Salmon stocks have underperformed during 2026, driven by a mix of higher supply (and thus lower price) than expected coupled with rising input prices for feed. The feed story has been particularly negative, and it seems likely that the industry will face ~NOK 5/kg higher feed cost (on P&L) ahead. However, productivity has been record-strong, leading to a lower mortality cost of ~NOK 2/kg. However, the most important element is that we are finally seeing strong demand growth. We estimate that glo ....
