SalMar
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SalMar (SALM) investor relations material

SalMar Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • 2025 was financially weak due to high downgraded fish share and global supply growth, but operational and biological performance improved, with record-high biomass and lower costs.

  • Achieved record-high harvest volume in FY 2025, driven by strong biological performance, especially in Northern Norway.

  • Employee engagement and operational discipline led to better fish survival, lower emissions, and external recognition for sustainability.

  • Acquisitions of Knutshaugfisk and Wilsgård strengthened the position in key areas.

  • The board proposed a dividend of NOK 10.00 per share for 2025.

Financial highlights

  • Operational EBIT for Q4 2025 was NOK 1,834 million (NOK 21.8/kg), up 158% year-over-year.

  • FY 2025 operational EBIT was NOK 3,867 million, down 29% year-over-year.

  • Q4 2025 operating revenues were NOK 8,176 million, a 4% increase from Q3 2025.

  • Adjusted EPS for Q4 2025 was NOK 6.6; for FY 2025, NOK 12.3.

  • Net interest-bearing debt reduced to NOK 20.8 billion; equity ratio increased to 34.8%.

Outlook and guidance

  • 2026 harvest volume guidance: 318,000 tons, up 6% year-over-year; Norway 270,000 tons, SalMar Ocean 5,000 tons, Iceland 21,000 tons, Scotland 43,000 tons.

  • Volume guidance for Norway and Iceland unchanged; Scotland reduced by 2,000 tons due to biological challenges.

  • Global supply growth for Atlantic salmon in 2026 expected to be low, with strong demand anticipated.

  • CapEx for 2026 planned at NOK 1,070–1,100 million, mainly in Norway, Ocean, and Iceland.

  • Contract coverage for Q1 2026 is around 50%; 35% of 2026 volume secured at fixed prices.

How does environmental flexibility scheme impact MAB
Explain Scottish Sea Farms' biological challenges impact
Investments to unlock long-term organic growth potential
Mitigation for Scotland's biological issues
Capital allocation strategy post-CapEx reduction
Sales & Industry Q4 margin pressure drivers
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Frequently asked questions

SalMar engages in the farming, harvesting, and processing of salmon. It operates through the Production and Sales divisions. The company's Production division offers fish feed, marine technologies, and services to its customers in Asia, North America, South America, Europe, and internationally. The company's Sales division market products of its Production division to customers in Norway through its subsidiary Salmar AS. Its Technology division specializes in research and development activities related to the salmon farming industry.

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