Norwegian salmon producer SalMar reported a sharp increase in second-quarter earnings as record harvest volumes offset lower prices, while lifting its full-year 2026 volume guidance by 20,000 tons to 350,000 tons.
Operational earnings more than doubled to 1.24 billion Norwegian crowns in Q2, up from 524 million crowns a year earlier, as revenues rose 23% to 7.61 billion crowns. Operational EBITDA increased to 1.77 billion crowns from 994 million crowns, while profit before tax reached 565 million crowns compared with 190 million crowns in Q2 2025. Earnings per share rose to 2.7 crowns from 1.5 crowns, with adjusted EPS at 3.9 crowns versus 1.9 crowns a year ago.
The company attributed the drop in operational EBIT per kilogram to 15.1 crowns from 25.1 crowns in Q1 to an unfavorable harvest profile, with most volume harvested in June when prices were weakest. Segment performance showed strong growth in fish farming, with Central Norway and Northern Norway operations contributing 426 million and 632 million crowns in operational EBIT, respectively, compared with 7 million and 288 million crowns a year earlier. Sales and industry segment earnings fell to 219 million crowns from 448 million crowns.
SalMar increased its full-year 2026 volume guidance by 20,000 tons to 350,000 tons, citing strong biological performance in Norway. Central Norway’s guidance was raised by 5,000 tons to 167,000 tons, while Northern Norway’s was increased 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. Q3 2026 volume is expected to be significantly higher than Q3 2025.
The company also reported a turnaround at SalMar Ocean, which posted 45 million crowns in operational EBIT after a 75 million crowns loss a year earlier, following the successful completion of the harvest from Ocean Farm 1. Icelandic Salmon narrowed its loss to 35 million crowns from 97 million crowns, while Scottish Sea Farms faced soft results due to elevated costs in the value chain.
SalMar’s net cash flow from operating activities rose to 2.12 billion crowns from 1.32 billion crowns, and net interest-bearing debt decreased to 19.14 billion crowns. Available liquidity stood at 14.45 billion crowns, though the equity ratio fell to 34.5% following the approval of a 10-crown per share dividend at the annual general meeting. Earlier in June, the company issued 2.75 billion crowns in new green bonds.
In July, SalMar agreed to acquire a 70% stake in Måsøval AS for approximately 3.40 billion crowns at 39.50 crowns per share, partnering with Heimstø AS.
