SalMar (SALM) Q2 2026 earnings summary

Executive summary

• Achieved record-high Q2 2026 harvest volume of 81,800 tons, with strong biological performance and improved profitability in Sales & Industry, driven by operational excellence and value chain improvements.

• Volume guidance for FY 2026 increased to 350,000 tons, reflecting strong performance in Norway and operational improvements.

• Announced acquisition agreement for 70% of Måsøval, valued at NOK 3.4 billion, expected to deliver NOK 300 million in annual synergies and strengthen operations in Central Norway.

Financial highlights

• Operational EBIT for Q2 2026 was NOK 1,237 million, more than doubling year-over-year but down 18% quarter-over-quarter, with operational EBITDA for H1 2026 at NOK 3.8 billion.

• Operating revenues reached NOK 7,612 million in Q2 2026, up 24% year-over-year.

• Adjusted EPS for Q2 2026 was NOK 3.87, up from NOK 1.89 in Q2 2025, and profit after tax for H1 2026 was NOK 922 million.

• Net interest-bearing debt reduced to NOK 19.1 billion, with leverage ratio at 2.6 and available liquidity of NOK 14.4 billion.

• Dividend of NOK 10 per share approved and paid in July 2026.

Outlook and guidance

• FY 2026 harvest volume guidance raised to 350,000 tons, a 16% increase from 2025, with Norway at 302,000–307,000 tons, Iceland at 21,000 tons, and UK at 43,000 tons.

• Further potential for an 8% increase above 2026 levels based on existing value chain, and up to 412,000 tons including Måsøval.

• Cost per kilogram expected to decline further in Q3 and Q4, with higher volumes and operational improvements offsetting potential feed price increases.

• Global supply growth expected to remain modest for the rest of the year, supporting positive market dynamics.