Slides
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Q2 2025 Presentation 2 1 A U G U S T 2 0 2 5 C E O F R O D E A R N T S E N C F O U L R I K S T E I N V I K
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Agenda Q 2 2 0 2 5 P R E S E N T A T I O N Highlights Q2 2025 Operational Update Financial Update Strategic Update Outlook 2
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• Strong biological performance and positive cost development in Northern Norway • Downgrades affecting price achievement in Central Norway • Completed harvest from both units in SalMar Ocean • Very good results from Sales & Industry driven by contract contribution and capabilities from our set-up • Negative results from Icelandic Salmon driven by lower market prices and continued high cost level • Results from Scottish Sea Farms affected by market prices • Merger with Wilsgård AS completed in August 2025 • New green bonds issued in August 2025, totaling NOK 2 billion • Volume guidance FY 25 increased with 4,000 tons to 298 000 tons Highlights Q2 2025 Δ QoQ = Q2 2025 vs. Q1 2025 Δ YoY = Q2 2025 vs. Q2 2024 1) Norway = Group Operational EBIT excluding Icelandic Salmon and SalMar Ocean Harvest volume (1,000 tons gw) Group 64.5 Δ QoQ +21.8 Δ YoY +19.6 Norway1 54.5 Δ QoQ +14.1 Δ YoY +10.4 Operational EBIT/kg (NOK) Group 8.1 Δ QoQ -10.6 Δ YoY -22.6 Norway1 12.8 Δ QoQ -8.3 Δ YoY -20.1 Operational EBIT (NOKm) Group 524 Δ QoQ -274 Δ YoY -854 Norway1 696 Δ QoQ -156 Δ YoY -755 3
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Operational Update Q 2 2 0 2 5
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• Weak results driven by high share of downgrades affecting price achievement • Finished harvest from autumn 2023 and continued with spring 2024 generation Outlook • Continue harvest of spring 2024 generation and start harvest of autumn 2024. • Good biological status with significantly increased superior share from Q3 25 • Expect similar cost level in Q3 25 compared to Q2 25 • Expect significantly higher volume in Q3 25 compared to Q3 24 Farming Central Norway Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 2,115 2,656 3,700 5,441 Operational EBIT (NOKm) 7 1,110 275 2,296 Harvest volume (tgw) 33.9 27.1 55.1 54.9 Op.EBIT/kg (NOK) 0.2 41.0 5.5 41.8 Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 5
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• Continued strong biological performance in the period • Continued harvest of the autumn 2023 generation and started harvest of spring 2024 generation • Positive cost development Outlook • Continue harvest of autumn 2023 and spring 2024 generation • Good biological status • Expect similar cost level in Q3 25 compared to Q2 25 • Expect significantly higher volume in Q3 25 compared to Q3 24 Farming Northern Norway Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 6 Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 1,325 1,447 2,944 2,902 Operational EBIT (NOKm) 288 508 845 984 Harvest volume (tgw) 20.6 17.0 39.8 34.6 Op.EBIT/kg (NOK) 14.0 29.9 21.2 28.5
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• Harvest from both semi-offshore units completed in Q2 25 • Volume harvested early in the period – Low average weight of fish harvested from Arctic Offshore Farming Outlook • Next harvest in 2026 – Transfer of new smolt into Ocean Farm 1 in August 2025 – Upgrade of net at Arctic Offshore Farming SalMar Ocean Key Results Harvest volume (1,000 tons gw) Op.EBITDA/kg (NOK) 7 Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 427 0 512 427 Operational EBITDA (NOKm) 35 -23 32 46 Operational EBIT (NOKm) -75 -30 -94 -58 Harvest volume (tgw) 6.0 0.0 7.2 4.8 Op.EBITDA/kg (NOK) 5.8 4.4 9.6 Op.EBIT/kg (NOK) -12.5 -13.0 -12.2
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• Increased capacity utilization of harvesting facilities • 37% contract share1 with positive contribution • Quality variations in the period affecting price achievement despite high utilization of VAP facilities Outlook • Contract share currently around 22% for Q3 25 and 30% for FY 25 • Strong demand for our products in markets despite global uncertainty Sales & Industry Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 6,081 5,860 11,279 12,309 Operational EBIT (NOKm) 448 -90 539 -127 Operational EBIT-margin (%) 7.4 % -1.5 % 4.8 % -1.0 % Contract share1 (%) Op.EBIT-margin (%) 1) Physical and financial fixed price contracts8
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• Increased harvest volume to mitigate biological challenges – Most of the volume harvested late in the period • Results still affected by high cost in the value chain Outlook • Expect continued high cost level in Q3 25 • Expect significantly higher volume in Q3 25 compared to Q3 24 Icelandic Salmon Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 9 Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 291 113 413 427 Operational EBIT (NOKm) -97 -43 -132 -49 Harvest volume (tgw) 4.0 0.7 5.1 3.5 Op.EBIT/kg (NOK) -24.6 -61.6 -26.1 -14.3
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• Increase in harvest volume QoQ with good harvest weights • Results affected by market prices • Continued good biological development, with next generation of fish performing well in all regions Outlook • Good biological status in seawater in all regions Scottish Sea Farms1 Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 1,036 1,414 1,937 2,262 Operational EBIT (NOKm) -28 234 49 372 Harvest volume (tgw) 11.6 12.2 20.1 19.5 Op.EBIT/kg (NOK) -2.4 19.1 2.5 19.0 Fair value adjustments (NOKm) 86 27 7 37 Profit after tax (NOKm) 21 123 -35 189 NIBD (NOKm) 2,589 2,614 2,589 2,614 1) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50% Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 10
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Financial Update Q 2 2 0 2 5
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• Decrease in operational EBIT QoQ driven by lower market prices Comments related to Q2 2025 • Production tax increased due to higher volume • Fair value adjustments** positive due to higher biomass in calculation • Income from associates positive driven by share of results from Scottish Sea Farms and Hellesund Fiskeoppdrett Group Profit & Loss Group operational EBIT - QoQ Group P&L -274 Norway NOK million Q2 2025 Q1 2025 ΔQoQ% H1 2025 H1 2024 ΔYoY% Operating revenues 6,175 5,193 19 % 11,368 12,393 -8 % Operational EBITDA 994 1,248 -20 % 2,243 3,716 -40 % Operational EBIT 524 798 -34 % 1,322 2,899 -54 % Production tax -74 -44 -118 -98 Non-recurring items* -11 -32 -43 5 Fair value adjustments** 75 -1,020 -945 -13 Income from associates & JV 26 2 28 104 Net financial items -351 -326 -677 -445 Profit before tax 190 -623 -433 2,451 Tax 43 -260 -216 655 Profit for the period 146 -363 -217 1,796 EPS – adjusted* (NOK/share) 1.9 2.4 4.3 12.4 Harvest volume (tgw) 64.5 42.7 51 % 107.2 97.7 10 % EBIT per kg (NOK/kg) 8.1 18.7 -57 % 12.3 29.7 -58 % *) See notes in the financial report for details **) Includes onerous contracts and fair value adjustments 12
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• Total assets increased due to strong growth – Higher standing biomass YoY & QoQ • Equity ratio decreased after approval of dividend at AGM in June – Cash effect in Q3 25 • NIBD + leasing reduced to NOK 21.7 billion – NIBD + leasing/EBITDA at 3.8 – NIBD/EBITDA at 3.6 • Robust access to credit facilities with sustainable and flexible financing – Two new green bonds issued in August 2025 – 7-year, NOK 1 billion, 3mN+135bps – 8-year, NOK 1 billion, 5,15% (3mN+143bps) • Available liquidity as of Q2 25, NOK 8.2 billion – Available liquidity after payment of dividend in July and issue of new green bonds in August, NOK 7.3 billion Group Balance Sheet Assets Equity ratio Net interest bearing debt All financial figures in NOK million. 1) Facilities in SalMar ASA as of August 2025, partially owned subsidiaries with separate financing Δ QoQ = Q2 2025 vs. Q1 2025 Δ YoY = Q2 2025 vs. Q2 2024 13 55,708 Δ QoQ +968 Δ YoY +2,840 32.8% Δ QoQ -5.5% Δ YoY -5.2% NIBD 20,094 Δ QoQ -266 Δ YoY +3,302 NIBD / EBITDA 3.6 NIBD + Leasing 21,715 Δ QoQ -261 Δ YoY +3,069 NIBD + Leasing / EBITDA 3.8 Overview credit facilities1 Maturity profile long-term facilities1
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• Cash flow from operations impacted by increase of trade payables • Net investments NOK 560 million – Net other investments* NOK -11 million – Capex NOK 571 million – Smolt NOK 19 million – Farming NOK 461 million – Sales & Industry NOK 53 million – SalMar Ocean NOK 21 million – Icelandic Salmon NOK 14 million Net interest bearing debt Change in NIBD incl. leasing - QoQ All figures in NOK million *) Sale of smaller assets and dividend received from associated companies See notes in the financial report for further details.14 -261
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SalMar Wilsgård Total ∆ PO10 15,723 2,922 18,645 19 % PO11 17,746 2,922 20,668 16 % PO12 34,763 - 34,763 0 % PO13 10,217 - 10,217 0 % Total 78,449 5,844 84,293 7 % • Operations in one of SalMars core areas – 5,844 MAB tonnes in PO10 and PO11 – Expect synergies in the value chain – Non-Farming assets sold to Frewi AS • Consideration NOK 1,767 million - 100% basis – 20% cash, NOK 221 million – 80% shares, 1,6 million shares in SalMar ASA Merger with Wilsgård completed in August 2025 15 Wilsgård Northern Norway Production area 10-13 Overview licenses (MAB tonnes) MAB = Maximum Allowable BiomassFor further details please see the published stock exchange notices
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Strategic Update Q 2 2 0 2 5
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Giving a solid foundation for further growth SalMar the driver of the increased biomass in sea in Norway 17 Figures from Norway, Number of fish (salmon) in sea in million, biomass (salmon) in thousand tonnes, source: Norwegian Directorate of Fisheries and SalMar Biomass in sea in Norway +6% Number of fish in sea in Norway -3%
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• Cost reduction driven by – Biological performance – Reduced cost on input factors • Superior share is back to normal levels from Q3 25 – Recovery during the summer after a weak first half – Superior share so far in the month of August, 94% – All smolt vaccinated against winter wound bacteria from summer 2024 Cost level of biomass is decreasing, and superior share has increased 18 Ongrowth cost/kg in Norway -12 % Figures from SalMar in Norway, change in ongrowth cost per kg first half 2025 vs. first half 2024. Superior share in the graph with results as of mid August 2025 Superior share in Norway
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V olume guidance FY 2025 increased -> further growth potential in all regions 19 Harvest volum ‘000 tonnes gw 1) Norway = Farming Central Norway + Farming Northern Norway. Includes volume from Wilsgård from August 2025. Harvest volumes fully consolidated 2) Ocean = SalMar Ocean, ownership 100% from March 2025. Harvest volumes fully consolidated 3) Iceland = Icelandic Salmon, ownership 52%. Harvest volumes fully consolidated from 2019 4) UK = Scottish Sea Farms, joint venture through Norskott Havbruk, ownership 50%. Harvest volume in graph depicts SalMar share. 5) Existing organic and strategic growth potential NORWAY1 OCEAN2 ICELAND3 UK4 2025E: 262,000 tons ∆ Guiding 2025E: +6,000 tons Central Norway: 0 Northern Norway: +6,000 tons 2025E: 13,000 tons ∆ Guiding 2025E: -2,000 tons 2025E: 7,200 tons ∆ Guiding 2025E: +0,200 tons 2025E: 32,000 tons +27% +26%+7%+14%+4% -5%ΔYoY +18%+5% Norway1 Iceland3 UK4Ocean2 Growth potential5
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• Salmon is not considered expensive compared to other proteins • Positive signals from customers in all markets despite global uncertainty – ongoing promotions in all key markets • Very good interest for new contracts – All new contracts made on price levels above current forward Continued strong demand for sustainable proteins 20 South Africa Vietnam Sweden China Italy Salmon more expensive than meat Meat more expensive than salmon Average ratio Salmon-to-Meat Price Ratio USA
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Outlook Q 2 2 0 2 5 Children visiting our visitor center in Molde, Central Norway
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• Expect lower global supply growth rest of 2025 compared to growth experienced in the first half of 2025 • SalMar well equipped for further sustainable growth – Strengthening value chain to ensure farming on the terms of the salmon – Dedicated employees and strong corporate culture – Large growth potential in optimal locations – Robust value chain with unutilized potential Outlook 1) ΔQoQ = Change from Q2 2025 2) ΔYoY = Change from Q3 2024 3) Physical and financial fixed price contracts 4) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share 5) Including volume from merger with Wilsgård Q3 2025 FY 2025 Δ Cost QoQ1 Δ Voume YoY1 Contract share3 Volume5 Contract share3 Norway Same level Significantly higher ~22% 262,000 ~30% Central Norway Same level Significantly higher 156,000 Northern Norway Same level Significantly higher 106,000 SalMar Ocean No volume 7,200 Icelandic Salmon Significantly higher 13,000 Scottish Sea Farms4 32,000 Guiding 22
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Thank you for your attention INVESTOR CONTACT: Håkon Husby, Head of IR Tel: +47 936 30 449 Email: hakon.husby@salmar.no FINANCIAL CALENDAR: Q3 2025 presentation – 6 November 2025 – Oslo Q4 2025 presentation – 10 February 2026 – Oslo Annual Report 2025 – 27 March 2026 Q1 2026 presentation – 20 May 2026 – Oslo Annual General Meeting – 23 June 2026 Q2 2026 presentation – 25 August 2026 – Oslo Q3 2026 presentation – 3 November 2026 – Oslo Passion for Salmon For more information, please visit www.salmar.no
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The statements contained in this presentation may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Although SalMar believes that the assumptions and expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such assumptions or expectations will prove to be correct. A number of material factors could cause actual results, performance or developments to differ materially from those expressed or implied by these forward-looking statements. Factors that may cause such a difference include but are not limited to: biological situation in hatcheries and sea farms; fish escapes; fluctuations in salmon prices; foreign exchange, credit and interest rate fluctuations; changes in the competitive climate; changes in laws and regulations. SalMar assumes no obligation to update any forward-looking statement. Forward looking statements