SalMar ASA

Investor Presentation • May 11, 2023

1 1 M A Y 2 0 2 3

Q1 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 Q1 2023

• Strong start in 2023 driven by record high salmon prices
  • Strong results from Central Norway
  • Northern Norway impacted by share of NRS volume in the period
  • Solid operational performance from Sales & Industry
  • Record high harvest volume from Iceland
• 63% of synergies realized from transactions with NTS, NRS and Salmonor
  • 425 of 671 MNOK yearly recurring synergies realized
  • 100% ownership in NTS from January 2023
  • Strategic review of Frøy progressing according to plan
• Norwegian government with updated resource rent tax proposal at 35%
  • SalMar strongly opposes both the proposed tax model and level

	Harvest volume (1,000 tons gw)
Group	Norway1
48.5	42.0
Δ QoQ Δ YoY -14.1 +3.5	Δ QoQ Δ YoY -14.7 +0.3
	Operational EBIT/kg (NOK)
Group	Norway1
38.8	41.1
Δ QoQ Δ YoY +22.8 +10.8	Δ QoQ Δ YoY +24.2 +12.3
	Operational EBIT (NOKm)
Group	Norway1
1,884	1,725
Δ QoQ Δ YoY +878 +623	Δ QoQ Δ YoY +770 +524

Year of Culture 2023 – Well underway

• 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
• Gathered entire new SalMar under one roof this May
• Corporate culture and team building
• One united SalMar

Q 1 2 0 2 3

Operational Update

Farming Central Norway Key Results

• Cost slightly lower compared to Q4 22
  • SalmoNor volume accounted for 15%
• Favorable harvest profile in the period
• Started harvesting of spring 2022 and continued with autumn 2021

Outlook

• Continue to harvest from spring 2022 and will finish autumn 2021
• Expect higher cost level and volume in Q2 23
• Guidance FY 2023 kept unchanged at 148,000 tonnes

	Q1 2023	Q1 2022
Operating income (NOKm)	2,326	1,914
Operational EBIT (NOKm)	1,109	925
Harvest volume (tgw)	22.2	24.9
EBIT/kg (NOK)	50.0	37.2

Farming Northern Norway Key Results

• Cost increased compared to Q4 22
  • NRS volume accounted for 56% with higher cost base
• Most of volume harvested early in the period
• Autumn 2021 accounted for the volume

Outlook

• Continue to harvest from autumn 2021 and start harvest of spring 2022
• Expect lower cost level and volume in Q2 23
• Guidance FY 2023 kept unchanged at 95,000 tonnes

	Q1 2023	Q1 2022
Operating income (NOKm)	1,883	1,262
Operational EBIT (NOKm)	837	716
Harvest volume (tgw)	19.8	16.8
EBIT/kg (NOK)	42.3	42.7

Sales & Industry Key Results

• Solid operational performance
  • Operational set-up showcasing its strength
  • Improved price achievement from spot sales
• Contracts¹ with negative contribution
• Sale of sales office in NRS and closure of SalmoSea
  • Results excluded from Q2 23

Outlook

• Contract share currently around 25% for Q2 23 and 12% for FY 2023

	Q1 2023	Q1 2022
Operating income (NOKm)	6,239	4,445
Operational EBIT (NOKm)	-81	-372
Operational EBIT- margin (%)	-1.3 %	-8.4 %

Icelandic Salmon Key Results

• All time high quarterly harvest volume
• 2021 generation accounted for the volume
  • Increase in cost compared to Q4 22
  • Biological challenges with one-off effect on 1.8 MEUR
• Strong market prices and good price achievement

Outlook

• Very low harvest volume in Q2 23 to optimize biological performance
• Guidance FY 2023 kept unchanged at 16,000 tonnes

SalMar Aker Ocean Key Results

• Third production cycle at Ocean Farm 1 commenced early May 2023
  • Unit transported to Frohavet in March 2023
  • Expect harvest early 2024
• Large potential for future value creation and volume growth
  • Timelines delayed as a consequence of the proposed resource rent tax

Transport of Ocean Farm 1 back to Frohavet in March 2023

Scottish Sea Farms¹

• Low harvest volumes

• High cost base

• Affected by challenges in Q3 and Q4 22
• 61% of volume sold on contracts
  • Prices below spot market prices

Outlook

• Still challenging biological status
• Guidance FY 2023 kept unchanged at 37,000 tonnes

Key Results

Q 1 2 0 2 3

Financial Update

Group Profit & Loss

• Record high salmon prices increasing revenue and operational EBIT
  • Despite lower harvest volume QoQ
• One-off costs related to transaction and restructuring of NOK 60 million in Q1 23
• Fair value adjustments* positive due to higher forward prices in calculation
• Income from associates & JV increased
• Net financial items increased due to higher interest-bearing debt and interest rates

Group operational EBIT - QoQ + 878

	Norway

Group P&L

NOK million	Q1 2023	Q4 2022	Δ %
Operating revenues	6,792	6,406	+6 %
EBITDA	2,227	1,349	+65 %
Operational EBIT	1,884	1,006	+87 %
Production tax	-32	-28
Fair value adjustments*	635	-944
Income from associates & JV	27	-101
Net financial items	-279	-156
Profit before tax	2,235	-222
Profit for the period from continuing operations	1,744	-177
Profit after tax for the period from discontinued operations	108	107
Profit for the period	1,853	-69
Earnings per share (NOK/share)	13.2	-1.3
Harvest volume (tgw)	48.5	62.7	-23 %
EBIT per kg (NOK/kg)	38.8	16.1	+142 %

Group Balance Sheet

• Frøy classified as assets held for sale
• Ongoing investments in the value chain progressing according to plan
• Lower standing biomass QoQ and higher YoY
• Equity ratio increased to 41%
• Net Interest-bearing debt (NIBD) including lease liablities increased with NOK 549 million
  • NIBD incl. lease/EBITDA at 3.4
  • NIBD/EBITDA at 3.1
• Unused liquidity reserve at NOK 8 billion in SalMar ASA at the end of Q1 23

All figures in NOK million

Net interest bearing debt

• Working capital impacted by reduction of trade payables
• Net investments at NOK 1,251 million
  • Compulsory aquisition NTS NOK 671 million
  • Smolt NOK 178 million
  • Farming NOK 171 million
  • Sales & Industry NOK 71 million
  • Icelandic Salmon NOK 99 million
  • SalMar Aker Ocean NOK 95 million
• New leasing agreement for battery hybrid wellboat
• Dividend for 2022 @20 NOK/share to be approved at AGM 8 June 2023

Change in NIBD incl. leasing - QoQ

All figures in NOK million

*) Includes compulsory acquisition of non-controlling interest in NTS **) Includes new leasing agreement for battery hybrid wellboat

Proposed new tax from 2023 in Norway

• 28 March 2023 Norwegian Government updated is proposal with a tax rate at 35%
• Expected verdict in the Norwegian Parliament before the summer 2023
• SalMar strongly opposes both the proposed tax model and level
  • Major impact on the capacity for innovation and investments in the Norwegian aquaculture industry

Synergy realization and strategic review of Frøy

Progressing according to plan

63% of synergies with NTS, NRS and SalmoNor realized

• Realized 425 of 671 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
• Unutilized potential in licenses materializing from 2024

Exploring strategic alternatives in Frøy with the aim of maximizing value for shareholders

• SalMar holds 72.11% of the shares and votes in Frøy
• Received strong interest from several parties in engaging in a transaction
• A sale of the shareholding is a possible outcome
• Process expected to be concluded within 2023

Q 1 2 0 2 3

Strategic Update

Sustainability in everything we do

A key cultural tenet in SalMar

Fish

*) All figures in NOK million

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

People & Society We believe in creating local value and

safe workplaces and support the local communities where we operate

H.factor 3.0

Survival rate 95%

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

Scope 1+2+3 -22% GHG reduction since 2020 GHG target aligned with 1.5°C scenario

For more details please see annual report for 2022

Global food supply - our shared responsibility

Strong demand for sustainable food

Robust value chain equipped for further sustainable growth

Strong growth potential and dedicated employees with a Passion for Salmon

FARMING Optimal locations with minimal enviromental footprint

HARVESTING & VAP Great benefits from local processing

FRY & SMOLT Self sufficient with high quality smolt

minimal footprint in the areas we operate

maximize value creation of the salmon

Fundamental Operating Principles

SALES & DISTRIBUTION Close customer relations

and high-quality products

Q 1 2 0 2 3

Outlook

Outlook

• 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
• Synergy realization with NTS, NRS and SalmoNor and strategic review of Frøy progressing according to plan
• Limited supply growth in 2023
• Proposed new tax in Norway from 2023

Guiding

	Q2 2023			FY 2023
	Cost Level1	Harvest Volume1	Contract share2	Harvest Volume	Contract share2
Norway	Same level	Slightly higher	~25%	243,000	~12%
Central Norway	Higher	Higher		148,000
Northern Norway	Lower	Lower		95,000
Icelandic Salmon		Significantly lower		16,000
Scottish Sea Farms3				37,000

Capital Markets Day 2023

6-7 September 2023

Tromsø & Senja, Northern Norway

• Day 1: Company presentations and dinner
• Day 2: Visit to our facilities across the value chain
  • Senja 1/2 smolt facility
  • Farming site & remote feeding center
  • InnovaNor harvesting & processing facility
• Link for registration and more information available from our website

Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

Annual General Meeting – 8 June 2023 Q2 2023 presentation – 24 August 2023 – Trondheim @ AquaNor Capital Markets Day – 6-7 September 2023 – Tromsø & Senja Q3 2023 presentation – 9 November 2023 – 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.