SalMar ASA

Investor Presentation • Nov 9, 2023

9 N O V E M B E R 2 0 2 3

Q3 2023 Presentation

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

C F O : U L R I K S T E I N V I K

Highlights Q3 2023

• Strong results driven by solid operational performance
  • Strong results from farming segments in Norway driven by increased volume and reduced cost level
  • Continued solid performance from Sales & Industry with operational set-up showcasing its strength
  • Initiated harvest in Iceland after stop in Q2 2023
  • Two semi-offshore projects in operation
• Strengthened financial position
  • Completed sale of Frøy
  • New financing agreement in place
  • 13.1 million treasury shares to be cancelled in Q4 23
• Hosted CMD in September 2023
• Guidance FY 23 kept unchanged in Norway including SalMar Aker Ocean, increased with 1,000 tonnes in Iceland and decreased with 2,000 tonnes in UK
• Expect significant volume growth in 2024

Harvest volume (1,000 tons gw)
Group	Norway1
78.1	74.0
Δ QoQ Δ YoY +33.7 +24.5	Δ QoQ Δ YoY +29.8 +24.3
Operational EBIT/kg (NOK)
Group	Norway1
29.5	30.7
Δ QoQ Δ YoY	Δ QoQ Δ YoY
-9.9 +5.0	-9.7 +4.4
Operational EBIT (NOKm)
Group	Norway1
2,300	2,274
Δ QoQ Δ YoY	Δ QoQ Δ YoY
+555 +987	+483 +965

Q 3 2 0 2 3

Operational Update

Farming Central Norway Key Results

• Record high harvest volume
• Solid operational performance with reduced cost QoQ
  • SalmoNor volume accounted for 37%
• Continued harvest of spring 2022 and started harvest of autumn 2022

Outlook

• Finish harvest of spring 2022 and continue with autumn 2022
• Good biological status
• Expect similar cost level in Q4 23
• Guidance FY 2023 reduced to 144,000 tonnes

	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Operating income (NOKm)	3,817	2,540	8,996	6,574
Operational EBIT (NOKm)	1,218	978	3,434	3,115
Harvest volume (tgw)	48.4	36.0	98.9	81.5
EBIT/kg (NOK)	25.2	27.2	34.7	38.2

Farming Northern Norway Key Results

• Continued strong operational performance
  • Slight increase in cost QoQ as expected
  • NRS volume accounted for 24%
• Finished harvest of autumn 2021 and continued harvest from spring 2022

Outlook

• Continue to harvest from spring 2022
• Good biological status
• Expect similar cost level in Q4 23
• Guidance FY 2023 kept unchanged at 95,000 tonnes despite transfer of Arctic Offshore Farming project to SalMar Aker Ocean (4,000 tonnes)

	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Operating income (NOKm)	2,033	946	5,458	3,126
Operational EBIT (NOKm)	868	428	2,562	1,749
Harvest volume (tgw)	25.7	13.8	61.4	39.3
EBIT/kg (NOK)	33.8	31.0	41.7	44.5

Sales & Industry Key Results

• Continued solid operational performance
  • Operational set-up showcasing its strength
  • Strong capacity utilization of facilities in value chain
  • Continued good price achievement from spot sales
• Contracts¹ with positive contribution

Outlook

• Contract share currently around 15% for Q4 23

	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Operating income (NOKm)	7,236	4,734	19,477	13,126
Operational EBIT (NOKm)	236	-34	88	-1,186
Operational EBIT-margin (%)	3.3 %	-0.7 %	0.5 %	-9.0 %

Icelandic Salmon Key Results

• Harvest started again in July after stop in Q2
  • Results affected by high cost level
• Hosted CMD and completed dual listing on First North stock exchange in Iceland at the end of September

Outlook

• Guidance FY 2023 increased to 17,000 tonnes
• Biological challenges in Q4 2023 affecting results in Q4 23 and volume growth for 2024
• EUR 100 million financing agreement in place
  • Gives financial flexibility for future growth ambitions

	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Operating income (NOKm)	476	340	1,267	1,056
Operational EBIT (NOKm)	35	39	204	268
Harvest volume (tgw)	4.0	3.8	10.7	10.1
EBIT/kg (NOK)	8.7	10.2	19.1	26.4

SalMar Aker Ocean Key Results

• Two semi-offshore projects in operation
  • Arctic Offshore Farming a part of SalMar Aker Ocean
• Site approval for open ocean unit Smart Fish Farm

Outlook

• Expect to harvest 4,000 tonnes in Q4 2023 from Arctic Offshore Farming project

Ocean Farm 1 at its location Håbranden on Frohavet in Central Norway

Scottish Sea Farms¹ Key Results

• Seasonally low harvest volumes due to previously mentioned biological challenges
  • Biological challenges affecting average harvest size, cost and price achievement
  • Incident based mortality in the quarter of £13.1mill or £1.5/kg
• 49% of volume sold on contracts

Outlook

• Improved biological situation for generations to be harvested in 2024
• Guidance FY 2023 reduced to 25,000 tonnes

	Q3 2023	Q3 2022	YTD 2023	YTD 2022
Operating income (NOKm)	867	972	2,065	2,495
Operational EBIT (NOKm)	-121	47	-257	342
Harvest volume (tgw)	8.8	11.3	20.3	28.6
EBIT/kg (NOK)	-13.7	4.2	-12.6	12.0
Fair value adjustments (NOKm)	27	-172	21	149
Profit after tax (NOKm)	-110	-110	-299	328
NIBD (NOKm)	2,700	1,871	2,700	1,871

Q 2 2 0 2 3

Financial Update

Resource rent tax in Norway

• Estimated tax for the first 9 months of 2023 included in the financial statement for Q3 2023
  • Only commercial licenses a part of the resource rent tax
  • Consideration paid in previous traffic light auctions deductable, NOK 245 million per year
• Resource rent tax for the first 9 months of 2023 consists of
  • Implementation effect, NOK 2.3 billion
  • Tax for the period including production tax, NOK 1.2 billion
  • Total NOK 3.5 billion
• Tax approved in May 2023 with a tax rate at 25%
  • SalMar strongly opposes both the proposed tax model and level
  • Will continue open and fact-based dialogue with authorities

Group Profit & Loss

• Increase in operational EBIT QoQ driven by increased harvest volume and lower cost in value chain in Norway
  • Offsetting effects of lower salmon prices
• Fair value adjustments* positive due to higher biomass in calculation
• Income from associates & JV affected by weak results from Scottish Sea Farms
• Estimated resource rent tax for the first 9 months of 2023 included
• Frøy sold in August 2023, gain recognized of NOK 363 million

Group Balance Sheet Assets Equity ratio

• Sale of Frøy and new financing agreement strengthening financial position
• Ongoing investments in the value chain progressing according to plan
• Higher standing biomass QoQ and YoY
• Equity ratio increased to 40%
• Net interest-bearing debt (NIBD) including lease liabilities decreased with NOK 6.8 billion
  • NIBD incl. lease/EBITDA at 1.9
  • NIBD/EBITDA at 1.7
• Available liquidity, NOK 8 billion
• 13.1 million treasury shares to be cancelled in Q4 2023 after intra-group merger with NTS AS is completed

Net interest bearing debt

• Sale of assets reducing NIBD with NOK 4.8 billion
• Cash flow in the period reducing NIBD with NOK 2.0 billion
• Strong cash flow from operations
• Net investments at NOK 429 million
  • Farming NOK 225 million
  • Smolt NOK 61 million
  • Sales & Industry NOK 83 million
  • Icelandic Salmon NOK 39 million
  • SalMar Aker Ocean NOK 5 million

Change in NIBD incl. leasing - QoQ

All figures in NOK million * Cash-contribution from sale of assets ** Net investments 15

Synergy realization progressing according to plan

• 75% of synergies with NTS, NRS and SalmoNor realized at the end of Q3 23
  • Realized 635 of 844 MNOK in yearly recurring cost savings
  • Estimated total restructuring cost NOK 103 million unchanged
• Yearly recurring cost savings achieved through:
  • Improved operational set-up
  • Increased efficiency
  • Scale advantages
• Strong utilization of increased license capacity
  • Materializing in increased harvest volume from 2024
• Optimizing value chain
  • SalmoNor Settefisk sold at the end of Q3 2023
  • Arctic Offshore Farming a part of SalMar Aker Ocean

Synergy realization as of Q3 2023

Development MAB utilization 2023

Q 3 2 0 2 3

Strategic Update

Our story Is built on a passion for salmon

Fish welfare throughout the value chain crucial for production of healthy, nutritious and sustainable food Our growth will always be on the terms of the salmon

Significant volume growth in 2024 with further growth potential in all regions

OFFSHORE²

ICELAND³

UK⁴

20

2024E: 257,000 tons Δ2023: +18,000 tons / +8 %

Unutilized potential starting to materialize

2024E: 7,000 tons Δ2023: +3,000 tons / +75 %

Third harvest from Ocean Farm 1 and 2 nd harvest from AOF

2024E: 15,000 tons Δ2023: -2,000 tons / -12 %

Biological challenges affecting growth

2024E: 37,000 tons Δ2023: +12,000 tons / +48 %

Considerable improvement following challenges in 2023

1) Norway, Farming Central Norway + Farming Northern Norway. Harvest volumes fully consolidated

• 2) SalMar Aker Ocean, ownership 85%. Harvest volumes fully consolidated
• 3) Icelandic Salmon, ownership 51%. Harvest volumes fully consolidated from 2019
• 4) Scottsih Sea Farms, joint venture through Norskott Havbruk, ownership 50%. 39,000 tonnes depicts 100% share, harvest volume in graph depicts SalMar share.

New offshore units in Norway currently on hold

• Focus on continued growth within semioffshore and continue to utilize the potential in existing semi-offshore assets
• Will continue to explore opportunities abroad
• In SalMar we are always exploring ways for further sustainable growth
• Where, how soon and how much depends to a large degree on a sustainable and predictable regulatory framework

Key components in a sustainable regulatory framework

Outlook Q 3 2 0 2 3

Outlook

• No global supply growth in 2023
• Expect low global supply growth in 2024
  • Continued good demand for sustainable proteins
  • In this market SalMar will grow volume significantly
• SalMar well equipped for further sustainable growth
  • Strong growth potential in optimal locations
  • Robust value chain with unutilized potential
  • Dedicated employees and strong corporate culture

Guiding

		Q4 2023		FY 2023	FY 2024
	Cost	Harvest	Contract	Harvest	Harvest
Norway	Level1 Same level	Volume1 Same level	share2 ~15%	Volume 239,000	Volume 257,000
Central Norway	Same level	Lower		144,000
Northern Norway	Same level	Higher		95,000
SalMar Aker Ocean		Higher		4,000	7,000
Icelandic Salmon		Higher		17,000	15,000
Scottish Sea Farms3				25,000	37,000

Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

Q4 2023 presentation – 15 February 2024 – Oslo Annual Report 2023 – 19 April 2024 Q1 2024 presentation – 14 May 2024 – Oslo Annual General Meeting – 6 June 2024 Q2 2024 presentation – 20 August 2024 – Trondheim 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.