SalMar ASA

Investor Presentation • Sep 6, 2023

CAPITAL MARKETS DAY

6 - 7 S E P T E M B E R 2 0 2 3

VIDEO 1 - INTRO

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THIS IS SALMAR

S P E A K E R : F R O D E A R N T S E N C E O S A L M A R

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Agenda

D AY 1

COMPANY PRESENTATIONS

• 13:00 14:00: Lunch
• 14:00 17:40: Company Presentation
• –This is SalMar- CEO Frode Arntsen
• –Biology Norway - COO Biology Roger Bekken Break – 10 min
• –Sales & Industry - COO Sales & Industry Simon Søbstad
• –SalMar Aker Ocean - CEO SAO Roy Reite

Break – 10 min

• –Icelandic Salmon - CEO ISLAX Bjørn Hembre
• –Scottish Sea Farms- Managing Director Jim Gallagher Break – 10 min
• –Financials - CFO Ulrik Steinvik
• –Closing remarks & Q&A - CEO Frode Arntsen
• 19:45: Dinner

D AY 2

SITE VISIT

• 07:00: Departure with boat from Tromsø
• –Farming site and remote feeding center
• –Senja 1 & 2 smolt facility
• –InnovaNor Harvesting & Processing Facility
• 17:00: Arrival Tromsø

Executive Management SalMar

Experienced team with strong experience from the aquaculture industry and SalMar

Frode Arntsen CEO

Joined SalMar: 2017

Ulrik Steinvik CFO

Joined SalMar: 2006

Arthur Wisniewski Director HRM

Joined SalMar: 2016

Roger Bekken COO Biology

Joined SalMar: 2014

Eva J. Haugen Director Quality Mgmt/HSE

Joined SalMar: 2001

Simon Søbstad COO Sales & Industry

Joined SalMar: 2007

Runar Sivertsen Chief Strategy Officer

Joined SalMar: 2010

Speakers at today's presentation from Group companies

Roy Reite CEO SalMar Aker Ocean

Joined SAO: 2022

Subsidiary Owner share 85%

Bjørn Hembre CEO Icelandic Salmon

Joined ISLAX: 2019

Jim Gallagher Managing Director Scottish Sea Farms Joined SSF: 1998

Subsidiary Owner share 51%

Joint Venture Owner share 50%

Additional representatives from SalMar at CMD

Board of Directors

Gustav Witzøe Board Chair & Founder Joined SalMar: 1991

Leif Inge Nordhammer Board Member Joined SalMar: 1996

Morten Loktu Board Member

Joined SalMar: 2022

Ingvild Kindlihagen Employee Rep.

Hans Stølan Employee Rep. Joined SalMar: 2002

Stian Iversen Prod. Manager Senja Smolt Facility Joined SalMar: 2008

Jørn Tore Fjellstad

Joined SalMar: 2017

Factory Manager

InnovaNor

Representatives from Northern Norway

Kim S. Johansen Director Farming Northern Norway Joined SalMar: 2015

Karoline Sandberg Manager visitor centers Joined SalMar: 2018

Silje Christine HR InnovaNor Joined SalMar: 2021

Investor Relations

Håkon Husby Head of IR Joined SalMar: 2018

Our story is about utilizing the potential in the ocean

Produce healthy, nutritious & sustainable food for the world's growing population

always on the terms of the Salmon with minimal footprint while we maximize value creation

Our story A history of growth

¹⁰⁴116 ¹²⁸

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Harvest volume

64 65 77 79

Our growth has outperformed the industry – and we have delivered more than what we said at last CMD

Largest acquisition completed in 2022

Successfully integrated NTS, NRS and SalmoNor

Strategically attractive for many years

Presence in optimal location

Strong synergy potential confirmed

SalMar strategically located in the best regions to produce salmon

Operating in the best regions in Norway

Pioneering and leading the development

Largest producer in the West Fjords

UK's second largest salmon producer

Significant untapped growth potential

SalMar consistently delivering strong margins

EBIT-margin (NOK/kg) – 12 month rolling

Key ESG KPIs are moving in the right direction

since 2020

since 2020

1.5°C

scenario

Strong market outlook for sustainable proteins

Strong demand for healthy and sustainable proteins

The growing world population wants to eat healthy, organic and sustainable food, with low carbon footprint

Market and authorities require sustainable food production

Eu farm to fork strategy, aiming to accelerate the transition to a sustainable food system

Still growth potential – but supply growth is lagging the demand

Expect a supply growth of 2-3% from conventional farming until 2030

2020 2030 2040 2050

The industry has gone through a strong development the last decades

SalMars first harvesting & processing plant

Ocean Farm 1 worlds first offshore unit

SalMar in the forefront of innovation and development in the aquaculture industry

• Smolt:

– New RAS facilities in operation

• New farming technology:

– Closed, semi-closed, submersible

• Harvesting & processing

– InnovaMar, InnovaNor, Vikenco - Modern harvest & processing facilities

Two offshore projects in operation

SalMar pioneering and leading the development offshore

Ocean Farm 1

• 3rd production cycle started in May
• Located at Håbranden on Frohavet in Central Norway

Arctic Offshore Farming

• Development project 1st production cycle started in July
• Located at Fellesholmen in Northern Norway

Robust value chain equipped for further sustainable growth

Strong growth potential and dedicated employees with a Passion for Salmon

HARVESTING & VAP Great benefits from local processing

FRY & SMOLT Self sufficient with high quality smolt

minimal footprint in the areas we operate

maximum value creation of the salmon

Fundamental Operating Principles

SALES & DISTRIBUTION

Close customer relations and high-quality products

Our ambition is to be the world's best aquaculture company

Vision	Passion for Salmon
Ambition	The World's Best Aquaculture Company
Strategic Focus	Operational Efficiency	Sustainable Growth	Innovate for the Future
Goal	One SalMar	Growth in optimal locations	Sustainable business development
Fundament	Continuous improvements and excellent achievements
	Solid operational structure
	Strong corporate culture

Sustainability an integrated part of our strategy

Sustainability in everything we do

Fish We work systematically to create an environment in which the salmon thrives and remains healthy

Highest survival rate among listed peers

People & Society We believe in creating local value and safe workplaces and support the local communities where we operate

Environment & Technology We minimize our footprint with measures and routines throughout the entire value chain

Lowest injuries in industry

Climate winner

Untapped organic growth potential within existing value chain – without any large investments projects

*) all figures are harvest volume in tonnes gutted weight

1) Total is including relative share, 50%, from Scottish Sea Farms in UK

A sustainable regulatory framework needed to utilize the potential

InnovaMar 2.0

Next generation harvesting & processing facility

• Plans were ready to double capacity at InnovaMar
• Estimated investment NOK 2.5 billion
• Significant local ripple effects
• Project currently on hold due to resource rent tax & regulatory framework for offshore

VIDEO 2 - INNOVAMAR 2.0

Significant investments awaiting a sustainable regulatory framework

NOK 5-7 billion in investments still on hold

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 regulatory framework
• Key factors for further growth:
• Biological conditions
• Regulatory framework
• Value chain capacity
• Market access

Our ambition is to grow at least as much as the rest of the industry

Further growth potential

Organic growth potential within existing value chain

362 000

Δ2023: +33%

Strong potential, but dependent on regulatory framework and political ambitions

NORWAY

Dependent on regulatory framework and access to areas -> significant potential

UK

Significant potential through new licenses and opening of new areas

Further potential through acesss in new areas and use of new technology

Culture is vital for us to succeed

WHAT WE DO TODAY WE DO BETTER THAN YESTERDAY

THE JOB IS NOT DONE UNTIL THE PERSON YOU ARE DOING IT FOR IS SATISFIED

FOCUS ON THE SOLUTION

THE JOB WE DO TODAY IS VITAL TO THE SUCCESS OF US ALL

SUSTAINABILITY IN EVERYTHING WE DO

We need all of our employees to succeed

Production of sustainable food for the world made by people with strong competence, dedication and a Passion for Salmon

Each and every one equally important to unlock the potential in our organization

2023 the year of culture in SalMar

• All employees gathered under one roof in May
• Corporate culture and team building
• One united SalMar
• New round of the SalMar School implemented – All parts of the value chain and all segments/regions – Cocreating and ensuring ownership for the road ahead
• Employee satisfaction survey rolled out last week – Vital part of improving ourselves and unlock our potential

WITH A PASSION FOR SALMON WE WILL CONTINUE TO LEAD THE DEVELOPMENT OF THE INDUSTRY

VIDEO 3 - NORTHERN NORWAY

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BIOLOGY NORWAY

S P E A K E R : R O G E R B E K K E N C O O B I O L O G Y

Strong strategic and operational focus through our value chain

Always on the terms of the salmon

Flexibility and capacity to deliver the right smolt at the right time …

… for production at the optimal locations with minimal footprint…

… to deliver the best fish through good fish welfare…

… with flexibility to handle the volume when the salmon is ready for harvest…

All handled by dedicated employees with strong competence and culture and a passion for salmon

Own genetic breeding programme based on the Rauma strain

• Working long-term to develop a more genetically robust strain of salmon
• Genetics and the development of a more robust salmon are important preventive measures to reduce biological risk
• Focus on the development of robust qualities – Disease resistance, sea lice resistance and growth
• 4 licenses for broodstock production in Central Norway – Two onshore facilities for roe production

Self sufficient with high quality smolt

• Large investments completed over the last years – Senja 2 completed in 2022, Tjuin to be finished in 2023
• Strong capacity to produce the right smolt – Overcapacity gives flexibility to adapt smolt production
• All facilities with recirculating aquaculture systems (RAS) technology
• Infrastructure ready at our facilities for further expansion

Central Norway 3 smolt production facilities Northern Norway 2 smolt production facilities Capacity 95 million dependent on smolt size Dåfjord Senja 1&2 Osan Follafoss Tjuin

Exploring circular opportunities from our smolt facilities

Waste from our smolt facility can be used as a vital element for both biogas and aquaponics

SalMar the largest salmon producer from Møre to Finnmark

• Strong presence along the coast
• SalMar has a key role in local communities
• Operate 6 visitor centers open to the public
• 4 remote feeding centers
• Untapped organic growth potential in both regions – Existing value chain with capacity to utilize the potential – Largest growth potential in Northern Norway

Northern Norway Production area 10-13 49 farming sites 2 visitor centers 1 remote feeding center

MAB tonnes 67 505 Commercial 1 560 Visitor

Volume potential 130 000 tonnes

Central Norway Production area 5-7 78 farming sites 4 visitor centers 3 remote feeding centers

MAB tonnes 77 409 Commercial 3 120 Visitor 3 120 Broodstock 1 100 Development

Volume potential 170 000 tonnes

NRS and SalmoNor integrated into our existing operational set-up

• Farming structure expanded with two new regions – Support functions merged into existing structure
• Strong synergy potential
• NRS with unutilized license capacity
• SalMar with smolt capacity to utilize potential
• Cost synergies benefitting from improved operational set-up, increased efficiency and scale advantages
• Strategically attractive for many years
• Increased presence in optimal locations to produce salmon

Development MAB Utilization in 2023

Feed our most important input factor

Vital for optimizing fish health, welfare and growth

• Recent cost inflation driven by increase in cost of raw materials in feed basket
• Novel ingredients more attractive when cost has increased
• Seeking to include more novel feed ingredients both to reduce cost and to reduce environmental impact
• Byproducts from fisheries and aquaculture interesting – Local, cost effective and sustainable ingredient
• Fish feed our largest single source of GHG emissions

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• And at the same time also the one with largest reduction
• Improved feed conversion ratio and sourcing of more climate friendly raw materials driving our reduction

We work systematically to create an environment in which the salmon thrives and remains healthy

• Fish welfare crucial for production of healthy, nutritious and sustainable food
• SalMar with strong performance compared to peers, but see large potential for improvement
• A robust smolt delivered at the right time to right location a prerequisite for fish welfare and to increase survival
• Key measures to handle wounds: Robust smolt, gentle handling of salmon, improved vaccines
• Key measures to handle gill health: Robust smolt, surveillance of water quality and freshwater treatment
• Sea lice still a biological challenge

Working actively to limit use of sea lice treatments

• Actively using new technology and methods
• Both for preventive measures and corrective
• Rigged with large capacity for sea lice treatments
• Own internal employees operating our units
• Strong operational procedures and competent employees with a passion for their work
• Employees incentivized to increase survival rate -> mortality after treatment reduced with 50% from 2017 to 2022
• Expanded our toolbox to handle peak periods
• Need capacity to handle seasonal variations
• 5 barges with hydrolicers for flushing
• 5 well boats rigged with equipment for freshwater, thermal and flushing
• Several of our boats are rigged with a combination of equipment in order to perform treatments at lower intensity

Increasing our well boat capacity

• Both to handle harvest transportation, but also treatment capacity
• Two new vessels in operation from 2023 – RoSenja and Gåsø Odin
• Two new vessels to be delivered in 2024
• Rigged with the latest technology
• Reduced environmental footprint through use of battery-hybrid technology
• RoVision worlds first battery hybrid well boat

Reduced environmental footprint through use of new technology

• 50% of feed barges with low emission technology
• Several vessels in use with low emission technology
• Battery hybrid technology
• Fully electric technology
• SalMar a frontrunner in the industry
• Worlds first battery-hybrid well boat RoVision
• Worlds first fully electric service boat Multi Electric & Enovation
• Worlds first fully electric work boat Elfrida
• Significant reduction in emission and fuel consumption
• A fully electric service boat reduces GHG emissions similar to 215 cars per year

Worlds first fully electric service boat

SalMar a frontrunner in testing out new farming technology

• Ambition to increase operational efficiency through interaction with our existing value chain
• Enhance efficiency of smolt facilities, sites, vessels and harvesting facilities
• Own internal project group established to handle larger innovation projects

• Projects with closed, semi-closed and submersible in operation

Closed net pens

Neptun 4

• SalMars first closed net pen
• Three production cycles completed

Marine Donut

• Development project
• First production cycle to commence autumn 2023

Semi-closed and submersible

Aquatraz

• Semi-closed net pen
• Previous development project
• Several cycles completed

Submersible

• In use at several sites in Central Norway

WITH A PASSION FOR SALMON WE WILL CONTINUE TO BE THE LEADING FARMER WITH RESPECT TO BOTH COST POSITION AND FISH WELFARE

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VIDEO 4 - FRØYAS

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SALES & INDUSTRY

S P E A K E R : S I M O N S Ø B S TA D C O O S A L E S & I N D U S T R Y

We have flexible sales & processing capacity to handle the volume

Always on the terms of the salmon

Flexibility to handle the volume when the salmon is ready for harvest…

… for local processing with the right capacity at strategic and optimal locations…

… to always maximize value creation of the salmon

1 300 DEDICATED EMPLOYEES WITH STRONG COMPETENCE, CULTURE AND A PASSION FOR SALMON

Largest and most flexible local harvesting and processing capacity

• Built large capacity in close proximity to farming operations – Reduces biological risk in sea and optimizes biological production – Capacity to handle 1/5 of all volume in Norway
• Facilities rigged with the latest technology for both harvesting and value added processing and built with scalability in mind
• Significant value creation to the local communities
• Attractive, exciting and sustainable jobs
• Utilizing local suppliers to provide a wide range of services for the facilities

Local secondary processing capacity a strong strategic advantage for SalMar

• Our facilities rigged with the latest technology for value added processing
• Built with scalability in mind
• Both post and pre-rigor capacity
• Flexibility to provide the market with the right product
• Broad product portfolio for customers in all markets
• Right fish to right product
• VAP reducing climate gas emissions
• Transport volume reduced

100% utilization of the salmon

Optimizing logistics to our customers worldwide

• Facilities in close proximity to farming operations
• Reduces logistics for inbound well-boat transportation
• Box-factory built in connection with InnovaNor facility, reducing need for inbound transport
• Flexible outbound logistics
• Most of volume sent via truck
• New routes established with boat and train
• Several airports in use to overseas markets
• All markets reached within maximum 3 days

Exploring new sustainable packaging

• Continuous work to reduce footprint and extend shelf life of our products
• Engaged in a wide range of projects
• Recyclable styrofoam boxes
• Alternative box materials and design
• New freezing and chilling methods
• Alternatives to plastic

Global presence through sales offices close to key markets

• All volume produced in Norway sold via in-house sales force
• Operational set-up in place to handle increased volume
• Frøya & Ålesund our main sales offices in Norway
• Handling all volume excluding volume to Asia
• A strategic advantage to have sales in close connection to our operations
• Six sales offices in Asia, new office established in Thailand
• Local presence has been a recipe of success
• Always exploring establishment also in other regions

Our go-to-market approach reaches customers worldwide

• 2/3 of volume sold to the European market – Largest and most mature salmon market in the world
• 1/3 of volume sold overseas
• Split between North America and Asia
• High share of VAP to overseas markets
• Strong development especially in emerging markets
• –18% of volume in 2023 secured on fixed price¹ contracts

Global demand for salmon has been fantastic – the development will continue

Global demand for salmon is increasing

• Salmon demand is building on super trends
• Healthy, nutritous and sustainable proteins
• Focus on sustainability increasingly important for endconsumers
• Salmon one of the most sustainable animal proteins
• Salmon with a low CO2 footprint, low water usage, low feed conversion ratio and high edible yield compared to other animal proteins

Consumption is still low in most markets – and salmon is not considered expensive compared to other proteins

Salmon-to-Meat Price Ratio

WITH A PASSION FOR SALMON WE PROVIDE SUSTAINABLE FOOD WORLDWIDE

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VIDEO 5 - CAPTAIN'S LOG

SALMAR AKER OCEAN

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S P E A K E R : R O Y R E I T E C E O S A L M A R A K E R O C E A N

The salmon is the 'captain' of our value chain

– meaning fish welfare and bio security are the core of everything we do

A rigid and large structure allows for more space and better monitoring

Natural and healthy conditions creates a positive circle for the fish and environment

Our journey has given crucial experience and insight

Strong results from the first two production cycles for Ocean Farm 1

Another good production cycle underway at Ocean Farm 1

Growth on track to outperform the first two production cycles

Very low mortality – accumulated mortality of only 1,2%

Low levels of salmon lice

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Intention to include Arctic Offshore Farming in SalMar Aker Ocean Group

Arctic Offshore Farming

Intention to include the development licenses and operations of Arctic Offshore Farming in SalMar Aker Ocean Group

Harvest capacity

Adding ~6 000 tons of annual harvest capacity. Combined annual capacity for Ocean Farm 1 and Arctic Offshore farming of ~13 000 tons

Experience

Gaining experience with submerged production and strengthens SalMar Aker Oceans leading position within exposed and offshore salmon farming

Intended company structure

Experience from exposed farming enables future growth offshore

Important steppingstone to go offshore

• Larger and more advanced units than traditional farming
• Two successful production cycles on Ocean Farm 1, the third underway with good results so far
• Successful first outlet of fish in AOF now in operation
• Investments in new semi-offshore units on hold due to uncertainty of future license regime for exposed operations

EXPOSED OPEN OCEAN

• 8 development licenses
• Expect location mid September in Norskehavet
• Building on experience from exposed operation
• Regulatory framework progressing
• Offshore farming represents huge potentials

Clarity regarding tax and regulatory framework will be crucial for making investment decisions

Regulatory process and milestones for offshore farming in Norway

From pilot to scale – development of a new value chain

Offshore Exposed Costal Integrated value chain onshore Environmentalfriendly logistics Distance to OF1: 20 NM Harvest & VAP

Offshore farming opens opportunities around the world

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Proximity to market

SalMar Aker Oceans vision and ambition

Targets annual production of 150 000 tonnes globally

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VIDEO 6 - ICELAND

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ICELANDIC SALMON

S P E A K E R : B J Ø R N H E M B R E C E O I C E L A N D I C S A L M O N

THIS IS ICELANDIC SALMON

Icelandic Salmon AS is listed on the Euronext Growth market in Oslo. The company is the sole owner and parent company of Arnarlax ehf.

Four smolt facilities, Current capacity of 7-8 million smolt, depending on size of smolt

Farming in seven sites in three fjords

All production ASC** certified Total MAB 23,700 tonnes

All operational activities of the group are performed in Arnarlax ehf.

Harvesting plant in Bíldudalur.

BRCGS* certified 30,000 tonnes per year capacity

Sales by internal team Domestic and global markets

Arnarlax – Sustainable Icelandic Salmon is the common brand for all operational activities and products from Icelandic Salmon

Note: *BRCGS = Brand Reputation Compliance Global Standards | **ASC = Aquaculture Stewardship Council

WHERE DO WE OPERATE? ICELANDIC SALMON

Current operation

Licence application

All production ASC certified

SMOLT PRODUCTION ICELANDIC SALMON

SMOLT FACILITIES

• Have today 3 facilities in operation, and a 4th under reconstruction
• Capacity og 7-8 mill smolts, depending on smolt size
• Have licences for 3.000 tonnes of MAB
• Have sufficient smolt capacity for existing licences in sea

SMOLT STRATEGY

• Implement best-practice
• Good smolt quality
• Increase smoltweight,
• Have sufficient number of smolts

SEA FARMING ICELANDIC SALMON

SEA OPERATION

• 23.700 tonnes of MAB, in 3 fjords.
• 8 sites
• Split into 5 generation zones.
• All production is ASC certified

OPERATION CENTER – FEEDING

• Arnarlax operates a high class feeding center in land at Bíldudalur.
• Where people are constantly monitoring and feeding the salmon

HARVESTING ICELANDIC SALMON

HARVEST PLANT

• Located in Bíldudalur with short distance to sea-water operations
• Capacity 30.000 tonnes/year
• BRCGS certified
• Use super-chill to extend shelf life

SALES ICELANDIC SALMON

SALES TEAM

• Located in Reykjavik
• Our internal sales team sell all of our salmon
• Working close with premium customers in US and Europe
• Focus on Quality, Sustainability and Origin

Asia Europe North America

Where are our customers in 2022?

SHIFT TO LOW-CARBON FOOTPRINT MARINE TRANSPORT STRATEGIC UPDATE

THE NEXT BIG REGION WITHIN SALMON FARMING ICELANDIC SALMON

• The Marine Research Institute (MRI) recently carried out an updated Risk Assessment
• A figure of 106,500 tonnes of fertile salmon was set .
• Total of 10 fjords have a calculated carrying capacity biomass of 144,500 tonnes
• Making Iceland, potentially, one of the largest Atlantic salmon producers in the world
• Potential for new areas:

1,363

Source: Kontali Salmon World 2020, Arnarlax

— Jökulfirðir, Mjóifjörður, and Eyjafjörður.

MRI RAISED MAB TO 106,500 TONNES IN 2020

FUTURE POSSIBILITIES ICELANDIC SALMON

Boston Consulting Group Report

• ▪The minister asked BCG to investigate and make a report on the possibilities of aquaculture in Iceland
• ▪Three possible goals in sea farming
• Unchanged – 94.000tons
• Base picture – 146.000tons
• Progressive – 234.000tons

Critical mass of Production

• ▪Most industries are dependent on a critical produced volume to obtain large scale effects (to be able to compete)
• To be able to deliver salmon to the market every week
• Value added products
• ▪Industry development in Iceland that will come with more production
• Feed producer in Iceland to provide the industry
• More the income for the government
• Supply education

COMPARISON WITH FAROE ISLAND ICELANDIC SALMON

• Faroe Islands produced with only 56% of the coastline of West Fjords
• —89.000 tonnes in 2022
• There are 3 companies operating in Faroe Island —Bakkafrost, Hiddenfjord and MOWI Faroe Islands
• Export value of DKK 4,68 billion (2022) — 45% of total export value of Faroe Island
• Direct jobs inside the aquaculture around 1.200

Note.: * Excluded islands and reef.

Source: Landmælingar Íslands, Faroese Fish Farmers Association https://www.faroeseseafood.com/fishery-aquaculture/stats/ https://hagstova.fo/en/news/exports-continue-rise-0

STRATEGIC STEPS OUTLOOK

Harvest volumes within existing licences

• 2023: 16.000 tonnes
• 26.000 tonnes within existing licences

Measures for organic growth

• Bigger and more smolt of good quality
• Best operational practice
• 2 more sites in Arnarfjörður
• Bigger farming areas on existing sites

Potential growth in addition to existing licenses

• New licenses of 10.000 tonnes MAB in Ísafjörður
• If Ministries proposal for new structure for the industry is decided
• New license of 4.500 tonnes in Arnarfjörður
• Total potential of 50.000 tonnes

STRATEGIC STEPS DUAL LISTING

DUAL LISTING ON FIRST NORTH

• Group has engaged in advisory service agreement with Arion Bank, with the objective of preparing for listing of the Group's shares on the First North stock exchange in Iceland.
• Depository notes .
• No new shares issued.
• Expected to be open for trading in second half 2023.
• Purpose to increase access for Icelandic investors.

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SCOTTISH SEA FARMS

S P E A K E R : J I M G A L L A G H E R M A N A G I N G D I R E C T O R S S F

VIDEO 7 - SCOTTISH SEA FARMS

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FINANCIALS

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

Key enablers for continued value creation

A fundamental need for more sustainable proteins for the growing world population

Global demand for salmon is increasing… …but supply growth is lagging the demand

SalMar is well positioned to utilize the organic growth potential in our value chain

SalMar with a strong development during the last strategy period

• Strenghtened position as a leader in the industry
• Lower cost increase compared to peers
• Increased the difference in margin
• Increased share of local processing
• Largest growth in the industry
• Pioneered and led the development offshore
• Going forward, challenges still remain similar
• Cost inflation, biological challenges, access to area, supply growth from new technology, increasing demand vs. supply gap

Achieved this through a strong strategic and operational focus

We have believed in a concept…

…made strategic moves that fit in…

… and we have built a strong culture

Rigorous focus on performance throughout the organization

• Salmon farming is all about the details
• SalMar operating a focused value chain to ensure optimal performance at each and every step – Strategic suppliers for key input factors
• Focus is on the elements we can impact
• Our employees are measured on the elements they can do something about
• Strong local managment teams in each region

Recent cost inflation related to feed

• Cost of raw materials in feed basket has been the main driver for recent increase in cost
• Other cost elements increased due to general inflationary pressure
• Continous monitoring of cost development – Systems in place to track our input factors
• SalMars position as cost leader in the industry vital to secure pole position going forward

Change in production cost - farming

Internal cost development monitoring

Strong synergy potential with NRS, NTS and SalmoNor confirmed and increased

• Estimate of total synergies increased to NOK 844 million
• Increased 26% from previous target of NOK 671 million
• Estimated total restructuring cost NOK 103 million unchanged
• At the end of August 71% or NOK 597 million realized – Expect 100% to be realized at the end of 2023
• Yearly recurring cost savings achieved through:
• Improved operational set-up
• Increased efficiency
• Scale advantages
• Strong utilization of increased license capacity in 2023
• Increased utilization materializing in increased harvest volume from 2024

Synergi realization as of August 2023

Development MAB Utilization in 2023

Ongoing investments continuing – large industrial investments on hold

• Expected investment in 2023 unchanged from previous guidance in February
• Expect to invest NOK 1,6 billion in Norway in 2023
• Maintenance investments NOK 0,9 billion (~3,7 NOK/kg)
• Capacity investments NOK 0,7 billion
• Going forward all large investments projects in Norway are still on hold

– Our largest ongoing investments will be finalized during 2023

• Expect maintenance CAPEX of around NOK 3.0 per kg in Norway going forward
• Any new larger CAPEX projects will be communicated

Tjuin Smolt Facility largest single investment in 2023

New financing in place ensuring financial flexibility for further growth

• Recently completed refinancing in SalMar ASA
• NOK 16 billion unsecured credit facility
• NOK 3 billion in accordion option
• Improved terms compared to previous credit facilities
• Intention to be sustainability linked
• Additional facilities in SalMar ASA
• NOK 3.5 billion Green Bond, maturity 2027
• NOK 1.6 billion overdraft facilities, annual renewal
• Partially owned subsidiaries with separate financing

SalMar committed to maintain investment grade ranking

• SalMar with BBB+ credit rating from NCR with stable outlook
• Financial position in SalMar improved during 2023
• Sale of Frøy completed
• New financing agreement in place
• Debt level reduced, financial KPIs improved
• SalMar expect to be within our long-term target of NIBD/EBITDA below 2.0 at year end 2023
• Showcasing our ability to handle the increased debt level following the acquisition

Cancellation of treasury shares

• As of Q2 2023 SalMar has 13.7 million treasury shares
• Financial position in SalMar improved during 2023
• The Board of SalMar propose to cancel 13.1 million treasury shares
• Extraordinary general meeting to be held at a later point of time

Resource rent tax in Norway

A new tax regime creates more awareness of internal value creation - Right tax to right place

• Tax approved in May with a tax rate at 25%
• SalMar strongly opposes both the proposed tax model and level
• Significantly reduces the capacity for growth in the Norwegian aquaculture industry
• Previously all parts value chain considered cost centers
• Internally we have been focusing on One SalMar
• New tax system leads us to revisit internal transfer pricing
• Only commercial licenses a part of the proposed tax
• Consideration paid in previous traffic light auctions deductable
• SalMar a strong participant in previous auction rounds
• Deduction amounts to NOK 245 million per year

SalMar with a strong track record for providing our shareholders with a competitive return

• Intention to provide surplus liquidity to our shareholders – Provided that the company is within leverage range

– And also taking into account future investments

• Dividend paid out annually after AGM in June

Dividend Policy

SalMar ASA aim to provide shareholders with a competitive return on invested capital. This return shall be achieved through a combination of share price increase and the payment of a dividend by the group.

SalMar ASA's dividend policy is based on the company at all times having a solid balance sheet and liquidity reserve that is sufficient to handle future liabilities.

The company has set long-term financing targets related to NIBD/EBITDA* level in the range 1,0-2,5. Provided that the company is within this range and also taking account future investments, the intention is to pay out its surplus liquidity, in the form of cash dividends and/or in the form of share buybacks

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

131 *NIBD includes leasing according to IFRS16 and EBITDA is without fair value adjustments

SalMar with a strong track record for providing our shareholders with a competitive return

Since 2007 Total shareholder return

Dividend payout ratio (DPS/EPS)

SalMar is committed to still be in pole position going forward and be a frontrunner in the future development of the aquaculture industry

Profitable Growth

Financial Capacity

Operational Efficiency

Shareholder Value Creation

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CLOSING REMARKS

S P E A K E R : F R O D E A R N T S E N C E O S A L M A R

SalMar in regions with optimal conditions to perform

North Atlantic production with global reach

Largest Salmon Producer along the coast of Norway from Møre to the north, with the largest processing capacity

Pioneered and leads the development of offshore aquaculture

Largest Salmon Producer in Iceland, with hatcheries, sea farms, harvesting plant and sales force

UK's second largest Salmon Producer with operations in Scotland, Shetland, and Orkney.

SalMar well equipped for further sustainable growth

With dedicated, passionate and competent employees with a Passion for Salmon

always on the terms of the salmon

They who often score goals, " score goals often. - Nils Arne Eggen Legendary Norwegian football coach "

SalMar from 11 people in 1991 to the worlds 2nd largest salmon producer

ICELAND

OFFSHORE

UK

NORWAY

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Next steps on the agenda

D AY 1

• 19:45: Dinner

D AY 2 SITE VISIT

• 07:00: Departure with boat from Tromsø
• –Farming site & remote feeding center
• –Senja 1 & 2 smolt facility
• –InnovaNor Harvesting & Processing Facility
• 17:00: Arrival Tromsø

THANK YOU FOR YOUR ATTENTION S A L M A R C M D 2 0 2 3