Slide 1: Q4 2024 Presentation
18 FEBRUARY 2025 Q4 2024 Presentation CEO FRODE ARNTSEN CFO ULRIK STEINVIK
Slide 2: Agenda
Q 4 2 0 2 4 P R E S E N TAT I O N Agenda Highlights FY & Q4 2024 Operational Update Financial Update Strategic Update Outlook 2
Slide 3: 2024 a challenging year
2024 a challenging year Harvest volume (1,000 tons gw) Group Norway1 Norway 231.8 Δ YoY 213.2 Δ YoY • Volume and results impacted by environmental challenges -17.8 -17.6 • Operational set-up in value chain showcasing its strength • Improved biological performance at the end of the year Operational E
Slide 4: Highlights Q4 2024
Highlights Q4 2024 Harvest volume (1,000 tons gw) Group Norway1 • Farming segments in Norway with improved performance 73.8 Δ QoQ Δ YoY 67.3 Δ QoQ Δ YoY throughout the period +13.5 -9.3 +10.9 -6.3 • Set-up in Sales & Industry continue to showcase strength but financial results reduced due to lower c
Slide 5: Operational Update
Q4 2024 Operational Update Farming site Humulen in Central Norway
Slide 6: Farming Central Norway
Farming Central Norway Key Results Q4 2024 Q4 2023 FY 2024 FY 2023 Operating income (NOKm) 3,149 3,424 11,323 12,419 • Results affected by early harvest of fish Operational EBIT (NOKm) 622 1,178 3,402 4,597 – Continued harvest from autumn 2023 generation and started harvest from spring 2024 generati
Slide 7: Farming Northern Norway
Farming Northern Norway Key Results Q4 2024 Q4 2023 FY 2024 FY 2023 Operating income (NOKm) 2,347 2,436 6,495 7,894 • Significantly improved results compared to earlier in 2024 Operational EBIT (NOKm) 773 840 1,947 3,402 – Continued harvest of the spring 2023 generation – Strong biological developme
Slide 8: Sales & Industry
Sales & Industry Key Results Q4 2024 Q4 2023 FY 2024 FY 2023 Operating income (NOKm) 7,202 7,617 25,661 27,094 • Flexible operational set-up optimizing handling of volume in Operational EBIT (NOKm) 131 168 468 256 the period Operational EBIT-margin (%) 1.8 % 2.2 % 1.8 % 0.9 % • Strong capacity utili
Slide 9: SalMar Aker Ocean
SalMar Aker Ocean Key Results Q4 2024 Q4 2023 FY 2024 FY 2023 Operating income (NOKm) 0 173 573 173 • Both semi-offshore units in operation Operational EBIT (NOKm) -12 3 -77 -60 – 2nd production cycle in Arctic Offshore Farming started in Q3 24 – 4th production cycle in Ocean Farm 1 started in Q2 24
Slide 10: Icelandic Salmon
Icelandic Salmon Key Results Q4 2024 Q4 2023 FY 2024 FY 2023 Operating income (NOKm) 586 605 1,182 1,871 • Improved results with stable biological situation Operational EBIT (NOKm) 16 26 -69 230 – Results still affected by high cost base – Harvest volume at the end of the period reduced to optimize
Slide 11: Scottish Sea Farms
Scottish Sea Farms1 Key Results Q4 2024 Q4 2023 FY 2024 FY 2023 Operating income (NOKm) 965 497 4,403 2,561 • Significant increase in profitability in 2024 Operational EBIT (NOKm) 93 -47 555 -304 • Continued strong performance in Q4 24 Harvest volume (tgw) 9.0 4.6 40.4 24.9 – Significant increase in
Slide 12: Financial Update
Q4 2024 Financial Update Farming site Setevika in Central Norway
Slide 13: Group Profit & Loss
Group operational EBIT - QoQ +448 Group Profit & Loss • Increase in operational EBIT QoQ driven by increased volume and improved price achievement Norway Group P&L Comments related to FY 2024 NOK million Q4 2024 Q3 2024 ΔQoQ% FY 2024 FY 2023 ΔYoY% • Production tax increased due to higher fee Operati
Slide 14: Group Balance Sheet
Group Balance Sheet Assets Equity ratio • Total assets decreased following sale of Osan Settefisk AS • Higher standing biomass YoY – Both number of fish and biomass • Equity ratio increased to 37% • Net interest-bearing debt (NIBD) including Equity & liabilities NIBD incl. lease liabilities lease li
Slide 15: Net interest bearing debt
Net interest bearing debt Change in NIBD incl. leasing - QoQ • Sale of Osan Settefisk AS in December 2024, net effect NOK -648 million -578 • Cash flow from operations impacted by taxes paid • Net investments NOK 531 million – Net other investments* NOK 36 million – Capex NOK 488 million – Farming N
Slide 16: Sustainable and flexible financing
Long-term facilities2 Sustainable and flexible Overview Maturity profile financing Green Bond NOK 7.85 bn • Succesful issuance of NOK 4.35 billion in senior K6 n unsecured green bonds in January 100% NO Loa NO bn RC 0 bn – 5 year – NOK 3.25 billion – NIBOR3M + 115 bps K1 m Sustainable & F Ter – 7 ye
Slide 17: Dividend for the financial year 2024
Dividend (NOK/share) Dividend for the financial year 2024 • Board of Directors propose a cash dividend of NOK 22.00 per share • Results in 2024 shows that SalMar has maintained a solid financial position despite a challenging year operationally Share of EPS* (%) • Important for SalMar to provide sha
Slide 18: Strategic Update
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Slide 19: Investing in value chain to improve fish welfare and reduce cost
Slide presented in Q3 24 presentation Investing in value chain to improve fish welfare and reduce cost • Largest portion of investments in 2025 related to fish welfare • Effects – Reduced amount of treatments – Reduced mortality – Improved quality Sites with preventive technology in Norway – Reduced
Slide 20: Expect to invest NOK 1.9 billion in 2025
Investments in 2025 Expect to invest NOK 1.9 billion in 2025 • Expect to invest NOK 1,7 billion in Norway – Maintenance investments NOK 0,7 billion (~3,0 NOK/kg) – Capacity investments NOK 1,0 billion – Investments to improve fish welfare and reduce cost – Upgrade of harvesting & VAP capacity ΔYoY -
Slide 21: Strengthening our presence in Northern Norway
MAB capacity in Northern Norway1 tonnes MAB Strengthening our presence SalMar Wilsgård Total ∆ PO10 15,723 2,922 18,645 19 % in Northern Norway PO11 PO12 17,746 34,763 2,922 - 20,668 16 % 34,763 0 % PO13 10,167 - 10,167 0 % Total 78,399 5,844 84,243 7 % • Wilsgård AS with operations in PO10 and PO11
Slide 22: Outlook
Q4 2024 Outlook Children visiting our visitor center in Molde, Central Norway
Slide 23: Outlook
Outlook Guiding Q1 2025 FY 2025 • Expect low global supply growth in 2025 Δ Cost Δ Voume Contract Contract Volume5 – Continued good demand for sustainable proteins QoQ1 YoY1 share3 share3 Same Significantly Norway ~45% 254,000 ~25% level Lower Central Same Significantly • SalMar well equipped for fu
Slide 24: Thank you for your attention
Thank you for your attention Passion for Salmon For more information, please visit www.salmar.no FINANCIAL CALENDAR: Annual Report 2024 – 25 April 2025 Q1 2025 presentation – 20 May 2025 – Oslo Annual General Meeting – 18 June 2025 Q2 2025 presentation – 21 August 2025 – Trondheim Q3 2025 presentati
Slide 25: 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