SalMar (SALM) Q4 2025 earnings summary

Executive summary

• 2025 was financially weak due to high downgraded fish share and global supply growth, but operational and biological performance improved, with record-high biomass and lower costs.

• Achieved record-high harvest volume in FY 2025, driven by strong biological performance, especially in Northern Norway.

• Employee engagement and operational discipline led to better fish survival, lower emissions, and external recognition for sustainability.

• Acquisitions of Knutshaugfisk and Wilsgård strengthened the position in key areas.

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

Financial highlights

• Operational EBIT for Q4 2025 was NOK 1,834 million (NOK 21.8/kg), up 158% year-over-year.

• FY 2025 operational EBIT was NOK 3,867 million, down 29% year-over-year.

• Q4 2025 operating revenues were NOK 8,176 million, a 4% increase from Q3 2025.

• Adjusted EPS for Q4 2025 was NOK 6.6; for FY 2025, NOK 12.3.

• Net interest-bearing debt reduced to NOK 20.8 billion; equity ratio increased to 34.8%.

Outlook and guidance

• 2026 harvest volume guidance: 318,000 tons, up 6% year-over-year; Norway 270,000 tons, SalMar Ocean 5,000 tons, Iceland 21,000 tons, Scotland 43,000 tons.

• Volume guidance for Norway and Iceland unchanged; Scotland reduced by 2,000 tons due to biological challenges.

• Global supply growth for Atlantic salmon in 2026 expected to be low, with strong demand anticipated.

• CapEx for 2026 planned at NOK 1,070–1,100 million, mainly in Norway, Ocean, and Iceland.

• Contract coverage for Q1 2026 is around 50%; 35% of 2026 volume secured at fixed prices.