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]

Core Insights - SalMar ASA and Wilsgård Sea Service AS are proceeding with a merger plan involving SalMar Farming AS as the acquiring company and Wilsgård as the transferring company [2] - The valuation of Wilsgård is set at NOK 1,767 million, with 80% of the merger consideration being shares and 20% in cash [3] - SalMar will increase its share capital by NOK 392,054 through the issuance of 1,568,216 shares at a nominal value of NOK 0.25 each, with a share price of NOK 563.38 [4] Company Developments - SalMar currently holds a 37.5% ownership interest in Wilsgård, which has a significant presence in Northern Norway with 5,844 tonnes MAB in licenses [5] - The merger aims to enhance operational efficiency, reduce costs, and improve financial resilience in the fisheries and aquaculture sectors [5] - The completion of the merger is anticipated in summer 2025, pending approval from relevant authorities [6]