SalMar (SALM) investor relations material

Executive summary

• Record Q3 harvest of 105,100 tonnes lifted operational EBIT to NOK 1,609m from NOK 711m YoY; higher volume, fish quality and lower value-chain costs supported results.

• Strong Northern Norway and Sales and Industry results and improved Icelandic Salmon performance offset soft Scottish Sea Farms results; Central Norway faced fish-welfare and ISA-related challenges.

Financial highlights

• Q3 revenue was NOK 8,660m, operational EBITDA NOK 2,168m and operational EBIT NOK 1,609m; adjusted EPS was NOK 6.41.

• 9M operational EBITDA was NOK 5,972m and operational EBIT NOK 4,358m versus NOK 2,033m a year earlier; profit after tax was NOK 2,321m and adjusted EPS NOK 16.2.

• Q3 operational EBIT rose NOK 372m QoQ; higher harvest volume added NOK 670m, while seasonal prices reduced results by NOK 331m.

• Q3 price achievement declined ~NOK 3/kg QoQ, less than the ~NOK 5/kg decline in SISALMON; total costs fell NOK 53m QoQ despite Central Norway challenges.

• Q3 operating cash flow was NOK 3,220m; investing cash flow was NOK -97m and financing cash flow NOK -3,488m.

Outlook and guidance

• FY 2026 harvest guidance was reduced by 3,000 tonnes to 347,000 tonnes, including the 50% share of Scottish Sea Farms; Norway guidance was unchanged.

• FY 2027 harvest guidance is 348,000 tonnes, excluding Måsøval pending regulatory approval; regional volumes are Norway and Ocean 307,000 tonnes, Iceland 18,000 and Scotland 45,000 on a 100% basis.

• Q4 value-chain costs are expected to be slightly lower than Q3, constrained by biological effects in Central Norway and Scotland; Norwegian farming regions expect lower harvest volumes YoY.

• Global Atlantic salmon supply growth is forecast at 1.2% in 2027, with Norway declining 1.2%; strong demand supports a positive market view.

• Icelandic Salmon expects significantly higher Q4 volume YoY.