SALM SalMar ASA

SalMar - Q1 2025 Trading update

SalMar - Q1 2025 Trading update

Consolidated harvest volumes in Q1 2025 are:

Farming Central Norway: 21.1

Farming Northern Norway: 19.3

SalMar Ocean: 1.2

Icelandic Salmon: 1.1

Total: 42.7

All figures in 1,000 tonnes gutted weight. 

As communicated during the last quarterly presentation in February, the focus has been on building biomass during the period. Therefore, most of the volume has been harvested late in the quarter, and there has also been a need to harvest fish due to fish welfare.

The Q1 2025 report will be released on Tuesday 20 May at 06:30 CEST, the following presentation will be available through Norwegian webcast at 08:00 CEST and English webcast (recording) at 10:00 CEST.

For more information, please contact:

Håkon Husby

Head of Investor Relations

Tel: +47 936 30 449

Email:

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act



EN
08/04/2025

Underlying

SALMSalMar ASA

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SalMar (Buy, TP: NOK650.00) - Minor model adjustments

We have updated our estimates for the volumes in the recent Q1 trading update and a back-end-loaded harvest profile in the quarter, with a higher share of downgrades. We expect operating EBIT of NOK997m for the quarter, c16% below consensus of NOK1,188m. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK650 target price. The full Q1 report is due at 06:30 CET on 20 May.

04/23/25 April 23, 2025 1 EN
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Alexander Aukner
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Time to revisit

The unfolding trade war has led us to cut our global 2025–2027e demand and trim our spot price estimates. The negative price effect is partly countered by reduced mortality boosting volumes and lowering costs, leading to net EPS cuts of 11–2%. Given the sector’s solid track record in adapting to past crises and recent share-price declines, we see a significantly improved risk/reward and have a positive stance on the sector. We have upgraded Mowi, Bakkafrost, and Grieg Seafood to BUY (HOLD).

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GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
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IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
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ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
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