SalMar - Record high harvest volume and positive cost development

Core Insights - The company reported weak financial results in Q3 2025 due to low market prices for salmon, despite achieving record-high harvest volumes and demonstrating flexibility in harvesting and processing facilities [1][5] - Strong demand for products and positive underlying cost developments are expected to improve future results [1][4] Harvest Volume and Cost Expectations - Total harvest volume for 2025 is projected at 299,000 tons, a 19% increase from 2024, with expectations for further growth in 2026 to 319,000 tons, representing a 7% increase [3] - The company anticipates reduced costs across all segments in Q4 2025, supported by improved biological performance and lower input prices [2][4] Financial Performance - Operational EBIT for Norway in Q3 2025 was NOK 858 million, with a harvest volume of 89,400 tons, resulting in an operational EBIT per kg of NOK 9.6 [5] - For the group, operational EBIT was NOK 711 million with a total harvest volume of 93,200 tons, leading to an operational EBIT per kg of NOK 7.6 [5] Market Conditions and Strategic Developments - The year 2025 has seen lower salmon prices and global uncertainty, but the company expects limited global supply growth in 2026 alongside continued strong demand [4] - The merger with Wilsgård, completed in August, has strengthened the company's presence in Northern Norway and is expected to facilitate sustainable growth [5]