Slide 1: Q3 2025 Presentation
6 NOVEMBER 2025 Q3 2025 Presentation CEO FRODE ARNTSEN CFO ULRIK STEINVIK
Slide 2: Agenda
Q 3 2 0 2 5 P R E S E N TAT I O N Agenda Highlights Q3 2025 Operational Update Financial Update Strategic Update Outlook 2
Slide 3: Highlights Q3 2025
Highlights Q3 2025 Harvest volume (1,000 tons gw) Group Norway1 • Record high harvest volume 93.2 Δ QoQ Δ YoY 89.4 Δ QoQ Δ YoY • Low market prices affecting profitability +28.8 +33.0 +34.9 +33.0 • Superior share back to normal levels • Strong biological performance from Northern Norway Operational E
Slide 4: Operational Update
Q3 2025 Operational Update
Slide 5: Farming Central Norway
Farming Central Norway Key Results YTD YTD Q3 2025 Q3 2024 2025 2024 Operating income (NOKm) 2,983 2,732 6,683 8,174 • Profitability affected by low market prices Sales revenue salmon (NOKm) 2,853 2,663 6,500 8,033 • Superior share back to normal levels Operational EBIT (NOKm) -121 483 154 2,780 • F
Slide 6: Farming Northern Norway
Farming Northern Norway Key Results YTD YTD Q3 2025 Q3 2024 2025 2024 Operating income (NOKm) 2,633 1,246 5,577 4,148 • Strong biological performance in the period Sales revenue salmon (NOKm) 2,562 1,178 5,443 4,036 – Finished harvest of autumn 2023 generation Operational EBIT (NOKm) 468 190 1,313 1
Slide 7: SalMar Ocean
SalMar Ocean Key Results YTD YTD Q3 2025 Q3 2024 2025 2024 Operating income (NOKm) -3 146 509 574 • New production cycle in Ocean Farm 1 started in August Operational EBITDA (NOKm) -8 -7 23 39 – Strong biological performance Operational EBIT (NOKm) -36 -7 -130 -65 Outlook Harvest volume (tgw) 0.0 2.
Slide 8: Sales & Industry
Sales & Industry Key Results YTD YTD Q3 2025 Q3 2024 2025 2024 • Strong capacity utilization of harvesting facilities Operating income (NOKm) 7,714 6,150 18,992 18,459 Operational EBIT (NOKm) 534 464 1,073 337 • 22% contract share1 with positive contribution Operational EBIT-margin (%) 6.9 % 7.5 % 5
Slide 9: Icelandic Salmon
Icelandic Salmon Key Results YTD YTD Q3 2025 Q3 2024 2025 2024 Operating income (NOKm) 296 169 709 596 • Results still affected by high cost on harvested biomass Operational EBIT (NOKm) -110 -35 -243 -84 – Continued harvest of 2023 generation • Extraordinary items of -3.2 MEUR affecting the results
Slide 10: Scottish Sea Farms
Scottish Sea Farms1 Key Results YTD YTD Q3 2025 Q3 2024 2025 2024 Operating income (NOKm) 679 1,176 2,616 3,438 • Decrease in harvest volume QoQ and YoY Operational EBIT (NOKm) 8 90 58 462 • Continued good biological development Harvest volume (tgw) 7.2 11.9 27.3 31.4 Op.EBIT/kg (NOK) 1.2 7.6 2.1 14
Slide 11: Financial Update
Q3 2025 Financial Update
Slide 12: Group Profit & Loss
Group operational EBIT - QoQ Group Profit & Loss +187 • Increase in operational EBIT QoQ driven by higher volume Norway • Low market prices in the period, but price achievement improved due to increased Group P&L superior share QoQ NOK million Q3 2025 Q2 2025 ΔQoQ% YTD 2025 YTD 2024 ΔYoY% Operating
Slide 13: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD + Leasing • Total assets increased following merger 21,650 23,266 with Wilsgård 57,822 33.2% Δ QoQ +1,557 +3,705 Δ YoY Δ QoQ Δ YoY +1,551 +3,547 • Higher standing biomass YoY & QoQ with Δ QoQ +2,115 +2,861 Δ YoY Δ QoQ +0.4%
Slide 14: Net interest bearing debt
Net interest bearing debt Change in NIBD incl. leasing - QoQ • Merger with Wilsgård +1,551 – NIBD effect NOK 143 million* • Cash flow from operations positively impacted by reduced cost on biomass • Net investments NOK 488 million – Net other investments** NOK -43 million – Capex NOK 531 million – S
Slide 15: Cost level decreasing
Cost difference old NRS sites vs. SalMar sites Cost level decreasing • Significant synergies realized following acquisition of NTS, NRS and SalmoNor – Materialized into reduced cost out of stock • Cost level of biomass continue to decline Ongrowth cost/kg in Norway1 – Reduction driven by: -8 % – Red
Slide 16: Strategic Update
Q3 2025 Strategic Update
Slide 17: Volume guiding 2026
Volume guiding 2026 +19% 2026E: 275,000 tons NORWAY & ∆ Guiding 2025E: +6,000 tons / +2% OCEAN1 Central Norway: 157 000 tons, +14’ tons / +10% Northern Norway: 113 000 tons, -6’ tons / -5% Ocean: 5,000 tons, -2’ tons / -30% ICELAND2 2026E: 21,000 tons ∆ Guiding 2025E: +8,000 tons / +62% UK3 2026E: 4
Slide 18: SalMar is a catalyst for technology development in the industry
SalMar is a catalyst for technology development in the industry Existing two closed units in production area 5 Predictability in framework conditions crucial for sustainable development • New environmental flexibility scheme for the Norwegian aquaculture industry – Key success factor for further dev
Slide 19: Outlook
Q3 2025 Outlook Children visiting our visitor center in Molde, Central Norway
Slide 20: Outlook
Outlook Guiding Q4 2025 FY 2025 FY 2026 • Expect limited global supply growth in 2026 Δ Cost Δ Voume Contract Volume Volume QoQ1 YoY1 share3 Significantly Norway Lower ~27% 262,000 270,000 • Continued strong demand for our products higher Central Slightly Lower 143,000 157,000 Norway higher Northern
Slide 21: Thank you for your attention
Thank you for your attention Passion for Salmon For more information, please visit www.salmar.no FINANCIAL CALENDAR: Q4 2025 presentation – 10 February 2026 – Oslo Annual Report 2025 – 27 March 2026 Q1 2026 presentation – 20 May 2026 – Oslo Annual General Meeting – 23 June 2026 Q2 2026 presentation
Slide 22: 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