SalMar ASA

Earnings Release • Aug 25, 2022

SalMar - Continued solid operational performance and record high salmon prices gave strong results

SalMar - Continued solid operational performance and record high salmon prices gave strong results

* Total operational EBIT for Norway for the second quarter was NOK 952 million

(NOK 32.34 per kg). Fish Farming Central Norway and Northern Norway

delivered record results due to high salmon prices and continued strong

operational performance.

* The underlying operational performance of Sales and Industry was solid, but

results were affected by negative contribution from contracts.

* Icelandic operations delivered solid results due to strong price achievement

and stable cost development.

* SalMar Aker Ocean progressing according to plan.

* The SalMar group's operational EBIT for the second quarter was NOK 1,048

million (NOK 32.35 per kg). This excludes costs connected to lawsuits in

North-America amounting to NOK 164 million.

* SalMar keeps the volume guiding for 2022 unchanged in all regions.

* In April the voluntary offer to acquire all outstanding shares in NTS ASA

was accepted for 52.7 per cent of the shares. At the end of May 2022 SalMar

announced a merger with Norway Royal Salmon, which was approved by the

shareholders of the companies in subsequent EGMs at the end of June. The

Norwegian Competition Authority approved the voluntary offer for NTS, and

thereby the merger, in mid July 2022. Completion of the transactions is

still subject to several conditions. The timing of when these conditions

will be met is yet uncertain.

Solid operational performance and record high salmon prices

In the second quarter 2022, SalMar continued its solid operational performance.

This, combined with record high salmon prices, led to solid financial results.

SalMar reported an operational EBIT of NOK 1,048 million in the second quarter

2022 and harvested 32,400 tonnes of salmon. This resulted in a strong

operational EBIT of NOK 32.35 per kg.

"In the second quarter, our many dedicated employees continued to deliver

impressive performance and products of excellent quality. Our consistent and

relentless efforts to operate on the terms of the salmon and with sustainability

mindset in everything we do, have again proved to be a successful recipe," said

Linda L. Aase, CEO of SalMar ASA.

Fish Farming Central Norway and Fish Farming Northern Norway continued the trend

with strong biological and operational performance, resulting in record

operational EBIT per kilo of NOK 58.64 and NOK 69.12 respectively. The

underlying operations within Sales and Industry segment was solid but record

high salmon prices affected the profitability on contracts. Icelandic Salmon

delivered solid results in the quarter driven by good biological performance,

strong price achievement and stable cost development.

"Our financial results were of course also supported by high salmon prices in

the market, although this fortunate market situation weakens the financial

results in Sales and Industry due to profitability on contracts.", Aase said.

In the second quarter, the share of salmon sold on contract was 59 per cent. For

the third quarter the contract rate is expected to be around 35 per cent, and

around 40 per cent for the whole year.

Further sustainable growth

SalMar has an optimistic outlook for the future of the aquaculture industry.

With a strong corporate culture built and nurtured by competent, dedicated, and

passionate employees, SalMar is planning for and investing in further

sustainable growth.

The expansion of the Senja smolt facility is close to completion with the first

roe put in place in the facility and first smolt delivery expected in 2023.

First smolt delivery from the Tjuin facility is expected in 2024. At the

InnovaNor harvesting and processing plant in Northern Norway, ramping up of

volume at both harvesting and value-adding processing continues during 2022.

SalMar is also leading the way in offshore aquaculture through its ownership and

role as leading shareholder in SalMar Aker Ocean. Upgrade of Ocean Farm 1 and

design of new units are progressing according to plan and the company is

committed to new offshore investments as soon as the regulatory framework is in

place. The company has an ambition to produce 150,000 tonnes of salmon offshore

within 2030.

In April SalMar's voluntary offer to acquire all outstanding shares in NTS was

accepted for 52.7 per cent of the shares. Further, at the end of May 2022 SalMar

announced a merger with NRS, which was approved by the shareholders of the

companies in subsequent EGMs at the end of June. The Norwegian Competition

Authority approved the voluntary offer for NTS, and thereby the merger, in mid

July 2022. Completion of the transactions is still subject to several

conditions. The timing of when these conditions will be met is yet uncertain.

Outlook

SalMar expects higher harvest volume, slightly higher cost level and a contract

share of around 35 per cent in the third quarter of 2022.

For 2022, the previously communicated volume guidance remains unchanged in all

regions. The expected harvest volume for Norway is 175,000 tonnes, for Iceland

16,000 tonnes and for Scotland 46,000 tonnes.

The complete report and presentation for the second quarter and first six months

of 2022 is attached.

SalMar's CEO Linda L. Aase and CFO Gunnar Nielsen will present the company's

results in Hotel Continental, Stortingsgata 24-26, Oslo, Norway today at 8am

CEST. The presentation will also be available on webcast on www.salmar.no.

For further information, please contact:

Linda L. Aase, CEO

Tel: +47 900 74 413

Email: linda.aase@salmar.no

Gunnar Nielsen, CFO

Tel: +47 960 97 005

Email: gunnar.nielsen@salmar.no

Håkon Husby, Head of Investor Relations

Tlf: +47 936 30 449

Epost: 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 Norway, at

InnovaMar in Frøya, InnovaNor in Senja and Vikenco in Aukra. In addition, the

company is operating within offshore aquaculture through the company SalMar Aker

Ocean. SalMar also 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.