Norway · Delayed Price · Currency is NOK SalMar ASA Earnings Call Transcripts
Fiscal Year 2025
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2025 saw weak financials due to lower prices and biological challenges, but operational and biological improvements led to record-high biomass, lower costs, and strong sustainability results. Outlook for 2026 is positive, with higher volumes, reduced CapEx, and a proposed 10 NOK dividend per share.
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Record harvest volumes in Q3 2025 drove higher operational EBIT despite lower salmon prices, with strong performance in Northern Norway and improved cost control. The Vilskoi merger boosted assets and liquidity, while 2026 guidance points to 7% volume growth and continued cost reductions.
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Q2 results were below expectations due to downgraded fish and lower prices, but record-high biomass and improved cost trends set the stage for higher volumes and better margins in H2 2025. Volume guidance for 2025 was raised, and the Wilsgård merger plus new green bonds support future growth.
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Q1 2025 saw weak financial results due to late harvesting, high downgrades, and lower prices, despite record biomass and strong biological performance. Strategic acquisitions and robust financing support future growth, with demand for salmon remaining strong amid global uncertainty.
Fiscal Year 2024
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2024 saw operational and biological challenges, but Q4 showed improved performance and robust financials, with a proposed NOK 22 dividend per share. Strategic investments in fish welfare and technology are planned for 2025, supported by strong liquidity and new green bonds.
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Q3 2024 saw solid financials despite biological challenges, with operational EBIT at NOK 1,041 million and reduced volume guidance for 2024. Growth is expected in 2025, supported by strategic acquisitions, cost reduction initiatives, and strong market demand.
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Operational EBIT reached NOK 1,466 million in Norway, with group harvest at 48,800 tons. Biological challenges impacted results, but volume guidance remains unchanged and demand is strong in Asia and the U.S. New licenses and investments support future growth.
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Q2 2024 saw operational challenges impact margins and price realization, but cost reductions and strategic investments supported a robust financial position. Volume guidance remains unchanged for most regions, with Iceland revised down, and new licenses and R&D initiatives strengthen future growth prospects.