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Q3 2026 Presentation 3 N O V E M B E R 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 3 2 0 2 6 Highlights Operational Update Financial Update Strategic Update Outlook
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• Record high harvest volume • Strong profitability from Sales & Industry • Improved results from Icelandic Salmon due to lower cost level • Soft results from Scottish Sea Farms2 • Expect slightly lower cost level in Q4 2026 • Volume guidance FY 2026 347,000 tons3 • Expect same level in FY 2027 348,000 tons3 • Agreement to acquire 70% of the shares in Måsøval – Process for regulatory approval progressing according to plan Highlights Δ QoQ = Q3 2026 vs. Q2 2026 Δ YoY = Q3 2026 vs. Q3 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. Note that Måsøval is not included for figures in 2027, as transaction is conditional upon relevant regulatory approvals. Harvest volume (1,000 tons gw) Group 105.1 Δ QoQ +23.3 Δ YoY +11.8 Norway1 99.9 Δ QoQ +28.4 Δ YoY +10.4 Operational EBIT/kg (NOK) Group 15.3 Δ QoQ +0.2 Δ YoY +7.7 Norway1 16.2 Δ QoQ -0.9 Δ YoY +6.6 Operational EBIT (NOKm) Group 1,609 Δ QoQ +372 Δ YoY +898 Norway1 1,620 Δ QoQ +393 Δ YoY +762 3
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Operational Update Q 3 2 0 2 6
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• Results affected by harvesting due to fish welfare considerations – Cost development affected by – Sites with challenges and ISA prioritized for harvest – One-off cost of 0.5 NOK/kg in Q3 26 – Harvested from spring 2025 and autumn 2025 generation Outlook • Underlying good biological status • Continue harvest of autumn 2025 generation and start of spring 2026 generation • Expect slightly lower cost level in Q4 26 compared to Q3 26 • Expect lower volume in Q4 26 compared to Q4 25 • Volume guidance FY 2026 unchanged at 167,000 tons Farming Central Norway Key Results Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating income (NOKm) 3,339 2,983 9,066 6,683 Sales revenue salmon (NOKm) 3,318 2,852 9,009 6,500 Operational EBIT (NOKm) 342 -121 1,836 154 Harvest volume (tgw) 51.4 47.0 126.2 102.0 Op.EBIT/kg (NOK) 6.6 -2.6 14.6 1.5 Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 5
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• Continued strong biological performance – High survival rates, growth and superior share – Majority of volume harvested from spring 2025 generation • Stable cost development Outlook • Good biological status • Continue harvest from spring 2025 and autumn 2025 generation • Expect slightly lower cost level in Q4 26 compared to Q3 26 • Expect lower volume in Q4 26 compared to Q4 25 • Volume guidance FY 2026 unchanged at 135,000 tons Farming Northern Norway Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 6 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating income (NOKm) 3,116 2,633 6,991 5,577 Sales revenue salmon (NOKm) 3,116 2,562 6,991 5,443 Operational EBIT (NOKm) 790 468 2,066 1,313 Harvest volume (tgw) 48.5 42.5 101.5 82.3 Op.EBIT/kg (NOK) 16.3 11.0 20.4 15.9
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• New production cycle in Ocean Farm 1 started in September – Strong biological performance Outlook • Next harvest expected in Q2/Q3 2027 SalMar Ocean Key Results Harvest volume (1,000 tons gw) Op.EBITDA/kg (NOK) 7 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating income (NOKm) 0 -3 391 509 Operational EBITDA (NOKm) -2 -8 76 23 Operational EBIT (NOKm) -26 -36 -2 -130 Harvest volume (tgw) 0.0 0.0 5.1 7.2 Op.EBITDA/kg (NOK) 14.9 3.2 Op.EBIT/kg (NOK) -0.5 -18.1
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• Record high volume harvested at our facilities – Robust operational performance with operational metrics at all time highs • Solid results from sales in the period – Strong positive contribution from both spot and contract sales – 29% contract share1 Outlook • Continued healthy demand for our products in the market • Contract share currently around 38% for Q4 26 Sales & Industry Key Results Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating income (NOKm) 8,623 7,714 22,462 18,992 Operational EBIT (NOKm) 526 534 615 1,073 Operational EBIT-margin (%) 6.1 % 6.9 % 2.7 % 5.6 % Contract share1 (%) Op.EBIT-margin (%) 1) Physical and financial fixed price contracts8
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• Positive cost development driving improvement in results • Lower cost from harvested sites • Good price achievement in the period Outlook • Good biological situation • Expect slightly lower cost level in Q4 26 compared with Q3 26 • Expect significantly higher volume in Q4 26 compared to Q4 25 • Volume guidance FY 26 reduced with 1,000 tons to 20,000 tons Icelandic Salmon Key Results Harvest volume (1,000 tons gw) Op.EBIT/kg (NOK) 9 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating income (NOKm) 437 296 1,177 709 Operational EBIT (NOKm) 15 -110 -22 -243 Harvest volume (tgw) 5.2 3.8 14.4 8.9 Op.EBIT/kg (NOK) 2.9 -29.2 -1.5 -27.4
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• Significant increase in harvest volume • Results negatively impacted by incident-based mortality – Sites with biological challenges in Q3 harvested out in October Outlook • Satisfactory biological situation • Volume guidance FY 26 reduced with 3,000 tons to 40,000 tons Scottish Sea Farms1 Key Results Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating income (NOKm) 1,185 679 2,518 2,616 Operational EBIT (NOKm) 13 8 29 58 Harvest volume (tgw) 13.0 7.2 26.5 27.3 Op.EBIT/kg (NOK) 1.0 1.2 1.1 2.1 Fair value adjustments (NOKm) 378 -25 -13 -18 Profit after tax (NOKm) 270 -42 -93 -60 NIBD (NOKm) 3,027 2,652 3,027 2,652 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 6
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• Increase in operational EBIT QoQ driven by higher volume – Market prices lower due to seasonality – Cost in value chain stable Comments related to Group P&L • Production tax increased due to higher volume • Fair value adjustments positive • Income from associates positive driven by fair value adjustments in Scottish Sea Farms • Adjusted EPS significantly increased driven by higher volume and lower cost level Group Profit & Loss Group operational EBIT - QoQ Group P&L +372 Norway NOK million Q3 2026 Q2 2026 ΔQoQ% YTD 2026 YTD 2025 ΔYoY% Operating revenues 8,660 7,612 14 % 22,773 19,218 18 % Operational EBITDA 2,168 1,769 23 % 5,972 3,437 +74 % Operational EBIT 1,609 1,237 30 % 4,358 2,033 114 % Production tax -116 -92 -277 -217 Non-recurring items* -4 -4 -15 -57 Fair value adjustments** 721 -117 26 -591 Income from associates & JV 137 -135 -25 9 Net financial items -363 -323 -960 -828 Profit before tax 1,984 565 3,106 350 Tax 585 198 785 235 Profit for the period 1,399 367 2,321 115 EPS – adjusted* (NOK/share) 6.4 3.9 66 % 16.2 5.6 189 % Harvest volume (tgw) 105.1 81.8 28 % 247.1 200.4 23 % EBIT per kg (NOK/kg) 15.3 15.1 1 % 17.6 10.1 74 % *) See notes in the financial report for details **) Includes onerous contracts and fair value adjustments 12
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All financial figures in NOK million. 1) Harvest volume last 12 months divided by average amount of MAB capacity tons licenses last 12 months Δ QoQ = Q3 2026 vs. Q2 2026 Δ YoY = Q3 2026 vs. Q3 2025 • Assets increased QoQ following inclusion of new well boats and higher fair value of biomass • Slightly higher standing biomass QoQ and YoY – Stable cost/kg QoQ and lower YoY • Equity ratio increased QoQ and YoY • NIBD and leverage decreased – Refinancing of commercial papers, NOK 1.5 billion, in September 2026 – Available liquidity as of Q3 26, NOK 15.9 billion • Strong improvement in MAB utilization Group Balance Sheet Assets Equity ratio Net interest bearing debt 13 57,923 Δ QoQ +898 Δ YoY +101 36.0% Δ QoQ +1.6% Δ YoY +2.8% NIBD 17,912 Δ QoQ -1,228 Δ YoY -3,739 NIBD / EBITDA 2.1 Δ QoQ -0.4 Δ YoY -1.9 Harvest volume per MAB ton in Norway1
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• Cash flow from operations positively impacted by changes in working capital • Net investments NOK 97 million – Net other investments** NOK -106 million – Capex NOK 203 million – Farming NOK 109 million – Sales & Industry NOK 61 million – Smolt NOK 20 million – Icelandic Salmon NOK 6 million • Dividend of 10 NOK/share 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.14 -1,250
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Strategic Update Q 3 2 0 2 6
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• SalMar has large capacity in close proximity to farming operations – Built with overcapacity to handle seasonality in volume and ability to harvest the fish when it is ready • Strong improvement in operational performance from harvesting facilities in last quarter • Phase 1 of maintenance upgrade at InnovaMar completed in 2026 – Holding pen -> gutting machines and process control system • Phase 2 planned for H1 2027 – Gutting machines -> packaging – Expected capex ~NOK 350 million – Increasing harvest capacity and further improving operational performance 16 InnovaMar InnovaNor Increasing harvesting capacity Higher volume Volume harvesting facilities in 2025 and 2026 YTD Sep 26 +7% vs. 2025 More efficient # Fish/min in 2025 and 2026 YTD Sep 26 +25% vs. 2025 YTD Sep 26 -27% vs. 2025 Lower cost Salarycost/kg in 2025 and 2026
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Outlook Q 3 2 0 2 6
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NORWAY & OCEAN1 V olume guiding 2027 18 Harvest volume ‘000 tons gutted weight. *) Stated harvest potential according to Måsøval published predictions, 34 000 tons. Note that volume from Måsøval is not included for figures in 2027, as transaction is conditional upon relevant regulatory approvals. 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 2027E: 307,000 tons ∆2026E: same level 2027E: 18,000 tons ∆2026E: -2,000 tons / -10% 2027E: 45,000 tons ∆2026E: +5,000 tons / +13% +9% +26%+7%+14%+4% -5%ΔYoY +19%+4% Norway1 Iceland2 UK3 +15% +18% +0.3% Including stated potential from Måsøval*
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• Good biological situation • Expect slightly lower cost level1 and lower volume2 in Q4 26 • Expect 348,000 tons5 in FY 2027 • Expect low global supply growth in 2027 with strong demand for our products in all markets • Agreement to acquire 70% of the shares in Måsøval – Process for regulatory approval progressing according to plan • SalMar well equipped for further sustainable growth with a robust value chain with unutilized potential Outlook *) Note Måsøval is not included for figures in 2027, as transaction is conditional upon relevant regulatory approvals. 1) ΔQoQ = Change from Q3 2026 2) ΔYoY = Change from Q4 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. Q4 2026 FY 2026 FY 2027 Δ Cost QoQ1 Δ Voume YoY2 Contract share3 Volume Volume Norway & Ocean Slightly lower Lower ~38% 307,000 307,000 Central Norway Slightly lower Lower 167,000 160,000 Northern Norway Slightly lower Lower 135,000 142,000 SalMar Ocean No volume 5,100 5,000 Icelandic Salmon Significantly higher 20,000 18,000 Scottish Sea Farms4 40,000 45,000 Guiding 19
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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 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