SalMar raises harvest guidance by 12,000 tonnes after strong Q1

In Norway, the world's second largest Atlantic salmon farmer delivered an operating profit of NOK 1.536 billion (£122 million) in the first quarter. The harvest volume was 56,300 gutted weight tonnes, while operational EBIT per kilo ended at NOK 27.3. 

For the group as a whole, operational EBIT was NOK 1.512bn (Q1 2025: NOK 798m), with a harvest volume of 60,300 gwt and an EBIT per kilogram of NOK 25.1.

"The start of the year has been record-breaking in a number of biological key figures and based on what we have experienced so far, we are increasing the volume guidance by 12,000 tonnes for 2026. The positive development provides a solid basis for continued good performance going forward, with increased volume, lower cost levels in the value chain and high quality of harvested fish," said SalMar chief executive Frode Arntsen.

Lower costs

The company states that the biological performance so far this year is among the strongest it has experienced in more than a decade. Survival, growth, superior share and average weight are highlighted as particularly strong parameters.

At the same time, SalMar has record-high biomass at sea and lower cost levels than both the same period last year and the previous quarter.

Based on the development, the company is now increasing its volume guidance in Norway by 12,000 tonnes to 282,000 gwt for 2026. Overall, the group expects a harvest volume of 330,000 gwt, including its half share of the 43,000 gwt harvest guided by Scottish Sea Farms, which SalMar owns 50-50 with Lerøy Seafood Group. The SalMar group harvest corresponds to a growth of 10% compared to 2025.

Negatives

At the same time, SalMar highlights continued strong biological results at Ocean Farm 1. The company also states that temporary development licences at Arctic Offshore Farming have now been converted to ordinary concessions.

Not all parts of the group delivered equally well in the quarter. SalMar subsidiary Icelandic Salmon chose to accelerate harvesting from a site which had experienced some biological challenges, resulting in lower average weight and higher cost level and lower price achievement than planned.  This contributed to an operating loss of NOK -2 million.

Scottish Sea Farms' harvested 5,391 gwt in Q1 2026, down 36% from 8,414 gwt in the same period last year. The reduced volume was a result of biological challenges in the second half of 2025, and led to higher costs per kilo and a reduced operating profit of NOK 7m (Q1 2025: NOK 77m). SSF made a pre-tax loss of NOK -123m, of which SalMar's share after tax was NOK -48m.

Profitability in Sales & Industry was also affected by the upgrade of the slaughter and processing plant InnovaMar, which, according to the company, affected both capacity utilisation and salmon disposal during the period.