SalMar ASA

Earnings Release • Nov 6, 2025

SalMar - Record high harvest volume and positive cost development

SalMar - Record high harvest volume and positive cost development

* Record-high harvest volume in the quarter, reduced cost level and continued

strong demand, sets the stage for improved performance going forward, but

the financial result in the third quarter was as expected marked by low

market prices for salmon.

* Operational EBIT for Norway was NOK 858 million in Q3 2025. The harvest

volume was 89,400 tons, and operational EBIT per kg was NOK 9.6. For the

group, operational EBIT was NOK 711 million in Q3 2025. The harvest volume

was 93,200 tons, and operational EBIT per kg was NOK 7.6.

* The share of superior quality is back to normal levels, and there are still

strong biological performances, particularly in Northern Norway, with

positive cost development during the period.

* Strong results from Sales and Industry, driven by positive contributions

from contracts and flexibility in harvesting and processing facilities.

* Weak results from Icelandic Salmon due to continued high cost levels.

* Scottish Sea Farms continues to deliver good biological performance.

* The merger with Wilsgård was completed in August, strengthening SalMar's

presence in Northern Norway and paving the way for further sustainable

growth.

"Low market prices for salmon during the period resulted as expected in weak

financial results in the third quarter. However, the record-high harvest volume

and the flexibility of our harvesting and processing facilities demonstrate the

potential in our value chain. The positive underlying cost development and

continued strong demand for our products, set the stage for improved results

going forward," said Frode Arntsen, CEO of SalMar ASA.

Expect increased volume in 2026 and lower cost levels

The biological performance at sea has been good in terms of growth and survival

so far this year, particularly in Northern Norway. SalMar entered the fourth

quarter with record-high biomass. This supports increased volume going forward.

Reduced price on several input factors and improved biological performance,

support expectations of positive cost development across all segments in the

fourth quarter.

For 2025 total harvest volume is expected to be 299,000 tons for the group,

representing a 19 per cent increase compared to 2024.

For 2026, the volume is expected to increase. Considering the relative share

from Scottish Sea Farms, the total harvest volume for the group is expected to

be 319,000 tons, an increase of 20,000 tons or 7 per cent compared with 2025.

SalMar expects 275,000 tons in Norway and Ocean, 21,000 tons in Iceland, and

45,000 tons in Scottish Sea Farms (100 per cent basis).

The year 2025 has been characterized by lower salmon prices and global

uncertainty. SalMar expects limited global supply growth in 2026 compared to

2025 and is experiencing continued strong demand for its products.

The full report and presentation for the third quarter are attached.

SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's

results today at 08:00 at Grand Hotel in Oslo. The presentation will also be

webcast on www.salmar.no.

For more information, please contact:

Frode Arntsen, CEO

Tel: +47 482 06 665

E-mail: frode.arntsen@salmar.no

Ulrik Steinvik, CFO

Tel: +47 900 84 538

E-mail: ulrik.steinvik@salmar.no

Håkon Husby, Head of IR

Tel: +47 936 30 449

E-mail: 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, Offshore and

Iceland, as well as substantial harvesting and secondary processing operations.

In addition SalMar owns 50% of 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.