Norwegian salmon producer SalMar ASA reported a sharp rise in second-quarter profit as record harvest volumes outweighed lower prices, while lifting its full-year output guidance by 20,000 tons to 350,000 tons.
Operational earnings more than doubled to 1.24 billion Norwegian crowns in the three months through June, up from 524 million crowns a year earlier, while operating revenues rose to 7.61 billion crowns from 6.18 billion crowns. Profit before tax increased to 565 million crowns from 190 million crowns, and net profit reached 367 million crowns compared with 146 million crowns.
The company’s operational EBIT per kilogram climbed to 15.1 crowns from 8.1 crowns in the prior-year period, though it declined from 25.1 crowns in the first quarter due to a harvest profile skewed toward June, historically a lower-priced month. Adjusted earnings per share rose to 3.9 crowns from 1.9 crowns, while net cash flow from operating activities increased to 2.12 billion crowns from 1.32 billion crowns.
SalMar raised its full-year volume forecast to 350,000 tons, including its share from Scottish Sea Farms, an increase of 20,000 tons from prior guidance. Central Norway’s outlook was lifted by 5,000 tons to 167,000 tons, while Northern Norway’s was raised by 15,000 tons to 135,000 tons. Icelandic Salmon and Scottish Sea Farms volumes were left unchanged at 21,000 tons and 43,000 tons, respectively.
Second-quarter harvest volume reached a record 81,800 tons, up from 64,500 tons a year earlier. The company expects significantly higher output in the third quarter compared with the same period in 2025. Segment performance showed Fish Farming Central Norway at 426 million crowns in operational EBIT, Northern Norway at 632 million crowns, and Sales and Industry at 219 million crowns, down from 448 million crowns a year earlier.
SalMar reduced net interest-bearing debt to 19.14 billion crowns and maintained 14.45 billion crowns in available liquidity. A dividend of 10 crowns per share was approved at the June annual general meeting, following the issuance of 2.75 billion crowns in green bonds in the same month. Equity ratio fell to 34.5% after the dividend approval.
In July, SalMar agreed to acquire a 70% stake in Måsøval AS from Heimstø AS for 39.50 crowns per share, with an aggregate consideration of approximately 3.40 billion crowns.
