Q3 2025 SalMar ASA Earnings Call(recording) Transcript
Key Points
- SalMar ASA (SALRF) achieved a record high harvest volume of 93,200 tonnes in the third quarter, contributing to a strong operational EBIT of NOK 711 million.
- The company reported a significant improvement in price achievement throughout the quarter, with the share of superior quality salmon returning to normal levels.
- Northern Norway demonstrated strong biological performance, leading to positive cost development and an increase in volume guidance for 2025 by 13,000 tonnes.
- SalMar ASA (SALRF) successfully completed the merger with Wilsgård, which positively impacted financial key figures and contributed to an accounting gain.
- The company has a positive outlook for 2026, expecting a 7% increase in harvest volume to 319,000 tonnes, driven by improvements in biological performance and cost reductions.
- Low salmon prices during the quarter negatively impacted profitability, with a reduction in price achievement by NOK 505 million.
- Central Norway experienced weak results with an operational EBIT of minus NOK 121 million, due to low salmon prices and high cost levels.
- Iceland reported weak results with an operational EBIT of minus NOK 110 million, driven by low salmon prices and high costs from the '23 generation.
- The company faced high lice pressure in Central Norway, affecting growth and necessitating the removal of smaller fish for welfare reasons.
- Net interest-bearing debt increased by NOK 1.5 billion to NOK 21.6 billion, driven by dividend payments and increased debt levels.
Welcome to the presentation of SalMar's results for the third quarter of 2025. My name is Frode Arntsen, and I am the CEO. And joining me today is our CFO, Ulrik Steinvik. I have said before that SalMar, it's a job 24 hours a day, 360 days a year. When we say we produce salmon on the salmon terms, this has really been as true as now in the third quarter.
The record high harvest volume and activity level we've had this quarter have meant that employees across the entire value chain have been working day and night to ensure we carry out the necessary lice treatments, the farming sites are ready when the whale boat arrives, that the processing plants are ready when the fish is to be harvested and that we are able to sell and ship to our products to all corners of the world. I want to say a big thank you to all our employees who have worked day and night through the quarter. You are the team that makes it possible for us to present financial results today that we are more satisfied with than the last quarter, even though salmon prices have been
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