SalMar – Strong operational performance with record‑high harvest volume and lower cost level

• With a lower cost level in the value chain and rising market prices, the result for the fourth quarter increased significantly compared with earlier quarters in 2025 and same quarter in 2024.
• In 2025, SalMar also reached a milestone where the Group, including associated companies, for the first time exceeded 300,000 tonnes harvested in a single year (300,900 tonnes).
• Operational EBIT for Norway was NOK 1,843 million in the fourth quarter of 2025. The harvest volume was 80,300 tonnes, and operational EBIT per kg was NOK 23.0. For the Group, operational EBIT was NOK 1,834 million in the fourth quarter of 2025. The harvest volume was 84,100 tonnes, and operational EBIT per kg was NOK 21.8.
• Continued strong operational and biological performance in Norway, with lower costs in the value chain.
• Reduced contribution from Sales & Industry due to increased market prices.
• Significant improvement in results from Icelandic Salmon driven by a lower cost level.
• Weak result from Scottish Sea Farms.
• The board of directors proposes a cash dividend of 10.00 NOK per share for the financial year 2025.

“The fourth quarter marks the end of a year with lower market prices, but underlying demand has been strong, and we have used the year actively to develop both new and existing markets. At the same time, 2025 has been a good operational and biological year for SalMar, which is now reflected in lower cost level across all segments,” said Frode Arntsen, CEO of SalMar ASA.

Positive outlook with record-high biomass in the sea

SalMar has invested heavily in the value chain over several years to improve biological performance. In 2026, SalMar expects a lower investment level and plans to invest NOK 1.1 billion, with the main share related to maintenance.

SalMar is experiencing strong demand for its products and expects low global supply growth in 2026 following high supply growth in 2025. At the same time, SalMar has record-high biomass in the sea with a lower cost level, and at the beginning of the first quarter 2026 has harvested salmon with the highest share of superior quality in 10 years. This provides a basis for strong performance going forward.

For 2026, SalMar maintains its volume guidance of 296,000 tonnes in Norway, Ocean and Iceland, and reduces Scottish Sea Farms by 2,000 tonnes to 43,000 tonnes (100% basis). Adjusted for SalMar’s relative share of Scottish Sea Farms, the total expected volume for the Group is 318,000 tonnes, a 6 per cent increase in harvested volume compared with 2025.

“SalMar turns 35 in 2026, and we enter the anniversary year with record‑high biomass, a lower cost level, and the highest share of superior quality fish we have seen in ten years. This puts us in a strong position to meet market demand with healthy and nutritious salmon, and provides a solid foundation for strong performance throughout 2026” said Frode Arntsen, CEO of SalMar ASA.

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, Head of IR
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, Offshore and Iceland, as well as substantial harvesting and secondary processing operations. In addition SalMar owns 50% of 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.

Attachments

• SalMar Q4 25 - Report
• SalMar Q4 25 - Presentation