SALMAR ASA
Sector unknown·SALM · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Animal diseases and biosecurity
Macro
DriverNegative impact: weakens
“Environmental and biological challenges have influenced our operational decisions and biological performance in 2024. Average weight, feed conversion ratio, growth, harvest volume, quality, and the proportion of production fish have been below our expectations.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SalMar strives to be at the forefront of adopting new technologies, equipment, and operational methods to reinforce our position as a leading sustainable salmon producer. Fish health and welfare remain our top priorities, reflected in our investment program, which focuses on continuous equipment and operational improvements.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“A key concept for us is preventive technology, tailored to reduce lice pressure and avoid stressful lice treatments. This includes a combination of submerged, closed, or semi-closed technologies, supplemented by extensive use of laser-based lice control. By the end of 2024, approximately 20% of SalMar's sites were equipped with preventive technologies, with a particular focus on submerged equipment and lice lasers. We aim to double this number by the end of this year, ensuring that around 40% of our sites utilize such technologies.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SalMar has been a pioneer in this field, with our semi-offshore operational unit, Ocean Farm 1, now in its fourth production cycle. The results so far have been highly satisfactory, with strong growth, low fish mortality, and minimal sea lice—ensuring excellent fish welfare.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The segment has 2 semi-offshore units in operation, Arctic Offshore Farming and Ocean Farm 1. Early in 2024 harvest from both units were completed with strong biological performance.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SalMar has over the last years invested heavily in fish welfare equipment in order to reduce the sea lice pressure, and for 2025 investments in sea lice lasers and submerged net pens represent the largest investment.”
Annual report 2024A · The company itself
Agriculture and food production
End markets
DriverPositive impact: strengthens
“In 2025 figures from Kontali Analyse, a leading provider of aquaculture data and research, estimate a moderated supply growth of global harvest volume. The global volume of salmon harvested is expected to Increase with around 167,200 tonnes or 5.9 percent. The moderate growth in supply combined with continued strong demand gives an optimistic market outlook for 2025.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SalMar aims to be an increasingly important contributor to global seafood supply On the right track To achieve SalMar's ambitious goals, sustainability and efficiency must be maintained at every level.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SalMar’s primary commitment remains the development of coastal aquaculture in both Norway and other countries, ensuring that it is done in a biologically and environmentally sustainable manner.”
Annual report 2024A · The company itself
Market
“The 2024 results show that SalMar has pursued the right longterm strategy in building harvesting and processing capacity. SalMar has always been proud to be known as "the processing company," with modern and advanced processing facilities in both Central and Northern Norway. During periods of biological challenges, having processing facilities geographically close to our production sites provides significant advantages and has helped us navigate a demanding year better than we otherwise would have.”
Annual report 2024A · The company itself
Market
“We expect substantial production growth in Norway, Iceland, and Scotland, where we own 50% of Scottish Sea Farms in a joint venture with Lerøy Seafood Group. Overall, we estimate production growth from 252,000 to 294,000 tons in 2025, a 17% increase from 2024, which had seen a 5% decline compared to the previous year.”
Annual report 2024A · The company itself
Market
“Central Norway has today 85,487 tonnes MAB, and also operates several R&D licences in collaboration with other companies.”
Annual report 2024A · The company itself
Market
“At the end of 2024 SalMar owned 52.5 % of the shares in the company. Icelandic Salmon is Iceland’s largest producer of farmed salmon.”
Annual report 2024A · The company itself
Market
“SalMar expects an increase in harvest volume in 2025. SalMar expects to harvest 254,000 tonnes in Norway, SalMar Aker Ocean 9,000 tonnes and 15,000 tonnes in Iceland. In addition, SalMar expects its share of the volume harvested by Norskott Havbruk (50 percent) to come to 16,000 tonnes in 2025. This totals a harvest volume of 294,000 tonnes or an increase of 17 % from 2024.”
Annual report 2024A · The company itself
Market
“As announced on the capital markets day in September 2023 SalMar has a significant organic growth potential within existing licence without the need for larger investments. A total of 370,000 tonnes including relative share of Scottish Sea Farms implying a growth of 47 % from the harvested volume in 2024 and 26 % from the expected volume in 2024.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Global trade volumes
Macro
DriverPositive impact: strengthens
“Continued strong demand and price achievement for salmon are expected going forward, as well as moderate supply growth.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In 2025 figures from Kontali Analyse, a leading provider of aquaculture data and research, estimate a moderated supply growth of global harvest volume. The global volume of salmon harvested is expected to Increase with around 167,200 tonnes or 5.9 percent. The moderate growth in supply combined with continued strong demand gives an optimistic market outlook for 2025.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SalMar aims to be an increasingly important contributor to global seafood supply On the right track To achieve SalMar's ambitious goals, sustainability and efficiency must be maintained at every level.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“The acquisitions of Knutshaugfisk, Refsnes Laks, Øylaks and Hitramat Farming all show our faith in the industry and our eagerness to grow. We have therefore indicated further potential growth of 26% by 2028, with a forecast of 370,000 tons of high-quality salmon supplied to markets worldwide.”
Annual report 2024A · The company itself
Retail
End markets
Market
“The fish is sold either as whole gutted salmon (fresh or frozen), fillets, in individual portions or a wide range of other products, which are distributed to markets around the world. test Smolt and cleaner fish production CENTRAL NORWAY (Møre og Romsdal & Trøndelag) NORTHERN NORWAY (Troms og Finnmark) No. of licenses: Harvest volume 2024: No. of facilities: 3 smolt facilities and 1 lumpfish facility Production in 2024: and 1.0 million lumpfish No. of licenses: Harvest volume 2024: No. of facilities: 2 smolt facilities Production in 2024: No. of licenses: 23,700 tonnes MAB Harvest volume 2024: No. of facilities: 4 smolt facilities Production in 2024: No. of licenses: Harvest volume 2024: Volume sold: Approx.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Shipping and logistics
End markets
Market
“Number of harvesting- and processing plants: 3 in operation Includes 4 time-limited demonstration licenses and 1,100 tonnes MAB in development licenses.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Feed is the most important cost factor in salmon farming. SalMar expects feed prices to be reduced in 2025 compared to the significant increase in recent years.”
Annual report 2024A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“However, uncertainty regarding government regulations for offshore aquaculture has led SalMar to put further development of this project on hold.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“It cannot be denied that geopolitical uncertainty has also increased for businesses competing in an international market. The Norwegian aquaculture industry has previously experienced the negative consequences of protectionist measures that restrict access to important markets such as the EU and the USA.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Due to regulatory uncertainty further work on offshore aquaculture in Norway is currently on hold.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“It cannot be denied that geopolitical uncertainty has also increased for businesses competing in an international market. The Norwegian aquaculture industry has previously experienced the negative consequences of protectionist measures that restrict access to important markets such as the EU and the USA.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The EEA agreement is also important for Norwegian aquaculture, and it is difficult to see any alternative to the EU safeguarding European interests in the difficult balancing act between the EU and the USA.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Consumer spending
Macro
DriverPositive impact: strengthens
“Continued strong demand and price achievement for salmon are expected going forward, as well as moderate supply growth.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Asia and emerging markets
Geography
Geography
“The segment sold approx. 233,000 tonnes of salmon and other fish-based products in 2024. Sales activities concentrate on the markets of Europe, Asia and America. In all, the segment distributes salmon to more than 50 different countries.”
Annual report 2024A · The company itself
Geography
“Because SalMar attaches particular importance to market proximity, the segment opened a new sales office in Thailand in 2023 and has in addition sales offices in Japan, South Korea, Vietnam, Taiwan and Singapore.”
Annual report 2024A · The company itself
Europe
Geography
Geography
“The segment sold approx. 233,000 tonnes of salmon and other fish-based products in 2024. Sales activities concentrate on the markets of Europe, Asia and America. In all, the segment distributes salmon to more than 50 different countries.”
Annual report 2024A · The company itself
United States
Geography
Geography
“The segment sold approx. 233,000 tonnes of salmon and other fish-based products in 2024. Sales activities concentrate on the markets of Europe, Asia and America. In all, the segment distributes salmon to more than 50 different countries.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 26.43 bn NOK |
| Revenue growth vs. the year before, same method | -6.4 % |
| EBITDA reported by the company | 6.98 bn NOK |
| Net debt debt incl. leasing minus cash | 18.49 bn NOK |
| Diluted EPS per share | 22.49 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.