SalMar stock gains after Goldman Sachs sets NOK 700 target

Published on 10/04/2026 at 19:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SalMar stock drew a Buy initiation from Goldman Sachs on October 2, 2026. Q2 operational EBIT reached NOK 1.237 billion as harvest guidance rose to 350,000 tons.

Architektonisches 3D-Render einer modernen Fischverarbeitungsanlage an der norwegischen Küste bei Dämmerung — Architektur-Render einer modernen Verarbeitungsanlage an der Küste repräsentiert SalMar ASA, ISIN NO0010310956, führenden Aquakulturbetrieb, Illustration mit AI erstellt.

SalMar stock (ISIN NO0010310956) gained 2.39 percent to NOK 577.50 on Oslo Bors on October 2, 2026. Guavy reported that Goldman Sachs initiated coverage with a Buy rating and a NOK 700 price target on October 2, 2026. The analyst action puts biological performance and harvest execution at the center of the next valuation debate.

Goldman target raises the bar

The NOK 700 target stands 21.21 percent above the October 2 close of NOK 577.50. That gap is large enough to make the next earnings update important, because the bullish case depends on higher volumes translating into stronger earnings rather than only expanding production.

TargetWatch lists a nine-house consensus median price target of NOK 620.00, which is 7.36 percent above the October 2 close. Its published target range is NOK 480.00 to NOK 700.00, showing a wide spread between the most cautious and most optimistic views.

Q2 biology supports 2026 guidance

SalMar harvested 81,800 tons in Q2 2026 and generated operational EBIT of NOK 1.237 billion, according to the Yahoo Finance transcript of the August 25, 2026 earnings call. Norwegian operations contributed NOK 1.227 billion of operational EBIT on 71,500 tons, while the consolidated operational EBIT margin was NOK 15.1 per kilogram.

Management increased total 2026 harvest guidance by 20,000 tons to 350,000 tons, a 16 percent increase over 2025. The same update showed mortality 40 percent below the 10-year average and growth 33 percent above that benchmark during the first seven months of 2026, although an unfavorable harvest profile reduced price achievement in Q2.

Debt and the next report matter

For the first six months of 2026, SalMar reported operational EBITDA of NOK 3.8 billion and operational EBIT of NOK 2.7 billion, more than double the prior-year level. Net interest-bearing debt fell by NOK 1.1 billion to NOK 19.1 billion, improving the leverage ratio to 2.6 times.

SalMar's investor calendar lists the Q3 2026 presentation for November 3, 2026, on its investor relations page. The report will test whether lower production costs and the expanded harvest plan can offset the Q2 timing effect and weaker profitability in Iceland.

SalMar stock closes at NOK 577.50

SalMar stock closed at NOK 577.50 on Oslo Bors on October 2, 2026, up NOK 13.50 from the prior close. The market capitalization was NOK 78.3 billion, with a 52-week range of NOK 448 to NOK 627 and volume of 182,681 shares.