SalMar ASA

Earnings Release • Feb 18, 2022

SalMar - Strong operational performance contributed to record high harvest volume in fourth quarter and the Board recommends a dividend of NOK 20 per share

SalMar - Strong operational performance contributed to record high harvest volume in fourth quarter and the Board recommends a dividend of NOK 20 per share

* Strong utilisation of increased production capacity contributed to record

high harvest volume, but results affected by higher costs due to biological

challenges and weak price achievement

* Total Operational EBIT for the fourth quarter was NOK 890 million, 15.78 NOK

per kg

* Total operational EBIT for Norway for the fourth quarter was NOK 853

million, 16.36 NOK per kg

* Fish Farming Northern Norway continued the solid trend with strong

biological and operational performance

* Fish Farming Central Norway had a record high harvest volume, but higher

costs related to biological challenges weakens the results

* Sales and Industry with large volumes through its harvesting and processing

facilities, but weak price achievement affects results negatively

* Icelandic Salmon post a good result with increased harvest volume, stable

cost level and improved price achievement

* SalMar expects increased volume in all regions in 2022. The forecast for

Norway is 175,000 tonnes, Iceland 16,000 tonnes, and Scotland 46,000 tonnes

* InnovaNor, Northern Norway's most modern and efficient harvesting and

secondary processing plant, is in operation and will gradually increase

output in 2022

* SalMar Aker Ocean formally launched in the fourth quarter with an ambition

to create the world's leading offshore aquaculture company. This company

will report as a separate segment from 2022

* The board of directors recommends a dividend of NOK 20 per share for the

2021 financial year

Record high harvest volume and strong capacity utilisation

SalMar made an Operational EBIT of NOK 890 million in the fourth quarter 2021,

up from NOK 748 million in the previous quarter. SalMar harvested a total of

56,400 tonnes, which gives an operational EBIT of NOK 15,78 per kg.

"Our team has delivered impressive performance in key areas, resulting in record

high harvest volumes in Q4 and for the full year, due to strong utilization of

increased production capacity. But results in Q4 are weakened by higher cost

related to handling of biological challenges to safeguard fish welfare and weak

price achievement, this showcase there is still room for improvements across the

entire value chain." said SalMar's CEO Gustav Witzøe.

In the fourth quarter 2021 Fish Farming Northern Norway continue to deliver

solid results, driven by a consistently solid biological and operational

performance and the professional skills of the segments' employees. Fish Farming

Central Norway had a record high harvest volume, but higher costs due to

biological challenges weakened the results.

Sales and Industry with large volumes through its harvesting and processing

facilities, but weak price achievements weakened the segment's overall result.

Icelandic Salmon continues the positive development, with good underlying

operations and stable cost development. Launch of new brand in August, starting

to materialize in improved price achievement contributed to strengthen its

result.

Robust platform for further sustainable growth

For over 30 years, sustainable food production has been SalMar's hallmark, and

the company has led the way for the development of a forward-looking Norwegian

aquaculture sector. This effort continues unabated. SalMar aims to be the

leading salmon producer in both coastal aquaculture as well as offshore

aquaculture.

"We are planning significant investments in 2022 to strengthen our platform for

further sustainable growth. In total we expect to invest 2.1 billion in our

value chain across all regions in 2022, where the main proportion is investments

which will give us increased capacity and flexibility to grow our volume," said

Witzøe.

SalMar expect higher volume in all segments in 2022

Growth in supply for Atlantic salmon is expected to be low in 2022. Although the

Covid-19 pandemic has created market uncertainty, 2021 and the start of 2022

have shown how robust the salmon market is with strong demand for salmon

products.

In the first quarter of 2022 the company expects a slight decline in cost level

and lower harvest volume due to seasonality. For the full year 2022, SalMar

expects increased harvest volumes in all regions. The forecast for Norway is

175,000 tonnes and Iceland 16,000 tonnes. In associated company in Scotland

expected harvest volume is 46,000 tonnes.

SalMar ASA to launch a voluntary offer for all outstanding shares in NTS ASA

On 14 February, it was announced that Salmar will launch a voluntary offer for

all outstanding shares in NTS ASA. The offer values NTS' total equity at

approximately NOK 15.1 billion or NOK 120 per share. More than 50% of the NTS

shareholders have pre-accepted the offer. The offer will be settled in a

combination of cash and shares, and an EGM will be called for in SalMar ASA to

authorize the board to issue the relevant equity consideration.

The complete report and presentation for the fourth quarter and 2021 is

attached.

SalMar's CEO Gustav Witzøe and CFO & COO Trine S. Romuld will present the

company's results via a webcast on www.salmar.no. The presentation will commence

at 8am CET.

For further information, please contact:

CEO Gustav Witzøe

Tel: +47 911 47 834

Email: gustav.witzoe@salmar.no

CFO & COO Trine Sæther Romuld

Tel: +47 991 63 632

Email: trine.romuld@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.