Norwegian salmon producer SalMar ASA increased its 2026 harvest volume outlook by 16% to 350,000 tons after reporting a 30% year-over-year rise in first-half production and record second-quarter earnings.
The company reported Q2 2026 harvest volumes of 81,800 tons, including operations in Norway, Iceland, and the UK, up from 62,900 tons in Q2 2025. Norwegian operations contributed 71,500 tons at a margin of NOK 17.2 per kilogram, with Central Norway producing 38,900 tons and Northern Norway 32,600 tons. SalMar Ocean and Scottish Sea Farms contributed 4,800 tons and 8,100 tons respectively, while Iceland recorded a record 5,500 tons.
Operational EBIT for the quarter totaled NOK 1.237 billion across all segments, including NOK 1.227 billion from Norwegian operations. Central Norway generated EBIT of NOK 426 million at NOK 10.9 per kilogram, while Northern Norway delivered NOK 632 million at NOK 19.4 per kilogram. Iceland and Scottish Sea Farms reported losses of NOK 35 million and NOK 8 million respectively. Total EBIT declined sequentially by NOK 276 million from Q1 due to a NOK 740 million drop in price achievement, partially offset by a NOK 479 million volume benefit.
First-half 2026 metrics showed operational EBIT of NOK 2.7 billion, more than double the prior-year period, with operational EBITDA at NOK 3.8 billion. Profit after tax reached NOK 922 million, while adjusted earnings per share rose to 9.8 NOK, more than doubling year-over-year. The company’s net interest-bearing debt decreased by NOK 1.1 billion to NOK 19.1 billion, with available liquidity of NOK 14.4 billion and a leverage ratio of 2.6.
SalMar raised its full-year 2026 volume guidance to 350,000 tons, an increase of 49,000 tons from 2025 and 20,000 tons above its prior forecast. Norwegian guidance was lifted by 20,000 tons to 307,000 tons, with Central Norway up 5,000 tons to 167,000 tons and Northern Norway up 15,000 tons to 135,000 tons. Iceland and Scottish Sea Farms guidance remained unchanged at 21,000 tons and 43,000 tons respectively.
Biological performance improved significantly, with mortality 40% below the 10-year average and growth 33% higher. The superior fish share increased by 9 percentage points compared to historical averages, while contract sales accounted for 35% of Q2 volume, expected to average 35% for the full year. CEO Frode Arntsen cited favorable summer conditions for salmon growth, while CFO Ulrik Steinvik emphasized the company’s role in driving industry expansion through better biology, higher volumes, and cost efficiencies.
