Slide 1: Q1 2026 Presentation
2 0 M AY 2 0 2 6 Q1 2026 Presentation FRODE ARNTSEN CEO ULRIK STEINVIK CFO
Slide 2: Agenda
Q1 2026 Agenda Highlights Q1 2026 Operational Update Financial Update Strategic Update Outlook
Slide 3: Highlights
Highlights Harvest volume (1,000 tons gw) Group Norway1 • Strong biological performance in the period 60.3 Δ QoQ Δ YoY 56.3 Δ QoQ Δ YoY • Profitability from Sales & Industry affected by upgrade at -23.8 +17.6 -24.0 +15.9 InnovaMar facility • Conversion of development licenses at Arctic Offshore Farm
Slide 4: Operational Update
Q1 2026 Operational Update
Slide 5: Farming Central Norway
Farming Central Norway Key Results Q1 2026 Q1 2025 Operating income (NOKm) 3,020 1,585 • Strong biological performance in the period Sales revenue salmon (NOKm) 2,999 1,563 – Harvested from autumn 2024 and spring 2025 generation Operational EBIT (NOKm) 1,069 268 • Positive cost development Harvest v
Slide 6: Farming Northern Norway
Farming Northern Norway Key Results Q1 2026 Q1 2025 Operating income (NOKm) 1,676 1,619 • Strong biological performance in the period Sales revenue salmon (NOKm) 1,676 1,566 – Harvested from spring 2024 and autumn 2024 generation Operational EBIT (NOKm) 644 557 • Cost level influenced by lower volum
Slide 7: SalMar Ocean
SalMar Ocean Key Results Q1 2026 Q1 2025 Operating income (NOKm) 29 85 • Strong biological performance from production cycle in Operational EBITDA (NOKm) 3 -3 Ocean Farm 1 Operational EBIT (NOKm) -22 -19 – Harvest started late Q1 2026 – Remaining volume to be harvested in Q2 2026 Harvest volume (tgw
Slide 8: Sales & Industry
Sales & Industry Key Results Q1 2026 Q1 2025 Operating income (NOKm) 6,357 5,197 • Low capacity utilization at facilities due to seasonality and upgrade Operational EBIT (NOKm) -131 91 at main processing facility InnovaMar Operational EBIT-margin (%) -2.1 % 1.8 % – Affecting both cost in value chain
Slide 9: Icelandic Salmon
Icelandic Salmon Key Results Q1 2026 Q1 2025 Operating income (NOKm) 305 122 • Continued harvest from 2024 generation Operational EBIT (NOKm) -2 -35 – Cost and price achievement affected by accelerated harvest from one site with low average weight due to biological challenges Harvest volume (tgw) 3.
Slide 10: Scottish Sea Farms
Scottish Sea Farms1 Key Results Q1 2026 Q1 2025 Operating income (NOKm) 575 900 • Low harvest volume in the period Operational EBIT (NOKm) 7 77 • High cost level affected by Harvest volume (tgw) 5.4 8.4 – Scale effects due to low volume Op.EBIT/kg (NOK) 1.3 9.2 – High cost of harvested biomass Fair
Slide 11: Financial Update
Q1 2026 Financial Update
Slide 12: Group Profit & Loss
Group operational EBIT - QoQ -322 Group Profit & Loss • Decrease in operational EBIT QoQ driven by lower volume Norway – Price achievement increased and cost in value chain stable Group P&L NOK million Q1 2026 Q4 2025 ΔQoQ% Q1 2026 Q1 2025 ΔYoY% Operating revenues 6,501 8,176 -20 % 6,501 5,193 25 %
Slide 13: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD / EBITDA • Equity ratio increased • NIBD and leverage decreased 56,901 36.6% 20,285 3.1 Δ QoQ Δ YoY Δ QoQ Δ YoY Δ QoQ Δ YoY Δ QoQ Δ YoY -1,045 +2,162 +1.8% -1.7% -562 -74 -0.5 -0.1 • Higher standing biomass with lower cost Y
Slide 14: Net interest bearing debt
Net interest bearing debt Change in NIBD - QoQ • Cash flow from operations impacted by reduction of trade creditors -586 • Net investments NOK 256 million – Net other investments** NOK -22 million – Capex NOK 278 million – Farming NOK 151 million – Sales & Industry NOK 95 million – Smolt NOK 26 mill
Slide 15: Strategic Update
Q1 2026 Strategic Update
Slide 16: Biological KPI's at record levels so far in 2026
Biological KPI’s at record levels so far in 2026 Low mortality High superior share YTD mortality SalMar Norway YTD superior share SalMar Norway YTD Apr 26 YTD Apr 26 YTD Apr 26 YTD Apr 26 -52% -48% vs. 2025 +10pp. +30pp. vs. 2025 vs. avg 10Y vs. avg 10Y Strong growth High average weight Monthly rela
Slide 17: Continuously implementing improvements across the value chain
Continuously implementing improvements across the value chain Breeding Farming technology Vaccines programs Feed Submerged Offshore Traditional Sea lice management Hybrid well boats Harvesting & VAP Semi-closed Closed What we do today we do better than yesterday 18 *) Selected improvement areas
Slide 18: Rapid technological development within AI for aquaculture
Rapid technological development within AI for aquaculture • Strategic collaboration between Tidal and SalMar to accelerate AI for sustainable aquaculture • Key objectives: – Deploying robotic AI systems at scale – Optimization with autonomous feeding – Validation of in-pen lice mitigation – AI acros
Slide 19: Outlook
Q1 2026 Outlook
Slide 20: Volume guiding 2026 increased with 12,000 tons
Volume guiding 2026 increased with 12,000 tons +15% NORWAY & 2026E: 287,000 tons OCEAN1 ∆ previous guiding 2026E: +12,000 tons / +4% ICELAND2 2026E: 21,000 tons ∆ previous guiding 2026E: Unchanged UK3 2026E: 43,000 tons ∆ previous guiding 2026E: Unchanged ΔYoY +5% +4% +14% +7% +26% -5% +19% +10% Nor
Slide 21: Outlook
Outlook Guiding Q2 2026 FY 2026 • Good biological situation Δ Cost Δ Voume Contract Contract Volume QoQ1 YoY2 share3 share3 • Expect similar cost level1 and higher volume2 in Q2 26 Same Norway Higher ~37% 282,000 ~33% level • FY volume guidance increased with 12,000 tons to 330,000 tons Central Slig
Slide 22: Thank you for your attention
Thank you for your attention For more information, please visit www.salmar.no INVESTOR CONTACT: FINANCIAL CALENDAR: Håkon Husby, Head of IR Annual General Meeting – 23 June 2026 – Virtual Tel: +47 936 30 449 Q2 2026 presentation – 25 August 2026 – Oslo Email: hakon.husby@salmar.no Q3 2026 presentati
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