SalMar Q2 2026 Operational Performance

SalMar reported second‑quarter 2026 operational earnings that more than doubled year‑on‑year, with operational EBIT reaching 1.24 billion Norwegian crowns compared with 524 million crowns in Q2 2025. Operating revenue increased to 7.61 billion crowns from 6.18 billion crowns, and operational EBITDA rose to 1.77 billion crowns from 994 million crowns a year earlier.

Harvest volume hit a record 81,800 tons in the quarter, up from 64,500 tons in Q2 2025, which helped offset a seasonal dip in salmon prices. Operational EBIT per kilogram was 15.1 crowns, up from 8.1 crowns YoY but lower than the 25.1 crowns recorded in Q1 2026, reflecting a harvest profile concentrated in June, the lowest‑price month.

Profit before tax amounted to 565 million crowns versus 190 million crowns a year earlier, and profit for the period was 367 million crowns compared with 146 million crowns. Earnings per share rose to 2.7 crowns from 1.5 crowns, while adjusted earnings per share increased to 3.9 crowns from 1.9 crowns.

Segment Performance

  • Fish Farming Central Norway posted operational EBIT of 426 million crowns, up from 7 million crowns YoY.
  • Fish Farming Northern Norway posted operational EBIT of 632 million crowns, up from 288 million crowns YoY.
  • Sales and Industry segment EBIT fell to 219 million crowns from 448 million crowns YoY.
  • SalMar Ocean recorded EBIT of 45 million crowns, reversing a loss of 75 million crowns a year earlier.
  • Icelandic Salmon posted a loss of 35 million crowns, narrower than the 97 million‑crown loss in the prior year.
  • Results from the Scottish Sea Farms joint venture were soft, impacted by high value‑chain costs.

Volume Guidance Update

The company raised its 2026 group volume guidance by 20,000 tons to 350,000 tons, incorporating the expected share from Scottish Sea Farms. Guidance for Fish Farming Central Norway was increased by 5,000 tons to 167,000 tons, and for Fish Farming Northern Norway by 15,000 tons to 135,000 tons. Guidance for Icelandic Salmon remains at 21,000 tons and for Scottish Sea Farms at 43,000 tons. SalMar expects a significantly higher harvest volume in Q3 2026 compared with Q3 2025.

Acquisition

In July 2026 SalMar entered into an agreement with Heimstø AS to acquire a 70 % stake in Måsøval AS at 39.50 crowns per share, representing an aggregate consideration of approximately 3.40 billion crowns.

Cash Flow, Debt and Capital Structure

Net cash flow from operating activities reached 2.12 billion crowns, up from 1.32 billion crowns YoY. Net interest‑bearing debt fell to 19.14 billion crowns, and available liquidity stood at 14.45 billion crowns. The company issued 2.75 billion crowns of new green bonds in June 2026. A dividend of 10 crowns per share was approved at the June 2026 AGM, which reduced the equity ratio to 34.5 %.