SalMar (SALM) Q1 2025 earnings summary

Executive summary

• Q1 2025 results were impacted by late harvesting, high downgrades, and lower price achievement, especially in Central Norway, but record biomass and strong biological performance support future growth.

• Operational EBIT for Norwegian operations was NOK 852 million; group operational EBIT was NOK 798 million, both down year-over-year due to lower harvest volumes.

• Strategic acquisitions included full ownership of SalMar Ocean, controlling interest in Knutsøyfisk/AS Knutshaugfisk, and a merger with Wilsgård announced.

• Volume guidance for FY 2025 remains stable, with operational focus on optimizing structure and strengthening Norwegian presence.

• Group harvested 42,700 tons of salmon, down from 52,900 tons in Q1 2024, as focus shifted to building biomass for higher volumes later in 2025.

Financial highlights

• Operational EBIT for Q1 2025 was NOK 798 million, down 46% QoQ and 48% YoY; EBIT per kg was NOK 18.7, down from NOK 28.8 per kg year-over-year.

• Operating revenues were NOK 5,193 million, a 34% decrease QoQ and 21% YoY.

• Adjusted EPS for Q1 2025 was NOK 2.4, down from NOK 6.1 in Q1 2024.

• Profit before tax was NOK -623 million; profit after tax was NOK -363 million.

• Total assets increased to NOK 54.7 billion; equity ratio was 38.3%.

Outlook and guidance

• FY 2025 harvest guidance: Group 256,000 tons, Central Norway 156,000 tons (including SalMar Ocean), Northern Norway 100,000 tons, SalMar Ocean 7,000 tons, Iceland 15,000 tons, Scotland 32,000 tons.

• Contract share expected at 30% for Q2 2025 and 25% for FY 2025.

• Global supply growth expected to decline in H2 2025, supporting a positive demand outlook; forward prices for salmon in FY 2025 are EUR 6.7 per kg.

• Regulatory changes in Norway could impact future operations; outcome remains uncertain.