Salmar Asa · OSL:SALM
Salmar Asa — Q3 2026 Earnings Presentation
21 slides from Salmar Asa's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Presentation
3 NOVEMBER 2026 Q3 2026 Presentation FRODE ARNTSEN CEO ULRIK STEINVIK CFO
Slide 2: Agenda
Q3 2026 Agenda Highlights Operational Update Financial Update Strategic Update Outlook
Slide 3: Highlights
Highlights Harvest volume (1,000 tons gw) Group Norway1 • Record high harvest volume 105.1 Δ QoQ Δ YoY 99.9 Δ QoQ Δ YoY • Strong profitability from Sales & Industry +23.3 +11.8 +28.4 +10.4 • Improved results from Icelandic Salmon due to lower cost level • Soft results from Scottish Sea Farms2 Operat
Slide 4: Operational Update
Q3 2026 Operational Update
Slide 5: Farming Central Norway
Farming Central Norway Key Results YTD YTD Q3 2026 Q3 2025 2026 2025 Operating income (NOKm) 3,339 2,983 9,066 6,683 • Results affected by harvesting due to fish welfare considerations Sales revenue salmon (NOKm) 3,318 2,852 9,009 6,500 – Cost development affected by Operational EBIT (NOKm) 342 -121
Slide 6: Farming Northern Norway
Farming Northern Norway Key Results YTD YTD Q3 2026 Q3 2025 2026 2025 Operating income (NOKm) 3,116 2,633 6,991 5,577 • Continued strong biological performance Sales revenue salmon (NOKm) 3,116 2,562 6,991 5,443 – High survival rates, growth and superior share Operational EBIT (NOKm) 790 468 2,066 1
Slide 7: SalMar Ocean
SalMar Ocean Key Results YTD YTD Q3 2026 Q3 2025 2026 2025 Operating income (NOKm) 0 -3 391 509 • New production cycle in Ocean Farm 1 started in September Operational EBITDA (NOKm) -2 -8 76 23 – Strong biological performance Operational EBIT (NOKm) -26 -36 -2 -130 Outlook Harvest volume (tgw) 0.0 0
Slide 8: Sales & Industry
Sales & Industry Key Results YTD YTD Q3 2026 Q3 2025 2026 2025 • Record high volume harvested at our facilities Operating income (NOKm) 8,623 7,714 22,462 18,992 – Robust operational performance with operational metrics at all time highs Operational EBIT (NOKm) 526 534 615 1,073 Operational EBIT-mar
Slide 9: Icelandic Salmon
Icelandic Salmon Key Results YTD YTD Q3 2026 Q3 2025 2026 2025 Operating income (NOKm) 437 296 1,177 709 • Positive cost development driving improvement in results Operational EBIT (NOKm) 15 -110 -22 -243 • Lower cost from harvested sites • Good price achievement in the period Harvest volume (tgw) 5
Slide 10: Scottish Sea Farms
Scottish Sea Farms1 Key Results YTD YTD Q3 2026 Q3 2025 2026 2025 Operating income (NOKm) 1,185 679 2,518 2,616 • Significant increase in harvest volume Operational EBIT (NOKm) 13 8 29 58 • Results negatively impacted by incident-based mortality – Sites with biological challenges in Q3 harvested out
Slide 11: Financial Update
Q3 2026 Financial Update
Slide 12: Group Profit & Loss
Group operational EBIT - QoQ +372 Group Profit & Loss • Increase in operational EBIT QoQ driven by higher volume Norway – Market prices lower due to seasonality – Cost in value chain stable Group P&L NOK million Q3 2026 Q2 2026 ΔQoQ% YTD 2026 YTD 2025 ΔYoY% Operating revenues 8,660 7,612 14 % 22,773
Slide 13: Group Balance Sheet
Group Balance Sheet Assets Equity ratio Net interest bearing debt NIBD NIBD / EBITDA • Assets increased QoQ following inclusion of new well boats and higher fair value of biomass 57,923 36.0% 17,912 2.1 Δ QoQ Δ YoY Δ QoQ Δ YoY Δ QoQ Δ YoY Δ QoQ Δ YoY • Slightly higher standing biomass QoQ and YoY +8
Slide 14: Net interest bearing debt
Net interest bearing debt Change in NIBD - QoQ • Cash flow from operations positively impacted by changes in working capital -1,250 • Net investments NOK 97 million – Net other investments** NOK -106 million – Capex NOK 203 million – Farming NOK 109 million – Sales & Industry NOK 61 million – Smolt
Slide 15: Strategic Update
Q3 2026 Strategic Update
Slide 16: Increasing harvesting capacity
InnovaMar InnovaNor Increasing harvesting capacity Higher volume YTD Sep 26 Volume harvesting facilities in 2025 and 2026 +7% vs. 2025 • SalMar has large capacity in close proximity to farming operations – Built with overcapacity to handle seasonality in volume and ability to harvest the fish when i
Slide 17: Outlook
Q3 2026 Outlook
Slide 18: Volume guiding 2027
Volume guiding 2027 +18% +9% NORWAY & 2027E: 307,000 tons OCEAN1 ∆2026E: same level ICELAND2 2027E: 18,000 tons ∆2026E: -2,000 tons / -10% Including stated UK3 2027E: 45,000 tons potential from ΔYoY +4% +4% +14% +7% +26% -5% +19% +15% +0.3% Måsøval* ∆2026E: +5,000 tons / +13% Norway1 Iceland2 UK3 Ha
Slide 19: Outlook
Outlook Guiding Q4 2026 FY 2026 FY 2027 • Good biological situation Δ Cost Δ Voume Contract Volume Volume • Expect slightly lower cost level1 and lower volume2 in Q4 26 QoQ1 YoY2 share3 Norway & Slightly • Expect 348,000 tons5 in FY 2027 Lower ~38% 307,000 307,000 Ocean lower Central Slightly Lower
Slide 20: Thank you for your attention
Thank you for your attention For more information, please visit www.salmar.no INVESTOR CONTACT: FINANCIAL CALENDAR: Håkon Husby, Head of IR Q4 2026 presentation – 16 February 2027 – Oslo Tel: +47 936 30 449 Annual Report 2026 – 19 March 2027 Email: [email protected] Q1 2027 presentation – 25 May
Slide 21: Forward looking statements
Forward looking statements The statements contained in this presentation may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove