SalMar ASA

Investor Presentation • May 14, 2024

1 4 M A Y 2 0 2 4

Q1 2024 Presentation

C E O F R O D E A R N T S E N

Highlights Q1 2024

• Results impacted by challenges in farming segments
  • Low superior share and average weight impacting farming segments in Norway
  • Flexible operational set-up in Sales & Industry handling volume from challenges in farming segments
• SalMar Aker Ocean with harvest from both semi-offshore projects
• Icelandic Salmon affected by biological challenges
• Improved results from Scottish Sea Farms
• Continued strong and robust financial position
• Guidance FY 24 kept unchanged

	Harvest volume (1,000 tons gw)
Group	Norway1
52.9	45.4
Δ QoQ Δ YoY	Δ QoQ Δ YoY
-30.2 +4.4	-28.3 +3.4
	Operational EBIT/kg (NOK)
Group	Norway1
28.6	34.1
Δ QoQ Δ YoY	Δ QoQ Δ YoY
+2.6 -10.2	+5.3 -7.0
	Operational EBIT (NOKm)
Group	Norway1
1,512	1,546
Δ QoQ Δ YoY	Δ QoQ Δ YoY
-646 -373	-575 -179

Q 1 2 0 2 4

Operational Update

Farming Central Norway Key Results

• Satisfactory results despite challenges

  • Continued harvest of autumn 2022 generation and started harvest from spring 2023 generation
  • One-off cost due to extreme weather events affecting result with ~1.5 NOK/kg

• Finish harvest of autumn 2022 and continue with spring 2023 generation

• Overall good biological status
• Expect slightly lower cost level in Q2 24 compared to Q1 24
• Expect lower volume in Q2 24 compared to Q2 23
• Guidance FY 2024 kept unchanged at 146,000 tonnes

	Q1 2024	Q1 2023
Operating income (NOKm)	2,786	2,326
Operational EBIT (NOKm)	1,186	1,109
Harvest volume (tgw)	27.8	22.2
EBIT/kg (NOK)	42.6	50.0

Farming Northern Norway Key Results

• Weak results due to impact from string jellyfish

  • Low average weight and low superior share impacting both cost and price achievement
  • One-off costs related to culling due to string jellyfish ~3 NOK/kg
  • Continued harvest from spring 2022 and started harvest from autumn 2022 generation

• Finish harvest from spring 2022 and continue with autumn 2022

• Still challenging biological status but improved since Q1 24
• Expect similar cost level in Q2 24 compared to Q1 24
• Expect slightly higher volume in Q2 24 compared to Q2 23
• Guidance FY 2024 kept unchanged at 91,000 tonnes

	Q1 2024	Q1 2023
Operating income (NOKm)	1,455	1,883
Operational EBIT (NOKm)	476	837
Harvest volume (tgw)	17.5	19.8
EBIT/kg (NOK)	27.1	42.3

Sales & Industry Key Results

• Reduced capacity utilization of facilities in value chain due to seasonality in volume
• Flexible operational set-up handling volume from challenges in farming segments
  • Peak VAP capacity not large enough to ensure optimal allocation of salmon
• Contracts¹ with negative contribution due to high spot prices
• Continued good price achievement from spot sales

Outlook

• Contract share currently around 48% for Q2 24 and 30% for FY 24

	Q1 2024	Q1 2023
Operating income (NOKm)	6,449	6,239
Operational EBIT (NOKm)	-37	-81
Operational EBIT-margin (%)	-0.6 %	-1.3 %

Icelandic Salmon Key Results

• Harvest volume decreased compared to last year

• Results affected by biological challenges

  • High cost of fish harvested
  • One-off costs of 3.6 MEUR / ~15 NOK/kg in the period

• Expect continued high cost level in Q2 24

• Expect higher volume in Q2 24 compared to Q2 23
• Guidance FY 2024 kept unchanged at 15,000 tonnes
• Awaiting final confirmation of additional licenses with 10,000 tons of MAB

	Q1 2024	Q1 2023
Operating income (NOKm)	314	765
Operational EBIT (NOKm)	-6	204
Harvest volume (tgw)	2.8	6.6
EBIT/kg (NOK)	-2.3	31.0

SalMar Aker Ocean Key Results

• Arctic Offshore Farming harvested in January
  • Impact from string jellyfish affecting price achievement
• Ocean Farm 1 harvested in March
  • Low capacity utilization affecting cost per kg

• Good biological performance from both projects gives confidence for further potential

• Guidance FY 2024 kept unchanged at 7,000 tonnes

• New smolt to be transferred in Q2/Q3 24

Key KPIs from production cycles
	AOF	OF1
Survival rate1	96%	93%	High survival rate
Sea lice treatments	0	1	Low sea lice levels
Smolt size	~2.0 kg	~0.5 kg	Strong growth and
Production time	~6 months	~10 months	short production time

Scottish Sea Farms¹ Key Results

• Increased harvest volume YoY and QoQ
• Improved biological status in all regions

• 45% of volume sold on contracts with negative contribution

• Good biological status in all regions

  • Increased harvest weight and reduced cost
• Guidance FY 2024 kept unchanged at 37,000 tonnes

	Q1 2024	Q1 2023
Operating income (NOKm)	848	506
Operational EBIT (NOKm)	138	9
Harvest volume (tgw)	7.3	5.2
EBIT/kg (NOK)	18.9	1.7
Fair value adjustments (NOKm)	10	-22
Profit after tax (NOKm)	66	-33
NIBD (NOKm)	3,015	2,391

Financial Update

Q 1 2 0 2 4

Group Profit & Loss

• Decrease in operational EBIT QoQ driven by lower volume
  • Price and cost achievement impacted by challenges

Comments related to Q1 2024

• Production tax in Norway increased to NOK 0.935 per kg from 2024
• Fair value adjustments* negative due to lower biomass in calculation
• Income from associates & JV positive due to improved results from Scottish Sea Farms
• Net financial items decreased due to lower debt
• Resource rent tax included

Group operational EBIT - QoQ

*) Includes onerous contracts and fair value adjustments

**) Adjusted for fair value adjustments and implementation effect resource rent tax, see notes in financial report for details

• Ongoing investments in the value chain progressing according to plan
• Lower standing biomass QoQ and YoY
• Equity ratio increased to 46%
• Net interest-bearing debt (NIBD) including lease liabilities decreased to NOK 14.4 billion
  • NIBD incl. lease/EBITDA at 1.6
  • NIBD/EBITDA at 1.4
• Available liquidity NOK 10.3 billion

Net interest bearing debt

• Cash flow from operations impacted by working capital
• Net investments NOK 429 million
  • Farming NOK 223 million
  • Smolt NOK 45 million
  • Sales & Industry NOK 73 million
  • Icelandic Salmon NOK 21 million
  • SalMar Aker Ocean NOK 17 million
  • Associates & JV's NOK 50 million
• Board of Directors proposes dividend of 35.00 NOK/share for 2023
  • Subject to approval at AGM June 6th with payment on or about June 20th

Change in NIBD incl. leasing - QoQ

All figures in NOK million

Strengthening our cost focus

• Strong strategic and operational focus
  • Corporate culture
  • Operational concept
  • Strategic framework
• Salmon farming is all about the details
  • New strategy period started
  • Optimizing the cost base and biological performance in all regions
  • Focus on the elements we can impact
• Realization of volume potential unchanged

Q 1 2 0 2 4

Strategic Update

Strenghtening our value chain

Improved

Vaccines

Fish Welfare Technology

Smolt VAP

Capacity

Sustainability in everything we do

18

For more details please see annual report for 2023 - https://www.salmar.no/en/sustainability/policies-and-publications/

Salmon Living Lab will be an innovation center for improving the salmon farming value chain

An innovation center for research and collaboration

Strong and close collaboration with Cargill

Received very strong interest in the initiative

Process to find Salmon Living Lab leader well underway

Already operating through existing facilities

Milestones will be communicated continuously

19

~500 MNOK initial investment Design illustration of

For more information: www.salmonlivinglab.no

Outlook

Q 1 2 0 2 4

Outlook

• Expect limited global supply growth in 2024
  • Continued good demand for sustainable proteins
• SalMar well equipped for further sustainable growth
  • Dedicated employees and strong corporate culture
  • Strong growth potential in optimal locations
  • Robust value chain with unutilized potential

Guiding

	Q2 2024			FY 2024
	Δ Cost QoQ1	Δ Volume YoY2	Contract share3	Volume	Contract share3
Norway	Slightly Lower	Slightly lower	~50%	237,000	~30%
Central Norway	Slightly lower	Lower		146,000
Northern Norway	Same level	Slightly higher		91,000
SalMar Aker Ocean				7,000
Icelandic Salmon		Higher		15,000
Scottish Sea Farms4				37,000

1) Change from Q1 2024 2) Change from Q2 2023 3) Physical and financial fixed price contracts 4) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share

Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

Annual General Meeting – 6 June 2024 Q2 2024 presentation – 20 August 2024 – Oslo Q3 2024 presentation – 12 November 2024 – Oslo

INVESTOR CONTACT: Håkon Husby, Head of IR Tel: +47 936 30 449 Email: hakon.husby@salmar.no

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 accurate. Although SalMar believes that the assumptions and expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such assumptions or expectations will prove to be correct. A number of material factors could cause actual results, performance or developments to differ materially from those expressed or implied by these forward-looking statements. Factors that may cause such a difference include but are not limited to: biological situation in hatcheries and sea farms; fish escapes; fluctuations in salmon prices; foreign exchange, credit and interest rate fluctuations; changes in the competitive climate; changes in laws and regulations. SalMar assumes no obligation to update any forward-looking statement.