SalMar (SALM) Q2 2025 earnings summary

Executive summary

• Q2 2025 operational EBIT was NOK 524 million, down 34% QoQ and from NOK 1,378 million YoY, mainly due to lower prices and downgrades, despite higher harvest volumes and strong biological performance in Northern Norway.

• Record-high biomass and number of fish in the sea at Q2-end set the stage for increased volumes in H2 2025 and beyond.

• Merger with Wilsgård AS 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 298,200 tonnes, driven by strong growth and Wilsgård acquisition.

Financial highlights

• Operating revenues were NOK 6,175 million in Q2 2025, up 19% QoQ and from NOK 5,838 million YoY.

• Operational EBIT per kg was NOK 8.1, down 57% QoQ and from NOK 30.7 YoY.

• Profit before tax was NOK 190 million; profit after tax was NOK 146 million; adjusted EPS was NOK 1.9.

• Net interest-bearing debt including leasing was NOK 21.7 billion at quarter-end; equity ratio at 32.8%.

• Dividend of NOK 22 per share for FY 2024 paid in July 2025.

Outlook and guidance

• FY 2025 harvest guidance increased to 298,200 tonnes, with Norway at 262,000 tonnes, SalMar Ocean 7,200 tonnes, Iceland 13,000 tonnes, Scotland 32,000 tonnes.

• Expectation of higher volumes and lower costs in H2 2025 as superior share returns to normal and new generations are harvested.

• Global supply growth expected to slow in H2 2025 after strong H1; positive long-term demand outlook despite short-term price pressure.

• Contract share for Q3 2025 around 22%, and 30% for FY 2025.

• Next harvest for SalMar Ocean scheduled for 2026.