SalMar Reports Q1 2025 Results: Low Volume but Strong Growth Potential

SalMar has released its first quarter report for 2025, highlighting a low harvest volume while indicating promising growth in the sea that sets the stage for increased production later this year.

Quarterly Performance Overview

• The first quarter of 2025 saw a low harvest volume, with most production coming late in the season. Efforts focused on building biomass to facilitate increased volume for the remainder of the year.
• Operational EBIT for Norway was NOK 852 million, with a harvest volume of 40,400 tonnes, resulting in EBIT per kg of NOK 21.1. The Group’s overall EBIT was NOK 798 million from a total harvest volume of 42,700 tonnes, translating to NOK 18.7 per kg.
• Challenges included harvesting late in the period, with fish caught for welfare reasons leading to lower average weights and a higher proportion of downgraded fish, adversely impacting prices.
• Sales and Industry segments benefited from favorable contract contributions, although the Icelandic operations reported low volumes and high costs.
• In contrast, Scottish Sea Farms experienced a positive quarter with increased harvest volumes, high fish weights, and solid biological performance across all regions.

“We are pleased with the growth and survival in the sea; however, financial results reflect challenges due to late harvesting and quality issues this quarter,” stated Frode Arntsen, CEO of SalMar ASA.

Expanding Presence in Norway

SalMar remains committed to investing in sustainable and profitable salmon production in Norway. In February 2025, the company completed the acquisition of a controlling stake in AS Knutshaugfisk, which holds 3,466 tons of MTB in licenses and operates four farming locations in Central Norway.

Additionally, in April 2025, SalMar and Wilsgård AS announced a merger plan, with SalMar holding a 37.5% stake in Wilsgård since its acquisition of NTS and the merger with NRS in 2022. The merger is expected to significantly strengthen SalMar’s footprint in the region, particularly in Senja, and bring together two leading entities in the aquaculture sector. The merger is anticipated to finalize in summer 2025, pending necessary regulatory approvals.

“This merger with Wilsgård will enhance operational efficiency and financial resilience while contributing to regional development,” remarked Frode Arntsen, emphasizing the strategic benefits of this consolidation.

Future Outlook

The beginning of 2025 has shown strong biological performance, with record-high biomass entering the second quarter and maintaining volume guidance for the year. SalMar anticipates harvests of 256,000 tons in Norway, along with contributions from SalMar Ocean (7,000 tons), Iceland (15,000 tons), and Scottish Sea Farms (32,000 tons), projecting a total group harvest of 294,000 tons—signifying a 17% increase in volume from 2024.

Despite global uncertainties and rising volumes, SalMar expects sustained demand for its products and forecasts lower global supply growth in the latter half of 2025 compared to the first half.

The comprehensive report and presentation for Q1 2025 can be accessed at SalMar’s investor website. Additionally, CEO Frode Arntsen and CFO Ulrik Steinvik presented these results on a webcast held yesterday at 08:00 at Hotel Continental in Oslo, further details of which are available on www.salmar.no.