SalMar reports strong biological performance but weaker Q2 prices.
SalMar posted group operational EBIT of NOK 524 million ($50.9 million) in the second quarter of 2025, as weaker prices offset strong biological performance and cost development.
Harvest volume in the quarter was 64,500 tonnes, giving EBIT per kilo of NOK 8.1 ($0.79). In Norway, operational EBIT was NOK 696 million ($67.51 million) on 54,500 tonnes harvested, equal to NOK 12.8 ($1.24) per kilo. The company said the quarter was marked by a high share of downgraded fish, particularly in Central Norway, which reduced achieved prices.
Northern Norway delivered strong biological results and positive cost development. Sales and Industry also contributed positively, with contract sales and operational capabilities lifting results. SalMar Ocean completed harvesting from both offshore units during the quarter.
Icelandic Salmon continued to face high costs, while Scottish Sea Farms was impacted by lower prices, despite good biological conditions.
“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,” said CEO Frode Arntsen.
Merger and financing
In August 2025, SalMar completed the merger with Wilsgård AS, strengthening its position in Northern Norway. Wilsgård holds 5,844 tonnes MAB in licenses in production areas 10 and 11 on Senja. SalMar also announced in July that it would take over all salmon production activities, while Frewi AS would assume responsibility for other operations.
The company also issued two new green bonds totalling NOK 2 billion ($194 million), which it said would increase access to capital and support its sustainability strategy.
“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,” Arntsen said.
Volume guidance raised
SalMar increased its 2025 volume guidance by 4,000 tonnes, citing strong growth in Northern Norway and the inclusion of Wilsgård, partly offset by a 2,000-tonne reduction in Iceland. The company now expects 262,000 tonnes in Norway, 7,200 tonnes from SalMar Ocean, 13,000 tonnes from Iceland, and 32,000 tonnes from Scottish Sea Farms (100% basis). On SalMar’s relative share, this represents 298,000 tonnes for 2025, an 18 percent increase compared to 2024.
The company said it enters the third quarter with record-high biomass for the season, paving the way for increased volumes, lower costs, and a higher share of superior quality fish in the second half of the year.
Despite continued global uncertainty and lower salmon prices in the first half of 2025, SalMar said demand for its products remains strong, and it expects lower global supply growth in the second half compared with the first half of the year.
CEO Frode Arntsen and CFO Ulrik Steinvik are presenting the results today in Oslo.
