SalMar (SALM) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw record-high harvest volumes and strong biological performance, especially in Northern Norway, with operational EBIT at NOK 1,834 million and harvest volume at 84,100 tons, though high supply growth and market prices impacted year-over-year results.

• Full-year 2025 operating revenues rose to NOK 27,394 million, but operational EBIT declined to NOK 3,867 million from NOK 5,429 million in 2024, mainly due to lower market prices and higher costs.

• Operational setup in the value chain demonstrated resilience, with M&A activity strengthening presence in key regions.

• ESG performance improved, with higher fish survival rates, reduced GHG emissions, and top global sustainability rankings.

• The board proposes a dividend of NOK 10.00 per share for 2025.

Financial highlights

• Q4 2025 group operational EBIT was NOK 1,834 million, up 158% sequentially, but down 29% year-over-year for FY 2025.

• Q4 2025 group harvest volume was 84.1k tons, down 10% sequentially, but full-year volume reached a record 300.9k tons, up 48.9k tons year-over-year.

• Q4 2025 operating revenues: NOK 8,176 million; FY 2025: NOK 27,394 million.

• Adjusted EPS for Q4 2025 was NOK 6.6, with a full-year adjusted EPS of NOK 12.3.

• Board proposes a dividend of NOK 10.00 per share for 2025.

Outlook and guidance

• Volume guidance for FY 2026 remains unchanged in Norway and Iceland, but reduced by 2,000 tons for Scottish Sea Farms.

• Global supply growth for Atlantic salmon in 2026 expected to be low, with a 2% increase estimated.

• Expect slightly lower cost levels and significantly higher volumes in Q1 2026, with continued strong demand and low global supply growth.

• Planned investments of NOK 1.1 billion in 2026, mainly in Norway & Ocean, with focus on maintenance and capacity upgrades.

• FY 2026 harvest guidance: 270,000 tons in Norway, 5,000 tons in SalMar Ocean, 21,000 tons in Iceland, and 43,000 tons in Scotland (100% basis).