Norwegian salmon producer SalMar defied a 29% drop in full-year operating profit to maintain its NOK 10 per share dividend for 2025. The company reported NOK 3.87 billion in operational EBIT despite biological challenges at its Scottish Sea Farms joint venture, which posted a NOK 186 million Q4 loss and forced reduced production targets.

SalMar's Scottish operations harvested just 5,500 tons in Q4 with negative EBIT of NOK 33.80 per kilogram, compared to positive NOK 10.30 a year earlier. The Scottish Sea Farms joint venture, co-owned with Lerøy Seafood, now expects 2026 volumes 2,000 tons lower than previously forecast due to gill health issues causing fish mortality.

While international operations struggled, SalMar's core Norwegian business showed resilience. Fish Farming Northern Norway delivered 50% higher EBIT of NOK 1.16 billion on improved harvest volumes. The company completed two strategic acquisitions in 2025 and plans to harvest 270,000 tons in Norway next year, offsetting international challenges.