SalMar increases 2026 harvest guidance by 20,000 tonnes
The world's second-largest salmon producer delivered record-high volume in the second quarter
Published
The company, which co-owns Scottish Sea Farms, had an operating profit of NOK 1.24 billion (£97.3 million) in the second quarter of 2026. The total harvesting volume ended at 81,800 tonnes, while operational EBIT per kilogram was NOK 15.1 (£1.19), SalMar said in its Q2 2026 report.
In the Norwegian business, operational EBIT was NOK 1.23 billion, with a harvest volume of 71,500 tonnes. This corresponds to NOK 17.2 per kilogram.
According to Bloomberg estimates, the fish farming company's operating profit was expected to be NOK 1.33 billion.
Prices fell
The company points to strong operational and biological performance in Norway as an important explanation for the development. Higher volume, better quality of harvested fish and lower costs in the value chain contributed positively, according to the company.
At the same time, price achievement was negatively affected by the fact that the majority of the volume was harvested in June, while market prices fell throughout the quarter.
"We are leaving behind a quarter with record-high harvest volume for a second quarter, driven by continued strong biological performance in Norway. Although the result in the period was affected by an unfavourable harvest profile and lower market prices throughout the quarter, we have a good biological status at sea where biological key figures continue to tick towards record levels," said chief executive Frode Arntsen.
Turning up the volume
The good biological results mean that SalMar is increasing its volume guidance for 2026 by 20,000 tonnes.
The company now expects a total harvest volume of 350,000 tonnes this year, including the relative share from Scottish Sea Farms. This would imply a growth in harvest volume of 16% compared to 2025.
The upward adjustment is driven by developments in Norway, while expectations for the other segments are kept unchanged.
For the third quarter, the farming company expects a somewhat lower cost level in the value chain than in the second quarter. At the same time, the harvesting volume is expected to be significantly higher than in the third quarter of last year.
The company expects low global supply growth in 2026 and describes demand for salmon as still strong.
Strong from Ocean Farm 1
The fish farming company also reports improved profitability in the Sales & Industry segment. The company points to higher capacity utilisation at its processing facilities and improved operational key figures following the upgrade of InnovaMar.
The harvest from Ocean Farm 1 was completed in the quarter, and SalMar describes the biological performance there as strong.
Developments were weaker outside Norway. Icelandic Salmon and Scottish Sea Farms delivered weak results, which SalMar attributes to high cost levels in the value chain.
Waiting for purchase of Måsøval
After the end of the quarter, SalMar entered into an agreement for a significant acquisition.
In July, the company agreed with Heimstø AS to purchase 85,727,553 shares in Måsøval AS. The shares correspond to around 70% of the company.
SalMar will pay NOK 39.50 per share, which values the shareholding at around NOK 3.4 billion.
The completion of the transaction is dependent, among other things, on necessary regulatory approvals.
