• Growth in the sea has been very good, paving the way for increased volume, with a higher share of superior quality fish, and positive cost development in the second half of the year.
• As expected, the second quarter was marked by weak price achievement due to a high proportion of downgraded fish, particularly in Central Norway.
• Operational EBIT for Norway was NOK 696 million in Q2 2025. The harvest volume was 54,500 tonnes, and operational EBIT per kg was NOK 12.8. Group operational EBIT was NOK 524 million in Q2 2025. The harvest volume was 64,500 tonnes, and the EBIT per kg was NOK 8.1.
• Strong biological performance from Northern Norway with positive cost development during the period.
• Very good results from Sales and Industry driven by positive contributions from contracts and capabilities in our set-up.
• SalMar Ocean completed harvest from both units.
• Continued high cost on harvested fish from Icelandic Salmon.
• Results from Scottish Sea Farms were impacted by lower salmon prices, despite continued good biological performance.

“In short, we are pleased with the biological development during the quarter. This lays the foundation for increased volume and positive cost development in the second half of the year. Financially Q2 2025 was weak, as expected, due to poor price achievement in the quarter,” says Frode Arntsen, CEO of SalMar ASA.

Strengthening our presence in Norway and increases access to sustainable financing

The merger between Wilsgård AS and SalMar was completed in August 2025. Wilsgård has a strong presence on Senja and holds 5,844 tonnes MAB in licenses in production areas 10 and 11 in Northern Norway. SalMar also announced in July that SalMar will take over all operations related to salmon production, while Frewi AS will take over all other activities.

SalMar has also issued two new green bonds totaling NOK 2 billion. This increases SalMar’s access to capital and supports its ambition to develop the industry in an even more sustainable direction in the years to come.

“The merger with Wilsgård and the issuance of new green bonds are important steps that both strengthen our position in Northern Norway and give us the flexibility to further strengthen our value chain in the years ahead,” says Frode Arntsen, CEO of SalMar ASA.

Increasing volume guidance for 2025

The first half of 2025 has shown strong biological performance at sea in terms of growth and survival, and the company enters the third quarter with record-high biomass for the season. This sets the stage for increased volume in the second half. Combined with good growth and reduced costs for several input factors, a positive cost development is expected in the second half when harvesting from new generations begins. At the same time, the share of superior quality fish has increased significantly from July 2025 onwards, compared to the level experienced in the first half.

For 2025, the group’s volume guidance is increased by 4,000 tonnes - up 6,000 tonnes due to particularly strong growth in Northern Norway and the inclusion of Wilsgård, and down 2,000 tonnes in Iceland. SalMar now expects 262,000 tonnes in Norway, 7,200 tonnes from SalMar Ocean, 13,000 tonnes in Iceland, and 32,000 tonnes in Scottish Sea Farms (100% basis). Taking into account the relative share from Scottish Sea Farms, the group expects a total of 298,000 tonnes, an 18 percent increase in harvest volume compared to 2024.

Although the first half has been marked by lower salmon prices due to increased volume, and continued global uncertainty, SalMar continues to experience strong demand for its products. SalMar expects lower global supply growth in the second half of 2025 compared to what has been experienced in the first half of 2025.

The full report and presentation for the second 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.