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SalMar - Results in the first quarter characterized by a challenging winter period

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  • Harsh winter conditions, extreme weather events and continued jellyfish attacks had adverse effect on SalMar’s farming segments in Norway in the first quarter and impacted the company’s results.
  • Operational EBIT for Norway was NOK 1,546 million for the first quarter. Harvest volume was 45,400 tonnes and operational EBIT per kg was NOK 34.1.
  • Operational EBIT for the Group was NOK 1,512 million for the first quarter. Harvest volume was 52,900 tonnes and operational EBIT per kg was NOK 28.6.
  • The Salmon Living Lab innovation and R&D centre which was launched in the quarter has attracted broad interest from potential partners.

“The first quarter was challenging in many ways, and we were once again reminded of the importance of working with the forces of nature. Our ability to understand biology and the environment is of great importance for our operational and financial performance. That is why we believe so strongly that our many improvement initiatives, including Salmon Living Lab, are important for the continued success of our company and our industry as a whole,” said SalMar’s CEO Frode Arntsen.

Segment update

  • Farming segments in Norway, was significantly impacted by the jellyfish attacks and extreme weather events this winter. Low superior share and low average harvest weights, in particular in Northern Norway, impacted both cost and price achievements.
  • Sales and Industry continued to show strength in its flexible operational setup, handling volumes affected by biological challenges.  The contract share was 39 per cent, with negative contribution.
  • Icelandic Salmon is affected by high cost due to biological challenges.
  • SalMar Aker Ocean harvested from both its two semi-offshore projects during the quarter where strong biological performance once again gives confidence for further potential.
  • Scottish Sea Farms had a solid quarter, with significantly improved results and good biological status in all regions.

Volume guiding and outlook

  • The volume guidance remains unchanged at 237,000 tonnes in Norway ,7,000 tonnes from SalMar Aker Ocean, 15,000 tonnes in Iceland and 37,000 tonnes in Scotland (100% basis).
  • SalMar continue to experience strong demand for our products and expect limited global supply growth in 2024.

“In SalMar we have a positive view on the future of the aquaculture industry, and we are committed to grow our business sustainably and create value for society and our various stakeholders. We see significant untapped potential for further growth in the industry and want to lead the development further. Because food does not go out of style, the world needs more healthy and nutritious food," Arntsen concludes

The complete report and presentation for the first quarter is attached.

SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's results today at 08:00 CEST at Hotel Continental in Oslo. The presentation will also be available on webcast on www.salmar.no (http://www.salmar.no).

For further information, please contact:

Frode Arntsen, CEO
Tel: +47 482 06 665
Email: frode.arntsen@salmar.no

Ulrik Steinvik, CFO
Tel: +47 900 84 538
Email: ulrik.steinvik@salmar.no

Håkon Husby, Head of Investor Relations
Tlf: +47 936 30 449
Email: 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.

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