Food (AO) | Salmon: positive Norwegian regulatory news - norm price scrapping

Research evidence excerpt

Food (AO) | Salmon: positive Norwegian regulatory news - norm price scrapping

News comment

Release date: 27 May 2026

Niklas Helgheim

Equity Research Analyst

+47 23 13 9069

nhelgheim@keplercheuvreux.comFood

Europe

Salmon: positive Norwegian regulatory news - norm price scrapping

Key points:

For once, there have been positive regulatory developments in Norway's salmon industry. Norway's parliament has secured a

majority to abolish the salmon industry's norm price regime from the 2027 tax year, with a formal vote expected next week.

The norm price system, introduced as part of Norway's 2023 resource rent tax framework, taxed salmon farmers based on a

theoretical benchmark price rather than actual realised sales prices, which the industry argued overstated revenues and

penalised contract sales and lower-quality fish.

The removal is incrementally positive for Norwegian salmon farmers (Mowi, Leroy, SalMar and Grieg) as it reduces regulatory

uncertainty, lowers the risk of tax/revenue mismatches and improves visibility. However, the exact EPS effect is uncertain.

The decision should also support a gradual recovery in long-term fixed-price contracting activity, which has become less

attractive under the current framework due to overtaxation risk.

Sector Most Preferred Stocks Sector Least Preferred Stocks

Company Rating Target Price Upside Company Rating Target Price Upside

Bakkafrost Buy NOK540.00 NOK468.60 15% Barry Callebaut Reduce CHF1000.00 CHF1189.00 -16%

Danone Buy EUR85.00 EUR61.28 39% Leroy Seafood Hold NOK47.00 NOK46.04 2%

Nestlé Buy CHF90.00 CHF79.38 13%

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