SalMar ASA

Investor Presentation • May 20, 2025

2 0 M A Y 2 0 2 5

Q1 2025 Presentation

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

2

Highlights Q1 2025

• Results from farming segments affected by low price achievement
  • Late harvest in the period
  • High share of downgrades in Central Norway
  • Low average weight
• Results from Sales & Industry driven by positive contribution from contracts
• Started harvest from both units in SalMar Ocean
• Low volume as expected in Icelandic Salmon
• Scottish Sea Farms with continued good performance
• Optimizing structure and strengthening our presence in Norway
  • SalMar Ocean wholly owned subsidiary of SalMar ASA
  • Acquisition of controlling interest in AS Knutshaugfisk
  • Merger with Wilsgård AS
• Volume guidance FY 25 kept unchanged

Harvest volume (1,000 tons gw)
Group	Norway1
42.7	40.4
Δ QoQ Δ YoY -31.1 -10.2	Δ QoQ Δ YoY -27.0 -5.0

Operational EBIT/kg (NOK)
	Group2	Norway1
	18.7	21.1
Δ QoQ -1.5	Δ YoY -10.1	Δ QoQ -1.0	Δ YoY -13.2

Operational EBIT (NOKm)
Group2	Norway1
798	852
Δ QoQ Δ YoY -691 -724	Δ QoQ Δ YoY -633 -704

Δ QoQ = Q1 2025 vs. Q4 2024 Δ YoY = Q1 2025 vs. Q1 2024 1) Norway = Group results excluding Icelandic Salmon and SalMar Ocean 2) Excluding depreciation from SalMar Ocean, the results are NOK 813 million and 19.0 NOK/kg Q 1 2 0 2 5

Operational Update

Farming Central Norway Key Results

• Focus to build biomass in the quarter resulting in low harvest volume
  • Continued harvest from autumn 2023 and spring 2024 generation

• Results affected by weak price achievement

  • Late harvest in the period
  • High share of downgrades
  • Low average weight

• Finish harvest of autumn 2023 and continue with spring 2024 generation

• Overall satisfactory biological status, despite high share of quality downgrades
• Expect similar cost level in Q2 25 compared to Q1 25
• Expect similar volume in Q2 25 compared to Q2 24
• Guidance FY 2025 increased to 156,000 tonnes
  • Transfer of volume from segment SalMar Ocean

	Q1 2025	Q1 2024
Operating income (NOKm)	1,585	2,786
Operational EBIT (NOKm)	268	1,186
Harvest volume (tgw)	21.1	27.8
Op.EBIT/kg (NOK)	12.7	42.6

Farming Northern Norway Key Results

• Strong biological performance in the period

• Continued harvest of the spring 2023 generation and started harvest of autumn 2023 generation

  • Slightly lower cost level
  • Majority of volume harvested late in the period

• Continue from autumn 2023 generation

• Good biological status
• Expect slightly lower cost level in Q2 25 compared to Q1 25
• Expect slightly higher volume in Q2 25 compared to Q2 24
• Guidance FY 2025 kept unchanged at 100,000 tonnes

	Q1 2025	Q1 2024
Operating income (NOKm)	1,619	1,455
Operational EBIT (NOKm)	557	476
Harvest volume (tgw)	19.3	17.5
Op.EBIT/kg (NOK)	28.9	27.1

SalMar Ocean Key Results

• SalMar Ocean wholly owned subsidiary of SalMar ASA
  • Offshore aquaculture offers promising growth opportunities
  • Technological development and opportunities more effectively managed as an integrated part of the SalMar group

• Started harvest from both semi-offshore units in Q1 25

  • Majority of volume harvested late in the period
  • Low average weight of fish harvested from Arctic Offshore Farming

• Guidance FY 2025 reduced to 7,000 tonnes

  • Remaining volume from units harvested in April 2025
  • Additional volume moved to Farming Central Norway
• Transfer of new smolt into Ocean Farm 1 expected in Q2 25
• Upgrade of net at Arctic Offshore Farming in 2025

Sales & Industry Key Results

• Low capacity utilization of harvesting facilities in the period due to seasonally lower volume
• Large volume variations in the period affecting price achievement

• 40% contract share¹ with positive contribution

• Strong demand for our products in markets despite global uncertainty

• Contract share currently around 30% for Q2 25 and 25% for FY 25

	Q1 2025	Q1 2024
Operating income (NOKm)	5,197	6,449
Operational EBIT (NOKm)	91	-37
Operational EBIT-margin (%)	1.8 %	-0.6 %

Icelandic Salmon Key Results

• As expected, low volume harvested
  • Focus to optimize biological production in 2025

• Results still affected by high cost base

  • Extraordinary mortality in the period affecting results with NOK 19 million or -17 NOK/kg

• Expect continued high cost level in Q2 25

• Expect higher volume in Q2 25 compared to Q2 24
• Guidance FY 2025 unchanged at 15,000 tonnes

	Q1 2025	Q1 2024
Operating income (NOKm)	122	314
Operational EBIT (NOKm)	-35	-6
Harvest volume (tgw)	1.1	2.8
Op.EBIT/kg (NOK)	-31.3	-2.3

Scottish Sea Farms¹ Key Results

• Increase in harvest volume YoY with good harvest weights

• 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

		Q1 2025	Q1 2024
	Operating income (NOKm)	900	848
	Operational EBIT (NOKm)	77	138
	Harvest volume (tgw)	8.4	7.3
Op.EBIT/kg	(NOK)	9.2	18.9
Fair value adjustments (NOKm)		-79	10
Profit after	tax (NOKm)	-39	66
NIBD (NOKm)		2,632	3,015
	Harvest volume (1,000 tons gw)			Op.EBIT/kg (NOK)

Financial Update

Q 1 2 0 2 5

Group Profit & Loss

• Decrease in operational EBIT QoQ driven by lower volume

Comments related to Q1 2025

• Production tax decreased driven by lower volume despite higher tax rate
• Non-recurring items* affected by restructuring of SalMar Ocean
• Fair value adjustments** negative due to lower expected forward prices

Group operational EBIT - QoQ Group P&L -691 Norway NOK million Q1 2025 Q4 2024 ΔQoQ% Q1 2025 Q1 2024 ΔYoY% Operating revenues 5,193 7,876 -34 % 5,193 6,555 -21 % Operational EBITDA 1,248 1,942 -36 % 1,248 1,929 -35 % Operational EBIT 798 1,489 -46 % 798 1,521 -48 % Production tax -44 -82 -44 -55 Non-recurring items* -32 128 -32 -10 Fair value adjustments** -1,020 -213 -1,020 -320 Income from associates & JV 2 39 2 67 Net financial items -326 -450 -326 -232 Profit before tax -623 910 -623 971 Tax -260 -139 -260 76 Profit for the period -363 1,049 -363 895 EPS – adjusted* (NOK/share) 2.4 7.3 2.4 6.1 Harvest volume (tgw) 42.7 73.8 -42 % 42.7 52.9 -19 %

EBIT per kg (NOK/kg) 18.7 20.2 -7 % 18.7 28.8 -35 %

• Total assets increased following acquisition of controlling interest in AS Knutshaugfisk
• Equity ratio increased to 38%
• NIBD + leasing increased to NOK 22 billion
  • NIBD + leasing/EBITDA at 3.4
  • NIBD/EBITDA at 3.2
• Significantly higher standing biomass YoY – Both number of fish and biomass

Group Balance Sheet	Assets	Equity ratio	Net interest bearing debt
• Total assets increased following acquisition of controlling interest in AS Knutshaugfisk • Equity ratio increased to 38%	54,740 Δ QoQ Δ YoY	38.3% Δ QoQ Δ YoY	NIBD 20,359 Δ QoQ Δ YoY +3,560 +7,774 NIBD / EBITDA	NIBD + Leasing 21,976 Δ QoQ Δ YoY +3,483 +7,532 NIBD + Leasing / EBITDA
• NIBD + leasing increased to NOK 22 billion – NIBD + leasing/EBITDA at 3.4 – NIBD/EBITDA at 3.2	+306 +2,728	+1.1% -7.4%	3.2	3.4
• Significantly higher standing biomass YoY – Both number of fish and biomass	Number of fish +3%	in sea in Norway	Biomass in sea +13%	in Norway

All financial figures in NOK million. Number of fish (salmon) in sea in million, biomass (salmon) in thousand tonnes, source: Directorate of Fisheries. Δ QoQ = Q1 2025 vs. Q4 2024 Δ YoY = Q1 2025 vs. Q1 2024

Net interest bearing debt

• Aquisition of controlling interest in AS Knutshaugfisk, NIBD effect NOK 212 million
• Cash flow from operations impacted by taxes paid and working capital
• Net investments NOK 522 million
  • Net other investments* NOK 38 million
  • Capex NOK 484 million
    • Smolt NOK 13 million
    • Farming NOK 301 million
    • Sales & Industry NOK 69 million
    • SalMar Ocean NOK 49 million
    • Icelandic Salmon NOK 52 million

Change in NIBD incl. leasing - QoQ

All figures in NOK million *) Acquisition of non-controlling interest and sale of smaller assets See notes in the financial report for further details. 14

Sustainable and flexible financing

• Succesful issuance of NOK 4.35 billion in senior unsecured green bonds in January 2025
• Extended NOK 1 billion commercial paper in March 2025 to September 2025
• In addition access to
  • SL RCF, 10 bNOK, option for 1+1 year extension
  • SL Term Loan, 6 bNOK, option for 1+1 year extension
  • Green Bond, 3.5 bNOK
  • Overdraft, 1.6 bNOK
• Issuer credit rating, BBB+

• Available liquidity as of Q1 25, NOK 8.1 billion

Overview credit facilities¹

All figures in NOK billion 1) Facilities in SalMar ASA, partially owned subsidiaries with separate financing

Strengthening our presence in Norway

• Proposed merger with Wilsgård AS
  • 5,844 MAB tonnes in PO10 and PO11
    • Operations in one of SalMars core areas
    • Expect strong synergies in the value chain
  • Consideration NOK 1,767 million 100% basis
  • 20% cash, NOK 221 million
  • 80% shares, 1,6 million shares in SalMar ASA
  • Merger expected to be completed in the summer 2025
• Settlement of AS Knutshaugfisk in February 2025
  • 3,466 tonnes MAB in PO6
  • 45% controlling interest consideration NOK 501 million
  • 20% cash, NOK 100 million
  • 80% shares, 0,7 million shares in SalMar ASA

Northern Norway

Production area 10-13

Overview licenses (MAB tonnes)
		SalMar	Wilsgård	Total	∆
	PO10	15 723 ,	2 922 ,	18 645 ,	19 %
	PO11	17 746 ,	2 922 ,	20 668 ,	% 16
	PO12	34 763 ,	-	34 763 ,	0 %
	PO13	10 217 ,	-	10 217 ,	0 %
	Total	78 449 ,	844 5 ,	84 293 ,	% 7

Knutshaugfisk Central Norway

Production area 5-7

Overview licenses (MAB tonnes)

	SalMar	Knutshaugfisk	Total	∆
PO5	12 974 ,	-	12 974 ,	% 0
PO6	54 651 ,	3 466 ,	58 117 ,	6 %
PO7	27 632 ,	-	27 632 ,	0 %
Total	95 257 ,	3 466 ,	98 723 ,	% 4

Q 1 2 0 2 5

Strategic Update

Salmon is not considered expensive compared to other proteins

Barcelona Seafood Expo 2025

Salmon-to-Meat Price Ratio

Continued strong demand for sustainable proteins

"SalMar is the best company in the global food and beverages sector for sustainable growth in 2025" - TIME Magazine and Statista

Key KPIs for FY 2024, for more details please see annual report for 2024 - https://www.salmar.no/en/sustainability/policies-and-publications/

Outlook

Q 1 2 0 2 5

Outlook

• Continued strong demand for sustainable proteins
  • Expect lower global supply growth rest of 2025 compared to growth experienced in the start of 2025
• 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
• White paper on proposed changes in regulatory framework of Norwegian aquaculture industry

Guiding

	Q2 2025		FY 2025
	Δ Cost QoQ1	Δ Voume YoY1	Contract share3	Volume5	Contract share3
Norway	Same level	Slightly higher	~30%	256,000	~25%
Central Norway	Same level	Same level		156,000
Northern Norway	Slightly lower	Slightly higher		100,000
SalMar Ocean		Significantly higher		7,000
Icelandic Salmon		Higher		15,000
Scottish Sea Farms4				32,000

1) ΔQoQ = Change from Q1 2025 2) ΔYoY = Change from Q2 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) Not including volume from proposed merger with Wilsgård

Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

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.