Salmar ASA: Post Results Agenda

Research evidence excerpt

Salmar ASA: Post Results Agenda

Equity Research

European Consumer Staples

20 May 2026

Salmar ASA

Post Results Agenda

First LookSupply growth is front-loaded and set to decelerate, with

FY26 guidance upgrade largely reflecting strong Q1 biology

rather than incremental upside, while structural regulatory SALM.OL/SALM NO EQUAL WEIGHT European Consumer

Staplesconstraints continue to cap meaningful volume expansion. NEUTRAL

Price Target NOK 560.00

Price (19-May-26) NOK 585.50

Supply outlook tightening through the year – SalMar management upgraded FY26 harvest Potential Upside/Downside -4.4%

guidance to ~330kt (inc scotland +10% YoY ), but emphasized that the increase largely reflects Source: Bloomberg, Barclays Research

strong biological performance already realized in Q1, implying limited incremental growth for

the remainder of the year. While global supply grew ~12% YoY in Q1, the company expects low European Consumer Staples

full-year supply growth (~2–3%), with Norway growing ~1–2%, indicating that industry supply Setu Sharda

growth will normalize meaningfully from H2 onwards. Management also highlighted that + 91 (0)22 6175 1934

regulatory constraints (licenses, biomass limits) remain binding, limiting the ability to translate setu.sharda@barclays.com

stronger biology into additional volumes, while offshore license conversion offers only gradual Barclays, UK

upside rather than near-term volume acceleration. Alex Sloane

+44 (0)20 3555 0645

Cost outlook improving into H2, with Q2 still reflecting temporary pressures – SalMar alexander.sloane@barclays.com

indicated that while costs are expected to remain broadly stable in Q2, a clear improvement is Barclays, UK

expected in H2, driven by strong biological performance, better site mix and volume scale. Q1