SalMar ASA

Investor Presentation • Feb 18, 2025

1 8 F E B R U A R Y 2 0 2 5

Q4 2024 Presentation

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

2024 a challenging year

Norway

• Volume and results impacted by environmental challenges
• Operational set-up in value chain showcasing its strength
• Improved biological performance at the end of the year

SalMar Aker Ocean

• Harvest from both semi-offshore projects with strong biological performance

Icelandic Salmon

• Weak results affected by biological challenges

Scottish Sea Farms²

• Significant improvement in operational results

Financial position

3

• Continued robust position with strong access to sustainable financing facilities
• Board of Directors proposes a dividend of 22.00 NOK per share for the financial year 2024

	Harvest volume (1,000 tons gw)
Group	Norway1
231.8	213.2
Δ YoY -17.8	Δ YoY -17.6
	Operational EBIT/kg (NOK)
Group	Norway1
23.4	26.1
Δ YoY	Δ YoY
-8.7	-8.0
	Operational EBIT (NOKm)
Group	Norway1
5,429	5,575
Δ YoY	Δ YoY
-2,730	-2,414

Highlights Q4 2024

• Farming segments in Norway with improved performance throughout the period
• Set-up in Sales & Industry continue to showcase strength but financial results reduced due to lower contribution from contracts
• SalMar Aker Ocean with both semi-offshore projects in operation
• Icelandic Salmon with improved results, but continue to be affected by challenges
• Scottish Sea Farms with continued good performance
• Optimizing structure and strengthening our presence in Norway
  • Sale of Osan Settefisk AS in December 2024
  • Acquisition of controlling interest in AS Knutshaugfisk completed in Q1 25
  • SalMar ASA and Wilsgård Sea Service AS have agreed to work together to further develop their ownership interests in Wilsgård. This includes a consolidation with SalMar.
• Volume guidance FY 25 kept unchanged in all regions

Harvest volume (1,000 tons gw)
Group	Norway1
73.8 Δ QoQ Δ YoY +13.5 -9.3	67.3 Δ QoQ Δ YoY +10.9 -6.3

Operational EBIT/kg (NOK)
Group	Norway1
20.2	22.1
Δ QoQ Δ YoY +2.9 -6.2	Δ QoQ Δ YoY +2.9 -7.3

Q 4 2 0 2 4

Operational Update

Farming Central Norway Key Results

• Results affected by early harvest of fish

  • Continued harvest from autumn 2023 generation and started harvest from spring 2024 generation
  • Safeguarding fish welfare due to sporadic cases of string jellyfish
  • Volume reduced at the end of the period due to weather constraints and to optimize biological performance

• Continue harvest of autumn 2023 and spring 2024 generation

• Overall satisfactory biological status
• Expect similar cost level in Q1 25 compared to Q4 24
• Expect low volume in Q1 2025 in order to optimize MAB utilization
• Guidance FY 2025 kept unchanged at 154,000 tonnes

	Q4 2024	Q4 2023	FY 2024	FY 2023
Operating income (NOKm)	3,149	3,424	11,323	12,419
Operational EBIT (NOKm)	622	1,178	3,402	4,597
Harvest volume (tgw)	39.7	42.3	132.7	141.1
EBIT/kg (NOK)	15.7	27.9	25.6	32.6

Farming Northern Norway Key Results

• Significantly improved results compared to earlier in 2024

  • Continued harvest of the spring 2023 generation
  • Strong biological development in the period
  • Reduced cost level and improved price achievement
  • Some volume pushed into 2025 due to weather constraints

• Continue harvest from spring 2023 generation and will start with autumn 2023 generation

• Good biological status
• Expect slightly lower cost level in Q1 25 compared to Q4 24
• Expect slightly lower volume in Q1 2025 compared to Q1 24
• Guidance FY 2025 kept unchanged at 100,000 tonnes

	Q4 2024	Q4 2023	FY 2024	FY 2023
Operating income (NOKm)	2,347	2,436	6,495	7,894
Operational EBIT (NOKm)	773	840	1,947	3,402
Harvest volume (tgw)	27.7	31.4	80.5	92.8
EBIT/kg (NOK)	27.9	26.8	24.2	36.7

Sales & Industry Key Results

• Flexible operational set-up optimizing handling of volume in the period
• Strong capacity utilization of facilities
• 30% contract share¹ with positive contribution
  • Contribution lower than previous quarter due to higher spot prices

• Good price achievement from spot sales

• Seasonally lower volume in Q1 25

• Strong demand for our products in all markets
• Contract share currently around 45% for Q1 25 and 25% for FY 25
  • Price points of contracts increased compared to 2024

	Q4 2024	Q4 2023	FY 2024	FY 2023
Operating income (NOKm)	7,202	7,617	25,661	27,094
Operational EBIT (NOKm)	131	168	468	256
Operational EBIT-margin (%)	1.8 %	2.2 %	1.8 %	0.9 %

SalMar Aker Ocean Key Results

• Both semi-offshore units in operation

  • 2 nd production cycle in Arctic Offshore Farming started in Q3 24
  • 4 th production cycle in Ocean Farm 1 started in Q2 24

• Guidance FY 2025 kept unchanged at 9,000 tonnes

  • Volume from Arctic Offshore Farming expected to be harvested in Q1 25
• Strong biological performance give confidence in future potential
  • Additional site approved at Frohavet in Central Norway
  • International expansion is progressing according to plan

	Q4 2024	Q4 2023	FY 2024	FY 2023
Operating income (NOKm)	0	173	573	173
Operational EBIT (NOKm)	-12	3	-77	-60
Harvest volume (tgw)		2.3	6.9	2.3
EBIT/kg (NOK)		1.4	-11.2	-26.2

Icelandic Salmon Key Results

• Improved results with stable biological situation

  • Results still affected by high cost base
  • Harvest volume at the end of the period reduced to optimize biological performance

• Guidance FY 2025 unchanged at 15,000 tonnes

  • Expect a high cost level and low volume in the first half of 2025

	Q4 2024	Q4 2023	FY 2024	FY 2023
Operating income (NOKm)	586	605	1,182	1,871
Operational EBIT (NOKm)	16	26	-69	230
Harvest volume (tgw)	6.5	7.2	11.7	17.9
EBIT/kg (NOK)	2.4	3.6	-5.9	12.8

Scottish Sea Farms¹ Key Results

• Significant increase in profitability in 2024

• Continued strong performance in Q4 24

  • Significant increase in harvest volume YoY with good harvest weights in the quarter
  • Strong biological development, with next generation of fish performing well in all regions

• Good biological status in seawater in all regions

• Guidance FY 2025 unchanged at 32,000 tonnes
  • Impacted by re-organising site structure. Long term potential significantly higher

	Q4 2024	Q4 2023	FY 2024	FY 2023
Operating income (NOKm)	965	497	4,403	2,561
Operational EBIT (NOKm)	93	-47	555	-304
Harvest volume (tgw)	9.0	4.6	40.4	24.9
EBIT/kg (NOK)	10.3	-10.3	13.7	-12.2
Fair value adjustments (NOKm)	-56	-5	-25	16
Profit after tax (NOKm)	23	-101	179	-482
NIBD (NOKm)	2,562	2,803	2,562	2,803

Q 4 2 0 2 4

Financial Update

Group Profit & Loss

• Increase in operational EBIT QoQ driven by increased volume and improved price achievement

Comments related to FY 2024

• Production tax increased due to higher fee
• Non-recurring items* positive driven by gain of sale of Osan Settefisk
• Fair value adjustments** positive due to improved prices on contract portfolio and higher biomass
• Income from associates & JV increased following improved results in Scottish Sea Farms
• Taxes in 2024 includes corporate tax and resource rent tax

Group operational EBIT - QoQ

*) See notes in the financial report for details **) Includes onerous contracts and fair value adjustments

Group Balance Sheet Assets Equity ratio

• Total assets decreased following sale of Osan Settefisk AS
• Higher standing biomass YoY
  • Both number of fish and biomass
• Equity ratio increased to 37%
• Net interest-bearing debt (NIBD) including lease liabilities decreased to NOK 18.5 billion
  • NIBD incl. lease/EBITDA at 2.6
  • NIBD/EBITDA at 2.4
• Available liquidity NOK 6.8 billion
• Aquisition of controlling interest in Knutshaugfisk completed in February 2025
  • NIBD effect NOK 211 million
  • New shares issued 716 651

Net interest bearing debt

• Sale of Osan Settefisk AS in December 2024, net effect NOK -648 million
• Cash flow from operations impacted by taxes paid
• Net investments NOK 531 million
  • Net other investments* NOK 36 million
  • Capex NOK 488 million
  • Farming NOK 381 million
  • Smolt NOK 24 million
  • Sales & Industry NOK 5 million
  • Icelandic Salmon NOK 12 million
  • SalMar Aker Ocean NOK 63 million
• Expect higher debt level in Q1 2025 following payment of taxes and working capital

Change in NIBD incl. leasing - QoQ

All figures in NOK million

*) Acquisition of non-controlling interest See notes in the financial report for further details.

Sustainable and flexible financing

• Succesful issuance of NOK 4.35 billion in senior unsecured green bonds in January
  • 5 year NOK 3.25 billion NIBOR3M + 115 bps
  • 7 year NOK 1.10 billion NIBOR3M + 135 bps
• Danske Bank, DNB Markets, Nordea and SEB acted as Global Coordinator and Joint Lead Managers and Rabobank acted as Joint Lead Manager.
• Funds from the green bonds to be used in accordance with the green bond framework published in August 2024

Long-term facilities²

All figures in NOK billion 1) Green Bond Framework and second party opinion available from SalMars website 2) Long-term facilities in SalMar ASA

Dividend for the financial year 2024

• Board of Directors propose a cash dividend of NOK 22.00 per share
• Results in 2024 shows that SalMar has maintained a solid financial position despite a challenging year operationally
• Important for SalMar to provide shareholders a competitive return on invested capital
• Proposed cash dividend to be approved at AGM 18th of June 2025

Dividend (NOK/share)

Q 4 2 0 2 4

Strategic Update

Investing in value chain to improve fish welfare and reduce cost

• Largest portion of investments in 2025 related to fish welfare
• Effects
  • Reduced amount of treatments
  • Reduced mortality
  • Improved quality
  • Reduced cost
  • Increased volume
• From individual sites with preventive technology to entire zones in 2025

Slide presented in Q3 24 presentation

Sites with preventive technology in Norway

Expect to invest NOK 1.9 billion in 2025

• Expect to invest NOK 1,7 billion in Norway
  • Maintenance investments NOK 0,7 billion (~3,0 NOK/kg)
  • Capacity investments NOK 1,0 billion
  • Investments to improve fish welfare and reduce cost
  • Upgrade of harvesting & VAP capacity
• Expect to invest NOK 0,13 billion in Icelandic Salmon
  • Unlocking potential within existing licenses
• Expect to invest NOK 0,07 billion in SalMar Aker Ocean
  • Maintenance capex and upgrade of net AOF

Investments in 2025

Largest single investments in 2025

Submerged

Net Pens

Sea Lice Lasers

Upgrade of Harvesting & VAP

Strengthening our presence in Northern Norway

• Wilsgård AS with operations in PO10 and PO11 in Northern Norway
  • 5,844 MAB tonnes in farming licenses
  • Operations in one of SalMars core areas
• SalMar ASA and Wilsgård Sea Service AS have agreed to work together to further develop their ownership interests in Wilsgård.
  • Together they own 75% of the shares in Wilsgård
  • This includes a consolidation with SalMar
• Expect strong synergies in the value chain

MAB capacity in Northern Norway¹ tonnes MAB

	SalMar	Wilsgård	Total	∆
PO10	723 15 ,	2 922 ,	18 645 ,	19 %
PO11	17 746 ,	2 922 ,	20 668 ,	% 16
PO12	34 763 ,	-	34 763 ,	0 %
PO13	10 167 ,	-	10 167 ,	0 %
Total	78 399 ,	844 5 ,	84 243 ,	% 7

Operations in the value chain² Wilsgård SalMar

Harvesting & VAP facility Coastal Farming Site Smolt Facility Semi-Offshore Farming Site Visitor Centre

1) SalMar includes maximum allowable biomass (MAB) for segments fish farming central Norway and SallMar Aker Ocean. 2) In addition Wilsgård & SalMar have operations not depicted on the map

21

Outlook

Q 4 2 0 2 4

Outlook

• Expect low global supply growth in 2025
  • Continued good demand for sustainable proteins
• SalMar well equipped for further sustainable growth
  • Strengthening value chain to ensure farming on the terms of the salmon
  • Dedicated employees and strong corporate culture
  • Strong growth potential in optimal locations
  • Robust value chain with unutilized potential

Guiding

	Q1 2025			FY 2025
	Δ Cost QoQ1	Δ Voume YoY1	Contract share3	Volume5	Contract share3
Norway	Same level	Significantly Lower	~45%	254,000	~25%
Central Norway	Same level	Significantly Lower		154,000
Northern Norway	Slightly lower	Slightly lower		100,000
SalMar Aker Ocean		Significantly Lower		9,000
Icelandic Salmon		Significantly Lower		15,000
Scottish Sea Farms4				32,000

1) ΔQoQ = Change from Q4 2024 2) ΔYoY = Change from Q1 2024 3) Physical and financial fixed price contracts 4) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share 5) Includes expected volume from Knutshaugfisk, not including expected volume from Wilsgård

Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

Annual Report 2024 – 25 April 2025 Q1 2025 presentation – 20 May 2025 – Oslo Annual General Meeting – 18 June 2025 Q2 2025 presentation – 21 August 2025 – Trondheim Q3 2025 presentation – 6 November 2025 – 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.