SalMar Reports Strong Biological Development in Q2 2025
SalMar has witnessed significant biological advancements throughout the second quarter of 2025, laying a firm groundwork for increased production and enhanced quality.
Key Highlights from Q2 2025
- The growth in marine environments has been exceptional, promoting an augmented volume and a higher percentage of premium quality fish. This translates to improved cost prospects for the latter part of the year.
- As anticipated, the second quarter reflected low price achievements primarily due to a significant share of downgraded fish, particularly from Central Norway.
- Operational EBIT in Norway reached NOK 696 million, with a harvest volume of 54,500 tonnes. The operational EBIT per kg stood at NOK 12.8. For the entire group, operational EBIT totaled NOK 524 million, with a harvest volume of 64,500 tonnes and EBIT per kg of NOK 8.1.
- Biological performance in Northern Norway remained robust, coupled with favorable cost trends during the quarter.
- Sales and Industry yielded strong results, driven by successful contracts and our operational capabilities.
- SalMar Ocean has successfully completed harvesting from both operational units.
- High costs continued for harvested fish sourced from Icelandic Salmon.
- Scottish Sea Farms faced challenges due to declining salmon prices, though they maintained commendable biological performance.
“Overall, we are pleased with our biological progress in this quarter, as it sets the stage for increased volume and positive cost developments moving forward. While Q2 2025 reflected weaker financial results, this was anticipated due to subpar price performance,” stated Frode Arntsen, CEO of SalMar ASA.
Strategic Expansion in Norway
The merger between Wilsgård AS and SalMar was finalized in August 2025. Wilsgård, which holds a significant position on Senja, possesses a capacity of 5,844 tonnes MAB in key production areas 10 and 11 in Northern Norway. Additionally, in July, SalMar announced plans to assume all salmon production operations while allocating other activities to Frewi AS.
To enhance its financial base, SalMar has issued two new green bonds totaling NOK 2 billion. This move not only expands SalMar’s access to capital but also aligns with its goal of fostering sustainability within the industry in coming years.
“The Wilsgård merger and our new green bond issuance are major milestones that fortify our position in Northern Norway and provide the flexibility necessary to reinforce our value chain in the future,” added Frode Arntsen.
Revised Volume Guidance for 2025
The first half of 2025 has displayed remarkable biological performance at sea, characterized by superior growth and survival rates. As the company enters the third quarter, it boasts record-high biomass for the season, bolstering the prospects for increased volume in the latter half of the year. Given the positive growth trends and decreasing costs for various inputs, a favorable cost development is anticipated as new generations are harvested. Furthermore, the proportion of premium quality fish has risen significantly since July 2025, compared to the first half.
For the year 2025, SalMar has increased its volume guidance by 4,000 tonnes—6,000 tonnes attributed to impressive growth in Northern Norway and the acquisition of Wilsgård, countered by a reduction of 2,000 tonnes in Iceland. The adjusted expectations now include 262,000 tonnes in Norway, 7,200 tonnes from SalMar Ocean, 13,000 tonnes in Iceland, and 32,000 tonnes in Scottish Sea Farms (based on a 100% ownership). Consequently, the group anticipates a total harvest volume of 298,000 tonnes, marking an 18% increase compared to 2024.
Despite the first half being affected by lower salmon prices driven by increased volumes and ongoing global uncertainty, SalMar continues to report strong demand for its products. The company forecasts a deceleration in global supply growth for the latter half of 2025 compared to earlier in the year.
Image credit: SalMar
