SalMar (SALM) Q1 2026 earnings summary

Executive summary

• Operational EBIT reached NOK 1,512 million in Q1 2026, up 90% year-over-year, driven by strong biological performance and higher harvest volumes in Norway.

• Harvest volume increased to 60,300 tons, with operational EBIT per kg at NOK 25.1.

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

• Robust financial position maintained, with available liquidity of NOK 11,433 million and equity ratio at 36.6%.

• Volume guidance for FY 2026 increased by 12,000 tons to 330,000 tons, reflecting robust operational results.

Financial highlights

• Operating revenues were NOK 6,501 million, up 25% year-over-year.

• Adjusted EPS was NOK 5.93, up from NOK 2.42 in Q1 2025.

• Operational EBITDA was NOK 2,036 million, and operational EBIT margin was 23%.

• Cash flow from operating activities was NOK 1,212 million, a significant improvement from NOK -2,414 million in Q1 2025.

• Fair value adjustments were negative, mainly due to lower expected forward prices, totaling NOK -578 million.

Outlook and guidance

• FY 2026 volume guidance raised to 330,000 tons, with most growth realized in Q1.

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

• Expect similar cost levels and higher volumes in Q2 2026.

• Long-term volume potential identified at 378,000 tons, including untapped organic growth.

• Continued strong demand anticipated, with low global supply growth in 2026.