Quarterly Public Farm Review: Q2 2026 · Fish n' Bits - The Aquaculture Data Intelligence Podcast · Radar

Salmon Farming Returns to Profitability1:02 – 3:49

1:02

If you've followed salmon farming over the last couple of years with us, there's almost always been something going wrong.

1:08

We've gone through periods of major disease challenges, jellyfish and algae events, high mortality and rising feed costs, often at the same time that salmon prices haven't been particularly strong.

1:19

And that's what stood out to me through the Q2 results was actually how normal a lot of them looked.

1:25

Salmon farming is, again, largely making money.

1:28

It's not an enormous amount of money, and definitely not everywhere, but given everything else going around the world, I think it's still fairly significant.

1:35

We've got wars going on, tariff and trade issues, along with inflation, and yet through the results from the large salmon producers, particularly in Norway, you see a lot of profitable fish being produced.

1:47

Salmar is probably one of the clearest examples here.

1:50

They've produced more than 17 kroner per operational ebit per kilogram in Norway during Q2.

1:56

And across the entire company, they were right at about 15 kroner.

2:00

Now, this value, again, represents whether they're just making money or not for each kilogram of fish produced.

2:07

It's their earnings per kilo.

2:09

They specifically pointed towards strong biological performance, better fish quality, and lower costs as some of the reasons behind the results.

2:16

Now, MUVI gives us another interesting view because they're farming across so many different parts of the world.

2:22

Converting everything into kroners, Norway produced roughly 22 kroners per kilo of operational ebbet.

2:28

Scotland was around 21, Faroes around 19, and surprisingly, Canada was actually the highest at roughly 24 kroners per kilogram.

2:37

Now, there were weaker regions as well.

2:39

Chile was considerably lower for them, while Ireland and Iceland both lost money.

2:43

And Bacchofrost gives us probably the clearest example of how different the results can still be.

2:48

The Faroese farming operations made about 6 kroners per kilo, while their Scotland operations lost about 65.

2:55

So while the takeaway from Q2 isn't that everyone figured out how to make 20 kroners per kilo, they clearly haven't.

3:02

What I think we're seeing is a little bit more interesting.

3:05

When the biology is working, these companies are making more money.

3:09

And over the last couple quarters, biology has worked reasonably well across pretty much the entire industry when you look at all the different regions.

3:17

MUVI harvested record volumes during the quarter while also lowering its blended farming costs year over year.

3:23

The same story can be said for Salmar, and we're seeing fish get through the production cycle, reaching good harvest volumes, and doing it without some of the large-scale issues that have defined many of the previous quarters.

Salmon Farming Returns to Profitability1:02 – 3:49

1:02

If you've followed salmon farming over the last couple of years with us, there's almost always been something going wrong.

1:08

We've gone through periods of major disease challenges, jellyfish and algae events, high mortality and rising feed costs, often at the same time that salmon prices haven't been particularly strong.

1:19

And that's what stood out to me through the Q2 results was actually how normal a lot of them looked.

1:25

Salmon farming is, again, largely making money.

1:28

It's not an enormous amount of money, and definitely not everywhere, but given everything else going around the world, I think it's still fairly significant.

1:35

We've got wars going on, tariff and trade issues, along with inflation, and yet through the results from the large salmon producers, particularly in Norway, you see a lot of profitable fish being produced.

1:47

Salmar is probably one of the clearest examples here.

1:50

They've produced more than 17 kroner per operational ebit per kilogram in Norway during Q2.

1:56

And across the entire company, they were right at about 15 kroner.

2:00

Now, this value, again, represents whether they're just making money or not for each kilogram of fish produced.

2:07

It's their earnings per kilo.

2:09

They specifically pointed towards strong biological performance, better fish quality, and lower costs as some of the reasons behind the results.

2:16

Now, MUVI gives us another interesting view because they're farming across so many different parts of the world.

2:22

Converting everything into kroners, Norway produced roughly 22 kroners per kilo of operational ebbet.

2:28

Scotland was around 21, Faroes around 19, and surprisingly, Canada was actually the highest at roughly 24 kroners per kilogram.

2:37

Now, there were weaker regions as well.

2:39

Chile was considerably lower for them, while Ireland and Iceland both lost money.

2:43

And Bacchofrost gives us probably the clearest example of how different the results can still be.

2:48

The Faroese farming operations made about 6 kroners per kilo, while their Scotland operations lost about 65.

2:55

So while the takeaway from Q2 isn't that everyone figured out how to make 20 kroners per kilo, they clearly haven't.

3:02

What I think we're seeing is a little bit more interesting.

3:05

When the biology is working, these companies are making more money.

3:09

And over the last couple quarters, biology has worked reasonably well across pretty much the entire industry when you look at all the different regions.

3:17

MUVI harvested record volumes during the quarter while also lowering its blended farming costs year over year.

3:23

The same story can be said for Salmar, and we're seeing fish get through the production cycle, reaching good harvest volumes, and doing it without some of the large-scale issues that have defined many of the previous quarters.