Challenging start of the year for SalMar

After closing a difficult 2024, and despite the fact that in the Q4 results presentation, its CEO Frode Arntsen, said "the outlook for 2025 looks brighter compared to last year," the start of the year has also been challenging for SalMar.

According to figures from its Q1 2025 trading update, in the first quarter of the year, the Norwegian salmon farmer harvested a total of 42,700 gutted weight tons (GWT), which is 10,200 tons and 19.28% less than in the same period last year, when it reached 52,900 tons. 

This negative trend was repeated in all of the company's farming segments except Northern Norway, which already recorded good biological development in the sea in Q4 2024 and managed to maintain the trend in Q1 2025.

Specifically, Farming Northern Norway harvested 19,300 GWT, up 10.28% from 17,500 tons in the first quarter of last year. Farming Central Norway, on the other hand, harvested 21,100 GWT in the first quarter, compared to 27,800 tons last year, a 27.8% decrease.

The drop was even more pronounced in its subsidiary in Iceland, Icelandic Salmon, which harvested 1,100 tons compared to 2,800 tons last year, a decline of 60.71% in Q1 2025. However, although in total numbers this was the lowest harvest figure, it was not the segment that fell the most compared to Q1 2024.

The now SalMar Ocean, which ceased to be SalMar Aker Ocean earlier this quarter after SalMar Group acquired Aker's 15% stake in the offshore aquaculture venture, harvested slightly more, 1,200 GWT. However, compared to the 4,800 tons harvested in the same period last year, this is a 75% drop.

As is customary in SalMar's results presentations, the Norwegian salmon farmer did not include the harvest from Scottish Sea Farms, a company it owns 50/50 with Lerøy Seafood Group.

As the only comment on the results provided in this Q1 2025 trading update, the company said that as communicated during the last quarterly presentation in February, "the focus has been on building biomass during the period. Therefore, most of the volume has been harvested late in the quarter, and there has also been a need to harvest fish due to fish welfare."

In closing, SalMar reported that the final 2025 first quarter earnings report will be released on Tuesday, May 20.