SalMar ASA

Q3 performance: record volumes + improved earnings YoY (good) - Q3 harvested record volumes driven by strong 2026 biological performance. - Operational EBIT: NOK 1,609m (SalMar group incl. Iceland & Ocean), up NOK 372m vs Q2; also explicitly improved vs last year on higher volume, lower cost, and better price achievement. - Group EBIT margin: NOK 15.3/kg (Norway alone: NOK 16.2/kg on 99,900t; group: 105,100t). - For first 9 months, operational EBIT: NOK 4,358m (more than doubled YoY); EBIT per kg improved by NOK 7.5 YoY.

Cost outlook: progress, but Q3 costs were worse than expected due to September fish-health events (bad/important) - Q3 cost development not as hoped: ~+NOK 2/kg cost impact in Q3 from events in Central Norway including ISA/gill health challenges, incident-based mortality at two sites, and ISA at one site, forcing reprioritized harvesting and earlier harvesting. - Add’l mortality costs: NOK 0.5/kg recognized in the period. - Management still expects lower costs in Q4 than Q3, but reduction will be smaller than previously expected (because some challenges carry into Q4 during harvesting transition across generations).

Segment-by-segment highlights & guidance changes (what to watch next) - Central Norway: 51,400t, operational EBIT NOK 342m, EBIT NOK 6.6/kg; biological status “good” (e.g., sea lice significantly lower YoY), but September issues affect cost in Q4. - Northern Norway: 48,500t, operational EBIT NOK 790m, EBIT NOK 16.3/kg; strong long-running performance; Q4 somewhat lower costs expected. - Iceland: Returned to positive results, improving via lower cost on currently harvested fish; EBIT NOK +15m on 5,200t; tariffs enabling more US volume. - Scotland (Scottish Sea Farms JV): volume up (13,000t) but results remain weak due to biological challenges at sea; cost level impacts expected to continue into Q4. - 2026 volume guidance cut by 3,000t to 347,000t total, due to changes in Iceland and Scotland (Norway unchanged). Separate updates: Iceland guidance -1,000t to 20,000t; Scotland guidance -3,000t to 40,000t. Northern Norway guidance maintained at 135,000t; Central Norway maintained at 167,000t.