Market – July 7, 2026
Arctic: SalMar trading update points to strong biology in Northern Norway
SalMar's second-quarter harvest update was stronger than expected and points to robust biological performance in Northern Norway, according to Arctic Securities.
The outperformance came from Northern Norway, where harvest volumes reached 32,600 tonnes, well above Arctic's forecast of 28,840 tonnes. Central Norway harvested 38,900 tonnes, broadly in line with expectations despite ISA-related harvesting, while offshore operations matched forecasts at 4,800 tonnes. Icelandic subsidiary Icelandic Salmon harvested 5,500 tonnes, ahead of Arctic's 4,800-tonne estimate.
"The beat versus our numbers was in Northern Norway," Arctic analysts Christian Olsen Nordby and Kristoffer Haugland wrote in a note issued on Tuesday.
The analysts noted that the result was particularly encouraging because Northern Norway is SalMar's lowest-cost farming region and suggested biological performance has been especially strong there.
Arctic added that its vessel-tracking model indicates the ISA-related harvests in Central Norway involved relatively large fish. Despite those harvests, volumes from the region met expectations.
Arctic maintained its Buy recommendation and NOK 672 price target on SalMar, saying the trading update was positive and the shares should rise modestly on the news.
