SalMar (SALM) Q3 2026 earnings summary

Executive summary

• Record Q3 harvest of 105.1k tons; operational EBIT was NOK 1,609m, up 30% QoQ and from NOK 711m YoY.

• Profit for the period was NOK 1,399m; strong Sales & Industry and improved Icelandic Salmon results contrasted with soft Scottish Sea Farms results affected by incident-based mortality.

• Agreement reached to acquire 70% of Måsøval for NOK 3.4bn; completion remains subject to regulatory approval.

Financial highlights

• Q3 operating revenues were NOK 8,660m and operational EBITDA was NOK 2,168m, up 14% and 23% QoQ, respectively.

• Operating profit was NOK 2,210m; positive fair value adjustments contributed to the quarter’s results.

• Adjusted EPS was NOK 6.41, up 66% QoQ; YTD adjusted EPS was NOK 16.2 versus NOK 5.6 in 2025.

• YTD operational EBIT was NOK 4,358m versus NOK 2,033m; harvest volume rose 23% YoY to 247.1k tons.

• Operating cash flow was NOK 3,220m versus NOK 2,535m; investing cash flow was NOK -97m versus NOK -506m YoY.

Outlook and guidance

• FY 2026 harvest guidance was reduced by 2k tons to 347k, including the 50% share of Scottish Sea Farms; Iceland and Scotland guidance fell while Norway was unchanged.

• FY 2027 harvest guidance is 348k tons, including the 50% Scottish Sea Farms share and excluding Måsøval pending approval.

• FY 2027 segment guidance: Norway 302k tons, offshore 5k, Iceland 18k and Scotland 45k on a 100% basis.

• Q4 2026: slightly lower cost level and harvest volume than Q4 2025 expected; biological situation generally good.

• Low global supply growth and strong demand across markets expected in 2027.