SalMar – Satisfactory results and good biological development towards the end of the quarter

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• The fourth quarter of 2024 marks the end of a challenging year for SalMar. However, biological conditions and results improved significantly towards the end of the year, providing brighter prospects for 2025.
• Operational EBIT for Norway was NOK 1,485 million in the fourth quarter of 2024. The harvest volume was 67,300 tonnes, and operational EBIT per kg was NOK 22.1. Operational EBIT for the group was NOK 1,489 million in the fourth quarter of 2024. The harvest volume was 73,800 tonnes, and operational EBIT per kg was NOK 20.2.
• The farming segments in Norway had a good development throughout the quarter and delivered strong results. Sales and industry contributed positively with their efficient and flexible operational setup, delivering a good result.
• For SalMar Aker Ocean, the production cycles for both Arctic Offshore Farming and Ocean Farm 1 are underway, with planned harvesting in the first and second quarters of 2025.
• Icelandic Salmon was still affected by events earlier in 2024, but the result is better than in previous quarters.
• Scottish Sea Farms reported another good quarter with increased harvest volume, high harvest weight, and good biological status in the sea in all regions.
• Based on good financial results and a solid financial position, the board proposes a dividend of NOK 22.00 per share for the financial year 2024.

"Throughout the quarter, we have seen good biological development in the sea, especially in Northern Norway. Together with the solid structure we have in SalMar, and thanks to our employees who have handled a challenging year in an impressive way, we deliver good financial results in the period. With better biological status, the outlook for 2025 looks brighter compared to last year,” says Frode Arntsen, CEO of SalMar ASA

Strengthening our presence in Norway further

SalMar has great faith in and willingness to invest in profitable and sustainable salmon production in Norway and has recently measures that will further strengthen SalMar's position. In February 2025, the purchase of a controlling stake in AS Knutshaugfisk was completed. AS Knutshaugfisk currently has 3,466 tonnes MTB in licenses and four farming locations in production area 6 in Mid-Norway.

Since the purchase of NTS and the merger with NRS in 2022, SalMar has held a 37.5% stake in Wilsgård AS. In February, SalMar ASA and Wilsgård Sea Service AS, who together owns 75% of the shares in Wilsgård AS, have agreed to work together to further develop their ownership interests in Wilsgård. This includes a consolidation with SalMar. Wilsgård currently has a strong presence on Senja and has 5,844 tonnes MTB in licenses in production areas 10 and 11 in Northern Norway.

"Wilsgård AS is a well-run company based on Senja. They operate in one of SalMar's core areas, which is one of the best areas in the world for farming. Over many years, SalMar has had a good relationship with the company," says Frode Arntsen, CEO of SalMar ASA.

Outlook

SalMar has several initiatives underway across the entire value chain. The goal is to improve results both biologically and financially. In 2025, SalMar expects to invest NOK 1.9 billion, with the majority of the investments related to fish welfare.

For 2025, SalMar maintains its volume guidance of 254,000 tonnes in Norway, 9,000 tonnes from SalMar Aker Ocean, 15,000 tonnes in Iceland, and 32,000 tonnes in Scottish Sea Farms (100% basis). Considering the relative share from Scottish Sea Farms, a total of 294,000 tonnes is expected for the group, a 17% increase in harvest volume compared to 2024.

SalMar experiences strong demand for its products and expects low global supply growth in 2025.

"We see significant opportunities for improvement, cost reduction, and growth in all parts of our business, and we consider ourselves well-positioned to realize this potential. We have experienced challenges in 2024 that have affected harvest volumes, but we are taking steps, adapting, and improving throughout the value chain," concludes Arntsen.

The full report and presentation for the fourth 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, IR-ansvarlig
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 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.

Attachments

• SalMar Q4 24 - Report
• SalMar Q4 24 - Presentation