Slide 1: Q1 2025 Presentation
2 0 M AY 2 0 2 5 Q1 2025 Presentation CEO FRODE ARNTSEN CFO ULRIK STEINVIK
Slide 2: Agenda
Q 1 2 0 2 5 P R E S E N TAT I O N Agenda Highlights Q1 2025 Operational Update Financial Update Strategic Update Outlook 2
Slide 3: Highlights Q1 2025
Highlights Q1 2025 Harvest volume (1,000 tons gw) Group Norway1 • Results from farming segments affected by low price achievement 42.7 Δ QoQ Δ YoY 40.4 Δ QoQ Δ YoY – Late harvest in the period -31.1 -10.2 -27.0 -5.0 – High share of downgrades in Central Norway – Low average weight Operational EBIT/k
Slide 4: Operational Update
Q1 2025 Operational Update
Slide 5: Farming Central Norway
Farming Central Norway Key Results Q1 2025 Q1 2024 Operating income (NOKm) 1,585 2,786 • Focus to build biomass in the quarter resulting in low harvest volume Operational EBIT (NOKm) 268 1,186 – Continued harvest from autumn 2023 and spring 2024 generation • Results affected by weak price achievemen
Slide 6: Farming Northern Norway
Farming Northern Norway Key Results Q1 2025 Q1 2024 Operating income (NOKm) 1,619 1,455 • Strong biological performance in the period Operational EBIT (NOKm) 557 476 • Continued harvest of the spring 2023 generation and started harvest of autumn 2023 generation Harvest volume (tgw) 19.3 17.5 – Sligh
Slide 7: SalMar Ocean
SalMar Ocean Key Results Q1 2025 Q1 2024 Operating income (NOKm) 85 428 • SalMar Ocean wholly owned subsidiary of SalMar ASA Operational EBITDA (NOKm) -3 69 – Offshore aquaculture offers promising growth opportunities Operational EBIT (NOKm) -19 -28 – Technological development and opportunities more
Slide 8: Sales & Industry
Sales & Industry Key Results Q1 2025 Q1 2024 Operating income (NOKm) 5,197 6,449 • Low capacity utilization of harvesting facilities in the period due Operational EBIT (NOKm) 91 -37 to seasonally lower volume Operational EBIT-margin (%) 1.8 % -0.6 % • Large volume variations in the period affecting
Slide 9: Icelandic Salmon
Icelandic Salmon Key Results Q1 2025 Q1 2024 Operating income (NOKm) 122 314 • As expected, low volume harvested Operational EBIT (NOKm) -35 -6 – Focus to optimize biological production in 2025 • Results still affected by high cost base Harvest volume (tgw) 1.1 2.8 – Extraordinary mortality in the p
Slide 10: Scottish Sea Farms
Scottish Sea Farms1 Key Results Q1 2025 Q1 2024 Operating income (NOKm) 900 848 • Increase in harvest volume YoY with good harvest weights Operational EBIT (NOKm) 77 138 • Strong biological development, with next generation of fish Harvest volume (tgw) 8.4 7.3 performing well in all regions Op.EBIT/
Slide 11: Financial Update
Q1 2025 Financial Update
Slide 12: Group Profit & Loss
Group operational EBIT - QoQ -691 Group Profit & Loss • Decrease in operational EBIT QoQ driven by lower volume Norway Comments related to Q1 2025 Group P&L NOK million Q1 2025 Q4 2024 ΔQoQ% Q1 2025 Q1 2024 ΔYoY% • Production tax decreased driven by lower Operating revenues 5,193 7,876 -34 % 5,193 6
Slide 13: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD + Leasing • Total assets increased following acquisition 20,359 21,976 of controlling interest in AS Knutshaugfisk 54,740 38.3% Δ QoQ +3,560 +7,774 Δ YoY Δ QoQ Δ YoY +3,483 +7,532 • Equity ratio increased to 38% Δ QoQ +306 +
Slide 14: Net interest bearing debt
Net interest bearing debt Change in NIBD incl. leasing - QoQ • Aquisition of controlling interest in AS Knutshaugfisk, NIBD effect NOK 212 million +3 483 • Cash flow from operations impacted by taxes paid and working capital • Net investments NOK 522 million – Net other investments* NOK 38 million –
Slide 15: Sustainable and flexible financing
Overview credit facilities1 Sustainable and flexible financing • Succesful issuance of NOK 4.35 billion in senior unsecured green bonds in January 2025 • Extended NOK 1 billion commercial paper in March 2025 to September 2025 100% • In addition access to Maturity profile long-term facilities1 Sustai
Slide 16: Strengthening our presence in Norway
Strengthening our presence Northern Norway Wilsgård in Norway Production area 10-13 Overview licenses (MAB tonnes) SalMar Wilsgård Total ∆ PO10 15,723 2,922 18,645 19 % • Proposed merger with Wilsgård AS PO11 17,746 2,922 20,668 16 % – 5,844 MAB tonnes in PO10 and PO11 PO12 34,763 - 34,763 0 % – Ope
Slide 17: Strategic Update
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Slide 18: Salmon is not considered expensive compared to other proteins
Salmon is not considered expensive compared to other proteins Barcelona Seafood Expo 2025 Salmon-to-Meat Price Ratio Salmon more expensive than meat Average ratio Meat more expensive than salmon 18
Slide 19: Continued strong demand for sustainable proteins
Continued strong demand for sustainable proteins Animal Welfare “SalMar is the best company in the We work systematically to create an environment in which the salmon Survival rate bFCR global food and beverages sector GSI thrives and remains healthy 1.14 for sustainable growth in 2025” 93% - TIME M
Slide 20: Outlook
Q1 2025 Outlook Children visiting our visitor center in Molde, Central Norway
Slide 21: Outlook
Outlook Guiding Q2 2025 FY 2025 • Continued strong demand for sustainable proteins Δ Cost Δ Voume Contract Contract Volume5 – Expect lower global supply growth rest of 2025 compared to growth QoQ1 YoY1 share3 share3 experienced in the start of 2025 Norway Same level Slightly higher ~30% 256,000 ~25%
Slide 22: Thank you for your attention
Thank you for your attention Passion for Salmon For more information, please visit www.salmar.no FINANCIAL CALENDAR: Annual General Meeting – 18 June 2025 Q2 2025 presentation – 21 August 2025 – Trondheim Q3 2025 presentation – 6 November 2025 – Oslo INVESTOR CONTACT: Håkon Husby, Head of IR Tel: +4
Slide 23: Forward looking statements
Forward looking statements 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