SalMar Harvests Record Q2 Output as Earnings Rise

SalMar reported an operational EBIT of NOK 1.2 billion (€113 million) for the second quarter of its 2026 financial year, backed by an 81,800‑tonne harvest that set a new company record.

Record Harvest Drives Earnings

The firm highlighted strong biological and operational performance across its Norwegian assets, though it noted that the bulk of the catch arrived in June, creating a less‑balanced harvest profile.

Sales & Industry earnings rose thanks to higher facility utilisation and solid commercial results, helping to offset softer outcomes elsewhere.

Ocean Farm 1 delivered a successful harvest supported by robust biology, while Icelandic Salmon and Scottish Sea Farms fell short because of raised supply‑chain costs.

Strategic Moves and Outlook

In July, the company agreed with Heimstø to buy a 70 % stake in Måsøval for NOK 3.4 billion (€312 million), a deal that still needs regulatory clearance.

A NOK 2.7 billion (€248 million) green bond issued in June boosted liquidity to NOK 14.4 billion (€1.3 billion), reinforcing the balance sheet.

Following the strong biological performance, the producer lifted its full‑year 2026 volume guidance by 20,000 tonnes to 350,000 tonnes, a 16 % increase over 2025.

The numbers, they just happened, and analysts may watch how the added capacity aligns with market demand.

Looking ahead to the third quarter, the firm expects a modest dip in value‑chain costs compared with Q2 and projects a notable year‑on‑year rise in harvest volumes.

Low global supply growth and solid consumer appetite are seen as supportive fundamentals for the rest of the year, according to industry trends documented on salmon farming practices.

The organization runs operations in central and northern Norway, offshore sites, Iceland, and maintains extensive harvesting and secondary‑processing capabilities.

It also holds a 50 % interest in Scottish Sea Farms, a stake that continues to influence its overall performance.

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Beyond the headline earnings, the operational EBIT figure reflects the cumulative effect of tighter cost control, efficient feed management and the ability to translate biological vigor into marketable product. The record harvest volume was achieved despite a concentration of deliveries in a single month, a pattern that management recognized as a factor that could affect cash‑flow timing and inventory handling.

The Sales & Industry segment’s contribution stemmed from a combination of higher throughput at processing plants and the successful negotiation of sales contracts that secured favorable pricing terms. By keeping facilities running at raised capacity, the company reduced per‑unit overhead and maximised the value extracted from each tonne of fish.

Ocean Farm 1’s performance is illustrative of how offshore installations can benefit from stable water conditions and optimal feeding regimes, resulting in healthy growth rates and low mortality. These biological advantages translated directly into a larger, higher‑quality catch that supported the overall earnings uplift.

Conversely, the challenges faced by the Icelandic Salmon and Scottish Sea Farms operations were traced to raised expenses along the supply chain, including higher freight rates, increased energy consumption and more costly feed inputs. Those pressures limited the ability of those units to match the profitability observed elsewhere in the portfolio.

The proposed acquisition of a majority interest in Måsøval is positioned as a catalyst for sustainable expansion. By integrating the target’s assets, SalMar aims to achieve more efficient use of existing infrastructure, share best practices across sites and reduce duplication of capital expenditures. The transaction is framed as a pathway to strengthen the company’s presence in central Norway while adhering to long‑term environmental standards.

The green bond issuance showed a commitment to financing projects with an environmental focus. Proceeds are earmarked for initiatives such as energy‑efficient processing upgrades, waste‑reduction programs and the development of low‑impact farming technologies, all of which reinforce the firm’s resilience against future regulatory and market shifts.

Liquidity improvements from the bond have broadened the firm’s financial flexibility, allowing it to pursue strategic investments without compromising its operational cash flow. This strengthened balance sheet also provides a buffer against potential volatility in feed prices or currency movements.

Raising the full‑year volume guidance signals confidence that the biological momentum observed in the second quarter can be sustained throughout the remainder of the year. The upward adjustment reflects expectations of continued strong fish health, effective disease management and the ability to harvest additional tonnage without sacrificing quality.

Looking forward, the company’s outlook for the third quarter includes an anticipated easing of cost pressures within the value chain, driven by stabilising input prices and improved logistics. At the same time, the forecasted increase in harvest volumes suggests that the firm expects to capitalize on the favorable market environment created by limited global supply growth and enduring consumer demand for salmon products.

The extensive geographic footprint—spanning central and northern Norwegian waters, offshore platforms and Icelandic sites—provides diversification that helps mitigate regional risks such as adverse weather or localized disease outbreaks. Coupled with substantial harvesting and secondary‑processing capacity, this network enables the firm to capture value at multiple stages of the production chain.

Ownership of half of Scottish Sea Farms continues to be a strategic element, offering a foothold in the Scottish market and contributing to the overall portfolio’s scale. The partnership allows SalMar to benefit from shared expertise while handling the cost challenges that have affected that particular operation.