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

Core Viewpoint - SalMar is entering 2026 with strong operational performance, record-high biomass, and a lower cost level, positioning the company well to meet market demand for salmon [5]. Group 1: Financial Performance - In 2025, SalMar harvested a record 300,900 tonnes of salmon, marking the first time the Group exceeded 300,000 tonnes in a single year [7]. - Operational EBIT for Norway in Q4 2025 was NOK 1,843 million, with a harvest volume of 80,300 tonnes and an operational EBIT per kg of NOK 23.0 [7]. - For the Group, operational EBIT in Q4 2025 was NOK 1,834 million, with a total harvest volume of 84,100 tonnes and an operational EBIT per kg of NOK 21.8 [7]. - The board of directors proposed a cash dividend of NOK 10.00 per share for the financial year 2025 [7]. Group 2: Market Outlook - SalMar anticipates low global supply growth in 2026 following high supply growth in 2025, alongside strong demand for its products [3]. - The company maintains its volume guidance for 2026 at 296,000 tonnes in Norway, Ocean, and Iceland, while reducing Scottish Sea Farms by 2,000 tonnes to 43,000 tonnes [4]. - The total expected volume for the Group, adjusted for SalMar's share of Scottish Sea Farms, is 318,000 tonnes, representing a 6% increase in harvested volume compared to 2025 [4]. Group 3: Operational Developments - SalMar has invested significantly in the value chain over the years to enhance biological performance, expecting to lower investment levels to NOK 1.1 billion in 2026, primarily for maintenance [2]. - The company has achieved the highest share of superior quality salmon in 10 years, which supports strong future performance [3][5]. - Continued strong operational and biological performance in Norway is noted, with lower costs in the value chain contributing to improved results [7].