operating revenues rose to NOK 7,850 million in Q3 2025, up 27% quarter-over-quarter and from NOK 6,158 million in Q3 2024, driven by higher volumes.
Operational EBIT increased by NOK 187 million from Q2 to NOK 711 million, but was down from NOK 1,041 million in Q3 2024.
Adjusted EPS for Q3 2025 was NOK 1.3, down from NOK 2.8 in Q3 2024 and NOK 1.9 in Q2 2025.
Net interest-bearing debt including lease liabilities was NOK 23,266 million at quarter end, with NIBD/EBITDA at 3.9.
Available liquidity at quarter-end was NOK 9.3 billion.
Outlook and guidance
Volume guidance for 2025 remains unchanged for Norway and Iceland, increased for Scotland; FY 2026 harvest volume expected to reach 319,000 tons, a 7% increase year-over-year.
Additional organic volume potential of 378,000 tons identified for future years.
Limited global supply growth expected in 2026, with a positive outlook on demand and cost reductions.
Contract share for Q4 2025 is around 27%.
Global supply growth for Atlantic salmon expected at 9.4% in 2025, but limited growth in 2026.
Fixed cost reduction program delay reason
Central Norway biology improvement plan
Drivers for Scotland's 2026 volume increase
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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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