SalMar reported strong biological development in the second quarter of 2025, with good growth at sea leading to increased volumes and a higher share of superior quality fish. The company noted that this performance paves the way for positive cost development in the latter half of the year.
Despite these improvements, SalMar experienced weak price achievement during the quarter, largely due to a high proportion of downgraded fish in Central Norway. Operational EBIT for Norway was NOK 696 million with a harvest volume of 54,500 tonnes and an operational EBIT per kilogram of NOK 12.8. Group operational EBIT reached NOK 524 million, with a total harvest volume of 64,500 tonnes and an EBIT per kilogram of NOK 8.1.
The company highlighted strong biological results from Northern Norway and positive cost developments during the period. Sales and Industry segments delivered very good results, supported by contracts and internal capabilities. SalMar Ocean completed harvesting from both units, while costs remained high for harvested fish from Icelandic Salmon. Scottish Sea Farms saw lower salmon prices impact results 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,” said Frode Arntsen, CEO of SalMar ASA.
In August 2025, SalMar completed its merger with Wilsgård AS. Wilsgård holds significant licenses on Senja in Northern Norway amounting to 5,844 tonnes MAB across production areas 10 and 11. Following this merger, SalMar will manage all salmon production operations while Frewi AS takes over other activities.
Additionally, SalMar issued two new green bonds totaling NOK 2 billion to increase access to capital and support its goal of developing sustainable industry practices.
“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,” said Frode Arntsen.
The company raised its volume guidance for 2025 after strong growth and survival rates at sea led to record-high biomass entering Q3. Volume guidance is now up by 4,000 tonnes compared to previous estimates—an increase driven by robust growth in Northern Norway and integration of Wilsgård’s operations but offset by a reduction in Icelandic output.
SalMar expects harvest volumes for 2025 as follows: 262,000 tonnes from Norway; 7,200 tonnes from SalMar Ocean; 13,000 tonnes from Iceland; and on a full basis, 32,000 tonnes from Scottish Sea Farms. Including its relative share from Scottish Sea Farms brings total group expectations to approximately 298,000 tonnes—a projected increase of about eighteen percent compared to last year’s harvest volume.
While global salmon prices were lower in early 2025 due to higher supply volumes amid ongoing uncertainty worldwide, demand for SalMar products remains strong according to company statements. The firm anticipates slower global supply growth through late-2025 than seen earlier this year.
The full quarterly report and presentation are available on www.salmar.no.
Frode Arntsen (CEO) and Ulrik Steinvik (CFO) will present these results at Hotel Continental in Oslo today at 08:00 local time; a webcast will also be available via www.salmar.no.
SalMar operates major farming activities across Central Norway, Northern Norway—including offshore locations—and Iceland; it also owns half of Scottish Sea Farms Ltd.