Earnings Release • Aug 21, 2025
Earnings Release
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SalMar - Strong biological development throughout the quarter
* Growth in the sea has been very good, paving the way for increased volume,
with a higher share of superior quality fish, and positive cost development
in the second half of the year.
* As expected, the second quarter was marked by weak price achievement due to
a high proportion of downgraded fish, particularly in Central Norway.
* Operational EBIT for Norway was NOK 696 million in Q2 2025. The harvest
volume was 54,500 tonnes, and operational EBIT per kg was NOK 12.8. Group
operational EBIT was NOK 524 million in Q2 2025. The harvest volume was
64,500 tonnes, and the EBIT per kg was NOK 8.1.
* Strong biological performance from Northern Norway with positive cost
development during the period.
* Very good results from Sales and Industry driven by positive contributions
from contracts and capabilities in our set-up.
* SalMar Ocean completed harvest from both units.
* Continued high cost on harvested fish from Icelandic Salmon.
* Results from Scottish Sea Farms were impacted by lower salmon prices,
despite continued good biological performance.
"In short, we are pleased with the biological development during the quarter.
This lays the foundation for increased volume and positive cost development in
the second half of the year. Financially Q2 2025 was weak, as expected, due to
poor price achievement in the quarter," says Frode Arntsen, CEO of SalMar ASA.
Strengthening our presence in Norway and increases access to sustainable
financing
The merger between Wilsgård AS and SalMar was completed in August 2025. Wilsgård
has a strong presence on Senja and holds 5,844 tonnes MAB in licenses in
production areas 10 and 11 in Northern Norway. SalMar also announced in July
that SalMar will take over all operations related to salmon production, while
Frewi AS will take over all other activities.
SalMar has also issued two new green bonds totaling NOK 2 billion. This
increases SalMar's access to capital and supports its ambition to develop the
industry in an even more sustainable direction in the years to come.
"The merger with Wilsgård and the issuance of new green bonds are important
steps that both strengthen our position in Northern Norway and give us the
flexibility to further strengthen our value chain in the years ahead," says
Frode Arntsen, CEO of SalMar ASA.
Increasing volume guidance for 2025
The first half of 2025 has shown strong biological performance at sea in terms
of growth and survival, and the company enters the third quarter with record-
high biomass for the season. This sets the stage for increased volume in the
second half. Combined with good growth and reduced costs for several input
factors, a positive cost development is expected in the second half when
harvesting from new generations begins. At the same time, the share of superior
quality fish has increased significantly from July 2025 onwards, compared to the
level experienced in the first half.
For 2025, the group's volume guidance is increased by 4,000 tonnes - up 6,000
tonnes due to particularly strong growth in Northern Norway and the inclusion of
Wilsgård, and down 2,000 tonnes in Iceland. SalMar now expects 262,000 tonnes in
Norway, 7,200 tonnes from SalMar Ocean, 13,000 tonnes in Iceland, and 32,000
tonnes in Scottish Sea Farms (100% basis). Taking into account the relative
share from Scottish Sea Farms, the group expects a total of 298,000 tonnes, an
18 percent increase in harvest volume compared to 2024.
Although the first half has been marked by lower salmon prices due to increased
volume, and continued global uncertainty, SalMar continues to experience strong
demand for its products. SalMar expects lower global supply growth in the second
half of 2025 compared to what has been experienced in the first half of 2025.
The full report and presentation for the second quarter are attached.
SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's
results today at 08:00 at Hotel Continental in Oslo. The presentation will also
be webcast on www.salmar.no.
For more information, please contact:
Frode Arntsen, CEO
Tel: +47 482 06 665
E-mail: [email protected]
Ulrik Steinvik, CFO
Tel: +47 900 84 538
E-mail: [email protected]
Håkon Husby, Head of IR
Tel: +47 936 30 449
E-mail: [email protected]
About SalMar
SalMar is one of the world's largest and most efficient producers of salmon. The
Group has farming operations in Central Norway, Northern Norway, Offshore and
Iceland, as well as substantial harvesting and secondary processing operations.
In addition, SalMar owns 50% of Scottish Sea Farms Ltd.
See www.salmar.no for more information about the company.
This information is subject to the disclosure requirements stipulated in section
5-12 of the Norwegian Securities Trading Act.
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