Key highlights

• Fourth quarter 2023 marks the end of a solid year for SalMar, having accomplished multiple strategic milestones, strengthened its financial position, and demonstrated strong overall operational performance throughout the year.

• Operational EBIT for the Group ended at NOK 2,158 million for the fourth quarter. Harvest volume was 83,100 tonnes and operational EBIT per kg was NOK 26.0. In Norway harvest volume was 73,600 tonnes and operational EBIT per kg was NOK 28.8.

• Due to successful integration of NTS, NRS and SalmoNor, strong performance from employees and solid operations, 2023 became another record year for SalMar. Consolidated harvest volume increased with 31% to 254 100 tonnes and operational EBIT ended at NOK 8 088 million with operational EBIT per kg of NOK 31.8.

• Due to strong results in 2023 and the strong financial position the board of directors has resolved to propose a dividend of NOK 35.00 per share for the financial year 2023.

“Our team has again performed well and delivered impressive results, both in terms of operational performance, synergy realization and strategic achievements. I am proud of our dedicated and skilled employees and the strength that the SalMar organization has shown throughout 2023,” says SalMar's CEO Frode Arntsen.

Segments

• Strong results in the farming segments in Norway throughout the year were driven by robust and efficient operational performance. However, the jellyfish attacks resulted in increased cost levels per kg in the fourth quarter.

• Sales and Industry maintained solid operational performance, and demonstrated the strength and flexibility in the harvesting and processing facilities.

• Icelandic Salmon experienced biological challenges in the beginning of the fourth quarter, as previously reported, negatively impacting the results.

• SalMar Aker Ocean has two semi-offshore projects in operation, as Arctic Offshore Farming became part of SalMar Aker Ocean from October 2023. Arctic Offshore Farming started its first harvest in the quarter.

• Scottish Sea Farms continued to face challenges in the quarter, leading to soft results, but conditions have shown signs of improvement.

Outlook

• The harvest guidance for 2024 in Norway is changed to 237,000 tonnes due to the jellyfish attacks. The volume guidance remains unchanged at 7,000 tonnes from SalMar Aker Ocean, 15,000 tonnes in Iceland and 37,000 tonnes in Scotland (100% basis).

• SalMar experience a strong demand for our products and expect limited global supply growth in 2024.

“Looking ahead, we see a large potential for improvement and growth in all parts of our business. Despite unresolved regulatory frameworks we firmly believe that our current operational structure has potential for further growth going forward. We remain committed to our volume ambition presented at the capital markets day in September last year (362,000 tonnes) despite challenges at the end of 2023 due to jellyfish. We shall continue to deliver healthy and sustainable salmon to the world”, says Arntsen.