SalMar – Positive biological development after a challenging winter season Page 1

• Operating EBIT for Norway¹ amounted to NOK 1,466 million for the second quarter of 2024. The harvest volume was 44,100 tonnes and the operating EBIT per kg was NOK 33.2.
• Group operating EBIT was NOK 1,393 million for the second quarter. Harvest volume was 44,800 tonnes and operating EBIT per kg was NOK 31.1.
• The Fish Farming segment in Norway showed an improved biological performance, but severe winter conditions and extreme weather earlier in the year continued to negatively impact the higher share and price development, especially for the fish farming in Northern Norway.
• Sales and Industry continued to demonstrate its efficient and flexible operational setup. The contract share was 46 percent, which combined with high spot prices resulted in a negative contribution.
• High costs were reported for Icelandic salmon due to ongoing biological challenges in the quarter and low harvest volume, which impacted results.
• SalMar Aker Ocean successfully transferred smolt during the quarter for a new production cycle at Ocean Farm 1, with a planned harvest in 2025.
• Scottish Sea Farms reported a solid quarter with increased harvest volume, improved weights and strong organic status across all regions.

“SalMar showed solid operational performance, improved biological results and delivered acceptable financial results in a period marked by the aftermath of a challenging winter season. Strong commitment from all segments resulted in a positive development of key performance indicators,” said Frode Arntsen, CEO of SalMar ASA.

Sustainable growth

“In addition, we have taken several decisions aimed at realizing our ambitions to deliver sustainable growth. We acquired additional production capacity in a recent government-managed auction in Norway and we have been awarded 10,000 tonnes of MAB in Iceland,” Arntsen said.

In June, SalMar was named one of the world’s most sustainable companies by Time Magazine, demonstrating its commitment to sustainability. Also in June, SalMar made both its RCF and Term Loan sustainability-linked by linking four ESG KPIs to its financing.

In August, SalMar will launch its updated green bond framework to finance sustainable initiatives across the value chain. The updated green bond framework is available on our website.

“We are proud to receive such recognition and awards and note with appreciation that our efforts are also well received by the capital market. Our revolving credit facility and term loan are now linked to certain ESG performance indicators and we have published an updated green bond framework for which S&P Global Ratings has provided a second party opinion on the alignment with an internationally respected methodology,” Arntsen said.