SalMar ASA

Earnings Release • May 14, 2024

SalMar - Results in the first quarter characterized by a challenging winter period

SalMar - Results in the first quarter characterized by a challenging winter period

* Harsh winter conditions, extreme weather events and continued jellyfish

attacks had adverse effect on SalMar's farming segments in Norway in the

first quarter and impacted the company's results.

* Operational EBIT for Norway was NOK 1,546 million for the first quarter.

Harvest volume was 45,400 tonnes and operational EBIT per kg was NOK 34.1.

* Operational EBIT for the Group was NOK 1,512 million for the first quarter.

Harvest volume was 52,900 tonnes and operational EBIT per kg was NOK 28.6.

* The Salmon Living Lab innovation and R&D centre which was launched in the

quarter has attracted broad interest from potential partners.

"The first quarter was challenging in many ways, and we were once again reminded

of the importance of working with the forces of nature. Our ability to

understand biology and the environment is of great importance for our

operational and financial performance. That is why we believe so strongly that

our many improvement initiatives, including Salmon Living Lab, are important for

the continued success of our company and our industry as a whole," said SalMar's

CEO Frode Arntsen.

Segment update

* Farming segments in Norway, was significantly impacted by the jellyfish

attacks and extreme weather events this winter. Low superior share and low

average harvest weights, in particular in Northern Norway, impacted both

cost and price achievements.

* Sales and Industry continued to show strength in its flexible operational

setup, handling volumes affected by biological challenges.  The contract

share was 39 per cent, with negative contribution.

* Icelandic Salmon is affected by high cost due to biological challenges.

* SalMar Aker Ocean harvested from both its two semi-offshore projects during

the quarter where strong biological performance once again gives confidence

for further potential.

* Scottish Sea Farms had a solid quarter, with significantly improved results

and good biological status in all regions.

Volume guiding and outlook

* The volume guidance remains unchanged at 237,000 tonnes in Norway ,7,000

tonnes from SalMar Aker Ocean, 15,000 tonnes in Iceland and 37,000 tonnes in

Scotland (100% basis).

* SalMar continue to experience strong demand for our products and expect

limited global supply growth in 2024.

"In SalMar we have a positive view on the future of the aquaculture industry,

and we are committed to grow our business sustainably and create value for

society and our various stakeholders. We see significant untapped potential for

further growth in the industry and want to lead the development further. Because

food does not go out of style, the world needs more healthy and nutritious

food," Arntsen concludes

The complete report and presentation for the first quarter is attached.

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

results today at 08:00 CEST at Hotel Continental in Oslo. The presentation will

also be available on webcast on www.salmar.no (http://www.salmar.no).

For further information, please contact:

Frode Arntsen, CEO

Tel: +47 482 06 665

Email: frode.arntsen@salmar.no

Ulrik Steinvik, CFO

Tel: +47 900 84 538

Email: ulrik.steinvik@salmar.no

Håkon Husby, Head of Investor Relations

Tlf: +47 936 30 449

Email: 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 and Iceland, as

well as substantial harvesting and secondary processing operations. In addition,

the company is operating within offshore aquaculture through the company SalMar

Aker Ocean and SalMar 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.