SalMar ASA
OSE:SALM

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SalMar ASA
OSE:SALM
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Price: 605.5 NOK -1.06% Market Closed
Market Cap: 82B NOK

SalMar ASA
Investor Relations

SalMar ASA, a key player in the global aquaculture realm, began its journey in 1991, on the rugged coasts of Norway. Founded by Gustav Witzøe, the company has forged its reputation by pioneering sustainable fish farming practices. In a world of increasing demand for protein, SalMar specializes in the farming, processing, and selling of farmed salmon. This simple yet demanding business model starts in the fjords of Norway, where SalMar utilizes modern biotechnological advances and cutting-edge marine engineering to nurture Atlantic salmon in optimal, controlled sea environments.

The company's operational strategy revolves around vertically integrated operations. From its hatcheries and sea farms to its state-of-the-art harvesting and processing facilities, SalMar ensures the highest quality standards at every step. By maintaining control over the entire production chain, SalMar not only upholds sustainable practices but also capitalizes on efficiencies and cost synergies. This end-to-end approach allows SalMar to generate robust revenue streams, appealing to both domestic and international markets hungry for premium seafood. SalMar's adeptness at aligning economic profitability with environmental stewardship has fortified its position as a leading harvester of the ocean's bounty, ensuring the company remains buoyant amidst the tides of global demand shifts.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 6, 2025
AI Summary
Q3 2025

Record Harvest: SalMar achieved record high harvest volumes in Q3 2025, with 93,200 tonnes harvested including Icelandic Salmon and SalMar Ocean.

Profitability Despite Lower Prices: Operational EBIT improved to NOK 711 million, up NOK 187 million from Q2, despite lower salmon prices.

Cost Control: Cost per kilo in Norway declined, especially in Northern Norway, driven by strong biological performance and operational efficiency.

Unchanged and Raised Guidance: 2025 volume guidance remains unchanged for Norway and Iceland but is raised for Scotland; 2026 group harvest volume guidance increased by 20,000 tonnes to 319,000 tonnes.

Wilsgård Merger: The merger with Wilsgård was completed in August, positively impacting assets and financial ratios.

Debt and Liquidity: Net interest-bearing debt rose to NOK 23.3 billion due to dividend payments and investments, but liquidity remains strong at NOK 9.3 billion.

Future Growth Focus: The company is investing in new production technology and expects further cost reductions and volume growth into 2026.

Key Financials
Harvest Volume (Norway)
89,400 tonnes
Harvest Volume (Total incl. Icelandic Salmon and SalMar Ocean)
93,200 tonnes
Operational EBIT
NOK 711 million
Operational EBIT per kilo (Norway)
NOK 9.6 per kilo
Operational EBIT per kilo (Total)
NOK 7.6 per kilo
Operational EBIT (Central Norway)
NOK -121 million
Operational EBIT per kilo (Central Norway)
NOK -2.6 per kilo
Harvest Volume (Central Norway)
47,000 tonnes
Operational EBIT (Northern Norway)
NOK 468 million
Operational EBIT per kilo (Northern Norway)
NOK 11 per kilo
Harvest Volume (Northern Norway)
42,500 tonnes
Operational EBIT (Sales and Industry)
NOK 534 million
Operational EBIT (Iceland)
NOK -110 million
Operational EBIT per kilo (Iceland)
NOK -29.2 per kilo
Harvest Volume (Iceland)
3,800 tonnes
Operational EBIT (Scottish Sea Farms)
NOK 8 million
Operational EBIT per kilo (Scottish Sea Farms)
NOK 1.2 per kilo
Harvest Volume (Scottish Sea Farms)
7,200 tonnes
Operational EBITDA (SalMar Ocean)
NOK -8 million
Result Before Tax
NOK 783 million
Profit for the Period
NOK 332 million
Adjusted Earnings Per Share
NOK 1.3 per share
Total Assets
NOK 57.8 billion
Equity Ratio
33.2%
Net Interest-Bearing Debt (NIBD)
NOK 23.3 billion
NIBD / EBITDA
3.9x
Available Liquidity
NOK 9.3 billion
Investments in Fixed Assets
NOK 531 million
Dividend Paid
NOK 2.9 billion
Harvest Volume Guidance (2026)
319,000 tonnes
Harvest Volume Guidance (Norway and Ocean 2026)
275,000 tonnes
Harvest Volume Guidance (Iceland 2026)
21,000 tonnes
Harvest Volume Guidance (Scottish Sea Farms 2026)
45,000 tonnes
Harvest Volume Guidance (Northern Norway 2025)
119,000 tonnes
Harvest Volume Guidance (Central Norway 2025)
143,000 tonnes
Harvest Volume Guidance (Scottish Sea Farms 2025)
33,500 tonnes
Contract Share (Q3)
22%
Contract Share (Q4 Expected)
27%
Other Earnings Calls

Management

Mr. Gustav Magnar Witzoe
Co-Founder, President & Chairman
No Bio Available
Mr. Frode Arntsen
Chief Executive Officer
No Bio Available
Mr. Ulrik Steinvik
Chief Financial Officer
No Bio Available
Mr. Simon Sobstad
Chief Operating Officer of Sales & Industry
No Bio Available
Mr. Arthur Wisniewski
Director of Human Resource Management
No Bio Available
Mr. Runar Sivertsen
Chief Strategy Officer
No Bio Available
Mr. Roger Bekken
Chief Operating Officer of Farming
No Bio Available
Tonette Bjørgård
Head of Accounting
No Bio Available
Mr. Hakon Husby
Head of Investor Relations
No Bio Available

Contacts

Address
SOR-TRONDELAG
Froya
Industriveien 51, Kverva
Contacts
+4772447900.0
www.salmar.no