Interim report
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SalMar ASA www.salmar.no Page 2 Quarterly Report Q3 2026
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Key highlights Q3 2026 Financial results • Operational EBIT the Group was NOK 1,609 million for the third quarter. Harvest volume was 105,100 tons and operational EBIT per kg was NOK 15.3. • Operational EBIT for Norway 1 ended at NOK 1,620 million for the third quarter. Harvest volume was 99,900 tons and operational EBIT per kg was NOK 16.2. Operational performance • Record high harvest volume. • Continued strong operational and biological performance from Northern Norway. • Central Norway affected by harvesting due to fish welfare considerations, impacting cost development in the period. • Strong profitability from Sales & Industry driven by increased capacity utilization of facilities, improved operational metrics and good results from sales in the period. • Improved results from Icelandic Salmon driven by lower cost level. Strategic highlights • In July 2026, SalMar entered into an agreement with Heimstø AS to acquire 70% of the shares in Måsøval. Process for regulatory approval progressing according to plan. Financial position • Continued robust financial position and NOK 1,500 million in new commercial papers issued in September 2026. • NIBD reduced to NOK 17,912 million. • Available liquidity NOK 15,867 million. • Equity ratio increased to 36.0%. Guidance and expectations • Volume guidance for the group in FY 2026 reduced with 2,000 tons to 347,000 tons 2. Norway unchanged, Iceland and Scottish Sea Farms slightly reduced. • Expect slightly lower cost in the value chain in Q4 2026 compared with Q3 2026 and expect lower volume in Q4 2026 compared with Q4 2025. • Volume guidance for FY 2027, 348,000 tons2. Note that this excludes volume from Måsøval as transaction is conditional upon relevant regulatory approvals. Consolidated harvest volume (1,000 tons gw) 93.2 84.1 60.3 81.8 105.1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Group Operational EBIT/kg (NOK) 7.6 21.8 25.1 15.1 15.3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Group Operational EBIT (NOK million) 711 1,834 1,512 1,237 1,609 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SalMar ASA www.salmar.no Page 2 1 Results from Norway are group results excluding segments SalMar Ocean and Icelandic Salmon. 2 Including relative share, 50%, from joint venture Scottish Sea Farms
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Financial performance Summary Strong operational performance and record-high harvest volume in the period. Farming segments in Norway continue to deliver good results, although cost development in Central Norway was affected by harvesting due to fish welfare considerations. Strong profitability within Sales and Industry driven by record high volume harvested at our facilities, robust operational performance and solid results from sales in the period. Improved results from Icelandic Salmon driven by lower cost level from sites harvested coupled with good price achievement. For SalMar Ocean, a new production cycle in Ocean Farm 1 started in September. In the third quarter 2026, the SalMar Group harvested 105,100 tons of salmon in total, up from 93,200 tons in the third quarter 2025. Income Statement Higher volume, increased market prices, better quality of harvested fish and lower cost level in the value chain positively affects the financial results in the period compared with the same period last year. SalMar’s most important key performance indicator is operational EBIT, an alternati ve performance measure, see the appendix for further details. This shows the result of the Group’s underlying operations during the period. The SalMar Group achieved an operational EBIT of NOK 1,609 million in the quarter, compared to NOK 711 million in the corresponding quarter the year before. Fair value adjustments was positive due to higher expected forward prices. Profit for the period in the third quarter 2026 was NOK 1,399 million, compared with NOK 332 million in the corresponding quarter last year. Cash Flow Cash flow from operating activities for the SalMar Group was NOK 3,220 million in the third quarter 2026, compared with NOK 2,535 million in the same period in 2025. Driven by improved results from operations. Net cash flow from investing activities in the third quarter totalled NOK -97 million, compared with NOK -506 million in the third quarter last year. In the period NOK 106 million has been was paid to SalMar in connection with sale of smaller assets, and dividends from partially owned companies. Investments in PPE are in line with the guided lower investment level in 2026. The Group had a net cash flow from financing activities of NOK -3,488 million in the third quarter 2026, compared with NOK -1,733 million in the same period last year. A dividend of 10 NOK/share was approved at the annual general meeting in June 2026, where payment of dividend was in July 2026. Financial Position SalMar has strengthened its financial position in the period. At the end of the third quarter 2026, SalMar Group’s assets totalled NOK 57,923 million, compared to NOK 57,025 million at the end the second quarter 2026. As of 30 September 2026, the Group’s total equity amounted to NOK 20,879 million, corresponding to an equity ratio of 36.0%, compared to NOK 19,652 million / 34.5% at the end of Q2 2026. As of 30 September 2026, the SalMar Group had net interest- bearing debt (NIBD) of NOK 17,912 million, compared to NOK 19,140 million at the end of the second quarter 2026. In September 2026 SalMar issued two new commercial papers totalling NOK 1,500 million. SalMar has strong access to liquidity with NOK 15,867 million of unused credits facilities available at the end of the third quarter 2026. Key Figures NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Profit or Loss Operating revenues 8,660 7,850 22,773 19,218 Operational EBITDA 2,168 1,194 5,972 3,437 Operational EBIT 1,609 711 4,358 2,033 Production tax -116 -98 -277 -217 Litigation, write-downs and restructuring -4 -14 -15 -57 Fair value adjustments & onerous contracts 721 354 26 -591 Share of profit associates and joint ventures 137 -19 -25 9 Net financial items -363 -151 -960 -828 Profit before tax 1,984 783 3,106 350 Income tax expense 585 451 785 235 Profit for the period 1,399 332 2,321 115 EPS - Adjusted 6.4 1.3 16.2 5.6 Balance Sheet Total Assets 57,923 57,025 57,923 57,025 NIBD 17,912 21,650 17,912 21,650 Equity ratio (%) 36.0 % 33.2 % 36.0 % 33.2 % Cash Flow Operating activities 3,220 2,535 6,553 1,438 Investing activities -97 -506 -826 -1,582 Financing activities -3,488 -1,733 -5,904 443 Volume and Op.EBIT/kg Harvest volume (1,000 tons gw) 105.1 93.2 247.1 200.4 Operational EBIT/kg (NOK) 15.3 7.6 17.6 10.1 SalMar ASA www.salmar.no Page 3
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Operational performance SalMar reports its operations in five segments: Fish Farming Central Norway, Fish Farming Northern Norway, Sales and Industry, SalMar Ocean and Icelandic Salmon. Fish Farming Central Norway Fish Farming Central Norway is SalMar’s largest segment. It encompasses the Group’s operations in the Møre og Romsdal and Trøndelag counties, production area 5-7. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenues 3,339 2,983 9,066 6,683 Operational EBIT 342 -121 1,836 154 Operational EBIT (%) 10 % -4 % 20 % 2 % Harvest volume (1,000 tgw) 51.4 47.0 126.2 102.0 EBIT/ kg gw (NOK) 6.6 -2.6 14.6 1.5 Fish Farming Central Norway harvested 51,400 tons of salmon in the third quarter 2026, compared with 47,000 tons in the third quarter 2025. The segment generated operating revenues of NOK 3,339 million in the quarter, compared with NOK 2,983 million in the corresponding quarter last year. The EBIT per kg gutted weight was NOK 6.6 in the third quarter 2026, compared to NOK -2.6 per kg in the same period last year. Results in the period were affected by harvesting due to fish welfare considerations and ISA. Therefore those sites were prioritised for harvest which affected both cost and price achievement in the period. Despite the challenges cost level decreased significantly compared to the same period last year. In the period volume harvested originated from both the spring 2025 and autumn 2025 generation. Compared with last year the sea lice pressure in the region is lower. The underlying biological status on the fish in sea is good, despite sites with challenges are prioritised for harvest. The segment expects slightly lower cost level in the fourth quarter 2026 compared to the third quarter 2026. Volume in the fourth quarter 2026 is expected to be lower than in the fourth quarter 2025 and t he volume guidance for FY 2026 is unchanged at 167,000 tons. For FY 2027 the segment expects to harvest 160,000 tons. Fish Farming Northern Norway Fish Farming Northern Norway encompasses the Group’s operations in Troms and Finnmark county, production area 10-13. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenues 3,116 2,633 6,991 5,577 Operational EBIT 790 468 2,066 1,313 Operational EBIT (%) 25 % 18 % 30 % 24 % Harvest volume (1,000 tgw) 48.5 42.5 101.5 82.3 EBIT/ kg gw (NOK) 16.3 11.0 20.4 15.9 Fish Farming Northern Norway harvested 48,500 tons in the third quarter 2026 , compared with 42,500 tons in the third quarter 2025. The segment generated operating income of NOK 3,116 million in the quarter, compared with NOK 2,633 million in the corresponding quarter last year. The segment achieved NOK 16.3 EBIT per kg gutted weight in the third quarter 2026 , compared to NOK 11.0 per kg in the same period last year. Northern Norway continue to have strong operational and biological performance, resulting in slightly lower cost level compared with same period last year and at the same level as Q2 2026. The biological status on the fish in sea is good. The segment expects slightly lower cost level in the fourth quarter 2026, compared to the level in third quarter 2026. Volume in the fourth quarter 2026 is expected to be lower compared to the fourth quarter 2025 and t he volume guidance FY 2026 is unchanged at 135,000 tons. For FY 2027 the segment expects to harvest 142,000 tons. SalMar ASA www.salmar.no Page 4
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Sales and Industry The Sales and Industry segment sells all fish that the Group harvests in Norway. The harvested volume is sold primarily to markets in Europe, Asia, and America. The harvesting and secondary processing plants are InnovaMar and Vikenco in Central Norway, and InnovaNor in Northern Norway. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenues 8,623 7,714 22,462 18,992 Operational EBIT 526 534 615 1,073 Operational EBIT (%) 6.1 % 6.9 % 2.7 % 5.6 % Sales and Industry generated gross operating revenues of NOK 8,623 million in the third quarter 2026 , compared with NOK 7,714 million in the corresponding period in the year before. In total the segment harvested at InnovaMar and InnovaNor 84,400 tons of salmon in the third quarter 2026 , compared with 71,600 tons in the same period last year. The segment delivered an operational EBIT of NOK 526 million in the period, compared with NOK 534 million in the same period last year. Increased capacity utilization of facilities driven by higher harvest volume and strong improvement in operational metrics both led to improved profitability from operations. In addition solid results from sales in the period. With a strong positive contribution from both spot and contract sales. The fixed price contract share was 29% per cent. In the fourth quarter 2026, the contract rate is expected to be around 38 per cent. SalMar Ocean SalMar Ocean specialise in offshore farming. The company has two semi-offshore units in operation, Ocean Farm 1 in Central Norway and Arctic Offshore Farming in Northern Norway. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenues 0 -3 391 509 Operational EBIT -26 -36 -2 -130 Operational EBIT (%) -60 % -7 % -1 % -26 % Harvest volume (1,000 tgw) 0.0 0.0 5.1 7.2 EBIT/ kg gw (NOK) -0.5 -18.1 In the third quarter 2026 , SalMar Ocean reported operating revenues of NOK 0 million and operational EBIT of NOK -26 million. Harvest from Ocean Farm 1 was completed in May, therefore harvest for 2026 from the segment has been completed and the next production cycle in Ocean Farm 1 started early September 2026. So far the biological performance on the production cycle has once again been strong. For FY 2027 the segment expect to harvest 5,000 tons. SalMar ASA www.salmar.no Page 5
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Icelandic Salmon Icelandic Salmon is Iceland’s largest producer and processor of farmed salmon. The company is vertically integrated, with its own hatchery, sea farms, harvesting plant and sales force. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenues 437 296 1,177 709 Operational EBIT 15 -110 -22 -243 Operational EBIT (%) 3 % -37 % -2 % -34 % Harvest volume (1,000 tgw) 5.2 3.8 14.4 8.9 EBIT/ kg gw (NOK) 2.9 -29.2 -1.5 -27.4 Icelandic Salmon harvested 5,200 tons in the third quarter 2026. The business generated operating revenues of NOK 437 million in the third quarter 2026 , compared to NOK 296 million in the same period in 2025. Operational EBIT per kg in the quarter was NOK 2.9 per kg, in comparison to NOK -29.2 per kg in the same period last year. In the period the biological performance has been good and the reduction in cost level is the main driver for improved results in the period. In addition price achievement was also solid with high quality of the fish harvested. For the fourth quarter 2026 the company expects slightly lower cost level compared with the third quarter 2026, reflecting the good performance of the 2025 generation. Volume guidance for 2026 is reduced with 1,000 tons to 20,000 tons and for FY 2027 volume guidance is 18,000 tons. Eliminations Research and development (R&D) costs are included as eliminations in the segments’ reported results. Of a total harvested volume of 105,100 tons in the third quarter 2026 , R&D costs accounted for NOK 0.3 per kg. Joint venture – Scottish Sea Farms Norskott Havbruk (Scottish Sea Farms) is accounted for as a joint venture, with SalMar’s share (50 per cent) of the company’s profit/loss after tax (and fair value adjustment of the biomass) being included as financial income. The figures in the table below reflect the company’s performance on a hundred percent basis. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenue 1,185 679 2,518 2,616 Operational EBIT 13 8 29 58 Operational EBIT (%) 1 % 1 % 1 % 2 % Harvest volume (1,000 tgw) 13.0 7.2 26.5 27.3 EBIT/kg 1.0 1.2 1.1 2.1 Fair value adj. biomass 378 -25 -13 -18 Profit/loss before tax 345 -47 -124 -82 SalMar’s share after tax 135 -21 -47 -30 NIBD 3,027 2,652 3,027 2,652 Scottish Sea Farms harvested 13,000 tons in the third quarter 2026, compared with 7,200 tons harvested in the same period last year. The company generated operating revenues of NOK 1,185 million in the third quarter 2026 , compared with NOK 679 million in the corresponding quarter last year. EBIT per kg gutted weight was NOK 1.0 in the period, an decrease from NOK 1.2 per kg in the corresponding period last year. SalMar’s share of Norskott Havbruk’s net profit was NOK 135 million in the third quarter 2026. Results in the period was negatively impacted by incident- based mortality where sites with biological challenges in Q3 was harvested out in October. Due to mentioned challenges volume guidance for FY 2026 is reduced with 3,000 tons to 40,000 tons. For FY 2027 volume guidance is 45,000 tons. SalMar ASA www.salmar.no Page 6
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Markets Global supply In the third quarter 2026, the global supply of Atlantic salmon totalled approximately 934,600 tons, an increase of 4% per cent on the same period in 2025. At 547,100 tons, output in Norway was 9% per cent higher. For full year 2026 current estimate from Kontali states +3.9% per cent growth globally. Norway is expected to increase with +4.7% per cent. For full year 2027 current estimate from Kontali states +1.2% per cent growth globally. Norway is expected to decrease with -1.2% per cent. Norwegian exports Norwegian export of salmon was around 542,100 (round weight) in the third quarter 2026 , up +11% per cent from 487,500 tons in the same period last year. The value of these exports was NOK 36,0 billion, 14% higher than same period last year.. A substantial secondary processing industry makes Poland the largest single market for Norwegian salmon. In the third quarter 2026 , around 99,900 tons of salmon in total were exported to this market, +20% per cent higher than in the corresponding quarter in 2025. Prices and foreign exchange rates SISALMON Index was traded at NOK 62.9 per kg at the start of the third quarter 2026 . At the end of the quarter, it was traded at a price of NOK 69.4 per kg. Average of the SISALMON Index in the period was NOK 67.1 per kg in the third quarter 2026 , compared with NOK 62.9 per kg in the third quarter 2025. Against the most important trading currencies for salmon the Norwegian krone (NOK) strengthened 3.6 per cent against EUR, 3.3 per cent against the USD and 2.8 per cent against the GBP through the quarter. Supply of Atlantic salmon Q3 26 Δ Y o Y FY 2026E Δ Y o Y Global 935 +4.4 % 3,275 +3.9 % Norway 547 +8.5 % 1,778 +4.7 % Chile 221 -2.0 % 804 -0.4 % UK & Ireland 52 +1.4 % 210 +1.3 % Norh-America 30 -20.6 % 130 -5.6 % Faroe Island 34 -5.3 % 138 +6.9 % Iceland 14 +14.2 % 62 +20.7 % Other regions 37 +28.6 % 153 +26.6 % S o u r c e : K o n t a l i . F i g u r e s i n t h o u s a n d t o n n e s . Δ Y o Y = c h a n g e from same period last year Export of Norwegian Salmon Q3 26 Δ Y o Y Total 542.1 +11.2 % Top 5 countries Poland 99.9 +20.2 % The Netherlands 45.4 +26.8 % China 39.3 +28.4 % France 35.8 +8.2 % Spain 33.3 +17.7 % Source: Norwegian Seafood Council. Figures in thousand t o n n e s . Δ Y o Y = c h a n g e f r o m s a m e p e r i o d l a s t y e a r SalMar ASA www.salmar.no Page 7
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Shares and shareholders As of 30 September 2026, SalMar had a total of 135,596,917 hares outstanding, divided between 23,443 shareholders. SalMar has one class of shares and all shares have equal rights. The company’s largest shareholder, Kverva Industrier AS, owned 44.2 per cent of the shares at the end the quarter. The 20 largest shareholders owned a total of 65.4 per cent of the shares. As of 30 September 2026, SalMar ASA owned 158,755 treasury shares. This corresponds to 0.04 per cent of the total number of shares outstanding. SalMar’s share price fluctuated between NOK 452.4 and NOK 589.0 in the third quarter 2026. The price at the close of the quarter was NOK 572.0 compared with NOK 463.2 at the close of the previous quarter. A total of 12.5 million shares were traded in the quarter, which corresponds to 9.2 per cent of the total number of shares outstanding. The volume of shares traded daily averaged 189,000. A dividend of NOK 10 per share for the financial year 2025 was approved at the annual general meeting held 22 June 2026 and paid in July 2026. At the end of August 2026 SalMar ASA completed a share buyback program, where 100,000 shares were purchased on Euronext Oslo Stock Exchange for a total consideration of NOK 56 million. The average price paid per share was NOK 561.7260. The purpose of the share buyback program was to facilitate delivery of SalMar shares to employees in accordance with the Company's share-based incentive programs. 20 largest shareholders Shareholder # shares ('000) % KVERVA INDUSTRIER AS 59,934 44.2 % FOLKETRYGDFONDET 4,623 3.4 % STATE STREET BANK AND TRUST COMP 2,377 1.8 % STATE STREET BANK AND TRUST COMP 1,962 1.4 % WILSGÅRD SEA SERVICE AS 1,808 1.3 % PARETO AKSJE NORGE VERDIPAPIRFOND 1,740 1.3 % JPMORGAN CHASE BANK, N.A., LONDON 1,578 1.2 % TERBOLI INVEST AS 1,425 1.1 % LIN AS 1,338 1.0 % VERDIPAPIRFONDET ALFRED BERG GAMBA 1,280 0.9 % CITIBANK, N.A. 1,223 0.9 % STATE STREET BANK AND TRUST COMP 1,211 0.9 % VERDIPAPIRFOND ODIN NORDEN 1,192 0.9 % VERDIPAPIRFOND ODIN NORGE 1,160 0.9 % THE NORTHERN TRUST COMP, LONDON BR 1,071 0.8 % JPMORGAN CHASE BANK, N.A., LONDON 1,037 0.8 % STATE STREET BANK AND TRUST COMP 963 0.7 % DNB BANK ASA 939 0.7 % VERDIPAPIRFONDET KLP AKSJENORGE 936 0.7 % RBC INVESTOR SERVICES TRUST 915 0.7 % TOP 20 88,711 65.4 % OTHERS 46,727 34.5 % SALMAR ASA 159 0.12 % TOTAL 135,597 100.0 % SalMar ASA www.salmar.no Page 8
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Other matters Agreement to acquire 70% of the shares in Måsøval In July 2026,SalMar entered into an agreement with Heimstø AS ("Heimstø") to acquire Heimstø's 85,727,553 shares in Måsøval AS ("Måsøval"), representing approximately 70% of the share capital of the company. The purchase price is NOK 39.50 per share, representing an aggregate consideration for the sale shares of approximately NOK 3.4 billion. The consideration comprises 733,906 SalMar shares, representing 10% of the total purchase price, and a cash consideration for the remaining portion. The transaction is expected to provide SalMar with an even stronger platform for continued sustainable growth in Central Norway one of the world's premier regions for aquaculture. It builds on a shared history and a common heritage on Frøya, which has played a formative role in shaping modern Norwegian aquaculture. In aggregate, the transaction is expected to deliver improved utilisation of resources, expertise and infrastructure, strengthen innovation capability, and facilitate further development on the salmon's terms and long- term value creation along the Norwegian coastline. 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. For further details please see the stock exchange notice published 8 July 2026. SalMar ASA www.salmar.no Page 9
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Outlook Harvest guidance SalMar expects increased volume in 2026 compared to 2025. FY 2026 harvest guidance of 302,000 tons in Norway, 5,100 tons in SalMar Ocean, 20,000 tons in Iceland and 40,000 tons in Scotland (100% basis). Totalling 347,000 tons, including relative share from Scottish Sea Farms, this represents 15 per cent growth from 2025. In 2027 SalMar expects volume to be at the same level as in 2026, note that this excludes volume from Måsøval as transaction is conditional upon relevant regulatory approvals. FY 2027 harvest guidance of 302,000 tons in Norway, 5,000 tons in SalMar Ocean, 18,000 tons in Iceland and 45,000 tons in Scotland (100% basis). Totalling 348,000 tons, including relative share from Scottish Sea Farms. Overall ambitions SalMar has a positive view on the future of the aquaculture industry. The company expects the global supply growth of Atlantic salmon in 2027 to be low. SalMar is committed to grow sustainably and create value for society and its shareholders. Where, how soon and how much depends on regulatory framework conditions. SalMar has strong strategic and operational focus with dedicated employees and a corporate culture set for growth. The company has untapped potential for further sustainable growth within existing licenses in all regions. Not for growth’s sake, but because salmon is a sustainable marine protein that Norway and the rest of the world needs. Statement by the Board of Directors We declare that, to the best of our knowledge, the financial statements for the period 1 January to 30 September 2026 have been prepared in accordance with IAS 34 – Interim Reporting, and that the information contained therein provides a true and fair view of the Group’s assets, liabilities, financial position and overall results. We further declare that, to the best of our knowledge, the report provides a true and fair view of important events that have taken place during the accounting period and their impact on the financial statements, as well as the most important risks and uncertainties facing the business in the forthcoming accounting period. The Board of Directors and CEO of SalMar ASA Frøya, 2 November 2026 Gustav Witzøe Chair of the Board Margrethe Hauge Member of the Board and Leader of the Audit and Risk Committee Leif Inge Nordhammer Member of the Board Arnhild Holstad Member of the Board Martin Bech Holte Member of the Board and member of the Audit and Risk Committee Stig Stensen Member of the Board Employee representative Ingvild Kindlihagen Member of the Board Employee representative Frode Arntsen CEO SalMar ASA www.salmar.no Page 10
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Financial Statement and Results Q3 2026 Consolidated Statement of Profit or Loss 12 Consolidated Statement of Balance Sheet 13 Consolidated Statement of Changes in Equity 14 Consolidated Statement of Cash Flows 15 Notes to the Financial Statement Note 1 - Accounting principles and general information 16 Note 2 - Business segments 16 Note 3 - Revenue 17 Note 4 - Biological assets and fair value adjustments 18 Note 5 - Investments in associated companies and joint ventures 20 Note 6 - Interest-bearing liabilities 21 Note 7 - Interest and other financial items 22 Note 8 - Income tax, resource rent tax and production fee 23 Note 9 - Business combinations, disposal of group companies and changes in non-controlling interest 23 Note 10 - Share capital and shareholders 24 Note 11 - Subsequent events 24 Appendix Alternative performance measures 25 SalMar ASA www.salmar.no Page 11
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Consolidated Statement of Profit or Loss NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Total operating revenues 8,660 7,850 22,773 19,218 27,394 Cost of goods sold -4,540 -4,823 -10,942 -10,477 -14,122 Salary and personnel expenses -768 -723 -2,379 -2,258 -3,107 Other operating expenses -1,235 -1,138 -3,623 -3,161 -4,479 Depreciation and amortization of tangible and intangible non-current assets -559 -483 -1,615 -1,404 -1,945 Write-downs of tangible and intangible non-current assets 0 0 -3 0 -8 Litigation and legal claims -4 -10 -8 -22 -67 Restructuring cost 0 -3 -4 -35 -64 Production fee -116 -98 -277 -217 -307 Onerous contracts -15 -225 267 -153 -235 Fair value adjustment 786 607 -98 -323 -144 Operating profit 2,210 953 4,091 1,169 2,916 Share of profit of associates and joint ventures 137 -19 -25 9 -63 Net interest expenses -418 -389 -1,033 -1,075 -1,417 Other financial items 56 238 73 247 255 Profit before tax 1,984 783 3,106 350 1,691 Income tax expense 585 451 785 235 571 Profit for the period 1,399 332 2,321 115 1,121 Other comprehensive income: Items that may be reclassified to profit or loss in subsequent periods: Translation differences in associates and joint ventures -36 -34 -65 -72 -61 Translation differences in group companies -95 -33 -205 -40 -19 Change in fair value of financial instruments, net after tax 2 16 111 347 230 Total other comprehensive income -128 -51 -159 234 150 Total comprehensive income 1,271 281 2,163 349 1,271 Profit for the period attributable to: Non-controlling interests 15 27 1 -31 16 Shareholders in SalMar ASA 1,384 305 2,320 146 1,105 Comprehensive income for the period attributable to: Non-controlling interests -41 8 -104 3 50 Shareholders in SalMar ASA 1,312 273 2,267 346 1,220 Earnings per share 10.2 2.3 17.1 1.1 8.3 Earnings per share - diluted 10.2 2.3 17.1 1.1 8.2 SalMar ASA www.salmar.no Page 12
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Consolidated Statement of Balance Sheet NOK million 30.09.26 30.06.26 31.12.25 30.09.25 ASSETS Non-current intangible assets 22,446 22,532 22,491 22,407 Non-current tangible assets 12,491 12,769 12,944 13,004 Right-of-use assets 2,349 1,749 1,633 1,547 Non-current financial assets 2,290 2,054 2,129 2,166 Total non-current assets 39,576 39,104 39,197 39,123 Inventory 1,291 1,047 1,232 1,103 Biological assets 14,274 13,668 14,621 14,416 Trade receivables 1,284 1,166 1,352 1,358 Other current receivables 917 1,098 785 1,019 Cash and cash equivalents 581 942 759 802 Total current assets 18,346 17,921 18,749 18,699 TOTAL ASSETS 57,923 57,025 57,946 57,822 EQUITY AND LIABILITIES Paid-in equity 11,935 11,917 11,740 11,723 Retained earnings 6,844 5,592 6,005 5,133 Non-controlling interests 2,101 2,142 2,403 2,362 Total equity 20,879 19,652 20,148 19,218 Deferred tax liability 8,346 8,231 8,210 7,866 Non-current interest-bearing liabilities 13,519 15,543 19,085 20,855 Non-current lease liabilities 1,890 1,318 1,203 1,176 Other non-current liabilities 69 7 139 138 Total non-current liabilities 23,824 25,097 28,638 30,035 Current interest-bearing liabilities 4,974 4,539 2,521 1,597 Short-term lease liabilities 549 509 499 440 Trade creditors 5,136 3,859 3,868 4,551 Other current liabilities 2,561 3,368 2,272 1,981 Total current liabilities 13,220 12,276 9,160 8,569 TOTAL EQUITY AND LIABILITIES 57,923 57,025 57,946 57,822 Net interest-bearing debt (NIBD) 17,912 19,140 20,848 21,650 NIBD incl. lease liabilities 20,350 20,967 22,549 23,266 Equity share 36.0 % 34.5 % 34.8 % 33.2 % SalMar ASA www.salmar.no Page 13
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Consolidated Statement of Changes in Equity 2026 Attributable to shareholders of SalMar ASA Non- controlling interests Total equityNOK million Share capital Treasury shares Share premium Other paid- in equity Other equity* Total As of 1 January 2026 34 0 11,565 141 6,005 17,745 2,403 20,148 Comprehensive Income: Profit for the year 0 0 0 0 2,320 2,320 1 2,321 Other comprehensive income 0 0 0 0 -53 -53 -105 -159 Transactions with shareholders: Issue of share capital 0 0 137 0 0 137 0 137 Share-based payment 0 0 0 59 0 59 0 59 Dividend 0 0 0 0 -1,355 -1,355 -71 -1,426 Change in non-controlling interests 0 0 0 0 -10 -10 -127 -137 Acquisition of treasury shares 0 0 0 0 -56 -56 0 -56 Other changes 0 0 0 0 -7 -7 0 -7 At 30 September 2026 34 0 11,702 199 6,844 18,779 2,101 20,879 2025 Attributable to shareholders of SalMar ASA Non- controlling interests Total equityNOK million Share capital Treasury shares Share premium Other paid- in equity Other equity* Total As of 1 January 2025 33 0 9,710 73 8,110 17,927 2,313 20,240 Comprehensive Income: Profit for the year 0 0 0 0 1,105 1,105 16 1,121 Other comprehensive income 0 0 0 0 115 115 35 150 Transactions with shareholders: Issue of share capital 1 0 1,857 0 0 1,858 0 1,858 Share-based payment 0 0 0 67 -6 61 0 61 Dividend 0 0 0 0 -2,942 -2,942 -83 -3,024 Change in non-controlling interests 0 0 0 0 -327 -327 -490 -817 Changes of non-controlling interest through business combination 0 0 0 0 0 0 612 612 Acquisition of treasury shares 0 0 0 0 -50 -50 0 -50 Treasury shares in subsidiaries Share capital reduction Other changes 0 0 -2 0 -2 -4 0 -4 At 31 December 2025 34 0 11,565 141 6,005 17,745 2,403 20,148 *) Other equity includes Other equity, Foreign currency translation differences, Cash flow hedges, Hedge of net investments and Cost of hedging reserve SalMar ASA www.salmar.no Page 14
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Consolidated Statement of Cash Flows NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Profit before tax 1,984 783 3,106 350 1,691 Tax paid in the period -7 -9 -113 -2,166 -2,171 Depreciation, amortisation and write-downs 559 483 1,618 1,404 1,954 Remeasurement of previously held equity interest 0 190 0 190 190 Share of profit of associates and joint ventures -137 19 25 -9 63 Onerous contracts 15 225 -267 153 235 Fair value adjustments -736 -579 242 438 269 Change in working capital 1,132 1,400 898 420 11 Other changes 411 23 1,045 658 1,017 Net cash flow from operating activities 3,220 2,535 6,553 1,438 3,260 Cash-flow from purchase and sale of PPE, licenses and other intangible assets -142 -531 -902 -1,571 -1,935 Payments on business combinations, net of cash 0 -206 0 -287 -287 Proceeds from disposal of group companies, net of cash 5 0 5 0 0 Payment related to other investment in group companies 0 0 0 0 -69 Proceeds from disposal of associates and joint ventures 1 30 20 50 50 Dividends from associates and joint ventures 29 193 39 214 214 Cash-flow from other investing activities 10 7 12 12 21 Net cash flow from investing activities -97 -506 -826 -1,582 -2,006 Change in interest-bearing liabilities -1,494 1,795 -2,959 4,972 4,094 Payment of instalments on lease liabilities -157 -122 -433 -346 -516 Payment of interest on lease liabilities -40 -27 -100 -83 -114 Net interest paid financing activities -320 -361 -933 -955 -1,304 Dividend -1,415 -2,967 -1,415 -3,016 -3,024 Acquisition of non-controlling interests 0 0 0 -76 -76 Payment of purchase treasury shares -56 -50 -56 -50 -50 Other changes -6 -1 -8 -3 -3 Net cash flow from financing activities -3,488 -1,733 -5,904 443 -992 Net change in cash and cash equivalents -365 296 -177 299 261 Currency translation of cash and cash equivalents 4 -6 -2 -16 -21 Cash and cash equivalents as at the start of the period 942 512 759 518 518 Cash and cash equivalents as at period end 581 802 581 802 759 SalMar ASA www.salmar.no Page 15
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Notes to the Financial Statements Note 1 - Accounting principles and general information This report has been prepared in accordance with International Financial Reporting Standards (IFRS), including the standard for interim reporting (IAS 34). The report does not include all information required in a complete annual report and should therefore be read in conjunction with the Group’s recent annual report. Please refer to the Group's latest IFRS year-end financial statements, which are published on the Group's website, www.salmar.no, for a complete description of the accounting principles and other general information. This interim report has not been subject to external audit. New and revised standards, amendments and interpretations issued, but not yet effective In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements. The standard is effective for annual reporting periods beginning on or after 1 January 2027 and will be applied retrospectively, including restatement of comparative information for 2026. The Group has an ongoing implementation project for IFRS 18 and has performed a detailed GAAP analysis to identify differences between the current reporting under IAS 1 and the requirements of IFRS 18. The implementation project further includes mapping income and expenses to the new operating, investing and financing categories, assessing the presentation of foreign exchange differences and financial income and expenses, and evaluating the new requirements for aggregation and disaggregation. Based on the work performed to date, the new classification requirements are expected to affect the presentation of certain items currently included in financial income and expenses. Foreign exchange differences will generally be classified in the same category as the underlying income or expense. The changes may affect subtotals presented in the statement of profit or loss but will not affect the Group’s total profit. The Group is also assessing its externally reported alternative performance measures to determine whether any of these qualify as management-defined performance measures (MPMs) under IFRS 18 and is preparing the necessary processes and disclosures. The implementation of IFRS 18 is not expected to result in changes to the presentation of the Group’s segment results. Operational EBIT will continue to be used as a key performance measure and presented on the same basis as today. While IFRS 18 does not change recognition and measurement requirements, based on the implementation work performed to date, the main effects are expected to relate to presentation, classification and disclosures in the Group's financial statement. The quantitative effects of the transition to IFRS 18, including the restatement of comparative information for 2026, are expected to be finalized as part of the year-end implementation process. Note 2 - Business segments The Group's business areas comprise of Fish Farming, Sales & Industry and the Group's operations in Iceland which are reported as a separate unit and are defined as a separate segment. In addition, SalMar Ocean, the Group's offshore farming is defined as a separate segment. Fish farming in Norway is divided into two regions, Fish Farming Central Norway and Fish Farming Northern Norway, which are defined as separate segments, and are reported and administered as such internally. The Group’s hatchery operations are also included in these segments. The operating unit Icelandic Salmon, located in Iceland, is a fully integrated aquaculture company, with its own hatchery, sea farms, harvesting plant and sales force. This segment’s combined results are reported through the business segment Icelandic Salmon. SalMar Ocean comprise of two semi-offshore units in operation, Ocean Farm 1 in Central Norway and Arctic Offshore Farming in Northern Norway. Group management evaluates the segments’ performance on the basis of Operational EBIT. The column Other/Eliminations includes costs relating to share-based employee cost, R&D costs relating to jointly operated licences and overheads not allocated to segments. Sales between segments are carried out in accordance with the arm’s length principle. When revenues from external parties are reported to group management, they are measured at the same amount recognised in profit and loss. Assets and liabilities are not reported to group management at segment level. SalMar ASA www.salmar.no Page 16
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NOK million Farming Central Norway Farming Northern Norway Sales and Industry Icelandic Salmon SalMar Ocean Other/ Eliminations Group Q3 2026 Operating revenues 3,339 3,116 8,623 437 0 -6,855 8,660 Operational EBIT 342 790 526 15 -26 -38 1,609 Harvested volume (1,000 tgw) 51.4 48.5 5.2 0.0 105.1 EBIT/ kg gw (NOK) 6.6 16.3 2.9 15.3 Operational EBIT % 10 % 25 % 6 % 3 % 19 % Q3 2025 Operating revenues 2,983 2,633 7,714 296 -3 -5,772 7,850 Operational EBIT -121 468 534 -110 -36 -22 711 Harvested volume (1,000 tgw) 47.0 42.5 3.8 0.0 93.2 EBIT/ kg gw (NOK) -2.6 11.0 -29.2 7.6 Operational EBIT % (4) % 18 % 7 % -37 % 1213 % 9 % YTD 2026 Operating revenues 9,066 6,991 22,462 1,177 391 -17,314 22,773 Operational EBIT 1,836 2,066 615 -22 -2 -135 4,358 Harvested volume (1,000 tgw) 126.2 101.5 14.4 5.1 247.1 EBIT/ kg gw (NOK) 14.6 20.4 -1.5 -0.5 17.6 Operational EBIT % 20 % 30 % 3 % -2 % -1 % 19 % YTD 2025 Operating revenues 6,683 5,577 18,992 709 509 -13,252 19,218 Operational EBIT 154 1,313 1,073 -243 -130 -133 2,033 Harvested volume (1,000 tgw) 102.0 82.3 8.9 7.2 200.4 EBIT/ kg gw (NOK) 1.5 15.9 -27.4 -18.1 10.1 Operational EBIT % 2 % 24 % 6 % -34 % -26 % 11 % FY 2025 Operating revenues 10,042 8,418 26,913 1,054 509 -19,543 27,394 Operational EBIT 918 2,473 1,024 -212 -170 -165 3,867 Harvested volume (1,000 tgw) 145.4 119.2 12.7 7.2 284.5 EBIT/ kg gw (NOK) 6.3 20.7 -16.7 -23.7 13.6 Operational EBIT % 9 % 29 % 4 % -20 % -33 % 14 % Note 3 - Revenue Specification of the Group's revenues by geographic market: Q3 2026 % Q3 2025 % YTD 2026 % YTD 2025 % FY 2025 % Asia 1,779 20.6 % 1,805 23.1 % 5,409 23.8 % 4,670 24.4 % 7,240 26.5 % USA/Canada 1,339 15.5 % 1,295 16.6 % 3,415 15.0 % 3,830 20.0 % 5,096 18.6 % Europe, ex. Norway 3,723 43.0 % 2,501 32.0 % 9,732 42.8 % 5,859 30.6 % 8,709 31.9 % Norway 1,758 20.3 % 2,148 27.5 % 4,035 17.8 % 4,610 24.1 % 6,059 22.2 % Other 53 0.6 % 61 0.8 % 138 0.6 % 178 0.9 % 239 0.9 % Total revenues from contracts 8,651 100.0 % 7,810 100.0 % 22,730 100.0 % 19,147 100.0 % 27,343 100.0 % Other operating income 9 41 43 71 51 Total revenue and other income 8,660 7,850 22,773 19,218 27,394 SalMar ASA www.salmar.no Page 17
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Note 4 - Biological assets and fair value adjustments Carrying amount of biological assets 30.09.26 30.06.26 31.12.25 30.09.25 Biological assets held at sea farms at cost 9,544 9,549 9,562 9,548 Fair value adjustment of biological assets 4,117 3,450 4,556 4,388 Total carrying amount of biological assets held at sea farms 13,661 13,000 14,117 13,936 Roe, fry and smolt at cost 613 668 503 480 Total carrying amount of biological assets 14,274 13,668 14,621 14,416 Stocks of biological assets relate to SalMar's fish farming operations on land and at sea, and comprise roe, fry, smolt and fish at sea farms. Change in the carrying amount of the biological assets: Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Biological assets - opening balance 13,668 14,006 14,621 13,970 13,970 Increase due to production 5,466 5,001 13,215 12,439 16,907 Increase due to purchase of group companies 0 424 0 682 682 Decrease due to sale/ harvesting -5,457 -5,365 -12,970 -11,968 -16,391 Decrease due to incident-based mortality and write-downs -28 -214 -61 -254 -275 Fair value adjustment on opening balance (reversed) -3,450 -3,656 -4,556 -4,564 -4,564 Fair value adjustment from business combination due to fish not sold on opening balance 50 24 143 0 0 Fair value adjustment from business combination due to fish not sold on closing balance 0 -154 0 -154 -143 Fair value adjustment from business combination included in cost of goods sold in the period -50 -28 -143 -115 -125 Fair value adjustment on closing balance (new) 4,117 4,388 4,117 4,388 4,556 Currency translation differences -42 -10 -91 -9 4 Biological assets - closing balance 14,274 14,416 14,274 14,416 14,621 The accounting for live fish is regulated by IAS 41 Agriculture and biological assets are recognised at fair value in accordance with IFRS 13. The company’s stocks of live fish held at sea farms are, in accordance with IAS 41, recognised at fair value. Present value is calculated on the basis of estimated revenues less production costs remaining until the fish is harvestable at the individual site. A fish is harvestable when it has reached the estimated weight required for harvesting specified in the company’s budgets and plans. The estimated value is discounted to present value on the reporting date. Estimated future revenues are based on European Salmon Futures forward prices on Euronext for the expected harvesting date, as of the reporting date. A quarterly average price is calculated, since the fish are harvested over several periods. Forward prices are adjusted for export supplements, shipping, sales and harvesting costs. Additionally, an adjustment is made for expected variations in fish quality. The price adjustments are made at the site level. The monthly discount factor reflects the time value of money, the risk in biological production and a hypothetical licence fees and site rental cost. The discount factor is based on expectations on profitability in the industry which impact the hypothetical license fee and can vary in different areas. Roe, fry, smolt and cleaner fish are recognised at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The calculation is based on following forward prices (NOK): Expected harvesting period: 30.09.26 Expected harvesting period: 30.06.26 Expected harvesting period: 31.12.25 Q4-2026 77.85 Q3-2026 66.08 Q1-2026 100.64 Q1-2027 95.12 Q4-2026 75.68 Q2-2026 97.49 Q2-2027 91.42 Q1-2027 92.62 Q3-2026 76.46 Q3-2027 72.56 Q2-2027 88.86 Q4-2026 83.55 Q4-2027 76.98 Q3-2027 70.78 1st half 2027 97.25 Q1-2028 93.24 Q4-2027 75.30 2nd half 2027 78.75 SalMar ASA www.salmar.no Page 18
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Monthly discount factor per region 30.09.26 30.06.26 31.12.25 30.09.25 Norway 5.75 % 5.75 % 5.75 % 5.50 % Iceland 3.50 % 3.50 % 3.50 % 3.50 % A 0.5-percentage-point increase in the monthly discount factor as at 30 September 2026 results in a decrease in the fair value adjustment of NOK 441.2 million. Correspondingly, a 0.5-percentage-point decrease in the monthly discount factor results in an increase in the fair value adjustment of NOK 465.2 million. Fair value adjustment Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Change in fair value of the biological assets 721 601 -287 -328 -151 Change in fair value of European Salmon Futures -8 6 18 6 5 Change in fair value of cross-currency interest rate swaps 74 0 171 0 2 Change in fair value adjustments 786 607 -98 -323 -144 Change in fair value adjustment biological assets included in cost of goods sold due to business combinations -50 -28 -143 -115 -125 Total change in fair value adjustments 736 579 -242 -438 -269 Fair value adjustments include changes in the unrealised value of European Salmon Futures and the currency component of a c r o s s ‑ c u r r e n c y i n t e r e s t r a t e s w a p . T h e s w a p i s n o t d e s i g n a t e d f o r h e d g e a c c o u n t i n g . F a i r v a l u e c h a n g e s r e l a t e d t o t h e c u r r e n c y component are recognised in operating profit, while the interest component is included in other financial items. SalMar ASA www.salmar.no Page 19
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Note 5 - Investments in associated companies and joint ventures Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. All associates and joint ventures are accounted for using the equity method. Since none of the Group's associates or joint ventures are listed on a stock exchange, no observable market values are available. Based on an overall assessment, in which size and complexity have been taken into account, Norskott Havbruk AS and Hellesund Fiskeoppdrett AS are considered to be material associates and joint ventures. Further details relating to these material assets are presented below. NOK million Norskott Havbruk Hellesund Fiskeoppdrett Others Total Carrying amount At 30 June 2026 883 462 233 1,578 Share of profit of associates and joint ventures 135 -1 4 137 Items recognised in other comprehensive income -34 0 -2 -36 Dividend 0 -8 -14 -22 Disposal 0 0 -1 -1 Other changes in associates 0 0 1 1 Carrying amount at 30 September 2026 983 453 221 1,658 NOK million Norskott Havbruk Hellesund Fiskeoppdrett Others Total Carrying amount at 1 January 2026 1,092 463 253 1,808 Share of profit of associates and joint ventures -47 -2 23 -25 Items recognised in other comprehensive income -62 0 -3 -65 Dividend 0 -8 -33 -41 Disposal 0 0 -20 -20 Other changes in associates 0 -1 1 0 Carrying amount at 30 September 2026 983 453 221 1,658 SalMar ASA www.salmar.no Page 20
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Note 6 - Interest-bearing liabilities Non-current interest bearing liabilities 30.09.26 30.06.26 31.12.25 30.09.25 Non-current interest bearing liabilities 3,865 5,828 9,367 11,168 Green bonds 9,760 9,817 9,834 9,831 Unamortised loan fees -46 -41 -51 -59 Total 13,579 15,604 19,150 20,939 Next year's instalment on non-current interest bearing liabilities -60 -61 -64 -84 Total 13,519 15,543 19,085 20,856 Lease liabilities 2,439 1,827 1,702 1,616 Next year's instalment on lease liabilities -549 -509 -499 -440 Total 1,890 1,318 1,203 1,176 Total Non-current interest bearing liabilities 15,409 16,860 20,288 22,031 Current interest bearing liabilities 30.09.26 30.06.26 31.12.25 30.09.25 Bank overdraft 433 0 958 14 Commercial Papers 1,500 1,499 1,499 1,499 Current portion of Green bonds1 2,981 2,979 0 0 Next year's instalment on non-current interest bearing liabilities 60 61 64 84 Current interest bearing liabilities ex. lease liabilities 4,974 4,539 2,521 1,597 Next year's instalment on lease liabilities 549 509 499 440 Total Current interest bearing liabilities 5,522 5,048 3,020 2,037 Net-interesting bearing debt 30.09.26 30.06.26 31.12.25 30.09.25 Total non-current and current interest-bearing liabilities 20,931 21,908 23,309 24,068 Cash and cash equivalents -581 -942 -759 -802 Lease liabilities -2,439 -1,827 -1,702 -1,616 Net interest-bearing debt 17,912 19,140 20,848 21,650 Unused credit facilities 30.09.26 30.06.26 31.12.25 30.09.25 Undrawn comitted borrowing facilities 14,196 12,338 8,916 7,194 Unused bank overdraft 1,671 2,107 1,201 2,095 Total unused credit facilities 15,867 14,445 10,117 9,289 The most important financial covenants for the long-term financing of SalMar ASA are that the Group’s recognised equity ratio shall exceed 30%, and that the Group’s interest coverage ratio (ICR = EBITDA/net financial expenses) shall not fall below 3.0. All the green bonds includes the same single financial covenant requiring an equity ratio of at least 30% during the agreement period. The Group includes the companies Arnarlax Ehf, Vikenco AS and AS Knutshaugfisk with financing schemes that are independent from SalMar ASA. Both SalMar ASA, Vikenco AS and AS Knutshaugfisk were in compliance with the financial covenants as of 30.09.2026. During Q3 2025, Arnarlax Ehf entered into a new credit facility agreement. The agreement offered improved terms compared to previous facilities and included covenants requiring an equity ratio above 35 percent and a minimum available liquidity of EUR 10 million—both of which are met. Regarding the interest coverage ratio (ICR) and the net interest-bearing debt to EBITDA (NIBD/EBITDA) leverage covenants, Arnarlax Ehf received a waiver prior to the reporting date, valid through 31 December 2026. On the 15th of September 2026 the Group issued two new commercial papers: - NOK 1 000 million with a maturity date of 15 September 2027 with a coupon of 3-month NIBOR + 47 basis points - NOK 500 million with a maturity date of 15 September 2027 with a fixed coupon of 5.37% p.a. ¹ The current portion of Green Bonds arises from the reclassification of a bond with maturity in January 2027 and is therefore recognized as current debt. The current outstanding amount is composed of the green bond of NOK 2 983 million and unamortised loan fees of NOK 2 million. The bonds and commercial papers come in addition to the existing bank facilities consisting of NOK 10,000 million as revolving credit facilities and NOK 6,000 million as a term loan. As at 30 September 2026, the term loan has been voluntarily prepaid by NOK 4,000 million. Pursuant to the facilities agreement, voluntary prepayments of the term loan may be made without forfeiting the right to redraw prepaid amounts during the remaining agreement period. In addition, SalMar ASA has NOK 2,000 million in overdraft facilities. SalMar ASA www.salmar.no Page 21
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Note 7 - Interest and other financial items NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Interest Interest income 11 10 28 25 41 Interest expenses to financial institutions -389 -372 -960 -1,016 -1,341 Interest expenses relating to lease liabilities -40 -27 -100 -83 -114 Interest expenses other 0 0 0 -1 -3 Net interest expenses -418 -389 -1,033 -1,075 -1,417 Other financial items Gain or loss on disposal of associates and joint ventures 0 30 1 42 42 Remeasurement of previously held equity interest 0 190 0 190 190 Other exchange differences 1 20 15 22 22 Change in fair value of derivatives 57 0 66 0 14 Other financial items -2 -2 -8 -8 -14 Net other financial items 56 238 73 247 255 Net financial items -363 -151 -960 -828 -1,162 For further information regarding remeasurement of previously held equity interest in 2025, see the section regarding Wilsgård AS in note 9. SalMar ASA www.salmar.no Page 22
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Note 8 - Income tax, resource rent tax and production fee In Norway, a 25 per cent resource rent tax has been implemented on profits derived from the Group’s aquaculture activities in the sea phase. The resource rent tax is designed as a cash flow tax, which means that costs are deductible in the period in which they are incurred, regardless of when the related income is recognised. The resource rent tax is in addition to the regular corporate tax on 22 per cent, gives a total tax rate on aquaculture in sea phase of 47 per cent. A substantial part of the Group’s activities and value creation relates to operations outside the sea phase, e.g. broodstock, smolt production, harvesting, processing, sales and distribution, as well as activities conducted outside of Norway, These activities are not subject to the resource rent tax and are taxed at the applicable ordinary corporate income tax rates in the relevant jurisdictions. Accordingly, the effective resource rent tax rate on the Group’s consolidated profit before tax is lower than the nominal resource rent tax rate of 25 per cent. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Regular corporate tax expense - calculated with nominal tax rate 433 161 754 93 369 Resource rent tax (payable and deferred tax) 152 290 31 142 202 Income tax expense 585 451 785 235 571 The production fee on Norwegian aquaculture activities is creditable against the payable resource rent tax. Accordingly, the resource rent tax expense for the period reflects the combined amount of the production fee and the calculated resource rent tax for the period. The total resource rent tax related to the profit in the period is therefore the total of production fee related to the Norwegian aquaculture activity and resource rent tax calculated in the period. The production fee on the Norwegian activity is NOK 0.985 per kg, compared to NOK 0.965 per kg in 2025. The total effect of the resource rent tax including production tax is shown below: NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Production fee recognised in the period 116 98 277 217 307 Production fee related to activity on Iceland 18 13 48 32 45 Production fee related to activity in Norway 98 86 229 184 262 Resource rent tax (payable and deferred tax) 152 290 31 142 202 Total resource rent tax including production fee 250 376 260 326 464 Implementation effect - resource rent tax In 2023, the Group recognised an implementation effect of NOK 2,080 million in connection with the introduction of the Norwegian resource rent tax. The effect was primarily attributable to deferred resource rent tax resulting from the absence of a tax deduction for capitalised biomass production costs as at 1 January 2023. In the tax return for the income year 2023, the Group claimed a deduction for accumulated costs relating to biomass held as at 31 December 2022. However, uncertainty remains regarding the Norwegian Tax Administration's assessment of this deduction claim. Accordingly, the Group has not reversed the previously recognised implementation effect in the consolidated financial statements. SalMar ASA www.salmar.no Page 23
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Note 9 - Business combinations, disposal of group companies and changes in non-controlling interest Business combinations in 2026 No business combinations were completed as of 30.09.2026. Acquisition of non-controlling interests in 2026 Øylaks MTB AS With effect from January 2026 SalMar acquired 49 per cent of the shares in Øylaks MTB AS. The total consideration amounted to NOK 137 million and was settled through issuance of 209,402 consideration shares in SalMar ASA. As a result of the transaction, SalMar increased its ownership in the company from 51 per cent to 100 per cent. For accounting purposes, the transaction was recognised as a transaction with non-controlling interests, with effect recognised directly in equity. Note 10 - Share capital and shareholders At 30.09.2026, the parent company's share capital comprised: Number of shares Face value NOK per share Book value NOK Ordinary shares 135,596,917 0.25 33,899,229.25 There are no current limitations on voting rights or trade limitations related to the SalMar share. The company's 20 largest shareholders as at 30.09.2026 were: Shareholder Number of shares Shareholding Voting Share KVERVA INDUSTRIER AS 59,934,476 44.20 % 44.25 % FOLKETRYGDFONDET 4,623,320 3.41 % 3.41 % State Street Bank and Trust Comp 2,377,166 1.75 % 1.76 % State Street Bank and Trust Comp 1,962,114 1.45 % 1.45 % WILSGÅRD SEA SERVICE AS 1,807,554 1.33 % 1.33 % PARETO AKSJE NORGE VERDIPAPIRFOND 1,739,993 1.28 % 1.28 % JPMorgan Chase Bank, N.A., London 1,578,175 1.16 % 1.17 % TERBOLI INVEST AS 1,425,394 1.05 % 1.05 % LIN AS 1,337,685 0.99 % 0.99 % VERDIPAPIRFONDET ALFRED BERG GAMBA 1,280,226 0.94 % 0.95 % Citibank, N.A. 1,222,911 0.90 % 0.90 % State Street Bank and Trust Comp 1,210,713 0.89 % 0.89 % VERDIPAPIRFOND ODIN NORDEN 1,191,813 0.88 % 0.88 % VERDIPAPIRFOND ODIN NORGE 1,159,779 0.86 % 0.86 % The Northern Trust Comp, London Br 1,070,746 0.79 % 0.79 % JPMorgan Chase Bank, N.A., London 1,036,597 0.76 % 0.77 % State Street Bank and Trust Comp 962,900 0.71 % 0.71 % DNB BANK ASA 938,600 0.69 % 0.69 % VERDIPAPIRFONDET KLP AKSJENORGE 936,245 0.69 % 0.69 % RBC INVESTOR SERVICES TRUST 914,784 0.67 % 0.68 % Top 20 88,711,191 65.42 % 65.50 % Others 46,726,971 34.46 % 34.50 % SalMar ASA 158,755 0.12 % Total 135,596,917 100.00 % 100.00 % Note 11 - Subsequent events SalMar is not aware of any material events occurring after the reporting date that would require adjustment to, or disclosure in, these financial statements. SalMar ASA www.salmar.no Page 24
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Appendix Alternative performance measures The SalMar Group prepares its financial statements in accordance with IFRS® Accounting Standards. In addition, the Group presents certain Alternative Performance Measures (APMs) to provide additional information that management considers relevant for an understanding of the Group’s underlying performance. APMs are not defined or specified under IFRS and should not be considered as a substitute for, or superior to, measures prepared in accordance with IFRS. The APMs are derived from IFRS figures and are calculated on a consistent basis over time. Definitions of the APMs, together with a reconciliation to the most directly comparable IFRS measures, are provided below. Any changes in the definition or calculation of APMs are explained. The APMs are presented in accordance with the ESMA Guidelines on Alternative Performance Measures. Other companies may define and use similar measures differently. Operational EBIT Operational EBIT is an alternative performance measure (APM) used by the Group. A reconciliation between operational EBIT and operating profit as presented in the Consolidated Statement of Profit or Loss is provided in the table below. The difference between operational EBIT and operating profit arises from provisions related to production fee and onerous contracts, as well s items that are presented in the financial statements under fair value adjustments. These items are market value and fair value assessments linked t o a s s u m p t i o n s a b o u t t h e f u t u r e . I n a d d i t i o n , n o n ‑ r e c u r r i n g c o s t s , s u c h a s w r i t e ‑ d o w n s o f n o n ‑ c u r r e n t a s s e t s , c o s t s r e l a t e d t o litigation and legal claims, and restructuring costs, are excluded from operational EBIT. Operational EBIT is intended to reflect the underlying operation and the results of transactions undertaken during the period. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Operating profit 2,210 953 4,091 1,169 2,916 Write-downs of tangible and intangible non-current assets 0 0 3 0 8 Litigation and legal claims 4 10 8 22 67 Restructuring cost 0 3 4 35 64 Production fee 116 98 277 217 307 Onerous contracts 15 225 -267 153 235 Change in fair value adjustment included in cost of goods sold due to business combination 50 28 143 115 125 Fair value adjustment: Change in fair value of the biological assets -721 -601 287 328 151 Change in fair value of derivatives -65 -6 -188 -6 -7 Operational EBIT 1,609 711 4,358 2,033 3,867 EBITDA EBITDA is another alternative performance measure (APM) used by the Group. EBITDA is defined as operational EBIT adjusted for d e p r e c i a t i o n a n d a m o r t i s a t i o n o f t a n g i b l e a n d i n t a n g i b l e n o n ‑ c u r r e n t a s s e t s . NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Operational EBIT 1,609 711 4,358 2,033 3,867 Depreciation and amortization of tangible and intangible non- current assets 559 483 1,615 1,404 1,945 EBITDA 2,168 1,194 5,972 3,437 5,812 SalMar ASA www.salmar.no Page 25
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EBIT/kg gw EBIT per kg gutted weight is defined as a key performance parameter for SalMar. The performance parameter is used to assess the profitability of the goods sold and the Group's operations. The performance parameter is expressed per kg of harvested volume. Net interest-bearing debt (NIBD) and NIBD incl. lease liabilities Net interest-bearing debt is an alternative performance measure used by the Group. The performance measure is used to express the Group's working capital, and is an important performance measure for investors and other users, because it the shows net borrowed capital used to finance the Group. Net interest-bearing debt is defined as long-term and short-term debt to credit institutions, less cash & cash equivalents. Leasing liabilities under IFRS 16 are not included in the calculation of net interest-bearing debt. To highlight total interest bearing debt including leasing liabilities, this is presented as a separate measure. 30.09.26 30.06.26 31.12.25 30.09.25 Non-current interest-bearing debts 13,519 15,543 19,085 20,855 Current interest-bearing liabilities 4,974 4,539 2,521 1,597 Cash and cash equivalents -581 -942 -759 -802 Net interest-bearing debt (NIBD) 17,912 19,140 20,848 21,650 Lease liabilities 2,439 1,827 1,702 1,616 NIBD incl. lease liabilities 20,350 20,967 22,549 23,266 NIBD / EBITDA and NIBD incl. lease liabilities / EBITDA NIBD / EBITDA and NIBD incl. lease liabilities / EBITDA is an APM used by the Group to measure leverage. The figures is arrived at by dividing NIBD or NIBD incl. lease liabilities at the end of the period with EBITDA for the last 12 months. Adjusted earnings per share The Group uses adjusted earnings per share to reflect earnings excluding effect of resource rent tax and net fair value adjustments. The key figure is arrived at by dividing the profit for the period adjusted for onerous contracts, fair value adjustments and changes in deferred taxes by the average number of shares outstanding (diluted) in the period. NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Profit for the period attributable to shareholders in SalMar ASA 1,384 305 2,320 146 1,105 Onerous contracts ¹) 15 225 -267 153 235 Fair value adjustment ¹) -786 -607 98 323 144 Fair value adjustment included in cost of goods sold due to business combination ¹) 50 28 143 115 125 Calculated tax effect of adjustments ²) 351 221 -110 2 19 Fair value adjustment related to biological assets in associates and joint ventures, net of tax -145 4 18 11 20 Adjusted profit for the period attributable to shareholders in SalMar ASA 869 176 2,202 750 1,649 Average no. of shares outstanding (diluted) in the period (1,000 shares) 135.7 134.6 135.7 133.8 134.2 Adjusted earnings per share 6.41 1.31 16.23 5.61 12.29 ¹) The adjustments made to the profit for the period attributable to shareholders in SalMar ASA in the table above, are inclusive of non-controlling interest. ²) Calculated tax rate 22% for onerous contracts, fair value adjustment and fair value adjustment included in cost of goods sold due to business combination, and the calculated change in deferred resource rent tax on the biomass has been added. SalMar ASA www.salmar.no Page 26