Earnings Miss: SalMar ASA Missed EPS By 52% And Analysts Are Revising Their Forecasts

SalMar ASA (OB:SALM) missed earnings with its latest quarterly results, disappointing overly-optimistic forecasters. Results showed a clear earnings miss, with kr7.6b revenue coming in 2.1% lower than what the analystsexpected. Statutory earnings per share (EPS) of kr2.70 missed the mark badly, arriving some 52% below what was expected. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on SalMar after the latest results.

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Taking into account the latest results, the consensus forecast from SalMar's nine analysts is for revenues of kr32.4b in 2026. This reflects a satisfactory 7.7% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to leap 43% to kr23.07. In the lead-up to this report, the analysts had been modelling revenues of kr30.9b and earnings per share (EPS) of kr26.44 in 2026. So it's pretty clear the analysts have mixed opinions on SalMar after the latest results; even though they upped their revenue numbers, it came at the cost of a real cut to per-share earnings expectations.

View our latest analysis for SalMar

There's been no major changes to the price target of kr598, suggesting that the impact of higher forecast revenue and lower earnings won't result in a meaningful change to the business' valuation. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. The most optimistic SalMar analyst has a price target of kr655 per share, while the most pessimistic values it at kr520. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects.

Of course, another way to look at these forecasts is to place them into context against the industry itself. The period to the end of 2026 brings more of the same, according to the analysts, with revenue forecast to display 16% growth on an annualised basis. That is in line with its 14% annual growth over the past five years. Compare this with the broader industry, which analyst estimates (in aggregate) suggest will see revenues grow 7.7% annually. So it's pretty clear that SalMar is forecast to grow substantially faster than its industry.

The Bottom Line

The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for SalMar going out to 2028, and you can see them free on our platform here..

You still need to take note of risks, for example - SalMar has 1 warning sign we think you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.