Frøya, Norway-headquartered salmon-farming firm SalMar closed out 2025 with a positive fourth quarter, underpinned by record harvest volumes, lower costs across its value chain, and rising salmon prices.
The firm’s Q4 operational EBIT came in at NOK 1.83 billion (USD 192.9 million, EUR 161.9 million), with total harvest volumes of 84,100 gutted weight tons (GWT) and EBIT per kilogram of NOK 21.80 (USD 2.29, EUR 1.92). Revenues reached nearly NOK 8.2 billion (USD 864.6 million, EUR 725.5 million).
In the corresponding period of 2024, SalMar’s overall harvest amounted to 73,800 GWT, its operational EBIT amounted to NOK 1.49 billion (USD 157.8 million, EUR 131.8 million), and its EBIT per kilogram was NOK 20.20 (USD 2.12, EUR 1.78). Revenues during that period totaled NOK 7.88 billion (USD 831 million, EUR 697.2 million).
With a strong Q4, the group was able to harvest 300,900 GWT in the full year of 2025, including its volumes from associated companies, marking the first time it has exceeded 300,000 GWT in a single year.
Delivering the company’s Q4 report on 10 February, SalMar CEO Frode Arntsen said the improved results were driven by continued strong biological and operational performance in Norway, combined with a lower cost level throughout the value chain. The company also reported a significant improvement in results from its subsidiary Icelandic Salmon – of which SalMar owns 52 percent – primarily due to reduced costs, while Scottish Sea Farms – of which SalMar owns 50 percent – delivered a weaker quarterly contribution.
Arntsen said Q4 marked the end of a year with lower market prices but added that underlying demand had been strong and that the year had been used to develop new and existing markets.
This, he said, gives the group confidence moving forward.
“Financially, 2025 was a weak year for SalMar, but operationally and biologically, it was a strong year, where we managed to turn several parameters around,” he said. “Several indicators are now pointing the right way: biologically, cost wise, and also in terms of financial performance.”
Arntsen added that SalMar entered 2026 with record-high biomass at sea, lower production costs, and a strong quality profile. He highlighted the company is harvesting salmon with the highest share of superior quality seen in the past 10 years, while mortality levels continue to fall.
“All these indicators show the work being done is strong and steering our ship in the right direction. Our focus is always forward. We must always do better today than we did yesterday and that requires continuing and reinforcing the work SalMar has done since 1991, ensuring strong alignment with the environment in which we operate so we can optimize it for the fish, people, and value creation.”
The company has maintained its 2026 volume guidance of 296,000 GWT from Norway, Ocean Farming, and Iceland while reducing Scottish Sea Farms’ forecast by 2,000 GWT to 43,000 GWT on a 100 percent basis. Adjusted for SalMar’s ownership share, the total expected group harvest volume is 318,000 GWT, which, if achieved, would represent a 6 percent increase compared to 2025.
After several years of heavy investment, SalMar also plans to ease its capital expenditure to around NOK 1.1 billion (USD 115.9 million, EUR 97.2 million) this year, mainly related to maintenance.
Arntsen also commented on SalMar reaching 35 years in operation, stating the business had grown a lot in that time but that there remains a lot of scope for growth.
“The growing world population needs more sustainable food,” he said. “We have strong ambitions going forward and will continue to be the leading salmon farmer, tapping further into the opportunities that lie ahead of us.”
