SalMar (SALM) Q3 2025 earnings summary

Executive summary

• Achieved record high harvest volume of 93,200 tons in Q3 2025, up 55% year-over-year, but profitability was impacted by lower salmon prices compared to previous quarters and Q3 2024.

• Operational EBIT for the group was NOK 711 million, with a margin of NOK 7.6 per kilo, down from NOK 1,041 million and NOK 17.3 per kilo in Q3 2024; profitability was affected by lower prices but improved through the quarter.

• Merger with Wilsgård (Vilskoi) completed in August 2025, increasing total assets, NIBD, and strengthening presence in Northern Norway.

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

• Negative results from Icelandic Salmon due to high costs and low prices; positive contributions from Sales and Industry segment.

Financial highlights

• Operating revenues rose to NOK 7,850 million in Q3 2025, up 27% quarter-over-quarter and from NOK 6,158 million in Q3 2024, driven by higher volumes.

• Operational EBIT increased by NOK 187 million from Q2 to NOK 711 million, but was down from NOK 1,041 million in Q3 2024.

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

• Net interest-bearing debt including lease liabilities was NOK 23,266 million at quarter end, with NIBD/EBITDA at 3.9.

• Available liquidity at quarter-end was NOK 9.3 billion.

Outlook and guidance

• Volume guidance for 2025 remains unchanged for Norway and Iceland, increased for Scotland; FY 2026 harvest volume expected to reach 319,000 tons, a 7% increase year-over-year.

• Additional organic volume potential of 378,000 tons identified for future years.

• Limited global supply growth expected in 2026, with a positive outlook on demand and cost reductions.

• Contract share for Q4 2025 is around 27%.

• Global supply growth for Atlantic salmon expected at 9.4% in 2025, but limited growth in 2026.