SalMar ASA
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About the company
SalMar ASA is an aquaculture company primarily focused on the cultivation and global distribution of farmed salmon. Its extensive market reach spans Asia, North America (including the United States and Canada), Norway, the wider European continent, and other international territories. The company oversees the complete value chain of salmon production, from initial stages such as breeding broodfish, cultivating lumpfish, and raising smolt, through to the open-water marine farming phase.
- CEO
- Frode Arntsen
- IPO
- 2019
- Employees
- 3,297
- HQ
- Kverva, ST, NO
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- Market Cap
- $8.08B
- P/E
- 33.72
- PEG
- 0.38
- P/S
- 2.47
- P/B
- 4.25
- EV/EBITDA
- 12.28
- Div Yield
- 1.82%
- Gross Margin
- 26.40%
- Op Margin
- 16.75%
- Net Margin
- 7.30%
- ROE
- 12.44%
- ROIC
- 7.06%
Latest fiscal year · YoY change
- Revenue
- $26.55B+0.5%
- Gross Profit
- $12.76B-4.2%
- Op Income
- $3.00B
- Net Income
- $1.10B-62.8%
- EPS
- $2.02-64.2%
- OCF Growth
- -40.7%
- FCF Growth
- -56.1%
- 52W High
- $16.17
- 52W Low
- $11.29
- 50D MA
- $14.49
- 200D MA
- $14.40
- Beta
- 0.65
- RSI (14)
- 52
- Avg Volume
- 20.25K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
SalMar reported record-strong biological performance, higher 2026 volume guidance, and improved earnings, while highlighting some quarter-specific pricing and cost pressure from harvest timing and a few weak segments.· August 25, 2026
- Biology was a standout: mortality was 40% lower, growth 33% higher, and superior share 9 percentage points higher than the 10-year average for the first seven months of 2026.
- SalMar raised 2026 Norway volume guidance by 20,000 tons and now expects total 2026 harvest volume of 350,000 tons, up 49,000 tons or 16% versus 2025.
- Q2 harvest volume hit a record, but earnings were hurt by an unfavorable harvest profile, with too much volume realized late in the quarter when prices were weaker.
- Sales and industry profitability improved after the InnovaMar upgrade, and management said strong demand is supporting a favorable contract outlook into 2027.
- The Måsøval acquisition could add strategic scale in Central Norway, with management estimating about NOK 300 million of annual operational cost synergies.
- results
- For Q2 2026, SalMar harvested 81,800 tons including Icelandic Salmon and SalMar Ocean, with operational EBIT of NOK 1,237 million and a margin of NOK 15.1 per kilo. In Norway alone, harvest volume was 71,500 tons and operational EBIT was NOK 1,227 million. Central Norway harvested 38,900 tons with operational EBIT of NOK 426 million, Northern Norway harvested 32,600 tons with operational EBIT of NOK 632 million, SalMar Ocean harvested 4,800 tons with operational EBITDA of NOK 75 million, Iceland harvested 5,500 tons with operational EBIT of NOK -35 million, and Scottish Sea Farms harvested 8,100 tons with operational EBIT of NOK 8 million. For the first half of 2026, operational EBITDA was NOK 3.8 billion and operational EBIT was NOK 2.7 billion, adjusted EPS was NOK 9.8, net financial expenses were NOK 597 million, and profit after tax was NOK 922 million. Management said 2026 total harvest guidance is now 350,000 tons, with Norway at 307,000 tons, Central Norway at 167,000 tons, Northern Norway at 135,000 tons, Iceland unchanged at 21,000 tons, and Scottish Sea Farms unchanged at 43,000 tons; contract share is expected to be around 25% in Q3 and approximately 35% for full-year 2026.
- ceo
- Frode Arntsen said the quarter showed record biological performance and that SalMar is operating increasingly on salmon terms through genetics, smolt quality, vaccines, technology, production strategy, and feed strategy. His tone was confident and upbeat, especially on biology, demand, and the outlook for volumes and costs. He also framed the Måsøval deal as a strategic industrial opportunity that could strengthen SalMar in Central Norway and unlock synergies across the value chain.
- cfo
- Ulrik Steinvik emphasized that SalMar delivered on three pillars: operational excellence, financial strength, and profitable growth. He said first-half operational EBITDA reached NOK 3.8 billion and operational EBIT NOK 2.7 billion, more than double last year, with earnings per kilo up about NOK 7 to NOK 19.3 per kilo; around NOK 5 of that improvement came from lower costs and about NOK 2 from better price achievement. He also highlighted deleveraging, with net interest-bearing debt falling to NOK 19.1 billion and leverage improving to 2.6, while available liquidity was NOK 14.4 billion; he said cost reductions are driven by more than feed, with about one third from feed and two thirds from operational improvements, and expects further cost improvement ahead.
- qanda
- The call did not have a traditional analyst Q&A in the transcript, but management addressed likely investor concerns around weak price realization, cost inflation, and the impact of harvest timing. Ulrik said the quarter’s price achievement was pressured by a larger share of fish harvested late in the quarter and a small amount sold into the spot market at the quarter’s lowest prices, while Frode pointed to ISA-related harvests in Central Norway and weak cost performance in Iceland and Scottish Sea Farms. Management’s answer was that underlying biology, costs, demand, and contract activity remain strong, and that lower costs should show up more clearly in coming quarters.
- bull
- The bullish case is that SalMar is showing unusually strong biology, which is translating into higher biomass, higher harvest volumes, and a material upgrade to 2026 guidance. Management also said demand remains strong, contracts for 2027 are already being signed, and the company expects lower costs in Q3 and further improvement as lower-cost biomass moves through the system.
- bear
- The main risks highlighted on the call were quarter-to-quarter price volatility, harvest timing, and lingering biological or cost issues in parts of the business. Central Norway was hit by ISA outbreaks, Iceland still carries elevated costs from earlier biological challenges, and Scottish Sea Farms and Iceland were both described as weak on earnings in the quarter. Management also noted that feed-price trends remain uncertain, even if they believe other efficiencies can offset a significant portion of future increases.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 9.1%
- Shares Outstanding
- 542.15M
- Float Shares
- 49.14M
Congressional trading
Senate and House stock disclosures for SALRY, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Our SALRY coverage
Recent articles, reports, and earnings notes.
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Generate SALRY report →SalMar ASA (SALRY) Q2 2026 Earnings Call Prepared Remarks Transcript
seekingalpha.com · Aug 25
SalMar ASA (SALRY) Q1 2026 Earnings Call Prepared Remarks Transcript
seekingalpha.com · May 25
SalMar – Q1 2026 Trading update
globenewswire.com · Apr 8
SalMar - Key information relating to the cash dividend paid by SalMar ASA
globenewswire.com · Mar 26
SalMar - Final year-end financial statements for 2025 approved by the board of directors
globenewswire.com · Mar 26
SalMar - Mandatory notification of trade
globenewswire.com · Feb 23
SalMar – Successful placement of a new NOK senior unsecured green bond
globenewswire.com · Feb 17
SalMar ASA (SALRY) Q4 2025 Earnings Call Prepared Remarks Transcript
seekingalpha.com · Feb 16
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