Slide 1: Q2 2026 Presentation
25 AUGUST 2026 Q2 2026 Presentation FRODE ARNTSEN CEO ULRIK STEINVIK CFO
Slide 2: Agenda
Q2 2026 Agenda Highlights Q2 2026 Operational Update Financial Update Strategic Update Outlook
Slide 3: Biological KPI's continue at record levels so far in 2026
Biological KPI’s continue at record levels so far in 2026 YTD mortality - individuals Low mortality YTD Jul 26 YTD Jul 26 -47% -39% vs. 2025 vs. avg 10Y Monthly relative growth Strong growth Improvements driven by: • Genetics & smolt quality YTD Jul 26 YTD Jul 26 • Vaccines +33% +12% vs. 2025 • Prod
Slide 4: Highlights
Highlights Harvest volume (1,000 tons gw) Group Norway1 • Record high Q2 harvest volume 81.8 Δ QoQ Δ YoY 71.5 Δ QoQ Δ YoY • Strong biological performance in the period +21.5 +17.3 +15.3 +17.0 • Improved profitability from Sales & Industry • Successful completion of harvest from Ocean Farm 1 Operatio
Slide 5: Operational Update
Q2 2026 Operational Update
Slide 6: Farming Central Norway
Farming Central Norway Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 2,707 2,115 5,727 3,700 • Strong biological performance Sales revenue salmon (NOKm) 2,692 2,085 5,691 3,647 – Record high survival rates, growth and superior share Operational EBIT (NOKm) 426 7 1,495 275 – Maj
Slide 7: Farming Northern Norway
Farming Northern Norway Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 2,199 1,325 3,875 2,944 • Strong biological performance Sales revenue salmon (NOKm) 2,199 1,315 3,875 2,881 – Record high survival rates, growth and superior share Operational EBIT (NOKm) 632 288 1,276 845 –
Slide 8: SalMar Ocean
SalMar Ocean Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 362 427 391 512 • Harvest from Ocean Farm 1 completed in May Operational EBITDA (NOKm) 75 35 78 32 – Strong biological performance with low mortality, strong growth and Operational EBIT (NOKm) 45 -75 23 -94 no sea lice
Slide 9: Sales & Industry
Sales & Industry Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 7,482 6,081 13,838 11,279 • Increased capacity utilization of facilities Operational EBIT (NOKm) 219 448 89 539 – Improved operational metrics following upgrade at main processing Operational EBIT-margin (%) 2.9 % 7
Slide 10: Icelandic Salmon
Icelandic Salmon Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 435 291 740 413 • Record high Q2 harvest volume Operational EBIT (NOKm) -35 -97 -37 -132 • Good price achievement in the period • Results affected by high cost level Harvest volume (tgw) 5.5 4.0 9.2 5.1 – Due to bio
Slide 11: Scottish Sea Farms
Scottish Sea Farms1 Key Results Q2 2026 Q2 2025 H1 2026 H1 2025 Operating income (NOKm) 758 1,036 1,333 758 • Low harvest volume in the period Operational EBIT (NOKm) 8 -28 16 8 • Low volume affecting cost level in value chain Harvest volume (tgw) 8.1 11.6 13.5 8.1 Op.EBIT/kg (NOK) 1.0 -2.4 1.2 1.0
Slide 12: Financial Update
Q2 2026 Financial Update
Slide 13: Group Profit & Loss
Group operational EBIT - QoQ -276 Group Profit & Loss • Decrease in operational EBIT QoQ driven by lower market prices Norway – Higher volume and stable cost level in value chain Group P&L Comments related to Group P&L NOK million Q2 2026 Q1 2026 ΔQoQ% H1 2026 H1 2025 ΔYoY% Operating revenues 7,612
Slide 14: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD / EBITDA • Stable total assets QoQ • Equity ratio decreased QoQ 57,025 34.5% 19,140 2.6 Δ QoQ Δ YoY Δ QoQ Δ YoY Δ QoQ Δ YoY Δ QoQ Δ YoY – Dividend of 10 NOK/share approved in June +124 +1,317 -2.1% +1.6% -1,145 -954 -0.5 -1.
Slide 15: Net interest bearing debt
Net interest bearing debt Change in NIBD - QoQ • Cash flow from operations impacted by -1,168 working capital • Net investments NOK 472 million – Net other investments** NOK -20 million – Capex NOK 492 million – Conversion development licenses NOK 130 million – Farming NOK 226 million – Sales & Indu
Slide 16: Sustainable and flexible financing
Sustainable and flexible financing Overview Maturity profile • Succesfull issuance of new green bonds in June credit facilities1 long-term facilities1 – NOK 2,750 million 3-year bonds, NIBOR3M+88bps – Partial redemption of NOK 517 million for bond with maturity in January 2027 • Robust access to cre
Slide 17: Cost level decreasing
Cost/kg standing biomass in Norway Cost level decreasing -4 % -8 % • Reduction in cost level driven by: – ~1/3 feed price and feed strategy – ~2/3 other factors – Improved biological performance – Optimization of operational structure – Improved efficiency • Raw material prices for feed expected to
Slide 18: Strategic Update
Q2 2026 Strategic Update
Slide 19: Agreement to acquire 70% of the shares in Måsøval
Agreement to acquire 70% of the shares in Måsøval Ownership structure Måsøval Heimstø AS Others • SalMar ASA has entered into an agreement with Heimstø AS to acquire Heimstø's shares in Måsøval AS, ~70% ~30% representing approximately 70% of the share capital of the company. • Completion of the tran
Slide 20: Strong industrial rationale in core area for SalMar
Strong industrial rationale in core area for SalMar • Måsøval operating in two of SalMars core areas Overview value chain in production area 5-7, SalMar and Måsøval production area 5 and 6 • Overlapping activities across the value chain Smolt PA7 • Catalyst for further sustainable growth in local Fa
Slide 21: Outlook
Q2 2026 Outlook
Slide 22: Volume guiding 2026 increased with 20,000 tons
Volume guiding 2026 increased with 20,000 tons +18% +8% NORWAY & 2026E: 307,000 tons ∆ previous guiding 2026E: +20,000 tons / +7% OCEAN1 ∆2025: +35,300 tons / +13% 2026E: 21,000 tons ICELAND2 ∆ previous guiding 2026E: Unchanged ∆2025: +8,300 tons / +66% 2026E: 43,000 tons Including stated potential
Slide 23: Outlook
Outlook Guiding Q3 2026 FY 2026 • Good biological situation Δ Cost Δ Voume Contract Contract Volume QoQ1 YoY2 share3 share3 • Expect slightly lower cost level1 and significantly higher Slightly Significantly volume2 in Q3 26 Norway ~25% 302,000 ~35% lower higher Central Significantly • FY 2026 volum
Slide 24: 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 Q3 2026 presentation – 3 November 2026 – Oslo Tel: +47 936 30 449 Q4 2026 presentation – 16 February 2027 – Oslo Email: hakon.husby@salmar.no Annual Report 2026
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