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SalMar Q3 – Solid operational performance giving strong results. Results are particularly good in Norway, where the farming segments and Sales and Industry delivered strong results driven by continued solid biological, excellent operational performance, and high utilisation of capacity.

  • Operational EBIT for the group was NOK 2,300 million. Total harvest was 78,100 tonnes. Operational EBIT per kg was NOK 29.5.
  • Operational EBIT for Norway alone was NOK 2,274 million. Harvest volume in Norway was 74,000 tonnes and operational EBIT per kg was NOK 30.7.
  • The farming segments in Norway delivered strong results driven by continued solid biological and operational performance. Volume increased and the cost level was reduced.
  • Sales and Industry continued its solid operational performance, demonstrated by its efficient management of harvesting and processing facilities and strong capacity utilisation. The contract share was 15 per cent, with positive contribution.
  • Icelandic Salmon resumed harvesting in July 2023, after a harvest stop in the second quarter, yet higher costs affected results.
  • SalMar Aker Ocean has two offshore projects in operation, as Arctic Offshore Farming became part of SalMar Aker Ocean from Q4 2023.
  • For Scottish Sea Farms, the results improved from the previous quarter, but were still weak, due to continued biological challenges.
  • SalMar keeps its volume guiding for 2023 unchanged in Norway including SalMar Aker Ocean at 243,000 tonnes. Increases guidance for Icelandic Salmon with 1,000 tonnes to 17,000 tonnes and decreases guidance for Scottish Sea Farms with 2,000 tonnes to 25,000 tonnes (100% basis).
  • Significant volume growth is expected in 2024. The volume guidance is 257,000 tonnes in Norway, 7,000 tonnes from SalMar Aker Ocean, 15,000 tonnes for Icelandic Salmon and 37,000 tonnes for Scottish Sea Farms (100% basis).
  • The resource rent tax in Norway has been included in the third-quarter financial statement, calculated for the first nine months of 2023 based on the best current estimate. SalMar strongly opposes the tax and remains committed to continue seeking dialogue with authorities and decision-makers.

One year ago, in November 2022, NTS, NRS and SalmoNor became part of SalMar.

  • The combination allows for yearly recurring synergies that are estimated to amount to NOK 844 million.
  • In the third quarter, SalMar strengthened its financial position with the completion of the sale of Frøy and in the fourth quarter, shareholders voted to cancel 13.1 million treasury shares,

Comments to third quarter results

“We have put behind us another good quarter, especially in our Norwegian operations. This has given strong results. Our fish farmers in Central and Northern Norway have achieved good biological results which leads to good financial results. On land our staff and operators in Sales and Industry has handled large volumes well,” said Frode Arntsen, CEO of SalMar ASA.

“We have come a long way with the implementation of our ongoing strategic measures and, as part of this, also strengthened our financial position. The integration of operations from NRS, NTS and SalmoNor is progressing as planned. We are in fact able to extract greater synergies than we originally planned, and expect that all this will be in place by the end of the year. The sale of Frøy in the third quarter has further contributed to strengthening our financial position,” Arntsen said.

Significant volume growth in 2024

SalMar expect significant volume growth in 2024 where unutilised potential in licenses is starting to materialise. For Norway SalMar expects 257,000 tonnes, SalMar Aker Ocean 7,000 tonnes, Icelandic Salmon 15,000 tonnes and through the joint venture Scottish Sea Farms 37,000 tonnes. Including relative share from Scottish Sea Farms this gives a total of 298,000 tonnes and represent a growth of 9% from volume in 2023.

It is expected low global supply growth in 2024, and in this market SalMar will increase volume significantly.

New offshore units in Norway currently on hold

Due to regulatory uncertainty SalMar Aker Ocean has decided that further work on offshore aquaculture in Norway is currently on hold.

The company will now fully focus on growth semi-offshore and utilise the capacity of its existing two semi-offshore units for the production of sustainable Norwegian salmon. It will also continue to explore opportunities outside of Norway.

The complete report and presentation for the third quarter 2023 is attached

SalMar’s CEO Frode Arntsen and CFO Ulrik Steinvik will present the company’s results at 08:00 CET, at Hotel Continental in Oslo. The presentation will also be available on webcast on www.salmar.no