SalMar - Low volume in Q1 25, but good growth in the sea paves the way for increased volume for the rest of the year

Company Overview - SalMar ASA is one of the world's largest and most efficient producers of salmon, with farming operations in Central Norway, Northern Norway, Offshore, and Iceland, as well as significant harvesting and secondary processing operations [9] - The company owns 50% of Scottish Sea Farms Ltd, further enhancing its market presence [9] Recent Developments - SalMar has completed the purchase of a controlling stake in AS Knutshaugfisk, which has 3,466 tons MTB in licenses and four farming locations in Central Norway [2] - A merger plan between Wilsgård AS and SalMar Farming AS has been approved, with SalMar holding a 37.5% stake in Wilsgård. This merger is expected to enhance operational efficiency and financial robustness [3][4] Financial Performance - In Q1 2025, SalMar reported an operational EBIT of NOK 798 million with a harvest volume of 42,700 tonnes, resulting in an operational EBIT per kg of NOK 18.7 [7] - The harvest volume for Norway was 40,400 tonnes, with an operational EBIT of NOK 852 million, translating to NOK 21.1 per kg [7] - The first quarter was characterized by low harvest volumes, primarily due to late harvesting and fish welfare considerations, leading to a high share of downgraded fish and negatively impacting price achievement [7] Future Outlook - For 2025, SalMar expects a total harvest volume of 294,000 tonnes, representing a 17% growth compared to 2024, with specific contributions from Norway, SalMar Ocean, Iceland, and Scottish Sea Farms [5] - The company anticipates strong demand for its products despite global market uncertainties and expects lower global supply growth in the latter half of 2025 [6]