Record harvest and strong profit improvement for SalMar

SalMar, the world's second largest Atlantic salmon farmer, achieved an operating profit of NOK 1.609 billion (£127.8 million) in the third quarter of 2026, a sharp increase from NOK 711 million in the same period last year. The profit per kilo increased from NOK 7.6 to NOK 15.3, while the harvest volume rose from 93,200 gutted weight tonnes to a record high of 105,100 gwt.

In Norway, the company harvested 99,900 gwt, compared to 89,400 gwt in the third quarter of 2025. The operating profit increased from NOK 858m to NOK 1.620bn, while the EBIT per kilogram rose from NOK 9.6 to NOK 16.2.

According to the company's third-quarter report published today, the improvement in results is due to higher harvesting volumes, lower costs and better price realisation. The sales and processing operations also delivered strong results, partly as a result of record-high volumes through the processing plants.

"Record-high harvest volume and a significant profit improvement reflect the strong biological development through 2026. The underlying biological situation is still good, and together with lower costs for the fish now in the sea, this provides a solid foundation going forward," said chief executive Frode Arntsen in a stock exchange release.

Improvement in Iceland, challenges in Scotland

SalMar's Icelandic business, Icelandic Salmon, once again delivered positive results in the quarter. The company cites lower costs and good price realisation as important reasons.

In Scottish Sea Farms, harvest volume increased significantly, but results were still weak due to biological challenges.

Reduced debt, better equity ratio

At the same time, SalMar has strengthened its financial position. Net interest-bearing debt was reduced by NOK 1.2 billion during the quarter, to NOK 17.9bn.

Compared to the same period last year, debt has been reduced by NOK 3.7bn. The equity ratio increased to 36%, while the company had NOK 15.9bn in available liquidity at the end of the quarter.Expect lower costs

SalMar expects a somewhat lower cost level in the fourth quarter compared to Q3. At the same time, the harvesting volume in Norway is expected to be lower than in Q4 last year.

For the full year 2026, the company maintains its expectation of a total harvest volume of 347,000 tonnes, including the proportionate share from Scottish Sea Farms. This corresponds to a growth of 15% from 2025.

Also read:

Scottish Sea Farms cuts 2026 harvest guidance by 3,000 tonnes

Expectations for volumes in Norway are unchanged, while estimates for Iceland and Scotland are somewhat reduced.

In 2027, SalMar expects a total harvest volume of 348,000 gwt. Of this, 307,000 gwt are expected from Norway and SalMar Ocean, while Icelandic Salmon is expected to contribute 18,000 tonnes.

The company expects low global supply growth in 2027, while demand for salmon is considered strong.

Måsøval acquisition going to plan

SalMar also states that the process of completing the acquisition of a controlling stake in Norwegian salmon farmer Måsøval is proceeding as planned.

In July, the company entered into an agreement with Heimstø AS to purchase around 70% of the shares in Måsøval for approximately NOK 3.4bn.

The transaction is still subject to necessary regulatory approvals.

According to SalMar, the acquisition will allow for better utilisation of resources, expertise and infrastructure, and strengthen the company's position in Central Norway.

Måsøval's production is not currently included in the volume expectations for 2027.