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

18 Feb 2025 06:30 CET

* 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.

More information:
Access the news on Oslo Bors NewsWeb site

638986_SalMar Q4 24 - Presentation.pdf
638986_SalMar Q4 24 - Report.pdf