Q2 2026 SalMar ASA Earnings Call(recording) Transcript
Key Points
- Record strong biological performance with mortality 40% lower, growth 33% higher, and superior share 9 percentage points higher than the 10-year average.
- Increased 2026 harvest volume guidance by 20,000 tons to 350,000 tons, representing 16% growth year-over-year.
- Cost reductions are evident, with on-growth costs down 12% year-over-year and expectations of further declines in Q3 and Q4.
- Strong financial position with net interest-bearing debt reduced by NOK1.1 billion and leverage improved to 2.6x EBITDA.
- Acquisition of Måsøval expected to generate annual operational cost synergies of approximately NOK300 million.
- Unfavorable harvest profile with a significant share of volumes sold in June when market prices were at their lowest negatively impacted earnings.
- Outbreaks of ISA at two sites in Central Norway led to negative impacts on cost and price realization during the quarter.
- Weak results from Iceland and Scottish Sea Farms due to high costs throughout the value chain, with Iceland reporting negative EBIT per kilogram.
- Price achievement declined by approximately NOK10 per kilogram from Q1, reflecting lower salmon market prices.
- Feed price increases from Q4 onwards remain uncertain, posing a potential risk to future cost levels.
Good morning, everyone, and welcome to the presentation of SalMar's results for the second quarter of 2026. My name is Frode Arntsen. I am the CEO of SalMar. And with me today, I have our CFO, Ulrik Steinvik.
I hope you all had a pleasant summer vacation this summer. For those of us living along the coast from Møre and northwards in Norway, I cannot quite say the same. Summer never really arrived and we have experienced long periods of truly poor weather. However, although we have not seen much sunshine, the weather has been fantastic for our salmon. A cool and rainy summer has created excellent growth conditions for our salmon and is one of the factors contributing to the record strong biological performance that continued through the second quarter and into the third quarter.
Once again, SalMar delivers good biological and operational performance. This does not happen by itself. It is the result of continuous improvements and action we take throughout the value chain to ensure that our salmon thrive as much as possible. It is all
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