SalMar (SALM) Q1 2026 earnings summary

Executive summary

• 2025 was financially weak due to downgraded fish and global supply growth, but operational and biological performance improved, with record high biomass, lower costs, and strong sustainability progress, especially in Norway.

• Group operational EBIT reached NOK 1,512 million in Q1 2026, up 89% year-over-year, with strong results in Norway and robust financial position.

• Harvested 300,900 tons in 2025, a milestone, and 60,300 tons in Q1 2026; acquisitions and strategic collaborations strengthened key areas.

• Sustainability indicators improved: fish survival up, greenhouse gas emissions per kilo down 41% from 2020, and recognized as the world's most sustainable food and beverage producer.

• Profit for Q1 2026 was NOK 555 million, compared to a loss of NOK 363 million in Q1 2025.

Financial highlights

• Q4 2025 operational EBIT was NOK 1,834 million; Q1 2026 operational EBIT was NOK 1,512 million, up 89% year-over-year.

• Q4 2025 operational EBITDA reached NOK 2,376 million; Q1 2026 EBITDA was NOK 2,036 million.

• Total operating revenues were NOK 6,501 million in Q1 2026, up from NOK 5,193 million in Q1 2025.

• Adjusted EPS for Q4 2025 was NOK 6.6, NOK 12.3 for 2025, and NOK 5.93 in Q1 2026.

• Non-recurring items reduced Q4 2025 results by NOK 82 million, mainly litigation and settlements.

Outlook and guidance

• FY 2026 harvest guidance increased to 330,000 tons (including joint ventures), up 10% year-over-year.

• Volume guidance for Norway raised to 282,000 tons, Iceland 21,000 tons, Scotland 43,000 tons, and SalMar Ocean 5,000 tons.

• CapEx for 2026 is reduced by NOK 880 million to NOK 1,070 million, focusing on maintenance and selective capacity investments.

• Demand remains strong, with 35% of 2026 volume secured at fixed prices.

• Identified substantial untapped organic growth potential within the existing value chain.