Slides
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Q2 2026 Presentation 2 5 A U G U S T 2 0 2 6 F R O D E A R N T S E N C E O U L R I K S T E I N V I K C F O
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Agenda Q 2 2 0 2 6 Highlights Q2 2026 Operational Update Financial Update Strategic Update Outlook
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Biological KPI’s continue at record levels so far in 2026 3 YTD mortality - individuals Monthly relative growth YTD superior share *) KPIs from SalMar in Norway. Figures as of July 2026 Max/Min last 10 years Average last 10 years 2026 YTD Jul 26 -47% vs. avg 10Y YTD Jul 26 -39% vs. 2025 YTD Jul 26 +33% vs. avg 10Y YTD Jul 26 +12% vs. 2025 YTD jul 26 +9pp. vs. avg 10Y YTD jul 26 +24pp. vs. 2025 Improvements driven by: • Genetics & smolt quality • Vaccines • Production strategy • Favorable seawater temperatures Low mortality Strong growth High superior share
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• Record high Q2 harvest volume • Strong biological performance in the period • Improved profitability from Sales & Industry • Successful completion of harvest from Ocean Farm 1 • Soft results from Icelandic Salmon and Scottish Sea Farms2 • Volume guidance FY 2026 increased with 20,000 tons to 350,000 tons3 due to strong performance in Norway • Expect slightly lower cost level in Q3 2026 • Agreement to acquire 70% of the shares in Måsøval Highlights Δ QoQ = Q2 2026 vs. Q1 2026 Δ YoY = Q2 2026 vs. Q2 2025 1) Norway = Group Operational EBIT excluding Icelandic Salmon and SalMar Ocean 2) Scottish Sea Farms – Joint venture, ownership 50% 3) Including relative share 50% from joint venture Scottish Sea Farms Harvest volume (1,000 tons gw) Group 81.8 Δ QoQ +21.5 Δ YoY +17.3 Norway1 71.5 Δ QoQ +15.3 Δ YoY +17.0 Operational EBIT/kg (NOK) Group 15.1 Δ QoQ -10.0 Δ YoY +7.0 Norway1 17.2 Δ QoQ -10.2 Δ YoY +4.4 Operational EBIT (NOKm) Group 1,237 Δ QoQ -276 Δ YoY +712 Norway1 1,227 Δ QoQ -309 Δ YoY +530 4
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Operational Update Q 2 2 0 2 6
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• Strong biological performance – Record high survival rates, growth and superior share – Majority of volume harvested from spring 2025 generation, started harvest from autumn 2025 generation • Cost and price achievement negatively impacted by: – ISA harvest – Majority of volume harvested in June Outlook • Good biological status • Continue harvest of spring and autumn 2025 generation • Expect lower cost level in Q3 26 compared to Q2 26 • Expect significantly higher volume in Q3 26 compared to Q3 25 • Volume guidance FY 2026 increased with 5,000 tons to 167,000 tons Farming Central Norway Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 2,707 2,115 5,727 3,700 Sales revenue salmon (NOKm) 2,692 2,085 5,691 3,647 Operational EBIT (NOKm) 426 7 1,495 275 Harvest volume (tgw) 38.9 33.9 74.7 55.1 Op.EBIT/kg (NOK) 10.9 0.2 20.0 5.0 Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 6
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• Strong biological performance – Record high survival rates, growth and superior share – Harvested from autumn 2024 and spring 2025 generation • Positive cost development • Unfavorable harvest profile – Majority of volume harvested in June Outlook • Good biological status • Continue harvest from spring 2025 generation • Expect similar cost level in Q3 26 compared to Q2 26 • Expect significantly higher volume in Q3 26 compared to Q3 25 • Volume guidance FY 2026 increased with 15,000 tons to 135,000 tons Farming Northern Norway Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 7 Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 2,199 1,325 3,875 2,944 Sales revenue salmon (NOKm) 2,199 1,315 3,875 2,881 Operational EBIT (NOKm) 632 288 1,276 845 Harvest volume (tgw) 32.6 20.6 53.0 39.8 Op.EBIT/kg (NOK) 19.4 14.0 24.1 21.2
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• Harvest from Ocean Farm 1 completed in May – Strong biological performance with low mortality, strong growth and no sea lice treatments • Development licenses for Arctic Offshore Farming project converted – Full utilization of licenses at the end of Q2 in Northern Norway segment Outlook • Next production cycle in Ocean Farm 1 starting Aug/Sep 2026 – Harvest of ~5 000 tons expected to be completed in Q2 2027 SalMar Ocean Key Results Harvest volume (1,000 tons gw) Op.EBITDA/kg (NOK) 8 Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 362 427 391 512 Operational EBITDA (NOKm) 75 35 78 32 Operational EBIT (NOKm) 45 -75 23 -94 Harvest volume (tgw) 4.8 6.0 5.1 7.2 Op.EBITDA/kg (NOK) 15.7 5.8 15.2 4.4 Op.EBIT/kg (NOK) 9.4 -12.5 4.5 -13.0
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• Increased capacity utilization of facilities – Improved operational metrics following upgrade at main processing facility InnovaMar • Good results from sales in the period – 34% contract share1 with positive contribution Outlook • Continued strong demand for our products in markets • Contract share currently around 25 % for Q3 26 and 35 % for FY 26 Sales & Industry Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 7,482 6,081 13,838 11,279 Operational EBIT (NOKm) 219 448 89 539 Operational EBIT-margin (%) 2.9 % 7.4 % 0.6 % 4.8 % Contract share1 (%) Op.EBIT-margin (%) 1) Physical and financial fixed price contracts9
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• Record high Q2 harvest volume • Good price achievement in the period • Results affected by high cost level – Due to biological challenges earlier in 2026 Outlook • Good biological situation • Expect lower cost level in Q3 26 compared with Q2 26 • Expect significantly higher volume in Q3 26 compared to Q3 25 • Volume guidance FY 26 kept unchanged at 21,000 tons • Approval of new regulatory framework for Iceland postponed Icelandic Salmon Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 10 Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 435 291 740 413 Operational EBIT (NOKm) -35 -97 -37 -132 Harvest volume (tgw) 5.5 4.0 9.2 5.1 Op.EBIT/kg (NOK) -6.3 -24.6 -4.0 -26.1
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• Low harvest volume in the period • Low volume affecting cost level in value chain Outlook • Good biological situation • Volume guidance FY 26 unchanged at 43,000 tons Scottish Sea Farms1 Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 758 1,036 1,333 758 Operational EBIT (NOKm) 8 -28 16 8 Harvest volume (tgw) 8.1 11.6 13.5 8.1 Op.EBIT/kg (NOK) 1.0 -2.4 1.2 1.0 Fair value adjustments (NOKm) -305 86 -390 -305 Profit after tax (NOKm) -268 21 -363 -268 NIBD (NOKm) 3,260 2,589 3,260 3,260 1) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50% Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 11
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Financial Update Q 2 2 0 2 6
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• Decrease in operational EBIT QoQ driven by lower market prices – Higher volume and stable cost level in value chain Comments related to Group P&L • Production tax increased due to higher volume • Fair value adjustments negative due to lower forward prices at 30.06.26 in calculation • Income from associates negative driven by negative fair value adjustments in Scottish Sea Farms Group Profit & Loss Group operational EBIT - QoQ Group P&L -276 Norway NOK million Q2 2026 Q1 2026 ΔQoQ% H1 2026 H1 2025 ΔYoY% Operating revenues 7,612 6,501 17 % 14,113 11,368 24 % Operational EBITDA 1,769 2,036 -13 % 3,805 2,243 70 % Operational EBIT 1,237 1,512 -18 % 2,749 1,322 108 % Production tax -92 -69 -161 -118 Non-recurring items* -4 -7 -11 -43 Fair value adjustments** -117 -578 -696 -945 Income from associates & JV -135 -27 -162 28 Net financial items -323 -274 -597 -677 Profit before tax 565 557 1,122 2 Tax 198 1 200 -216 Profit for the period 367 555 922 -217 EPS – adjusted* (NOK/share) 3.9 5.9 -35 % 9.8 4.3 127 % Harvest volume (tgw) 81.8 60.3 36 % 142.1 107.2 33 % EBIT per kg (NOK/kg) 15.1 25.1 -40 % 19.3 12.3 57 % *) See notes in the financial report for details **) Includes onerous contracts and fair value adjustments 13
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All financial figures in NOK million. 1) Biomass of Atlantic Salmon, source: Norwegian Directorate of Fisheries and SalMar Δ QoQ = Q2 2026 vs. Q1 2026 Δ YoY = Q2 2026 vs. Q2 2025 • Stable total assets QoQ • Equity ratio decreased QoQ – Dividend of 10 NOK/share approved in June • NIBD and leverage decreased • Higher standing biomass YoY and QoQ Group Balance Sheet Assets Equity ratio Net interest bearing debt 14 57,025 Δ QoQ +124 Δ YoY +1,317 34.5% Δ QoQ -2.1% Δ YoY +1.6% NIBD 19,140 Δ QoQ -1,145 Δ YoY -954 NIBD / EBITDA 2.6 Δ QoQ -0.5 Δ YoY -1.0 Biomass in sea in Norway +2 % ∆YoY Biomass1
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• Cash flow from operations impacted by working capital • Net investments NOK 472 million – Net other investments** NOK -20 million – Capex NOK 492 million – Conversion development licenses NOK 130 million – Farming NOK 226 million – Sales & Industry NOK 84 million – Smolt NOK 37 million – Icelandic Salmon NOK 13 million • Dividend of 10 NOK/share approved in June, NOK ~1.3 billion paid in July 2026 Net interest bearing debt Change in NIBD - QoQ All figures in NOK million *) Leasing to credit institutions **) Sale of smaller assets and dividend received from associated companies See notes in the financial report for further details.15 -1,168
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Sustainable and flexible financing 16 • Succesfull issuance of new green bonds in June – NOK 2,750 million 3-year bonds, NIBOR3M+88bps – Partial redemption of NOK 517 million for bond with maturity in January 2027 • Robust access to credit facilities – Diversified between bank and bond financing – Green financing for all long term facilities – Unused 1-year extension options for SL RCF • Ample headroom to handle maturities and strategic initiatives – Available liquidity as of Q2 26, NOK 14.4 billion • Investment grade issuer credit rating from NCR – BBB with stable outlook Maturity profile long-term facilities1 1) Facilities in SalMar ASA as of Q2 2026, partially owned subsidiaries with separate financing. All figures in NOK million Overview credit facilities1
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• Reduction in cost level driven by: – ~1/3 feed price and feed strategy – ~2/3 other factors – Improved biological performance – Optimization of operational structure – Improved efficiency • Raw material prices for feed expected to increase – Expect increase to a large extent be offset by: – Feed strategy – Improvements on other factors Cost level decreasing 17 -12 % Ongrowth cost/kg in Norway Cost/kg standing biomass in Norway -11 % -8 %-4 %
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Strategic Update Q 2 2 0 2 6
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• SalMar ASA has entered into an agreement with Heimstø AS to acquire Heimstø's shares in Måsøval AS, representing approximately 70% of the share capital of the company. • Completion of the transaction is conditional upon the satisfaction of customary conditions, including relevant regulatory approvals. • After completion of the transaction, SalMar will ensure that the minority shareholders can realise their shares in Måsøval based on a price of NOK 39.50 per share in the company. Agreement to acquire 70% of the shares in Måsøval 19 For further details see stock exchange notice published 8th of July 2026 * EV/kg based on latest available information about NIBD in Måsøval as of Q1 26 corrected for sale of PNS. EV/kg MAB excl. development licenses, EV/kg harvest according to Måsøval published predictions for harvest volume in 2026E (28 000 tons) and potential (34 000 tons) Heimstø AS Others ~70% ~30% Purchase price: NOK 39.50 per share Consideration: ~NOK 3.4 billion 10% in SalMar shares, 90% in cash EV/kg* MAB: 369 NOK/kg EV/kg* harvest 2026E: 250 NOK/kg EV/kg* harvest potential: 206 NOK/kg Ownership structure Måsøval Key information for transaction with Heimstø
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• Måsøval operating in two of SalMars core areas production area 5 and 6 • Overlapping activities across the value chain • Catalyst for further sustainable growth in local communities where both parties operate – Strengthening local value creation in Central Norway • Potential for significant synergies across the value chain – Improved utilization of MAB and site portfolio – Improved biological performance and lower production costs – Based on previous experience, preliminary estimate in yearly operational cost savings NOK ~300 million Strong industrial rationale in core area for SalMar 20 Overview licenses Måsøval Commercial: 12,694t MAB Visitor: 780t MAB Co-location: ~5,553t MAB Development: 3,120t MAB Existing: 19 sites / 60,060t MAB Applied for: 8 sites / 38,220t MAB Overview farming sites Måsøval Overview value chain in production area 5-7, SalMar and Måsøval For further details see stock exchange notice published 8th of July 2026 Harvesting & processing Farming Smolt PA5 PA6 PA7
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Outlook Q 2 2 0 2 6
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NORWAY & OCEAN1 V olume guiding 2026 increased with 20,000 tons 22 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 *) Harvest potential according to Måsøval published predictions, 34 000 tons. Completion of the transaction is conditional upon the satisfaction of customary conditions, including relevant regulatory approvals. For further details see stock exchange notice published 8th of July 2026 ICELAND2 UK3 2026E: 307,000 tons ∆ previous guiding 2026E: +20,000 tons / +7% ∆2025: +35,300 tons / +13% 2026E: 21,000 tons ∆ previous guiding 2026E: Unchanged ∆2025: +8,300 tons / +66% 2026E: 43,000 tons ∆ previous guiding 2026E: Unchanged ∆2025: +10,200 tons / +31% +8% +26%+7%+14%+4% -5%ΔYoY +19%+5% Norway1 Iceland2 UK3 +16% Including stated potential from Måsøval* +18%
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• Good biological situation • Expect slightly lower cost level1 and significantly higher volume2 in Q3 26 • FY 2026 volume guidance increased with 20,000 tons to 350,000 tons5 • Expect low global supply growth in 2026 – SalMar the main driver for supply growth • 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 Q2 2026 2) ΔYoY = Change from Q3 2025 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 relative share 50% from joint venture Scottish Sea Farms Q3 2026 FY 2026 Δ Cost QoQ1 Δ Voume YoY2 Contract share3 Volume Contract share3 Norway Slightly lower Significantly higher ~25% 302,000 ~35% Central Norway Lower Significantly higher 167,000 Northern Norway Same level Significantly higher 135,000 SalMar Ocean 5,100 Icelandic Salmon Significantly higher 21,000 Scottish Sea Farms4 43,000 Guiding 23
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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 2026 presentation – 3 November 2026 – Oslo Q4 2026 presentation – 16 February 2027 – Oslo Annual Report 2026 – 19 March 2027 Q1 2027 presentation – 25 May 2027 – Oslo Annual General Meeting – 17 June 2027 – Virtual Q2 2027 presentation – 25 August 2027 – Trondheim@AquaNor Q3 2027 presentation – 9 November 2027 – Oslo 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