Record volumes boost profits
SalMar passed 300,000 tons harvested in one year for the first time
Published
Lower costs and higher prices gave SalMar, the world's second largest Atlantic salmon farmer, a clear boost in results in the fourth quarter, Fish Farming Expert's Norwegian sister site, Kyst.no, reports.
For the full year 2025, for the first time, over 300,000 gutted weight tonnes of salmon were harvested in one year, SalMar says in its Q4 2025 report. The total harvest volume ended at 300,900 gwt.
In Norway, SalMar achieved an operating profit of NOK 1.843 billion (£141.4 million) in the fourth quarter of 2025. The harvest volume was 80,300 tonnes, corresponding to an operational EBIT per kilo of NOK 23.0. For the group as a whole, operational EBIT was NOK 1.834bn, with a harvest volume of 84,100 tonnes and an operational EBIT per kilo of NOK 21.8.
Proposes NOK 10 dividend
The company points to continued strong operational and biological performance in Norway, combined with lower cost levels. At the same time, the contribution from Sales & Industry was reduced due to increased market prices. SalMar's Icelandic Salmon subsidiary delivered a significant profit improvement driven by lower costs, while associate company Scottish Sea Farms had a weak result in the quarter due to mortality caused by gill health issues in Shetland.
The board of directors proposes a dividend of NOK 10.00 per share for the financial year 2025.
"The fourth quarter marks the end of a year of lower market prices, but the underlying demand has been strong, and we have used the year actively to develop both new and existing markets. At the same time, 2025 has been an operationally and biologically good year for SalMar, which is now reflected in lower withdrawal costs in all segments," says Frode Arntsen, chief executive of SalMar ASA.
Highest superior share
SalMar writes that over several years it has invested heavily in the value chain to strengthen biological performance. In 2026, the company expects a lower level of investment, with total investments of NOK 1.1 billion, mainly related to maintenance.
The company is experiencing strong demand for its products and expects low global supply growth in 2026, after high growth in 2025. At the same time, SalMar has record-high biomass in the sea and lower costs. At the start of the first quarter of 2026, the company says it will harvest salmon with the superior share in 10 years.
For 2026, the volume guidance of 296,000 tonnes in Norway, SalMar Ocean (the company's offshore segment) and Iceland is maintained. The volume in Scottish Sea Farms, which SalMar owns 50-50 with Lerøy Seafood Group, is reduced by 2,000 tonnes to 43,000 tonnes on a 100% basis. Taking into account the relative share from Scottish Sea Farms, the group expects a total harvest volume of 318,000 tonnes, corresponding to 6% growth compared to 2025.
"SalMar turns 35 in 2026, and we enter the anniversary year with record-high biomass, lower cost levels and the highest superior share we have seen in 10 years. This makes us well equipped to meet market demand for healthy and nutritious salmon, and provides a solid foundation for good performance through 2026," says Arntsen in the report.
