SalMar farming site in Central Norway.
Photo: SalMar.
SalMar has increased its 2026 harvest volume guidance for Norway by 12,000 tonnes after reporting stronger first quarter results, which the company said were due to better fish quality, higher harvest volumes and lower costs in the value chain.
The salmon producer reported operational EBIT of NOK 1,536 million (EUR 143.5m / USD 165.9m) for its Norwegian operations in Q1 2026, based on a harvest volume of 56,300 tonnes, with operational EBIT per kg standing at NOK 27.3.
At group level, operational EBIT reached NOK 1,512 million (EUR 141.2m / USD 163.3m), with a harvest volume of 60,300 tonnes and operational EBIT per kg of NOK 25.1.
SalMar said the first months of the year had been unusually strong for biological performance in Norway, based on metrics such as survival rate, growth, superior share and average weight. According to the company, it would have to look back more than 10 years to find a comparable start to the year.
“The start of the year has been record-strong across a number of biological key indicators, and based on our experience so far, we are increasing our volume guidance by 12,000 tonnes for 2026. This positive development provides a solid foundation for continued strong performance going forward, with increased volumes, lower costs in the value chain, and high-quality fish,” said Frode Arntsen, CEO of SalMar ASA.
The company said it now expects to harvest 282,000 tonnes in Norway in 2026. Guidance for its other segments remains unchanged. Including SalMar’s 50% share of Scottish Sea Farms, total group harvest volume is forecast at 330,000 tonnes, which would represent 10% growth compared with 2025.
SalMar said that in Norway it had record-high biomass at sea at the end of the quarter, while cost levels were lower than both the same period last year and the previous quarter. It also reported positive cost developments in Central Norway.
However, the company said profitability in its Sales & Industry division was affected by the upgrade of the InnovaMar harvesting and processing facility, which reduced capacity utilisation and affected the use of raw material during the quarter.
SalMar also reported continued "strong biological performance" from its offshore aquaculture venture, Ocean Farm 1, and confirmed that the development licences at its other offshore project, Arctic Offshore Farming, have now been converted into ordinary licences, following approval secured in March.
The results from SalMar's businesses outside of Norway, Icelandic Salmon and Scottish Sea Farms, were weaker, according to the company, due to high costs in the value chain.
Looking ahead, the company said it expects to see low global supply growth in 2026, with most of the volume growth for the full year 2026 already realised during the first quarter, and predicted it will "experience continued strong demand for our products."