Salmar Asa · OSL:SALM
Salmar Asa — Q2 2025 Earnings Presentation
24 slides from Salmar Asa's earnings presentation, Aug 21, 2025
Slide 1: Q2 2025 Presentation
21 AUGUST 2025 Q2 2025 Presentation CEO FRODE ARNTSEN CFO ULRIK STEINVIK
Slide 2: Agenda
Q 2 2 0 2 5 P R E S E N TAT I O N Agenda Highlights Q2 2025 Operational Update Financial Update Strategic Update Outlook 2
Slide 3: Highlights Q2 2025
Highlights Q2 2025 Harvest volume (1,000 tons gw) Group Norway1 • Strong biological performance and positive cost development in 64.5 Δ QoQ Δ YoY 54.5 Δ QoQ Δ YoY Northern Norway +21.8 +19.6 +14.1 +10.4 • Downgrades affecting price achievement in Central Norway • Completed harvest from both units in
Slide 4: Operational Update
Q2 2025 Operational Update
Slide 5: Farming Central Norway
Farming Central Norway Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 2,115 2,656 3,700 5,441 • Weak results driven by high share of downgrades affecting price Operational EBIT (NOKm) 7 1,110 275 2,296 achievement • Finished harvest from autumn 2023 and continued with spring 202
Slide 6: Farming Northern Norway
Farming Northern Norway Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 1,325 1,447 2,944 2,902 • Continued strong biological performance in the period Operational EBIT (NOKm) 288 508 845 984 • Continued harvest of the autumn 2023 generation and started harvest of spring 2024 gen
Slide 7: SalMar Ocean
SalMar Ocean Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 427 0 512 427 • Harvest from both semi-offshore units completed in Q2 25 Operational EBITDA (NOKm) 35 -23 32 46 • Volume harvested early in the period Operational EBIT (NOKm) -75 -30 -94 -58 – Low average weight of fish
Slide 8: Sales & Industry
Sales & Industry Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 6,081 5,860 11,279 12,309 • Increased capacity utilization of harvesting facilities Operational EBIT (NOKm) 448 -90 539 -127 • 37% contract share1 with positive contribution Operational EBIT-margin (%) 7.4 % -1.5 %
Slide 9: Icelandic Salmon
Icelandic Salmon Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 291 113 413 427 • Increased harvest volume to mitigate biological challenges Operational EBIT (NOKm) -97 -43 -132 -49 – Most of the volume harvested late in the period • Results still affected by high cost in the va
Slide 10: Scottish Sea Farms
Scottish Sea Farms1 Key Results Q2 2025 Q2 2024 H1 2025 H1 2024 Operating income (NOKm) 1,036 1,414 1,937 2,262 • Increase in harvest volume QoQ with good harvest weights Operational EBIT (NOKm) -28 234 49 372 • Results affected by market prices Harvest volume (tgw) 11.6 12.2 20.1 19.5 • Continued g
Slide 11: Financial Update
Q2 2025 Financial Update
Slide 12: Group Profit & Loss
Group operational EBIT - QoQ Group Profit & Loss -274 • Decrease in operational EBIT QoQ driven by lower market prices Norway Comments related to Q2 2025 Group P&L NOK million Q2 2025 Q1 2025 ΔQoQ% H1 2025 H1 2024 ΔYoY% • Production tax increased due to higher Operating revenues 6,175 5,193 19 % 11,
Slide 13: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD + Leasing • Total assets increased due to strong growth 20,094 21,715 – Higher standing biomass YoY & QoQ 55,708 32.8% Δ QoQ -266 +3,302 Δ YoY Δ QoQ -261 Δ YoY +3,069 Δ QoQ Δ YoY Δ QoQ Δ YoY • Equity ratio decreased after ap
Slide 14: Net interest bearing debt
Net interest bearing debt Change in NIBD incl. leasing - QoQ • Cash flow from operations impacted by increase of trade payables -261 • Net investments NOK 560 million – Net other investments* NOK -11 million – Capex NOK 571 million – Smolt NOK 19 million – Farming NOK 461 million – Sales & Industry
Slide 15: Merger with Wilsgård completed in August 2025
Merger with Wilsgård Northern Norway completed in August 2025 Production area 10-13 Overview licenses (MAB tonnes) Wilsgård SalMar Wilsgård Total ∆ PO10 15,723 2,922 18,645 19 % • Operations in one of SalMars core areas PO11 17,746 2,922 20,668 16 % – 5,844 MAB tonnes in PO10 and PO11 PO12 34,763 -
Slide 16: Strategic Update
Q2 2025 Strategic Update
Slide 17: SalMar the driver of the increased biomass in sea in Norway
SalMar the driver of the increased biomass in sea in Norway Giving a solid foundation for further growth Number of fish in sea in Norway Biomass in sea in Norway -3% +6% 17 Figures from Norway, Number of fish (salmon) in sea in million, biomass (salmon) in thousand tonnes, source: Norwegian Director
Slide 18: Cost level of biomass is decreasing, and superior share has increased
Cost level of biomass is decreasing, and superior share has increased • Cost reduction driven by • Superior share is back to normal levels from Q3 25 – Biological performance – Recovery during the summer after a weak first half – Reduced cost on input factors – Superior share so far in the month of
Slide 19: Volume guidance FY 2025 increased -> further growth potential in all regions
+27% Volume guidance FY 2025 increased -> further growth potential in all regions 2025E: 262,000 tons NORWAY1 ∆ Guiding 2025E: +6,000 tons Central Norway: 0 Northern Norway: +6,000 tons OCEAN2 2025E: 7,200 tons ∆ Guiding 2025E: +0,200 tons ICELAND3 2025E: 13,000 tons ∆ Guiding 2025E: -2,000 tons UK4
Slide 20: Continued strong demand for sustainable proteins
USA South Africa Continued strong demand for sustainable proteins • Salmon is not considered expensive compared to other proteins • Positive signals from customers in all markets despite global uncertainty – ongoing promotions in all key markets • Very good interest for new contracts Vietnam China –
Slide 21: Outlook
Q2 2025 Outlook Children visiting our visitor center in Molde, Central Norway
Slide 22: Outlook
Outlook Guiding Q3 2025 FY 2025 • Expect lower global supply growth rest of 2025 compared to Δ Cost Δ Voume Contract Contract growth experienced in the first half of 2025 Volume5 QoQ1 YoY1 share3 share3 Significantly Norway Same level ~22% 262,000 ~30% higher Significantly • SalMar well equipped for
Slide 23: Thank you for your attention
Thank you for your attention Passion for Salmon For more information, please visit www.salmar.no FINANCIAL CALENDAR: Q3 2025 presentation – 6 November 2025 – Oslo Q4 2025 presentation – 10 February 2026 – Oslo Annual Report 2025 – 27 March 2026 Q1 2026 presentation – 20 May 2026 – Oslo Annual Genera
Slide 24: 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