SalMar exceeds expectations
The Q3 harvest volume of the world's second largest salmon farmer was a surprise, says sector analyst Sander Lie. He points to good biology in the north.
Published
According to a stock exchange announcement from SalMar on Tuesday, the company harvested a total of 93,200 gutted weight tonnes of salmon in the third quarter of 2025, compared to 60,300 gwt in the same quarter the previous year, reports Fish Farming Expert's Norwegian sister site, Kyst.no.
The distribution per region/aquaculture company for the third quarter of 2025 was as follows:
Farming Central Norway: 47,000 gwt
Farming Northern Norway: 42,500 gwt
SalMar Ocean: 0 gwt
Icelandic Salmon: 3,800 gwt
The figures do not include SalMar's 50% share of the volume harvested by Scottish Sea Farms, which it owns 50-50 with Lerøy Seafood Group.
Strong biomass growth
According to Sander Lie, salmon sector analyst with Scandinavian corporate bank SEB (Skandinaviska Enskilda Banken AB), SalMar's harvest volume in the third quarter was 9% above SEB's estimate and 7% above consensus.
"The slaughter in the North ended at 42,500 tonnes, clearly above our estimate of 32,900 tonnes," writes Lie, adding that this is probably due to good biology, with strong biomass growth in the region in recent months.
He nevertheless points out that the high harvest volume in the third quarter may reduce the potential going forward.
"The high harvesting volume in Q3 implies less harvesting potential into Q4, which could lead to the 2025 estimate for operating profit (EBIT) being 1–2% lower."
Lie estimates an operating profit of NOK 615 million, which is 6% above consensus, but describes the update as neutral.
"The strong biomass growth in the north is a good signal into next year... We see any price drops today as a buying opportunity," the analyst concludes.
