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Q3 2025 Presentation 6 N O V E M B E R 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 3 2 0 2 5 P R E S E N T A T I O N Highlights Q3 2025 Operational Update Financial Update Strategic Update Outlook 2
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• Record high harvest volume • Low market prices affecting profitability • Superior share back to normal levels • Strong biological performance from Northern Norway • Good results from Sales & Industry • Weak results from Icelandic Salmon • Good biological performance from Scottish Sea Farms • Merger with Wilsgård AS completed in August 2025 • Volume guidance FY 2025 unchanged in Norway and Iceland, increased for Scottish Sea Farms • Expect 319,000 tons2 in FY 2026 an increase of +20,000 tons / +7% Highlights Q3 2025 Δ QoQ = Q3 2025 vs. Q2 2025 Δ YoY = Q3 2025 vs. Q3 2024 1) Norway = Group Operational EBIT excluding Icelandic Salmon and SalMar Ocean 2) Includes relative share, 50%, from associated company Scottish Sea Farms Harvest volume (1,000 tons gw) Group 93.2 Δ QoQ +28.8 Δ YoY +33.0 Norway1 89.4 Δ QoQ +34.9 Δ YoY +33.0 Operational EBIT/kg (NOK) Group 7.6 Δ QoQ -0.5 Δ YoY -9.6 Norway1 9.6 Δ QoQ -3.2 Δ YoY -9.6 Operational EBIT (NOKm) Group 711 Δ QoQ +187 Δ YoY -330 Norway1 858 Δ QoQ +162 Δ YoY -224 3
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Operational Update Q 3 2 0 2 5
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• Profitability affected by low market prices • Superior share back to normal levels • Finished harvest from spring 2024 generation – Started harvest from autumn 2024 with improved biological performance Outlook • Continue harvest of autumn 2024 generation. • Expect lower cost level in Q4 25 compared to Q3 25 • Good biological status despite high sea lice pressure • Volume guidance FY 2025 reduced with 13,000 tons to 143,000 tons due to biological performance and to optimize MAB utilization Farming Central Norway Key Results Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating income (NOKm) 2,983 2,732 6,683 8,174 Sales revenue salmon (NOKm) 2,853 2,663 6,500 8,033 Operational EBIT (NOKm) -121 483 154 2,780 Harvest volume (tgw) 47.0 38.2 102.0 93.1 Op.EBIT/kg (NOK) -2.6 12.7 1.5 29.9 Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 5
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• Strong biological performance in the period – Finished harvest of autumn 2023 generation – Continued harvest of spring 2024 generation • Positive cost development – One-off cost due to destruction of ISA, NOK 1.8 per kg in Q3 Outlook • Continue harvest of spring 2024 generation • Good biological status • Expect lower cost level in Q4 25 compared to Q3 25 • Volume guidance FY 2025 increased with 13,000 tons to 119,000 tons due to strong biological performance Farming Northern Norway Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 6 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating income (NOKm) 2,633 1,246 5,577 4,148 Sales revenue salmon (NOKm) 2,562 1,178 5,443 4,036 Operational EBIT (NOKm) 468 190 1,313 1,174 Harvest volume (tgw) 42.5 18.3 82.3 52.8 Op.EBIT/kg (NOK) 11.0 10.4 15.9 22.2
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• New production cycle in Ocean Farm 1 started in August – Strong biological performance Outlook • Next harvest expected in Q2 2026 • Applied for conversion of development licenses at Arctic Offshore Farming SalMar Ocean Key Results Harvest volume (1,000 tons gw) Op.EBITDA/kg (NOK) 7 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating income (NOKm) -3 146 509 574 Operational EBITDA (NOKm) -8 -7 23 39 Operational EBIT (NOKm) -36 -7 -130 -65 Harvest volume (tgw) 0.0 2.1 7.2 6.9 Op.EBITDA/kg (NOK) 3.2 5.7 Op.EBIT/kg (NOK) -18.1 -9.5
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• Strong capacity utilization of harvesting facilities • 22% contract share1 with positive contribution Outlook • Strong demand for our products in markets • Contract share currently around 27% for Q4 25 Sales & Industry Key Results Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating income (NOKm) 7,714 6,150 18,992 18,459 Operational EBIT (NOKm) 534 464 1,073 337 Operational EBIT-margin (%) 6.9 % 7.5 % 5.6 % 1.8 % Contract share1 (%) Op.EBIT-margin (%) 1) Physical and financial fixed price contracts8
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• Results still affected by high cost on harvested biomass – Continued harvest of 2023 generation • Extraordinary items of -3.2 MEUR affecting the results Outlook • Expect lower cost level in Q4 25 when harvest from 2024 generation starts • Volume guidance FY 25 kept unchanged at 13,000 tons Icelandic Salmon Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 9 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating income (NOKm) 296 169 709 596 Operational EBIT (NOKm) -110 -35 -243 -84 Harvest volume (tgw) 3.8 1.8 8.9 5.2 Op.EBIT/kg (NOK) -29.2 -20.0 -27.4 -16.2
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• Decrease in harvest volume QoQ and YoY • Continued good biological development Outlook • Good biological status in all regions • Harvest volume FY 25 increased with 1,500 tons to 33,500 tons due to good biological performance Scottish Sea Farms1 Key Results Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating income (NOKm) 679 1,176 2,616 3,438 Operational EBIT (NOKm) 8 90 58 462 Harvest volume (tgw) 7.2 11.9 27.3 31.4 Op.EBIT/kg (NOK) 1.2 7.6 2.1 14.7 Fair value adjustments (NOKm) -25 -6 -18 31 Profit after tax (NOKm) -42 -33 -60 156 NIBD (NOKm) 2,652 2,665 2,652 2,665 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 3 2 0 2 5
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• Increase in operational EBIT QoQ driven by higher volume • Low market prices in the period, but price achievement improved due to increased superior share QoQ Comments related to Q3 2025 • Production tax increased due to higher volume • Fair value adjustments positive due to higher biomass, lower cost and higher forward prices • Income from associates negative driven by share of net profit from Scottish Sea Farms • Net financial items positively impacted by gain on disposal of an associated company in connection with a stepwise acquisition of Wilsgård Group Profit & Loss Group operational EBIT - QoQ Group P&L +187 Norway NOK million Q3 2025 Q2 2025 ΔQoQ% YTD 2025 YTD 2024 ΔYoY% Operating revenues 7,850 6,175 27 % 19,218 18,550 4 % Operational EBITDA 1,194 994 20 % 3,437 5,178 -34 % Operational EBIT 711 524 36 % 2,033 3,940 -48 % Production tax -98 -74 -217 -159 Non-recurring items* -14 -11 -57 -71 Fair value adjustments** 354 75 -591 260 Income from associates & JV -19 26 9 84 Net financial items -151 -351 -828 -764 Profit before tax 783 190 350 3,290 Tax 451 43 235 1,235 Profit for the period 332 146 115 2,055 EPS – adjusted* (NOK/share) 1.3 1.9 5.6 15.2 Harvest volume (tgw) 93.2 64.5 45 % 200.4 158.0 27 % EBIT per kg (NOK/kg) 7.6 8.1 -6 % 10.1 24.9 -59 % *) See notes in the financial report for details **) Includes onerous contracts and fair value adjustments 12
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• Total assets increased following merger with Wilsgård • Higher standing biomass YoY & QoQ with lower cost • Equity ratio increased to 33.2% • NIBD increased to NOK 21.6 billion – Cash dividend paid in Q3 25 – NIBD/EBITDA at 3.9 • Robust access to credit facilities with sustainable and flexible financing – NOK 2 billion in green bonds issued in August – NOK 1.5 billion commercial paper issued in September – Available liquidity as of Q3 25, NOK 9.3 billion Group Balance Sheet Assets Equity ratio Net interest bearing debt All financial figures in NOK million. 1) Facilities in SalMar ASA as of Q3 2025, partially owned subsidiaries with separate financing Δ QoQ = Q3 2025 vs. Q2 2025 Δ YoY = Q3 2025 vs. Q3 2024 13 57,822 Δ QoQ +2,115 Δ YoY +2,861 33.2% Δ QoQ +0.4% Δ YoY -2.2% NIBD 21,650 Δ QoQ +1,557 Δ YoY +3,705 NIBD / EBITDA 3.9 NIBD + Leasing 23,266 Δ QoQ +1,551 Δ YoY +3,547 NIBD + Leasing / EBITDA 4.3 Overview credit facilities1 Maturity profile long-term facilities1
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• Merger with Wilsgård – NIBD effect NOK 143 million* • Cash flow from operations positively impacted by reduced cost on biomass • Net investments NOK 488 million – Net other investments** NOK -43 million – Capex NOK 531 million – Smolt NOK 31 million – Farming NOK 445 million – Sales & Industry NOK 52 million – Icelandic Salmon NOK 2 million • 22 NOK per share in dividend paid in Q3 25 Net interest bearing debt Change in NIBD incl. leasing - QoQ All figures in NOK million *) Net effect including consideration paid **) Sale of smaller assets and dividend received from associated companies See notes in the financial report for further details.14 +1,551
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• Significant synergies realized following acquisition of NTS, NRS and SalmoNor – Materialized into reduced cost out of stock • Cost level of biomass continue to decline – Reduction driven by: – Reduced cost on input factors – Improved biological performance • Our focus is to optimize the entire value chain – Identified yearly cost savings of NOK 1.2 billion unchanged – Savings achieved through: – Optimization of operational structure – Improved efficiency – Expected realization until 2029 Cost level decreasing 15 Efficiency Operational Structure Ongrowth cost/kg in Norway1 Cost difference old NRS sites vs. SalMar sites -8 % Identified yearly cost savings in the value chain 1) Figures from SalMar in Norway, change in ongrowth cost per kg YTD Q3 25 vs. YTD Q3 24.
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Strategic Update Q 3 2 0 2 5
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NORWAY & OCEAN1 V olume guiding 2026 17 Harvest volume ‘000 tons gutted weight 1) Norway & Ocean = Farming Central Norway, Farming Northern Norway and SalMar Ocean - Harvest volumes fully consolidated 2) Iceland = Icelandic Salmon, ownership 52%. Harvest volumes fully consolidated from 2019 3) UK = Scottish Sea Farms, joint venture through Norskott Havbruk, ownership 50%. Harvest volume in graph depicts SalMar share. ICELAND2 UK3 2026E: 275,000 tons ∆ Guiding 2025E: +6,000 tons / +2% Central Norway: 157 000 tons, +14’ tons / +10% Northern Norway: 113 000 tons, -6’ tons / -5% Ocean: 5,000 tons, -2’ tons / -30% 2026E: 21,000 tons ∆ Guiding 2025E: +8,000 tons / +62% 2026E: 45,000 tons ∆ Guiding 2025E: +11,500 tons / +34% +19% +26%+7%+14%+4% -5%ΔYoY +19%+5% Norway1 Iceland2 UK3 Growth potential +7%
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Predictability in framework conditions crucial for sustainable development • New environmental flexibility scheme for the Norwegian aquaculture industry – Key success factor for further development – Expansion to also non-red regions in traffic light system – Technology neutrality • SalMar has two existing closed units in operation in production area 5 • SalMar together with partners have developed a new closed unit – SalMar plan to use it for postsmolt production in sea – 3 units under construction -> in operation at the start of 2027 in Central Norway – Benefits: – Improved utilization of existing sites – Lower sea lice exposure – Improved biological performance SalMar is a catalyst for technology development in the industry 18 Testing of new closed unit in laboratory at NTNU Existing two closed units in production area 5
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Outlook Q 3 2 0 2 5 Children visiting our visitor center in Molde, Central Norway
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• Expect limited global supply growth in 2026 • Continued strong demand for our products • 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 Q3 2025 2) ΔYoY = Change from Q4 2024 3) Physical and financial fixed price contracts 4) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share Q4 2025 FY 2025 FY 2026 Δ Cost QoQ1 Δ Voume YoY1 Contract share3 Volume Volume Norway Lower Significantly higher ~27% 262,000 270,000 Central Norway Lower Slightly higher 143,000 157,000 Northern Norway Lower Significantly higher 119,000 113,000 SalMar Ocean No volume 7,200 5,000 Icelandic Salmon Significantly Lower 13,000 21,000 Scottish Sea Farms4 33,500 45,000 Guiding 20
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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: 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