SalMar – Record-high harvest volume and significant improvement in results
Record-high harvest volume and continued strong operational and biological performance contributed to a significant improvement in results compared with the same period last year. Higher volumes, lower cost levels and improved price achievement contributed positively, while Sales & Industry delivered strong results. Strong cash flow from operations also contributed to a further reduction in net interest-bearing debt and a strengthened financial position.
Operational EBIT for the Group was NOK 1,609 million in the third quarter of 2026. Harvest volume reached a record-high 105,100 tonnes, and Operational EBIT per kg was NOK 15.3. In Norway, Operational EBIT was NOK 1,620 million, harvest volume was 99,900 tonnes and Operational EBIT per kg was NOK 16.2.
- Record-high harvest volume, driven by strong biological performance throughout 2026.
- Strong results from Sales & Industry, driven by record-high volumes through the processing facilities, improved operational performance and solid sales results.
- Icelandic Salmon returned to positive results, driven by a lower cost level and good price achievement.
- Significantly higher harvest volume from Scottish Sea Farms, although results remained weak due to biological challenges.
“Record-high harvest volume and a significant improvement in results reflect the strong biological development throughout 2026. The underlying biological status remains good, and together with lower costs for the fish currently in the sea, this provides a solid foundation going forward,” says Frode Arntsen, CEO of SalMar ASA.
Strengthened financial position
SalMar further strengthened its financial position in the third quarter. Net interest-bearing debt was reduced by NOK 1,228 million from the end of the second quarter to NOK 17,912 million. Compared with the same period last year, net interest-bearing debt has been reduced by NOK 3,739 million. NIBD/EBITDA was reduced to 2.1, from 2.5 at the end of the second quarter and 4.0 at the end of the third quarter of 2025.
At the same time, the equity ratio increased to 36.0 per cent, and SalMar had NOK 15.9 billion in available liquidity at the end of the quarter. This provides the company with solid financial flexibility, including for the completion of the Måsøval transaction once the necessary regulatory approvals have been obtained.
Expecting slightly lower cost level and guiding harvest volume of 346,000 tonnes for 2027
For the fourth quarter of 2026, SalMar expects a slightly lower cost level in the value chain compared with the third quarter. At the same time, lower harvest volume in Norway is expected compared with the fourth quarter of 2025.
Harvest volume guidance for 2026 is 347,000 tonnes, including the relative share from Scottish Sea Farms. This represents harvest volume growth of 15 per cent compared with 2025. Guidance for Norway remains unchanged, while volume expectations for Icelandic Salmon and Scottish Sea Farms have been somewhat reduced.
For 2027, SalMar expects total harvest volume of 348,000 tonnes, including the relative share from Scottish Sea Farms, in line with 2026. This includes 307,000 tonnes from Norway and SalMar Ocean, 18,000 tonnes from Icelandic Salmon and 45,000 tonnes from Scottish Sea Farms on a 100 per cent basis. Måsøval is not included in the harvest volume guidance for 2027, as the transaction remains subject to relevant regulatory approvals.
SalMar expects low global supply growth in 2027 and continues to see strong demand for its products.
Måsøval transaction process progressing according to plan
In July 2026, SalMar ASA entered into an agreement with Heimstø AS to acquire Heimstø’s 85,727,553 shares in Måsøval AS, representing approximately 70 per cent of the share capital. The purchase price is NOK 39.50 per share, corresponding to a total consideration of approximately NOK 3.4 billion. The transaction is subject to customary closing conditions, including relevant regulatory approvals. The process of obtaining the necessary regulatory approvals is progressing according to plan.
The transaction is expected to provide SalMar with an even stronger platform for further sustainable growth in Central Norway, with potential for improved utilisation of resources, expertise and infrastructure, as well as further development on the salmon’s terms and long-term value creation along the Norwegian coast.
The full report and presentation for the third quarter are attached.
SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's results today at 08:00 at Hotel Continental in Oslo. The presentation will also be webcasted on www.salmar.no.
For more information, please contact:
Frode Arntsen, CEO
Tel: +47 482 06 665
E-mail: frode.arntsen@salmar.no
Ulrik Steinvik, CFO
Tel: +47 900 84 538
E-mail: ulrik.steinvik@salmar.no
Håkon Husby, Head of IR
Tel: +47 936 30 449
E-mail: hakon.husby@salmar.no
About SalMar
SalMar is one of the world's largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway, Offshore and Iceland, as well as substantial harvesting and secondary processing operations. In addition SalMar owns 50% of Scottish Sea Farms Ltd.
See www.salmar.no for more information about the company.
This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act.
Attachments
