SalMar (SALM) Q2 2026 earnings summary

Executive summary

• Achieved record-high Q2 harvest volume of 81,800 tons, driven by strong biological performance in Norway and improved profitability in Sales & Industry, with successful completion of Ocean Farm 1 harvest.

• Volume guidance for FY 2026 increased to 350,000 tons due to strong performance in Norway.

• Agreement to acquire 70% of Måsøval for NOK 3.4 billion, strengthening position in core production areas and enabling significant synergies.

• Operational EBIT for Q2 2026 was NOK 1,237 million, more than doubling YoY.

• Profit for the period was NOK 367 million, compared to NOK 146 million in the same quarter last year.

Financial highlights

• Operating revenues reached NOK 7,612 million in Q2 2026, up 17% QoQ and 24% YoY for H1 2026.

• Operational EBITDA was NOK 1,769 million, up from NOK 994 million YoY.

• Adjusted EPS for Q2 2026 was NOK 3.9, up from NOK 1.89 in Q2 2025.

• Dividend of NOK 10 per share approved in June, totaling approximately NOK 1.3 billion paid in July 2026.

• Cash flow from operating activities was NOK 2,121 million, up from NOK 1,318 million YoY.

Outlook and guidance

• FY 2026 volume guidance raised to 350,000 tons, with Norway at 302,000–307,000 tons, Iceland at 21,000 tons, UK/Scotland at 43,000 tons, and SalMar Ocean at 5,100 tons.

• Expect lower cost level and significantly higher volume in Q3 2026.

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