Icelandic Salmon AS

Earnings Release • Nov 12, 2020

Icelandic Salmon

	Q3 2020	Q3 2019	YTD 2020	YTD 20191
Operating income (NOKm)	110	152	489	462
Operational EBIT (NOKm)	-22	22	-31	73
Operational EBIT %	-19.9 %	14.4 %	-6.3 %	15.9 %
Harvested volume (tgw)	1.7	2.3	7.7	7.2
EBIT/kg	-12.81	9.54	-4.02	10.16

1) Consolidated results from February 2019

Harvest volume (1,000 tons) EBIT/kg (NOK)

• As previously stated, weak results in Q3 2020

• Result is impacted by high costs and weak price achievement
• Finished harvesting of 18G locations with high costs due to increased mortality earlier this year
• Expect higher volume and lower costs in Q4 2020
• Harvest from 19G with improved biological performance and lower cost level compared with previous generations
• Low spot price affecting Icelandic Salmon more significantly
• Guiding of 12,000 tons harvest volume in 2020 maintained
• Expect to harvest 14,000 tons in 2021
• Changed name from Arnarlax to Icelandic Salmon
• Successful private placement and listing on Merkur Market in October 2020

SalMar targets growth where it can be done sustainable on the salmons' terms

Iceland has the potential to become an important farming region

• Favourable natural biological conditions
• Natural habitat of the Atlantic salmon
• Similar conditions as in Finnmark in Northern Norway
• Sea currents, temperature regimes
• Strong seafood heritage
• Coastal and fishery culture
• Competence and courage
• Willingness to build an industry
• Framework conditions supports growth
• Wanted industry

Icelandic Salmon is the leading salmon farmer in Iceland

Attractive license portfolio, with ample room to grow harvest volumes

Integrated value chain from hatchery to sales

Applying best-practice and investment in state-of-the-art equipment

First re-branding step taken towards long-term branding strategy Considerable potential to be branded as a premium salmon product

Icelandic Salmon – positioned for long-term value creation

4

Attractive license portfolio, with ample room to grow harvest volumes considerably

3 Full control of value chain by being integrated from hatchery to sales channel

Strong focus on sustainability and operating in harmony with nature

5

Dedicated and experienced management team building up the organization – backed by SalMar