"Financially Q2 2025 was weak, as expected, due to poor price achievement in the quarter,” said SalMar CEO Frode Arntsen.
Photo: WeAreAquaculture.
SalMar has reported weaker financial results for the second quarter of 2025, attributed to lower salmon prices and downgraded fish, particularly in Central Norway.
However, according to the company, biological performance across its operations has been strong, laying the groundwork for higher volumes and reduced costs later in the year.
Operational EBIT for Norway was NOK 696 million (EUR 61.9m / USD 67.5m), down by slightly more than half from NOK 1,466 million a year earlier. SalMar reports that its Norwegian operations saw their harvest volume increase by 24% year on year, reaching 54,500 tonnes, but operational EBIT per kilo fell from NOK 33.2 to NOK 12.8.
On a group level, SalMar's operational EBIT totalled NOK 524 million (EUR 46.6m / USD 50.8m), a significant decline of 62.4% compared with the NOK 1,393 million achieved in the second quarter of 2024. Meanwhile, overall harvest volume rose by 44% to 64,500 tonnes, while EBIT per kilo dropped sharply from NOK 31.1 to NOK 8.1.
“In short, we are pleased with the biological development during the quarter. This lays the foundation for increased volume and positive cost development in the second half of the year. Financially Q2 2025 was weak, as expected, due to poor price achievement in the quarter,” said SalMar CEO Frode Arntsen.
SalMar confirmed that its wholly-owned subsidiary SalMar Ocean completed harvests from both of its offshore units, while Icelandic Salmon continued to face high costs. The group also reported that its stake in Scottish Sea Farms was also affected by lower market prices despite what SalMar described as good biological conditions.
SalMar has sought to strengthen its position in Northern Norway through its recently completed merger with Wilsgård AS, which holds licences for 5,844 tonnes of maximum allowed biomass in Senja. In recent weeks, the group has also issued two green bonds worth NOK 2 billion (EUR 178.0m / USD 194.0m), which it claims will provide greater access to sustainable financing.
“The merger with Wilsgård and the issuance of new green bonds are important steps that both strengthen our position in Northern Norway and give us the flexibility to further strengthen our value chain in the years ahead,” said Arntsen.
With Wilsgård now part of the group, SalMar has increased its full-year 2025 volume guidance by 4,000 tonnes to 298,000 tonnes. The company said it now expects an 18% overall increase in harvest volume compared with 2024.
