SalMar ASA

Earnings Release • May 20, 2025

SalMar - Low volume in Q1 25, but good growth in the sea paves the way for increased volume for the rest of the year

SalMar - Low volume in Q1 25, but good growth in the sea paves the way for increased volume for the rest of the year

* The first quarter was characterized by a low harvest volume where majority

of the volume was harvested late in the quarter. The focus in the quarter

has been to build biomass so that increased volume is facilitated later in

* Operational EBIT for Norway was NOK 852 million in the first quarter of

2025. The harvest volume was 40,400 tonnes and operational EBIT per kg was

NOK 21.1. Operational EBIT for the Group was NOK 798 million in the first

quarter of 2025. The harvest volume was 42,700 tonnes and operational EBIT

per kg was NOK 18.7.

* The result from the farming segments in Norway is characterized by

harvesting late in the period and that fish have been harvested as a result

of fish welfare considerations, which resulted in a low average weight.

Furthermore, the share of downgraded fish has been high. In sum, this has

had a negative impact on price achievement in the quarter.

* Results from Sales and Industry driven by positive contribution from

contracts

* As expected, Icelandic Salmon harvested a low volume, and the cost is still

high.

* Scottish Sea Farms reported another good quarter with increased harvest

volume, high harvest weight and good biological status in the sea in all

regions.

"In short, we are pleased with the development in growth and survival in the

sea, but financially it is unfortunately weak as a result of harvesting late in

the period and the quality of harvested fish in the quarter," says Frode

Arntsen, CEO of SalMar ASA.

Strengthening Our Presence in Norway

SalMar has great faith in and willingness to invest in profitable and

sustainable salmon production in Norway and has recently further strengthened

SalMar's position. In February 2025, the purchase of a controlling stake in AS

Knutshaugfisk was completed. AS Knutshaugfisk currently has 3,466 tons MTB in

licenses and four farming locations in production area 6 in Central-Norway.

In April, the board of directors of Wilsgård AS and SalMar announced that they

had approved a merger plan for Wilsgård AS and SalMar Farming AS. Since SalMar's

acquisition of NTS and the merger with NRS in 2022, SalMar has had a 37.5 per

cent stake in Wilsgård. Wilsgård currently has a strong presence on Senja and

has 5,844 tons MAB in licenses in production areas 10 and 11 in Northern Norway.

The merger between Wilsgård and SalMar Farming brings together two strong

players in fisheries and aquaculture, and contributes to regional development.

The merger is expected to be completed during the summer of 2025, subject to,

among other things, necessary approvals from relevant authorities.

" Wilsgård is a well-run company that, like SalMar, operates aquaculture in one

of the best areas in the world for salmon production. This merger will not only

strengthen our position in the region, but also contribute to increased

operational efficiency, cost reductions and financial robustness. We have great

ambitions for the future and look forward to further developing the combination

of our companies," says Frode Arntsen, CEO of SalMar ASA.

Outlook

The start of 2025 has shown good biological performance in the sea, entering the

second quarter with record-high biomass for the season and maintaining volume

guidance for the year.

For 2025, SalMar expects 256,000 tons in Norway, 7,000 tons from SalMar Ocean,

15,000 tons in Iceland and 32,000 tons in Scottish Sea Farms (100% basis).

Considering the relative share from Scottish Sea Farms, a total of 294,000 tons

is expected for the group, 17 per cent growth in harvest volume compared to

Although the market is characterized by global uncertainty and increased volume,

SalMar continues to experience strong demand for our products and expects lower

global supply growth in the second half of 2025 compared to what we have

experienced so far in the first half of 2025.

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

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

results today at 08:00 at Hotel Continental 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.