SalMar ASA

Group harvest volume was 42,700 tonnes in the first quarter of 2025, down 42% versus the previous quarter. Operational EBIT was NOK798 million, and EBIT per kilo was NOK18.7. EBITDA was NOK1,248 million, profit after tax was minus NOK363 million, and adjusted EPS was NOK2.4. Key margin pressure came from late harvesting, lower average weight, and a high share of downgraded fish, which pushed price realization significantly below reference prices and below the same quarter last year. Looking ahead, SalMar raised 2025 guidance for Central Norway to 156,000 tonnes (including SalMar Ocean volume), kept Northern Norway at 100,000 tonnes, Ocean at 7,000 tonnes, Iceland at 15,000 tonnes, and Scottish Sea Farms at 32,000 tonnes; Central Norway expects a similar cost level and continued high downgrades in Q2, while Northern Norway expects a slightly lower cost level and somewhat higher volume than Q2 2024.

Frode Arntsen framed the quarter as biologically good but financially disappointing, saying SalMar prioritized the fish first and built biomass after a demanding 2024. He emphasized record-high seasonal numbers of fish and biomass in the sea, along with good momentum into Q2, but said the quarter was hurt by late harvesting, wound problems, jellyfish-related damage, and too much downgraded fish. His tone was constructive and long-term focused, repeatedly stressing salmon demand, sustainability, and the company’s structural flexibility.

Ulrik Steinvik said operational EBIT fell by NOK691 million from Q4 to NOK798 million, driven mainly by lower volume and weaker price achievement. He highlighted that EBITDA was NOK1,248 million, net interest-bearing debt including leasing rose to NOK21,976 million, equity ratio improved to 38.3%, and available liquidity was NOK8.1 billion. He also said tax payments were NOK2.1 billion, working capital increased by NOK1.4 billion due to biomass build-up, and the company issued NOK4.35 billion of green bonds in January while keeping an investment-grade BBB+ rating.

There was no separate analyst Q&A section in the transcript. Management proactively addressed the key investor concerns: weak price realization, high downgrades in Central Norway, Iceland’s elevated cost base, and the increase in leverage from biomass investment and working capital. They also clarified that US tariffs have had little or no visible effect so far, and that demand remains strong across markets.