Slides
Page 1
Q4 2025 Presentation 1 0 F E B R U A R Y 2 0 2 6 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
Page 2
Agenda Q 4 2 0 2 5 P R E S E N T A T I O N Highlights FY & Q4 2025 Operational Update Financial Update Outlook 2
Page 3
• High supply growth affected market prices and financial results Norway & Ocean • Record-high harvest volume and strong biological performance, especially from Northern Norway • Operational set-up in value chain continue to showcase strength • Strengthening presence in our key regions through M&A Icelandic Salmon • Weak results affected by biological challenges • Improved biological situation at the end of 2025 Scottish Sea Farms • Results affected by biological challenges at the end of 2025 Financial position • Continued robust position with increased access to sustainable financing through new green bonds • Board of Directors proposes a dividend of 10.00 NOK per share for the financial year 2025 Highlights FY 2025 Δ YoY = FY 2025 vs. FY 2024 1) Norway = Group results excluding Icelandic Salmon and SalMar Ocean 2) Scottish Sea Farms – Joint venture, ownership 50% Harvest volume (1,000 tons gw) Group 284.5 Δ YoY +52.7 Norway1 264.6 Δ YoY +51.4 Operational EBIT/kg (NOK) Group 13.6 Δ YoY -9.8 Norway1 16.1 Δ YoY -10.1 Operational EBIT (NOKm) Group 3,867 Δ YoY -1,562 Norway1 4,249 Δ YoY -1,325 3 Group incl. JV 300.9 Δ YoY +48.9
Page 4
And SalMar is ranked as one of the worlds most sustainable corporations Key ESG KPIs moving in the right direction 4 2024 2025 Fish Welfare Survival rate at sea (GSI) 93% 95% Climate GHG Scope 1+2+3 Intensity (tCO2e/tonne) Change since 2020 (%) 3.7 -35% 3.3 -41% Healt & Safety Lost time incident H-factor 49 9.5 20 3.3 *) All KPI’s are group figures. For further details please see latest annual report or latest quarterly sustainability report SalMar the highest-ranked Norwegian company and #1 globally within food & beverage production
Page 5
• Reduced cost level • Farming segments in Norway with continued good operational and biological performance • Reduced profitability from Sales & Industry • Improved results from Icelandic Salmon driven by reduced cost • Weak results from Scottish Sea Farms2 • Volume guidance FY 2026 unchanged in Norway and Iceland, reduced with 2,000 tonnes in Scottish Sea Farms2 Highlights Q4 2025 Δ QoQ = Q4 2025 vs. Q3 2025 Δ YoY = Q4 2025 vs. Q4 2024 1) Norway = Group Operational EBIT excluding Icelandic Salmon and SalMar Ocean 2) Scottish Sea Farms – Joint venture, ownership 50% Harvest volume (1,000 tons gw) Group 84.1 Δ QoQ -9.2 Δ YoY +10.3 Norway1 80.3 Δ QoQ -9.2 Δ YoY +12.9 Operational EBIT/kg (NOK) Group 21.8 Δ QoQ +14.2 Δ YoY +1.6 Norway1 23.0 Δ QoQ +13.4 Δ YoY +0.9 Operational EBIT (NOKm) Group 1,834 Δ QoQ +1,123 Δ YoY +345 Norway1 1,843 Δ QoQ +985 Δ YoY +358 5
Page 6
Operational Update Q 4 2 0 2 5
Page 7
• Good biological performance in the period – Harvested from autumn 2024 and spring 2025 – Positive cost development • Price achievement affected by average size and timing of sales – High superior share Outlook • Good biological status • Continue harvest of same generations • Expect lower cost level in Q1 26 compared to Q4 25 • Expect significantly higher volume in Q1 26 compared to Q1 25 • Volume guidance FY 2026 unchanged at 157,000 tons Farming Central Norway Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 3,359 3,149 10,042 11,323 Sales revenue salmon (NOKm) 3,339 3,112 9,838 11,145 Operational EBIT (NOKm) 764 622 918 3,402 Harvest volume (tgw) 43.4 39.7 145.4 132.7 Op.EBIT/kg (NOK) 17.6 15.7 6.3 25.6 Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 7
Page 8
• Strong biological performance in the period – Continued harvest of spring 2024 generation and started harvest from autumn 2024 generation – Positive cost development • Price achievement affected by timing of sales – High superior share Outlook • Good biological status • Finish harvest of spring 2024 generation and continue with autumn 2024 generation • Expect slightly higher cost level in Q1 26 compared to Q4 25 • Expect similar volume in Q1 26 as in Q1 25 • Volume guidance FY 2026 unchanged at 113,000 tons Farming Northern Norway Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 8 Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 2,841 2,347 8,418 6,495 Sales revenue salmon (NOKm) 2,824 2,257 8,267 6,293 Operational EBIT (NOKm) 1,160 773 2,473 1,947 Harvest volume (tgw) 36.9 27.7 119.2 80.5 Op.EBIT/kg (NOK) 31.5 27.9 20.7 24.2
Page 9
• Strong biological performance from production cycle in Ocean Farm 1 Outlook • Applied for conversion of development licenses at Arctic Offshore Farming • Volume guidance FY 2026 unchanged at 5,000 tons SalMar Ocean Key Results Harvest volume (1,000 tons gw) Op.EBITDA/kg (NOK) 9 Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 0 0 509 573 Operational EBITDA (NOKm) -11 -11 12 28 Operational EBIT (NOKm) -40 -12 -170 -77 Harvest volume (tgw) 0.0 0.0 7.2 6.9 Op.EBITDA/kg (NOK) 1.6 4.1 Op.EBIT/kg (NOK) -23.7 -11.2
Page 10
• Continued good capacity utilization of harvesting facilities • Profitability from sales and value-added products reduced – Weaker results from spot sales due to lower average weight – 26% contract share1 with lower positive contribution due to higher market prices Outlook • Continued strong demand for our products in markets • Contract share currently around 50 % for Q1 26 and 35 % for FY 26 Sales & Industry Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 7,921 7,202 26,913 25,661 Operational EBIT (NOKm) -49 131 1,024 468 Operational EBIT-margin (%) -0.6 % 1.8 % 3.8 % 1.8 % Contract share1 (%) Op.EBIT-margin (%) 1) Physical and financial fixed price contracts10
Page 11
• Positive cost development driven by improved biological performance from 2024 generation – 2023 generation finished early in the period • Good price achievement with strong average weight Outlook • Expect similar cost level in Q1 26 compared with Q4 25 • Expext significantly higher volume in Q1 26 compared to Q1 25 • Volume guidance FY 26 kept unchanged at 21,000 tons Icelandic Salmon Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 11 Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 345 586 1,054 1,182 Operational EBIT (NOKm) 31 16 -212 -69 Harvest volume (tgw) 3.8 6.5 12.7 11.7 Op.EBIT/kg (NOK) 8.1 2.4 -16.7 -5.9
Page 12
• Low harvest volume in the period • Weak results driven by biological challenges – Biological challenges at a number of sites led to incident-based mortality primarily related to gill health challenges – Lower average weight of harvested biomass affecting both cost and price achievement Outlook • Operational and biological performance improved at the end of the period • Volume guidance FY 26 reduced with 2,000 tons to 43,000 tons Scottish Sea Farms1 Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 575 965 3,191 4,403 Operational EBIT (NOKm) -186 93 -128 555 Harvest volume (tgw) 5.5 9.0 32.8 40.4 Op.EBIT/kg (NOK) -33.8 10.3 -3.9 13.7 Fair value adjustments (NOKm) -30 -56 -48 -25 Profit after tax (NOKm) -171 23 -231 179 NIBD (NOKm) 2,915 2,562 2,915 2,562 1) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50% Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 12
Page 13
Financial Update Q 4 2 0 2 5
Page 14
• Increase in operational EBIT QoQ driven by increased market prices and reduced cost level Comments related to Q4 2025 • Production tax decreased due to lower volume • Non-recurring items affected by cost related to restructuring and litigation • Fair value adjustments positive due to higher biomass with lower cost and higher forward prices • Income from associates negative driven by share of net profit from Scottish Sea Farms Group Profit & Loss Group operational EBIT - QoQ Group P&L +1,123 Norway NOK million Q4 2025 Q3 2025 ΔQoQ% FY 2025 FY 2024 ΔYoY% Operating revenues 8,176 7,850 4 % 27,394 26,426 4 % Operational EBITDA 2,376 1,194 99 % 5,812 7,120 -18 % Operational EBIT 1,834 711 158 % 3,867 5,429 -29 % Production tax -90 -98 -307 -241 Non-recurring items* -82 -14 -139 58 Fair value adjustments** 86 354 -505 46 Income from associates & JV -72 -19 -63 122 Net financial items -334 -151 -1,162 -1,214 Profit before tax 1,342 783 1,691 4,201 Tax 336 451 571 1,096 Profit for the period 1,006 332 1,121 3,105 EPS – adjusted* (NOK/share) 6.6 1.3 12.3 22.4 Harvest volume (tgw) 84.1 93.2 -10 % 284.5 231.8 23 % EBIT per kg (NOK/kg) 21.8 7.6 186 % 13.6 23.4 -42 % *) See notes in the financial report for details **) Includes onerous contracts and fair value adjustments 14
Page 15
• Higher standing biomass with lower cost level both YoY & QoQ • Equity ratio increased • NIBD decreased to NOK 20.8 billion – NIBD/EBITDA at 3.6 • Robust access to credit facilities with sustainable and flexible financing – Available liquidity as of Q4 25, NOK 10.1 billion – Ample headroom to handle maturities with unused extension options for sustainability linked loans • Initiating strategic review of ownership in associated company Hellesund Fiskeoppdrett AS 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 = Q4 2025 vs. Q3 2025 Δ YoY = Q4 2025 vs. Q4 2024 15 57,946 Δ QoQ +124 Δ YoY +3,512 34.8% Δ QoQ +1.5% Δ YoY -2.4% NIBD 20,848 Δ QoQ -803 Δ YoY +4,048 NIBD / EBITDA 3.6 NIBD + Leasing 22,549 Δ QoQ -717 Δ YoY +4,056 NIBD + Leasing / EBITDA 3.9 Biomass in sea in Norway Maturity profile long-term facilities1 +1%
Page 16
• Cash flow from operations impacted by reduction of trade creditors • Net investments NOK 355 million – Net other investments** NOK -9 million – Capex NOK 364 million – Smolt NOK 13 million – Farming NOK 259 million – Sales & Industry NOK 84 million – Icelandic Salmon NOK 8 million • Capex FY 2025 NOK 1,984 million – NOK 33 million less than guided for 2025 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.16 -717
Page 17
Closed Net Pens Expext to invest NOK 1.1 billion in 2026 17 Investments in 2026 Upgrade of Harvesting & Processing Facilities Largest single investments in 2026 • Expect to invest NOK 1,0 billion in Norway & Ocean – Maintenance investments NOK 0,7 billion (~2.5 NOK/kg) – Capacity investments NOK 0,3 billion – Closed net pens – Upgrade of harvesting & processing facilities • Expect to invest NOK 60 million in Icelandic Salmon ΔYoY -0.86 +0.07 -0.07 -0.86 -0.02 -0.88
Page 18
• Important for SalMar to provide shareholders a competitive return on invested capital • Positive outlook with record high biomass and lower cost level going into 2026 combined with lower capex level • Board of Directors propose a cash dividend of NOK 10.00 per share – Proposed cash dividend to be approved at AGM 23rd of June 2026 Dividend for the financial year 2025 18 Dividend (NOK/share) Share of EPS* (%) * DPS vs. adjusted EPS
Page 19
Outlook Q 4 2 0 2 5 Children visiting our visitor center in Molde, Central Norway
Page 20
35 years of growth 20 1st farming site 1st processing facility SalMar founded 8 Feb 1991 1991 2026 Municipalities in Norway 1 35 / 106 * Countries 1 9 Employees 8 3,750 Farming Sites 2 125 Smolt facilities 0 8 Processing facilities 1 4 Volume** (gwt) 0.2 318,000 Meals produced 1 million 2,500 million Corresponds to days fed: - Norwegian population - World population 0.3 0.0003 450 0.3 Value creation TSR*** since listing CAGR TSR*** since listing 20x 17% *) 35 municipalities with SalMar sites, offices or facilities. 106 municipalities where employees live **) Volume and meals produced includes relative share of volume from associated companies, not the other metrics ***) Total Shareholder return (TSR) for SalMar measured from May 2007 to 31 December 2025
Page 21
• Good biological situation with record-high superior share • Expect slightly lower cost level and significantly higher volume in Q1 26 • Expect low global supply growth in 2026 • Experience continued strong demand for our products • SalMar well equipped for further sustainable growth – Dedicated employees and strong corporate culture – Large growth potential in optimal locations – Robust value chain with unutilized potential Outlook 1) ΔQoQ = Change from Q4 2025 2) ΔYoY = Change from Q1 2025 3) Physical and financial fixed price contracts 4) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share Q1 2026 FY 2026 Δ Cost QoQ1 Δ Voume YoY1 Contract share3 Volume Contract share3 Norway Slightly lower Significantly higher ~50% 270,000 ~35% Central Norway Lower Significantly higher 157,000 Northern Norway Slightly higher Same level 113,000 SalMar Ocean No volume 5,000 Icelandic Salmon Significantly higher 21,000 Scottish Sea Farms4 43,000 Guiding 21
Page 22
Thank you for your attention INVESTOR CONTACT: Håkon Husby, Head of IR Tel: +47 936 30 449 Email: hakon.husby@salmar.no FINANCIAL CALENDAR: 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
Page 23
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