SalMar credit profile affirmed, shares backed by BBB rating

Nordic Credit Rating reconfirmed a BBB long-term issuer credit rating with stable outlook for Norwegian salmon farmer SalMar earlier this year, highlighting strong profitability and moderate leverage as investors track the stock on the Oslo exchange.

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-25, 15:14.

SalMar ASA (NO0010310956) entered 2026 with an affirmed BBB long-term issuer credit rating and a stable outlook from Nordic Credit Rating, underscoring the company’s standing in the Oslo seafood segment. The agency’s March 20 assessment cited strong profitability and moderate financial leverage for the salmon farmer. Nordic Credit Rating’s March 20, 2026 IR notice on SalMar

What Nordic Credit Rating sees

Nordic Credit Rating updated its view on SalMar ASA on 20 March 2026, assigning a BBB long-term issuer credit rating with a stable outlook, a level that places the group solidly in investment-grade territory within the seafood sector. The rating note highlighted SalMar’s strong profitability metrics relative to peers and described the company’s financial leverage as moderate, giving creditors and equity investors a clearer picture of the risk profile. SalMar’s official investor relations release on the rating update

In the rating commentary, Nordic Credit Rating pointed to SalMar’s position as a Norway-based salmon farmer with scale advantages in core regions, supported by long-term demand for farmed Atlantic salmon in Europe and Asia. The agency also emphasized the group’s history of cost discipline and operational efficiency in its farming and processing operations, factors that underpin EBITDA generation and cash flow resilience in a cyclical commodity environment. Nordic Credit Rating analytical report on SalMar

Thursday lens on operations and strategy

From an operational standpoint, SalMar continues to run a vertically integrated model in Norwegian aquaculture, combining smolt production, sea-based grow-out and harvesting, with downstream processing and export logistics aimed at key markets such as the EU and Asia. The BBB rating reflects, among other factors, SalMar’s ability to navigate biological risks like sea lice, disease and changing regulation while maintaining a relatively stable production volume over recent cycles compared with some smaller competitors.

Strategically, SalMar’s investment-grade status supports access to bank financing and capital markets for ongoing projects, including offshore farming initiatives and capacity upgrades in processing. Within the Norwegian seafood peer group, which includes names such as Mowi and Lerøy Seafood, a BBB rating with stable outlook places SalMar among the better-regarded credits outside the very largest fish farmers, offering a reference point for investors comparing credit quality across the Oslo seafood listings.

The product behind the stock

SalMar’s core business is farming Atlantic salmon in Norwegian coastal and offshore sites, with harvested fish processed into fresh and frozen salmon products destined for retail and foodservice customers in Europe and Asia. The company’s vertically integrated value chain encompasses everything from smolt production to export logistics, monetizing global demand for protein-rich seafood without direct exposure to downstream branding or restaurant chains.

Where the stock trades today

The SalMar shares (NO0010310956) trade on the Oslo Børs, with the last verifiable price information from mid-March 2026 linked to the BBB rating announcement; current intraday pricing should be checked on the Oslo exchange for up-to-date NOK quotes.

Key data on the SalMar shares

• Company: SalMar ASA
• ISIN: NO0010310956
• WKN: not available
• Ticker: SALM
• Trading venue: Oslo Børs
• Price (as of 2026-03-20, 10:00): latest verified intraday NOK quote to be obtained from Oslo Børs
• Market cap: NOK figure to be taken from the Oslo exchange’s quote page as of the same date
• Sector / industry: Consumer Staples / Food Products / Aquaculture
• Index membership: Oslo Børs Benchmark seafood-related indices where applicable
• Next earnings date: not officially scheduled

This text is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any transaction. All data are based on sources deemed reliable at the time of writing but may change without notice; investors should consult original exchange and company filings for current figures.