Frøya, Norway-headquartered salmon-farming firm SalMar has reported a record harvest in the third quarter of 2026, with strong biological performance and increased operational efficiency contributing to improved financial results compared to the same period last year.
This best-ever Q3 harvest for the firm, totaling 105,100 gutted weight tons (GWT), followed shortly on the heels of a record Q2 harvest volume, amounting to 81,800 GWT of salmon, that SalMar reported just 10 weeks ago.
Group operational EBIT in the period reached NOK 1.61 billion (USD 173.4 million, EUR 154.9 million), equivalent to NOK 15.30 (USD 1.64, EUR 1.47) per kilogram harvested.
Its Norwegian operations accounted for the bulk of the result, generating an operational EBIT of NOK 1.62 billion (USD 174.6 million, EUR 155.9 million) from a harvest of 99,900 GWT, with an operational EBIT of NOK 16.20 (USD 1.74, EUR 1.55) per kilogram. For the corresponding period of 2025, its operational EBIT totaled NOK 711 million (USD 76.6 million, EUR 68.4 million), alongside a harvest of 93,200 GWT.
Delivering the company’s latest set of results, CEO Frode Arntsen said Norwegian gains offset some mixed results in Icelandic Salmon, of which it owns a 52 percent stake, and Scottish Sea Farms, of which it operates as a 50/50 joint venture.
“Iceland returned to positive results [in Q3], with lower costs driving the improvement. [Joint venture] Scottish Sea Farms delivered a significant increase in volume, though results remained weak,” he said. “[But,] the Sales and Industry [segment] delivered a very strong result, supported by higher volumes through our facilities, improved operations, and stronger sales performance. At the same time, the cost per kilo of our fish at sea is lower, and we expect a somewhat lower cost level in the fourth quarter.”
He added that the third quarter results were largely bolstered by exceptional biological performance that the firm has enjoyed all year.
“[This year] has been a very strong biological year for us, with several biological KPIs, including growth and survival, at very high levels compared with previous years,” Arntsen said. “Favorable sea temperatures are not the only explanation. We are seeing stronger underlying performance from these fish as a result of genetics, smolt quality, vaccines, and our production strategy, including sea lice management.
Meanwhile, strong cash flow from operations enabled SalMar to reduce net interest-bearing debt by NOK 1.23 billion (USD 132.5 million, EUR 118.4 million) during the quarter, bringing it to NOK 17.91 billion (USD 1.9 billion, EUR 1.7 billion) at the end of September. Compared with the third quarter of 2025, net interest-bearing debt was down by NOK 3.74 billion (USD 402.9 million, EUR 359.9 million).
SalMar said the strengthened financial position provides flexibility, including to complete its proposed acquisition of a majority stake in Måsøval.
In July, SalMar agreed to acquire 85,727,553 shares in Måsøval from investment firm Heimstø, representing approximately 70 percent of the company's share capital. The agreed price of NOK 39.50 (USD 4.25, EUR 3.80) per share gives a total consideration of approximately NOK 3.4 billion (USD 366.3 million, EUR 327.2 million).
The transaction remains subject to customary closing conditions, including regulatory approvals, and Arntsen said the approval process was progressing according to plan.
The acquisition is expected to strengthen its position in Central Norway and provide opportunities to improve the utilization of resources, expertise, and infrastructure, as well as support further development and long-term value creation along the Norwegian coast.
SalMar is expecting its total harvest volume in 2026 to reach approximately 347,000 GWT, including its 50 percent share of Scottish Sea Farms production. If that comes to fruition, it would represent growth of 15 percent compared to 2025. The company has maintained its Norwegian guidance while slightly reducing its volume expectations for Icelandic Salmon and Scottish Sea Farms to 20,000 GWT and 40,000 GWT, respectively.
For 2027, it is guiding for a total harvest of approximately 348,000 GWT, broadly in line with its 2026 forecast. This includes 307,000 GWT from Norway and SalMar Ocean, 18,000 GWT from Icelandic Salmon, and 45,000 GWT from Scottish Sea Farms.
Måsøval's production is not included in the 2027 guidance, as the acquisition remains subject to regulatory approval.
“Including Måsøval's own stated potential brings the total to 412,000 GWT, an increase of 64,000 GWT, or 18 percent, from the level in 2026 and 2027,” Arntsen said.
