SalMar ASA

Earnings Release • Nov 9, 2023

SalMar Q3 - Solid operational performance giving strong results

SalMar Q3 - Solid operational performance giving strong results

Results are particularly good in Norway, where the farming segments and Sales

and Industry delivered strong results driven by continued solid biological,

excellent operational performance, and high utilisation of capacity.

* Operational EBIT for the group was NOK 2,300 million. Total harvest was

78,100 tonnes. Operational EBIT per kg was NOK 29.5.

* Operational EBIT for Norway alone was NOK 2,274 million. Harvest volume in

Norway was 74,000 tonnes and operational EBIT per kg was NOK 30.7.

* The farming segments in Norway delivered strong results driven by continued

solid biological and operational performance. Volume increased and the cost

level was reduced.

* Sales and Industry continued its solid operational performance, demonstrated

by its efficient management of harvesting and processing facilities and

strong capacity utilisation. The contract share was 15 per cent, with

positive contribution.

* Icelandic Salmon resumed harvesting in July 2023, after a harvest stop in

the second quarter, yet higher costs affected results.

* SalMar Aker Ocean has two offshore projects in operation, as Arctic Offshore

Farming became part of SalMar Aker Ocean from Q4 2023.

* For Scottish Sea Farms, the results improved from the previous quarter, but

were still weak, due to continued biological challenges.

* SalMar keeps its volume guiding for 2023 unchanged in Norway including

SalMar Aker Ocean at 243,000 tonnes. Increases guidance for Icelandic Salmon

with 1,000 tonnes to 17,000 tonnes and decreases guidance for Scottish Sea

Farms with 2,000 tonnes to 25,000 tonnes (100% basis).

* Significant volume growth is expected in 2024. The volume guidance is

257,000 tonnes in Norway, 7,000 tonnes from SalMar Aker Ocean, 15,000 tonnes

for Icelandic Salmon and 37,000 tonnes for Scottish Sea Farms (100% basis).

* The resource rent tax in Norway has been included in the third-quarter

financial statement, calculated for the first nine months of 2023 based on

the best current estimate. SalMar strongly opposes the tax and remains

committed to continue seeking dialogue with authorities and decision-makers.

One year ago, in November 2022, NTS, NRS and SalmoNor became part of SalMar.

* The combination allows for yearly recurring synergies that are estimated to

amount to NOK 844 million.

* In the third quarter, SalMar strengthened its financial position with the

completion of the sale of Frøy and in the fourth quarter, shareholders voted

to cancel 13.1 million treasury shares,

Comments to third quarter results

"We have put behind us another good quarter, especially in our Norwegian

operations. This has given strong results. Our fish farmers in Central and

Northern Norway have achieved good biological results which leads to good

financial results. On land our staff and operators in Sales and Industry has

handled large volumes well," said Frode Arntsen, CEO of SalMar ASA.

"We have come a long way with the implementation of our ongoing strategic

measures and, as part of this, also strengthened our financial position. The

integration of operations from NRS, NTS and SalmoNor is progressing as planned.

We are in fact able to extract greater synergies than we originally planned, and

expect that all this will be in place by the end of the year. The sale of Frøy

in the third quarter has further contributed to strengthening our financial

position," Arntsen said.

Significant volume growth in 2024

SalMar expect significant volume growth in 2024 where unutilized potential in

licenses is starting to materialize. For Norway SalMar expects 257,000 tonnes,

SalMar Aker Ocean 7,000 tonnes, Icelandic Salmon 15,000 tonnes and through the

joint venture Scottish Sea Farms 37,000 tonnes. Including relative share from

Scottish Sea Farms this gives a total of 298,000 tonnes and represent a growth

of 9% from volume in 2023.

It is expected low global supply growth in 2024, and in this market SalMar will

increase volume significantly.

New offshore units in Norway currently on hold

Due to regulatory uncertainty SalMar Aker Ocean has decided that further work on

offshore aquaculture in Norway is currently on hold.

The company will now fully focus on growth semi-offshore and utilize the

capacity of its existing two semi-offshore units for the production of

sustainable Norwegian salmon. It will also continue to explore opportunities

outside of Norway.

The complete report and presentation for the third quarter 2023 is attached

SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's

results at 08:00 CET, at Hotel Continental in Oslo. The presentation will also

be available on webcast on www.salmar.no (http://www.salmar.no)

For further information, please contact:

Frode Arntsen, CEO

Tel: +47 482 06 665

Email: frode.arntsen@salmar.no

Ulrik Steinvik, CFO

Tel: +47 900 84 538

Email: ulrik.steinvik@salmar.no

Håkon Husby, Head of Investor Relations

Tlf: +47 936 30 449

Email: hakon.husby@salmar.no

About SalMar

SalMar is one of the world's largest and most efficient producers of salmon. The

Group has farming operations in Central Norway, Northern Norway and Iceland, as

well as substantial harvesting and secondary processing operations. In addition,

the company is operating within offshore aquaculture through the company SalMar

Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.

See www.salmar.no for more information about the company.

This information is subject to the disclosure requirements stipulated in section

5-12 of the Norwegian Securities Trading Act.