SalMar Posts Operating Profit of 1,609 Million Kroner on Record Harvest, Cuts 2026 Guidance
Key Facts
SalMar reported operating profit of 1,609 million Norwegian kroner in the third quarter of 2026, alongside a record harvest of 105,100 tonnes. Operating profit was 15.3 kroner per kilogram, according to the company’s statement presenting its quarterly results in Oslo on 3 November 2026. At the same time, SalMar cut its group harvest guidance for the year to 347,000 tonnes, after raising it in the first half. The announcement thus combined improved operating results and higher volumes with a slight reduction in the annual forecast. The company said higher volumes, lower cost levels and improved realized prices contributed positively to results compared with the same period a year earlier, while its sales and industry division also delivered strong performance.
In Norway, SalMar posted operating profit of 1,620 million kroner, with a harvest of 99,900 tonnes and operating profit of 16.2 kroner per kilogram. The company also attributed the group’s strong results to the performance of its sales and industry division, which benefited from record volumes across processing facilities, improved operational performance and sales results. Icelandic Salmon also returned to positive results, supported by a lower cost level and improved realized prices. By contrast, Scottish Sea Farms’ results remained weak despite a significant increase in its harvest, owing to biological challenges. The results highlight the varying performance across the company’s units, with pressure in Scotland continuing despite higher harvest volumes.
SalMar cut its group harvest guidance for 2026 by 2,000 tonnes to 347,000 tonnes, including its 50% share of Scottish Sea Farms, after raising guidance by 12,000 tonnes in the first quarter and 20,000 tonnes in the second quarter. The company kept its Norwegian guidance at 302,000 tonnes, but lowered its Iceland forecast by 1,000 tonnes to 20,000 tonnes and its Scottish Sea Farms forecast by 3,000 tonnes to 40,000 tonnes on a 100% ownership basis. The company linked the reduction in the Scottish forecast to mortality associated with incidents and said the affected sites were harvested in October. Despite the guidance adjustment, the expected annual volume represents growth of 15% compared with 2025. In its third-quarter 2025 announcement, the company had forecast group harvest of 319,000 tonnes in 2026, an increase of 7% from the previous year; it then raised its forecast twice before cutting it in this announcement.
In Central Norway, SalMar’s largest farming region, operating profit was 342 million kroner in the third quarter, compared with a loss of 121 million kroner a year earlier, or 6.6 kroner per kilogram compared with a loss of 2.6 kroner. The company said it prioritized harvesting sites affected by fish welfare issues and ISA virus, which put pressure on costs and realized prices. The unit’s return to profitability came as part of a broader improvement that the company attributed to lower costs, higher volumes and improved prices. In the third quarter of 2025, SalMar had said lower market prices had led to weak financial results despite a record harvest, while pointing at the time to the potential of its value chain and the flexibility of its harvesting and processing facilities. In the third quarter of 2026, the group reported strong operating profit while site challenges continued to affect some of its units.
The group’s debt and liquidity position improved during the quarter, with interest-bearing net debt falling by 1,228 million kroner from the end of the second quarter to 17,912 million kroner. The ratio of net debt to earnings before interest, taxes, depreciation and amortization declined to 2.1 from 2.5 at the end of the second quarter. Available liquidity was 15.9 billion kroner, while the equity ratio rose to 36.0% at quarter-end. These financial indicators came as the Måsøval transaction remained outside harvest guidance for 2027, with the company saying the transaction was still subject to relevant regulatory approvals. SalMar did not include the expected volume from Måsøval in its published estimates for next year.
For the fourth quarter of 2026, SalMar expects the cost level across the value chain to be slightly lower than in the third quarter, while forecasting a lower harvest in Norway than in the fourth quarter of 2025. The share of sales covered by fixed-price contracts is also expected to rise to around 38% in the fourth quarter, from 29% in the third quarter. For 2027, the company expects total harvest of 348,000 tonnes, including its proportional share of Scottish Sea Farms, in line with its forecast for 2026. SalMar said it expects low growth in global supply during 2027 and continues to see strong demand for its products. These forecasts put next year’s harvest close to current guidance, while the company expects slightly lower cost conditions in the final quarter of this year.