SalMar Ocean's harvest results were especially notable in Q2, with 6,000 tons compared to no harvest last year.
Photo: SalMar.
With operational EBIT 33% lower than the previous year, SalMar closed 2024 with an eye on 2025, but the new year also started with "unfortunately weak" financials in the first quarter. However, following the Q2 2025 trading update, everything points to a comeback for the Norwegian salmon producer.
According to figures provided by SalMar, in the second quarter, consolidated harvest volumes totaled 64,500 gutted weight tons (GWT), an increase of almost 44% - 43.97% exactly - and 19,700 tons more than in Q2 2024.
If we look at the evolution in 2025, in Q2, the Norwegian salmon company's harvest volumes were 51.05% higher than in Q1. If the upward trend continues, then perhaps the prediction of SalMar CEO Frode Arntsen, who at the close of 2024 said that "the outlook for 2025 looks brighter compared to last year," will come true, something that, in Q1, still seemed difficult to achieve.
Regarding the results in each of the company's farming segments, SalMar's Q2 2025 trading update showed that Farming Central Norway was the best-performing division, achieving a consolidated harvest volume of 33,900 gutted weight tons. This is an increase of 25.09% - 6,800 GWT - over the same period last year, while compared to Q1, the increase is 60.66% or 12,800 tons.
Farming Northern Norway, which had been the best performing division in Q1, this time lagged behind Farming Central Norway in total figures, although it managed to maintain its upward trend. Specifically, its harvest volume increased by 3,600 tons, 21.17% more than in Q2 2024. Compared to the previous quarter of 2025, it harvested 1,300 tons more, which is 6.73% more.
SalMar also provided figures for its subsidiary in Iceland, Icelandic Salmon, which, after a challenging start to the year, seems to have recovered and recorded a consolidated harvest volume of 4,000 GWT, an increase of 3,300 tons, a significant 471% up compared to Q2 2024. Although slightly lower, the difference is also significant in comparison to Q1 2025, with 2,900 tons more, an increase of 263%.
Finally, SalMar Ocean's results have been particularly outstanding. Wholly-owned subsidiary of SalMar ASA since March, compared to the non-harvest in Q2 2024, the consolidated harvest volume of the company's offshore division in Q2 2025 was 6,000 tons. Thus, after harvesting 1,200 tons in Q1 - the increase in Q2 versus Q1 was 4,800 GWT, up 400% -, the cumulative total so far this year is 7,200 tons, already exceeding the company's full-year forecast of 7,000 GWT.
As usual, the trading update does not include data from Scottish Sea Farms. A joint venture 50% owned by SalMar, the company does include the data in its quarterly reports, but does so separately, outside of the group's total figures. As SalMar has informed the stock exchange, the 2025 second quarter report will be published on Thursday, August 21.
