SalMar (SALM) Q3 2025 earnings summary

Executive summary

• Achieved record high harvest volume of 93,200 tons in Q3 2025, but profitability was impacted by low market prices despite improved superior share levels.

• Operational EBIT for the group was NOK 711 million, down from NOK 1,041 million in Q3 2024; EBIT per kg was NOK 7.6, down from NOK 17.3.

• Profit before tax was NOK 783 million, compared to NOK 839 million in Q3 2024; net profit for the period was NOK 332 million.

• Merger with Wilsgård AS completed in August 2025, strengthening presence in Northern Norway and increasing assets and NIBD.

• Strong biological performance in Northern Norway and good results from Sales & Industry, while Icelandic Salmon posted weak results due to high costs and extraordinary items.

Financial highlights

• Group operating revenues rose 27% QoQ to NOK 7,850m, up from NOK 6,158m in Q3 2024.

• Operational EBIT for the first nine months of 2025 was NOK 2,033 million, down from NOK 3,940 million in 2024.

• Adjusted EPS was NOK 1.3, down from NOK 2.8 in Q3 2024 and NOK 1.9 in Q2 2025.

• Fair value adjustments were positive due to higher biomass and forward prices.

• Net interest expenses increased to NOK -389 million in Q3 2025 from NOK -311 million in Q3 2024.

Outlook and guidance

• FY 2025 harvest guidance: 262,000 tons in Norway, 7,200 tons in SalMar Ocean, 13,000 tons in Iceland, 33,500 tons in Scotland (100% basis), totaling 299,000 tons.

• FY 2026 harvest guidance: 270,000 tons in Norway, 5,000 tons in SalMar Ocean, 21,000 tons in Iceland, 45,000 tons in Scotland (100% basis), totaling 319,000 tons, a 7% increase YoY.

• Limited global supply growth expected in 2026, with continued strong demand.

• Contract share for Q4 2025 is around 27%.

• Forward prices for salmon for FY 2026 are currently at EUR 7.6 per kg.