Slide 1: Q4 2025 Presentation
10 FEBRUARY 2026 Q4 2025 Presentation CEO FRODE ARNTSEN CFO ULRIK STEINVIK
Slide 2: Agenda
Q 4 2 0 2 5 P R E S E N TAT I O N Agenda Highlights FY & Q4 2025 Operational Update Financial Update Outlook 2
Slide 3: Highlights FY 2025
Highlights FY 2025 Harvest volume (1,000 tons gw) • High supply growth affected market prices and financial results Group incl. JV Group Norway1 Norway & Ocean 300.9 Δ YoY 284.5 Δ YoY 264.6 Δ YoY • Record-high harvest volume and strong biological performance, +48.9 +52.7 +51.4 especially from Northe
Slide 4: Key ESG KPIs moving in the right direction
Key ESG KPIs moving in the right direction And SalMar is ranked as one of the worlds most sustainable corporations 2024 2025 SalMar the highest-ranked Norwegian company and Fish Welfare #1 globally within food & beverage production Survival rate at sea (GSI) 93% 95% Climate GHG Scope 1+2+3 Intensity
Slide 5: Highlights Q4 2025
Highlights Q4 2025 Harvest volume (1,000 tons gw) Group Norway1 • Reduced cost level 84.1 Δ QoQ Δ YoY 80.3 Δ QoQ Δ YoY • Farming segments in Norway with continued good operational and -9.2 +10.3 -9.2 +12.9 biological performance • Reduced profitability from Sales & Industry Operational EBIT/kg (NOK)
Slide 6: Operational Update
Q4 2025 Operational Update
Slide 7: Farming Central Norway
Farming Central Norway Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 3,359 3,149 10,042 11,323 • Good biological performance in the period Sales revenue salmon (NOKm) 3,339 3,112 9,838 11,145 – Harvested from autumn 2024 and spring 2025 Operational EBIT (NOKm) 764 622 918 3,402
Slide 8: Farming Northern Norway
Farming Northern Norway Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 2,841 2,347 8,418 6,495 • Strong biological performance in the period Sales revenue salmon (NOKm) 2,824 2,257 8,267 6,293 – Continued harvest of spring 2024 generation and started harvest Operational EBIT (NO
Slide 9: SalMar Ocean
SalMar Ocean Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 0 0 509 573 • Strong biological performance from production cycle in Operational EBITDA (NOKm) -11 -11 12 28 Ocean Farm 1 Operational EBIT (NOKm) -40 -12 -170 -77 Outlook Harvest volume (tgw) 0.0 0.0 7.2 6.9 • Applied f
Slide 10: Sales & Industry
Sales & Industry Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 7,921 7,202 26,913 25,661 • Continued good capacity utilization of harvesting facilities Operational EBIT (NOKm) -49 131 1,024 468 • Profitability from sales and value-added products reduced Operational EBIT-margin
Slide 11: Icelandic Salmon
Icelandic Salmon Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 345 586 1,054 1,182 • Positive cost development driven by improved biological Operational EBIT (NOKm) 31 16 -212 -69 performance from 2024 generation – 2023 generation finished early in the period Harvest volume (tg
Slide 12: Scottish Sea Farms
Scottish Sea Farms1 Key Results Q4 2025 Q4 2024 FY 2025 FY 2024 Operating income (NOKm) 575 965 3,191 4,403 • Low harvest volume in the period Operational EBIT (NOKm) -186 93 -128 555 • Weak results driven by biological challenges Harvest volume (tgw) 5.5 9.0 32.8 40.4 – Biological challenges at a n
Slide 13: Financial Update
Q4 2025 Financial Update
Slide 14: Group Profit & Loss
Group operational EBIT - QoQ +1,123 Group Profit & Loss • Increase in operational EBIT QoQ driven by increased market prices and reduced cost level Norway Comments related to Q4 2025 Group P&L NOK million Q4 2025 Q3 2025 ΔQoQ% FY 2025 FY 2024 ΔYoY% • Production tax decreased due to lower volume Oper
Slide 15: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD + Leasing • Higher standing biomass with lower cost level 20,848 22,549 both YoY & QoQ 57,946 34.8% Δ QoQ -803 +4,048 Δ YoY Δ QoQ -717 Δ YoY +4,056 • Equity ratio increased Δ QoQ +124 +3,512 Δ YoY Δ QoQ +1.5% -2.4% Δ YoY NIB
Slide 16: Net interest bearing debt
Net interest bearing debt Change in NIBD incl. leasing - QoQ • Cash flow from operations impacted by reduction -717 of trade creditors • Net investments NOK 355 million – Net other investments** NOK -9 million – Capex NOK 364 million – Smolt NOK 13 million – Farming NOK 259 million – Sales & Industr
Slide 17: Expect to invest NOK 1.1 billion in 2026
Investments in 2026 Expext to invest NOK 1.1 billion in 2026 • Expect to invest NOK 1,0 billion in Norway & Ocean – Maintenance investments NOK 0,7 billion (~2.5 NOK/kg) – Capacity investments NOK 0,3 billion – Closed net pens – Upgrade of harvesting & processing facilities ΔYoY -0.86 +0.07 -0.07 -0
Slide 18: Dividend for the financial year 2025
Dividend (NOK/share) Dividend for the financial year 2025 • Important for SalMar to provide shareholders a competitive return on invested capital • Positive outlook with record high biomass and lower cost level going into 2026 combined with lower capex level Share of EPS* (%) • Board of Directors pr
Slide 19: Outlook
Q4 2025 Outlook Children visiting our visitor center in Molde, Central Norway
Slide 20: 35 years of growth
35 years of growth 1991 2026 1st processing facility Municipalities in Norway 1 35 / 106 * Countries 1 9 Employees 8 3,750 Farming Sites 2 125 Smolt facilities 0 8 Processing facilities 1 4 SalMar founded Volume** (gwt) 0.2 318,000 8 Feb 1991 Meals produced 1 million 2,500 million Corresponds to day
Slide 21: Outlook
Outlook Guiding Q1 2026 FY 2026 • Good biological situation with record-high superior share Δ Cost Δ Voume Contract Contract Volume QoQ1 YoY1 share3 share3 • Expect slightly lower cost level and significantly higher Slightly Significantly volume in Q1 26 Norway ~50% 270,000 ~35% lower higher Central
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 Report 2025 – 27 March 2026 Q1 2026 presentation – 20 May 2026 – Oslo Annual General Meeting – 23 June 2026 Q2 2026 presentation – 25 August 2026 – Oslo Q3 2026 presentation –
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