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1 0 F E B R U A R Y 2 0 2 6

Q4 2025 Presentation

C E O F R O D E A R N T S E N

C F O U L R I K S T E I N V I K

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Q 4 2 0 2 5 P R E S E N T A T I O N

Agenda

Highlights FY & Q4 2025

Operational Update

Financial Update

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Highlights FY 2025

• High supply growth affected market prices and financial results

Norway & Ocean

• Record-high harvest volume and strong biological performance, especially from Northern Norway
• Operational set-up in value chain continue to showcase strength
• Strengthening presence in our key regions through M&A

Icelandic Salmon

• Weak results affected by biological challenges
• Improved biological situation at the end of 2025

Scottish Sea Farms

• Results affected by biological challenges at the end of 2025

Financial position

• Continued robust position with increased access to sustainable financing through new green bonds
• Board of Directors proposes a dividend of 10.00 NOK per share for the financial year 2025

Harvest volume (1,000 tons gw)

Group incl. JV

Group

Norway¹

300.9

Δ YoY +48.9 284.5

Δ YoY +52.7 264.6

Δ YoY +51.4

Operational EBIT/kg (NOK)

Group

13.6

Δ YoY -9.8

Norway¹

16.1

Δ YoY -10.1

Operational EBIT (NOKm)

Group

Norway¹

3,867

Δ YoY -1,562 4,249

Δ YoY -1,325

• 1) Norway = Group results excluding Icelandic Salmon and SalMar Ocean
• 2) Scottish Sea Farms – Joint venture, ownership 50%

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Key ESG KPIs moving in the right direction

And SalMar is ranked as one of the worlds most sustainable corporations

SalMar the highest-ranked Norwegian company and #1 globally within food & beverage production

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Highlights Q4 2025

• Reduced cost level
• Farming segments in Norway with continued good operational and biological performance
• Reduced profitability from Sales & Industry
• Improved results from Icelandic Salmon driven by reduced cost
• Weak results from Scottish Sea Farms²
• Volume guidance FY 2026 unchanged in Norway and Iceland, reduced with 2,000 tonnes in Scottish Sea Farms²

Harvest volume (1,000 tons gw)

Group

Norway¹

84.1

80.3

Δ QoQ Δ YoY -9.2 +10.3 Δ QoQ Δ YoY -9.2 +12.9

Operational EBIT/kg (NOK)

Group

Norway¹

21.8

23.0

Δ QoQ Δ YoY +14.2 +1.6 Δ QoQ Δ YoY +13.4 +0.9

Operational EBIT (NOKm)

Group

Norway¹

1,834

1,843

Δ QoQ Δ YoY +1,123 +345 Δ QoQ Δ YoY +985 +358

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Farming Central Norway Key Results

• Good biological performance in the period
• Harvested from autumn 2024 and spring 2025
• Positive cost development
• Price achievement affected by average size and timing of sales

• High superior share

• Good biological status

• Continue harvest of same generations
• Expect lower cost level in Q1 26 compared to Q4 25
• Expect significantly higher volume in Q1 26 compared to Q1 25
• Volume guidance FY 2026 unchanged at 157,000 tons

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Farming Northern Norway Key Results

• Strong biological performance in the period
• Continued harvest of spring 2024 generation and started harvest from autumn 2024 generation
• Positive cost development
• Price achievement affected by timing of sales

• High superior share

• Good biological status

• Finish harvest of spring 2024 generation and continue with autumn 2024 generation
• Expect slightly higher cost level in Q1 26 compared to Q4 25
• Expect similar volume in Q1 26 as in Q1 25
• Volume guidance FY 2026 unchanged at 113,000 tons

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SalMar Ocean Key Results

• Strong biological performance from production cycle in Ocean Farm 1

• Applied for conversion of development licenses at Arctic Offshore Farming
• Volume guidance FY 2026 unchanged at 5,000 tons

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Sales & Industry Key Results

• Continued good capacity utilization of harvesting facilities
• Profitability from sales and value-added products reduced
• Weaker results from spot sales due to lower average weight

• 26% contract share¹with lower positive contribution due to higher market prices

• Continued strong demand for our products in markets

• Contract share currently around 50 % for Q1 26 and 35 % for FY 26

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Icelandic Salmon Key Results

• Positive cost development driven by improved biological performance from 2024 generation
• 2023 generation finished early in the period

• Good price achievement with strong average weight

• Expect similar cost level in Q1 26 compared with Q4 25

• Expext significantly higher volume in Q1 26 compared to Q1 25
• Volume guidance FY 26 kept unchanged at 21,000 tons

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Scottish Sea Farms¹ Key Results

• Low harvest volume in the period
• Weak results driven by biological challenges
• Biological challenges at a number of sites led to incident-based mortality primarily related to gill health challenges

• Lower average weight of harvested biomass affecting both cost and price achievement

• Operational and biological performance improved at the end of the period

• Volume guidance FY 26 reduced with 2,000 tons to 43,000 tons

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Group Profit & Loss

• Increase in operational EBIT QoQ driven by increased market prices and reduced cost level

Comments related to Q4 2025

• Production tax decreased due to lower volume
• Non-recurring items affected by cost related to restructuring and litigation
• Fair value adjustments positive due to higher biomass with lower cost and higher forward prices
• Income from associates negative driven by share of net profit from Scottish Sea Farms

Group operational EBIT - QoQ

Group P&L

^*) See notes in the financial report for details

^**) Includes onerous contracts and fair value adjustments

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Group Balance Sheet Assets Equity ratio Net interest bearing debt

• Higher standing biomass with lower cost level both YoY & QoQ
• Equity ratio increased
• NIBD decreased to NOK 20.8 billion
• NIBD/EBITDA at 3.6
• Robust access to credit facilities with sustainable and flexible financing
• Available liquidity as of Q4 25, NOK 10.1 billion
• Ample headroom to handle maturities with unused extension options for sustainability linked loans
• Initiating strategic review of ownership in associated company Hellesund Fiskeoppdrett AS

57,946

Δ QoQ +124 Δ YoY +3,512

34.8%

Δ QoQ +1.5% Δ YoY -2.4%

NIBD

20,848

Δ QoQ -803 Δ YoY +4,048

NIBD / EBITDA

NIBD + Leasing

22,549

Δ QoQ -717 Δ YoY +4,056

NIBD + Leasing / EBITDA

3.6

3.9

Biomass in sea in Norway Maturity profile long-term facilities¹

All financial figures in NOK million. 1) Facilities in SalMar ASA as of Q3 2025, partially owned subsidiaries with separate financing

Δ QoQ = Q4 2025 vs. Q3 2025 Δ YoY = Q4 2025 vs. Q4 2024

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Net interest bearing debt

• Cash flow from operations impacted by reduction of trade creditors
• Net investments NOK 355 million
• Net other investments** NOK -9 million
• Capex NOK 364 million
  • Smolt NOK 13 million
  • Farming NOK 259 million
• Sales & Industry NOK 84 million
• Icelandic Salmon NOK 8 million
• Capex FY 2025 NOK 1,984 million
• NOK 33 million less than guided for 2025

Change in NIBD incl. leasing - QoQ

All figures in NOK million

^**) Sale of smaller assets and dividend received from associated companies See notes in the financial report for further details. 16

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Expext to invest NOK 1.1 billion in 2026

• Expect to invest NOK 1,0 billion in Norway & Ocean
• Maintenance investments NOK 0,7 billion (~2.5 NOK/kg)
• Capacity investments NOK 0,3 billion
  • Closed net pens
• Upgrade of harvesting & processing facilities
• Expect to invest NOK 60 million in Icelandic Salmon

Investments in 2026

Largest single investments in 2026

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Dividend for the financial year 2025

• Important for SalMar to provide shareholders a competitive return on invested capital
• Positive outlook with record high biomass and lower cost level going into 2026 combined with lower capex level
• Board of Directors propose a cash dividend of NOK 10.00 per share
• Proposed cash dividend to be approved at AGM 23rd of June 2026

Dividend (NOK/share)

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35 years of growth

^{*) 35} municipalities with SalMar sites, offices or facilities. 106 municipalities where employees live

^**) Volume and meals produced includes relative share of volume from associated companies, not the other metrics

^***) Total Shareholder return (TSR) for SalMar measured from May 2007 to 31 December 2025

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Outlook

• Good biological situation with record-high superior share
• Expect slightly lower cost level and significantly higher volume in Q1 26
• Expect low global supply growth in 2026
• Experience continued strong demand for our products
• SalMar well equipped for further sustainable growth
• Dedicated employees and strong corporate culture
• Large growth potential in optimal locations
• Robust value chain with unutilized potential

Guiding

¹⁾ $\Delta QoQ = Change from Q4 2025$

²⁾ $\Delta$ YoY = Change from Q1 2025

³⁾ Physical and financial fixed price contracts

⁴⁾ Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share

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Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

Annual Report 2025 – 27 March 2026 Q1 2026 presentation – 20 May 2026 – Oslo Annual General Meeting – 23 June 2026 Q2 2026 presentation – 25 August 2026 – Oslo Q3 2026 presentation – 3 November 2026 – Oslo

INVESTOR CONTACT: Håkon Husby, Head of IR Tel: +47 936 30 449 Email: hakon.husby@salmar.no

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Forward looking statements

The statements contained in this presentation may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Although SalMar believes that the assumptions and expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such assumptions or expectations will prove to be correct. A number of material factors could cause actual results, performance or developments to differ materially from those expressed or implied by these forward-looking statements. Factors that may cause such a difference include but are not limited to: biological situation in hatcheries and sea farms; fish escapes; fluctuations in salmon prices; foreign exchange, credit and interest rate fluctuations; changes in the competitive climate; changes in laws and regulations. SalMar assumes no obligation to update any forward-looking statement.