salmar-2024-12-31-0-en

Key ESG KPIs for the SalMar Group

Salmon escapes

SalMar experienced four escape incidents in 2024, resulting in a total of 3,557

salmon escaping. SalMar has a zero-vision for escape. The total number of

escaped salmon represented 0.002% of the salmon at SalMar in 2024.

Mortality rate

SalMar’s mortality rate at sea increased from 6.8% to 7.0% in 2024.

Similarly, the mortality rate on land increased from 5.8% to 6.0% in 2024.

Feed conversion ratio

The Group’s biological feed conversion ratio increased from 1.12 to 1.14 in 2024.

Absence rate

The absence rate increased from 5.5% to 6.3% in 2024.

Injury rate

The Group experienced 49 recordable work-related accidents in 2024 and a rate

of such accidents per one million work hours of 9.5. This is an increase from 31

accidents in 2023 and a rate per one million work hours of 6.6.

GHG emissions

Absolute emissions: 26% reduction since 2020.

Emissions per gross growth of salmon: 36% reduction since 2020.

Emissions per revenue: 64% reduction since 2020.

Seabed impact

91% of seabed analyses

showed good or very good

environmental status.

Freshwater withdrawal

20% reduction in freshwater

withdrawal since 2022.

Local processing

Local secondary processing on

42% of salmon distributed

Certification of feed

98% of marine ingredients and

100% of soy certified

Share of ASC-certified sites

77% of active sites held a ASC certificate in 2024.

100% of active sites were certified by either ASC or Global G.A.P.

Dependency on wild fish stocks

Forage Fish Dependency Ratio for fish meal of 0.43 in 2024, down from 0.49.

Forage Fish Dependency Ratio for fish oil of 1.13 in 2024, down from 1.48.

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Improvement areas – KPIs with a negative trend

Highlights – KPIs with a positive trend


Message from the CEO	8
The History of SalMar	11
The ABC of Salmon Farming	13
SalMar's Operating Segments	14
SalMar's Cultural Tenets	18
Passion for Salmon	19
Sustainability Ratings and Acknowledgements	20

This is

SalMar


8		This is SalMar	Message from the CEO	MENU ≡

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Message From the CEO

Challenges Faced,

Opportunities Created –

Ready for the Future

While 2023 focused on highlighting the SalMar culture, 2024

was designated as the year of operations. We were put to the

test. A creature reminiscent of a string of pearls – the string

jellyfish – made significant impact on several of our farming

sites, affecting fish welfare, leading to early harvesting and

reduced production. Sea lice also presented challenges,

although of a more predictable nature. Nevertheless, I must say

that we navigated the rough waters with our heads held high

and with positive prospects ahead, and we once again saw the

value of having a strong and robust value chain to safeguard

fish welfare and our value creation.

These challenges have provided valuable lessons, reminding us

of the core SalMar principle: everything we do today must be

done better than yesterday. I am proud of how our 3,000

dedicated employees have weathered the storm. They have

demonstrated that our well-known principle is the SalMar

culture in practice. I believe the lessons learned in the past year

will make us even better prepared to face future challenges.

Some of the headwinds we have experienced may bear

similarities to those faced by Norwegian skier Johannes Høsflot

Klæbo when he fought through storm and snowfall to win gold

in the 10-kilometer classic cross-country race at the Ski World

Championships in Trondheim in March this year. It was one of

six gold medals he brought home for Norway in the

championship, an unprecedented achievement. Klæbo's

dedicated determination to achieve his goals serves as an

inspiration for SalMar. We have learned much from the

operational year 2024, and we will take these lessons into

2025 to further strengthen our company.

President & CEO Frode Arntsen

1 See notes to the financial statements for definition.


9		This is SalMar	Message from the CEO	MENU ≡

Our experiences in 2024 – and so far this year – have not

diminished our ambition to be the world's best aquaculture

company. Excellence in production, cost efficiency, biology,

animal health, and welfare remain our key objectives. In 2024,

SalMar was recognized multiple times as one of the world's

most sustainable protein producers. These awards indicate that

we are on the right path.

Results

The 2024 results show that SalMar has pursued the right long-

term strategy in building harvesting and processing capacity.

SalMar has always been proud to be known as "the processing

company," with modern and advanced processing facilities in

both Central and Northern Norway. During periods of biological

challenges, having processing facilities geographically close to

our production sites provides significant advantages and has

helped us navigate a demanding year better than we otherwise

would have.

Our financial results are detailed elsewhere in this report, but I

will highlight a few key figures here. Gross operating revenues

in 2024 were NOK 26.4 billion, compared to NOK 28.2 billion

the previous year. Operational EBIT 1 was NOK 5.4 billion, down

from NOK 8 billion in 2023. These figures illustrate strong

underlying operations despite biological challenges that

impacted our numbers. The results also reflect a persistently

weak Norwegian krone.

The merger with NRS and the acquisition of NTS in 2022/23

made SalMar the world's second-largest salmon producer. I am

pleased to report that our synergy targets have been fully

realized and even exceeded. In 2024, we achieved NOK 844

million in cost reductions as estimated from the merger.

Additionally, we have now identified a further NOK 1.2 billion in

potential savings through increased efficiency and a more

streamlined operational structure throughout the organization.

Our goal is to achieve these synergies within five years, by the

end of 2029.

Environmental and biological challenges have influenced our

operational decisions and biological performance in 2024.

Average weight, feed conversion ratio, growth, harvest volume,

quality, and the proportion of production fish have been below

our expectations. However, we now anticipate significantly

better biological results moving forward, thanks in no small part

to the lessons we have learned. We expect substantial

production growth in Norway, Iceland, and Scotland, where we

own 50% of Scottish Sea Farms in a joint venture with Lerøy

Seafood Group. Overall, we estimate production growth from

252,000 to 294,000 tons in 2025, a 17% increase from 2024,

which had seen a 5% decline compared to the previous year.

The acquisitions of Knutshaugfisk, Refsnes Laks, Øylaks and

Hitramat Farming all show our faith in the industry and our

eagerness to grow. We have therefore indicated further

potential growth of 26% by 2028, with a forecast of 370,000

tons of high-quality salmon supplied to markets worldwide.

SalMar aims to be an increasingly important contributor to

global seafood supply

On the right track

To achieve SalMar's ambitious goals, sustainability and

efficiency must be maintained at every level.

Our cost program aims to strengthen our competitiveness

against some of the world's largest and most efficient food

producers. A profitable and competitive SalMar ensures secure

jobs for our employees, strong revenues for our suppliers and

local communities, and tax contributions to fund public welfare.

A profitable and efficient SalMar is also essential in addressing

the biological and environmental challenges facing the industry.

SalMar strives to be at the forefront of adopting new

technologies, equipment, and operational methods to reinforce

our position as a leading sustainable salmon producer. Fish

health and welfare remain our top priorities, reflected in our

investment program, which focuses on continuous equipment

and operational improvements. In 2023 and 2024, SalMar

invested nearly NOK 4 billion in advanced land-based facilities,

including an upgraded processing plant in Møre og Romsdal and

high-quality hatcheries in Troms (Senja) and Trøndelag

(Steinkjer).

Most of our investments this year will be directed toward the

marine phase, estimated at NOK 1.9 billion. SalMar has adopted

a holistic strategy, integrating a wide range of new

technologies, equipment, and production methods to minimize

the environmental footprint of the industry. A key concept for

us is preventive technology, tailored to reduce lice pressure and

avoid stressful lice treatments. This includes a combination of

submerged, closed, or semi-closed technologies, supplemented

by extensive use of laser-based lice control. By the end of

2024, approximately 20% of SalMar's sites were equipped with

preventive technologies, with a particular focus on submerged

equipment and lice lasers. We aim to double this number by the

end of this year, ensuring that around 40% of our sites utilize

such technologies. Our goal is clear: less traditional lice

treatment, reduced fish mortality, improved fish welfare,

enhanced fish quality, lower costs, and increased volume.

SalMar’s primary commitment remains the development of

coastal aquaculture in both Norway and other countries,

ensuring that it is done in a biologically and environmentally

sustainable manner. At the same time, offshore aquaculture

continues to be an important part of our operations. SalMar has

been a pioneer in this field, with our semi-offshore operational

unit, Ocean Farm 1, now in its fourth production cycle. The

results so far have been highly satisfactory, with strong growth,

low fish mortality, and minimal sea lice—ensuring excellent fish

welfare. The company has also invested significant resources in

developing equipment and identifying locations for offshore

aquaculture beyond existing production areas. However,

uncertainty regarding government regulations for offshore

aquaculture has led SalMar to put further development of this

project on hold.

SalMar’s efforts in offshore and semi-offshore aquaculture in

recent years have been conducted through SalMar Aker Ocean,

with Aker as a strategic partner and co-owner. In March 2025,

the parties agreed that this part of the business could be

managed more effectively if SalMar ASA became the sole owner

of the company, primarily through a share-based transaction.

The people’s movement: SalMar

I would like to extend my greetings to our approximately

22,000 direct shareholders worldwide. My greeting is, in fact,

directed at several hundred thousand indirect owners, most of


10		This is SalMar	Message from the CEO	MENU ≡

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whom have their savings invested in our company through

pension funds and insurance companies. In reality, the entire

Norwegian population holds a stake in SalMar through

Folketrygdfondet, which is the company’s second-largest

shareholder. With the board’s proposed dividend for 2024,

Folketrygdfondet alone will receive approximately NOK 168

million within a few weeks—funds that will be added to the

public’s savings accounts. In terms of shareholder numbers, no

company in Norway comes closer to being a true people's

movement than SalMar and its vast network of owners.

Let me also add that SalMar makes significant contributions to

society through various taxes and fees. For 2024, these

contributions are estimated to be approximately NOK 1.5 billion

in corporate taxes, production fees, employer contributions,

export duties, property taxes, and the purchase of production

licenses from the state. Additionally, our 3,000 employees

contribute substantially through their own taxes and fees to

the state and municipalities—amounting to nearly NOK 1 billion

in 2024.

SalMar’s most important social mission is to create profitable

and secure jobs, fostering thriving coastal communities that

make it attractive for young men and women to settle in rural

areas. SalMar revitalizes coastal districts that were on the brink

of depopulation before the aquaculture industry emerged a few

decades ago. With the same purpose in mind, SalMar is also a

major sponsor of sports, culture, associations, and local

organizations in the communities where we operate. We believe

this, too, is part of our societal responsibility. We were also an

official sponsor of the Ski World Championships in Trondheim in

March 2025.

Looking ahead

A company like SalMar must live with the uncertainty and

unpredictability that biology and natural forces represent for

this type of food production. It cannot be denied that

geopolitical uncertainty has also increased for businesses

competing in an international market. The Norwegian

aquaculture industry has previously experienced the negative

consequences of protectionist measures that restrict access to

important markets such as the EU and the USA. The EEA

agreement is also important for Norwegian aquaculture, and it

is difficult to see any alternative to the EU safeguarding

European interests in the difficult balancing act between the EU

and the USA.

For the aquaculture industry, national politics also represent

increasing challenges. This includes, not least, the introduction

of a resource rent tax on aquaculture with retroactive effect,

and the establishment of a state council that sets standardized

salmon prices for tax calculation that deviate from actual

market prices. We are still in a transition between the old and

new tax systems, and it is too early to predict the tax effect

over time. But the marginal tax rate for sea-based salmon

production has increased significantly with the resource rent

tax, from 22 to 47 percent. Norwegian owners have also

experienced a significant increase in ownership taxes in recent

years.

There is also uncertainty about the framework conditions for

Norwegian aquaculture in a more long-term perspective,

particularly related to the licensing regime. The government has

announced a white paper on aquaculture, based on a public

inquiry (NOU 2023:23). This will mean a broad evaluation of the

entire licensing system in Norwegian aquaculture. The

government has also sent for consultation a proposal that

allows companies that have had licenses revoked as a

consequence of the Norwegian Traffic Light System to regain

these licenses, but with strict requirements for lice and

emissions.

Continued strong demand and price achievement for salmon are

expected going forward, as well as moderate supply growth.

Despite geopolitical uncertainty, we choose to remain on the

optimistic side. The world needs food. The UN's Food and

Agriculture Organization (FAO) has once again emphasized the

urgent need to increase seafood production in a sustainable

manner to ensure global food security. SalMar aims to be a

leading company in achieving this and sincerely hopes that the

world's politicians are wise enough not to jeopardize global food

supply chains.

SalMar's financial position is solid, as the figures show. The

board therefore proposes a dividend of NOK 22 per share for

2024, hopefully to the delight of both the state and the entire

large people movement that owns shares in SalMar.

To conclude: We have faced challenges, created opportunities,

and we are ready for the future. Our task is to be an industry

leader and to produce and distribute health-bringing salmon to

every corner of the world. This is our passion – a Passion for

Salmon.


11		This is SalMar	The History of SalMar	MENU ≡


12		This is SalMar	The History of SalMar	MENU ≡


13		This is SalMar	The History of SalMar	MENU ≡

The ABC of Salmon Farming

Broodstock

The broodstock are the parent fish which

provide the eggs and sperm (milt) required

to produce new generations. The fertilised

eggs take 60 days to hatch when placed in

an incubator kept at eight degrees Celsius.

Eyed salmon eggs

After 25–30 days in the incubator the eggs

have developed to the stage where the

eyes of the salmon are clearly visible as

two black dots inside the egg.

Fry

The egg hatches when the eggshell cracks

open, liberating the baby fish (fry) inside. When

it hatches the fry is attached to a yolk sac,

which provides it with the sustenance it needs

during its first few weeks of life. From now on

the fish’s growth and development will all

depend on temperature.

Initial feeding

When most of the yolk

sac has been absorbed, the

fry can be moved from the

incubator into a fish tank. They are

now ready for initial feeding. The water

temperature is kept at 10–14 degrees Celsius, and

the fry are exposed to dim lighting 24 hours a day.

The initial feeding period lasts for six weeks. As

they grow the fry are sorted and moved to larger

tanks. Well ahead of their “smoltification” all the

fish are vaccinated before being shipped by

wellboat to the fish

farm’s marine net-pens.

Smoltification

The process whereby the juvenile fish

transition from a life in freshwater to a sea-

going existence is called smoltification.

During this process the fish develop a silver

sheen to their bellies, while their backs turn a

blue-green colour. Their gills also change

when the juvenile fish turns into a smolt.

On-growing

The farming of fish for human consumption

takes place in net pens, large enclosed nets

suspended in the sea by flotation devices. In

addition to a solid anchorage, net pens

require regular cleaning and adequate

measures to prevent the farmed fish from

escaping. Growth in the net pens is affected

by feeding, light and water quality. Here too

the fish are sorted as they develop and grow.

Harvesting & processing

A year after transfer to the marine net pens, the

first fish are ready for harvesting. The fish are

transported live by wellboat to the processing

plant. There the fish are kept in holding pens,

before being carefully transferred to the plant

itself. The fish are killed and bled out using high

tech equipment, and always in accordance with

applicable public regulations. After harvesting

the salmon is subject to various degrees of

processing.

Sales

The fish is sold either as whole gutted

salmon (fresh or frozen), fillets, in individual

portions or a wide range of other products,

which are distributed to markets around the

world.

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14		This is SalMar	SalMar´s Operating Segments	MENU ≡

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SalMar´s Operating Segments

Sea-farm production

Smolt and cleaner fish production

Smolt production

FISH FARMING

CENTRAL NORWAY

(Møre og Romsdal & Trøndelag)

FISH FARMING

NORTHERN NORWAY

(Troms og Finnmark)

ICELANDIC SALMON

SALMAR AKER OCEAN

SALES & INDUSTRY

No. of licenses:

85,487 tonnes MAB1

Harvest volume 2024:

132,700 tonnes gutted weight

No. of facilities:

3 smolt facilities and 1

lumpfish facility

Production in 2024:

Approx. 33.0 million smolt

and 1.0 million lumpfish

No. of licenses:

72,337 tonnes MAB2

Harvest volume 2024:

80,500 tonnes gutted weight

No. of facilities:

2 smolt facilities

Production in 2024:

Approx. 34.0 million smolt

No. of licenses:

23,700 tonnes MAB

Harvest volume 2024:

11,700 tonnes gutted weight

No. of facilities:

4 smolt facilities

Production in 2024:

Approx. 4.8 million smolt

No. of licenses:

12,416 tonnes MAB3

Harvest volume 2024:

6,900 tonnes gutted weight

Volume sold:

Approx. 233,000 tonnes

gutted weight

Share of secondary processing:

42%

Number of harvesting- and

processing plants:

3 in operation

Includes 4 time-limited demonstra-

tion licenses and 1,100 tonnes MAB

in development licenses.

Includes 2 time-limited demonstra-

tion licenses.

Includes 6,112 tonnes MAB in

development licenses for the

Arctic Offshore Farming project. In

addition the company has 8 develop-

ment licenses for the Smart Fish

Farm project.


15		This is SalMar	SalMar´s Operating Segments	MENU ≡

Fish Farming Central Norway (Møre og Romsdal & Trøndelag)

Fish Farming Central Norway is the region in which the SalMar Group first established its

business. Initially this was based on assets acquired from a company which had gone into

liquidation, and which had one licence for the production of farmed salmon and a harvesting and

processing plant in Frøya that was designed to handle white fish. Since then, both the Group as a

whole and the segment has experienced a fantastic growth journey.

Central Norway has today 85,487 tonnes MAB, and also operates several R&D licences in

collaboration with other companies. In 2022 SalMar acquired ownership in SalmoNor. increasing

the production capacity in the region. The segment has 2 smolt facilities in operation. In addition

the segment has 1 facility for the production of cleaner fish.

The fish farming operations are located in Central Norway, stretching from Sunnmøre in the south

to the Namdal coast in the north. Fish Farming Central Norway is divided into 5 regions, which are

each led by a regional manager. The environmental conditions for salmon farming in this region

are good, with favourable sea temperatures all year round thanks to the Gulf Stream, a high water

replacement rate and several suitable locations.

SalMar’s fish farms focus on cost-effective operation and maintain a high ethical standard with

respect to animal husbandry. In order to contribute to SalMar reaching its goal of being the most

cost-effective producer of farmed salmon, there is a continuous focus on sub-goals. The company

was quick to introduce its own standards and ‘best practices’ in order to secure increased

efficiency. This involves, among other things, concentrating marine-phase production at large,

sustainable facilities stocked with the correct biomass volume and with a good environmental

carrying capacity. SalMar is also working strategically to secure locations so that we can take our

share of future production growth. The segment both has open, closed, semi-closed and

submerged farming technology in operation.

The segments smolt facilities have a high level of expertise with respect to day-to-say operations

as well as development/project management. The production of smolt has transitioned to the use

of recirculating aquaculture systems (RAS) technology. In 2023 a new RAS smolt facility at Tjuin,

came into operation where the first smolt was delivered to sea in 2024.

Fish Farming Northern Norway (Troms og Finnmark)

SalMar has the largest aquaculture operation in Troms og Finnmark County, with activities

stretching from Harstad in southern Troms to Sør-Varanger in Finnmark. The business is divided

into three regions, which are each led by a regional manager. The segment’s head office and

administration are located at InnovaNor our harvesting and processing facility on Senja.

The segment has 72,337 tonnes MAB for the production of farmed salmon. In addition, SalMar co-

operates several R&D licences. In 2022 SalMar acquired ownership of NRS, increasing the

production capacity in the region. The segment has 2 smolt facilities.

Over many years, the segment has focused systematically on enhancing the expertise of its

workforce and employs several apprentices. Remote feeding has been an important focus area for

the segment. This means joint surveillance and control of all SalMar’s sea sites from South Troms

to East Finnmark. The sea farms are monitored even when there is no one physically on site. Data

collection is more structured in the remote feeding centre, which provides a better foundation for

decision making forward in time.

The segment has 2 smolt facilities, which is based on recirculating aquaculture systems (RAS)

technology. Robust, high-quality smolt is a decisive factor for the success of the whole value

chain.

It is possible to produce more salmon in Norway, and Northern Norway has a considerable

potential for further growth. This region has excellent environmental conditions for sustainable

production, which we nurture through expertise and systematic improvement efforts. The

expansion of SalMar’s smolt production, production capacity through NRS, purchase of MAB at

traffic light auction as well as the new local harvesting and processing plant, InnovaNor, underpin

the importance to the Group of both Fish Farming Northern Norway and the region as a whole.


16		This is SalMar	SalMar´s Operating Segments	MENU ≡

Sales & Industry

Sales & Industry handles the Group’s sales activities and harvesting and processing activities in

Norway. The segment sold approx. 233,000 tonnes of salmon and other fish-based products in

2024. Sales activities concentrate on the markets of Europe, Asia and America. In all, the segment

distributes salmon to more than 50 different countries. Because SalMar attaches particular

importance to market proximity, the segment opened a new sales office in Thailand in 2023 and

has in addition sales offices in Japan, South Korea, Vietnam, Taiwan and Singapore.

InnovaMar is SalMar’s main industrial processing facility. It is located at Nordskaget in Frøya, in

close proximity to Fish Farming Central Norway’s sea farms. InnovaMar is a modern building

covering 17,500m2. It has an advanced equipment park for harvesting, fileting and portioning. It

has the capacity to harvest 150,000 tonnes of salmon annually. A significant portion of the

volume harvested goes on to secondary processing before being sent to customers and

consumers around the world. Innovative use of production technology increases the quality of

the final product, reduces costs and improves the employees’ working environment.

Through SalMar’s co-ownership of Vikenco AS, SalMar facilitates the harvesting of fish from the

southern part of Central Norway and Møre & Romsdal County. In the recent years an upgrade of

both harvesting, processing, storage and freezing capacity of the facility has been undertaken.

At the end 2021 the new harvesting and processing facility in Northern Norway, InnovaNor, came

into operation and during 2024 the facility showcased its ability to handle large volumes

effectively. This is an important move to strengthen the region as an important industrial engine

in the Group’s development and contributes to local value creation and new employment

opportunities. InnovaNor is the largest and most modern processing facility in Northern Norway

covering 20,000 square meters. It has a capacity to harvest 150,000 tonnes of salmon annually.

The building incorporates landing, harvesting, processing, packaging, freezing and storage

capabilities including an office wing, which is the new headquarter for all our activities in

Northern Norway. The facility is rigged with the latest in technology for value added processing

built with scalability in mind with both post and pre-rigor capacity, thereby strengthening our

product portfolio and offering to customers in all markets.

Icelandic Salmon

The company is listed on Euronext Growth and from October 2023 also on the Icelandic Stock

Exchange NASDAQ First North. At the end of 2024 SalMar owned 52.5 % of the shares in the

company.

Icelandic Salmon is Iceland’s largest producer of farmed salmon. The company is fully integrated,

with its own hatcheries, sea farms, harvesting plant and sales force. The natural conditions, with

good quality seawater and temperatures on a par with Northern Norway, provide a sound basis

for engaging in sustainable aquaculture in Iceland. The company has its headquarters and

harvesting plant in Bildudalur in Iceland’s Westfjords region, in close proximity to the sea farms

located in the surrounding fjord systems. In addition, the company has 4 smolt facilities, three

located on the south coast of Iceland and one in the Westfjords, as well as a sales office in

Reykjavik.

Farming in Iceland is still in an early phase, and during the last years important measures have

been implemented in the company that will provide better biological and economic results in the

long term. SalMar together with Icelandic Salmon has a strong belief in sustainable aquaculture

production in Iceland.


17		This is SalMar	SalMar´s Operating Segments	MENU ≡

SalMar Aker Ocean

To strengthen and concentrate its efforts in the area of

offshore aquaculture, SalMar created the subsidiary SalMar

Ocean AS, later changed to SalMar Aker Ocean AS with the

purpose of creating the world leading offshore farming

company and an ambition of producing 150,000 tonnes of

salmon per year.

The segment has 2 semi-offshore units in operation, Arctic

Offshore Farming and Ocean Farm 1. Early in 2024 harvest

from both units were completed with strong biological

performance. New production cycles commenced later in 2024

with scheduled harvest in the first half of 2024.

In 2023, site approval for one open ocean unit was granted to

the Smart Fish Farm project, approximately 50 nautical miles

west of Frøya in Central Norway. Due to regulatory

uncertainty further work on offshore aquaculture in Norway is

currently on hold. The company will now fully focus on growth

semi-offshore and utilize 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.

Early in 2025 SalMar acquired the interest from Aker in the

company, see notes to the financial statement for further

information.


18		This is SalMar	SalMar's Cultural Tenets	MENU ≡

The job we do

today is vital to the

success of us all

Although SalMar as a whole numbers more than 1,800

people, it is vital to develop personal attitudes and an

understanding that what happens is up to me and my

function. It is therefore vital that everyone is familiar

with our vision, objectives and values, and that we

support each other for our common passion for salmon,

and on our way to being at all times the lowest-cost

supplier of farmed salmon.

What we do

today we do better

than yesterday

To be the most cost-effective salmon producer demands

continuous improvement at all stages of the production

process. This tenet is about daring to step into the

unknown and develop a culture of winning, where

performance is both measured and celebrated.

The job is not

done until the

person you are doing it

for is satisfied

This means that we will meet the expectations of others

and demand high standards of each other, in accordance

with our own SalMar standards. There are many

‘suppliers’ and ‘customers’ in the production chain, and it

is only by treating each other with mutual respect that

we will succeed.

We care

To succeed as a team we must also develop the right

attitudes towards, as well as respect and care for salmon,

co-workers, customers, business associates and the

environment. We must think for ourselves but act with

loyalty, and always bear in mind that we are engaged in

food production.

Sustainability in

everything we do

High ethical and moral standards form the basis for

developing an even stronger focus on safeguarding the

environment that we work in day to day, and that we are

the the temporary custodians of. we shall not deplete the

environment, but ensure that we pass it on unimpaired to

the next generation. This is our shared social

responsibility, and everything we do must stand up to

public scrutiny both today and in the future.

Focus on the

solution

Everyone who works for SalMar, regardless of position or

place, has a duty to help come up with solutions and

contribute to improvement processes. We will challenge

existing practices and systems, we will jointly implement

solutions, and we will talk to, not about, each other.

SalMar's Cultural Tenets

SalMar’s corporate culture is constantly evolving, and builds on the success factors that have been cultivated within the company since

its inception in 1991. Although the company’s culture is affected by both external and internal framework conditions, it remains firmly

anchored in a few overarching principles, in particular a strong focus on good husbandry, operational efficiency and safe food production.


19		This is SalMar	Passion for Salmon	MENU ≡

Passion for Salmon

The aquaculture industry is developing rapidly, and the

potential for further growth is enormous. However, at SalMar

we are in no doubt that any growth must be sustainable:

environmentally, socially and financially.

In 2014, to reinforce our focus on the elements that have

made SalMar the company it is today, we adopted a new vision

that will henceforth guide our steps:

“Passion for Salmon”

Although SalMar continues to pursue its stated aim of cost

leadership, it is moving from a focus on outcomes to a focus on

performance. We aim for excellence at all levels and in all

aspects of our operation.

The new vision will underpin all activities and all actions

within SalMar. All decisions relating to production will be made

on the basis of our passion for salmon. The fish will be farmed

in conditions most conducive to their well-being. We believe

that the best biological results will pave the way for the best

financial results, and thus safeguard our position as the most

cost-effective producer of farmed salmon in the world.

This new vision and ambition depend on the existence of a

winning culture throughout the organisation. The source of

SalMar’s corporate culture and the company’s cultural tenets is

our shared passion for salmon. These tenets underpin our

vision and describe the attitudes and conduct expected of all

employees.


20		This is SalMar	Sustainability Ratings and Acknowledgements	MENU ≡

Sustainability Ratings &

Acknowledgements 2024/25

The annual publication from Financial Times and Statista lists

the companies that have made the most progress in cutting

their carbon emissions intensity. The 2024 publication marks

the fourth annual report, and SalMar has been included on

the list of Climate Leaders all four years.

TIME and Statista has partnered to present its first

publication on the World’s Most Sustainable Companies. The

assessment evaluates company’s alignment with core

international standards, as well as its environmental

performance and reporting.

This ranking from TIME and Statista is a comprehensive

analysis aimed at identifying companies that demonstrate

outstanding performance in sustainable development while

maintaining strong financial health. The evaluation consists

of three pillars: revenue growth, financial stability and

environmental impact.

SalMar is one of Europe’s

Climate Leaders for the

fourth consecutive year

SalMar is among the

500 companies doing

best for the Earth

ESG Ratings and Acknowledgements-ny farge-1.png

Europe’s Climate Leaders 2024

World’s Most Sustainable

Companies 2024

World’s Best Companies -

Sustainable Growth 2025

SalMar is the best

company in the global food

and beverages sector for

sustainable growth in 2025


21		This is SalMar	Sustainability Ratings and Acknowledgements	MENU ≡

PwC conducts an annual assessment of the

climate action made among the 100 largest

companies in Norway. On the basis of this

assessment, PwC published a National

Climate Index. SalMar was the only food

producer on the winner’s list in 2024.

The Coller FAIRR Protein Producer Index is an

extensive assessment of the 60 largest

protein producers in the world, evaluating

their performance and transparency within

core sustainability topics.

The CDP is a global disclosure system that

helps companies, cities, states, and regions

measure and manage their environmental

impact. SalMar has reported to CDP Climate

since 2010, but 2024 marked the first year of

reporting on Water and Forests.

The Sustainalytics ESG Risk Ratings measure a

company's exposure to industry-specific

material ESG risks and how well a company is

managing those risks. SalMar is assessed

through the Comprehensive Framework, which

covers more than 70 management indicators

SalMar is a Climate

Winner, reducing

its GHG emissions

in line with the

Paris Agreement

SalMar is ranked

3rd among the

world’s 60 largest

protein producers

SalMar is on the

Leadership level for

Climate and Water

Management

SalMar has a

low ESG Risk

Rating

PwC’s National

Climate Index

Coller FAIRR Protein

Producer Index

CDP

Morningstar | Sustainalytics

ESG Risk Rating


Summary	23
Cross Cutting Standards	31
Environmental Standards	48
Social Standards	80
Governance Standards	97
Entity-Specific Topics	101
Independent sustainability auditor's limited assurance report	266

Sustainability

Statement

Summary

bærekraftsrapport-helside-Yngel-01-E-09.jpg



Environmental KPI Scoresheet	24
Social KPI Scoresheet	25
Animal Welfare KPI Scoresheet	26
ESRS Index	27
Disclosure requirements relating to other EU legislation	29

Environmental KPI Scoresheet


Main Environmental KPIs		Target	Group			Norway			Iceland
Main Environmental KPIs		Target	2024	2023	2022	2024	2023	2022	2024	2023	2022
Absolute greenhouse gas (GHG) emissions (1000 tons CO2eq)	Scope 1	-42% from 2020 to 2030	27.9	27.5	28.4	24.9	25.3	26.6	3.0	2.2	1.8
	Scope 2		4.4	3.5	3.4	4.4	3.5	3.4	0.0	0.0	0.0
	Scope 1+2		32.3	31.0	31.8	29.2	28.8	30.1	3.0	2.2	1.8
	Total Scope 3		1,166	1,309	1,248	1,109	1,249	1,177	57	60	72
	Total Scope 1+2+3		1,198	1,340	1,280	1,138	1,278	1,207	60	62	73
Intensity of GHG emissions (tCO2eq / ton salmon gross growth)	Scope 1+2	-42% from 2020 to 2030	0.11	0.10	0.11	0.11	0.10	0.11	0.17	0.13	0.08
	Scope 3		3.6	4.2	4.4	3.6	4.3	4.5	3.3	3.6	3.4
	Scope 1+2+3		3.7	4.3	4.5	3.8	4.4	4.6	3.5	3.7	3.5
Intensity of GHG emissions (tCO2eq / MNOK revenue)	Scope 1+2	-42% from 2020 to 2030	1.2	1.1	1.6	1.2	1.1	1.6	2.6	1.2	1.1
	Scope 3		44.1	46.4	61.9	43.9	47.3	63.4	48.5	33.7	44.9
	Scope 1+2+3		45.4	47.5	63.5	45.1	48.3	65.0	51.1	35.0	46.1
Electrical or hybrid installation at farms	Share of sites supplied by electrical or hybrid power	100%	72%	65%	55%	75%	67%	59%	29%	33%	0%
Local secondary processing	Share of total distributed volume processed locally	40% by 2030	42%	36%	29%	42%	36%	29%	NA	NA	NA
Site environment	Share of benthic/seabed assessments with good or very good score	100%	91%	89%	92%	90%	89%	91%	100%	100%	100%
Freshwater withdrawal	Absolute (million m³)	-20% from 2022 to 2030	50	59	63	30	39	46	20	20	16
	Intensity (m³/ton salmon)	-20% from 2022 to 2030	169	190	220	109	133	176	1,138	1,183	779
	From water risk areas (m³)	0	0	0	0	0	0	0	0	0	0
Feed	Certification of marine ingredients (%)	100%	98%	94%	94%	98%	94%	94%	99%	96%	100%
	Certification of soy (%)	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
	FFDR - Fish meal	Below 1.20	0.43	0.49	0.46	0.44	0.49	0.47	0.25	0.46	0.34
	FFDR - Fish oil	Below 2.52	1.13	1.48	1.36	1.14	1.45	1.36	0.98	1.91	1.38
	Biological feed conversion ratio	Below 1.10 by 2030	1.14	1.12	1.13	1.13	1.12	1.11	1.18	1.19	1.26

2 The definition of the ESRS metric “Recordable work-related accidents” coincides with the previously used metric “Lost Time Incidents”.

Ole_Ekker_2023_DSCF1340_highres A4 med overlay.jpg


Main Social KPIs		Target	Group			Norway			Iceland
Main Social KPIs		Target	2024	2023	2022	2024	2023	2022	2024	2023	2022
Employees in the SalMar workforce (Full-time equivalents)	Total across divisions		2,941	2,673	2,267	2,783	2,505	2,112	158	168	154
	Admin		105	98	86	87	80	69	18	18	17
	Smolt Facilities		194	153	125	171	128	101	23	25	24
	Fish Farming		1,126	1,084	812	1,060	1,020	754	66	64	58
	Sales & Industry		1,516	1,337	1,243	1,465	1,277	1,188	51	60	55
Female ratio in the SalMar workforce (Percentage of full-time equivalents)	Total across divisions	Increase	26%	26%	28%	27%	26%	28%	24%	28%	26%
	Admin		46%	48%	44%	46%	47%	44%	48%	49%	51%
	Smolt Facilities		27%	26%	22%	28%	27%	22%	20%	18%	20%
	Fish Farming		13%	14%	13%	13%	14%	13%	9%	12%	12%
	Sales & Industry		35%	36%	37%	35%	35%	37%	36%	39%	33%
Fatalities	Own employees	0	0	0	0	0	0	0	0	0	0
Fatalities	Subcontractors	0	0	0	0	0	0	0	0	0	0
Recordable work- related accidents¹	Own employees	0	49	31	29	41	26	20	8	5	9
	Frequency	<3	9.5	6.6	7.3	8.4	5.9	5.4	29.0	17.1	33.3
	Subcontractors	0	8	6	5	6	6	5	2	0	0
Sickness absence rate	Own workforce	<4.5%	6.3%	5.5%	5.6%	6.4%	5.6%	5.7%	5.4%	4.7%	4.1%

Social KPI Scoresheet 2

1 Active pharmaceutical ingredient

0129_Setevika_Laks_Spiser-A4 med overlay.jpg


Main Animal Welfare KPIs		Target	Group			Norway			Iceland
Main Animal Welfare KPIs		Target	2024	2023	2022	2024	2023	2022	2024	2023	2022
Annual survival rate (GSI methodology)	At sea	Above 97 % by 2030	93%	93%	94%	93%	94%	95%	87%	86%	90%
Annual survival rate (GSI methodology)	In smolt facilities	Above 97 % by 2030	94%	94%	94%	95%	95%	97%	82%	89%	80%
Monthly survival rate (GSI methodology)	At sea	Above 99.7% by 2030	99.4%	99.4%	99.5%	99.4%	99.5%	99.6%	98.9%	98.8%	99.1%
Monthly survival rate (GSI methodology)	In smolt facilities	Above 99.7% by 2030	99.5%	99.5%	99.5%	99.6%	99.6%	99.8%	98.5%	99.1%	98.3%
Antibiotics	Grams of API¹ used per tons salmon produced	0	0.0004	0	0	0.0004	0	0	0	0	0
Interactions with birds per sea site	Accidental mortality	0	0.50	0.73	0.38	0.53	0.74	0.32	0	0.43	0.43
Interactions with birds per sea site	Euthanized	0	0.15	0.15	0.05	0.16	0.16	0.09	0	0	0
Interactions with marine mammals per sea site	Accidental mortality	0	0	0	0	0	0	0	0	0	0
Interactions with marine mammals per sea site	Euthanized	0	0	0.01	0	0	0.01	0	0	0	0
Fish escapes	No. of incidents	0	4	3	2	4	3	2	0	0	0
Fish escapes	No. of escaped fish	0	3,557	168	11	3,557	168	11	0	0	0
Certifications	Share of active sites certified	100%	100%	99%	100%	100%	100%	100%	100%	83%	100%

Animal Welfare KPI Scoresheet 1


27		Sustainability Statement	Summary	MENU ≡

ESRS Index


ESRS 2 - GENERAL INFORMATION
Basis for preparation
BP-1 General basis for preparation of the sustainability statement	33
BP-2 Disclosures in relation to specific circumstances	33
Governance
GOV-1 The role of the administrative, management and supervisory bodies	33
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	34
GOV-3 Integration of sustainability-related performance in incentive schemes	34
GOV-4 Statement on due diligence	35
GOV-5 Risk management and internal controls over sustainability reporting	35
Strategy
SBM-1 Strategy, business model and value chain	36
SBM-2 Interests and views of stakeholders	37
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	39
Impact, Risk and Opportunity Management
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities	43
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement	46
EU TAXONOMY REPORTING
Introducing the EU Taxonomy	50
The EU’s Environmental Objectives	50
Identifying Taxonomy-Eligible Activities	50
Identifying Taxonomy-Aligned Activities	51
Complying with Minimum Safeguards	51
Accounting Policies	52
Financing Green Projects	52
Performance Disclosure	52


E1 - CLIMATE CHANGE
Non-material chapters and phase in options	58
Governance	58
Strategy	59
E1-1 – Transition plan for climate change mitigation	59
Annual Climate Risk Assessment	60
Impact, risk and opportunity management
Identified impacts, risks and opportunities	61
E1-2 – Policies related to climate change mitigation and adaptation	62
E1-3 – Actions and resources in relation to climate change policies	63
Metrics and targets
E1-4 – Targets related to climate change mitigation and adaptation	67
E1-5 – Energy consumption and mix	68
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions	69
E3 - WATER AND MARINE RESOURCES
Non-material chapters and phase in options
Omitted chapters due to the eligible phase-in option:	72
Included topics despite double materiality assessment results	72
Impact, risk and opportunity management
Identified impacts, risks and opportunities	72
E3-1 – Policies related to water and marine resources	72
E3-2 – Actions and resources related to water and marine resources	74
Metrics and targets
E3-3 – Targets related to water and marine resources	77
E3-4 – Water consumption	79


28		Sustainability Statement	Summary	MENU ≡


S1 - OWN WORKFORCE
Non-material chapters and phase in options
Omitted chapters due to the eligible phase-in option:	82
Impacts, risks and opportunities management
Identified impacts, risks and opportunities	82
S1-1 Policies related to own workforce	82
S1-2 Processes for engagement	84
S1-3 Processes for remediation and raising concerns	85
S1-4 Taking action on material impacts, risks and opportunities	86
Metrics and targets
S1-5 Targets related to material impacts, risks and opportunities	88
S1-6 Characteristics of the undertaking’s employees	88
S1-8 Collective bargaining coverage and social dialogue	89
S1-9 Diversity metrics	89
S1-10 Adequate wages	89
S1-11 Social protection	89
S1-12 Persons with disabilities	89
S1-14 Health and safety metrics	89
S1-15 Work-life balance metrics	90
S1-16 Remuneration metrics	90
S1-17 Incidents, complaints and severe human rights impacts	90
S4 - CONSUMERS AND END-USERS
Strategy	92
Impacts, Risks and Opportunity Management
Identified impacts, risks and opportunities	92
S4-1 Policies related to consumers and end-users	92
S4-2 Processes for engagement	94
S4-3 Processes for remediation and raising concerns	95
S4-4 Taking action on material impacts, risks and opportunities	95
Metrics and Targets
S4-5 Targets related to material impacts, risks and opportunities	96


G1 - BUSINESS CONDUCT
Non-material chapters and phase in options	99
Governance	99
Impact, risk and opportunity management
Identified impacts, risks and opportunities	99
G1-1– Business conduct policies and corporate culture	99
G1-3 – Prevention and detection of corruption and bribery	100
Metrics and targets
G1-4 – Incidents of corruption or bribery	100
ANIMAL WELFARE
Rationale for entity-specific disclosure	103
Impact, risk and opportunity management
Identified impacts, risks and opportunities	103
Policies related to animal welfare	104
Actions and resources in relation to animal welfare	106
Metrics and targets
Survival rate	106
Average density at sea sites	112
Antibiotics	112
Sea lice	113
Interaction with wild animals	113
Escape incidents	114
Certification	114


29		Sustainability Statement	Summary	MENU ≡

Disclosure requirements relating to

other EU legislation


Section	Disclosure requirement	Data point	SFDR reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Page in Sustainability Statement
ESRS 2	GOV-1	21 d	x		X		33
	GOV-1	21 e			X		33
	GOV-4	30	X				35
	SBM-1	40 d i	X	X	X		36
	SBM-1	40 d ii	X		X		36
	SBM-1	40 d iii	X		X		36
	SBM-1	40 d iv			X		36
ESRS E1	E1-1	14				X	59
	E1-1	16 g		X	X		59
	E1-4	34	X	X	X		67
	E1-5	38	X				68
	E1-5	37	X				68
	E1-5	40-43	X				68
	E1-6	44	X	X	X		69
	E1-6	53-55	X	X	X		69
ESRS E2	E2-4	28	X				Not material
ESRS E3	E3-1	9	X				72
	E3-1	13	X				72
	E3-1	14	X				72
	E3-4	28 c	X				79
	E3-4	29	X				79
ESRS E4	SBM-3	16 a	X				Not material
	SBM-3	16 b	X				Not material
	SBM-3	16 c	X				Not material
	E4-2	24 b	X				Not material
	E4-2	24 c	X				Not material
	E4-2	24 d	X				Not material


30		Sustainability Statement	Summary	MENU ≡


Section	Disclosure requirement	Data point	SFDR reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Page in Sustainability Statement
ESRS E5	E5-5	37 d	X				Not material
	E5-5	39	X				Not material
ESRS S1	SBM-3	14 f	X				39
	SBM-3	14 g	X				82
	S1-1	20	X				82
	S1-1	21			X		82
	S1-1	22	X				82
	S1-1	23	X				82
	S1-3	32 c	X				85
	S1-14	88 b, c	X		X		89
	S1-14	88 e	X				89
	S1-16	97 a	X		X		90
	S1-16	97 b	X				90
	S1-17	103 a	X				90
	S1-17	104 a	X		X		90
ESRS S2	SBM-3	11 b	X				Not material
	S2-1	17	X				Not material
	S2-1	18	X				Not material
	S2-1	19	X		X		Not material
	S2-1	19			X		Not material
	S2-4	36	X				Not material
ESRS S3	S3-1	16	X				Not material
	S3-1	17	X		X		Not material
	S3-4	36	X				Not material
ESRS S4	S4-1	16	X				92
	S4-1	17	X		X		92
	S4-4	35	X				95
ESRS G1	G1-1	10 b	X				99
	G1-1	10 d	X				99
	G1-4	24 a	X		X		100
	G1-4	24 b	X				100

bærekraftsrapport-helside-Ole_Ekker_2023_DJI_0235_highres.jpg

Cross Cutting Standards



ESRS 2 - General Disclosures	32

ESRS 2

bærekraftsrapport-halvside-Ole_Ekker_2023_DSCF9858_highres.jpg

General Disclosures


Basis for Preparation
BP-1 – General basis for preparation of sustainability statements	33
BP-2 – Disclosures in relation to specific circumstances	33
Governance
GOV-1 – The role of the administrative, management and supervisory bodies	33
GOV-2 – Information and involvement by the undertaking’s supervisory bodies	34
GOV-3 – Sustainability-related performance in incentive schemes	34
GOV-4 – Statement on due diligence	35
GOV-5 – Risk management and internal controls	35
Strategy
SBM-1 – Strategy, business model and value chain	36
SBM-2 – Interests and views of stakeholders	37
SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model	39
Impact, Risk and Opportunity Management
IRO-1 – Identification and assessment of material impacts, risks and opportunities	43
IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement	46


33		Sustainability Statement	Cross Cutting Standards	MENU ≡


Basis for Preparation

BP-1 General basis for preparation of the sustainability statement

SalMar’s sustainability statement is prepared in accordance with the Corporate Sustainability

Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) pursuant

to the Norwegian Accounting Act §2-3. The sustainability statement aligns with the scope of

consolidation used in the financial statements. Subsidiaries over which SalMar has operational

control are included in the statements, while affiliated companies, such as Scottish Sea Farms are

excluded.

The scope of the considered value chain in the sustainability statement involves all SalMar’s

activities in all geographies, including production of salmon from roe to finished product and

sales. Key contributors to SalMar’s value chain, especially suppliers of essential production inputs

like feed, are included in the assessments of SalMar’s impacts, risks, opportunities and

dependencies. Within SalMar’s upstream value chain, suppliers of feed, well boats, service vessels,

and packaging play a central role, while downstream, distribution companies and customers are

taken into consideration.

SalMar’s policies apply to all subsidiaries within the Group, while actions and targets are set and

implemented at the company level, and may depend on activity, geography or specific

circumstances. Reported metrics represent the Group’s consolidated results unless otherwise

noted.

SalMar have not omitted specific information in the sustainability statement due to intellectual

property, know-how or the results of innovation. Further, there has not been made specific

omissions due to impending developments or matters in the course of negotiation. The company

remains committed to providing stakeholders with accurate, comprehensive, and relevant

information.

BP-2 Disclosures in relation to specific circumstances

The 2024 sustainability statement for SalMar ASA has not been influenced by any specific

circumstances. Should any specific circumstances arise that require changes to historical data or

relate to metric-specific adjustments, these will be disclosed along with the relevant metrics.

SalMar have applied the ESRS definitions of time horizons.

Certain metrics in the sustainability statement include value chain data estimated through

indirect sources. For each metric where indirect estimation is applied, SalMar will disclose this

information, including any implications for the results and an assessment of data quality.

In line with ESRS guidelines on estimation sources and outcome uncertainty, SalMar will provide

relevant information alongside reported metrics. This will, where relevant, comprise measurement

uncertainty as well as any assumptions, approximations and judgements made. The company has

not identified any material prior period errors in sustainability reporting.

SalMar is not eligible for the phase-in option for companies with fewer than 750 employees but

has opted to activate the phase-in option applicable to all companies. This includes E1-9, E3-5,

S1-7, S1-13, S1-14_06, and S1-14_07. .


Governance

GOV-1 The role of the administrative, management and supervisory bodies

SalMar’s Board of Directors is responsible for overseeing the Group’s sustainability matters. The

composition of the Board of Directors is presented below:


Composition of the board	Female	Male	Total
Board members	3	4	7
Executive board members	0	0	0
Non-executive board members	3	4	7
Employee representatives on the Board	1	1	2
Nationalities represented on the Board	1	1	1
Gender distribution on the Board	43%	57%	100%
Independent board members	2	1	3

Among the seven Board members, two are employee representatives. Among the five

shareholder-elected board members, three are considered independent. This makes the

percentage of independent board members 60%.

SalMar’s Risk and Audit Committee has overseen the identification and assessment of impacts,

risks, and opportunities on behalf of the Board. The Executive Management team has also been

actively involved in this process. Coordination and execution were led by the Head of

Sustainability, who worked alongside internal and external experts and reports directly to the

Executive Management.

The process of identifying and assessing impacts, risks, and opportunities, as well as defining

time horizons and risk classifications, was aligned with SalMar’s internal risk management

practices. Targets addressing material impacts, risks, and opportunities are set by Executive

Management, guided by these assessments.


34		Sustainability Statement	Cross Cutting Standards	MENU ≡

SalMar has utilized internal and external expertise within the

different sustainability topics when assessing impacts, risks

and opportunities. To keep the assessments as relevant as

possible for SalMar, the engaged experts were closely

connected to either SalMar’s own operations or SalMar’s value

chain.

Business conduct is a key responsibility of both the Board of

Directors and the Executive Management, encompassing areas

such as corporate culture, animal welfare, and the prevention

of corruption and bribery. SalMar places great emphasis on its

corporate culture, viewing it as a cornerstone of its success.

Strengthening and sustaining this culture, which fosters

ambition and dedication among employees, remains a top

priority for the Board of Directors.

As a fish farming company, SalMar upholds high animal welfare

standards as a fundamental principle. The company’s strategic

focus is to produce salmon "on the salmon’s terms," placing

animal welfare at the heart of its operations. The Executive

Management is responsible for ensuring that this commitment

is implemented consistently across the organization.

The Group’s Executive management is responsible for

monitoring, managing and overseeing impacts, risks and

opportunities on a day-to-day basis. Each member of the

management team monitors the impacts, risks and

opportunities relevant for its segment and oversight is

managed through executive management meetings.

Relevant developments are brought to these meetings, and if

necessary, elevated to the Board of Directors. Dedicated

protocols and procedures are implemented to ensure effective

management of impacts, risks and opportunities. This

governance is, where applicable, integrated with the internal

operational and quality systems.

Board sustainability and innovation competence

The Board of Directors is formally mandated to oversee all

material sustainability and ESG impacts, risks, and

opportunities. During the reporting year, the Board received

training on the new Corporate Sustainability Reporting

Directive (CSRD) and approved the process and results of the

double materiality assessment.

The Board of Directors possesses broad expertise across a

variety of sustainability topics.

Gustav Witzøe, the Founder and Chair of the Board, has guided

SalMar’s evolution into a globally recognized food producer

with a strong focus on sustainability. He has developed

expertise in vital sustainability areas such as food safety,

marine resources, biodiversity, climate change, and animal

welfare. His commitment to innovation is exemplified by the

recent launch of Salmon Living Lab.

Leif Inge Nordhammer, who served as SalMar’s CEO for 17

years, has played a pivotal role in the company’s development

and possesses a similar depth of knowledge in the

aforementioned sustainability areas. Arnhild Holstad brings

valuable experience in biodiversity and forest management

from her role as regional manager of Statskog.

Margrethe Hauge and Morten Loktu, both members of the

Audit and Risk Committee as well as the Board, bring

extensive expertise in product development and innovation.

Margrethe, as the CEO of Goodtech ASA, leads technological

solutions across various industries. Morten, with his

experience as the Senior Vice President of Research &

Innovation at Equinor and CEO of SINTEF, adds further depth

to the Board’s competence in advancing sustainable

innovation.

GOV-2 Information provided to and sustainability

matters addressed by the undertaking’s

administrative, management and supervisory bodies

For the Double Materiality Assessment (DMA), the Executive

Management were informed on the process and findings. They

were then involved in the verification and discussions of

accuracy in the assessment. All sustainability matters within

the DMA were addressed by the Executive Management team.

Likewise, the Risk and Audit Committee was informed of the

results and engaged in discussions regarding their validity.

The assessment of impacts, risks and opportunities will remain

an ongoing process, with the Executive Management and Risk

and Audit Committee receiving regular updates minimum

annually.

The Board of Directors is informed on the results of the double

materiality analysis at least annually and validate that the

results are aligned with the company’s strategic goals.

The Executive Management addresses the implementation of

due diligence, as well as the results and effectiveness of

policies, actions, metrics, and targets, both as issues arise and

at least annually. The team’s assessment of impacts, risks, and

opportunities is integral to SalMar’s strategic development,

providing a foundation for all company activities – including

major transactions. These assessments include the impacts on

animal welfare, biological risk, climate change mitigation and

adaptation risks and opportunities, impacts on water bodies

and marine resources, impacts on own workforce, food safety

and business conduct.

GOV-3 Integration of sustainability-related

performance in incentive schemes

SalMar has a performance-based short-term incentive scheme

(bonus) for leaders and key personnel, primarily driven by the

achievement of the Group’s sustainability and financial

targets. Different metrics and targets are applied to different

individuals based on their roles and responsibilities within the

organization. For instance, each sea farm has specific targets

tied to fish welfare, with metrics such as survival rate and

feed conversion ratio factoring into the performance-based

bonus assessments.

The proportion of variable remuneration dependent on

sustainability-related targets and performance varies for

different functions. Performance is evaluated based on the

fulfilment of activity-specific targets, that are linked to the

company’s sustainability targets on a Group level. For a fish

farming unit at sea, a key sustainability-related target within

the incentive scheme is the feed conversion ratio. This target

is important to reduce climate impact, environmental impacts

and provide cost savings. While the target for feed conversion

ratio may vary by geography or production methods, it is

anchored in the Group’s overarching targets for this metric.

In a processing facility, by contrast, feed conversion ratio is

not relevant. Instead, sustainability-related targets within the

incentive scheme may be linked to product quality, recall rates,

customer satisfaction, or other activity-specific goals.

2 https://www.salmar.no/en/investor/corporate-governance/remuneration-senior-executives/

3 https://www.efrag.org/sites/default/files/sites/webpublishing/SiteAssets/IG%201%20Materiality%20Assessment_final.pdf


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Climate-related considerations are incorporated into the short-term incentive schemes for members of the

Executive Management who have relevant operational targets related to climate impacts. This includes the COO of

Farming who ensures that SalMar does not exaggerate fish feed usage and the COO of Sales & Industry, who

ensures that climate impact is considered when routing the finished product to the market.

The Board of Directors is responsible for approving the metrics used in the Chief Executive Officer's incentive

scheme. The CEO, in turn, approves the metrics applied to the incentive schemes for other members of the

Executive Management, who subsequently approve the metrics utilized in the incentive schemes for their

respective management teams.

SalMar ASA also offers a longer-term share-based incentive scheme (Restricted Share Unit Plan) for senior

executives and key personnel employed within the company and its subsidiaries. This share-based scheme is tied to

the Group’s financial performance across three vesting periods and is not directly linked to sustainability-related

targets. For details on the company’s remuneration practices, refer to the company’s latest Remuneration Report 2.

The Board of Directors is not eligible for incentive schemes and instead receives a fixed annual compensation.

GOV-4 Statement on due diligence

The core elements of due diligence are reflected directly in Disclosure Requirements set out in ESRS 2 and in the


Topic	Addressed under
Embedding due diligence in governance, strategy and business model	i.ESRS 2 GOV-2: Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ii.ESRS 2 GOV-3: Integration of sustainability-related performance in incentive schemes iii.ESRS 2 SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model.
Engaging with affected stakeholders	i.ESRS 2 GOV-2 ii.ESRS 2 SBM-2: Interests and views of stakeholders iii.ESRS 2 IRO-1 iv.Topical ESRS: Reflecting the different stages and purposes of stakeholder engagement throughout the due diligence process
Identifying and assessing negative impacts on people and the environment	i.ESRS 2 IRO-1 (including Application Requirements related to specific sustainability matters in the relevant ESRS) ii.ESRS 2 SBM-3
Taking action to address negative impacts on people and the environment	i.Topical ESRS: Reflecting the range of actions, including transition plans, through which impacts are addressed
Tracking the effectiveness of these efforts	i.Topical ESRS: Regarding metrics and targets

topical ESRS, as illustrated below:

GOV-5 Risk management and internal controls over sustainability

reporting

SalMar’s Head of Sustainability is responsible for conducting the Group’s

sustainability reporting. The report, as well as all targets and metrics applied

are decided by the executive management. As an example, the metrics related

to biological performance is proposed by the Chief Operating Officer of Farming

and his team and brought to the executive management for approval. The

executive management is central in assessing SalMar’s impacts, risks and

opportunities, and validating the relevance of the applied metrics and targets.

Risks were assessed in line with the Implementation guidance for the

materiality assessment by the European Financial Reporting Advisory Group

(EFRAG) 3 and prioritized based on relevance to the company.

The Board’s Audit and Risk Committee monitors the sustainability reporting

process and ensures that it complies with relevant reporting standards. Internal

control of sustainability reporting is achieved through day-to-day follow-up by

management and process owners in the reporting period, and supervision by

the Audit and Risk Committee. Non-conformances and improvement

opportunities are followed up and corrective measures implemented where

necessary. SalMar also works closely with external experts to ensure that the

sustainability reporting follows relevant standards and guidelines.

Findings from the risk assessments are presented for the executive

management and highlighted to the Audit and Risk committee for evaluation.

The senior management reviews the findings and recommends mitigating

steps, which are subsequently integrated into the relevant internal processes.

This report is SalMar’s first sustainability statement under the Corporate

Sustainability Reporting Directive (CSRD). The company will monitor closely the

developments of the directive and perform benchmarking against it peers to

ensure that its reporting is as relevant for the reader as possible.

The CSRD has introduced greater responsibilities for the Board and its

committees. The Audit and Risk Committee has heightened its focus on risk

management and internal control processes related to sustainability reporting.

SalMar aims to strengthen internal control procedures for sustainability

reporting, seeking greater alignment with the company’s established internal

controls for financial disclosures.

The Board is informed on material findings in the internal controls as matters

arise and at least annually.


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Strategy

SBM-1 Strategy, business model and value chain

SalMar is the second largest salmon producer in the world. In 2024, SalMar’s consolidated harvest

volume was 231,800 tons of salmon, and the company sold its products to 54 different countries

worldwide. SalMar’s main market in 2024 was Europe followed by Asia and North America. The

majority of SalMar’s customers are retailers, meaning that SalMar rarely distributes its salmon

directly to the consumer.

SalMar’s employees are located in the following countries:


	Head count	Percentage of workforce
Norway	3,137	94%
Iceland	180	5%
Japan	8	< 1%
Vietnam	6	< 1%
Republic of Korea	5	< 1%
Thailand	4	< 1%
Taiwan	4	< 1%
Singapore	1	< 1%
Total	3,345	100%

There is an active market ban for products such as salmon from Europe to Russia and Belarus due

to the ongoing war in Ukraine.

The total revenue for the SalMar Group in 2024 was 26,426 MNOK. SalMar is not active in fossil

fuel (coal, oil and gas) sectors, chemical production, controversial weapons or the cultivation and

production of tobacco, and none of SalMar’s revenue is related to these sectors.

SalMar anticipates no significant changes in its products, services, markets, or customer groups in

relation to achieving its sustainability goals. More information on specific steps necessary

towards reaching the Group’s sustainability targets will be provided in the topical standards.

A visualization of SalMar’s value chain is presented below. SalMar’s subsidiary, Icelandic Salmon,

has a similar value chain in Iceland, but does not conduct roe production.


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SalMar maintains a dependable network of suppliers across its

value chain, engaging multiple suppliers for each input to

ensure redundancy and maintain competitive pricing. As

SalMar is the largest customer for many of its suppliers, this

gives the company leverage and priority in supply agreements.

Additionally, SalMar owns and controls every stage of the

salmon lifecycle, from genetics and roe production to final

products ready for market. This is an important strategic

decision for the business model to ensure quality and

predictability in production.

Key aspects of SalMar’s upstream value chain include:

• Technical equipment: Essential operational equipment is

primarily purchased from Norwegian suppliers.

• Vaccination of smolt: All smolt are vaccinated before

transfer to sea cages to reduce disease risk. Vaccines,

mostly obtained from Norwegian producers, must be

approved by the national Medicines Agency, with their use

regulated by permits from the relevant Food Safety

Authorities.

• Feed supply: Fish feed represents a substantial portion of

SalMar’s annual expenditures and consists largely of

vegetable and marine ingredients sourced from various

regions, including Europe, North and South America, as

well as the Atlantic and Pacific Oceans. SalMar’s feed

suppliers are based in Norway.

• Vessel contracts: Well-boats and service boats are

typically hired on a per-operation or time-charter basis

with Norwegian suppliers, providing SalMar with flexibility

for specific logistical needs.

• Packaging: Packaging materials, essential for preserving

salmon quality during transport, are obtained through local

suppliers.

In the downstream value chain, distribution partners play a

vital role in delivering SalMar’s salmon to markets. SalMar

often oversees the logistics for salmon transport, coordinating

with distributors via various routes – including trucks, trains,

boats, and planes – depending on the final destination.

SBM-2 Interests and views of stakeholders

SalMar’s stakeholders hold an important role in shaping the

company’s strategic direction. To effectively align SalMar’s

strategy with stakeholder interests, purposeful engagement is

essential. SalMar aims to conduct stakeholder engagement

that not only provides insights into stakeholder priorities but

also delivers value to all parties involved. This process

strengthens SalMar’s ability to deliver stakeholder value.

Stakeholder dialogue at SalMar occurs through various

channels, including in-person meetings, media outreach,

interim and annual reports, stock market notices,

advertisements, R&D initiatives, and the company website.

Interactions take place both locally and at the corporate level.

To ensure the highest degree of relevance for external

stakeholders, it is common that SalMar’s internal teams

collaborating closest with these stakeholders also carry out

the stakeholder engagement and due diligence, e.g., SalMar’s

biology and fish feed teams engage with feed suppliers.

Engagement with customers, consumers and end-users is vital

to ensure that their rights and views are respected. This is

done through established feedback channels and customer

follow-up.

SalMar’s workforce is also a key stakeholder that is engaged

regularly, both individually and in groups. The workforce is

represented in important internal arenas including:

• The Board of Directors: The workforce has two biennially

elected representatives on the Board of Directors,

ensuring that employees’ perspectives are incorporated

into strategic decisions and the development of SalMar’s

business model.

• Work Environment Committee (AMU): This committee

includes both management representatives and nominated

employees. It focuses on occupational health, safety, and

overall working conditions, reporting to the Group’s

governing bodies and the employees’ union organizations.

• Union organizations: Employee unions advocate for fair

treatment, negotiate remuneration structures, and provide

a collective voice for the workforce in addressing

workplace issues.

These forums play a pivotal role in ensuring that employee

interests and rights are effectively integrated into SalMar's

strategic and operational decisions.

SalMar’s process for identifying relevant stakeholders for

engagement is rooted in the Executive Management and

SalMar’s overarching communication strategy. Corporate-level

engagement is central to SalMar’s strategic positioning, while

local-level engagement addresses operational considerations.

SalMar continually assesses its business model to ensure

alignment with the company’s core principles and stakeholder

expectations. In the reporting year, there were no significant

changes to SalMar’s stakeholder engagement strategy, nor did

interactions significantly impact the business model. The

Board is briefed on stakeholder engagement outcomes that

are pertinent to SalMar’s strategic development.

SalMar is engaged in peer benchmarking, ensuring that the

company is familiar with its position in the industry. The

company aims to engage its peers in elevating the industry’s

ESG reporting and benchmarking, and therefore initiated a

CSRD Roundtable for the industry, where the companies

discussed its understanding of CSRD requirements, and how

the industry could apply the new reporting framework in such

a way that it provides stakeholders with reliable, relevant and

comparable information.

SalMar is also a member and contributor towards several trade

and civil organisations. The Norwegian Seafood Federation,

the Norwegian Seafood Council, and the Norwegian Seafood

Association are among the most important for representation

on both a national and international stage.

SalMar also engages with the Norwegian University of Science

and Technology (NTNU), the Blue Center of Competence, and

several local trade associations to contribute to improved

knowledge and research. SalMar contributes financially with

several million NOK annually towards these associations.

These engagements are essential for the company to

understand stakeholder interests at local, national, and

international levels.


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The table below lists the various stakeholder groups included in SalMar’s analyses and how SalMar engages with each group:


	Objective of Engagement	Engagement Approach	Examples of value created
Own workforce	• Fostering open and transparent communication • Gaining insights into employees' experiences, perceptions, challenges, and suggestions for improvement • Raising awareness of internal policies and organizational changes • Contributing to thriving working conditions and work-life balance, encompassing HSE • Strengthening SalMar culture	• Direct communication with managers • Engaging employee representatives and employee- elected board members • Engagement through HSE representatives • Employee satisfaction surveys • SalMar School and Arnarlax Academy • Leadership training	• Internal policy and procedure updates • Experience sharing and risk mitigation • Opportunities for career development and training • Employee involvement and satisfaction
Customers, consumers and end-users	• Gaining insight into customers’ needs and expectations • Building trust and transparency • Communicating SalMar’s sustainability strategy, targets and progress and explaining how customers can engage	• Regular reviews and meetings through SalMar’s sales teams • Customer support and guidance • Corporate due diligence	• Product or service improvement and development • Impacting responsible customer decisions • Adaptation of market approaches
Suppliers	• Ensuring compliance with the supplier code of conduct • Advancing responsible sourcing and production practices • Assessing product quality and supplier reliability • Safeguarding workers in the value chain, and their human rights and labour rights • Cultivating a respectful and inclusive work environment in SalMar’s value chain • Reducing carbon emissions across the value chain and supporting circular resource management • Gaining insight into supplier needs and challenges • Improving products and technologies used in operation	• On-site audits • Supplier due diligence assessments • Contract negotiations and formal agreements • Participation in joint projects	• Establishing clear expectations and standards for suppliers • Developing improvement plans with suppliers to ensure adherence to the company’s code of conduct • Making informed procurement decisions that align with sustainability goals • Collaborating with suppliers through knowledge-sharing and joint initiatives to drive innovation • Implementing strategic supplier management with a focus on quality, working conditions, and environmental responsibility • Engaging in discussions with suppliers to accelerate
Investors	• Sharing performance, risk management, and strategic direction of the company • Fostering trust by showcasing the long-term value of their investments • Understanding sustainability expectations • Addressing investor concerns and responding to inquiries	• Direct investor engagement through meetings, site visits, surveys, and inquiries • Quarterly financial reporting and presentation • Capital markets days • On-call as matters arise • ESG ratings	• Informed and engaged investors • Adapting ESG ratings priorities • Attracting responsible investors
Public policy officials and trade/ civil associations	• Ensuring compliance with regulatory frameworks and industry standards • Actively engaging with policy makers on legislation and legal regulations affecting the aquaculture industry • Raising policy makers' awareness of the aquaculture industry's vital role in sustainable protein production and value creation in areas SalMar operate • Engaging and disclosing its stance on ESG topics, including animal welfare, climate change, pollution, biodiversity, working conditions, antibiotics and ESG disclosure regulations	• Participation in public consultations and regulatory processes • Welcoming policy makers to the company sites • Engaging with industry associations • Direct feedback through established channels on regulations impacting aquaculture	• Operational adjustments to ensure compliance with regulatory standards • Facilitating informed decision-making for the aquaculture industry and the governing bodies
NGOs	• Ensuring transparency and responsiveness • Understanding and outlining areas for improving sustainability in operations • Understanding the sustainability-related expectations of the NGOs	• Actively participating in research initiatives and collaborative projects • Supporting campaigns and initiating partnerships • Engaging with sustainability associations	• Refining sustainability strategies, internal procedures or policies • Developing and advancing industry standards for sustainability
Local communities	• Proactively addressing community concerns, inquiries, and feedback • Fostering strong relationships and trust with local communities where SalMar operates • Understanding how SalMar can contribute to the development of the local communities	• Monthly public meetings and consultations • Cooperation with local organizations and authorities • Open dialogue and involvement in local initiatives • Visitor centres along the Norwegian coast, operated by SalMar	• Supporting local events, sports teams and voluntary associations trough the SalMar fund • Building recreational infrastructure like sports centres


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SBM-3 Material impacts, risks and opportunities and

their interaction with strategy and business model

SalMar’s process for identifying and assessing material

SalMar Matrise 2024 - 17,6cm X16cmny-graf.png

impacts, risks, and opportunities is outlined in the chapter,

Impacts, Risks, and Opportunity Management. The identified

impacts, risks, and opportunities offer valuable insights that

are incorporated into SalMar’s strategic processes. As of now,

these results have not led to material changes in the business

model or strategy. However, they may inform strategic

adjustments over time. The results of the double materiality

analysis are presented in the following figure along with the

identified material impacts, risks and opportunities.


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Climate change

SalMar has identified several material climate-related risks

across its value chain, encompassing both upstream and

downstream components as well as its own operations,

ensuring that no material elements are excluded.

The identified physical risks include an increased frequency of

storms, floods, droughts, icing, and avalanches, alongside

rising seawater levels, seawater acidification, and elevated

seawater temperatures. While many of these risks have

traditionally been regarded as long-term threats, some began

manifesting as immediate challenges in 2024. Notably,

significantly elevated seawater temperatures, particularly in

SalMar's northern operational regions, led to increased sea lice

density and reduced appetite among some salmon, thereby

impeding growth.

SalMar also experienced the direct impacts of severe storms

on its operations, entailing construction damage and escaped

salmon. Furthermore, extreme weather events such as storms,

flooding, and droughts disrupted the availability of important

feed resources required for SalMar’s fish feed production.

Salmon farming is intrinsically tied to its operating

environment, making SalMar's business model dependent on

stable and predictable environmental conditions.

Environmental considerations are integral to SalMar’s strategic

decisions regarding farming locations. SalMar's robust financial

position enhances its resilience to external challenges,

providing greater flexibility to adapt operations. However,

environmental monitoring and scenario planning remain crucial

for ensuring stable operating conditions.

The company has identified transitional risks primarily

associated with new laws and regulations, such as carbon

taxation and requirements related to circular economies. The

EU's climate ambitions may lead to increased taxes on carbon-

intensive resources like fossil fuels or impose tariffs on

imports and exports, potentially impacting SalMar and its value

chain.

To address these challenges, SalMar actively monitors

potential regulatory developments within the EU that could

affect its operations or value chain. Through resilience

analysis and scenario planning, the company conducts "what-

if" evaluations to continuously assess its dependencies and

their susceptibility to transitional climate risks. This work is

ongoing.

Further details on SalMar’s evaluation of climate-related risks

and opportunities are available under E1 – Climate Change.

Water and marine resources

SalMar’s fish farming operations – the core of its value creation

and business model – take place in direct interaction with

water and marine resources. The company has identified

environmental impacts associated with organic loading from

fish farming and the potential for crowding out other marine

species in the surrounding areas.

The extraction of wild fish for fish meal and fish oil production

is also considered to impact marine resources negatively. It is

therefore important for SalMar to continuously monitor its

dependency on wild stocks to ensure alignment with its

strategy.

Additionally, in the reporting year, a small proportion of the

marine ingredients used in SalMar’s feed composition

originated from uncertified fisheries, posing a potential risk

with regards to traceability and responsibility in sourcing.

From a financial perspective, risks are present in the upstream

value chain, where the availability of fish feed ingredients is

crucial to farming activities. Pressure on wild fish stocks may

impact supply stability and lead to price volatility in fish feed.

However, SalMar also sees opportunities in feed research and

development. Novel feed ingredients – including algae, insect

meal, kelp, salmon oil, seafood trimmings, and excess raw

material from processing – offer alternatives to traditional

marine-based ingredients that may contribute to sustainable

development.

Own workforce

SalMar’s impacts, risks, and opportunities related to its own

workforce encompass key areas such as working

environments, health and safety, equality, diversity, and

freedom of association. These factors are important to

SalMar’s business model and influence the development of the

company’s strategy. Given that SalMar’s operations are spread

across coastal Norway and Iceland, the company depends on a

dedicated workforce, requiring employees who are willing to

live and work in these remote and often demanding locations.

This dependency highlights the importance of fostering a

positive and supportive work environment to ensure employee

satisfaction and retention.

When evaluating the impacts, risks, and opportunities related

to its workforce, SalMar adopts a comprehensive approach that

includes both employees and non-employees, regardless of

their employment status. Recognizing the diverse nature of its

workforce, the company understands that the scope and

severity of risks vary significantly based on specific roles and

work environments.

Employees in high-risk environments, such as those working

aboard vessels, on pens, or handling hazardous equipment like

cranes, machinery, and ropes, face greater injury risks

compared to those in office-based roles. Similarly, employees

in processing plants are exposed to distinct hazards, including

fast-paced workflows, sharp tools, forklifts, production noise,

and slippery surfaces. Non-employees engaged in short- or

long-term projects or specialized operations may encounter

similar risks.

To address these risks and seize opportunities for

improvement, SalMar emphasizes mandatory training, strict

adherence to safety protocols, and the implementation of

robust safety procedures. These actions are essential to

mitigating risks, fostering a safety-conscious culture, and

safeguarding the well-being of both employees and non-

employees across all operational areas.


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Material negative impacts on SalMar’s workforce are usually

related to isolated incidents rather than systemic issues.

Comprehensive analyses of equality and anti-discrimination

practices within the company have revealed no evidence of

structural discrimination and no violations of SalMar’s principle

of equal pay for equal work.

The workforce is not subject to forced or compulsory labour.

There have been occasional instances of employees

voluntarily working extended hours over short periods to

ensure project deadlines are met or salmon is efficiently

processed at facilities.

SalMar maintains strict guidelines for workers under the age of

18, particularly regarding the types of work they are permitted

to undertake. Separate risk assessments are conducted for

this group to ensure their safety and prevent any risk of harm.

The company has not identified significant impacts on its

workforce resulting from the transition to greener or climate-

neutral operations. While improvements in operational

efficiency and automation may reduce workload per activity,

SalMar's growth ambitions are expected to drive a continued

demand for skilled and committed workers. The transition to

low-emission operating platforms, such as vessels and barges,

should reduce pollution, vibration, and noise, thereby

positively impacting the working environment.

SalMar provides livelihoods to 3,345 individuals and plays a

significant role in supporting vibrant local communities along

the coastlines of Norway and Iceland. The company ensures its

workforce is well-supported both socially and financially,

offering comprehensive insurance coverage, paid sick leave,

and parental leave entitlements.

To foster inclusivity and engagement among employees of

diverse nationalities, SalMar organizes various initiatives such

as language courses, social events including game nights,

family days, hikes, sports activities, and dinner parties.

Additionally, the company promotes cultural integration

through events aimed at familiarizing employees with the

local community and Norwegian culture.

Consumers and end-users

SalMar’s potential impacts on consumers and end-users are

primarily centred on food safety, which is critical to both the

company and its customers. SalMar does not sell its products

directly to the consumers and end-users, but rather to parties

like retailers and restaurants who prepare the products for the

consumers. SalMar’s strategy and business model is reliant on

the company’s ability to provide customers with safe, high-

quality products and this focus remains a top priority for the

company.

In 2024, SalMar served a diverse customer base across 54

countries. The demand for high-quality salmon remains strong,

and the company has not identified significant dependencies

on specific customers or consumers. SalMar’s business model

focuses exclusively on salmon, with a strategic aim to produce

as many healthy meals as possible for a global market while

maintaining sustainable production practices.

As a food producer, SalMar faces an inherent risk that

consumers or end-users could become ill due to its products.

Such incidents could harm the company’s reputation and lead

to remediation demands. SalMar’s strategy and business model

have been strongly shaped by the need for high food safety

standards. As a result, the company conducts extensive

testing and analysis on each individual salmon in its facilities

to ensure compliance with these standards.

The scope of SalMar’s disclosures related to consumers and

end-users encompasses all consumers and end-users,

regardless of size or geographic location. All SalMar’s

customers are considered equally reliant on accurate and

accessible product related information and are therefore

treated equally. SalMar have not identified material risk or

considerable potential for negative impact on consumers or

end-users’ rights to privacy, protection of personal data,

freedom of expression or non-discrimination. SalMar do not

consider specific types of consumers or end-users to be of any

particular risk of negative impacts relative to others, nor do

SalMar consider any types of consumers or end-users to pose

particular risks or dependencies material to the company.

SalMar considers its products to have a significant positive

impact on consumers and end-users. Salmon is rich in Omega-3

fatty acids, specifically EPA and DHA, as well as vitamin B12,

vitamin D, selenium, and proteins, all of which provide

significant benefits for both mental and physical health.

Research has demonstrated that consuming oily fish, such as

salmon, can help reduce the risk of cardiovascular disease. The

World Health Organization, along with numerous other

reputable institutions, advocates for increased consumption of

salmon as part of a healthy diet for all ages.

Business conduct

SalMar takes pride in acting as a responsible business partner.

As the company continues to grow and expand its network of

suppliers, customers, and business relationships, ethical

business conduct becomes increasingly material.

A strong corporate culture has been a key success factor for

SalMar. The company firmly believes that empowered

employees drive motivation and dedication. Amidst rapid

growth, SalMar has placed a strong focus on integration and

inclusion, ensuring that its corporate culture remains a

foundation for continued success.

SalMar has identified financial risks related to bribery and

corruption. The company remains aware of potential exposure

to high-risk environments, where employees may encounter

unlawful offers or engage with counterparties with ulterior

motives. This requires SalMar’s employees to be cognizant and

report suspicion of bribery or corruption to the senior

management.

SalMar believes it has a strong capacity to address its material

impacts and risks in the short, medium and long-term, as well

as to leverage material opportunities, thanks to a solid

foundation and strong financial position. The primary

challenges faced in the reporting year were sea lice and string

jellyfish, with estimated financial effects, based on loss of

biomass, of approximately 936 million NOK. Further details are

provided in the Annual Climate Risk Assessment under E1 –

Climate Change.

SalMar did not identify impacts, risks or opportunities that

were new in the reporting year. More information about each

material impact, risk and opportunity will follow in the topical

standards.

4 Using the Global Salmon Initiative calculation methodology, as detailed in the Entity-specific topic Animal Welfare


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Animal Welfare

Ole_Ekker_2023_DJI_0231_highres-merde-1 spalte.jpg

Animal welfare is the most material topic for SalMar, serving as

a core operational principle that emphasizes the importance of

operating in alignment with the salmon’s needs. The

foundation of the company’s approach is centred around

maintaining high fish welfare standards and systematically

creating an environment where salmon can thrive and remain

healthy. The company has identified both the positive and

negative impacts of its operations, as well as the associated

financial risks and opportunities concerning animal welfare.

SalMar has identified negative impacts with regards to fish

welfare. The mortality rate of SalMar’s salmon was 7.0% in

2024 4, an increase from 6.8% in 2023. This is still some way

off SalMar’s 2030 target of 3%.

Disease and parasites present challenges to fish welfare, as

salmon may face various diseases throughout their lifecycle.

Parasites, particularly sea lice, pose a direct threat to the

salmon, as they clench onto their skin and eat into the flesh.

To safeguard the salmon from sea lice the company carries out

mechanical delousing operations. Mechanical delousing

operations is typically done by flushing the salmon so that the

sea lice fall off the salmon skin. Although mechanical

delousing is widely considered the most responsible delousing

method, both with regards to animal welfare and the

environment, the delousing operations may be stressful and

even harmful to the salmon.

2024 has proved that the salmon farming industry is at risk of

unforeseen events linked to environmental conditions that

may be harmful to the salmon. In the reporting year, the

company was heavily impacted by string jellyfish attacks,

causing increased mortality rates in several regions. This

considered both a negative impact on animal welfare and a

financial risk for the company, and is considered the main

cause of increased mortality in 2024.

The use of antibiotics and cleaner fish have both been areas of

concern, but the use has been significantly reduced over the

years – as further detailed in the topical standard.

SalMar further evaluates escape incidents as potential

negative impacts on animal welfare, as the farmed salmon is

not well equipped for life outside the cages, and their

presence in the sea and rivers can affect other species like

local wild salmon population. Potential impacts on wild salmon

stocks include competition for food and space in rivers, and

the possibility of disease transmission and genetic

interactions between farmed and wild salmon.

SalMar’s presence at sea has presented risks of interacting

with other wildlife, most commonly with wild birds. Birds can

become curious of the operations and attempt to enter the

sea cages. Such events present risks of the birds getting stuck

in the bird nets built over the cages and being unable to free

itself.

Marine animals like tuna or whales may also try to enter the

sea cages, causing risk of their own safety and the structural

integrity of the company’s net pens.

Negative impacts on animal welfare are strongly linked to

financial risk for the company, as the company’s main source

of income is through the sale of its self-produced salmon.

Elevated sea lice levels bring financial risks including the costs

of delousing operations and increased mortality rates. The

company may also face financial challenges if industry-wide

efforts to limit biodiversity loss, particularly due to fish

escapes, result in demands for closed cage technologies, which

would significantly increase operational costs compared to

traditional open cage systems.


43		Sustainability Statement	Cross Cutting Standards	MENU ≡


Impact, Risk and Opportunity Management

IRO-1 Description of the process to identify and assess

material impacts, risks and opportunities

SalMar’s approach to identifying material impacts, risks, and

opportunities began with a thorough examination of topics,

sub-topics, and sub-sub-topics outlined in ESRS 1 AR 16. The

internal team selected the topics most relevant to SalMar’s

operations, business model, value chain, and strategic goals.

Throughout this process, SalMar sought to find the optimal

level of detail for analysis, ensuring that both the analyses

and outcomes would be meaningful and easily understandable

to stakeholders. The team also considered that these

assessments would be SalMar’s first under the CSRD

framework, recognizing that, as both SalMar and its

stakeholders gain experience, more detailed analysis will

become feasible.

After determining the appropriate level of detail, SalMar

reviewed whether there were any entity-specific topics not

addressed by the standard. The company identified that

although animal welfare was covered as a sub-topic under G1 –

Business conduct, the disclosure requirements relating to

animal welfare was not sufficient under G1 for SalMar’s

sustainability statement. Therefore, SalMar chose to extract

animal welfare from G1 into an entity-specific topic, allowing

for more holistic reporting on a vital sustainability topic for the

company.

In analysing sustainability matters, SalMar collaborated with

internal and external experts to gain a comprehensive

understanding of impacts, risks, and opportunities. The team

identified and evaluated the most significant impacts, risks,

and opportunities within SalMar’s operations as well as in its

supply chain. Affected stakeholders were engaged and their

views were considered in the evaluation of impacts, risks and

opportunities. All impacts – whether actual or potential, direct

or indirect – were subjected to the same rigorous analysis,

though with varying data availability.

Actual impacts were assessed on, and prioritized by, scale,

scope, and, where applicable, the degree of irremediability of

negative impacts. For potential impacts, likelihood was also

factored into the evaluation. Both impacts and financial risks

and opportunities were assessed with attention to different

time horizons.

Financial risks and opportunities were estimated and

prioritized based on their scale and likelihood and applied

quantitative thresholds consistent with SalMar’s established

definitions in risk management. Certain risk and opportunities

arise from, or are significantly affected by, SalMar’s

dependencies and impacts. These include access to production

area, dependency on supply chain services, and impacts on the

environment and people. Such risks and opportunities were

evaluated by considering scenarios and weighting likelihood

and financial impact. Rather than using specific risk

assessment tools, SalMar relied on expert judgment, internal

risk assessment practices and stakeholder feedback to inform

its analysis.

The assessment focused on specific activities, business

relationships and geographies where the company directly or

indirectly contributed to heightened risk of adverse impacts,

e.g., the production of soy in Brazil used in SalMar’s fish feed.

SalMar gained valuable insights by involving relevant business

partners to evaluate the impacts, risks and opportunities

inherent in the activities carried out in SalMar’s supply chain.

SalMar engaged its stakeholders to obtain their evaluations of

materiality for each sustainability matter. The executive

management identified stakeholders representing diverse

interests, including investors, customers, suppliers, financial

institutions, regulatory bodies, local communities, NGOs,

research institutes, subsidiaries, internal representatives, and

the executive management itself. Stakeholders participated in

a survey, providing 1-to-5 ratings of the positive and negative

impact materiality, as well as the materiality of financial risks

and opportunities for each of the relevant sustainability

matters.

In total, 31 different stakeholders responded to SalMar’s

approach, while some stakeholders chose not to engage in the

assessment. None of the invited NGOs or regulatory bodies

responded. To ensure these perspectives were not excluded,

and to include the views of silent stakeholders like wildlife

ecosystems, forests, water bodies, biodiversity, and

indigenous lands, SalMar conducted sensitivity analyses to

assess how potential responses from these groups could

influence materiality results. Furthermore, the executive

management are well informed on these stakeholders’

perspectives and included this in their evaluations.

The executive management led the decision-making process,

guided by recommendations from experts in each

sustainability area. The Audit and Risk Committee reviewed

the process and results to ensure completeness, and external

auditors verified compliance with standards as per the

Independent Accountant’s Assurance Report.

SalMar’s process for identifying, assessing, and managing

impacts, risks, and opportunities is fully integrated into its

overall risk management practices and will be re-evaluated

annually. The process has been given increased priority

following the CSRD implementation.

SalMar prioritizes impacts and risks relative to each other on a

case-by-case basis. Employee training emphasizes that human

safety must never be compromised and remains the highest

priority in all situations. Additionally, salmon welfare is a core

focus, with all decisions that affect the fish made with their

well-being as the primary consideration.

Climate Change

SalMar has carefully evaluated climate-related considerations,

focusing on its greenhouse gas (GHG) emissions and climate

risks and opportunities. The company's carbon footprint is

comparatively low relative to other protein producers, which

serves as a strategic advantage rather than a vulnerability.

Nonetheless, SalMar is steadfast in its commitment to

reducing emissions and has been rewarded with several

acknowledgements for its ability to reduce emissions..

SalMar has not currently implemented technologies that

allows for extraction, collection or storage of greenhouse gas

emissions. The company also considers a portion of its GHG

emissions to be locked-in emissions in the short term, making

reductions more challenging.


44		Sustainability Statement	Cross Cutting Standards	MENU ≡

In its climate scenario analysis, SalMar assessed three

mitigation scenarios – high, medium, and low – to evaluate

potential risks and opportunities. The details of this process is

provided in E1 – Climate Change.

Water and marine resources

SalMar has identified various impacts, risks, and opportunities

related to water and marine resources across its operations

and value chain. Given its proximity to aquatic environments,

the potential for significant environmental interactions is

considerable. Key identified impacts include:

• Feed spillage and faeces from cages: Such loading can

affect marine ecosystems, particularly the seabed and

surrounding water column.

• Monoculture production: Farming activities may displace

native marine species within farming zones, altering local

biodiversity.

• Extraction of wild fish stocks for feed: The use of wild

fish stocks for production of fish meal and fish oil may

negatively affect the fish stocks.

• Freshwater usage: Freshwater is withdrawn for smolt

production, potentially affecting local water and marine

resources.

• Wastewater discharge: Filtered wastewater from smolt

production may carry substances that influence marine

ecosystems near discharge areas.

SalMar’s operations are based in Norway and Iceland, regions

characterized by favourable water-related conditions.

Assessments from both the Aqueduct Water Risk Atlas and the

WWF Water Risk Filter indicate:

• Low water stress

• Low water scarcity

• Low coastal eutrophication potential

• Low regulatory risk

• Low reputational risk

However, the tools diverge in their evaluation of certain risks:

• Flood risk: The Aqueduct Water Risk Atlas identifies a high

flood risk, while the WWF Water Risk Filter suggests a low

flood risk.

• Drought risk: The Aqueduct Water Risk Atlas points to low

drought risk, whereas the WWF Water Risk Filter indicates

medium to high drought risk.

For SalMar’s upstream value chain, feed production has the

largest potential impacts, risks and opportunities. The

production of marine ingredients for the feed depends on

healthy marine species making transparency, traceability and

certifications important focus areas for the company.

SalMar’s downstream value chain, primarily encompassing

transportation and distribution does not present notable

impacts, risks, or opportunities related to water or marine

resources.

Business conduct

When assessing impacts, risks, and opportunities related to

business conduct, SalMar examined all relevant sub-topics of

the standard independently. These include corporate culture,

the protection of whistleblowers, political engagement and

lobbying activities, management of relationships with

suppliers including payment practices, and corruption and

bribery. Animal welfare was, as previously mentioned,

extracted into an entity-specific topic.

Corporate culture was evaluated based on its influence on

employees and the associated risks and opportunities, as well

as its contribution to SalMar’s reputation as a recognized and

professional business partner.

Whistleblower protection was assessed in terms of enabling

employees within SalMar’s workforce and value chain to report

misconduct effectively, as well as the company’s capacity to

handle such cases while safeguarding the whistleblowers’

identities.

Political engagement and lobbying practices were reviewed in

relation to the company’s involvement in political activities

and the potential effects on its reputation and strategic

positioning.

The management of supplier relationships was assessed

based on internal reviews and feedback from suppliers and

business partners, focusing on SalMar’s professionalism and its

ability to maintain robust partnerships. Payment practices

were evaluated in terms of reliability and timeliness.

Lastly, corruption and bribery risks were analysed primarily by

the nature of employees’ roles, recognizing that certain

functions may be more susceptible to bribery or corruption

than others. Geographic exposure was also considered, as

employees working with foreign entities or in remote locations

may face heightened vulnerability.

Animal Welfare

Animal welfare was analysed with a focus on the company’s

ability to uphold high standards for its livestock and the

potential impact on other animals, both within SalMar’s

operations and throughout the value chain.

The survival rate was evaluated as a key metric reflecting

overall fish welfare within the company, serving as both an

internal performance indicator and a benchmark for comparing

aquaculture companies and other farmed land animals in terms

of animal welfare. Salmon mortalities present a clear negative

impact on animal welfare as well as a financial risk for the

company. This is detailed further in the topical standard.

The use of antibiotics was reviewed in relation to the threat of

antibiotic and antimicrobial resistance, considering the

company’s ambition to prevent resistance and its commitment

to avoiding routine antibiotic use in fish health management.

The negative impact is considered small due to the miniscule

usage in the company and the industry.

The use of cleaner fish was assessed as a preventive strategy

against sea lice, with consideration given to the ethical debate

surrounding animal welfare, including handling practices,

mortality rates, and overall fish welfare. The use of cleaner

fish in salmon farming is considered to present possible

negative impacts on the cleaner fish welfare.


45		Sustainability Statement	Cross Cutting Standards	MENU ≡

Parasites and disease outbreaks were analysed for their

impact on fish welfare throughout the salmon lifecycle,

particularly the risks associated with high sea lice levels and

known diseases for salmonids.

In this context, delousing operations were evaluated, with

attention to factors such as starvation periods, stressful

handling, and treatments — all of which present negative

impacts on animal welfare. Additionally, both parasites and

disease outbreaks were assessed for their associated financial

risks to the company.

Interactions with wild animals were assessed to understand

SalMar's potential impact on local species, including birds and

predators, as well as the risk of escape incidents affecting wild

salmon populations. This was done by considering the

company’s current negative impact on wild animals, and the

current trend, as well as any effects seen from mitigating

actions.

Each identified impact, risk and opportunity is presented in

greater detail in the topical standard.

Ole_Ekker_2023_DJI_0284_highres-merder-3 spalter.jpg


46		Sustainability Statement	Cross Cutting Standards	MENU ≡

IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability

statement

The results of the double materiality assessment, establishing the company’s reporting duty for

2024, was presented in SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model.

The final assessment did not include all sub-topics and sub-sub-topics outlined in ESRS 1 AR 16,

as less relevant topics were excluded during the initial evaluation. Every topic retained in the

final assessment was evaluated by each stakeholder, and the resulting matrix directly reflects

this engagement.

The materiality boundary, deciding what topics were deemed material for SalMar for 2024, was

proposed by the Executive Management prior to stakeholder engagements. No changes were

made to the level of this boundary after receiving the results, and the SalMar team confirmed

that the reporting duty relating to the results of the double materiality assessment are

reasonable for the initial year of aligning with the CSRD.

The material topics for SalMar in 2024 are:

Based on the double materiality assessment results, SalMar aims to share insights into the

underlying evaluations that led to deeming certain topical standards as non-material for 2024.

While all sustainability topics hold importance for SalMar, it was essential in this initial CSRD

reporting period to establish a practical and focused level of reporting, leading to some topics

being classified as less material than others.

E2 – Pollution

SalMar assessed the relevant sub-topics under the broader topic of pollution, but all were

ultimately deemed non-material. The greatest impact materiality was identified in water

pollution, as effluents from SalMar’s operations disperse and may settle on the seabed. The

highest financial materiality was found in soil pollution, given that the production of vegetable

ingredients is sensitive to soil quality, which could result in increased input costs.

E4 – Biodiversity and Ecosystems

In SalMar’s assessment of biodiversity and ecosystems, the company captured a comprehensive

view of impacts, risks, and opportunities across its operations and supply chain. The most

significant impacts were associated with land-use change, occasionally required to expand crop

production for vegetable ingredients in fish feed. Additionally, fish escape incidents were

identified as a key impact within direct operations. Financial risks were noted in potential

regulatory restrictions on growth, as governing bodies may increasingly favour technologies that

minimize ecosystem impacts.

The stakeholder engagement positioned E4 – Biodiversity and Ecosystems outside the material

region of SalMar's materiality matrix, a conclusion also supported by SalMar’s internal assessment

of impacts, risks, and opportunities. Recognizing the importance of biodiversity and ecosystems

for the aquaculture industry, SalMar conducted a peer benchmarking analysis to verify the

reasonableness of this classification. Key findings from this benchmarking support the topic

designation:

• SalMar’s operations are situated in regions with lower regulatory risk compared to other areas

where, for example, rapid transitions to exclusively closed containment systems have been

proposed.

• Fish escapes have become a less significant issue due to advancements in equipment and

technical standards, and SalMar has reported very few incidents in recent years.

• A high proportion of benthic testing indicates that the overall impact of aquaculture on the

seabed in Norway remains low.

Furthermore, SalMar conducted additional analysis on silent stakeholders and those who did not

respond to the company’s stakeholder engagement during the double materiality assessment.

The sensitivity analysis indicated that even if the majority of these stakeholders had rated this

topic as highly relevant for both impact materiality and financial materiality, it would still not

have crossed the materiality threshold.

These factors collectively affirm that biodiversity and ecosystems can reasonably be considered

below the materiality threshold for SalMar in this reporting period. SalMar will re-evaluate this

assessment next year and conduct a new peer benchmarking analysis.


47		Sustainability Statement	Cross Cutting Standards	MENU ≡

E5 – Circular Economy

Ole_Ekker_2023_DSCF9827_highres-halvside 2 kolonner.jpg

In its assessment of circular economy practices, SalMar identified the use of polystyrene boxes as

the most significant negative impact. Recycling rates for these boxes are uncertain in some

countries, as customers assume ownership upon receiving the salmon, and reliable recycling

channels for polystyrene are not well-established in all markets.

Potential regulations on circular material design and usage were flagged as a financial risk, as

they could increase material costs for SalMar. The company is closely monitoring ongoing

developments in the European Union regarding these regulations.

S2 – Workers in the Value Chain

SalMar’s direct suppliers are primarily based in Norway, where engagement is typically

straightforward, as high-quality information on workforce conditions is accessible. However, some

of SalMar’s suppliers source materials from regions where obtaining reliable workforce data can

be more challenging, introducing potential risks related to workers’ rights. To address this, SalMar

conducts risk-based due diligence across multiple levels of its supply chain, utilizing both surveys

and site visits. While no severe risks to workers’ rights have been identified in the supply chain to

date, SalMar remains committed to ongoing verification efforts.

Both stakeholder engagement feedback and SalMar’s internal assessment of impacts, risks, and

opportunities indicate that S2 – Workers in the Value Chain is non-material for SalMar in 2024.

S3 – Affected Communities

SalMar is deeply rooted in local communities along the Norwegian coast and is committed to

ensuring a positive impact on affected communities. SalMar employs more than 3,000 people in

rural regions along the Norwegian and Icelandic coasts, contributing significantly to the

communities’ economic security. SalMar holds regular stakeholder meetings with local populations

to ensure the communities’ civil and political rights.

The identified financial risks primarily relate to incomplete insights into the effect of suppliers’

activities on local communities in other parts of the world. SalMar aims to increase its insights of

the impacts of its supply chain through continuous dialogue with suppliers, audits, and

certifications.

The stakeholder engagement feedback told SalMar that all 31 stakeholders believe that SalMar’s

positive impact is larger than its negative impact on affected communities, and the impact

materiality was close to, but did not cross, the materiality threshold set for 2024.

bærekraftsrapport-Ole_Ekker_2023_DJI_0201_highres.jpg


EU Taxonomy Reporting	49
E1 - Climate Change	57
E3 - Water and Marine Resources	71

Environmental

Standards

bærekraftsrapport-halvside-Ole_Ekker_2023_DSCF1326_highres.jpg

Taxonomy

Reporting


Introducing the EU Taxonomy	50
The EU’s Environmental Objectives	50
Identifying Taxonomy-Eligible Activities	50
Identifying Taxonomy-Aligned Activities	51
Complying with Minimum Safeguards	51
Accounting Policies	52
Financing Green Projects	52
Performance Disclosure	52


50		Sustainability Statement	EU Taxonomy Reporting	MENU ≡


Introducing the EU Taxonomy

The EU Taxonomy refers to the framework established by the European Union to facilitate

sustainable finance by providing a standardized classification system for environmentally

sustainable economic activities. It is a key element of the EU's broader sustainable finance

agenda aimed at aligning private sector investments with the EU's sustainability goals,

particularly those outlined in the European Green Deal.

SalMar’s approach to the EU taxonomy starts by identifying the financial activities that have a

potential of being sustainable, as per EU Regulation 2020/852 and the supplementing Delegated

Acts. These activities are denoted “Taxonomy-eligible activities”. Next, the activities need to

meet comprehensive technical criteria to be considered sustainable, including making a

substantial contribution to one or more of the EU’s environmental objectives and doing no

significant harm to any of the other objectives. Moreover, the activities must meet the Minimum

Safeguards set out in the EU Regulation. The Minimum Safeguards aims to establish whether

companies engaging in environmentally sustainable activities also meet certain standards when it

comes to human and labour rights, bribery, taxation, and fair competition. If Taxonomy-eligible

activities meet the technical criteria and the Minimum Safeguards, they are considered

“Taxonomy-aligned activities”.


The EU’s Environmental Objectives


Identifying Taxonomy-Eligible Activities

As a fish farmer and producer of healthy food with a global reach, SalMar are involved in many

economic activities. However, the company’s main activity, aquaculture and food production, of

which the majority of its economic activities lay, is not included as a potentially sustainable

activity. The company hopes that the EU expands its list of sustainable activities to include food

production, a necessary activity for humanity and an activity with a significant potential for being

done in a sustainable way.

SalMar have activities strongly related to all the environmental objectives and consider all

objectives to be important to the company’s endeavours. When assessing the details of the

Taxonomy-eligible activities, only one activity was significantly related to SalMar’s financial

activities and within the scope of SalMar’s reporting: Activity 6.10 - Sea and coastal freight water

transport, vessels for port operations and auxiliary activities (hereby denoted “Activity 6.10”).

This activity is eligible under the EU environmental objectives for climate change mitigation.

SalMar primarily utilize three vessel types in its operations:

• Workboats for the day-to-day transportation of people and equipment to sea sites

• Well-boats for the transport of smolt to the sea sites, transport of adult salmon to harvest and

for performing specialized operations such as delousing

• Service vessels for specialized service-related operations on site

In SalMar’s assessment of Activity 6.10, both workboats and well-boats were classified as vessels

designed for sea and coastal freight water transport, as their primary function is to transport

people, equipment, or fish to and from sea sites. In contrast, service vessels were not considered

part of this category, as they are designed for specialized operations on site. Consequently, all

financial activities (CapEx, OpEx, and Turnover) related to workboats and well-boats are

considered taxonomy-eligible, whereas activities involving service vessels fall outside this scope.

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7825/index.html

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_7817/index.html

3 https://salmar.extend.no/export/salmar/Policy/docs/doc_7816/index.html


51		Sustainability Statement	EU Taxonomy Reporting	MENU ≡

SalMar are involved in several other Taxonomy-eligible activities through the use of third parties,

e.g., through supplying the company’s sea sites with onshore electrical power and through the

recovery of bio-waste from smolt facilities by anaerobic digestion or composting, but the

reporting privilege lays with those third parties in relation to the EU Taxonomy.


Identifying Taxonomy-Aligned Activities

After deriving the Taxonomy-eligible activities, the next step is to evaluate the technical criteria

for the activity to ensure substantial contribution and no significant harm.

The technical criteria for substantial contribution to climate change mitigation under Activity 6.10

required that at least 25% of a vessel’s energy consumption come from zero tailpipe emission

sources. In 2024, all of SalMar’s hybrid or fully electric workboats met this requirement, whereas

none of the well-boats did.

The technical criteria for “Do No Significant Harm (DNSH)” involved specific climate risk and

environmental impact assessments being undertaken (under Climate Change Adaptation and

Water and Marine Resources respectively), fulfilling requirements towards waste handling,

scrapping regulations, and storage of hazardous materials (under Circular Economy), limiting

emissions to air and to sea, documenting treatment and disposal of black and grey water as well

as coating used on the vessels (under Pollution Prevention), reducing noise and vibrations

through choice of propellers and hull design, responsible release of ballast water and overall

limiting impacts on biodiversity and ecosystems (under Biodiversity and Ecosystems).

All SalMar’s workboats were assessed as meeting the DNSH criteria.


Complying with Minimum Safeguards

Finally, it is necessary to verify that SalMar’s activities are undertaken while complying with the

minimum safeguards set out under the Taxonomy Regulation. Please refer to the following

sections of this report and/or to the company’s public policies for information on compliance:

Human rights, including workers’ rights

• Refer to the section on S1 – Own Workforce in the Sustainability Statement and the

company’s Human Rights Policy 1.

Bribery/corruption

• Refer to the section on G1 – Business Conduct in the Sustainability Statement and the

company’s Anti-Corruption and Bribery Policy 2.

Taxation

• Refer to the company’s financial notes relating to tax in Consolidated Financial Statements.

Fair competition

• Refer to the section on G1 – Business Conduct in the Sustainability Statement and the

company’s Anti-Competitive Behaviour Policy 3.

Note also that all points under the Minimum Safeguards are included in the company’s due

diligence process towards suppliers, ensuring compliance with the Minimum Safeguards also in

the value chain.

All SalMar’s public policies are rooted in the Executive Management. The responsibility for

implementing the key actions of the policies lays with the Chief Executive Officer, and may be

delegated to other members of the Executive Management when relevant.


52		Sustainability Statement	EU Taxonomy Reporting	MENU ≡


Accounting Policies

The performance disclosure to the EU Taxonomy shows the eligibility and alignment with EU

Taxonomy definitions of sustainable activities for Turnover, CapEx and OpEx. The Turnover

definition of the Delegated Act 2021/2178 Annex I coincide with the turnover reported in

SalMar's Consolidated Financial Statements. The CapEx comprises the additions made in the

reporting year, and are broken down with the relevant references to the financial notes:


(IN MILLION NOK) CAPITAL EXPENDITURE	IAS 16 PROPERTY, PLANT & EQUIPMENT	IAS 38 INTANGIBLE ASSETS	IAS 41 AGRI- CULTURE	IFRS 16 LEASES RIGHT OF USE ASSETS	SUM CAPEX
Reference to financial notes	3.3	3.1	3.6	3.4
Additions through purchase	1,790	792	14,784	241	17,607
Additions through business combination (excl. Goodwill)	0	0	0	0	0
SUM CAPEX	1,790	792	14,784	241	17,607

The OpEx definition as presented in the Delegated Act 2021/2178 Annex I cannot be derived

directly from SalMar’s financial notes. All CapEx and OpEx disclosed are of Type A. Type A is

related to assets or processes that are associated with Taxonomy-aligned economic activities

(where turnover is aligned). SalMar’s taxonomy-eligible CapEx is related to the purchase of

workboats and the OpEx is related to maintenance and upgrades of vessels and onboard

equipment.

Since the company only discloses on one Taxonomy-eligible activity – double accounting is not

relevant and has not been assessed further. Please see the reporting documents presented in the

EU Taxonomy Calculator template on the following page.


Financing Green Projects

The overarching environmental goals and principles of the EU are consistent with SalMar’s vision

for sustainable aquaculture. Although the company targets an increased alignment with the EU

Taxonomy Regulation, SalMar prioritizes initiatives that drive the greatest improvements in its

operations, focusing on meaningful impact rather than solely pursuing increased fulfilment of

specific standards. Therefore, the company does not consider having a CapEx plan tailored to the

EU Taxonomy, nor any financing with the specific purpose of undertaking identified Taxonomy-

aligned activities.


Performance Disclosure

The following tables and graphs summarise SalMar’s performance aligned with the EU Taxonomy

for 2024.


	Turnover		CapEx		OpEx
(in million NOK)	2024	2023	2024	2023	2024	2023
Eligible and Aligned Activity	0	0	0.3	57	3	2
Eligible, not Aligned Activity	0	0	137	302	76	70
Non-Eligible Activities	26,426	28,219	17,470	16,858	814	1,037
Total	26,426	28,219	17,607	17,218	892	1,109
Eligible and Aligned Activity	0.0%	0.0%	0.0%	0.3%	0.3%	0.2%
Total Eligible Activity	0.0%	0.0%	0.8%	2.1%	8.8%	6.5%

The eligible and aligned OpEx remained stable in 2024, while the CapEx is slightly lower than in

2023. This is due to the company engaging fewer new contracts with workboats and well-boats

in 2024 relative to 2023.


53		Sustainability Statement	EU Taxonomy Reporting	MENU ≡


Proportion of turnover / Total turnover
	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	0.0%	0.0%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	0.0%
PPC	0.0%	0.0%
BIO	0.0%	0.0%


Proportion of CapEx / Total CapEx
	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	0.0%	0.8%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	0.0%
PPC	0.0%	0.0%
BIO	0.0%	0.0%


Proportion of OpEx / Total OpEx
	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	0.3%	8.5%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	0.0%
PPC	0.0%	0.0%
BIO	0.0%	0.0%


Row
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	NO
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	NO
Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	NO
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	NO
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	NO


54		Sustainability Statement	EU Taxonomy Reporting	MENU ≡

Financial year 2024

Year

Substantial contribution criteria

DNSH criteria ("Does Not

Significantly Harm")

Economic activities (1)

Code (2)

Turnover (3)

Proportion

Turnover,

year 2024

(4)

Climate Change

Mitigation (5)

Climate Change

Adaptation (6)

Water (7)

Pollution (8)

Circular

Economy (9)

Biodiversity

(10)

Climate Change

Mitigation (11)

Climate Change

Adaptation (12)

Water (13)

Pollution (14)

Circular

Economy (15)

Biodiversity

(16)

Minimum

Safeguards (17)

Proportion of

Taxonomy-

aligned (A.1.)

or -eligible

(A.2.) turnover,

2023 (18)

Category

enabling

activity (19)

Category

transitional

activity (20)

Text

NOK

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Turnover of environmentally sustainable

activities (Taxonomy-aligned) (A.1)

—

0.0%

Of which enabling

—

0.0%

Of which transitional

—

0.0%

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

El;

N/EL

El;

N/EL

El;

N/EL

El;

N/EL

El;

N/EL

El;

N/EL

Turnover of Taxonomy-eligible but not

environmentally sustainable activities (not

Taxonomy-aligned activities) (A.2)

—

0.0%

A. Turnover of Taxonomy-eligible activities

(A.1+A.2)

—

0.0%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy non-eligible

26,426,178,000

100.0%

TOTAL

26,426,178,000

100.0%


55		Sustainability Statement	EU Taxonomy Reporting	MENU ≡

Financial year 2024

Year

Substantial contribution criteria

DNSH criteria ("Does Not

Significantly Harm")

Economic activities (1)

Code (2)

Capex (3)

Proportion

Turnover,

year 2024

(4)

Climate Change

Mitigation (5)

Climate Change

Adaptation (6)

Water (7)

Pollution (8)

Circular

Economy (9)

Biodiversity

(10)

Climate Change

Mitigation (11)

Climate Change

Adaptation (12)

Water (13)

Pollution (14)

Circular

Economy (15)

Biodiversity

(16)

Minimum

Safeguards (17)

Proportion of

Taxonomy-

aligned (A.1.)

or -eligible

(A.2.) turnover,

2023 (18)

Category

enabling

activity (19)

Category

transitional

activity (20)

Text

NOK

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Sea and coastal freight water

transport, vessels for port operations

and auxiliary activities (CapEx A)

CCM

6.10

273,000

0.0%

N/EL

0.3%

CapEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

273,000

0.0%

N/EL

0.3%

Of which enabling

—

0.0%

Of which transitional

273,000

0.0%

0.3%

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

El;

N/EL

El;

N/EL

El;

N/EL

El;

N/EL

El;

N/EL

El;

N/EL

Sea and coastal freight water

transport, vessels for port operations

and auxiliary activities (CapEx A)

CCM

6.10

136,847,000

0.8%

N/El

1.8%

CapEx of Taxonomy-eligible but not

environmentally sustainable activities (not

Taxonomy-aligned activities) (A.2)

136,847,000

0.8%

N/El

1.8%

A. CapEx of Taxonomy-eligible activities

(A.1+A.2)

137,120,000

0.8%

2.1%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy non-eligible activities

17,469,689,880

99.2%

TOTAL

17,606,809,880

100%


56		Sustainability Statement	EU Taxonomy Reporting	MENU ≡

Financial year 2024

Year

Substantial contribution criteria

DNSH criteria ("Does Not Significantly Harm")

Economic activities (1)

Code

(2)

Turnover (3)

Proportion

Turnover,

year 2024

(4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water (7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water (13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion of

Taxonomy-aligned

(A.1.) or -eligible

(A.2.) turnover,

2023 (18)

Category

enabling

activity

(19)

Category

transition

al activity

(20)

Text

NOK

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Sea and coastal freight

water transport,

vessels for port

operations and

auxiliary activities

(OpEx A)

CCM

6.10

2,567,000

0.3%

N/EL

0.2%

OpEx of environmentally

sustainable activities

(Taxonomy-aligned) (A.1)

2,567,000

0.3%

N/El

0.2%

Of which enabling

—

0.0%

Of which transitional

2,567,000

0.3%

0.2%

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

El; N/

El;

N/EL

El;

N/EL

El; N/

Sea and coastal freight

water transport,

vessels for port

operations and

auxiliary activities

(OpEx A)

CCM

6.10

75,821,000

8.5%

N/El

6.3%

OpEx of Taxonomy-eligible

but not environmentally

sustainable activities (not

Taxonomy-aligned activities)

75,821,000

8.5%

N/El

6.3%

A. OpEx of Taxonomy-eligible

activities (A.1+A.2)

78,388,000

8.8%

6.5%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy non-

eligible activities

813,629,000

91.2%

TOTAL

892,017,000

100.0%

bærekraftsrapport-halvside_DSC5528 copy.jpg

Climate Change


58		Sustainability Statement	Environmental Standards	MENU ≡


Non-material chapters and phase in options

Ole_Ekker_2023_DJI_0184_highres-2 kolonner.jpg

Non-material chapters due to materiality assessment and

impacts risks and opportunities analysis:

• E1-7 – GHG removals and GHG mitigation projects financed

through carbon credits

SalMar contributes to reducing emissions through substantial

tactical and strategic initiatives but does not engage in GHG

removals as defined by the ESRS, nor does it finance GHG

mitigation projects through carbon credits. As a result, this

topic is considered non-material.

• E1-8 – Internal carbon pricing

Although SalMar has applied internal carbon pricing in select

assessments, it has not yet been fully integrated into all

relevant evaluations. The company aims to expand the use of

carbon pricing schemes in the coming year, which could enable

reporting on this topic in the next reporting period.

Omitted chapters due to the eligible phase-in option:

• E1-9 – Anticipated financial effects from material physical

and transition risks and potential climate-related

opportunities


Governance

Information on how climate-related considerations are

factored into the remuneration of members of the

administrative, management and supervisory bodies is

provided in ESRS 2 GOV-3 Integration of sustainability-related

performance in incentive schemes.


59		Sustainability Statement	Environmental Standards	MENU ≡


Strategy

E1-1 – Transition plan for climate change mitigation

Although SalMar has an established transition plan, involving targets for Scope 1, 2 and 3

reductions and correlating actions, the company does not consider its transition plan to be fully

aligned with the ESRS standard, but aims towards alignment by 2025 reporting. SalMar will

present its alignment with the disclosure requirements under E1-1 except 16. (b), (c), (e), and (j).

The company has not established an explicit investment plan for each decarbonization lever nor

quantified the expected outcome of these investments in relation to its reduction targets.

SalMar has established greenhouse gas (GHG) reduction targets, as detailed in section E1-4.

These targets are aligned with the goal of limiting global warming to 1.5 °C, in accordance with

the Paris Agreement, and have been validated by the Science Based Targets initiative (SBTi). The

Group SBTi-validated GHG reduction targets are:

• 42% reduction in absolute Scope 1+2 from 2020 to 2030

• 42% reduction in absolute Scope 3 emissions from 2020 to 2030

The actions and resources dedicated to achieving these targets are outlined in section E1-3.

These initiatives focus on various decarbonization levers, including improving energy efficiency,

switching to low-emission fuels, increasing the use of renewable energy, decarbonizing the

supply chain, and implementing product-related measures.

SalMar’s climate impact

SalMar reports both GHG emissions in its own operations (Scope 1+2) and operations in its value

chain (Scope 3). The GHG emissions in Scope 1+2 make up only 2.4% of the company’s gross GHG

emissions, while 97.6% lies in Scope 3. Sourcing of the company’s fish feed is the largest

contributor to GHG emissions, followed by transportation and distribution of the company’s

products to its intended markets. Air freight dominates the transport-related emissions, as this

mode of transportation is much more carbon intensive than its alternatives.

Well-boat and service boats are external vessels used for various operations at the company’s sea

sites. These operations include transporting smolt to the sites, performing delousing operations,

net cleaning, inspections, maintenance, and transporting the adult fish to harvest. In sum, these

activities contribute to 5% of the company’s total emissions. The production of the packaging

used to contain the company’s products contribute to 3% of the company’s gross emissions.

1 https://www.salmar.no/en/investor/share-bond/financing/


60		Sustainability Statement	Environmental Standards	MENU ≡

SalMar’s financing and transition plan priorities

SalMar is committed to aligning its CapEx and OpEx with its

GHG emission targets and has done so through its green bonds

and credit facilities. SalMar holds green bonds of 7.85 billion

NOK aligned with the company’s Green Bond Framework for

2024 1. Further, the company holds sustainability-related

credit facilities of 16 billion NOK linked with core ESG KPIs for

the Group. These KPIs are:

• GHG emission intensity of Scope 1+2+3

• Share of local processing

• Survival rate at sea

• Biological feed conversion ratio

The company’s transition plan is central to the investments

made through the allocation of proceeds from the

sustainability-linked financing. This is further detailed in the

company’s Green Bond Report. One notable investment

highlighted in the report is the construction of the InnovaNor

processing facility. This new facility enhances local processing

capabilities and reduced SalMar's carbon footprint by 30,000

tons of CO₂ equivalent in 2024. The allocated proceeds for this

project, as specified in the Green Bonds Report, amounted to

NOK 1,192 million.

SalMar’s fish feed is its main source of GHG emissions, and the

company prioritizes this area for engagement and

improvements in its transition plan. The company works

alongside its feed suppliers to ensure that feed ingredients

are sourced responsibly and that ingredients are assessed for

their climate impacts. The company has seen its greatest

reductions in GHG emissions in this segment, and expect

continued reduction in its feed supply chain to be a core part

of its reductions towards its climate targets.

Another central part of transitioning to a low-carbon economy

is allowing for low-carbon transport methods in its

downstream supply chain. The company foresees investments

in increased capacity of local processing and moving volumes

from airfreight to seaborne transport as the second most

material actions in its transition plan. More details on the

related actions are presented in E1-3 – Actions and resources

in relation to climate change policies.

SalMar considers transitioning its own operations to a low

carbon economy important, albeit the GHG emissions in this

segment only comprising 2.4% of the Group’s gross emissions.

The company expects investments into low carbon vessels

and supplying barges with hybrid solutions will be important in

this transition.

SalMar acknowledges that its diesel-fuelled fleet of vessels

and vehicles represents locked-in GHG emissions for its near-

term reduction targets. These factors are considered to pose

risks to achieving the near-term Scope 1+2 targets due to

diesel-fuelled vessels dominating SalMar’s fleet of workboats

and the lifespan of some of these vessels surpassing the near-

term target year.

The related transition risk of these diesel-fuelled vessels could

involve increased operational expenditures due to increased

fuel prices and potential negative impact on the company’s

reputation, both presenting financial risks to SalMar. These

financial risks are, however, considered small relative to other

climate-related financial risks as detailed under Annual Climate

Risk Assessment below.

These sources are not deemed to present locked-in emissions

with respect to long-term targets, like the EU’s 2050 targets

due to the transition period surpassing the lifespan of most

diesel-fuelled vessels and equipment, but any new

investments in diesel-fuelled vessels would create new

locked-in emission sources. SalMar is committed to pursuing a

low-carbon procurement strategy.

SalMar’s transition plan is a key component of the company’s

overall strategy. It focuses on investments that allow for low

carbon operations, reducing greenhouse gas emissions and

supporting sustainable practices across operations. Financial

planning takes these GHG reduction targets into account,

planning for the integration of various decarbonization efforts,

such as energy efficiency improvements, fuel switching, and

the adoption of renewable energy sources, ensuring that

SalMar continues to evolve towards a more sustainable future.

Carbon pricing is used in select processes where relevant to

validate investment strategies, e.g., when investing in new

vessels.

SalMar’s GHG reduction commitments in their transition plan

are approved by the Board of Directors and, as will be outlined

in section E1-6, the company is making notable progress

toward achieving these targets.

SalMar did not invest significant CapEx in coal, oil, or gas-

related economic activities during the reporting period. SalMar

is not excluded from EU Paris-aligned benchmarks.

Annual Climate Risk Assessment

In 2024, SalMar conducted its annual assessment of climate

risk and hazards for all its operations across the value chain

from roe to plate and accompanying suppliers to the value

chain. The assessment is aligned with the Task Force on

Climate-related Financial Disclosures (TCFD) framework and

evaluates both risks and opportunities, and associated

physical and transitional implications to SalMar’s financial

position, strategy and business model.

SalMar faced significant challenges in 2024 that may have

been a result of climate change. Two financially material

events were especially impactful:

• String jellyfish attacks – Large surges of string jellyfish

arrived in SalMar’s operating areas in late 2023 and

continued impacting the company’s biological assets in

2024. The attacks caused direct harm to the salmon at

multiple sites and brought higher mortality rates and

increased need for culling. While the exact cause of the

string jellyfish surge remains unclear, climate change may

have played a role. SalMar is therefore involved in R&D

projects in order to understand better what caused the

surge and how to mitigate any impacts in the future.

• High seasonal variations in seawater temperatures – The

seawater temperatures in SalMar’s Northern operating

regions hit unexpectedly high levels during the summer of

2024. This allowed for better conditions for sea lice,

including higher reproduction rates, and slowed growth

rates for the salmon.

1 https://www.salmar.no/en/sustainability/policies-and-publications/


61		Sustainability Statement	Environmental Standards	MENU ≡

Impaired fish health from these events resulted in lowered

volume guidance, and increased veterinary and treatment

costs. By the end of the reporting year, SalMar had lowered its

initial volume guidance by approximately 40,000 tons, much

related to the above-mentioned events.

To estimate the current financial impact of climate risk, SalMar

multiplied the reduced volume by the year’s average margin of

23.4 NOK/kg, resulting in an estimated impact of 936 MNOK.

This estimation assumes that the entirety of the biomass lost

was due to climate-related impacts, which cannot be stated

with certainty, and is likely an over-estimate. Both above-

mentioned events are considered physical risks.

In SalMar’s climate risk assessment, the company has

performed scenario analysis as detailed in the following

chapter.


Impact, risk and opportunity management

Identified impacts, risks and opportunities

Climate change adaptation

Adapting to climate change is crucial for SalMar's long-term

resilience and operational stability. The company faces a

handful of climate-related risks and hazards, including strict

fossil fuel regulations that may force an accelerated shift to

low or zero-emission solutions for vessels, feed barges, and

facilities. Rising energy costs, extreme weather events, and

disrupted access to essential feed ingredients threaten both

financial performance and supply chain reliability.

Furthermore, higher water temperatures could worsen sea lice

infestations, compromising fish welfare and production yields.

The company considers investing in climate resilience early on

a strong opportunity to safeguard future growth, employee

safety, and the health of marine ecosystems vital to their

business.

While climate change introduces considerable risks, it also

provides SalMar with opportunities to strengthen its long-term

position. Since 2020, SalMar has reduced its total GHG

emissions by 26%, showing a clear dedication to transitioning

towards a low-carbon value chain. The company has already

implemented practical solutions, such as operating two fully

electric vessels, five hybrid vessels, and supplying 72% of

sites with onshore electrical power or hybrid systems.

These initiatives not only reduce emissions but also help

future-proof operations in the face of evolving regulations and

energy costs. As consumers become increasingly climate-

conscious, the demand for sustainably farmed seafood is

expected to grow, reinforcing the value of SalMar’s ongoing

efforts.

Additionally, new technologies and offshore farming methods

could offer more climate-resilient production models, enabling

SalMar to continue producing healthy, low-carbon protein in a

changing environment. By actively adapting to climate

challenges, SalMar can build a more stable and sustainable

future for its business and the ecosystems it relies on.

SalMar’s resilience analysis for climate change was conducted

by an internal task force consisting of climate and

sustainability experts along with members of the executive

management. The analysis covers its own operations as well

as its upstream and downstream value chain. Time horizons

were applied in alignment with the impacts, risks and

opportunities analyses disclosed in the sustainability

statement, aligned with the guidelines for the double

materiality assessment. The company’s resilience was

evaluated for three different climate pathways. A brief

summary of the findings is presented along with the scenarios

below. For more details on the assessment, refer to SalMar’s

TCFD Report 1.

The Optimistic Route – Aligned with the IEA Net Zero

Emissions 2050 and RCP 2.6 pathways

• Assumes high levels of climate mitigation, with strict

regulations and taxation creating significant transitional

risks and high initial costs as economies shift to low-

carbon models. This route does not pose severe impacts in

the medium to long-term but rather contributes to

improved operational conditions for fish farming.

The Realistic Route – Aligned with the RCP 4.5 pathway

• Assumes moderate climate mitigation efforts, with both

transitional and physical risks requiring management to

maintain business resilience. The scenario is associated

with moderate climate risk in the short, medium and long

terms, and physical risks are considered dominant to

transitional risks in all time horizons.

The Pessimistic Route – Aligned with the RCP 8.5 pathway.

• Assumes a business-as-usual approach, prioritizing short-

term financial gains over climate action. Physical risks

dominate in all time horizons, with both acute and chronic

climate impacts creating challenging operating conditions.

SalMar considers the pessimistic scenario—where no

widespread climate action is taken—a serious long-term threat

to its business model. This assessment has highlighted the

importance of SalMar’s climate ambitions and ongoing

sustainability efforts. Climate action has therefore become a

core part of strategic planning and decision making in SalMar.

There are uncertainties in the resilience analysis related to

technology development, regulatory advancements and the

actual impacts of climate change on the company’s biological

assets. The company’s assets, including physical assets and

biological assets have been assessed in the resilience analysis

and evaluated for its sensitivity towards dynamic

environments.

The company is actively exploring and investing in various

productions methods that could improve the company’s

climate resilience. These include farming fish in closed,

submerged or offshore cages. The transition from traditional

open cages to closed, submerged or offshore cages require

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7821/index.html

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_7820/index.html


62		Sustainability Statement	Environmental Standards	MENU ≡

significant investments as well as complete proof of concept

for these production methods.

Considering the position of salmon farming as a widely

recognised contributor to the global food production in the

years ahead, especially due to its ability to offer healthy

protein sources with a relatively low carbon footprint, the

company does not consider the transition of its products

portfolio into including alternative proteins as a material

business issue.

SalMar considers its business model to be resilient and

dynamic, allowing for transitions when necessary. SalMar

monitors external factors that may impact its strategy and

business model closely in order to make informed decisions at

an early stage.

The described conclusions coincide with the assessments

presented in the financial statements, as seen in Note 4.9.

Climate change mitigation

Addressing climate change mitigation is crucial for SalMar to

manage both environmental and financial risks effectively.

The company has identified the commitment to reducing its

greenhouse gas (GHG) emissions as a necessary opportunity to

align its targets with stakeholder interests. This commitment

is also aligned with the company’s fundamental values of

minimizing its environmental footprint.

Failure to meet climate targets could discourage investors and

limit access to favourable financing, impacting SalMar’s

financial position. Furthermore, an increasingly climate-aware

customer base may be alienated by failure to align with their

expectations for climate mitigation. These factors create

strong financial incentives for SalMar to prioritize emissions

reductions.

Furthermore, significant physical climate risks are identified

for the company’s feed supply chain, where climate change

may impact the feed suppliers’ access to both marine and

vegetable ingredients. Elevated seawater temperatures and

change in current pattern may impact the access to marine

resources. Increased flood risk, draught and forest fires are

some of the physical risks that if intensifies, could present

increased feed costs for the company.

Despite the environmental and financial risks posed by climate

change, SalMar also has significant opportunities to turn these

challenges into advantages. Compared to other protein

producers, SalMar already boasts a relatively low climate

impact, giving the company a strong position in an increasingly

sustainability-driven market.

E1-2 – Policies related to climate change mitigation

and adaptation

In SalMar’s Environmental practices policy 1, the company

outlines its commitments towards climate change mitigation

and identifies core actions in managing impacts and risks

related to climate change mitigation, adaptation and energy

efficiency measures.

SalMar’s science-based targets, validated by the SBTi,

represent the ambition level for climate change mitigation

actions in the near term, towards 2030. The policy also details

some of the most important actions planned to reach the

targets both in own operations and in the value chain.

For Scope 1 and 2, the policy details the importance of fuel

switching on barges and boats, transitioning from diesel-

fuelled vessels to renewable energy. Ensuring that low-carbon

energy solutions like electricity or hydrogen originate from

renewable sources will also be important.

For Scope 3 the policy details how ensuring sustainable

sourcing of feed ingredients is essential for climate change

mitigation. This may include both improved sourcing practices

towards existing feed compositions and developing new feed

compositions that better align with the company’s

commitments toward climate change mitigation. Increasing

the local processing activity is also a significant climate

mitigation action for SalMar outlined in the policy.

The overall commitment towards climate change mitigation,

adaptation and energy efficiency and the corresponding action

plans implemented are important for mitigating the financial

risks related to increased costs, access to capital, and physical

impacts on SalMar’s assets. The targeted efforts towards

climate change mitigation are important for limiting the

company’s negative impacts on the climate, and strengthening

its position as a climate-friendly food producer.

The company also maintains a policy commitment toward a

deforestation and conversion-free value chain. The

Deforestation and Responsible Sourcing Policy 2 outlines

SalMar’s requirements towards feed suppliers to only deliver

feed that is certified as deforestation and conversion-free by

an accredited third party. This commitment is central to

SalMar’s climate change mitigating ambitions as deforestation

have substantial climate impacts. SalMar is also committed to

traceability, ensuring that all soy can be traced to its farm of

origin.

The Chief Executive Officer is responsible for the

implementation of the policies. The policies are informed and

maintained through internal assessments and stakeholder

engagement. SalMar’s aim is to represent the stakeholders’

interests through its policy commitments, and climate change

mitigation, adaptation, energy efficiency and deforestation is

topics of high importance, as seen from the results of the

double materiality assessment.


63		Sustainability Statement	Environmental Standards	MENU ≡

E1-3 – Actions and resources in relation to climate

change policies

SalMar holds a detailed GHG inventory, allowing for insights

into its emission sources. This is vital for prioritizing climate

action. The company has made priorities related to the most

significant sources of emissions as detailed below.

Actions in SalMar’s facilities

GHG emissions from the company’s own operations (Scope

1+2) are primarily driven by fossil fuel consumption from

workboats and barges, which account for over 80% of Scope

1+2 emissions. Transitioning to a low-carbon fleet of

workboats and expanding the electrification and hybridization

of barges are therefore key opportunities for climate change

mitigation.

To reduce its GHG emissions aligned with the company’s

commitments towards climate mitigation and energy

efficiency, SalMar made investments to connect four new sea

sites to onshore electrical power sources in 2024. The

company further supplied hybrid systems to three sea sites.

This brought the total share of active sites on hybrid or

electrical power sources to 72%, up from 65% in 2023.

The company also invested in a new hybrid workboat that

operates in Northern Norway. This investment is important to

reduce the dependence on fossil fuels in the company’s fleet

and is a direct result of the financial risk of locked-in emissions

as discussed in E1-1.

SalMar will continue to invest in low-carbon technologies, but

the full transition takes time. The company envisions a long-

term plan towards replacing its fossil fuelled vessels rather

than an instant turnaround.

SalMar places a strong emphasis on local processing, which is

the activity of processing salmon into ready-to-eat portions,

loins and cuts rather than supplying only whole fish to the

markets. Local processing clearly supports the company’s

commitment to climate change mitigation as it contributes to

mitigating transport-related GHG emission relative to

transporting all the company’s products as whole fish.

The company aims to increase its local processing in the

coming years. In 2024, SalMar’s local processing increased to

new heights, processing a record high volume in coastal areas

in Norway.

The positive climate-related impact of SalMar’s own local

processing corresponds to mitigating 136,000 tons CO2eq

emissions relative to the emissions of sending the salmon as

whole fish to the markets. This amount corresponds to almost

30% of the total transport-related emissions from SalMar,

making the current local processing activity SalMar’s most

important climate action.

The actions related to local processing is informed by

stakeholder engagements. Customers are important

stakeholders in this regard, as their product preference will

impact the supply of salmon products. Although the actions

related to local processing are conducted in SalMar’s facilities,

the decarbonization lever is considered to be supply chain

decarbonization.

SalMar has anchored its local processing target to its

sustainability-linked credit facility, showcasing both the

company’s commitment to climate action and local value

creation, the stakeholders’ recognition of this metric as

important to the company’s strategic development, and the

financial incentives for the company related to achieving its

target.

The implemented actions for GHG reductions in Scope 1+2 are

considered important for attracting and retaining stakeholders.

Although the company’s main sources of GHG emissions are

within Scope 3, the advancements made in the company’s own

operations are considered more visual to stakeholders and

could have a significant effect, especially on local

stakeholders.

The actions also strengthen the company’s climate adaptation,

accelerating the transition to a low-carbon economy and

limiting the financial risks of locked-in emissions and taxation.

1 https://www.proterrafoundation.org/wp-content/uploads/2024/06/ProTerra-Standard-V5.0_EN.pdf

2 https://www.donausoja.org/certification-inspection/europe-soya-standard/


64		Sustainability Statement	Environmental Standards	MENU ≡

Actions in the value chain: Fish feed

One of the main reasons for salmon being strongly advocated

as an important part of future food production systems is its

ability to produce output from little input - i.e., having a low

feed conversion ratio (quantity of feed used per quantity of

salmon produced). The Group’s feed conversion ratio was 1.14

in 2024, which is low compared to most other protein sources

Grafe contents fish feed-siste-uten tekst.png

Average contents

in SalMar’s

fish feed

Vegetable protein – 41%

Soy, guar meal, etc

Vegetable oil – 22%

Rapeseed oil,

lineseed oil etc.

Marine proteins – 14%

Fish meal, trimmings etc.

Marine oils – 11%

Fish oil, algae oil

etc.

Binders/

Carbohydrates – 9%

Wheat, corn, etc.

Microingredients – 3%

Vitamin, minerals, etc.

The value chain activity revolved around producing SalMar’s

fish feed contributes to almost half of the company’s gross

GHG emissions and is the company’s largest source of

emissions. These activities include sourcing the fish feed

ingredients, transporting these ingredients to supplier

facilities, and producing the feed pellets used in SalMar’s sites.

The Group used a total of 347,500 tons of feed in 2024,

emitting a total 548,000 tCO2e of GHG emissions.

Considering its significant climate impact, decisions made on

feed ingredients, areas of sourcing and agricultural practices

are key to the company’s commitments towards climate

change mitigation and adaptation.

In addition to making climate-related considerations, the fish

feed must meet specific nutritional, consistency, and taste

requirements to ensure optimal fish welfare and fish health.

The feed’s importance for fish welfare has created a strong

standing among several feed ingredients that have been seen

to provide benefits to welfare, health and growth.

To ensure that climate-related considerations are integrated

into decision-making, the company is actively involved with its

feed suppliers in running wider trials on novel feed ingredients

that reduce the unit carbon footprint of the feed. The

company is utilizing these ingredients across operations today.

This development is considered significant for reducing the

company’s emissions aligned with its policy commitments and

based on the assessed steps for navigating climate impacts,

risks and opportunities.

SalMar also collaborates with the feed suppliers in discussing

optimal sourcing technologies and practices, like the use of

regenerative farming and rotating crops. The agricultural

practices for the company’s vegetable ingredients are a

significant contributor to GHG emissions, and thus a priority in

the feed supply chain.

Aligned with the policy commitments on climate change

mitigation, and to mitigate the risk of high emission sources in

its value chain, SalMar requires its feed suppliers to use

ingredients certified as conversion and deforestation free.

This ensures that the feed ingredients are sourced from areas

not contributing to deforestation and thus having a

substantial climate impact. This action is also fundamental to

the commitments towards no deforestation outlined in the

company’s Deforestation and Responsible Sourcing policy.

The applied certifications are performed by ProTerra 1 or

EuropeSoya 2, and ensure compliance with legal,

environmental, and social standards. They require responsible

practices in human rights, labour policies, water and waste

management, pesticide control, nutrient management plans,

greenhouse gas emissions, biodiversity conservation, and

traceability, while enforcing a strict ban on GMOs and

safeguarding community rights. This is considered an

important alignment with stakeholder interests, especially

investors, customers and NGOs.

SalMar ensures full traceability of all feed ingredients,

including those sourced through both direct and indirect

suppliers. To further strengthen the commitment to a

responsible value chain, the company audits feed suppliers

and verifies that all ingredients are sourced according to

agreement. Any non-compliance detected is managed

according to internal standards and certifications. This is

important for gaining trust among stakeholders.

SalMar is engaged in several initiatives to promote

deforestation-free feed and soy production through their feed

suppliers. This includes participation in the ProTerra

Stakeholder Council, membership in the MRV Committee, and

involvement in the Aquaculture Dialogues in Brazil focused on

sustainable soy. These are important communities for

ensuring that SalMar’s climate and deforestation commitments

are upheld. In 2024, SalMar's soy protein concentrate (SPC)

suppliers in Brazil included Caramuru, CJ Selecta, and Imcopa/

Bunge, with sourcing from the regions of Minas Gerais, Paraná,

Mato Grosso, and Goiás.

SalMar has reduced its GHG emissions from feed by 47% since

2020. These reductions are due to multiple factors, including

change of feed ingredients, increased use of novel feed

ingredients, trimmings and by-products, improved agricultural

practices for sourcing the company’s vegetable ingredients,

supplier selection based on ability to meet the company’s

environmental standards, and improved data quality on the

climate impacts of the sourcing practices.

To understand and mitigate the financial risk related to the

availability of feed ingredients, SalMar conducts regular risk

assessments with its feed suppliers to evaluate how scarcity

of certain ingredients impacts production. Given that feed is

its largest operating expense, predictability in feed costs is

crucial. Recent global events, such as political conflicts and

climate change, have highlighted the vulnerability of feed

resource availability. The exploration and development of

alternative feed ingredients continues to present as an

important action for mitigating this risk and for identifying

priority areas for R&D investment.


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Aligned with its commitment towards climate change mitigation, and to mitigate financial risks

related to climate impact, SalMar is working towards reducing its feed conversion ratio. Using less

feed naturally reduced GHG emissions, as feed is the most carbon intensive part of the company’s

value chain. Further information on SalMar’s targets and metrics relating to FCR is outlined in E3 –

Water and Marine resources.

Actions in the value chain: Transport to the market

Transporting the company’s salmon to the markets make up 42% of SalMar’s gross GHG

emissions. To reduce the climate impact of the company’s salmon distribution, freight routing and

mode of transport are significant tools.

Air freight contributes to 86% of the Group’s transport-related GHG emissions, although only one

fourth of the Group’s total volumes are transported by air. Air freight is an emissions-intensive

mode of transport with limited low-carbon alternatives that preserves freshness and shelf-life in

the market. This makes it a challenging area for emissions reduction. SalMar considers air freight

to be a potential high emission source that requires technological development (e.g., financially

viable seaborne transport that maintains shelf-life and freshness of the products) or change in

customer preferences (e.g., only distributing frozen products to distant markets) to mitigate.

SalMar has made progress in moving certain long-distance freights to cargo ships, which have a

climate footprint just 2% that of air freight per ton-kilometer and will increase this focus in the

coming years. About 80% of the distributed salmon from SalMar’s Icelandic subsidiary is

transported by sea. In Norway, SalMar more than doubled its volumes sent by sea in 2024

compared to 2023. The volumes sent from SalMar to the market by sea in 2024, would have

contributed to an additional 190,000 tons of GHG emissions if they were sent by air freight,

highlighting the importance of the choice of transport mode.

As SalMar continues to increase its production aligned with its operational targets, absolute

emissions are increasingly challenging to reduce. To ensure alignment with stakeholder

expectations toward climate action, and mitigate the identified climate risks, SalMar works

proactively with its main emission sources and identifying where the impacts of its actions may

be highest.


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Actions in the value chain: Well-boats and service vessels

Ole_Ekker_2023_DSCF9555_highres - 1 kolonne bred.jpg

The increased need for delousing operations has in the last year (as detailed under Animal

Welfare) contributed to an increased use of external vessels. The emissions in this category have

increased accordingly, as it now makes up 5% of the Group’s gross GHG emissions.

SalMar is working with its suppliers of well-boat and service boat services to identify reduction

opportunities, including low-carbon fuels, energy efficiency and improved route planning.

Actions in the value chain: Packaging

Manufacturing of the packaging used by SalMar contributes to about 3% of the company’s gross

GHG emissions. SalMar actively engages with its suppliers of packaging to ensure that the

packaging is made with strict climate considerations and that there are established return or

recycle schemes in the targeted markets. Furthermore, the company works internally to develop

effective transportation and utilization of the packaging, i.e., using less packaging per volume of

salmon.

The Scope 3 emission reduction actions described above are considered to be focal to SalMar’s

climate action. These actions are vital to the fulfilment of the company’s climate commitments,

aligning with stakeholder interests, and navigating impacts, risks and opportunities. The

identified opportunities presented in Identified impacts, risks and opportunities, are dependent

on the company’s ability to reduce its climate impact and transition to an increasingly resilient

business model. This is achieved through the actions presented above, largely related to

identifying and initiating processes that allow for reduced GHG emissions.

The company envisions GHG emission reductions towards its targets for 2030 and will reassess

its ambitions based on the fulfilment of this commitment. SalMar’s Head of Sustainability is

responsible for effective climate management and works with operational teams and the supply

chain to implement suitable actions to reduce the company’s impacts.

1 Location-based

2 https://ghgprotocol.org/scope-3-calculation-guidance-2


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Metrics and targets

E1-4 – Targets related to climate change mitigation and adaptation

The targets presented in this chapter are aligned with the company’s policy commitments and the

management of identified impacts, risks and opportunities. There have been no changes to the

targets in the reporting year. The targets for certified soy and local processing are monitored on

the Group and national level, while the GHG emissions are monitored by site in Scope 1+2 and by

supplier in Scope 3. GHG emissions are further monitored by feed ingredient in the feed supply

chain.

Greenhouse gas emission reduction targets

SalMar has set science-based GHG reduction targets for both its own operations (Scope 1 and 2 1)

and its value chain (Scope 3) , validated by the Science Based Targets initiative (SBTi):


Scope	Base Year	Target Year	Reduction target	Alignment	Base Year (tCO2eq)	Reporting Year (tCO2eq)	Target Year (tCO2eq)
Scope 1+2	2020	2030	42%	1.5 °C target	32,049	32,264	18,588
Scope 3	2020	2030	42%	1.5 °C target	1,578,336	1,166,194	915,435

The targets do not include GHG removals, carbon credits or avoided emissions, and are therefore

considered gross targets. The targets were derived using a sectoral decarbonization pathway and

is aligned with SalMar’s policy commitments as discussed above. The Scope 3 target includes

categories 1, 3, 4, 5, and 6, with calculation methods aligned with the Greenhouse Gas Protocol 2.

The target coverage is well within the 67% threshold from the SBTi, and the underlying GHG

inventory is within the SBTi’s 95% threshold. Further information on the GHG breakdown by

category is presented in E1-6.

The targets were established through consulting both internal and external stakeholders, and the

ambition level reflects the interests of the company’s stakeholders. Through scenario analysis

and internal assessment of climate-related impacts, risks and opportunities, the company

concluded that the 1.5 °C path would be most beneficial for SalMar’s business model. Pristine

oceans and stable operating conditions are preferable for salmon farming compared to fluctuating

sea temperatures and frequent extreme weather events.

The targets align with SalMar’s climate-related impacts, risk, and opportunity management.

Reducing emissions contributes to reduced environmental footprint, mitigating the risks of rising

costs, and highlights opportunities like gaining access to favourable financing and enhancing

public recognition.

SalMar expects an increase in production volume towards 2030, making the ambitions of these

commitments even higher. The company anticipates that investments into low carbon vessels

and barges will be necessary for reaching the Scope 1+2 targets, as well as energy efficiency

improvements.

In Scope 3, SalMar anticipates improved sourcing practices, feed ingredients, distribution patterns

and local processing to be significant contributing factors towards reaching the near-term target.

SalMar is yet to quantify the anticipated contribution for each action towards the 2030 target but

will aim to expand on this in the next reporting period.

SalMar also maintains GHG intensity targets based on gross production. The company considers

this to be a valuable metric for understanding production efficiency for the farming operations in

relation to climate change mitigation and adaptation. The targets are aligned with SalMar’s

impacts risks and opportunities management and is set to contribute towards SalMar’s ambition

of producing as much sustainable food for the global population as possible.


Scope	Base Year	Target Year	Reduction target	Alignment	Base Year (tCO2eq/ ton)	Reporting Year (tCO2eq/ ton)	Target Year (tCO2eq/ ton)
Scope 1+2	2020	2030	42%	1.5 °C target	0.115	0.109	0.066
Scope 3	2020	2030	42%	1.5 °C target	5.642	3.630	3.273

In line with SBTi requirements, SalMar applied for a separate FLAG (Forest, Land, and Agriculture)

emissions reduction target in 2024. If approved, this will result in the Scope 3 emissions target

being divided into FLAG and Non-FLAG categories, both of which will remain aligned with the 1.5

°C target outlined in the Paris Agreement. SalMar’s FLAG-related emissions stem from the

agricultural practices related to the sourcing of its fish feed. SalMar did not have other land-use

related GHG emissions in the reporting year.

In 2024, the company’s FLAG emissions were 273,073 tons of CO2eq. 60,881 tons of CO2eq

from the feed-related GHG emissions came from land-use change, representing 11% of the total

emissions from feed.


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Share of soy certified

Aligned with SalMar’s policy commitments and impacts, risks and opportunities management, the

company targets 100% of its purchased feed to be certified as deforestation and conversion-free.

The target reflects the expectations of SalMar’s stakeholders and reflects the company’s

dedication to responsible value chain operations.


Target	Cut-off date	Target Year	Target Value	Reporting Year Value	Previous Year Value
Certification of soy	2008	Every year	100%	100%	100%

Share of local processing

While local processing is key to achieving SalMar’s climate ambitions, the activity also creates

several hundred jobs in rural Norway, drives local value generation, and fosters vibrant coastal

communities. The metric “Share of local processing” considers the proportion of salmon delivered

from SalMar to local processing in coastal counties in Norway. This includes SalMar’s processing

facilities at Frøya, Senja and Aukra, as well as some smaller volumes to external processing

plants.


Target	Target Year	Target Value	Reporting Year Value	Previous Year Value
Share of local processing	2030	40.0%	42.0%	36.2%

E1-5 – Energy consumption and mix

The company’s energy consumption and mix are presented below:


Energy consumption and mix	Value 2024
(1) Fuel consumption from coal and coal products (MWh)	0
(2) Fuel consumption from crude oil and petroleum products (MWh)	104,088
(3) Fuel consumption from natural gas (MWh)	0
(4) Fuel consumption from other fossil sources (MWh)	0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)	84,257
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)	188,345
Share of fossil sources in total energy consumption (%)	59%
(7) Consumption from nuclear sources (MWh)	0
Share of consumption from nuclear sources in total energy consumption (%)	0%
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)	0
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	132,525
(10) The consumption of self-generated non-fuel renewable energy (MWh)	0
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	132,525
Share of renewable sources in total energy consumption (%)	41%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)	320,870

SalMar has not reported any energy production in the reporting year. Aligned with EU’s definition,

all SalMar’s energy consumption and revenue is considered to derive from high climate impact

sectors under NACE code A3.2. SalMar’s energy intensity from high climate impact sectors

calculated as MWh per NOK revenue is therefore 12.0.

1 When calculating SalMar’s intensity based on gross growth, only emissions related to the salmon farmed by SalMar, i.e., the salmon that achieves growth in SalMar’s ownership, is included. Emissions

from salmon produced by other companies that SalMar has purchased, processed, and sold are excluded. These emissions are, however, included in the absolute emissions and in the emission intensity

based on revenue. Gross growth is estimated based on values from the biological production and the planning control system, taking into account the harvest yield.

2 Scope 2 is calculated using location based data, as this is the validated metric in the Group’s GHG reduction targets. Information on the market based emissions in Scope 2 follows on the next page.


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E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions

An annual overview of SalMar’s GHG emissions is provided below, including absolute values and

intensity metrics. Emissions intensity is measured relative to gross production (kg CO2eq per ton

of gross growth) and net revenue (tons CO2eq per million NOK). This data is presented for each

year, tracing back to the 2020 base year for these targets. The achieved reductions are shown as

an absolute value and percentage of the base year value, calculated using the reporting year’s

emissions. 1,2


	Achieved reductions						Base year
Emissions	tCO2e	%	2024	2023	2022	2021	2020
Absolute (tons CO2eq)
Scope 1	-802	-3%	27,887	27,478	28,413	29,694	28,689
Scope 2	1,017	30%	4,377	3,531	3,405	2,963	3,360
Scope 1+2	215	1%	32,264	31,009	31,818	32,656	32,049
Scope 3	-412,142	-26%	1,166,194	1,309,486	1,248,237	1,426,852	1,578,336
Scope 1+2+3	-411,927	-26%	1,198,458	1,340,495	1,280,055	1,459,508	1,610,385
Intensity (kg CO2eq/ton gross growth)¹
Gross growth (tons)			295,761	309,527	284,118	304,800	279,732
Scope 1+2	-6	-5%	109	100	112	107	115
Scope 3	-2,012	-36%	3,630	4,231	4,393	4,681	5,642
Scope 1+2+3	-2,017	-35%	3,740	4,331	4,505	4,788	5,757
Intensity (tons CO2eq/MNOK net revenue)
Revenue (MNOK)			26,426	28,219	20,158	15,044	12,912
Scope 1+2	-1	-51%	1	1	2	2	2
Scope 3	-76	-64%	46	46	62	95	122
Scope 1+2+3	-78	-64%	47	48	64	97	125

1 https://assets.publishing.service.gov.uk/media/6722567487df31a87d8c497e/ghg-conversion-factors-2024-full_set__for_advanced_users__v1_1.xlsx

2 https://www.iea.org/data-and-statistics/data-product/emissions-factors-2024

3 https://sciencebasedtargets.org/resources/files/SBTi-criteria.pdf


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The unit CO2eq is derived using the most recent Global Warming Potential (GWP) values published

by the IPCC based on a 100-year time horizon. Emissions of CO2, CH4, N2O, HFCs, PFCs, SF6, and

NF3 are included as per the IPCC guidelines. This yields for Scope 1+2 and for Scope 3.

No carbon removals, carbon credits or avoided emissions have been included in the GHG emission

reporting. The company has not reported any biogenic emissions in its GHG emissions.

SalMar applies the location-based method for calculating Scope 2 emissions in its GHG reduction

targets. The market-based Scope 2 emissions in the reporting year was 65,714 tons CO2eq, and

the total gross emissions (Scopes 1, 2 and 3) using the market-based approach for Scope 2

calculations was 1,311,755 tons CO2eq. SalMar did not apply any contractual instruments related

to its Scope 2 emissions in the reporting year.

The emission factors for calculating Scope 1 emissions and upstream transport and distribution

emissions under Scope 3 are derived from DEFRA 2024 1. The emission factors for Scope 2

emission are derived from IEA (2024) 2. All other emissions in Scope 3 (feed, packaging, external

vessels, waste, etc.) are derived from activity specific emission factors and are delivered by the

suppliers directly. These emissions make up 55% of the total GHG emissions.

Primary data is used when available in the feed supply chain. This is obtained by the company’s

feed suppliers, who gain primary data directly from the farms. When this is not available, GHG

emission factors are applied based on the feed ingredient, derived from the Global Feed LCA

Institute (GFLI). The Group does not consider any other sources of primary data in its Scope 3

calculations.

The consolidation of subsidiaries in SalMar’s GHG emissions reporting aligns with the company’s

overall consolidation approach based on operational control. SalMar does not have operational

control over any investees that are not included in the consolidated accounting group. SalMar has

not purchased credits from emission trading schemes.

SalMar’s Scope 3 emissions are presented by category 3 below:


Scope 3 category	Category name	Emissions in Reporting Year (tCO2eq)	Emissions in Previous Year (tCO2eq)
Category 1	Purchased goods and services	587,733	771,933
Category 3	Fuel- and energy- related activities	9,401	9,402
Category 4	Upstream transportation and distribution	567,307	527,509
Category 5	Waste generated in operations	1,253	863
Category 6	Business travel	501	481

The categories outlined above constitute SalMar’s Scope 3 emission target and were identified as

the most relevant to its operations. While categories 2, 7, 9, 10, 12, and 15 are included in

SalMar’s GHG inventory, they were not assessed as material for inclusion in the Scope 3 targets

by the company’s internal team and in consultation with the Science Based Targets initiative.

Additionally, categories 8, 11, 13, and 14 were deemed not relevant to SalMar’s activities.

SalMar’s Scope 3 target encompasses more than 90% of the total Scope 3 emissions in its GHG

inventory, meaning that the target is well within the limit provided by the SBTi of 67%.

bærekraftsrapport-halvside-_DSC2185rev.jpg

Water and Marine Resources


Non-material chapters and phase in options	72
Impact, risk and opportunity management
Identified impacts, risks and opportunities	72
E3-1 – Policies related to water and marine resources	72
E3-2 – Actions and resources related to water and marine resources	74
Metrics and targets
E3-3 – Targets related to water and marine resources	77
E3-4 – Water consumption	79

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7832/index.html


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Non-material chapters and phase in options

Omitted chapter due to eligible phase in option:

• S3-5 Anticipated financial effects from water and marine

resources-related risks and opportunities


Impacts, risks and opportunities management

Identified impacts, risks and opportunities

SalMar has assessed impacts risks and opportunities related to

water and marine resources by engaging internal and external

stakeholders and field experts involved in SalMar’s own

operations and upstream value chain. SalMar’s downstream

value chain is not considered relevant for impacts, risks and

opportunities related to water and marine resources.

The results of the company’s double materiality assessment

showed that Marine resources is a material topic for the

company. Water was in itself not considered material, but the

company considers its water management to be of

significance to its impacts, risks and opportunities related to

marine resources, and the topic will therefore be touched upon

in relation to its connection to marine resources.

SalMar’s salmon production is highly dependent on access to

and sustainable coexistence with marine resources,

encompassing both biological and non-biological resources

within marine ecosystems. The company’s operations have

several potential negative impacts on marine resources and

face associated risks.

Approximately 25% of SalMar’s feed is derived from marine

resources, where 13% is fish meal and 10% is fish oil. If

sourcing of these ingredients is not done responsibly, it could

have significant negative impacts on the wild stocks and the

ecosystem services dependent on them.

Additionally, feed spill and salmon faeces in marine farming

environments can contribute to nutrient pollution and habitat

degradation, negatively impacting seabed ecosystems. The

occupation of coastal areas for salmon farming may also

displace other marine species, further affecting these marine

resources. These are potentially significant impacts relating to

the company’s own operation of which the company must

ensure monitoring and effective mitigating actions.

SalMar's reliance on plastic equipment, including feed hoses,

ropes, nets, and rings, has been identified by the company as a

potential material impact on marine resources due to its

potential contribution to microplastic pollution.

Access to marine resources for feed production can be volatile

and may be influenced by climate change, evolving

regulations, and shifts in global import and sourcing policies,

all of which could have substantial financial implications for

SalMar.

SalMar has identified a potential negative impact in nutrient

spill to the soil and local water bodies in the value chain,

making responsible feed sourcing a key priority for mitigating

risks of negatively impacting marine resources in the value

chain.

Impacts, risks and opportunities in relation to escape incidents

are covered under Animal Welfare.

E3-1 – Policies related to water and marine resources

SalMar has a publicly available Water Management Policy 1 on

its website that outlines how the company manages water

consumption, water quality, and wastewater discharge, as well

as its considerations for water risk and scarcity. SalMar’s policy

commitment towards reducing its freshwater use is important

for mitigating water scarcity risks and reducing its negative

impact on marine resources.

The company has established public targets for its own

operations, which will be elaborated upon in a following

section of this chapter. The policy commitments outlined in

the policies in this chapter were established based on

stakeholder engagement with both internal and external

stakeholders, also considering the likely interests of silent

stakeholders.

To reduce its negative impact on local water bodies and

ecosystem, SalMar’s Water Management policy details the

company’s commitment towards always treating its

wastewater carefully according to site-specific permits before

discharging it into the sea. The discharge location shall always

be defined in the site permit based on an independent third-

party environmental assessment, ensuring minimal impact on

the marine environment.

SalMar’s public policy also outlines the company’s commitment

to reducing water consumption in areas at water risk aligned

with the identified potential negative impacts on water

scarcity and marine resources.

SalMar’s Deforestation and Responsible Sourcing Policy details

the company’s commitment to reducing its reliance on wild

fish stocks for feed production, i.e., responsible sourcing of

marine resources. SalMar requires its feed suppliers to

purchase certified marine ingredients in accordance with MSC,

Marine Trust, or on a Fishery Improvement Project (FIP) to

ensure that marine ingredients are sourced according to

agreement. More information on these certifications is

detailed in E3-3 – Targets related to water and marine

resources.

A further commitment in the Deforestation and Responsible

Sourcing Policy lies with limiting nutrient spill in feed farming.

This is essential to limiting negative impact on the

environment in the company’s feed supply chain.


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SalMar also maintains a public Environmental Practices Policy

that outlines how the company addresses environmental

impacts, including the prevention of water pollution resulting

from its activities.

A widely acknowledged method for assessing pollution

impacts from fish farming operations, detailed in the

Norwegian Standard NS 9410, is the benthic analysis scheme

known as the “B-survey”. This analysis, conducted by an

independent third party, involves collecting sediment samples

from beneath a farming site and assessing the environmental

impact of the farming activities.

In addition to this, a more detailed environmental assessment

of the area known as the “C-survey” is performed at SalMar’s

sites, in addition to annual shoreline inspections, further

outlined in the following section.

SalMar’s Environmental Practices Policy details the company’s

commitments to reduce plastic pollution, identifying that

plastic pollution has a negative impact on marine resources.

SalMar aims to have a net positive impact on plastic pollution,

actively contributing to coastal clean-up efforts in all areas

where the company operates.

SalMar is committed to participating in coastal clean-ups at

each site at least once annually, while also encouraging

employees to engage in these activities more frequently if

desired. SalMar supports coastal clean-ups through

participation, but also through funding and through offering

boats to contribute to the operations.

The Group CEO is responsible for the implementation of the

policies and their commitments. The policy is aligned with

stakeholder interests, based on both local and corporate

engagement. Information on how these engagements are

organized is provided in ESRS 2 SBM-2.

Product and service design in view of addressing water-

related issues and the preservation of marine resources is not

covered in SalMar’s policies, as this is not considered a material

concern for the company’s activities or value chain.

1 https://vann-nett.no/waterbodies/map

2 https://portal.fiskeridir.no/portal/home/


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E3-2 – Actions and resources related to water and

marine resources

SalMar’s overarching principle of being a positive contributor

to the environment requires commitments, action plans, and

resource allocations. Some of the most relevant actions are

detailed below. These actions are all current actions and

planned to continue in the short, medium and long terms.

Benthic impact and water pollution

SalMar is actively working to reduce water pollution and

minimize its negative impacts on the benthic environment and

marine resources near its sites. Given the potential negative

impact that feed spill and faeces from salmon in open sea

cages may pose to the water column and seabed, SalMar is

dedicated to ensuring optimal environmental conditions at its

sites through responsible and proactive management.

This process begins early in the planning stages for selecting

farming locations. The Area Planning group is tasked with

assessing environmental conditions at proposed sites,

including factors such as water depth, seabed sediment type,

and current, wind and wave forces to ensure proper dispersion

of organic and inorganic loading. The group consults with

external experts to conduct these analyses before applying

for operational permits from the authorities.

The group also maps biodiversity and ecosystems in areas

around potential sites. The mapping includes spawning

grounds, fishing spots, areas with vulnerable species, both

fauna and flora, any nearby protected areas and recreational

interests, nearby national salmon fjords and rivers and any

other relevant topics of the respective site.

In SalMar’s operational production, each site has specific

biosecurity plans that site managers fill out stating their

position, distance to other sites, distance to local rivers, any

active local regulations specific to their site, silage

management plans, site environment including current speed

and directions, and a risk assessment of impacts on other sites

and from other sites.

In addition, SalMar withhold specific biosecurity plans and

procedures relating to high-risk operations, such as for

instance with external vessels working at the sites or when

moving fish from one cage to another. SalMar also participates

in the NYBROK/BROK project led by the Norwegian Institute

for Water Research, with aims of establishing improved

measures for biosecurity and biological risk during transport of

salmon and operations using well-boats.

SalMar’s assessments of benthic impact and effects on marine

species include B-surveys, in addition to a more detailed C-

survey and shoreline inspections related to each site. Through

these actions, SalMar monitors how emissions from their sites

impact the area beneath and around their sites. B-surveys

assess seabed conditions beneath and in the immediate

vicinity to the farm, rated on a four-point scale from “very

good” to “very poor”. C-surveys extend this analysis beyond

the farm’s immediate area to assess the spread of impact,

examining sediment chemistry, benthic species, and

hydrographic conditions.

The B- and C- surveys measure the chemistry of the

sediments. The amount of organic material in the sediment is

measured as total organic carbon (TOC) and total organic

matter (TOM; loss on ignition). Additionally, heavy metals (zinc

and copper), phosphorus, and nitrogen are analysed to assess

the extent of environmental impact. The C:N ratio indicates

the potential for biological activity in the organic material,

where a low ratio suggests a higher availability of nitrogen

and, consequently, the potential for increased biological

activity. Further details of metrics and methods used are

outlined in publicly available reports 1,2.

Results of these assessments form the foundation for

optimizing operations and implementing necessary measures

to ensure the best possible environmental conditions at the

sites. In cases of poor environmental results, remediation

actions are implemented. These may include adjusting

production intensity, extending fallowing periods or moving

the sea sites to more suitable locations.

In order to minimize the negative impact on the seabed and

surrounding ecosystems, SalMar has significantly reduced the

use of copper-impregnated net pens, working towards zero

inclusion. The company has also explored the potential of

integrated multi-trophic aquaculture incorporating kelp and

mussels as a method to remove both organic and inorganic

SalMar is participating in the MetoMilo research project, funded

by the Norwegian Seafood Research Fund (FHF) and led by

NIVA, which aims to develop, test and validate methods for

assessing the environmental impact of aquaculture on a

regional scale, in relation to both human-induced and natural

factors.

In partnership with feed suppliers, SalMar utilizes software

solutions to monitor real-time water pollution based on feed

compositions at specific sites. This approach provides the

company with valuable, site-specific data on pollution levels

(for both organic and inorganic loading) and their correlation

with feed compositions, laying the groundwork for the

development of more environmentally friendly feed options.

To reduce water pollution from its smolt facilities, SalMar

thoroughly filters wastewater before discharging it into the

sea, in accordance with the site-specific permits for each

facility.

SalMar’s smolt production generates waste, including sludge

and silage, which are valuable resources for other industries,

creating opportunities for circular economies. The company

delivers its sludge and silage to biogas production, and at its

most recent smolt facility, SalMar has partnered with a

company in aquaponics to manage wastewater.

In this collaboration, nutrients from wastewater will be

extracted and used to promote plant growth before being

returned to the smolt facility. This project exemplifies the

industry’s potential for responsible water and waste

management, showcasing the possibility of going beyond


75		Sustainability Statement	Environmental Standards	MENU ≡

regulatory requirements to create beneficial cross-industry

partnerships.

Plastic pollution

Tracing the origin of plastic pollution is challenging due to the

limited labelling of plastic components and their subsequent

wear in the sea. In the Nordics, researchers have identified the

shipping and fishing industries as the largest contributors to

plastic pollution in recent decades. The aquaculture industry

also plays a role in plastic pollution, including microplastics

pollution. This occurs through the loss of equipment, ropes, or

other operational components, as well as through wear and

tear of such materials. To remedy these impacts, SalMar

engages in coastal clean-up efforts every year for each sea

site.

SalMar's site-specific waste handling plans require employees

to return obsolete plastic equipment to established return

schemes and collect other waste for delivery to municipal

waste handling systems. Additionally, the company

collaborates with suppliers to achieve recyclable packaging for

salmon and to establish improved return schemes for

polystyrene boxes and packaging materials in the markets it

supplies.

SalMar is a partner and Board member in the DSolve research

program, which is exploring the feasibility of using

biodegradable materials as substitutes for plastics in

aquaculture. SalMar views this as a significant opportunity for

reducing plastic pollution in the sea.

SalMar tracks effectiveness of these actions through the

number of engaged sites in clean-up efforts, and from

stakeholder feedback. The results display a broad engagement

from internal and external stakeholders which is vital for the

continued success of these initiatives.

Engagement

As part of SalMar's community engagement strategy, the

company engages with all local communities in their operating

areas individually on a monthly basis on important topics for

the local stakeholders. Here, the company openly discuss the

positive and negative impacts of their operations on residents

and take feedback from the public.

Based on these engagements, SalMar has implemented

several improvement actions, including developing site-

specific pollution plans.

Extraction of marine resources

As discussed above, SalMar’s Deforestation and Responsible

Sourcing Policy outlines the company’s commitment to

reducing reliance on wild fish stocks for feed production. To

achieve this, SalMar adopts three key measures:

• Reducing the use of forage fish: SalMar’s Feed and

Analysis Team collaborates with feed suppliers to develop

feed recipes that support sustainable extraction of marine

resources. A key goal of this collaboration is to reduce

dependence on wild fish stocks by increasing the use of

trimmings, by-products, and novel feed ingredients as

informed by ongoing risk assessments. SalMar is already

incorporating insect meal and oil into its feed and operates

an R&D concession with Nutrimar. This collaboration has

allowed the company to explore and test various

alternative raw materials, including chicken slaughter by-

products and salmon hydrolysate, which show promising

potential as viable feed ingredients.

• Minimizing overall feed usage: Producing salmon with

less feed naturally reduces the extraction and

consumption of marine resources. The Feed and Analysis

Team, together with operational units across all regions,

implements precision feeding practices. This approach

ensures that the salmon receive the exact amount of feed

necessary for optimal health, welfare, and growth, while

minimizing waste and spillage.

• Purchasing feed from only certified fisheries: SalMar is

committed to only using feed containing ingredients

deriving from certified sources. This ensures all ingredients

are sourced within permits and in accordance with relevant

certifications. The Feed and Analysis Team oversees and

collaborates with feed suppliers to meet this commitment.

SalMar recently became a member of the North Atlantic

Pelagic Advocacy Group (NAPA) working towards a higher

degree of certification in fisheries to ensure the

sustainable utilization of marine resources.

1 https://www.proterrafoundation.org/wp-content/uploads/2024/06/ProTerra-Standard-V5.0_EN.pdf

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_11223/index.html

3 Raw materials in SalMar’s feed shall not include highly hazardous pesticides (HHP) such as contaminants outside the limits set forth

in the Directive 2002/32/EC on undesirable substances in animal feed and Regulation EC 396/2005 on pesticides in food and feed


76		Sustainability Statement	Environmental Standards	MENU ≡

Nutrient Management

Ole_Ekker_2023_DSCF9962_highres-1920-2540-1 spalte.jpg

SalMar is further committed to ensuring an overall eco-friendly

feed supply chain. The company aims to ensure minimal impact

on water bodies in the feed supply chain aligned with the

identified potential negative impact from feed sourcing.

SalMar requires its feed suppliers to manage soil health and

perform nutrient management in a responsible manner. These

practices are certified through external accredited bodies like

the ProTerra 1, and maintained through continuous dialogue

with SalMar. Feed suppliers are also required to hold nutrient

management plans aligned with SalMar´s Supplier Code of

Conduct 2. Positive engagements with suppliers and

stakeholders indicate progress in aligning actions to policy

commitments.

To ensure responsible sourcing of feed ingredients, SalMar

partners with EWOS and Skretting to manage nutrient

pollution and fertilizer use. This includes the prohibition of

hazardous pesticides 3 for all feed sourcing.

Water use efficiency and water risk

The primary factor driving the company’s progress toward its

water use targets is the shift from flow-through systems to

recirculating aquaculture systems (RAS) for smolt production.

Additionally, a significant contributor to SalMar’s water

consumption is the use of ice for cooling salmon inside

styrofoam boxes destined for market.

To address this, the company has adopted the use of dry ice,

which provides the same cooling effect while reducing direct

water consumption. The results of these actions are displayed

in the following chapter.

All SalMar’s direct operations are located in areas of low water

risk and low risk of water scarcity, as detailed in ESRS 2 -

IRO-1. However, SalMar’s feed production occurs partly in

areas with higher water risk. SalMar requires its feed suppliers

to have established water use reduction targets aligned with

SalMar’s Supplier Code of Conduct1 and to develop water risk

mitigation strategies.

The company’s feed suppliers have implemented water

stewardship programs or water efficiency programs in priority

regions based on water risk assessments aligned with this

commitment. These programs also encompass the

development of effective wastewater treatment in high water

risk areas.

SalMar’s feed suppliers have engaged external experts to

conduct a water risk assessment for overall water risk, stress

and scarcity. These assessments evaluated regions, farms and

their operations’ exposure to high risk areas.

The analyses are used in support to farmers for selecting

water use reduction targets and strategies, and for prioritizing

farms and regions for water efficiency actions.

SalMar highlights the importance of continuous dialogue with

its feed suppliers to improve water use efficiency and to

enhance its understanding of the company’s impacts, risks and

opportunity, as well as following up on discussions made

between the feed suppliers and the on-site feed farmers.

Finally, the ProTerra principle for water management serves as

an important measure for ensuring responsible water

management in the company’s supply chain.

1 https://asc-aqua.org/wp-content/uploads/2024/05/ASC-STD-010-Salmon-Standard-V-1.4.1-May-2024.pdf


77		Sustainability Statement	Environmental Standards	MENU ≡


Metrics and targets

E3-3 – Targets related to water and marine resources

Freshwater use

In alignment with SalMar’s policy commitment to responsible freshwater use, the company has

established targets to reduce freshwater withdrawal and discharge within its own operations.

These targets are consistent with the United Nations Sustainable Development Goal (UN SDG) 6,

specifically 6.4. However, as they pertain solely to SalMar’s operations, they are not directly

material to communities experiencing water scarcity.

The targets and overall progress are presented below. The freshwater withdrawal and discharge

is presented in million m3.


Metric	Target	Base Year	Target Year	Progress	2024	2023	2022
Freshwater withdrawal	20% reduction	2022	2030	Achieved	50	59	63
Freshwater discharge	20% reduction	2022	2030	Achieved	50	59	62

The targets and the progress towards the goal are monitored and reviewed locally, especially in

the most water intensive practices like smolt production, on a monthly basis.

SalMar’s freshwater withdrawal (in m3) is presented by source and country below:


	Norway	Iceland	Group Total
Surface water	28,768,978	1,576,800	30,345,778
Ground water	0	17,612,035	17,612,035
Municipal /third party water	1,453,910	507,557	1,961,467
Total	30,222,888	19,696,392	49,919,280

Forage Fish Dependency Ratio (FFDR)

In accordance with SalMar’s policy commitments to responsible sourcing of feed ingredients, the

company has established targets to reduce its reliance on wild fish stocks in feed production. The

metric used to measure this reliance is the Forage Fish Dependency Ratio (FFDR), which is

presented separately for forage fish required to produce fish meal (FFDRm) and fish oil (FFDRo).

The metrics provide information on how much wild stocks are used for fish meal and fish oil per

production volume of salmon. The metrics are calculated using the methodology outlined in the

Aquaculture Stewardship Council (ASC) standard 1:


FFDR𝔪 =	% of fish meal in the food originating from forage fisheries * eFCR
FFDR𝔪 =	24


FFDRo =	% of fish oil in the food originating from forage fisheries * eFCR
FFDRo =	5.0 or 7.0 depending on the source of fish

where eFCR is the company’s economic feed conversion ratio, describing the quantity of feed

SalMar used to produce the quantity of fish harvested:


eFCR =	Feed used (tonnes)
eFCR =	Net production (tonnes, wet weight)

SalMar’s target ambition is aligned with the ASC requirements:


Metric	Target	2024	2023
FFDR𝔪	Reduction YoY and at least below 1.2	0.43	0.49
FFDRo	Reduction YoY and at least below 2.52	1.13	1.48

The target focuses on achieving year-over-year reductions while maintaining levels below ASC

requirements. Progress toward this target is monitored and reviewed annually at the Group level

and locally during each ASC audit. The target aligns with the UN SDG 14, specifically target 14.4,

and pertains to activities within the value chain.


78		Sustainability Statement	Environmental Standards	MENU ≡

Feed Conversion Ratio

SalMar utilizes the Feed Conversion Ratio (FCR) to measure production efficiency during the sea

phase, which begins after smolt are placed in sea cages. This measure of efficiency — the amount

of feed required to produce a given quantity of fish — is directly tied to SalMar’s commitment to

reducing its dependence on wild fish stocks, and its commitment toward reducing impact on

marine resources on the seabed from feed spillage. The company has set a Group-level target for

the biological Feed Conversion Ratio (bFCR), along with site-specific targets. The bFCR is

calculated as follows:


bFCR =	Feed used (tonnes)
bFCR =	Gross production (tonnes)

SalMar’s target and progress towards it are presented below:


Metric	Target	Base Year	Target Year	Progress	2024	2023
bFCR	1.10	2023	2030	Underway	1.14	1.12

Progress is monitored at the site level, and site-specific targets are frequently incorporated into

variable remuneration schemes for site managers. The target aligns with the UN SDG 14,

specifically target 14.1.

Certifications on marine ingredients for fish feed

As detailed in the company’s policy commitments, certification of marine ingredients is an

important method for SalMar to ensure that its standards are upheld. SalMar’s feed suppliers

purchase feed ingredients from fisheries that may hold an MSC or Marine Trust certification or be

on a Fishery Improvement Project (FIP). These certifications ensure that certain sourcing

standards are met, as well as broader social and environmental standards.


Target	Target Year	Target Value	Reporting Year Value	Previous Year Value
Certification of marine ingredients	Every year	100%	98%	94%

A total of 98% of the marine ingredients were certified according to the above-mentioned

definitions. 24% was certified by MSC, 51% by Marine Trust, and 22% was on a FIP.

SalMar has, along with its feed suppliers, committed to only purchasing certified feed and

anticipate reporting full alignment with this target in the next reporting period.

Trimmings and novel feed ingredients

As a measure of reducing its impacts on wild stocks, SalMar targets an increasing of trimmings

and novel feed ingredients in its feed. These ingredients can directly substitute some of the

marine ingredients.

In 2024, 33% of SalMar’s marine ingredients were derived from trimmings, an increase from 27%

in 2023. The inclusion of novel feed ingredients in SalMar’s feed was 3.9%, an increase from 3.2%

in 2023. The applied definition of novel feed ingredients is based on the feed ingredients

considered to be novel in the 2025-2030 period. This includes:

• New sources of EPA+DHA (e.g., as algae oil, salmon oil)

• New sources of saturated fat (e.g., insect oil, shea oil)

• Single-cell protein from yeast

• Single-cell protein from bacteria

• Fungi/mycelium protein

• Underutilized vegetable protein (e.g., grass)

• Upgraded vegetable protein (e.g., concentrates from plant raw materials used today)

• Underutilized processed animal proteins (e.g., insect meal, poultry meal)

• New marine raw materials (e.g., krill, Calanus, various by-products)

• Protein from micro- and macroalgae

In 2025, SalMar aims to further increase its use of trimmings and by-products in feed as part of

its transition to a circular economy and to further reduce its dependence on wild fish stocks.

Additionally, SalMar works towards expanding the exploration, testing and use of novel feed

ingredients aligned with stakeholder interest on increasing the sustainability of the feed.

SalMar remains aware that increasing the use of novel feed ingredients does not necessarily

correlate with the feed becoming more sustainable. Since decisions on feed composition are

complex and always must be made on the basis of optimal nutritional content for fish health and

welfare, SalMar is reluctant to set targets that may challenge this principle. This includes novel

feed ingredient inclusion, despite stakeholder interest towards a numerical target and timeline.

SalMar remains committed to continuously exploring alternatives to conventional ingredients

where the potential for improvement is present, provided it does not compromise fish welfare.

Through the partnership platform Råvareløftet, SalMar's feed suppliers engage to develop new,

innovative feed ingredients and analyse the barriers towards implementing them in large scale.

The partnership focuses especially on local, low-carbon ingredients that can reduce GHG

emissions, water use, improve circularity and enhance food security.

SalMar’s feed suppliers are also working on the ground to establish and increase the

modernization of agriculture, specifically projects relating to regenerative agriculture which has a

handful of benefits including improved soil health, and rotating crops.


79		Sustainability Statement	Environmental Standards	MENU ≡

Benthic impact

In line with SalMar’s Environmental Practices Policy, the company has established targets to

reduce its impact on marine resources and environments. As discussed, the B-survey serves as a

widespread metric for assessing the impacts from farming operations on the surrounding

environment.

The B-survey, as defined by the Norwegian Standard NS 9410, is conducted by an independent

third party, who collects sediment samples from beneath farming sites. The results are graded on

a scale from 1 to 4, where 1 indicates a very good condition, 2 is good, 3 is bad, and 4 is very bad.

SalMar’s Group-level target is for all sites to achieve recognition as contributing to good or very

good benthic environments.


Metric	Target	2024	2023
Share of B-survey results that were “Good” or “Very Good”	100%	91%	89%

The target focuses on achieving year-over-year improvements towards 100%. Progress is

monitored at the local level, and if B-survey results indicate bad or very bad conditions, corrective

measures are promptly implemented. SalMar maintains its target of 100% for 2025. This target

also aligns with the UN SDG 14.1.

Water quality and discharge permits

SalMar aims for zero incidents of non-compliance with water quality and discharge permits, in line

with the company’s policy commitment to responsible water management. This compliance-

related target is monitored at the site level and applies to the company’s own operations. The

target aligns with the UN SDG 6, specifically target 6.3. SalMar successfully met these targets

during the reporting year. No incidents of non-compliance were reported for 2024. SalMar also

targets its wastewater to have ≤ 1000 mg/L Total Dissolved Solids and being filtered within the

company’s site permits. This was achieved in 2024.

Contextual information relating to the targets

The targets on freshwater use, FFDR, FCR and benthic impacts were set by the senior

management based on consultation with internal and external stakeholders. These targets are

not legally mandated and are therefore considered voluntary commitments by the company. In

contrast, the target concerning compliance with water quality and discharge permits is considered

mandatory.

SalMar did not make any changes to the presented targets, or the methods used to calculate the

associated metrics during the reporting year

E3-4 – Water consumption

The following table details SalMar’s water consumption performance in its own operations:


Metric		Value in m³
Total water consumption		86,677
Total water consumption in areas at water risk		0
Total water recycled and reused		7,774,847
Total water stored		146,000
Changes in storage		0

SalMar’s water consumption originates from various sources:

• Ice used for cooling salmon during transport to market

• Consumption by the workforce

• Sludge generation

• Water uptake in the salmon

In 2024, SalMar utilized 54,000 tons of ice for transportation, equalling to 54,000 m³ of water

consumed. Water consumption from personal activities by the workforce, such as drinking, kitchen

use, and sanitary needs, was estimated at 36 litres per worker per day. Aggregated for the entire

workforce, this resulted in an annual consumption of 24,000 m³. Finally, water becoming part of

the produced sludge from smolt facilities was estimated at 800 m³, while water uptake by the

salmon amounted to 7,000 m³. The sum of all components resulted in SalMar's total water

consumption for 2024 amounting to 86,677 m³.

The measurement of ice used was based on average running hours on the ice machines at the

processing facilities and the average output of ice per hour. The average uptake of water in smolt

was estimated from available data on the water content in salmon, while the uptake of water in

sludge was based on averages from SalMar’s smolt facility data. The water consumption due to

hygiene was assessed on the grounds of publicly available estimates.

SalMar’s stored volume of water is estimated to equal the standing volume of water in the land-

based tanks within the company’s smolt facilities. Therefore, the total water stored amounts to

146.000 m³. As no new facilities were constructed during the reporting year, the change in water

storage is considered to be zero.

SalMar’s net revenue for 2024 was 26,426 million NOK, making SalMar’s water intensity in own

operations, calculated as the water consumption divided by revenue equal 3.3 m3/million NOK. .



S1 - Own Workforce	81
S4 - Consumers and End-users	91

bærekraftsrapport-helside-_DSC5910 copy.jpg

Social Standards

bærekraftsrapport-halvside-DSC_3401 kopia.jpg

Own Workforce

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_10543/index.html

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_7825/index.html

3 https://salmar.extend.no/export/salmar/Policy/docs/doc_7827/index.html


82		Sustainability Statement	Social Standards	MENU ≡


Non-material chapters and phase in options

Omitted chapters due to the eligible phase-in option:

• S1-7 – Characteristics of non-employees in the

undertaking’s own workforce

• S1-13 – Training and skills development metrics


Impacts, risks and opportunities management

Identified impacts, risks and opportunities

SalMar takes responsibility for the well-being of its workforce,

which consists of over 3,000 valued employees. The company

is steadfast in its commitment to providing a safe and

supportive workplace for all. At the heart of SalMar’s

philosophy is the concept of the “24-hour person”, which is a

recognition of the employees’ needs both at the workplace,

but also after work hours. For SalMar, who operates largely in

remote, rural areas, the responsibility towards building strong

communities is fundamental, as this often is decisive to the

happiness of employees living there.

SalMar recognizes both the positive and negative impacts of

its operations on employees. Given the diversity of SalMar’s

workforce in terms of roles and working environments, the

risks and impacts employees face vary considerably.

Employees in high-risk environments face significantly greater

hazards compared to those in office-based roles. At SalMar,

employees working at sea operate on pens, aboard vessels,

and handle hazardous equipment such as cranes, machinery,

and ropes. As a result, they are exposed to risks of physical

injuries, including crush injuries, slips, trips, falls, and

lacerations caused by external forces and moving objects.

Additionally, they face risks associated with harsh weather

conditions, strong currents, and vessel movement, which can

increase the likelihood of accidents.

Workers in processing plants operate in fast-paced

environments. They handle sharp tools, operate forklifts and

may be exposed to production noise and slippery surfaces.

Consequently, they face risks of cuts, falls, and potential

hearing impairment if safety gear is not applied properly.

Additionally, workers may experience cold stress from working

in chilled environments and face an increased risk of strain

injuries due to the high-paced, repetitive nature of processing

tasks. Prolonged exposure to airborne particles, cleaning

chemicals, and biological materials can also lead to respiratory

issues if not handled responsibly.

Beyond physical risks, SalMar aims to be vigilant against

discrimination in the workplace, remaining committed to

fostering a secure and equitable work environment. With a

workforce representing 59 different nationalities, SalMar

understands the importance of managing cultural differences

to prevent discrimination and promote inclusivity. While the

diversity of its workforce enriches the company, it also

requires deliberate efforts to ensure that all employees are

treated with respect and fairness. SalMar is dedicated to

upholding human rights, preventing discrimination, and

promoting equal opportunities, ensuring that all employees

feel valued and included.

SalMar’s focus on the well-being of the workforce results in

meaningful, positive impacts for its employees. Approximately

87% of SalMar’s workforce is covered by collective bargaining

agreements, ensuring fair wages, while the remaining 13%

comprise administrative and senior-level positions. Through

these agreements, along with comprehensive insurance

programs covering occupational injuries, illnesses, treatments,

life insurance, and pension schemes, SalMar ensures its

employees are well protected.

By clearly defining workforce rights and continually striving

for excellence in HSE practices, SalMar aims to position itself

as an employer of choice, creating opportunities to attract top

talent. The company also identifies opportunities to support

vulnerable groups, foster employee engagement and

development, and contribute to local community growth

through the SalMar Fund, aligned with its commitment

towards the 24-hour employee.

S1-1 – Policies related to own workforce

SalMar have several public policies related to the management

of material impacts on the workforce. These include SalMar’s

HSE Policy 1, Human Rights Policy 2, and Non-Discrimination and

Equal Opportunities Policy 3.

SalMar’s HSE Policy covers how SalMar manages health and

safety risks relevant to the workforce. The policy provides a

commitment to safe workplaces for all and highlights the

importance of familiarization and sufficient training for

workers, and anchoring responsibilities with the management

teams. The policy also addresses the significance of correct

reporting on injury incidents to ensure information and

awareness is spread to all relevant members of the workforce.

The Non-Discrimination and Equal Opportunities Policy details

the company’s commitments and approach towards

elimination of discrimination, including harassment, promoting

equal opportunities for all workers at all times, and respecting

the related ILO Conventions. The policy covers specific

grounds for discrimination, including race, ethnicity, national or

other origin, disability, age, gender, sexual orientation,

language, religion or status.

The policy details commitments towards upholding the

requirements of the Activity Duty and the Duty to Issue a

Statement issued through the Norwegian Equality and Anti-

Discrimination Act, hereby publishing an annual report on the

state of anti-discrimination work in SalMar, and a biennial

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_9904/index.html?f


83		Sustainability Statement	Social Standards	MENU ≡

remuneration analysis. The 2024 report will be published on

the company website by 31st of July.

Furthermore, the policy entails commitments towards ensuring

that sufficient positive action is made towards people from

groups at particular risk of vulnerability to ensure integration

and equal opportunities. This may include workers from abroad

with different cultures, workers with limited or no money on

arrival or workers with disabilities. Actions to ensure the

prevention of discrimination is coordinated by the Director of

Human Resource Management and implemented in all

operating segments through HR and employee

representatives.

The Human Rights Policy provides insights into SalMar’s

commitments towards internationally recognized human rights

as articulated by the International Bill of Human Rights, the

UN's Universal Declaration of Human Rights and the ILO's

declarations and conventions on human and labour rights. It

further details how the company works to ensure that these

principles are followed both internally and in the supply chain.

In detail, the Human Rights Policy provides a commitment

from SalMar towards ensuring respect and monitoring of

human rights and labour rights, including

• prohibition of child labour, human trafficking and

harassment

• freedom from forced labour or similar involuntarily work

under the menace of a penalty

• right to freedom of association, collective bargaining, and

peaceful assembly

• that working hours are in accordance with legal

requirements and at least the requirements set out in the

ILO's core conventions

• the right to fair wages (at least a living wage) expressed in

binding agreements

• the right to paid overtime in accordance with legal

requirements and minimum requirements in the ILO's core

conventions

• the right to a good working environment that safeguards

health, environment, and safety

SalMar’s suppliers are also required to follow these principles.

SalMar will regularly perform risk-based due diligence

activities in accordance with the OECD principles for

multinational enterprises and the Norwegian Transparency

Act. This includes identifying and assessing actual or potential

adverse impacts on fundamental human rights and decent

working conditions that the enterprise has either caused or

contributed toward, or that are directly linked with the

company's operations, products or services via the supply

chain or business partners.

SalMar will also implement suitable measures to cease,

prevent or mitigate adverse impacts based on these

assessments, track the implementation and the results of the

measures, provide information about these assessments, and

provide for or co-operate in remediation and compensation

where this is required. SalMar’s annual report aligned with the

Transparency Act will be published on the company website by

30th of June.

All SalMar employees are covered by insurance and

agreements designed to safeguard their financial well-being in

the event of illness or injury. These measures ensure that

employees receive necessary support and protection even

when they are unable to work. In Norway, every employee is

covered by an additional treatment insurance, providing swift

access to medical care, including online mental health support,

and guaranteeing prompt treatment when needed.

SalMar maintains a comprehensive paid sick leave policy in full

compliance with national legislation, ensuring coverage for all

workers, regardless of contract type.

In Norway, SalMar adheres to the National Insurance Act,

under which the company covers 100% of an employee’s

regular income during the initial 16 days of sick leave, known

as the employer liability period. If the sick leave extends

beyond this period, the Norwegian Labour and Welfare

Administration (NAV) compensates the employee’s income for

up to one year. Detailed information regarding workers’ rights

to sick pay is outlined in the National Insurance Act.

In Iceland, sick leave policies are governed by applicable laws

and collective bargaining agreements. All employment

contracts specify the relevant bargaining agreement for each

position, which defines the applicable sick pay provisions.

Employees are either covered by the collective bargaining

agreement for general workers or for office/administrative

staff, with the corresponding sick leave entitlements detailed

in the respective agreements. Employees receive full paid sick

leave either from the employer or through union coverage,

with VerkVest being the most common union representing

workers in Iceland.

In both Norway and Iceland, minimum wages are determined

by sectoral trade union agreements, which play a crucial role in

promoting fair wages. The two relevant unions for SalMar in

Norway have negotiated minimum hourly wages of NOK 216

and NOK 198, depending on the employee’s line of work, and

the minimum hourly rate in Iceland corresponds to NOK 212 as

per Icelandic collective agreements.

Since sick pay is calculated based on regular income, and all

SalMar employees in both Norway and Iceland earn at least

the minimum wage, the company’s sick leave policy inherently

aligns with or exceeds the standards or a fair living wage, as

recommended by the CIPD.

All SalMar’s public policies 1 cover all workers in the workforce,

including both employees and non-employees. Information on

the characteristics of SalMar’s employees is provided in S1-6

Characteristics of the undertaking’s employees.

The policies are rooted in the senior management, and no

significant changes were made to the policies in the reporting

year.

1 https://www.fellesforbundet.no/en/wages-and-collective-agreements/collective-agreement-settlement-2020/

2 https://nnn.no/lonn-og-arbeidsliv/overenskomster/

3 https://www.vr.is/en/employment-terms/collective-wage-agreements/collective-wage-agreements/

4 https://www.sgs.is/media/2194/heildarkjarasamningur-sgs-og-sa-2024-2028_en.pdf


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S1-2 – Processes for engagement

SalMar engages with employees on material impacts, risks, and

opportunities primarily through direct interaction with team

leaders or via established channels. Immediate communication

is utilized when incidents or concerns arise, allowing for timely

mitigation or remediation. If the issues raised pertain to

broader topics affecting larger groups of employees, they are

escalated to senior management for resolution.

Additionally, all employees participate in an annual employee

development dialogue, a one-on-one meeting with their

manager. This meeting is specifically designed to provide an

open forum for both parties to discuss concerns and evaluate

the employee’s development and future prospects. This

contributes to a productive and collaborative working

relationship.

SalMar ensures workforce representation and engagement

through participation in key internal forums, such as the Board

of Directors, the Work Environment Committee, and union

organizations. These platforms facilitate open communication

and allow employees to raise concerns to management and

supervisory bodies and contribute to the strategic

development of the company. The Board of Directors meets at

least ten times annually, or more often as needed, while the

Work Environment Committee convenes at least quarterly.

Union representatives are important for upholding employees’

rights to co-determination in workplace matters. They act as

intermediaries between employees and management, guided

by local cooperation agreements, collective agreements, and

national laws. This collaboration fosters transparency,

engagement, and sustainable outcomes regarding employees’

sociopolitical conditions.

Responsibility for ensuring effective workforce engagement

lies with the Chair of the Board and is implemented through

the Chief Executive Officer (CEO) and the Director of Human

Resource Management. These leaders ensure that

engagement outcomes inform SalMar’s strategic and

operational approaches, such as developing and maintaining a

thriving corporate culture.

87% of SalMar’s workforce is covered by collective

agreements. These agreements ensure fair compensation

adjusted to the cost of living. The remaining 13% are on

individually negotiated contracts, typically in administrative or

management roles.

In Norway, the United Federation of Trade Unions

(“Fellesforbundet”) 1 and the Norwegian Union of Food,

Beverage, and Allied Workers (“NNN”) 2 represent the workers

in SalMar’s two operational sectors: fish farming and industry

workers. These industry-specific collective agreements

guarantee equal pay for employees at the same level,

irrespective of gender, race, ethnicity, or other characteristics.

This commitment aligns with SalMar’s publicly available Non-

Discrimination and Equal Opportunities Policy.

In Iceland, the same set-up is ensured through the VR Union 3

and The Federation of General and Special Workers in Iceland

(“SGS”) 4.

The effectiveness of engagement with the company’s own

workforce is evaluated through employee feedback and

participation in the Great Place to Work (GPTW) program.

Additionally, employee turnover rates are monitored as an

indicator of engagement success.

Managers are tasked with identifying and addressing special

needs for employees who may be particularly vulnerable to

impacts, ensuring appropriate adjustments to working

conditions or other relevant matters. They are supported by

the broader management and HR teams to fulfil this

responsibility.

If a worker has raised a concern to its manager and not

received the appropriate attention or response, the worker

may contact the manager’s supervisor or file a report through

the whistleblowing channel, especially if the concern involves

HSE issues, workers’ rights or the working environment.

SalMar’s established procedures allow for anonymous

reporting of incidents if the worker prefers.

Once a year, all SalMar employees meet for two days of

training and engagement at the SalMar School (Norway) or the

Arnarlax Academy (Iceland). This forum is designed for workers

to share experiences, discuss relevant topics, engage directly

with senior management and involve themselves in the

development of their workplace.


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S1-3 –Processes for remediation and raising concerns

SalMar continuously evaluates its impacts on the workforce,

focusing on areas such as working conditions, environment,

health and safety, and broader worker-related rights. To

support these efforts, the company collaborates with external

experts, including the Occupational Health Service, to foster

healthy and safe work environments.

This partnership ensures an independent and neutral

perspective in engaging with workers on issues that directly

affect their daily lives, allowing for objective assessments and

recommendations that strengthen the overall working

environment and employee well-being.

SalMar offers a dedicated whistleblowing channel open to

anyone wishing to raise concerns. The channel was primarily

designed for its workforce but is also available to any other

party. The channel enables the reporting of workplace

grievances or instances of wrongdoing. Developed in

collaboration with employees and trade unions, the channel is

accessible through SalMar's website and intranet in local

languages and English. The service allows individuals to

submit reports either anonymously or under their full names

and is managed by the investigatory unit at BDO AS. The

whistleblowing channel aims to foster accountability and

fairness, encouraging its use not only for personal issues but

also for reporting the unfair treatment of others.

All employees receive training in the whistleblowing procedure

and are informed of their protection against reprisals for

making a report. The procedure is outlined in the management

system, which is accessible to all employees. Cases raised

through the whistleblowing channel are managed in close

collaboration with internal safety representatives and local

unions, ensuring fairness and adherence to established

protocols.

Remediation of negative impacts is addressed on a case-by-

case basis. Typically, this involves management engaging

directly with the affected party to explore and implement

potential solutions. For issues related to the working

environment, management teams take appropriate actions to

make necessary adjustments and resolve the situation. If the

negative impacts pertain to human rights, workers’ rights, or

discrimination, investigations are conducted either by HR

representatives or with the involvement of an independent

third party to ensure fairness and accountability.

The Director of Human Resource Management is informed of

all reports filed through the whistleblowing channel and is

responsible for ensuring that appropriate remediation actions

are taken. If the reported incidents reveal broader, systemic

issues within the company, they are escalated to senior

management for further evaluation and corrective action.

Reported incidents are not considered closed until remedial

actions have been taken and approved by the affected party.

The whistleblowing procedure includes closing meetings to

ensure that all parties are satisfied with the resolution before

finalizing and closing the case.

All of SalMar’s sites are required to appoint an employee-

elected HSE representative, responsible for safeguarding the

interests of employees concerning the work environment at

their respective locations. These HSE representatives

participate in a committee that convenes quarterly, chaired by

the Chief Safety Representative, to discuss relevant health,

safety, and environmental issues affecting SalMar’s workforce.

The Chief Safety Representative, in turn, engages in quarterly

meetings with the executive management team to review and

address key HSE matters related to the company's workforce.

The company has assessed its employee satisfaction through

the Great Place To Work (GPTW) framework. This has provided

SalMar with detailed insights into its impacts, risks and

opportunities related to its own workforce, and information on

employees’ trust in SalMar as an employer. The assessment

allows the employees to provide feedback on the company’s

leadership, strategy, vision and performance, as well as the

individual experience as an employee, including working

environment, development opportunities, and much more. The

assessment serves as a baseline for developing a thriving

workforce in the years to come.

1 https://www.forbes.com/sites/carolinamilanesi/2023/04/20/the-business-impact-of-diversity-equity-and-inclusion/

2 https://www.weforum.org/stories/2019/04/business-case-for-diversity-in-the-workplace/

3 https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/delivering-through-diversity

4 https://www.salmar.no/wp-content/uploads/2024/07/2023_SalMar_inkludering_og_mangfold_ARP.pdf


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S1-4 –Taking action on material impacts, risks and

opportunities

The management of impacts risks and opportunities on the

workforce is assessed and organized through the HR

department and reported to the executive management. The

HR department is led by the Director of HRM, who is part of

the executive management. There are HR representatives in

each department of the company that work proactively to

elevate positive impacts, reduce negative impacts, grab

opportunities and mitigate risks towards the company’s

workforce. This work is structured under the company tenet

“We Care”, where the company aims to always be available and

visible to its workers so that concerns can be raised

effectively and actions implemented accordingly.

As discussed under ESRS 2 – Governance, SalMar have material

dependencies related to its workforce. To motivate workers to

live and work in remote rural areas, SalMar has identified the

necessity of contributing to both a well-functioning workplace

and attractive recreational opportunities for workers after

their shift is finished. SalMar is also dependent on retaining

key competencies within its most important business areas,

like biology, fish health, and sales.

Furthermore, SalMar operates the SalMar Fund, which allocates

annual resources to develop local communities. The company

aims to create opportunities and activities that allow

employees, their families, and the local communities to grow,

contribute, and experience personal fulfilment and well-being.

SalMar believes that by enhancing the overall quality of life for

its employees, this initiative will make the region more

attractive and vibrant, helping to attract skilled workers and

local labour, as well as providing access to essential services.

In 2024, SalMar made investments of multiple million NOK in a

variety of initiatives across sports, culture, education, and

community development, in both Iceland and Norway.

SalMar has implemented several actions to ensure that

workers in vulnerable situations are supported. Foreign

workers coming to Norway for work are offered language

courses and are included in social events such as game nights,

family days, hikes, sports activities, and dinners. Additionally,

they are invited to participate in cultural events to help them

get to know the local community and Norwegian culture.

These measures are central to the successful integration and

well-being of these workers.

SalMar also ensures adequate housing for its workers. Many

new employees arriving at SalMar’s main offices in rural areas

like Frøya and Senja often have limited capital, making it

difficult for them to find accommodation. Recognizing this

challenge, SalMar has provided a solution by purchasing

housing units, which are made available to workers in need.

These units can be rented without the need for an initial

deposit, and rent is paid in arrears, allowing workers to receive

their salary before making payments. This arrangement helps

workers build capital, enabling them to eventually rent or

purchase their own housing in the private market. SalMar rents

vehicles that are at the workers’ disposal for getting to and

from work from these housing units.

SalMar has identified the low female ratio in the company as a

potential risk to the happiness and inclusion of female workers

in the workplace. There is also broad evidence of a positive

correlation between diversity, equity, and inclusion (DEI) and

strong business outcomes 1,2,3. As a result, the company is

actively working to recruit more women into an industry that

has traditionally been male dominated.

SalMar’s goal is to highlight the vast opportunities available

for women across all sectors of the industry. To achieve this,

the company focuses on engaging with potential future

employees, such as students in schools and universities, and

promoting SalMar as an inclusive workplace. Female

representatives from SalMar also play an important role in

sharing their experiences and encouraging more women to

consider a career in the industry.

To ensure equal pay for equal work, SalMar conducts a biennial

remuneration assessment for all employees. The results of

this analysis have shown no discrepancies from this

fundamental principle. The full details of the assessment are

available on the company's website 4 .

SalMar is committed to ensuring equal opportunities for all

employees regarding parental leave. The company believes

that each individual should have the freedom to make

personal decisions based on their own family situation, and

open dialogue is encouraged to find the best solutions for the

employees. It is important for SalMar that all employees feel

supported during this significant life event, and the company

strives to adapt working conditions where possible.

There is a consistent trend where women often take larger

portions of parental leave than men. SalMar encourages male

employees to take parental leave on equal terms with female

employees. At the same time, the company acknowledges and

respects cultural differences and personal views regarding

parental leave. The goal is to support all employees, regardless

of background, and ensure a workplace where equality and

personal adaptation are prioritized.

SalMar has established an internal task force to assess risks

and potential negative impacts on the workforce related to

discriminatory behaviour. The task force consists of

representatives from all operating segments and is tasked

with monitoring behaviour and implementing actions. While

the core focus areas established at the Group level yield for all

operating segments, each segment has its own specific

objectives or priorities for development based on previous

experiences and working environment.

SalMar implements mandatory training programs aimed at

reducing accidents and protecting the health and safety of the

workforce. Employees working at sea and in processing plants

especially are facing a range of HSE risks, making

comprehensive training and clear procedures essential in

preventing incidents. As part of this approach, SalMar provides


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detailed work instructions within the training, ensuring that

employees understand the necessary safety protocols and are

equipped to perform their tasks safely, thereby minimizing the

likelihood of accidents.

All work-related injuries and HSE incidents are documented in

Ole_Ekker_2023_DSCF0740_highres-2 kolonner.jpg

SalMar’s quality system and thoroughly investigated by the

relevant management teams. When applicable, details of the

injury, associated risks and mitigating actions are

communicated to the workforce to help prevent similar

incidents from occurring in the future.

SalMar tracks the effectiveness of actions through daily

communication with the workforce and established forums

where impacts, risks, and opportunities related to the

workforce are discussed. Targets may be relevant for tracking

the effectiveness of actions on certain occasions, but most

actions are evaluated based on feedback from the workforce.

The process for identifying appropriate actions following the

identification of an actual or potential impact on the workforce

varies by case.

The safety of the workforce with regard to personal data is

strictly regulated by SalMar’s internal guidelines and the

General Data Protection Regulation (GDPR). SalMar employees

are provided with training on this topic as part of their

onboarding at the company.

In principle, the entire Human Resources team at SalMar can

be considered as resources allocated to managing material

impacts on the workforce, with a particular focus on

continuously advancing the development and well-being of

the company's employees. This team consists of 19

individuals, with representation in senior management as well

as in all operational segments.


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Metrics and targets

S1-5 – Targets related to material impacts, risks and

opportunities

In relation to SalMar’s policy commitments towards its own

workforce, the company’s time-bound or outcome-oriented

targets for reducing negative impact, advancing positive

impacts or managing material risks and opportunities related

to the workforce are:

1. Reduce the rate of recordable work-related accidents

to below 3

2. Reduce the employee absence rate to below 4.5%

3. No work-related fatalities

4. No human rights violations

5. No events of discrimination

All the above-mentioned targets are time-bound towards the

next reporting period.

Furthermore, SalMar is committed to increasing the female

ratio in its workforce but has not yet established a time-bound

or outcome-oriented target. The company tracks this metric at

both the Group level and within operational segments to

evaluate the effectiveness of implemented actions. The Group

female ratio increased from 26.3% in 2023 to 26.5% in 2024.

Progress toward these goals will be detailed in the relevant

sections below. Target-setting is the responsibility of the

senior management, based on the company’s performance and

strategic ambitions. Additionally, benchmarking against

industry peers is conducted to ensure that SalMar’s ambition

levels are aligned with or exceed those of the sector.

Effectiveness and progress are evaluated at least annually.

SalMar’s workforce and workers’ representatives have actively

contributed to the development of the targets, ensuring

alignment with employee perspectives and needs. This is done

through individual and group discussions. The final ambition

level for these targets is determined by the senior

management.

S1-6 – Characteristics of the undertaking’s employees

The following tables describe SalMar’s employees and are

presented by head count.

SalMar’s own employees work in the following segments:


Total number of employees	Female	Male	Other	Not Reported	Total
Admin	57	61	0	0	118
Smolt Facilities	76	170	0	0	246
Fish Farming	195	1,060	0	0	1,255
Sales & Industry	601	1,125	0	0	1,726

The company’s employees are located in the following countries:


	Female	Male	Other	Not Reported	Total
Norway	870	2,267	0	0	3,137
Iceland	46	134	0	0	180
Japan	2	6	0	0	8
Vietnam	2	4	0	0	6
Republic of Korea	3	2	0	0	5
Thailand	3	1	0	0	4
Taiwan	3	1	0	0	4
Singapore	0	1	0	0	1

The employees are on the following contract types:


	Female	Male	Other	Not Reported	Total
Permanent employees	662	1,944	0	0	2,606
Temporary employees	217	313	0	0	530
Non- guaranteed hours employees	50	159	0	0	209

The employees’ employment status is:


	Female	Male	Other	Not Reported	Total
Full-time employees	805	2,268	0	0	3,073
Part-time employees	124	148	0	0	272

The number of employees to leave the company in the reporting

year is presented by operating segment:


	Admin	Smolt Facilities	Fish Farming	Sales & Industry	Total
Number of departees	17	15	132	479	643
Turnover rate	14%	6%	11%	28%	19%

The total number full-time equivalents at SalMar in 2024 was

2,941, as denoted in Note 2.3 in the Notes to the Financial

Statements for 2024.

The reported head count reflects the number of employees at

the end of the reporting period, whereas the full-time equivalent

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7825/index.html

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_11223/index.html

3 Presented by country where SalMar has “significant employment”, defined by the ESRS as at least 50 employees by head count representing at least 10% of its total number of employees.


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(FTE) metric is calculated as an annual aggregate based on the

proportion of the year each employee has worked at SalMar.

SalMar employed 160 sub-contracted workers (non-employees)

in 2024. Disclosures related to non-employees have a one-year

phase-in period in the ESRS, and will therefore be included in the

next reporting period.

S1-8 – Collective bargaining coverage and social

dialogue

SalMar supports its workers’ right to collective bargaining and

freedom of association. This is maintained through its Human

Rights policy 1, its whistleblowing channel, and through union

agreements.

This is also firmly established in the company’s Supplier Code of

Conduct 2 to ensure that worker’s rights are upheld in the value

chain. The Supplier Code of Conduct is attached to contractual

agreements with SalMar.

87% of the total workforce is covered by collective bargaining

agreements. This comprises 2,921 employees. The bargaining

agreements, as well as the right to freedom of association, cover

all workers’ regardless of their contract type. These agreements

ensure fair wages, workers’ rights and engagement in social

dialogue. The employees not covered by collective agreements

are administrative functions or in management teams. These

individually negotiated contracts are subject to SalMar’s internal

remuneration guidelines and national laws.

All employees are entitled to unionization, individually or as part

of larger agreements. The unionization rate at SalMar was 40%

in 2024.

The collective bargaining agreements in the European Economic

Area (EEA) and the percentage of employees covered by the

agreements is presented below 3:


Collective Bargaining Agreement	Percentage of employees in Norway covered
United Federation of Trade Unions	40%
Norwegian Union of Food, Beverage, and Allied Workers	50%

SalMar’s employees outside the EEA are located in sales offices

in Asia and hold sales or admin functions. These employees are

on individually negotiated contracts.

All SalMar employees are covered by worker’s representatives in

the countries of which SalMar has significant employment. The

company is not involved in agreements with European Works

Council (EWC), a Societas Europaea (SE) Works Council, or a

Societas Cooperativa Europaea (SCE) Works Council.

S1-9 – Diversity metrics

The gender distribution of the Group’s executive management

(i.e., the executive management of the reporting company,

SalMar ASA) is presented below by head count:


	Number	Percentage
Female	1	14%
Male	6	86%
Other	0	0%
Not Reported	0	0%

The distribution of the Group’s employees by age group is

presented below by head count:


	Head Count
Under 30 years old	1,256
30-50 years old	1,507
Over 50 years old	582

S1-10 – Adequate wages

All employees at SalMar are paid adequate wages in

accordance with national and internationally acknowledged

benchmarks.

S1-11 – Social protection

All employees at SalMar are covered by social protection

measures designed to mitigate income loss due to major life

events. This includes sickness, unemployment starting from

when the worker is working for the undertaking, employment

injury and acquired disability, parental leave and retirement..

S1-12 – Persons with disabilities

Companies in Norway are not permitted to collect personal

data on employees related to disabilities. As a result, SalMar

cannot diclose under this topic..

S1-14 – Health and safety metrics

100% of the workforce is covered by SalMar’s health and

safety management system. Any incident related to personnel

health and safety is reported through this system.

There were no fatalities in SalMar’s workforce in the reporting

year, nor were there any fatalities of other workers at SalMar’s

sites. In 2024, SalMar recorded 49 work-related accidents for

its own workforce. The applied definition of “work-related”

aligns with the ESRS definition. The corresponding rate of

recordable work-related accidents for the own workforce was

9.52.

SalMar did not record any cases of recordable work-related ill

health in 2024. The company is legally not obliged to demand

a reason for a worker’s absence related to ill health, which may

impact the results.

The absence rate for the workforce, calculated as total days

lost through any illness divided by the total number of work

hours available in a year, was 6.3%.

1 https://www.salmar.no/wp-content/uploads/2024/07/2023_SalMar_inkludering_og_mangfold_ARP.pdf


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The number of days lost to work-related injuries and fatalities

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from work-related accidents were as follows:


Cause	Number of days lost
Work-related injuries	1,115
Work-related accidents resulting in fatalities	0

S1-15 – Work-life balance metrics

All SalMar employees are entitled to family-related leave,

including maternity leave, paternity leave, parental leave, and

carers’ leave. The average number of weeks of family-related

leave taken by entitled employees was:


Gender	Average number of weeks for family-related leave
Female	31
Male	13

All entitled employees took their family-related leave in the

reporting year, as required by national legislations.

S1-16 – Remuneration metrics

SalMar’s workforce comprises employees from both its fully

owned companies and companies where SalMar holds a

majority share and maintains operational control. This latter

group includes SalMar Aker Ocean, Icelandic Salmon, and

Vikenco AS. Due to legal limitations, SalMar cannot require

personal information from employees of companies it does not

fully own. Therefore, the remuneration analysis covers only

SalMar’s fully owned entities, which include SalMar ASA,

SalMar AS, SalMar Farming AS, and SalMar Settefisk.

The remuneration analysis revealed that the average pay level

of female employees corresponds to 78% of the average pay

level of male employees.

SalMar has published a detailed report on its website outlining

the company’s remuneration practices and gender pay gap in

accordance with the Activity Duty and the Duty to Issue a

Statement under the Norwegian Equality and Anti-

Discrimination Act 1. This report provides a breakdown by

employee category and demonstrates SalMar’s commitment to

the principle of equal pay for equal work.

The annual total remuneration ratio of the highest paid

individual to the median annual total remuneration for all

employees (excluding the highest-paid individual) was 12. This

includes both fixed and variable remuneration.

S1-17 – Incidents, complaints and severe human rights

impacts

In 2024, 28 reports were submitted through SalMar’s

whistleblowing channel. The received reports are categorized

below:


Whistleblowing category	Number of filed reports
Discrimination, including harassment	14
Health and safety	1
Working environment	10
Compliance with internal or external standards	3
Complaints filed to National Contact Points for OECD Multinational Enterprises	0

SalMar identified no incidents of human rights breaches within

its workforce in 2024, nor were any found during the latest

annual assessment of its value chain.

SalMar did not pay any fines, penalties, or compensation for

damages as a result of incidents of discrimination, harassment,

or severe human rights impacts in the reporting year

bærekraftsrapport-halvside-0075_Kjøkken.jpg

Consumers and End-users


Strategy	92
Impact, risk and opportunity management
Identified impacts, risks and opportunities	92
S4-1 – Policies related to consumers and end-users	92
S4-2 – Processes for engagement	94
S4-3 – Processes for remediation and raising concerns	95
S4-4 – Taking action on material impacts, risks and opportunities	95
Metrics and targets
S4-5 – Targets related to material impacts, risks and opportunities	96


92		Sustainability Statement	Social Standards	MENU ≡


Strategy

Disclosure requirements related to the material impacts, risks

and opportunities concerning the consumers and end-users of

the company’s products and their interaction with the

company’s strategy and business model, are detailed under

ESRS 2 SBM-3 – Material impacts, risks and opportunities and

their interaction with strategy and business model.


Impacts, risks and opportunities management

Identified impacts, risks and opportunities

Research shows that salmon (whether farmed or wild) has a

significant positive impact on consumers, and consumption of

fat fish such as salmon is typically advocated for consumption

twice a week for a healthy diet.

Salmon is rich in Omega-3 fatty acids, specifically EPA and

DHA, where SalMar’s salmon holds more than 1g of EPA and

DHA per 100g of salmon. Furthermore, salmon is rich in

vitamin B12, vitamin D, selenium, and proteins, which are

important for human health.

As a leading global food producer committed to supplying

healthy seafood to the world’s growing population, SalMar

carries a significant responsibility to uphold the highest

standards of food safety for its consumers. While rigorous

control and recall procedures are in place, it is essential to

acknowledge the inherent risk of contaminated products

reaching consumers.

Being a responsible seafood producer means not only

implementing robust safety measures but also fostering

transparency by sharing information about potential risks and

the company’s processes. This openness is crucial for

maintaining consumer trust and assuring customers that

SalMar’s products are safe and healthy.

In salmon production, food safety hazards can generally be

categorized into biological, chemical, and physical risks, each

with the potential to cause adverse health effects if not

carefully managed. Biological hazards include bacteria, viruses,

and parasites, with Listeria monocytogenes (listeria) posing

one of the greatest challenges to both Norwegian and

international food production. This risk is particularly critical

for raw salmon products, as heat treatment typically kills

these bacteria. In severe cases, listeria infection can cause

serious illness or even death, representing a significant food

safety risk that requires continuous monitoring and strict

control measures.

Chemical hazards primarily relate to substances introduced

through aquaculture practices or environmental factors. These

include residues of veterinary drugs, heavy metals,

mycotoxins, dioxins, and PCBs — all of which have the

potential to impact consumer health if present above

regulatory limits.

Physical hazards typically involve foreign objects, such as

plastic pieces or metal fragments from processing equipment,

which could accidentally contaminate products and pose a risk

to consumer safety.

Safeguarding consumer health is SalMar’s top product-related

priority, and any potential threat to food safety is treated with

the highest level of seriousness. Incidents compromising food

safety not only pose a direct risk to human health but can also

erode consumer trust and confidence, alongside the financial

consequences of product recalls and associated costs.

Despite these inherent risks, farmed salmon remains a safe

and nutritious food choice, as affirmed by food safety

authorities and reinforced by SalMar’s comprehensive internal

monitoring programs. This safety record is a direct result of

the company’s proactive approach to hazard management and

its commitment to an evidence-based framework that informs

and reassures consumers. By maintaining this unwavering

focus on safety and transparency, SalMar continues to

strengthen its reputation as a trusted supplier in the global

seafood market.

Being a responsible food producer requires ongoing, dedicated

efforts to uphold food safety standards. This includes regular

internal and external audits, thorough pre-screening of

suppliers, ongoing employee training, and strict adherence to

both internal and external standards and procedures. SalMar

conducts comprehensive food safety risk assessments,

including HACCP evaluations, and implements corrective or

mitigating actions where risks are identified. Food safety risks

are treated with the utmost urgency, as the integrity of food

safety can never be compromised.

SalMar’s employees are well-versed in food safety procedures,

including recall and withdrawal protocols, which are regularly

tested and updated. Any non-conformances related to food

safety are immediately addressed, with corrective actions

swiftly implemented. The company is committed to providing

accurate and detailed information about its products, ensuring

full transparency to maintain consumer trust.

S4-1 – Policies related to consumers and end-users

As a producer of salmon, a healthy and popular protein

supplied to countries all around the world, it is vital to ensure

that the food is safe to eat. Food safety was identified as the

second most material topic for both impact materiality and

financial materiality in SalMar’s double materiality assessment

and is recognized internally as a prerequisite for the business

and for recognition as a reliable supplier.

Health and safety of consumers and end-users, or more

specifically, Food Safety, was the sole topic under S4 –

Consumers and End-users identified as material in SalMar’s

impacts, risks, and opportunities analysis. Consequently, the

disclosures under S4 will focus exclusively on this area.

SalMar’s business model emphasizes a balanced approach,

combining spot sales to global customers with fixed contracts

that ensure mutual predictability in demand and supply.

However, SalMar has limited direct interaction with consumers

and end-users. The consumers of salmon are typically the

general population worldwide, who purchase the product

through stores or restaurants. Consequently, SalMar’s primary

customers are retailers, stores, restaurants, and importers that

may conduct value-added processing before selling the

product to consumers. Nonetheless, ensuring the safety of the

product at the moment of distributing it remains SalMar’s

responsibility and is considered a top priority.

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7823/index.html

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_7825/index.html


93		Sustainability Statement	Social Standards	MENU ≡

SalMar maintains a publicly available Food Safety Policy 1,

covering all food safety-related activities, delivered products,

and consumers and end-users. The policy underscores that

food safety efforts are driven by the Executive Management

and frequently addressed during Board meetings.

Accountability for implementing the policy lies with the

Director of Quality and HSE. The policy emphasizes the

importance of mandatory food safety training as a critical

measure to mitigate risks associated with human error.

Employees who have direct contact with salmon are required

to understand the potential impacts of their actions on food

safety.

Food safety is a priority across SalMar’s entire value chain to

ensure that the final product is safe for consumers. This is

achieved through regular internal and external audits,

thorough pre-screening of suppliers impacting food safety,

and the implementation of strict procedures both within the

company and among its partners. All SalMar operating units

are certified under Global Food Safety Initiative (GFSI)

recognized standards, and suppliers engaged in food safety-

related activities are required to hold GFSI certifications as

well. Additionally, SalMar employs a robust sampling program

informed by HACCP risk analysis, EU legislation, established

standards, and specific customer requirements.

Risks or potential risks to food safety are addressed with

urgency at SalMar. These risks may stem from human error,

inaccuracies in internal analyses, or supplier-related issues

that could compromise food safety. Comprehensive

procedures, including recall and withdrawal protocols, are well

established and thoroughly understood by SalMar employees.

These procedures are regularly tested to ensure

effectiveness. Any non-conformance related to food safety is

promptly investigated, and corrective actions are implemented

without delay to mitigate risks and uphold safety standards.

If the product quality does not meet the expected standards

upon delivery to the customer, the customer may request a

recall. Issues may pertain to texture, colour, or other aesthetic

factors, as well as food safety concerns. SalMar maintains

direct communication with all customers, actively gathering

feedback on delivered products. In cases where food safety is

in question, the products are always recalled and prevented

from reaching consumers, ensuring the safety of all products

that enter the market. For instances of non-conformance with

agreed quality standards, SalMar may address the issue by

providing monetary compensation to the customer.

Relevant human rights related to SalMar’s customers, and the

consumers and end-users, include:

• The right to health and safety – Ensuring that the salmon

products are safe, traceable and free from harmful

substances.

• The right to information - Clear and honest

communication about the company’s practices.

• The right to customer protection – Fair marketing

practices without misleading claims.

• The right to participation – Engagement with consumers,

allowing them to provide feedback.

The above-mentioned human rights are aligned with

international frameworks like the UN Guiding Principles on

Business and Human Rights and OECD Guidelines for

Multinational Enterprises. SalMar is committed to following

these principles through its Human Rights policy 2.

The company ensures consumer perspectives are represented

through consistent dialogue with its customers. Additionally,

SalMar collaborates with the Norwegian Seafood Council,

which engages with key global markets to gain insight into

consumer interests and preferences across different regions.

In addition to direct dialogue, SalMar provides a public

grievance mechanism on its website, allowing consumers and

end-users to submit feedback or raise issues, with the option

of anonymity.


94		Sustainability Statement	Social Standards	MENU ≡

S4-2 – Processes for engagement

SalMar primarily engages with consumers and end-users

indirectly, through regular communication with its direct

customers, such as retailers and restaurants. This engagement

involves daily interactions aimed at understanding customer

needs, aligning with market demand, and gathering insights

into how SalMar’s products are perceived and received in

various markets.

As previously mentioned, food safety is the most material

impact and risk related to consumers and end-users. It is a

critical concern for customers, who typically have their own

established food safety management systems in place to

ensure the products they sell are safe for consumption.

However, if a consumer falls ill after eating salmon at a

restaurant or purchasing it from a store, the blame is often

directed at the restaurant or store, even though the origin of

the issue may lie within the supply chain. Therefore,

engagement between SalMar and its customers regarding food

safety is essential for both parties. A salmon producer without

a demonstrated, long-standing commitment to food safety

risks losing customers, as they will often seek alternative

suppliers who can assure them of safe and reliable products.

Engagement with customers typically takes place through

phone calls, chats, emails, interactions via the recall system, or

in-person meetings. The Chief Operating Officer of Sales and

Industry at SalMar holds operational responsibility for

overseeing these engagements and ensuring that the

feedback and results inform the company’s approach to

material topics that impact consumers and end-users.

The effectiveness of these engagements is primarily

measured by the strength and longevity of business

relationships. If customers return to SalMar for subsequent

contracts, the engagement is deemed successful. SalMar

consistently attracts new customers each year while also

maintaining valued, long-standing relationships with existing

clients.

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7833/index.html


95		Sustainability Statement	Social Standards	MENU ≡

S4-3 – Processes for remediation and raising concerns

If consumers or end-users were at risk of severe negative

impacts from SalMar’s product, the product would be recalled.

Instances of negative impacts on consumers are extremely

rare, as there are multiple validation checkpoints throughout

the production process before the salmon reaches the

consumer. In the event of a recall, SalMar works closely with

its customers to provide appropriate monetary compensation.

All complaints and recall requests are processed through

SalMar’s recall system, with each case being followed up by

the Quality Department. The Director of Quality and HSE is

responsible for ensuring that each recall is handled

appropriately, including proper documentation and disposal.

The recall system is established and operated internally by the

company and comprises a dedicated email address distributed

to all customers, and direct contact points to SalMar’s sales

team. Additionally, SalMar provides an alternative grievance

channel through its online whistleblowing platform, primarily

aimed at identifying incidents of social injustice within its own

operations and throughout the value chain. This channel is

open to anyone wishing to raise concerns, and all reports are

thoroughly addressed. The whistleblowing platform is

managed by an independent third party, ensuring anonymity

for those who wish to report issues.

SalMar strongly encourages its business partners to inform

their employees and value chain about the company’s

available grievance mechanisms and to implement their own.

However, SalMar does not require this as a mandatory practice

for all business partners.

SalMar tracks and monitors issues raised through the recall

system, with progress being reviewed in leadership meetings

at least quarterly. Identifying the root cause of grievances or

recall reports is given high priority in order to address any

substandard deliveries. Effectiveness is measured through

response rates and the number of outstanding inquiries.

Depending on the nature of the issue, relevant stakeholders

may be engaged to resolve the concerns raised.

SalMar has a public Whistleblowing Policy 1 that outlines the

process for raising concerns and provides details on how

individuals are protected from retaliation when using this

reporting structure.

S4-4 – Taking action on material impacts, risks and

opportunities

SalMar’s sales teams, along with supporting quality teams,

maintain continuous communication with customers to assess

how the products are received. To mitigate material negative

impacts on consumers, such as the consumption of unsafe

food, the company focuses on implementing strict food safety

protocols.

SalMar holds sophisticated food safety control systems for

each step of the process in preparing the product and perform

sample testing of the batches sent to customers to ensure no

bacteria is growing on the product. If SalMar identifies

discrepancies from optimal food safety even after sending the

products to customers, the company will inform the customer

and prevent them from offering these products to the

consumers. Due to these actions, SalMar’s products rarely

impact the consumers and end-users negatively, but rather

have a financial effect on the company from product recalls.

SalMar’s food safety measures are reinforced by its own

sampling program, where both feed and finished products

undergo comprehensive analysis and testing for multiple

factors to ensure that food safety standards are upheld.

Additionally, SalMar holds several certifications for all its

facilities and food safety related activities, including IFS and

BRCGS, aligned with the Global Food Safety Initiative (GFSI)

standards. All SalMar’s suppliers involved in food safety

related matters also hold GFSI certifications, ensuring

consistency and compliance across the supply chain.

SalMar operates in accordance with the food safety

regulations of Norway and Iceland, and its facilities are

regularly inspected by the Norwegian Food Safety Authority

(NFSA) and the Icelandic Food and Veterinary Authority

(MAST). Furthermore, SalMar’s production is subject to the

laws of the receiving countries for its products.

SalMar’s ambition is to be a trusted supplier of high-quality

salmon to global markets. By providing accurate and

transparent information about its products, SalMar can reduce

the risk of scrutiny in the event of any issues within the

salmon supply chain. Offering reliable, high-quality product

information not only strengthens the company’s reputation

but also enhances its attractiveness as a business partner.

Additionally, SalMar’s deep understanding of global salmon

markets helps mitigate the risks of long-distance recalls, as

high-quality recalled products can be redirected to lower-grade

products in the same region, minimizing waste and financial

loss.

The effectiveness of these actions is assessed through

communication with customers, the recall system, and the

whistleblowing channel.

SalMar produces and sells only one product: salmon, offered in

various sizes and portions. While marketing and branding are

primarily handled by the customer, who sells the product to

the end consumer, SalMar occasionally engages with

customers to discuss effective product design, marketing, and

sales strategies. In these instances, SalMar provides advice on

the range of products it can deliver, while also offering

expertise on food safety and quality to ensure these factors

are properly considered in the customer’s approach.

The most material opportunity for SalMar related to food

safety is ensuring that no consumers are negatively impacted

by its products, while continuing to advocate for the health

benefits of including salmon in a healthy diet for people of all

ages. With a likely trend towards more low-carbon foods in the

coming years, salmon is well-positioned to be a key player in

this movement. To remain a viable option for all consumer

groups, it is essential for the salmon industry to continue

focusing on sustainable farming practices and ensuring that its

products are beneficial to human health.

Food safety is the most material matter in SalMar’s processing

plants, and no other business priority takes precedence over it,

unless it concerns human safety. SalMar cannot sell products

unless food safety standards have been strictly upheld, as the

consequences of failing to do so would be too severe, both


96		Sustainability Statement	Social Standards	MENU ≡

financially and for the company’s reputation. SalMar is

committed to ensuring no negative impacts on consumers.

No human rights issues or incidents connected to consumers

or end-users were reported to SalMar in 2024.


Metrics and Targets

S4-5 – Targets related to material impacts, risks and

opportunities

SalMar’s primary consumer-related target is to achieve zero

incidents of material negative impacts on consumers as

concluded through customer engagements. In these

engagements, customers act as the voice of the consumers

and end-users, as well as having their own concerns and

interests.

Thanks to SalMar’s robust food safety mechanisms, all

products are ensured to be safe when leaving the company’s

facilities. Furthermore, SalMar’s customers typically have

strong food safety systems in place to validate these

standards and ensure no contamination occurs during

transportation. As a result, the vast majority of food safety

concerns are mitigated before reaching consumers.

This zero-incident vision is established by senior management

as a cornerstone of SalMar’s strategic goals, aligning with

consumer expectations for safe and reliable products.

Performance toward this target is tracked through structured

feedback channels, and any nonconformances serve as critical

learning opportunities. The responsibility for identifying and

implementing necessary improvements is shared among all

involved stakeholders

In 2024, SalMar performed 174 internal audits and safety

inspections. This was the same amount as in 2023. In addition,

287 audits from external parties were conducted, down from

298 in 2023. Food safety and the regulations relating thereto

are highly prioritized. In 2024, there were no incidents of

product recalls related to food safety.

All corrective action plans for non-conformances identified

during FSI audits at all SalMar facilities were fully addressed

and completed within 30 days of the audit dates. As a result,

the corrective action completion rate stands at 100%.

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Governance Standards


G1 - Business Conduct	98

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Business Conduct


Non-material chapters and phase in options	99
Governance	99
Impact, risk and opportunity management
Identified impacts, risks and opportunities	99
G1-1– Business conduct policies and corporate culture	99
G1-3 – Prevention and detection of corruption and bribery	100
Metrics and targets
G1-4 – Incidents of corruption or bribery	100

1 https://www.salmar.no/en/investor/corporate-governance/ethical-guidelines/


99		Sustainability Statement	Governance Standards	MENU ≡


Non-material chapters and phase in options

Non-material chapters due to materiality assessment and IRO

analysis

• G1-2 – Management of relationships with suppliers

• G1-5 – Political influence and lobbying activities

• G1-6 – Payment practices

The listed topics were evaluated in the IRO analyses and the

double materiality assessment, as well as evaluated by all

engaged stakeholders. As shown in ESRS 2 SBM-3 Material

impacts, risks and opportunities and their interaction with

strategy and business model, the topics were deemed non-

material in the reporting year.


Governance

The role of the administrative, management and supervisory

bodies related to business conduct and the expertise of the

administrative, management and supervisory bodies on

business conduct matters is disclosed in ESRS 2 GOV-1 The

role of the administrative, management and supervisory

bodies.


Impacts, risks and opportunities management

Identified impacts, risks and opportunities

Corporate culture

SalMar faces several risks that potentially could challenge its

corporate culture, a key factor in its long-term success. The

company’s culture, built over time, is under pressure due to

rapid growth and geographic expansion, which make it harder

to maintain consistent values across locations. High turnover

in some areas adds another challenge, as it requires ongoing

recruitment, onboarding, and integration efforts, which can

disrupt the flow of core values. Additionally, SalMar’s spread-

out operations across different countries and regions make it

more difficult to build a unified corporate culture.

Despite these challenges, SalMar also has significant

opportunities to strengthen its corporate culture. The

company’s values and mission continue to be a powerful driver

of employee engagement and success. The vision of "Passion

for Salmon" is not only clearly represented in the company

logo but is also shared across all operational segments,

creating a sense of purpose that binds employees together. As

SalMar grows, there’s an opportunity to use its strong cultural

foundation to build even stronger connections across teams,

no matter where they are located, aligned with the company

vision “One SalMar”. By focusing on thorough onboarding and

ongoing training, SalMar can ensure its values stay at the

heart of the company as it evolves.

By addressing these risks and continuing to nurture its cultural

strengths, SalMar can create a more cohesive and resilient

organization.

Corruption and Bribery

Managing risks related to corruption and bribery is essential

for any globally operating company, including SalMar. With a

large geographical presence and a workforce regularly

interacting with third parties, there is an inherent risk that

employees may find themselves in vulnerable situations

regarding corruption or bribery. Such incidents and possible

allegations are treated with the utmost seriousness, as they

can result in substantial financial penalties and lasting

reputational damage. SalMar prioritizes the handling of any

indication of improper practices to safeguard the company’s

integrity.

Another risk arises from SalMar’s extensive supplier network,

which includes over 3,000 suppliers across a wide

geographical area. This scale makes it challenging to conduct

continuous due diligence processes at every level of the value

chain. These factors underscore the need for due diligence

prior to agreements, the company’s suppliers code of conduct,

and contractual obligations towards anti-corruption and

bribery compliance.

In January 2024, a Statement of Objections was sent from the

European Commission Directorate-General Competition to

SalMar ASA and other producers of farmed Norwegian salmon

concerning breach of EU competition rules. The Commission’s

preliminary assessment is that there may have occurred a

breach of EU competition law in the period 2011-2019,

related to spot sales into the EU of fresh, whole salmon

farmed in Norway. The Commission has not concluded in the

case and the sending of a Statement of Objections does not

preempt the outcome of the investigation. SalMar strongly

disagrees with the Commission’s preliminary assessment and

will account for SalMar’s view in a thorough reply to the

Commission. SalMar will continue to cooperate with the

commission until the case is settled.

G1-1– Business conduct policies and corporate culture

SalMar’s Code of Conduct, also referred to as its Ethical

Guidelines 1, serves as the foundational policy for employees

regarding business conduct and corporate culture. The policy

outlines how SalMar builds its corporate culture through

passion, dedication, and collaboration. It details the company’s

values and cultural principles, which are deeply rooted in

SalMar’s history and identity, and are widely integrated into

work environments across the organization.

The policy sets clear guidelines for acceptable, lawful

behaviour and highlights the importance of cultivating

productive working environments that reinforce a strong

corporate culture. The corporate culture is measured through

the company’s ability to achieve its goals and maintain a

dedicated, happy and involved workforce. This is evaluated in

leadership meetings and implemented throughout the

organization.

The policy also specifies requirements for ethical practices

related to conflicts of interest, bribery, and corruption, both

1 https://www.salmar.no/en/sustainability/people-and-society/whistleblowing/

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_7817/index.html


100		Sustainability Statement	Governance Standards	MENU ≡

within the organization and in dealings with business partners,

competitors, and authorities.

The process for identifying, reporting, and investigating

concerns about unlawful behaviour is detailed within the

policy and facilitated through a public whistleblowing

channel 1. This channel is accessible to both internal and

external stakeholders and is managed by an independent third

party. Whistleblowers have the option to report concerns

anonymously or by providing their full identity, with

confidentiality ensured. SalMar’s commitment to protecting

whistleblowers is clearly stated: no individual shall face

sanctions or retaliation for submitting a report.

Familiarization with SalMar’s Ethical Guidelines is part of the

onboarding process for all new employees, who are required to

confirm that they have read and understood the contents. If

updates are made to the Code of Conduct, employees must

repeat this training.

SalMar maintains a separate public Anti-Corruption and Bribery

Policy 2. This policy underscores SalMar’s zero-tolerance stance

towards any form of corruption by employees, managers,

members of the Board of Directors, or third parties involved in

the company’s activities. The policy also outlines procedures

for identifying and reporting corrupt practices through

established channels. Regular corruption and bribery risk

assessments are conducted, and training is provided

accordingly. Priority is given to employees at high risk of

exposure to corruption, whether due to influence, e.g., member

of the senior management, or exposure to high-risk

environments, e.g., sales staff.

Responsibility for implementing the Ethical Guidelines

throughout the organization rests with SalMar’s Chief

Executive Officer.

Disclosures related to animal welfare — a critical aspect of

SalMar’s business operations — are presented in a separate,

entity-specific section later in this report.

G1-3 – Prevention and detection of corruption and

bribery

SalMar’s Anti-Corruption and Bribery Policy informs employees

and other stakeholders of their responsibilities and duties

regarding the identification, prevention, and reporting of

corruption and bribery risks or incidents. Corruption prevention

is managed on both an individual level — through training,

vigilance, and reporting — and a corporate level, via established

reporting channels.

Incidents of corruption and bribery can be reported directly to

management or through the whistleblowing channel.

Allegations directed at SalMar as a company are likely to be

communicated either directly to the company or via public

channels.

Corruption or bribery by employees constitutes a breach of

SalMar’s Ethical Guidelines and may lead to disciplinary

actions, including formal warnings or dismissal. Investigations

into such incidents are carried out by the Human Resources

department and, if necessary, external experts. The

investigation committee operates independently of the

management chain involved in the matter to ensure

impartiality.

SalMar implements a “four-eyes” approach to prevent

corruption and bribery. Under this system, all invoices

processed by employees must be approved by their manager.

For larger payments, approval from senior management is

required. The system follows SalMar’s established Delegation

of Authority Matrix, which outlines the procurement authority

assigned to each role within the company.

Allegations against the company or its business partners will

be treated with high priority and escalated to senior

management and the Board of Directors for thorough review

and action.

SalMar’s executive management and the Board of Directors

has performed an annual review of the Ethical Guidelines,

central policies and the company’s corporate governance,

hereunder corruption and bribery. No specific corruption and

bribery training were conducted for managers or salespeople

in the reporting period. However, all new employees have

received training in the company’s ethical guidelines, also

including corruption and bribery guidance.


Metrics and targets

G1-4 – Incidents of corruption or bribery

SalMar has not identified any incidents or breaches in

procedures or standards of anti-corruption and anti-bribery in

the reporting year. The company has not received convictions

nor paid fines for violation of anti-corruption and anti-bribery

laws. Neither the company nor any of its employees have been

involved in confirmed incidents of corruption or bribery in the

reporting period.

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Entity-Specific Topics




ES1 - Animal Welfare	102

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Rationale for entity-specific disclosure	103
Impact, risks and opportunity management
Identified impacts, risks and opportunities	103
Policies related to animal welfare	104
Actions and resources in relation to animal welfare	106
Metrics and targets
Survival rate	112
Average density at sites	112
Antibiotics	112
Sea lice	113
Interaction with wild animals	113
Escape incidents	114
Certification	114

ES1

Animal Welfare

1 https://www.barentswatch.no/fiskehelse/?lang=en

2 The national lice limit is 0.5 adult female lice per fish, except for six weeks in the spring when the limit is 0.2, aligned with migrating patterns of wild salmon


103		Sustainability Statement	Entity-Specific Topics	MENU ≡


Rationale for entity-specific disclosure

As established through the internal analysis of impacts, risks

and opportunities (IRO) and the stakeholder engagements, the

most material topic for SalMar is animal welfare, both in terms

of impact materiality and financial materiality. SalMar’s core

operational principle is to operate on the salmon’s terms, and

through this commitment, animal welfare is at the heart of

everything.

Although animal welfare is presented as a sub-topic under G1 –

Business conduct, the topic is only marginally covered in the

disclosure requirements relating to policies, and not at all in

the targets and metrics section. Given this, SalMar recognizes

the importance of providing entity-specific information about

its commitments and practices related to animal welfare.

In SalMar’s IRO analysis, the company identified impacts, risks,

and opportunities related to both its farmed salmon and wild

animals affected by its operations. Therefore, SalMar defines

animal welfare to encompass both farmed and wild animals,

and the disclosures on this topic will reflect this scope.


Impact, risk and opportunity management

Identified impacts, risks and opportunities

Animal welfare, also covering fish welfare and fish health, is

indispensable for salmon farmers. For SalMar, with its vision of

“Passion for salmon” and ambition to always produce salmon

on the salmon’s terms, animal welfare stands at the top of its

strategic priorities.

Farming salmon at sea brings risks of negative impacts on the

salmon related to parasites, diseases and environmental

events. The welfare of the salmon is impacted by several

factors, and closing the knowledge gaps related to what

exactly creates optimal environments for thriving salmon is

considered a significant opportunity.

The most significant cause of negative impact on the salmon’s

welfare is sea lice, a naturally occurring parasite that feeds on

salmon skin and flesh. If not eliminated, the sea lice can

reproduce quickly and cause physical harm and stress to the

salmon. Furthermore, the parasite may clench onto and harm

wild salmon migrating through areas of salmon farming, as

they travel between rivers and the open ocean.

Due to the negative impacts caused by sea lice, the governing

bodies in both SalMar’s operating countries (Norway and

Iceland) have established actions to follow. Salmon farmers

are obligated to count the number of sea lice in their farms

every week and report it to the authorities through public

channels. Updated information on the sea lice levels at each

salmon farm along the Norwegian coast can be seen at

Barentswatch 1.

At sea lice levels below the regulatory threshold, the sea lice

are not materially harmful to the salmon itself. The national

lice limit is set primarily, to mitigate the risk of sea lice

spreading to wild stocks.

If lice levels rise above the national lice limit 2, salmon farmers

must perform delousing operations. These operations typically

involve moving the salmon from its cage into a well-boat,

where the salmon is flushed with water so that the sea lice

fall off before the salmon is placed back into the cages. These

operations may be stressful for the salmon and can cause

increased mortality rates.

The density of salmon in the sea cages is also linked to the

welfare of the salmon. Consequently, the national legislations

in Norway and Iceland demand a maximum density of 25

kilogram of salmon per cubic meter of water inside the sea

cages. In periods close to harvest, the sea sites close in on this

threshold, and if not respected, there is a potential for

negative impacts on fish welfare and a breach of regulation

which could result in fines.

During the last two years, the industry has experiences new

risks related to environmental impacts on the salmon. In late

2023, a sudden surge of string jellyfish caused harmful

impacts on salmon causing burns and wounds in the skin. This

surge continued through the first half of 2024 contributing to

fish welfare challenges.

Extreme variations in sea water temperatures have for several

years been assessed as a long-term climate-risk but was

clearly impactful in 2024. After a winter with cold sea water

temperatures in Norther Norway, the summer brought new

highs. The cold winter caused slowed growth, while the warm

summer created favourable conditions for sea lice which

impacted salmon welfare.

Antibiotics is no longer a widely used method of combating

diseases, as smolt are now vaccinated before being

transferred to sea. SalMar is continuously integrating new

vaccine programs when proved beneficial for salmon welfare.

The most recent developments include vaccines for pancreas

disease and winter wound bacteria with positive results.

With the levels of antibiotics used in Nordic salmon farming

being minuscule, the risks related to antibiotics resistance are

low. SalMar continues to communicate its commitments

towards no routine use of antibiotics, as there is still a risk of

customer misinterpretation considering the widespread use of

antibiotics several decades ago. If these commitments and

related metrics are not communicated sufficiently, there is a

risk of repelling customers which could have financial impacts

on the company.

Salmon farmers have for many years utilized cleaner fish –

such as lumpfish or wrasses – to mitigate the negative impacts

of sea lice, as these cleaner fish will eat the lice from the

salmon skin without harming the salmon. However, concerns

have been raised about the salmon farmers’ ability to uphold

animal welfare standards for cleaner fish. As a result, the use

of cleaner fish has been significantly reduced in recent years.

The negative impact caused by SalMar on the welfare of

cleaner fish is therefore significantly reduced.

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7822/index.html

2 https://www.salmar.no/en/sustainability/certifications/

3 https://salmar.extend.no/export/salmar/Policy/docs/doc_7818/index.html


104		Sustainability Statement	Entity-Specific Topics	MENU ≡

The closed population of salmon in sea cages, as presented by

salmon farming, can attract the attention of marine birds.

SalMar’s sea cages are equipped with bird nets to prevent

birds from entering and interacting with the salmon. However,

incidents do occur where birds attempt to enter the cages

through the nets, occasionally resulting in them getting stuck

or sustaining damage.

Although less common, marine predators such as tuna, seals,

or whales may also attempt to enter the sea cages. These

interactions can pose risks to both the safety of the animals

and the structural integrity of the company’s net pens. While

this is not currently considered a material risk for the company,

it remains a risk worth monitoring.

Escape incidents, which typically result from handling

operations, structural failure, or human error, are highly

undesirable, and any potential mitigation measures are

prioritized. While these incidents carry financial risks, such as

the loss of biological assets and regulatory fines, there is also

significant risk related to the events’ potential impact on wild

salmon stocks.

Farmed salmon are not adapted to life outside their net pens

and may struggle to survive in the wild. If, however, escaped

farmed salmon enter salmon rivers, they could negatively

affect wild salmon stocks through competition for food and

space, the spread of diseases, or genetic interactions – all of

which are considered potentially harmful.

If knowledge gaps related to animal welfare are addressed and

new solutions are developed to improve survival rates, the

financial benefits could be significant. SalMar recently

launched the Salmon Living Lab, a 500 MNOK innovation and

R&D initiative focusing on animal welfare, fish health, fish

feed and nutrition, and other key areas to optimize the

operating environment for salmon farming. Solution derived

through this project will serve the entire industry and

contribute to the development of an important industry for

meeting future food demands.

SalMar’s considers certification of its operations to presented

financial opportunities. SalMar’s customer base is increasingly

concerned about animal welfare and sustainability indicators,

and strict certification schemes contribute to providing

insights into how SalMar’s operations adheres to high

standards. SalMar has for many years prioritized certification

from the Aquaculture Stewardship Council (ASC), widely

acknowledged as the highest standard of operations with

regards to animal welfare and sustainability.

Furthermore, SalMar has focused on achieving and maintaining

a Global G.A.P. certificate for its entire value chain, ensuring

that all facilities and sites in SalMar’s ownership adheres to

stringent requirements related to animal welfare,

sustainability and food safety. Holding these certifications,

contributes to increased trust in SalMar as a responsible fish

farmer, and the attraction of new customers.

Policies related to animal welfare

SalMar maintains a comprehensive Fish Health and Fish

Welfare Policy 1, well embedded in the company’s activities.

The policy builds on the “Five Freedoms of Animal Welfare”

and coordinated efforts to provide optimal living conditions for

all life-stages of the salmon are detailed. This includes

routines and guidelines essential to promote fish health and

welfare, throughout all parts of SalMar’s operations.

The policy details the importance of fish health competence

and control. This is conducted through internal fish health

personnel following up consistently on both site-, region- and

corporate level, as well as monthly inspections on fish health

by external bodies. On-site knowledge on best practices

related to fish health and welfare are secured by the company

through internal training of site-employees. Continuous

follow-up and monitoring of fish welfare indicators, such as

wounds and injuries, thermal and physical well-being, are other

policy commitments stated.

In addition, the policy outlines that systematic efforts are

implemented at the generational level and extended to each

individual group of fish, with tailored actions. SalMar’s policy

includes employee training, research and development, and

active participation in initiatives such as the Salmon Living lab

aimed at advancing knowledge of fish health and welfare.

The policy emphasizes the importance of actively working

towards developing a more robust salmon. This entails an

internal breeding program focused on traits such as

robustness and disease resistance, tailored feeding programs

for each life stage, and vaccinating all smolt before transfer to

sea.

The policy also covers salmon escapes, and details how

SalMar’s workers are trained to identify high-risk operations

and mitigate any unnecessary risk of escapes. The company

holds a firm zero-vision for escapes as detailed in Metrics and

targets.

SalMar’s entire value chain is certified by external parties

against strict standards for fish welfare. This is an important

commitment detailed in the Fish Health and Fish Welfare

policy, and more information can be found later in this report,

and on the company website 2.

Furthermore, SalMar is fully committed to no routine use of

antibiotics as stated in the company’s public Antibiotics

Policy 3. This commitment is achieved by only administering

antibiotics in extraordinary events when specifically

recommended by a licensed veterinarian, as a last resort

towards saving fish lives. SalMar conducts proactive use of

vaccination, monitors fish welfare continuously, and upholds

biosecurity zoning boundaries to minimize spread of bacterial

infection.

1 https://salmar.extend.no/export/salmar/Policy/docs/doc_7821/index.html

2 https://salmar.extend.no/export/salmar/Policy/docs/doc_7826/index.html


105		Sustainability Statement	Entity-Specific Topics	MENU ≡

Taking proactive measures to prevent and manage disease,

parasites, and injuries is a crucial part of SalMar’s strategy for

securing fish health and welfare, as outlined in the policy.

For sea lice management, preventive anti-lice measures serve

as the primary line of defence. If preventive measures fall

short, SalMar operates lice lasers at many of its sea sites

which aims to remove sea lice from the salmon’s skin without

harming the salmon. If delousing operations become necessary

for upholding fish welfare standards and national regulation

limits, SalMar have specialized teams internally for carrying

out such operations, with first-hand knowledge of both the

sites and the operations.

SalMar is expanding its delousing capacity in Iceland. The

national legislation in Iceland follows different procedures for

performing delousing operations than what is applied in

Norway. Information on these differences can be seen under

the relevant target and metric under Metrics and targets.

SalMar’s animal welfare commitments extend also to cleaner

fish, which have been used as a preventive anti-lice measure

for several years. The cleaner fish have served well as sea lice

consumers, and the company have implemented measures to

improve their welfare standards, including specialized feed

and artificial kelp where the fish can rest.

SalMar’s fish welfare and fish health policy, internal handling

protocols and biosecurity plans govern all fish handling and

transport between biosecurity zones, aimed at preventing the

spread of disease both between sites and to wild fish

populations and ecosystems.

Considering that handling the fish is generally related to

negative impacts on fish welfare, SalMar is committed to

minimizing fish handling across all operations. When handling

is unavoidable, comprehensive procedures and employee

training are in place to mitigate fear and stress for the fish.

Additionally, in the event of mortalities, SalMar is committed

to investigating the causes and reporting all incidents, with

the goal of transparency, gaining insights and continually

refining procedures to reduce mortality rates.

Transport of fish is also related to negative impacts on fish

welfare as pumping the salmon into well-boats and

transporting them to land may be stressful for the salmon.

The transport methods applied today (dominated by well-

boats) are considered to be safe. To ensure that fish welfare

standards are upheld, SalMar is committed to monitoring key

water parameters during transport of its salmon such as

oxygen levels, pH, salinity, and temperature.

SalMar’s Environmental Practices policy 1 emphasizes the

company’s commitments to limiting interactions with all wild

animals. This is particularly relevant for species residing in or

migrating near the company’s sea sites, such as marine birds,

marine mammals, and wild salmon.

In SalMar’s Humane/Ethical Killing policy 2, the company

defines its commitments to ensure responsible slaughter of

their salmon. This involves humane killing mechanism either

by percussive or electric stunning through an automatic

system, followed by a manual control unit of trained SalMar-

employees controlling the salmon’s consciousness. In case of

insufficient euthanasia, personnel will anaesthetise the fish

again and cut the gills manually. This method is considered the

most humane method of slaughtering fish.

Animal welfare is a prerequisite for SalMar's business and thus

makes up a core part of SalMar's overall policy commitments.

Continuously working towards improved fish health and

welfare, in all parts of the company, is therefore well

embedded in the company’s core principles and actions. The

CEO and COO of Biology is responsible for the implementation

of the company’s policy commitments related to animal

welfare.

1 Cardiomyopathy syndrome

2 Pancreas disease

3 Heart and skeletal muscle inflammation

4 Infectious salmon anaemia

5 https://www.barentswatch.no/fiskehelse/


106		Sustainability Statement	Entity-Specific Topics	MENU ≡

Actions and resources in relation to animal welfare

SalMar’s dedication to operating in accordance with the

salmon’s needs imposes specific requirements on the actions

and resources dedicated to animal welfare. Fish welfare is

fundamental to successful fish farming, and SalMar is actively

involved in creating and executing actions aimed at enhancing

fish welfare. With “Passion for salmon” as the Group’s vision,

prioritizing fish welfare is essential for all decisions and

actions at SalMar.

Survival Rate

One of the most direct indicators of fish welfare is the survival

rate. In 2024, the SalMar Group reported survival rates of 94%

in freshwater (smolt facilities) and 93% at sea. Both remained

stable on the same level as in 2023. The development and

implementation of suitable actions remains important to reach

the Group’s ambitious targets for these metrics.

SalMar recognizes that one of the greatest challenges with

regard to salmon mortality is disease. SalMar implements

biosecurity measures across all operations, including strict

hygiene and sanitation practices, quarantine and isolation

protocols and comprehensive surveillance and early diagnostic

to help reduce the risk of disease outbreaks.

In 2024, 44% of the total number of fish mortalities were

caused by infectious diseases. Mortalities from CMS 1 and PD 2

decreased by 57% and 5%, respectively, from the previous

year. Conversely, an increase in mortalities was observed due

to HSMI 3 and injuries associated with jellyfish. SalMar

experienced four incidents of ISA 4 in 2024. Three were at

sites in Central Norway and one in SalMar’s Northern region.

No incidents occurred in Iceland.

SalMar acknowledges the need for effective strategies to

mitigate infectious diseases, as well as firm protocols for

managing disease outbreaks. SalMar reports all diseases

outbreaks to the Norwegian Food Safety Authority (NFSA) and

the Icelandic Food and Veterinary Authority (MAST), in

compliance with the national authorities’ protocols.

The main non-infectious mortality causes are associated with

treatments such as delousing, and SalMar are hence working

towards mitigating this through enhancing smolt quality and

robustness, improving procedures and methods of treatments

and reducing the need for fish handling in operations.

The last two years have seen surprising jellyfish blooms along

the Norwegian coast, impacting the welfare of the salmon.

With signs of jellyfish in areas where SalMar operates, lice

skirts are submerged around cages where possible as a

method of protecting the fish from infestation by reducing the

possibility of jellyfish entering the cages. Ceasing surface

feeding and guiding fish to safer depths using deep lights are

additional potential measures.

SalMar contributes actively to research in order to better

understand how to best prepare for jellyfish attacks and how

to predict their occurrences.

Historically, algal blooms have also had a negative impact on

farmed salmon. In efforts of mitigating the risk, the institute

of Marine Research operates a national algae monitoring

service, maintaining a network of permanent stations along

the coast to track both harmful and general algae. In an effort

to anticipate algal blooms, SalMar contributes by regularly

analysing seawater samples from areas surrounding its farms,

particularly during high-risk periods from April to September, or

whenever observations are giving suspicion of an algae bloom.

Additionally, unusual fish behaviour can activate SalMar’s

internal algae management protocols and response plans.

Primary causes of biomass loss in 2024:


	Infectious disease	Non-infectious causes
1	Winter sores and wounds	Treatments
2	Gill infections	Jelly fish attacks
3	CMS	Physical damage / handling
4	HSMI	Poor performers
5	PD	Acute smolt related issues

Site-specific information about treatments, sea lice levels,

notifiable diseases, escape incidents and more is publicly

available at Barentswatch 5.


107		Sustainability Statement	Entity-Specific Topics	MENU ≡

Measures against Sea Lice

Visualisation of SalMar’s anti-lice

strategy:

Sea lice are naturally occurring parasites in the northern

hemisphere and represent the most significant parasitic

challenge to salmonids in northern marine waters. During the

summer of 2024, Norway's aquaculture industry experienced a

significant surge in lice larvae populations, particularly in the

northern regions, largely due to seawater temperatures rising

well above seasonal norms. To meet the challenge presented

by sea lice, SalMar implements a variety of preventive

measures, along with treatment protocols that are both gentle

on the fish and considerate of the surrounding environment.

These practices are essential to SalMar's operations at sea.

SalMar’s main strategy in reducing the lice pressure and hence

number of treatments is preventive measures such as

optimizing stocking and operation plans, using lice skirts and

lice lasers, and “shielded” production methods such as closed,

semi-closed, submerged and offshore cages.

Average no. of adult female lice per week at SalMar in Norway

0.45

0.30

0.15

01.01

2022

2023

Medication

Medication zero

emissions

Active operations

Non-medical treatments

and harvesting out

Lice lasers

Removal of sea lice by laser pulse,

harmless to the salmon

Preventive measures

Lice skirts, cycle time, fallowing, operating

routines, collaboration and genetics

31.12

2024

Acknowledging the challenges the industry faces because of

sea lice, SalMar has ramped up its investments in preventive

methods against the lice. SalMar has increased its investments

in lice lasers, an innovative technology where physical units

with advanced optics and artificial intelligence are submerged

into the cages, identifies sea lice on salmon and removes it

with a laser pulse.

Furthermore, SalMar has increased its use of shielded

production methods, and have identified submerged net pens

as a focus area for investments in 2025. The company has

communicated a total of 1.2 billion NOK investments in its

farming segment in 2025, where the largest investments are

related to sea lice lasers and submerged net pens.

SalMar envisions an increase in the share of sites with

“preventive technology” from 20% in 2024 to 40% in 2025.

Preventive technology is here defined as any site with lice

lasers or using a shielded production method, e.g., closed,

semi-closed, submerged and offshore cages.

To monitor fish welfare indicators such as weight, wounds and

lice count in real-time, SalMar has implemented bioscope

technology at its sites. This solution enables continuous data

collection, enabling a more precise image of fish health and

welfare status in cages and minimizing the need for manual

lice counting and fish handling.

SalMar has also increased its use of new production methods,

including submerged, closed- and semi-closed sea cages.

These technologies allow for better screening from sea lice,

and the closed cages allow for better control and mitigation of

organic and inorganic nutrient pollution.

In cases where delousing is required, SalMar has developed its

own internal capacity for non-medicinal delousing. This

involves training of personnel, conducting risk assessments

prior to treatments and performing evaluations afterward, all

aimed at establishing best practice for delousing procedures.


108		Sustainability Statement	Entity-Specific Topics	MENU ≡

Antibiotics

To uphold its commitment to no routine use of antibiotics

across all operations, SalMar employs state-of-the-art

vaccination before smolt are transported to sea. The company

has further advanced its vaccination practices to address a

wider range of diseases that salmon may encounter at sea,

thereby reducing the need for antibiotics and improving fish

welfare.

In addition, SalMar engages with public policy officials and civil

organizations to ensure that a responsible approach to the use

of antibiotics is implemented across all operations. SalMar

conducts continuous assessments of antimicrobial resistance

risk for its workforce, and in the rare case of antibiotics use,

SalMar performs specific risk assessments related to each

incident.

Cleaner fish welfare

Cleaner fish have been used as a risk-based approach to

combat sea lice, as cleaner fish happily eat the sea lice off the

salmon skin without harming the salmon. To promote the fish

welfare of cleaner fish in SalMar, efforts such as farming

robust cleaner fish in-house, providing them with a dedicated

feed, and creating a familiar environment inside net pens

using artificial kelp have been implemented.

The use of cleaner fish in salmon farming has become a topic

of concern, due to issues related to fish welfare, high mortality

rates, and the ethical and sustainability implications of the

widespread use. In response, SalMar has progressively reduced

its reliance on cleaner fish.

In 2024, SalMar made the decision to phase out its production

of in-house cleaner fish with production set to be fully

discontinued by mid-2025. SalMar will transition from the use

of cleaner fish to the use of new technologies for combating

sea lice, aligned with its fish welfare policy.

A popular example of new technologies being applied is the

lice laser, as can be seen on this picture.


109		Sustainability Statement	Entity-Specific Topics	MENU ≡

Minimizing Impact on Wild Animals

With the majority of its operations at sea, SalMar is

fundamentally dependent on coexisting with the surrounding

environment. Minimizing the impact on wild animals is of the

utmost importance, and SalMar works actively toward this

goal. The company acknowledges that its operations may

impact wildlife and has established an internal task force to

investigate best practice to minimize the risk of harm to wild

animals.

To mitigate potential impacts on wild animals at its sites,

actions such as feeding strategies and daily removal of dead

fish are highlighted as important actions. Additionally, an

overview of red-listed species is displayed at each site, with

trained personnel on hand to recognize and report any

incidents with wild animals.

SalMar’s employees are trained to release wild animals from

the cages when possible, but on some occasions, the animals

sustain injuries or, tragically, may even die in their attempts to

interact with the salmon.

As part of SalMar’s commitment to responsible aquaculture, all

ASC-certified farms must adhere to a strict set of requirements

regarding wildlife mortalities and lethal incidents. These

requirements are designed to ensure that interactions with

wildlife are minimized. Farms are required to take proactive

measures to prevent harm to endangered species and to be

transparent about any lethal incidents, including those

involving non-threatened species. These principles are also

established for sites that do not hold an ASC standard, through

the internal “SalMar standard”.

In addition, the standards emphasize the importance of good

management practices, focusing on when and how to take

action to reduce the risk of future incidents. This framework

ensures that minimizing wildlife interactions is a key focus at

all ASC-certified SalMar sites, contributing to the overall goal

of reducing environmental impact and promoting sustainable

operations.

SalMar is committed to the protection of wild salmon

populations as part of its efforts to coexist with the

surrounding environment. A key component of this

commitment is its involvement in several biodiversity

initiatives aimed at monitoring wild salmon populations and

tracking escaped farmed salmon.

SalMar collaborates with research institutes to monitor

Norwegian rivers in all regions where it operates. In Central

Norway, SalMar has been a partner in actively monitoring the

rivers of Nidelva, Orkla, Skauga, Steinkjerelva, Stjørdalselva,

Verdalselva, Figga, Norddalsevla, and Stordalselva. Scale

samples from all salmon captured in these rivers are analysed

by the Norwegian Veterinary Institute, identifying any

escaped farmed salmon among the wild population.

Similar monitoring initiatives are also in place in Northern

Norway, through the Wild Salmon Industry Collaboration

Project in Troms, aiming at monitoring the status of rivers and

implementing measures to increase the number of wild salmon

in the area.

The project covers the rivers and watercourses of

Tennelvvassdraget, Vardnesvassdraget, Ånderelva, Grasmyr-

vassdraget, Brøstadelva, Rossfjordvassdraget, Skøelva,

Salangselva and Breivikelva. In addition, SalMar works closely

with Gramyrvassdraget in Senja and Målselv for monitoring

and emergency preparedness.

Further north in Finnmark, SalMar is engaged in similar

initiatives to monitor farmed salmon in Altaelva and

Repparfjordelva.

Moreover, SalMar has partnered with NINA, Skandinavisk

Naturovervåking AS, Naturtjenester i Nord AS, Nordavind

Utvikling AS and Lakseklyngen SA on initiatives related to wild

salmon conservation.

In collaboration with the Norwegian Seafood Federation and

other industry stakeholders, SalMar is leading a project

focused on tracing escaped farmed salmon. This is achieved by

using geoelement markers (traces in fish scales) and DNA

analysis (tracking the parent fish’s DNA), allowing for the

identification of the fish’s path. These efforts have been in

progress for several years.

The OURO initiative, a joint industry project established in

2015 and funded by the industry, was created in response to

regulatory requirements. The goal of the project is minimizing

the genetic impact of farmed salmon on wild fish populations.

The same level of engagement with research institutes into

surveillance has not been established in Iceland as of date,

where SalMar’s subsidiary Icelandic Salmon has showcased

zero escapes for three straight reporting years.

Zero Vision for Escapes

SalMar upholds a zero-escape vision across all its sites, a

commitment reflected in their daily operations. By monitoring

and maintaining technical equipment continuously, combined

with adhering to strict procedures that outline best practices

for handling fish, SalMar takes great responsibility in reducing

risk of escapes. SalMar’s focus remains on preventing escapes

through diligent oversight and attention to detail.

SalMar recognizes that damage to net pens is one of the most

common causes of fish escapes in the industry. In response,

SalMar works closely with their net suppliers to test and

customize net types for their sites, testing factors such as

resilience in harsh weather.

Stringent quality controls are followed for the net pens, and

the company has initiated an investment program to further

reduce incidents related to net pens.

To improve the ability to trace recaptured farmed salmon back

to their origin, SalMar co-owns Sporbarhet AS. This company

utilizes a data portal that stores genetic information from

broodstock, enabling the identification of an escaped salmon’s

farm of origin through genetic testing. If multiple potential

sites are indicated, geo-element analysis of scale samples can

further refine the identification to a specific location.

This initiative allows all recaptured farmed salmon to be

tested, helping SalMar determine if the fish originated from

one of its sites.

1 https://www.salmar.no/en/sustainability/certifications/


110		Sustainability Statement	Entity-Specific Topics	MENU ≡

All potential and actual incidents are reported both internally

within SalMar's quality system and externally to the

Directorate of Fisheries, ensuring transparency and full

accountability. Each incident is thoroughly analysed to identify

root causes, as well as to implement preventive and corrective

measures aimed at mitigating the risk of future occurrences.

This procedure is applied both in Norway and Iceland.

Despite stringent efforts to minimize the risk of escapes,

SalMar acknowledges that escape events are a continued risk

for the industry. In 2024, 966 recaptured farmed salmon in

Norwegian rivers were analysed using scale samples through

the Sporbarhet AS initiative, where 6 of these were traced

back to SalMar’s sites (0.6%).

Certification Across the Value Chain – From Roe to Plate

SalMar is dedicated to maintaining the highest standard of

integrity, professionalism, and trust, with a strong focus on

transparency across all operations. To support this

commitment, SalMar has obtained certification in line with the

most stringent requirements and guidelines in the industry.

The company’s adherence to both third-party standards and

customer-specific criteria is regularly verified through audits

of its operations. Additionally, SalMar’s activities are subject to

oversight by relevant government and regulatory authorities.

SalMar has a dedicated work group with the aim of increasing

the Group’s level of certification. The company believes that

increasing the level of certification will attract more

customers, creating a larger demand for SalMar’s products.

In the holistic view of SalMar’s value chain from roe to plate,

the company has focused on three main certification schemes

related to animal welfare and sustainable farming practices:

• Global G.A.P. – The Global G.A.P. standard for aquaculture

is a global standard for responsible farming practices that

covers the entire production chain, from broodstock, to

farming (including feed), harvesting, and transportation.

The standard considers all four pillars of the FAO Technical

Guidelines on Aquaculture Certification and the OIE (World

Organization for Animal Health) Aquatic Animal Health

Code. It further covers food safety, animal health and

welfare, environmental sustainability and biodiversity,

workers’ rights, production processes, legal compliance,

and traceability. A farm-level continuous improvement plan

must be established to help producers analyse and

enhance their operations.

• Aquaculture Stewardship Council (ASC) – The ASC

certification is by many considered to be the highest level

of certification on sustainable practices for aquaculture

companies. The ASC standard has more than 400 auditing

criteria within different topics, including animal welfare,

disease and parasite control, circular economy, biodiversity

and ecosystem services, compliance with national laws,

and social governance regarding both own workers and

neighbouring stakeholders. SalMar holds the ASC Chain of

Custody certification ensuring compliance with the

standard throughout the value chain.

• Debio/KRAV – The Debio/KRAV certification is specific to

organic salmon, of which SalMar is one of the world's

leading producers. The certification sets high standards for

animal husbandry, farming procedures, feed, harvesting,

processing and sales. The standard allows for a maximum

density in the sea cages of 10kg/m3, meaning that there

is a maximum of 10kg salmon per cubic meter of water in

the cages. The marine ingredients in the feed is required

to be sourced through MSC-certified fisheries, and no sea

cages can be treated with anti-fouling coating containing

copper. The fallowing period following a production cycle is

minimum four months, which is twice the length of

conventional farming.

The certifications are not only relevant for SalMar to showcase

high standards in its operations but is also desired by its

customers. Certain customers are concerned with the Global

G.A.P. certification and will only purchase salmon if the

company can ensure a full value chain certification (chain of

custody) with full traceability. The same yields for ASC

certifications, where SalMar usually achieve a premium price

on the volumes sold due to the certification being highly

valued and challenging to achieve. Other customers demand

organic salmon and require the Debio/KRAV certification on its

salmon. This creates a financial incentive for SalMar in

achieving the different certifications.

For further details related to the standards and requirements

of SalMar’s certifications, please refer to the company

webpage 1.


111		Sustainability Statement	Entity-Specific Topics	MENU ≡

Research and Development

bærekraftsrapport-2spalter-SalMar-LAB_waterlevel_Nordic_O_A_1920-kopi.jpg

SalMar has been outspoken about its concerns regarding

current trends in animal welfare within the aquaculture

industry. Despite significant efforts to improve welfare

standards each year, the results have not met expectations.

While consistently ranking as a high performer in industry

benchmarks, SalMar has openly acknowledged the challenges

faced by both the company and the broader sector.

Committed to driving progress, SalMar has launched the

Salmon Living Lab, an innovation and R&D initiative that

invites industry leaders, NGOs, academia, and other

stakeholders to collaborate, share knowledge, and advance

best practices. Beyond fostering industry-wide cooperation,

the initiative includes the development of an innovation and

R&D centre that will serve as a hub for research and

technological advancements in salmon farming.

In addition to its expertise, SalMar will be supporting the

initiative with a strong financial commitment. One envisions a

shared investment of about NOK 500 million for initiating the

project. The first partner to sign up for the collaboration is the

global food corporation Cargill.

SalMar is also engaged in feed research, aimed at developing a

fish feed that has a positive impact on fish welfare, health and

growth, while being gentle on the environment, climate and

wild stocks. In 2024, 15% of SalMar’s R&D spend was related

to research into novel feed ingredients, aimed at developing

and introducing suitable new ingredients to its feed. For more

details on SalMar’s novel feed ingredients, please see Chapter

E3 – Water and marine resources.


112		Sustainability Statement	Entity-Specific Topics	MENU ≡


Metrics and targets

Survival rate

To measure the survival rate of its salmon, SalMar applies the Global Salmon Initiative’s definition.

The definition is based on the number of individual fish rather than biomass, and includes all

salmon (live, dead, culled and harvested) in the denominator of the equation.

Annual survival rate = 1 – Annual mortality rate,

where the annual mortality rate is calculated as


Annual mortality rate =	# of mortalities
	# of mortalities + # of culled + # of harvested + # of outgoing individuals at end of year

The monthly survival rate is presented as:


Monthly survival rate = 1 -	Annual mortality rate
Monthly survival rate = 1 -	12

The survival rate of smolt (freshwater) is calculated using the same method but considers number

of delivered smolt rather than number of harvested adult salmon in the denominator.

SalMar’s annual survival rate and average monthly survival rate for 2024 and 2023 are presented

below:


Metric	Target	2024			2023
		Group	Norway	Iceland	Group	Norway	Iceland
Annual survival rate at sea	97% by 2030	93%	93%	87%	93%	94%	86%
Annual survival rate in freshwater	97% by 2030	94%	95%	82%	94%	95%	89%
Average monthly survival rate at sea	99.7% by 2030	99.4%	99.4%	98.9%	99.4%	99.5%	98.8%
Average monthly survival rate in freshwater	99.7% by 2030	99.5%	99.6%	98.5%	99.5%	99.6%	99.1%

The survival rate in freshwater is calculated from roe to the delivery of smolt to the sea cages,

while the survival rate at sea is calculated from the smolt is placed into the sea cages until

harvest.

Average density at sea sites

The average stocking density in the Group’s sea sites provide an indication of how much space

the salmon have in the cages on average through the year. This is, as discussed in the section on

identified impacts, risks, and opportunities, central to the salmon’s welfare.

The metric is calculated based on the estimated biomass in the cage and the volume of the cage.

The values are reported in the internal quality system every week.

Regulated by current legislation in both Norway and Iceland, the maximum density for

conventional farming in sea cages is 25 kg salmon per cubic meter of water. SalMar also produces

organic salmon, which requires a density that does not surpass 10 kg of salmon per cubic meter

of water.

SalMar’s target is to always stay within the limits set by these regulations, and the company

succeeded in this ambition in 2024. In Iceland, SalMar’s subsidiary, Icelandic Salmon, has set a

maximum limit of 13 kg/m3 for the winter season, as a measure for safeguarding fish welfare.

In 2024, the average stocking density was 7.80 kg/m3 in Norway, down from 8.45 kg/m3 in

2023. The average stocking density in Iceland was 3.22 kg/m3, down from 3.74 kg/m3 in 2023.

Antibiotics

In alignment with SalMar’s policy commitment of no routine use of antibiotics, the company has a

zero-vision target for antibiotics use. The target is monitored at site level by fish health

managers and veterinarians, and applies to all parts of SalMar’s operations. No decisions relating

to the use of antibiotics can be made without the prior approval of the executive management

team.

In 2024, SalMar administered antibiotics on a single occasion to uphold its fish welfare standards.

This action was in line with the company's commitment of no routine use of antibiotics, as

outlined in its public Antibiotics Policy, and was specifically recommended by a licensed

veterinarian. This marked the first time in five years that SalMar had to use antibiotics, and the

treatment was limited to just one farming cage.

The treatment was conducted to safeguard the welfare of fish impacted by winter sores caused

by the Moritella viscosa bacteria and fish was therefore treated with Florfenicol. This treatment

comprised 110 grams of active pharmaceutical ingredient (API). Considering that this was the

only incident of antibiotics use in the Group during the year, and that the salmon gross growth at

sea was 295,761 tons of salmon, the grams of API per gross growth was 0.0004.

Precautionary measures were taken by submitting samples of actual bacterial isolates of

Moritella viscosa for antibacterial resistance testing. The isolates in question proved sensitive for

the antibacterial agent Florfenicol, ensuring a safe administration of the medicament and thereby

reducing the risk of further development of antibiotic resistance following the treatment.

1 https://asc-aqua.org/wp-content/uploads/2024/05/ASC-STD-010-Salmon-Standard-V-1.4.1-May-2024.pdf

2 Any site that has held fed salmon in the reporting year


113		Sustainability Statement	Entity-Specific Topics	MENU ≡

Sea lice

As a measure of mitigating negative impacts on both farmed and wild salmon, all salmon farmers

in Norway and Iceland must report its lice numbers to the authorities every week. This is usually

done by farmers manually extracting a sample size of 20 salmon per cage and counting the

number of adult female lice attached to this sample size. The results are reported to the

governing bodies through an online platform and made publicly available.

SalMar remains committed to staying within the sea lice thresholds set by national regulations.

The company target is to have no lice observations above the national limits across all operations.

In 2024, the company performed 3,695 lice counts, where 161 were above the national limits.

This corresponds to 4.4%, an increase from 0.9% in 2023.

This significant increase in lice numbers is partly due to elevated sea temperatures during the

spring and summer, particularly in the northern production areas of SalMar. Warmer sea

temperatures create more favourable conditions for the parasites, accelerating their reproduction

rate. Although this year marks the first instance of water temperatures at such high levels,

SalMar anticipates that the elevated lice pressure may persist. As a result, the company is

conducting several mitigating actions as detailed under Actions and Resources above.

In Iceland, sea lice regulations differ from those in Norway. When lice levels exceed the 0.5

threshold, fish farmers must apply for clearance from the local food safety authority (MAST)

before conducting a delousing operation. Due to administrative processing times and the high

frequency of lice monitoring at sea farms, multiple counts above the national limit may occur

before delousing is approved and carried out.

As a result, the proportion of lice counts exceeding the national limit of 0.5 sea lice per salmon is

typically higher in Iceland than in Norway. However, all procedures carried out by SalMar and

Icelandic Salmon fully comply with local regulations. In 2024, the percentage of lice counts

exceeding the national limit in Iceland was 28% marking a significant reduction from 56% in

2023.

Interaction with wild animals

SalMar’s primary target concerning wild animal interactions is to achieve zero wild animal

mortalities related to its operations, striving to minimize its impact on surrounding wild

populations. In 2024, SalMar’s interactions with wild animals were reduced in all operating

segments as detailed by the table below. The company-wide target, yielding for all operations,

remains to achieve zero interactions with wild animals in 2025.


Number of interactions with wild animals per sea site		2024			2023
Number of interactions with wild animals per sea site		Group	Norway	Iceland	Group	Norway	Iceland
Birds	Accidental mortality	0.50	0.53	0.00	0.73	0.74	0.43
Birds	Euthanised	0.15	0.16	0.00	0.15	0.16	0.00
Marine mammals	Accidental mortality	0.00	0.00	0.00	0.00	0.00	0.00
Marine mammals	Euthanised	0.00	0.00	0.00	0.01	0.01	0.00

The metric is calculated as number of wild animal mortalities – grouped as marine birds and marine

mammals aligned with the ASC standard 1 - per active site 2 during the year. The mortality count is

based on reported incidents through the company’s quality systems in both Norway and Iceland.


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Escape incidents

Ole_Ekker_2023_DSCF0394_highres-2 kolonner.jpg

SalMar maintains a target of zero escape incidents. All escape events or suspicion of events are

reported immediately to the Directorate of Fisheries. The company implements immediate

remedial measures when possible, including placing fish nets around the site to recapture

escaped individuals.

In 2024, 4 escape incidents occurred in Norway, with a total of 3,557 fish escaped. No escape

incidents occurred in Iceland. No material financial costs from fish escape events were recorded in

2024.


Site name	# of escaped fish	Main cause	Mitigation actions
Gjæsingen	2,307	Technical error with damage on net	Replacement of nets with improved type
Lekangsund	1	Human error – lost fish at sea during crowding	Dialog and personnel training
Værøya	3	Technical error – defect pump on vessel during delousing	Replace pump, share event internally and ensure that it is not repeated
Salatskjæra	1,246	Technical error induced by extreme weather	Improve emergency preparedness and discuss improvements with technical suppliers

Certification

SalMar’s target is to maintain 100% of eligible sites on acknowledged certification schemes for

fish welfare and responsible practices. These certifications include the Global G.A.P., ASC and

Debio/KRAV, as described under Actions and resources in relation to animal welfare. Obtaining

such certification is dependent on an independent third-party evaluation of the company’s

practices, bringing increased trust to these certifications.

At the end of year for 2024, all SalMar’s active sites maintained a certification, both in Norway

and Iceland. All SalMar’s sea sites in Norway are certified under Global GAP, and 76% of its

Norwegian sea sites hold ASC certification, an increase from 61% in 2023.

Additionally, 7% of SalMar’s sea sites are certified by Debio/KRAV for responsible organic salmon

production. This comprises 100% of sites producing organic salmon in SalMar. In Iceland, 100% of

all eligible sea sites were ASC-certified in 2024, an increase from 83% in 2023.



Corporate Governance at SalMar ASA	116
Executive Management	124
Board of Directors	126
Shareholder Information	128
Report of the Board of Directors	130

Corporate

Governance


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Corporate Governance at SalMar ASA

SalMar ASA aims to maintain a high standard of corporate

governance. Good corporate governance strengthens public

confidence in the company and contributes to long-term

value creation by regulating the reciprocal roles and

responsibilities of shareholders, the Board of Directors and

the company’s management, over and above that which is

provided in laws and other regulations.

Corporate governance at SalMar shall be based on the

following main principles:

• All shareholders shall be treated equally.

• SalMar shall maintain open, relevant and reliable

communications with its stakeholders, including

shareholders, public authorities and the general public,

on matters relating to its business.

• SalMar’s Board of Directors shall be autonomous and

independent of company management.

• A majority of board members shall be independent of

the company’s majority shareholder.

• SalMar shall have a clear allocation of roles and

responsibilities between shareholders, the Board and

management.


1. Corporate Governance

Compliance and regulations

SalMar’s Board of Directors have overall responsibility for

ensuring that the company has adequate corporate

governance. The company’s Board and management perform a

thorough annual assessment of its principles for corporate

governance.

SalMar is a Norwegian public limited company listed on the

Oslo Stock Exchange. The company is subject to section 2-9 of

the Norwegian Accounting Act, pursuant to which the

company must annually disclose its principles and practices

with respect to corporate governance. In addition, the

company is subject to the Oslo Stock Exchange’s requirements

for an annual statement of its principles and practices with

respect to corporate governance. This disclosure shall cover

each chapter in the prevailing Norwegian Code of Practice for

Corporate Governance (code of practice) issued by the

Norwegian Corporate Governance Board (NUES). The Oslo

Stock Exchange’s Continuing Obligations provide an overview

of the information that must be included in the disclosure. The

Norwegian Accounting Act is available from www.lovdata.no,

while the Continuing Obligations are available from

www.oslobors.no.

SalMar complies with the current Code of Practice for

Corporate Governance, published 14 October 2021. The code

of practice may be found at www.nues.no.

Application of the code of practice is based on the ‘comply or

explain’ principle, which means that the company must provide

an explanation if it elects an approach different to that

recommended in the code of practice.

SalMar issues a comprehensive statement of its principles for

corporate governance in its annual report, and this information

is also available from www.salmar.no. This present statement

describes how SalMar has conducted itself with respect to the

code of practice in 2024

Deviations from the code of practice: Reference is made to item


2. Business and Purpose

SalMar is one of the world’s largest producers of farmed

salmon. As at 31 December 2024, the company owned

licences for marine production of 170,240 tonnes maximum

allowable biomass (MAB) in Norway. This includes 6 time-

limited demonstration licences and 4 broodstock licences

covering 780 tonnes MAB each and 7,212 tonnes MAB in

development licences. In addition, the company has 6,240

tonnes MAB development licences through the Mariculture AS.

SalMar has substantial secondary processing and sales

activities in Frøya at InnovaMar, Senja at InnovaNor and Aukra

at Vikenco, as well as six sales offices in Asia. SalMar is also an

pioneer in leading the development offshore and has two

semi-offshore units in operation.

At the end of 2024, SalMar owned 52.5 per cent of the

Icelandic aquaculture company Icelandic Salmon, which holds

23,700 tonnes MAB in licence capacity.


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SalMar owns 50 per cent of Norskott Havbruk AS, which in

turn owns 100 per cent of Scottish Sea Farms Ltd, the UK’s

second largest producer of salmon, with an annual capacity of

around 45,000 tonnes of salmon.

SalMar ASA’s objectives are defined in Article 2 of its articles

of association:

“The objective of the company is fish farming, the processing and

trading of all types of fish and shellfish, and other financial

activities related thereto. The company may, in accordance with

directives from the relevant authorities, undertake general

investment activities, including participation in other companies

with similar or related objectives.”

SalMar’s Board of Directors has drawn up clear objectives and

strategies for the Group to secure optimal value creation for

its shareholders and other stakeholders. Each business area

has developed its own goals in line with these, and strategic

priorities have been defined. Within the framework of the

above article, SalMar is currently engaged in broodstock and

smolt production, marine-phase farming, harvesting,

processing and sale of farmed salmon. The Board also defines

risk and sustainability profiles for the Group and ensures that

these support value creation for its shareholders, and the

board evaluates the risk profile annually.

The company’s objectives and main strategies are further

discussed in the annual report and can be found on the

company’s website www.salmar.no.

Corporate values, code of conduct and social

responsibility

SalMar’s corporate culture is based on the success factors that

have underpinned its development since its establishment in

1991. Although this culture is affected by both internal and

external framework conditions, it is firmly embedded in certain

overarching principles, such as sustainability, equality, quality,

care for the environment, focus on work tasks and continuous

improvement.

Underpinning all of SalMar’s actions and business operations is

its vision: “Passion for Salmon”. This means that all choices

relating to the company’s production shall be made on the

basis of a passion for salmon. Salmon shall be produced on its

own terms. SalMar considers that the best biological results

will provide the basis for the best financial results, and will

safeguard SalMar’s position as the world’s most cost-effect

salmon producer.

SalMar has two main principles: minimizing our environmental

impact in the areas we operate, and to maximize value

creation from the fish we produce. One of our most important

tenets is “sustainability in everything we do”. Sustainable food

production is an issue that has gained increased significance

and focus. SalMar is engaged in a number of initiatives which

will help make our already sustainable food production even

more sustainable. See our latest sustainability report for

further details.

SalMar has a set of tenets that describe desired behaviours

and a shared understanding of how employees should behave.

Through the SalMar School and day-to-day exposure to

SalMar’s corporate and performance culture, all employees are

given encouragement and opportunities for development. For

more information on the SalMar culture, please see the annual

report and the company’s website www.salmar.no.

SalMar has drawn up a code of conduct and social

responsibility, whose purpose is to safeguard and develop the

company’s values, create a healthy corporate culture and

uphold the company’s integrity. The code of conduct is also

meant to be a tool for self-assessment and for the further

development of the company’s identity. All employees of the

company are bound to comply with the ethical guidelines laid

down in the code of conduct. The reporting of any wrongdoing

or other causes for concern is covered by specific procedures,

which also allow employees to report anonymously through an

external channel. The code of conduct is available from the

company’s website www.salmar.no.

SalMar has a presence in many local communities. The Group is

therefore aware of the diverse nature of its social

responsibilities: as an employer, an industrial processor, a

producer of healthy food, as a custodian of financial and

intellectual capital, and – not least- as a user of the natural

environment. Increased biological control is one of the

company’s most important focus areas, and is a material

prerequisite for long-term success. The company is, among

other things, working actively to safeguard fish welfare and

prevent salmon from escaping.

One of the company’s most important tenets is ‘We care’. This

permeates the SalMar culture, and ensures a high degree of

awareness among employees, both internally and externally,

in the areas in which the company operates.

Deviations from the code of practice: None


3. Equity and Dividend

Equity

As at 31 December 2024, the group’s equity totalled NOK

20,240 million, which corresponds to an equity ratio of 37.2

percent. The Board considers SalMar’s capital structure to be

solid in relation to the company’s objectives, strategy and risk

profile.

Dividend policy

SalMar intends to provide shareholders with a competitive

return on invested capital by creating value for shareholders in

the form of dividends and share price appreciation over time.

SalMar’s dividend policy takes as its starting point that the

company shall at all times have a robust balance sheet and a

liquidity reserve that is sufficient to meet future obligations.

The company has established long-term financial targets

linked to gearing: NIBD in relation to EBITDA in the interval

1.0–2.5. Provided that the company is within these limits, and

taking account of future investments, the intention is to pay

out surplus liquidity in the form of a dividend or the buyback

of treasury shares. Provided the Annual General Meeting

(AGM) approves, the aim is to make annual payments of

dividend. The company will also consider the buyback of

treasury shares within the authorisation limits granted to the

Board by the AGM.

For the 2024 financial year, the Board proposes payment of a

dividend corresponding to NOK 22.00 per share. This proposal


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is based on the Board’s assessment that company’s has has

delivered good financial results and maintained a solid

financial position with a strong liquidity reserve.

Board authorisations

Authorisations granted to the Board are normally time limited,

and are valid only up until the next annual general meeting

(AGM) and no later than 30 June the following year.

The AGM of 6 June 2024 granted the Board three

authorisations: to increase SalMar’s share capital, to issue

convertible loans and to acquire own shares in the market.

These were extensions of authorisations granted by the AGM

in 2023. In line with the Norwegian Code of Practice for

Corporate Governance, each of the authorisations was

considered separately.

The authorisation for the Board to increase the company’s

share capital was limited to NOK 1,650,486.50, through the

issue of up to 6,601,946 shares to finance investments and

the acquisition of businesses through cash issues and

contributions in kind.

The second authorisation allows the Board to issue convertible

loans for up to NOK 3,000,000,000 for the purpose of

enabling SalMar, at short notice, to use such financial

instruments as part of its overall financing requirement. In

connection with the conversion of loans raised pursuant to

this authorisation, SalMar’s share capital may be increased by

up to NOK 1,650,486.50, though with account taken of any

capital increases undertaken pursuant to the authorisation to

increase SalMar’s share capital, such that the total capital

increase for both authorisations combined may not exceed 5

per cent of the share capital. It follows from the purpose of

the authorisations that the Board may need to waive existing

shareholders’ preference rights.

The third authorisation allows the Board to acquire up to

13,203,892 treasury shares with an aggregate par value of up

to an aggregate of NOK 3,300,973 at a price per share of no

less than NOK 1 and no more than NOK 1,000. The

authorization cane be used to buy back own shares in order to

meet obligations under the company’s share-based incentive

schemes for senior executives and also as a way of returning

value to its shareholders, as weel as to buy back shares for

subsequent cancellation or sale. The total capital increase for

the third authorisation may not exceed 10 per cent of the

share capital.

All board authorisations are valid up until the next AGM, which

will be held on 18 June 2025.

Deviations from the code of practice: None


4. Non-Discrimination of Shareholders and Transactions With Closely Related Parties

As of 31 December 2024, SalMar ASA owned 114,554

treasury shares, which accounts for 0.09% percent of the

company’s registered share capital. Transactions involving

treasury shares are undertaken on the stock exchange or

otherwise at the listed price.

In the event of not immaterial transactions with related

parties, the company shall make use of valuations and

assessments provided by an independent third party.

In the event of capital increases based on an authorisation

issued by a general meeting of shareholders, where the

existing shareholders’ rights are waived, the reason for this

will be provided in a public announcement in connection with

the capital increase as it was done on the successful private

placement that took place 8 June 2021.

SalMar’s code of conduct and regulations regarding insider

trading set out what is required of employees with respect to

loyalty, conflicts of interest, confidentiality and guidelines for

trading in the company’s shares. The code of conduct states

that all employees must notify the Board if they, directly or

indirectly, have a material interest in any agreement entered

into by the company. Board members also have a duty to

comply with the company’s code of conduct.

SalMar’s Board Chair Gustav Witzøe is the company’s founder.

He indirectly owns 92.3 per cent of Kverva AS, which, through

Kverva Industrier AS, owns 45.4 per cent of the shares in

SalMar ASA. Witzøe is a member of the board of Kverva AS.

The instructions regulating the Audit and Risk Committee

includes monitoring of the company’s routines and follow-up

of transactions between related parties.

Transactions with related parties are disclosed in Note 4.8 to

the 2024 consolidated financial statements.

Deviations from the code of practice: None


5. Free Transferability

SalMar has only one class of shares and all shares have equal

rights. Each share has a face value of NOK 0.25 and carries

one vote.

The company’s shares are freely transferable on the Oslo

Stock Exchange, and its articles of association do not contain

any restrictions on the right to own, trade or vote for shares in

the company, as long as the regulations governing insider

trading are complied with.

Deviations from the code of practice: None


6. General Meeting of Shareholders

The company’s highest decision-making body is the General

Meeting of Shareholders.

General meetings are open to participation by all shareholders.

Pursuant to Article 7 of the company’s articles of association,

the Annual General Meeting must be held by the end of June

each year in Oslo, Trondheim or Kverva in the municipality of

Frøya.

The 2024 AGM will be held on 18 June 2025 at the company’s

head office in Frøya. An invitation to attend the AGM or an


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EGM will be issued no later than 21 days prior to the date of

the meeting.

In accordance with the company’s articles of association,

documents relating to matters to be addressed at a general

meeting of shareholders may be made available on SalMar

ASA’s website. The same applies to documents which by law

must be included in or attached to the invitation to attend the

general meeting. If the documents are made available in this

way, the statutory requirement with respect to distribution to

shareholders is not applicable. A shareholder may nevertheless

ask to be sent documents relating to matters to be discussed

at a general meeting by post. Case documents must contain all

the documentation necessary to enable shareholders to take a

standpoint on all matters to be addressed. Pursuant to section

5-11 of the Public Limited Companies Act, shareholders are

also entitled to table their own items for consideration by the

general meeting.

The deadline for notification of shareholders’ intention to

attend a general meeting is stipulated by the Board of

Directors in the invitation thereto, no less than five days prior

to the date of the meeting. Shareholders may send

notification of their attendance, using the form provided, by

post or email to the company’s account manager Nordea Bank

Norge AS, or via the company’s website www.salmar.no.

Shareholders are entitled to make proposals and cast their

votes either in person or through a proxy, including a proxy

appointed by the company. The proxy form also enables

shareholders to grant a proxy vote for each individual agenda

item and in connection with the election of each board

member.

Shareholders are entitled to cast their votes on each individual

item on the agenda, including each individual Director

nominated to the Board or members for the Nomination

Committee.

The Board determines the agenda for the meeting, and the

main issues to be dealt with by the AGM are regulated by

Article 9 of the company’s articles of association and section

5-6 of the Public Limited Companies Act.

The Board Chair and the company’s auditor will be represented

at general meetings, which will normally be chaired by the

Board Chair. Other members of the Board of Directors and

members of the Nomination Committee may in addition be

represented at general meetings. The present Board Chair,

Gustav Witzøe, is a member of the board of Kverva AS,

SalMar’s majority shareholder through its ownership in Kverva

Industrier AS. Nevertheless, SalMar considers its Board Chair to

be best suited to chair general meetings. In the event of any

disagreement on individual agenda items where the Board

Chair belongs to one of the factions, or for some other reason

is not deemed to be impartial, a different person will be

selected to chair the meeting in order to ensure independence

with respect to the matters concerned.

The company will publish the minutes of general meetings of

shareholders in accordance with stock exchange regulations.

Deviations from the code of practice: It is considered from time

to time whether the entire Board of Directors and the Chair of

the Nomination Committee will be present at the general

meetings.


7. Nomination Committee

Article 8 of the company’s articles of association stipulates

that the Nomination Committee shall comprise a total of three

people, who shall be shareholders or shareholders’

representatives. The Nomination Committee’s composition

shall be such that the interests of shareholders as a

community are upheld, and the majority of committee

members shall be independent of management and the Board.

The members of the Nomination Committee, including its chair,

are elected by the AGM for a term of two years. Members may

be re-elected. To ensure continuity, members’ terms of office

shall not coincide. The remuneration payable to members of

the Nomination Committee is determined by the AGM. A set of

regulations governing the work of the Nomination Committee

was adopted at the board meeting of 21 March 2007 and

updated at the AGM in 2014.

As at 31 December 2024, the Nomination Committee comprise

of the following:

• Bjørn Wiggen, Chair (up for election in 2025)

• Ingjer Ofstad

• Endre Kolbjørnsen

The Nomination Committee shall make a recommendation to

the AGM with respect to candidates for election to the Board

of Directors and Nomination Committee, as well as propose the

remuneration payable to the members of the Board and the

Nomination Committee. In its work, the Nomination Committee

shall take into consideration relevant statutory requirements

with respect to the composition of the company’s governing

bodies, as well as principles for corporate governance laid

down in the Norwegian Code of Practice for Corporate

Governance drawn up by NUES. Proposals for members of the

Board and Nomination Committee should safeguard the

shareholder community’s interests and the company’s need for

competence, capacity and diversity. The Nomination

Committee has a dialogue with each of the board members

yearly.

The Nomination Committee draws up criteria for the selection

of candidates for the Board and Nomination Committee, in

which both genders should be represented. The Nomination

Committee should, over time, balance the requirements for

continuity and renewal in the individual governing body.

Relevant candidates must be asked whether they are willing

to undertake the office of director or deputy director.

The committee should base its recommendations with respect

to the remuneration payable on (a) information about the size

of the remuneration paid to elected officers in other

comparable companies, and (b) on the scope of work and the

amount of effort the elected officers are expected to devote

to the task on behalf of the company.

The Nomination Committee’s recommendation to the AGM

must be published in good time, so that it can be

communicated to the shareholders before the meeting takes

place. The recommendation shall accompany the invitation to

attend the AGM, no later than 21 days before the meeting

takes place. The committee’s recommendation shall contain


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information about the candidates’ independence and

competence, including age, education and work experience. If

relevant, notice shall also be given about how long the

candidate has been an elected officer of the company, any

assignments for the company, as well as material assignments

for other group companies that may be of significance.

Proposals to the Nomination Committee

All shareholders are entitled to propose candidates for the

Board or other elected offices to the Nomination Committee.

Such proposals must be submitted to the Nomination

Committee no less than six weeks prior to the company’s AGM.

All proposals shall be sent by email to the Nomination

Committee’s chair. Contact details are available from the

company’s website www.salmar.no.

Deviations from the code of practice: None


8. Board of Directors, Composition and Independence

Pursuant to Article 5 of SalMar’s articles of association, the

Board of Directors shall comprise of five to nine members, to

be elected by the AGM. The Board Chair is elected by the AGM.

The company’s current board is made up of seven members,

including two employee representatives. Three out of seven

of the company’s directors are women, including one female

employee representative.

After the AGM in 2025 the board will include four employee

representatives instead of two. Two of the representatives

will have voting rights while two of the representatives will be

observers.

The regulations governing the work of the Nomination

Committee state that emphasis shall be placed on ensuring

that board members have the necessary competence to carry

out an independent assessment of the matters presented to it

by management and of the company’s business activities.

Emphasis shall also be placed on ensuring that there is a

reasonable gender balance and that directors are independent

with respect to the company. The Nomination Committee’s

recommendation shall meet the requirements relating to board

composition stipulated by applicable legislation and the

regulations of the Oslo Stock Exchange. Board members are

elected for a term of two years and may be re-elected. An

overview of the individual directors’ competence and

background is available from the company’s website

www.salmar.no.

Through decades of expertise from the aquaculture industry

three of the Board members (Gustav Witzøe, Leif Inge

Nordhammer and Margrethe Hauge) has expertise within

sustainability and food safety for the industry. In addition both

Margrethe Hauge and Morten Loktu both have expertise

within product development and innovation. See ESRS 2 in this

annual report for further information.

As at 31 December 2024, four shareholder elected board

members, Gustav Witzøe, Leif Inge Nordhammer, Arnhild

Holstad and Morten Loktu owned shares in SalMar. And one of

the employee-elected board members owned shares in SalMar.

See company’s website www.salmar.no and Note 4.2 to the

2024 consolidated financial statements for further details.

Independence of the Board

SalMar’s Board of Directors is composed such that it is able to

act independently of any special interests. Board Chair Gustav

Witzøe is also a member of the board of Kverva AS, the

company’s majority shareholder through its owner share in

Kverva Industrier. Further, Leif Inge Nordhammer is also a

member of the board of Kverva AS. These two are therefore

not deemed to be independent. The remaining directors are

deemed to be independent of senior executives, material

business associates and the company’s largest shareholders.

In matters of material importance in which the Board Chair is,

or has been, actively engaged, another director is appointed to

chair the Board’s deliberations. No such matters have been

addressed in 2024.

Deviations from the code of practice: None


9. The Board of Directors

The Board of Directors has overall responsibility for the

management of the Group and the supervision of its day-to-

day management and business activities. Furthermore, the

Board determines the Group’s overall objectives and strategy,

including the overall composition of the Group’s portfolio and

the business strategies of the individual business unit. The

board is formally mandated to oversee all Sustainability/ESG

issues. The work of the Board is governed by a set of

regulations which describe the Board’s responsibilities, tasks

and administrative procedures. The Board has also prepared a

set of instructions for the group management team that

clarifies its duties, lines of authority and responsibilities.

The regulations governing the Board’s working practices

provide guidelines for how individual directors and the CEO

should conduct themselves with respect to matters in which

they may have a personal interest. Among them is the

stipulation that each director must make a conscious

assessment of his/her own impartiality, and inform the Board

of any possible conflict of interest.

The Board shall approve the Group’s plans and budgets.

Proposals relating to targets, strategies and budgets are

drawn up and presented by management. Strategy is normally

discussed during the autumn, ahead of the Group’s budget

process. Within the area of strategy, the Board shall play an

active role in setting management’s course, particularly with

regard to organisational restructuring and/or operational

changes.

The Board meets as often as necessary to perform its duties.

In 2024, the Board held 10 meetings, of which 4 were held

digitally. The overall attendance rate at board meetings was

96 per cent.

The Board makes an annual assessment of its own work and

competence.


121		Corporate Governance	Corporate Governance at SalMar ASA	MENU ≡

Audit and Risk Committee

Pursuant to the Public Limited Companies Act, SalMar has a

board-appointed Audit and Risk Committee. The committee’s

main tasks are to prepare the Board’s follow-up of the

financial reporting process, monitor the Group’s internal

control and risk management systems; monitor its routines

and follow-up of transactions with related parties; and

maintain an ongoing dialogue with the auditor. The committee

held 8 meetings in 2024, with an overall attendance rate of

100 per cent.

With effect from 1 January 2021, the committee has been

given broader responsibilities. This has been prompted by

changes in the Norwegian Auditing Act and implementation of

EU directives. The Board has updated the committee’s

instructions accordingly.

The Audit and Risk Committee also monitors the routines and

follow-up procedures of transactions towards related parties.

At least one committee member must be independent of the

business. If the committee has more than two members, a

majority must be independent of the business.

As at 31 December 2024, the Audit and Risk Committee

comprised the following:

• Margrethe Hauge (independent), chair

• Morten Loktu (independent)

Deviations from the code of practice: None


10. Risk Management and Internal Control

The Board is responsible for ensuring that the company’s risk

management and internal control systems are adequate in

relation to the regulations governing the business. The

company’s systems and procedures for risk management and

internal control are intended to ensure efficient operations,

timely and correct financial reporting, as well as compliance

with the legislation and regulations to which the company is

subject. The Board performs an annual review of the

company’s risk management/corporate governance.

The most important risk factors for the company are biological

risk associated with the biological situation in its hatcheries

and sea farms, as well as the risk of fish escaping therefrom,

and financial risk (fluctuations in salmon prices, foreign

exchange, credit and interest rate risk). In addition, greater

emphasis has been placed on IT security and the development

of technologies and solutions to secure continued sustainable

growth in the field of sustainable food production. These risk

factors are monitored and addressed by managers at all levels

in the organisation. For further information, please see the

Annual Report for 2024. It is the CEO’s responsibility to ensure

that the company operates in accordance with all relevant

statutes and guidelines.

Internal control of financial reporting is achieved through day-

to-day follow-up by management and process owners, and

supervision by the Audit and Risk Committee. Non-

conformances and improvement opportunities are followed up

and corrective measures implemented. Financial risk is

managed by a central unit at head office, and, where

appropriate, consideration is given to the use of financial

hedging instruments.

Follow-up and control of compliance with the company’s

values and code of conduct takes place in the line as part of

day-to-day operations.

The largest risk facing SalMar relates to the biological

development of its smolt and marine-phase fish stocks. The

company has internal controls which encompass systematic

planning, organisation, performance and evaluation of the

Group’s activities in accordance with both public regulations

and its own ambitions for continuous improvement. The Group

has, for example, drawn up shared objectives for its internal

control activities relating to the working environment and

personal safety, escape prevention, fish welfare, pollution,

food safety and water resources. Please see the annual report

for further details.

Deviations from the code of practice: None


11. Directors’ Fees

The Nomination Committee’s proposal for the remuneration

payable to the Board of Directors is approved or rejected by

the company’s AGM. Directors’ fees shall reflect the Board’s

responsibilities, competence, time spent and the complexity of

the business.

Directors’ fees are not performance-related and contain no

share option element. Additional information relating to

directors’ fees can be found in the notes to the financial

statements included in the Annual Report for 2024.

In accordance with Section 6-16b of the Public Limited

Companies Act, a separate report describing remuneration to

management and directors in 2024 will be presented to the

AGM for approval.

Deviations from the code of practice: None


122		Corporate Governance	Corporate Governance at SalMar ASA	MENU ≡


12. Remuneration to Senior Executives

Pursuant to Section 6-16a of the Public Limited Companies

Act, the Board of Directors has prepared a statement relating

to the determination of salaries and other benefits payable to

senior executives. This statement will, in line with the said

statutory provision, be laid before the company’s AGM in

accordance with the existing regulations.

The company’s senior executive remuneration policy is based

primarily on the principle that executive pay should be

competitive and motivating, in order to attract and retain key

personnel with the necessary competence.

The statement refers to the fact that the Board of Directors

shall determine the salary and other benefits payable to the

CEO. The salary and benefits payable to other senior

executives are determined by the CEO in accordance with the

guidelines laid down in the statement. The existing

compensation scheme is divided into three and comprises a

fixed salary, a performance-related bonus and a share-based

incentive scheme in line with the Board’s authorisation.

At the 2024 AGM, the statement on executive remuneration

was set forth as a separate case document, which is available

from the company’s website www.salmar.no. The AGM voted

to approve the establishment of a new share-based incentive

scheme for senior executives. The AGM approved separately

the item relating to the remuneration of senior executives

linked to shares or developments in the price of shares in

SalMar or other group companies.

In accordance with Section 6-16b of the Public Limited

Companies Act, a separate report describing remuneration to

management and directors in 2024 will be issued and

presented to the AGM for approval.

Deviations from the code of practice: None


13. Information and Communication

Investor relations

Communication with shareholders, investors and analysts is a

high priority for SalMar. The objective is to ensure that the

financial markets and shareholders receive correct and timely

information, thus providing the soundest possible foundation

for a valuation of the company. All market players shall have

access to the same information, and all information is

published in both Norwegian and English. All notices sent to

the stock exchange are made available on the company’s

website and at www.newsweb.no.

SalMar seeks to comply with the Oslo Stock Exchange’s

investor relations recommendations, which includes a

recommendation to publish information to investors on

companies’ websites. The company has, in line with the

Norwegian Code of Practice for Corporate Governance, also

adopted an ‘IR Policy’, which is available from the company’s

website. The CEO, CFO and Investor Relations Manager are

responsible for communications with shareholders in the

period between general meetings.

Financial information

The company holds open investor presentations in association

with the publication of its year-end and interim results. These

presentations are open to all and provide an overview of the

Group’s operational and financial performance in the previous

quarter, as well as an overview of the general market outlook

and company’s own future prospects. These presentations are

also made available on the company’s website.

The company will continue to publish interim reports in line

with the Oslo Stock Exchange’s recommendation. Such interim

results will be published no more than 60 days after the close

of each quarter.

Quiet period

SalMar will minimise its contacts with analysts, investors and

journalists in the last 30 days before publication of its results.

During this period, the company will hold no meetings with

investors or analysts and will give no comments to the media

or other parties about the Group’s results and future outlook.

This is to ensure that all interested parties in the market are

treated equally.

Financial calendar

Each year SalMar publishes a financial calendar indicating the

dates of publication of the Group’s interim reports and annual

report, as well as the date of its AGM. The calendar is available

from the Group’s website www.salmar.no. It is also distributed

as a stock market notice and updated on the Oslo Stock

Exchange’s website www.newsweb.no. The calendar is

published before 31 December each year.

Icelandic Salmon AS

The subsidiaries Icelandic Salmon AS (previously named

Arnarlax AS) is listed on Euronext Growth on the Oslo Stock

Exchange and NASDAQ First North on the Icelandic Stock

Exchange. Guidelines have been drawn up with respect to the

disclosure of information to ensure that all shareholders in

SalMar receive the same information (materiality) as

shareholders in Icelandic Salmon.

Deviations from the code of practice: None


14. Acquisition

The Board of Directors has drawn up guidelines with respect

to takeover bids, in line with the Norwegian Code of Practice

for Corporate Governance. The guidelines were adopted by the

Board at a meeting on 29 March 2011, and the Board

undertakes to act in a professional manner and in accordance

with applicable legislation and regulations.

The guidelines shall ensure that the interests of shareholders

are safeguarded, and that all shareholders are treated equally.

Furthermore, the guidelines shall help ensure that company

operations are not unnecessarily disturbed. The Board will

strive to provide shareholders with sufficient information to

enable them to make up their minds with respect to the

specific bid.


123		Corporate Governance	Corporate Governance at SalMar ASA	MENU ≡

If a takeover bid has been made, the Board will make a

statement and at the same time assess whether to obtain a

valuation from an independent expert. The Board will obtain

an independent valuation if a major shareholder, board

member, member of the management team, related party or

any collaborator of such a related party, or anyone who has

recently held one or more of the above-mentioned positions, is

either the bidder or has a particular interest in the takeover

bid.

The Board will not seek to prevent any takeover bid, unless

the Board is of the opinion that such action is justified out of

consideration for the company and the company’s

shareholders. The Board will not exercise any authorisations or

adopt other measures for the purpose of preventing the

takeover bid. This stipulation may be waived only with the

approval of a general meeting of shareholders after a bid has

been announced.

Transactions which, in reality, involve the sale of the

company’s business shall be laid before a general meeting of

shareholders for approval.

Deviations from the code of practice: None


15. Auditor

The company’s auditor is appointed by the AGM. In 2024

SalMar conducted a tender process for selecting a new auditor

from the fiscal year 2024. After a thorough evaluation EY was

appointed by the AGM as the auditor for SalMar.

Each year, the Board of Directors shall receive written

confirmation from the auditor that the requirements with

respect to independence and objectivity have been met.

Each year, the auditor shall draw up a plan for the execution of

their auditing activities, and the plan shall be laid before and

discussed by the Audit and Risk Committee. The auditor shall

meet with the Audit and Risk Committee annually to review

and evaluate the company’s internal control activities.

The auditor shall hold at least one meeting each year with the

Board of Directors at which no representatives of the

company’s management are present. The auditor attends the

board meeting at which the year-end financial statements are

considered. The auditor attends the company’s AGM.

The Board shall inform the AGM of the remuneration payable

to the auditor, broken down into an auditing and other

services component. The AGM shall approve the auditor’s fees.

The company has drawn up guidelines to regulate the extent

to which it is permitted to use the auditor to perform services

other than audit-related services.

Deviations from the code of practice: None.


124		Corporate Governance	Executive Management	MENU ≡

Executive Management

Frode Arntsen

CEO

Frode Arntsen has been CEO since October

2022. He started in SalMar in 2017 as COO,

Industry and Sales. He has a background

from the Norwegian Military, and is educated

as a lecturer within management. He has

worked in the seafood industry since 2000,

and has previously held senior/director

positions at Lerøy Midnor, HitraMat and

Lerøy Midt.

Born: 1970

Shares: 9,324

RSU-rights: 9,377

Ulrik Steinvik

CFO

Steinvik started in the position as CFO in

October 2021, prior to this he has held

several leading positions in the executive

management. Mr. Steinvik holds the title as

Norwegian state authorized public

accountant. Before Steinvik joined SalMar in

2006 he served with Arthur Andersen

Norway and Ernst & Young AS from 1998 to

2006. He graduated from the Norwegian

School of Economics and Business

Administration in 2002.

Born: 1974

Shares: 121,855. Owns 21,498 shares

directly and indirectly through personal

related parties. Also owns 100 per cent of

the shares in Nordpilan AS. Nordpilan AS

owns 0.17 per cent of the shares in Kverva

AS, which in turn through Kverva Industrier

AS owns 45.4 per cent of the shares in

SalMar ASA.

RSU-rights: 5,311

Roger Bekken

COO Farming

Roger Bekken took over as COO Farming on 4

June 2018. Mr Bekken has worked in the

seafood sector since 1991. He has held a

variety of executive positions in the

industry. Before joining SalMar is 2014, he

was COO of Farming at Norway Royal Salmon

(NRS). From 2014 until June 2018, Mr

Bekken was managing director at SalMar

Farming AS.

Born: 1967

Shares: 16,259. 16,123 directly and 136

shares indirectly through related parties.

RSU-Rights: 6,583

Simon Søbstad

COO Sales & Industry

Simon Søbstad took over as COO Sales &

Industry in October 2022. From January

2018 he held the position as second in

command Sales & Industry and since he

started in SalMar in 2007 he has held several

roles. Søbstad has education within

aquaculture and has worked in the seafood

industry since 2002.

Born: 1982

Shares: 1,737

RSU-Rights: 4,742


125		Corporate Governance	Executive Management	MENU ≡

Eva Johanne Haugen

Director Quality Management/HSE

Eva Haugen has held the position as Director

Quality Management/HSE since 2013. She

has worked in SalMar since 2001 where she

has held several leading positions within

quality management. She has several years

of experience as a teacher in secondary

school subjects such as aquaculture, science

and biology. Haugen is a graduate from

NTNU in the fields of chemistry, biology and

education studies and holds a degree in

ecotoxicology and physiology in salmonids.

Born: 1971

Shares: 884

RSU-Rights: 3,186

Arthur Wisniewski

Director Human Resource Management

Wisniewski has worked at SalMar since 2016

and took up the position as Director Human

Resource Management in 2018. He

previously worked as HR Manager in the

company. Wisniewski came from a similar

position at German Wacker Chemicals and

has many years of experience working with

change and development processes within

the HR field as an advisor and consultant in

both the private and public sector. He has a

Master’s degree from NTNU in Science-

Technology-Society studies (STS), as well as

a Bachelor’s degree in sociology from the

same university.

Born: 1978

Shares: 3,776

RSU-Rights: 3,820

Runar Sivertsen

Chief Strategy Officer

Sivertsen has worked at SalMar since 2010

and took up the position as Chief Strategy

Officer in April 2020. He has previously

worked as the Investor Relations Officer and

before that as an analyst for the company.

Sivertsen has a Master of Science in

Business degree from NTNU Business School

and has also completed The Solstrand

programme Accelerate.

Born: 1985

Shares: 5,959. 5,764 directly and 195

shares indirectly through related parties.

RSU-Rights: 4,182


126		Corporate Governance	Board of Directors	MENU ≡

Board of Directors

Gustav Witzøe

Chair of the Board

Gustav Witzøe joined the board of directors

as board chair in SalMar June 2022. Mr.

Witzøe is the co-founder of SalMar ASA. He

holds a degree in engineering. After several

years as an engineer he co-founded BEWI AS,

a company producing styrofoam boxes for

the fish farming industry. Mr. Witzøe held the

position as managing director of BEWI AS

until 1990. Since Mr. Witzøe founded SalMar

ASA in 1991 he has gained extensive

experience in fish farming and processing.

Mr Witzøe indirectly owns 92.5 % of Kverva

AS, which in turn through Kverva Industrier

AS owns 45.3 % of the shares in SalMar ASA.

Mr Witzøe is also a director of Kverva AS.

Citizenship: Norwegian citizen, and resident

in Norway

Independent: No

Margrethe Hauge

Vice-Chair of the Board and Leader of the Audit

and Risk Committee

Margrethe Hauge is CEO of Goodtech ASA

and has held management positions within

production, supply chain, service and sales in

aqua, agriculture, maritime and oil & gas

industries. She has held positions as CEO at

Teknisk Bureau AS, Regional Managing

Director – Nordic & Germany at MRC Global

Inc. and Executive Vice President Services at

TTS Group ASA. She has also held several

management positions at Kverneland Group.

Ms Hauge started her career as trainee at

Norsk Hydro ASA. She is member of the

board of Borregaard ASA and Mesta AS. She

holds a Master’s degree in Economics &

Business Administration, University of

Mannheim, Germany.

Nationality: Norwegian citizen, and resident

in Norway

Independent: Yes

Leif Inge Nordhammer

Board Member

Nordhammer was previously CEO in SalMar from

1996 to 2016, with a hiatus from 2011 to 2014.

Today he works in his investment company LIN AS

and is board member of Kverva AS. He has

extensive experience from leadership positions

from several companies within aquaculture and has

been a part of the industry since 1985. Former

companies include Sparebank 1 Midt-Norge, E.

Boneng & Sønn, Frøya Holding AS/ and Hydro

Seafood AS. Nordhammer has educational

background for Norwegian Armed Forces,

Trondheim Business School and University in

Trondheim. Nordhammer joined the board of SalMar

in June 2020.

Nordhammer owns indirectly 1.47 % of the shares

in SalMar ASA. He owns 100 % of LIN AS which

directly owns 1.01 % of the shares in SalMar ASA

and indirectly LIN AS owns 0.45 % of the shares in

SalMar ASA through its 1 % ownershare in Kverva

AS, which through Kverva Industrier AS owns

45.4 % of the shares in SalMar ASA.

Nationality: Norwegian citizen, and resident

in Norway

Independent: No

Arnhild Holstad

Board Member

Arnhild Holstad joined the board of directors

in SalMar June 2022. She is the Regional

Manager at Statskog, and non-executive

board member in Helse Midt-Norge RHF. She

has previously been the mayor of Namsos for

6 years, and has board experience from

Sparebank1 SMN and NTE. She has extensive

experience from political and executive

positions within communication. She is a

graduate of the Norwegian School of

Journalism, Norwegian School of Sport

Sciences and Norwegian University of

Science and Technology (NTNU).

Shares: Owns indirectly through related

parties 3,346 shares in SalMar ASA.

Citizenship: Norwegian citizen, and resident

in Norway

Independent: Yes


127		Corporate Governance	Board of Directors	MENU ≡

Morten Loktu

Board Member and member of the Audit and

Risk Committee

Morten Loktu joined the board of directors in

SalMar June 2022. He has held several senior

positions at Equinor as Vice President of

Corporate Strategy, Senior Vice President

(LEAN and Operational Improvement), Senior

Vice President (Operations North) and Senior

Vice President (Research & Innovation). He

was the CEO of SINTEF for 3 years and

Executive Vice President of Statoil. He is a

graduate of Norwegian University of Science

and Technology.

Citizenship: Norwegian citizen, and resident

in Norway

Independent: Yes

Shares: 1,000

Ingvild Kindlihagen

Board Member Employee Representative

Ingvild Kindlihagen has a degree in Business

Economics from UiT and NHH, and has also

studied for a year at the University of New

South Wales in Sydney and a semester at

Gründerskolen (UiO and University of

Berkeley). In 2020, Ingvild began her career

at SalMar as a Controller for Sales and

Industry. She now works as the Financial

Manager for InnovaNor and is part of the

company’s improvement team.

Nationality: Norwegian citizen, and resident

in Norway

Shares: 276

RSU-Rights: 1,095

Hans Stølan

Board Member Employee Representative

Educated traffic pilot. Has been working in

the industry since 1993, both on fish farms,

as a mate on a freighter vessel, and since

2002 at the factory in Frøya. Chief union

representative for NNN InnovaMar since

2020 and currently serving on the National

Board for NNN. Has served four terms in the

municipal council in Frøya and as Mayor from

2007 to 2011.

Nationality: Norwegian citizen, and resident

in Norway

Shares: 0

RSU-Rights: 0


128		Corporate Governance	Shareholder Information	MENU ≡

Shareholder

Information

SalMar’s 20 largest shareholders


Name	Shareholding 31.12.2024	Shareholding (%)
KVERVA INDUSTRIER AS	59,934,476	45.39%
FOLKETRYGDFONDET	8,194,750	6.21%
State Street Bank and Trust Comp	2,299,409	1.74%
TERBOLI INVEST AS	1,425,394	1.08%
JPMorgan Chase Bank, N.A., London	1,407,544	1.07%
LIN AS	1,337,685	1.01%
HASPRO AS	1,171,542	0.89%
PARETO AKSJE NORGE VERDIPAPIRFOND	1,158,307	0.88%
VERDIPAPIRFONDET ALFRED BERG GAMBA	1,155,226	0.87%
State Street Bank and Trust Comp	1,114,678	0.84%
VERDIPAPIRFOND ODIN NORDEN	1,106,813	0.84%
State Street Bank and Trust Comp	1,017,707	0.77%
CACEIS Bank	982,808	0.74%
JPMorgan Chase Bank, N.A., London	939,024	0.71%
The Northern Trust Comp, London Br	815,152	0.62%
ANDVARI AS	810,468	0.61%
CLEARSTREAM BANKING S.A.	795,412	0.60%
BONDØ INVEST AS	738,392	0.56%
J.P. Morgan SE	715,521	0.54%
JPMorgan Chase Bank, N.A., London	704,606	0.53%
Total 20 largest shareholders	87,824,914	66.51%
Total other shareholders	44,099,452	33.40%
Treasury shares	114,554	0.09%
Total number of shares 31.12.2024	132,038,920	100.00%


Shareholders by country
As at 31 December 2024 the company had 21,880 shareholders from 85 different countries:

Country	Number of shareholders	Shareholding in %
Norway	20,450	74.7%
United States	164	8.9%
Luxembourg	63	3.5%
United Kingdom	95	3.2%
Sweden	179	2.0%
Other countries	929	7.6%
Total	21,880	100.0%


Share Price Development
Share price at the start of 2024 was NOK 569.20 per share, valuing SalMar at NOK 75.2 billion. The share price fluctuated between NOK 524.00 per share and NOK 715.40 per share during 2024 At the end of 2024 the share price was NOK 540.50 valuing SalMar at NOK 71.4 billion. Average number of shares traded per day was 163,076.


Share Ownership by Number of Shares

Number of shares	Number of shareholders	Shareholding in %
1-100	15,797	0.3%
101-500	3,661	0.7%
501-1,000	844	0.5%
1,001-5,000	909	1.6%
5,000-10,000	216	1.2%
10,000-100,000	336	8.0%
100,101-1,000,000	105	26.2%
>1,000,000	12	61.6%
Total	21,880	100.0%


129		Corporate Governance	Shareholder Information	MENU ≡

Share Information

As at 31 December 2024 SalMar ASA had 132,038,920 shares,

with each share having a face value of NOK 0.25. The

company was listed on Oslo Stock Exchange (OSE) 8 May 2007

with the ticker SALM. The green bond SalMar issued in April

2021 was listed on Oslo Stock Exhange 21 July 2022 under

the ticker SALM01 ESG. The company’s ISIN code is

NO0010310956. Registrar is Nordea Bank and Auditor is Ernst

& Young.

Dividend

SalMar ASA aim to provide shareholders with a competitive

return on invested capital. This return shall be achieved

through a combination of share price increase and the

payment of a dividend by the group.

SalMar ASA’s dividend policy is based on the company at all

times having a solid balance sheet and liquidity reserve that is

sufficient to handle future liabilities.

The company has set long-term financing targets related to

NIBD/ EBITDA* level in the range 1.0–2.5. Provided that the

company is within this range and also taking account future

investments, the intention is to pay out its surplus liquidity, in

the form of cash dividends and/or in the form of share

buybacks

*NIBD includes leasing according to IFRS16 and EBITDA is

without fair value adjustments

For the financial year 2024 the Board of Directors propose a

cash dividend of NOK 22.00 per share.

The dividend proposal is subject for approval at the annual

general meeting 18 June 2025

IR contact in SalMar

Communication with shareholders, investors and analysts is a

high priority for SalMar. The objective is to ensure that the

financial market and shareholders receive correct and timely

information, thus providing the soundest possible foundation

for a valuation of the company. All notices sent to the stock

exchange are made available on both the company’s website,

the Oslo Stock Exchange’s www.newsweb.no site and through

news agencies.

Håkon Husby

Head of Investor Relations

@ hakon.husby@salmar.no

+47 936 30 449

Financial calendar 2025

Financial reports will be published through the company’s

homepage, www.salmar.no, Oslo Børs news site, newsweb.no

and other newswires.

SalMar holds quarterly presentations open to the public. The

presentations will take place at 08:00 CET, and the material

will be available from 06:30 CET.



Annual general meeting: 18 June 2025
Results Q1 2025: 20 May 2025
Results Q2 and first half of 2025: 21 August 2025
Results Q3 2025: 6 November 2025

Please note that the dates and location can be changed. Any

changes will be communicated. Please see our website for

further details.

3 Includes expected harvest volume in segments Fish Farming Central Norway,

Northern Norway and SalMar Aker Ocean.

4 Joint venture Scottish Sea Farms through 50% ownership in

Norskott Havbruk AS.


130		Corporate Governance	Report of the Board of Directors	MENU ≡

Report of the Board of Directors

2024 became a year marked by challenges at sea, but the

solid structure with efficient and flexible operational set-

up in the value chain, together with hard work from

passionate employees showcased itself by handling the

situation in a solid way.

The company experienced lower harvest volume compared

to 2023 and continued to deliver good annual results driven

by continued solid operational performance and strong

demand for salmon in markets around the world.

In 2024, consolidated harvest volume decreased with -9%

percent to 231,800 tonnes and generated group operating

income of NOK 26,426 million. Operational EBIT totalled NOK

5,429 million in 2024.

2024 was unfortunately impacted negatively impacted by

challenges at sea driven by jellyfish attacks late 2023 and

beginning of 2024 where the ripple effects led to reduced

harvest volume compared to initially guided for 2024.

Nevertheless biological performance improved towards the

end of the year and together with the lessons learned,

investments in fish welfare in the value chain and increased

smolt transfer to sea the outlook for 2025 looks brighter

compared to last year.

The Group expects to harvest 263,000 tonnes in Norway 3 ,

15,000 tonnes in Iceland and 32,000 tonnes in Scotland 4 in

2025.


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Business and Strategy

SalMar ASA is a Norwegian public limited company, whose

shares are listed on the Oslo Stock Exchange under the

ticker SALM. SalMar is headquartered on Frøya, in Trøndelag

County. The Group’s registered address is 7266 Kverva.

The Group is one of the world’s largest and most cost-

efficient producers of Atlantic salmon. It is vertically

integrated along the entire value chain from broodstock, roe

and smolt to harvesting, processing and sales. Through

wholly owned businesses, subsidiaries and associates/joint

ventures, SalMar has aquaculture operations in Norway,

Iceland and Scotland and sales offices in Japan, South Korea,

Vietnam, Taiwan, Singapore and Thailand. The company sells

its products to customers worldwide, with particular focus on

markets in Europe, North America and Asia.

At the close of 2024, SalMar had licences to hold a maximum

allowable biomass (MAB) of 170,240 tonnes of MAB in

Norway, this includes 10 time-limited demonstration and

broodstock licences (7,800 tonnes MAB) and 7,212 tonnes

MAB in development licenses through the Marine Donut and

Arctic Offshore Farming project. In addition, SalMar operates

several R&D licences in collaboration with other companies

in Norway. Icelandic Salmon hold a MAB of 23,700 tonnes in

Iceland.

SalMar has a substantial harvesting and processing capacity

near its farming operations in Norway. InnovaMar in Frøya

and Vikenco in Aukra in Central Norway and InnovaNor on

Senja in Northern Norway.

Icelandic Salmon, which is listed on Euronext Growth on the

Oslo Stock Exchange and NASDAQ First North on the

Icelandic Stock Exchange, is partially owned by SalMar with

52.48 percent of the company’s shares. In addition, SalMar

owns 50 percent of Scottish Sea Farms Ltd (through

Norskott Havbruk AS), which is UK’s second largest producer

of salmon.

SalMar has for many years explored and developed

opportunities to expand its fish farming activities in exposed

areas and far out at the open ocean this is channelled

through the company SalMar Aker Ocean.

Ambition and strategic position

It is SalMar’s clearly expressed ambition to be the world’s

best aquaculture company, driven by our vision: “Passion for

Salmon”.

SalMar aims to be a driving force for sustainable growth in

the global aquaculture industry and is convinced that the

establishment of salmon farming in the ocean is an

important step for further sustainable growth.

SalMar will therefore pursue two separate growth strategies

going forward: one for coastal fish farming and one for

offshore fish farming.

Coastal fish farming: The core of SalMar’s strategic position

in coastal fish farming will continue to be cost leadership and

operational efficiency. This will be achieved by operating a

focused value chain, with significant emphasis on upstream

activities. Furthermore, activities reported in the Sales and

Industry segment will secure optimal utilisation of the

harvested salmon to maximize value creation. In addition to

cost leadership, the company focuses on performance with

the aim of achieving excellence at all levels and in all aspects

of production.

SalMar’s coastal fish farming will represent the core of the

Group’s production and earnings capacity for many years to

come. The company seeks to maintain a leading role in

growing and further developing the industry. SalMar will

continue to actively pursue attractive M&A opportunities,

provided they are on commercially acceptable terms.

Offshore fish farming: With SalMar as the majority owner,

SalMar Aker Ocean is a pioneer and leading the development

of offshore salmon farming.

By combining leading expertise in salmon farming,

technology, focus on fish welfare and optimal conditions for

the salmon. SalMar Aker Ocean will create the world’s most

reliable and intelligent offshore aquaculture business,

meeting the highest standards for fish welfare.

Important events in 2024

Increase of smolt capacity: Expansion of the smolt facility

in Tjuin in Trøndelag was completed in 2023, with first

transfer of fish to sea in spring 2024. In addition, the second

closed net pen, located in the southern parts of Central

Norway, finalized its first production cycle in 2024.

Succesfull harvest from two semi-offshore projects: Both

Ocean Farm 1 and Arctic Offshore Farming started

production in 2023 and harvest from both units was

completed early in 2024 with strong biological performance.

New production cycles commenced later in 2024.

Optimizing structure: In 2024 SalMar purchased the non-

controlling interest in Refsnes Laks AS and Hitramat

Farming, Increased ownership in Øylaks MTB AS, merged

Salmosea AS with SalMar AS and sold its interest in Osan

Settefisk AS.

Increase of MAB capacity: In 2024 SalMar participated in

the traffic light auction and bought 3,128 tonnes MAB.

Launch of Salmon Living Lab: Early in 2024 SalMar

together with Cargill announced the ambitious innovation

and R&D initiative, Salmon Living Lab. This is a unique

initiative that seeks to engage an entire industry in solving

the challenges the salmon industry face today. In addition to

bringing partners across the salmon supply chain together.

Strengthening presence in Norway: At the end 2024

announced the acquisition of controlling interest in AS

Knutshaugfisk. The company currently has 3,464 tonnes

MAB in licenses and four farming sites in production area six

in Central Norway.


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Events after the reporting date

Issuance of New Green Bonds: On the 25 January 2025,

SalMar ASA rated BBB+/Stable by Nordic Credit Rating,

issued NOK 4,350 million in green bonds split two tranches:

NOK 3,250 million in a 5-year senior unsecured green bond

issue with a floating rate of 3 months Nibor + 1.15% per

annum and NOK 1,100 million in a 7-year senior unsecured

green bond issue with a floating rate of 3 months Nibor +

1.35% per annum.

Issuance of commercial papers: SalMar issued a new

commercial paper of NOK 1,000 million on 13 March 2025

with a maturity date of 15 September 2025 and a coupon of

5.04% p.a.

Appeal from minority shareholders in NTS ASA: A group of

former minority shareholders in NTS ASA, who were subject

to a compulsory share redemption on January 3, 2023, have

filed a petition with the Norwegian courts seeking higher

compensation per NTS ASA share than what was offered by

SalMar ASA. In a decision rendered on January 6, 2025, the

Trøndelag District Court concluded that the minority

shareholders were not entitled to higher compensation than

the NOK 75.48184 per NTS ASA share they had already

received from SalMar ASA, which was equal to the

mandatory offer approved by the Oslo Stock Exchange. On

February 5, 2025, SalMar ASA received notice of an appeal

to the Frostating Court of Appeals.

Wilsgård AS: In February 2025, SalMar ASA and Wilsgård Sea

Service AS, who together owns 75% of the shares in

Wilsgård AS, have agreed to work together to further

develop their ownership interests in Wilsgård.

Acquisition of controlling interest in AS Knutshaugfisk:

With effect from 1 January 2025, SalMar ASA entered into an

agreement to purchase a 45% ownership stake in AS

Knutshaugfisk. Through shareholder agreements, SalMar has

established control and has the power to affect the return

from the involvement in AS Knutshaugfisk. Based on this,

the company will be consolidated into the SalMar Group from

the time of acquisition. The settlement consists of 80%

SalMar ASA shares and 20% cash, of which the cash

consideration amounts to NOK 100 million. A total of

716,651 new shares was issued.

Acquisition of non-controlling interests in SalMar Ocean

AS: In March 2025, SalMar acquired 15% of the shares in

SalMar Ocean AS. At the same time, the company changed its

name from SalMar Aker Ocean AS to SalMar Ocean AS.

The total consideration for the shares was NOK 650 million.

The consideration of NOK 650 million consists of both shares

in SalMar ASA and cash. A total of 1,000,000 new shares

was issued, along with an additional cash consideration of

NOK 76 million.

Tariffs to USA: Following the balance sheet date, new tariffs

imposed by the USA on imports from Norway & Iceland have

been announced. The new tariffs, set at 15 per cent for

Norway and 10 per cent for Iceland, will take effect from

April 2025. There is significant uncertainty regarding the

impact of these tariffs on SalMar, and the company is

actively monitoring the situation and exploring strategies to

mitigate potential effects on its operations and financial

performance. The tariffs are considered to be a non-

adjusting event for the 2024 financial statements.

Please see note 4.12 for further details for the events after

the reporting date.


Market Conditions

Supply, exports and price of Atlantic salmon

The global supply of Atlantic salmon increased in 2024 with

1.4 percent, according to Kontali Analyse.


Supply of Atlantic salmon in 1,000 tonnes whole fish equivalents (WFE)	2024	2023	Change
Norway	1,510	1,479	2.1%
Chile	700	766	-8.6%
UK	189	152	24.5%
North America	138	129	7.1%
Faroe Islands	100	89	11.4%
Other countries	189	173	9.2%
Total global supply	2,826	2,789	1.4%

Norwegian exports of seafood measured in value in NOK

came in at the same level in 2024 as the year before. The

value of Norway’s salmon exports totalled NOK 122 billion,

reflecting that the average price of Atlantic salmon

continued to be strong. Total export of Atlantic Salmon was

around 1,442 tonnes round weight, up 2 percent from 2023.

Norway exported 68 percent of its volume to the EU in

2024. Overall, the EU increased its imports of salmon from

Norway by 2 percent, with the largest market, Poland,

increasing their imports by 2 percent and second largest

market, Denmark, with imports at the same level.

SalMar sold directly to more than 50 countries in 2024.

Europe was the most important destination, with

Netherlands, Poland and Spain as the largest single markets.

The second most important destination was Asia, with South

Korea, China and Japan as the most prominent. North America

is the third largest export destination.

The price of Atlantic Salmon (NASDAQ until week 31 and

SISALMON from week 32) was at the same level in 2024 as

in 2023. The year’s lowest price was recorded in week 40 at

NOK 62.1 per kg, while the highest price came in week 15 at


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NOK 137.4 per kg. The average price of salmon for 2024 was

NOK 92.9 per kg, compared to NOK 93.0 per kg the year

before while in EUR it was at EUR 8.0 per kg in 2024

compared to EUR 8.2 per kg in 2023.

From the close of 2023 until the close of 2024, the

Norwegian currency (NOK) weakened by 5 percent against

the EUR, 12 percent against USD and 10 percent against the

GBP. A weakening of the NOK against the respective trading

currencies could lead to an increase in salmon prices

measured in NOK and vice versa.

Framework conditions

Norway

After several years of more stable framework conditions in

Norway, the surprising tax proposal from the Norwegian

government 28 September 2022 marked a change in this. In

September 2022, the Norwegian government proposed the

introduction of a resource rent tax on aquaculture production

in Norway. On 31 May 2023, with a narrow majority, the

Norwegian Parliament voted for implementing an additional

resource tax on aquaculture in Norway, with a tax rate of 25

percent. This is in addition to the regular corporate tax and

means that the marginal tax rate on aquaculture in the sea

phase will increase by over 100 percent, from 22 percent to

47 percent. The new tax applied retroactively from January

1, 2023.

SalMar remains strongly opposed to this the resource rent

tax and has consistently cautioned against it. The tax relies

on the incorrect assumption that aquaculture food

production is a location-bound resource rent industry that

consistently generates extraordinary returns

disproportionate to the risk involved. The high tax level and

the unfavourable design of the new tax are poised to

withdraw a substantial portion of investment capital from

the industry. Therefore, SalMar will continue its fact-based

dialogue with authorities and decision-makers to promptly

restoring a tax system and tax level that is appropriate for

Norwegian aquaculture. SalMar is open to legal steps in due

course.

In addition there is also uncertainty about the framework

conditions for Norwegian aquaculture in a more long-term

perspective, particularly related to the licensing regime. The

government has announced a white paper on aquaculture,

based on a public inquiry (NOU 2023:23). This will mean a

broad evaluation of the entire licensing system in Norwegian

aquaculture. The government has also sent for consultation

a proposal that allows companies that have had licenses

revoked as a consequence of the Norwegian Traffic Light

System to regain these licenses, but with strict requirements

for lice and emissions. The outcome of this is still uncertain

and SalMar will actively continue its open and fact-based

dialogye with the authorities regarding these matters.

Iceland

In December 2023, a bill was presented by the Icelandic

government which could lead to changes in the regulatory

framework for the country’s aquaculture sector. The aim of

the proposed changes is to increase the value of Iceland’s

aquaculture sector, while do it in a sustainable way. The

proposal has not yet been approved in law by the Parliament.

Icelandic Salmon continues its active and constructive

dialogue with the authorities with respect to these issues.

The company believes there is room for further growth in

Iceland and growth in production and market share is

expected to increase going forward. Increased market share

of Icelandic salmon the next few years should help

infrastructure with much needed scale and therefore

improved competitiveness of the Icelandic salmon industry.

Increased awareness in the market also creates

opportunities related to sales and marketing as Icelandic

salmon has not been available in all main markets on a

weekly basis.

Icelandic Salmon today holds licences of 23,700 tonnes

maximum allowed biomass in the southern part of the

Icelandic Westfjords. In June 2024, Arnarlax, fully owned by

Icelandic Salmon, was awarded licenses for a total of 10,000

tonnes MAB of sterile salmon, across three new sites in

Ísafjarðardjúp. In the fourth quarter 2024 the Environmental

and Natural Resources Board of Appeal has ruled that the

Icelandic Food and Veterinary Authority (MAST) did not

provide a comprehensive, weighted assessment of the

potential increased risk of the spread of fish diseases and

parasites before issuing the license. Arnarlax will work with

authorities and MAST on these matters and perform the

necessary assessment in order for the license to be reissued.

The company is in the process of applying for additional

licences in Arnarfjörður.

Scotland

Framework conditions for salmon farming in Scotland have

remained relatively constant over several years. The growing

influence of special interests (NGOs, organised anglers, etc.)

has led to more challenging regulations than in Norway,

which has in turn contributed to a higher level of costs

(lower efficiency, less economies of scale). The Scottish

authorities have expressed an ambition to grow the

aquaculture industry from its present output level. In 2024

positive signals has been received in order to establish new

farming sites or grow existing good performing sites.

Access to markets

Russia was previously an important market for SalMar and

Norwegian salmon in general. However, trade restrictions

introduced in the wake of the Crimean conflict in 2014, and

more recently the Russian invasion of Ukraine in 2022, mean

that the Russian market will remain closed to Norwegian fish

farmers in the foreseeable future.

Geopolitical uncertainty has also increased in the recent

months, e.g. regarding tariffs for salmon into the US market.

SalMar is monitoring the situation closely to minimize and

potential negative impacts.


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Financial Performance

Going concern

The annual financial statements for 2024 have been

prepared on the assumption that SalMar is a going concern

pursuant to section 2-2(8) of the Norwegian Accounting Act.

With reference to the Group’s results and financial position,

as well as forecasts for the years ahead, the conditions

required for continuation as a going concern are hereby

confirmed to exist. In the opinion of the Board of Directors,

the Group’s financial position is solid.

Consolidated Income Statement

The Group generated consolidated operating income of NOK

26,426 million in 2024, compared with NOK 28,219 million

in 2023.

In 2024, consolidated harvest volume was 231,800 tonnes:

213,200 tonnes in Norway, 6900 tonnes in SalMar Aker

Ocean and 11,700 tonnes in Iceland. In addition, Norskott

Havbruk harvested 40,400 tonnes, of which SalMar’s share

was 20,200 tonnes (50 percent).

The average price of salmon (NASDAQ) in 2024 came to NOK

92.9 per kg, at the same level as in 2023, which came to

NOK 93.0 per kg.

Around 37 percent of SalMar’s total volume harvested in

Norway in 2024 was sold under fixed-price contracts. The

terms of these contracts vary, but do not normally last for

more than 12 months. Overall, the price achieved under

these fixed-price contracts was slightly higher compared

with the spot price (NASDAQ/SISALMON) for the year as a

whole.

The fish farming segments in Norway had a challenging year

in 2024, impacted negatively by challenges at sea driven by

jellyfish attacks late 2023 and beginning of 2024 where the

ripple effects led to reduced harvest volume compared to

initially guided for 2024.

The SalMar Group had salary and personnel expenses of NOK

2,784 million in 2024, compared with NOK 2,415 million in

2023. The number of full-time equivalents (FTEs) in the

Group rose by 10 percent in 2024, from 2,674 FTEs at the

close of 2023 to 2,941 FTEs at the close of 2024.

Operational EBIT is SalMar’s most important measure of

performance, this is an alternative performance measure

used by the Group, since it shows the results of underlying

operations during the period. Specific items not associated

with underlying operations are presented on separate lines

in the consolidated financial statements. See note 4.13 for

further details.

The SalMar Group made an operational EBIT of NOK 5,429

million in 2024, compared with NOK 8,159 million in 2023.

Write-downs of tangible and intangible non-current assets,

litigation and legal claims and restructuring costs increased

profits with NOK 58 million. Production tax reduced profits

with NOK -241 million, onerous contracts increased profits

with NOK 271 million and fair value adjustments decreased

profits by NOK -134 million in 2024. The corresponding

elements in 2023 increased profits by NOK 350 million. See

notes to the financial statement for further details.

SalMar made an operating profit of NOK 5,292 million in

2024, down from NOK 8,509 million in 2023.

Income from investments in associates and joint ventures

contributed more to the 2024 results than the year before.

This is largely attributable to improved results by Norskott

Havbruk. SalMar’s share of the profit from these investments

totalled NOK 122 million in 2024, compared with a loss of

NOK -27 million in 2023.

Net financial items in 2024 totalled NOK -1,214 million,

compared with NOK -1,203 million in 2023. SalMar’s net

interest income and expenses for 2024 totalled NOK -1,220

million, an increase from NOK -1,172 million in 2023.

Financial income totalled NOK 43 million in 2024, an

increase from NOK 30 million in 2023. Financial expenses

totalled NOK -37 million, a decrease from NOK -60 million in

2023. See Note 2.10 for further details.

SalMar’s profit before tax from continuing operations in

2024 totalled NOK 4,201 million, down from NOK 7,279

million in 2023. A tax expense of NOK -1,096 million has

been calculated for 2024, down from NOK -4,534 million in

2023. See Note 2.11 for further details.

SalMar’s profit for the year from continuing operations

totalled NOK 3,105 million in 2024, compared with NOK

2,746 million in 2023.

Until Frøy was sold in August 2023 it was recognized as

discontinued operations, see note 4.7 for further details, and

profit after tax from discontinued operations amounted to

NOK 657 million in 2023, compared with NOK 0 million in

2024.

Profit for the year totalled NOK 3,105 million in 2024 down

from NOK 3,402 million in 2023.


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Consolidated Statement of Cash Flows

SalMar achieved a positive cash flow from operating

activities of NOK 5,381 million in 2024, compared with NOK

8,975 million in 2023. During 2024, SalMar’s working capital

increased with NOK -1,152 million, compared with an

increase of NOK -209 million in 2023. In addition, SalMar paid

NOK -355 million in corporate tax in 2024, compared with

NOK -608 million the year before.

Net cash flow from investing activities totalled NOK -2,167

million in 2024, compared with net NOK 1,775 million in

2023. See Notes to the financial statements for further

details.

Net cash flow from financing activities totalled NOK -3,485

million in 2024, compared with NOK -12,989 million in 2023.

Cash flow from interest-bearing debt and overdraft came to

NOK 3,753 million in 2024, while repayments relating to

leasing liabilities totalled NOK -409 million. Net interest paid

came to NOK -1,163 million. A dividend payment of NOK

-4,682 million was made in 2024. Acquisition of and

transactions cost non-controlling interests totalled NOK

-983 million.

In total, including currency translation of cash and cash

equivalent, this gave SalMar a cash flow for 2023 of NOK

-267 million. This decreased the Group’s cash and cash

equivalents to NOK 518 million at the close of the year.

Consolidated Statement of Financial Position

As of 31 December 2024, SalMar had a total balance of NOK

54,433 million, an increase of NOK 1,103 million since the

end of 2023. The main reason for the increase is purchase of

licenses at traffic light auction and increase of biological

assets.

The book value of the Group’s intangible assets increased

with NOK 808 million in 2024. At the end of the year, the

value of the Group capitalised intangible assets was NOK

19,493 million.

The book value of property, plant and equipment totalled

NOK 14,081 million at the end of 2024, a decrease of NOK

-88 million during the year. This includes right-to-use assets

of NOK 1,623 million, compared with NOK 1,798 million in

2023.

The Group’s non-current financial assets totalled NOK 2,935

million at the end of 2024, up from NOK 2,679 million at the

end of 2023.

The Group’s biological assets were valued at 13,970 million

at the end of the year. This is NOK 706 million higher than at

the end of 2023. Measured in tonnes, the biomass is higher

compared to the end of 2023. See Note 3.6 for further

details. The value of the Group’s other inventory at the end

of 2024 stood at NOK 1,276 million.

Trade receivables totalled NOK 1,517 million in 2024, up

from NOK 1,457 million at the end of 2023. Other

receivables decreased by NOK -419 million during the period

to NOK 642 million. At the end of the year, SalMar had cash

and cash equivalents totalling NOK 518 million.

At the end of 2022 Frøy was classified as assets held for

sale and in August 2023 the company was sold, therefore

assets held for sale stood at 0 at the end of 2023 and in

2024. See Note 4.7 for further details.

At the end of 2023, the Group’s equity totalled NOK 20,240

million, down from NOK 23,079 million at the end of 2023.

The equity ratio has decreased from 43.3 percent at the end

of 2023 to 37.2 percent at the end of 2024.

Net interest-bearing debt (interest-bearing debt less cash

and cash equivalents) totalled NOK 16,799 million at the end

of the year, up from NOK 13,107 million at the end of 2023.

See Note 3.11 for further details.

At the end of 2024 the Group’s solvency and financial

position remains solid with a strong liquidity reserve.


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Reporting Segments

Fish Farming Central Norway


NOKm	2024	2023
Revenue and income	11,323	12,419
Operational EBIT	3,402	4,597

Volume harvested ('000 tonnes gutted weight)	132.7	141.1
Operational EBIT/kg (NOK/kg gw)	25.6	32.6

Fish Farming Central Norway, the Group’s largest fish

farming segment, posted good financial results in 2024

despite a challenging year where ripple effects of string

jellyfish affected results on the fish harvest.. The segment’s

operating income decreased by NOK -1,096 million from

2023 to NOK 11,323 million in 2024. Operational EBIT

decreased with NOK -1,195 million to NOK 3,402 million in

the same period.

Operational EBIT per kg gutted weight decreased with NOK

-6.9 compared to 2023. The decrease is attributable to lower

price realization due to challenges experienced at sea and an

increase in cost level due to cost inflation on input factors.

Fish Farming Central Norway harvested a total of 132,739

tonnes in 2024, compared with 141,139 tonnes in 2023.

This represents a decrease of -6.0 percent. SalMar expects

an increase in harvest volume in this segment to 154,000

tonnes in 2024. The segment has unexploited potential

within existing licences for further growth and SalMar

expects good volume growth in the years to come.

Fish Farming Northern Norway


NOKm	2024	2023
Revenue and income	6,495	7,894
Operational EBIT	1,947	3,402

Volume harvested ('000 tonnes gutted weight)	80.5	92.8
Operational EBIT/kg (NOK/kg gw)	24.2	36.7

Fish Farming Northern Norway experienced a challenging

year in 2024 caused by jellyfish attacks late 2023 and in the

beginning of 2024 which affected the results harvested

during the year. At the end of 2024 biological performance

improved and SalMar expects higher volume and improved

results in 2025.

The segment’s operating income decreased with NOK -1,400

million from 2023, to NOK 6,495 million in 2024. Operational

EBIT decreased with NOK -1,455 million to NOK 1,947

million.

Operational EBIT per kg gutted weight came to NOK 24.2 in

2024, compared with NOK 36.7 in 2023. The decrease of

NOK -12.5 per kg was driven by the ripple effects of the

string jellyfish which affected in particular price

achievement.

Harvest volume in Fish Farming Northern Norway was

80,510 tonnes in 2024, compared with 92,777 tonnes in

2023. SalMar expects a harvest volume of 100,000 tonnes

in 2025 and the segment has unexploited potential within

existing licences for further growth and SalMar expects

strong volume growth in the years to come.

Sales and Industry


NOKm	2024	2023
Revenue and income	25,661	27,094
Operational EBIT	468	256

This segment places and sells the entire harvested volume

of the Group in Norway. The fish is bought from SalMar’s

farming segments at market prices.

The segment’s income decreased to NOK 25,661 million in

2024 down from NOK 27,094 million in 2023. Operational

EBIT came to NOK 468 million in 2024 a strong increase

from NOK 256 million in 2023.

The margins for the Sales and Industry segment increased in

2023, due to higher price achievement and strong

operational performance. In 2024 the segment showcased

its strength with its flexible operational set-up within

harvesting and processing. This has reduced the effects of

the challenges at sea leading to good price achievement of

sales in the market. In 2024, around 37 percent of the

volume harvested was sold under fixed-price contracts,

where the prices achieved was higher compared to average

spot prices.

Around 203,000 tonnes of fish were harvested at InnovaMar

and InnovaNor in 2024, compared with 214,000 tonnes in

2023. Where the facilities showcased its ability to handle

large volume and has shown itself as a important strategic

and industrial investment for SalMar. Our harvesting and

processing facilities is an important element for further

improvement of biological and operational performance in

the whole value chain.

Strategically, SalMar process a relatively large portion of the

raw material in Norway. This does not only increase the

quality of the product sold to the customer, but it also

enables by-products to be dealt with efficiently, reducing

freight cost, as well as reduces CO2 emissions and boosts

local value creation.


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Icelandic Salmon


NOKm	2024	2023
Revenue and income	1,182	1,871
Operational EBIT	-69	230

Volume harvested ('000 tonnes gutted weight)	11.7	17.9
Operational EBIT/kg (NOK/kg gw)	-5.9	12.8

Icelandic Salmon is Iceland’s largest producer and processor

of farmed salmon. The company is fully vertically integrated,

with its own hatchery, sea farms, harvesting plant and sales

force. SalMar controlled 52.5 percent of the company’s

shares at the end of 2024.

The segment’s operating income decreased with NOK -689

million from 2023, to NOK 1,182 million in 2024. Operational

EBIT decreased with NOK -299 million to NOK -69 million in

2024. Operational EBIT per kg gutted weight came to NOK

-5.9 in 2024, compared with NOK 12.8 in 2023. The

reduction is driven by biological challenges during the year

both at sea and at one of the smolt facilities.

The company harvested a total of 11,676 tonnes in 2024

and Icelandic Salmon expects to harvest 15,000 tonnes in

2025. In 2025 the company will focus to build biomass to

optimize utilization of its licenses which will lead to increase

harvest volume in 2026 and onwards.

SalMar Aker Ocean


NOKm	2024	2023
Revenue and income	573	173
Operational EBIT	-77	-60

Volume harvested ('000 tonnes gutted weight)	6.9	2.3
Operational EBIT/kg (NOK/kg gw)	-11.2	-26.2

In 2023 the segment got two semi-offshore projects in

operation. Ocean Farm 1 started its third production cycle

following an upgrade in 2022 while Arctic Offshore Farming

project became a part of the segment at the end of 2023

and also started its first production cycle in 2023.

In 2024 the segment harvested a total of 6,861 tonnes from

both its semi-offshore projects with strong biological

performance.. Operational EBIT totalled NOK -77 million in

2024. In 2025 the segment expects to harvest around

9,000 tonnes where the second production cycle of the

Arctic Offshore Farming project will be finished and the

fourth production cycle from Ocean Farm 1 will be finished in

the first half of 2025.


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Joint Ventures

Norskott Havbruk


NOKm	2024	2023
Revenue and income	4,403	2,561
Operational EBIT	555	-304

Volume harvested ('000 tonnes gutted weight)	40.4	24.9
Operational EBIT/kg (NOK/kg gw)	13.7	-12.2

Through its wholly owned subsidiary Scottish Sea Farms,

Norskott Havbruk engages in the farming of salmon in

mainland Scotland, Orkney and Shetland. SalMar controls 50

percent of the business.

The company generated revenues of NOK 4,403 million in

2024, compared with NOK 2,561 million in 2023. The

increase in revenues is due to higher volume harvested and

improved price achievement. Operational EBIT for the year

ended at NOK 555 million, up from NOK -304 million in 2023.

Operational EBIT per kg gutted weight came to NOK 13.7 in

2024, compared with NOK -12.2 in 2023. After biological

challenges had a negative impact on the results in 2023, the

results for 2024 improved with strong average weight of

fish harvested, reduced cost and improved price

achievement. The company harvested a total of 40,400

tonnes in 2024, up from 24,900 tonnes in 2023.

Going into 2025 the biological status of the fish in sea is

good with next generations of fish performing well. Volume

guidance for 2025 is 32,000 tonnes a decrease from 2024

in order to optimise utilization of farming sites.

Norskott Havbruk is recognised as a joint venture, with

SalMar’s share of profit/loss after tax and fair value

adjustment of the biomass (50 percent) recognised as

financial income. SalMar’s share of the company’s net profit

in 2024 came to NOK 90 million, compared with NOK -168

million in 2023.

The parent company’s financial statements and

allocation of the profit for the year

The parent company, SalMar ASA, is a shareholding and

administrative entity. Group management and administrative

resources are employed by this company. In 2024, it

employed a total of 60 full-time equivalents.

The annual financial statements for the parent company

have been prepared in accordance with the Norwegian

Accounting Act of 1998 and Generally Accepted Accounting

Principles in Norway (NGAAP).

SalMar ASA made a net profit for the year of NOK 2,837

million in 2024, compared with NOK 4,042 million in 2023.

Total operating revenues totalled NOK 331 million and total

operating expenses amounted to NOK -269 million, thereby

giving a total operating profit of NOK 62 million.

Income from investments in group companies amounted to

NOK 2,590 million. In addition, SalMar ASA manages the

Group’s primary financing arrangements and recognised NOK

1,921 million in interest income on loans to group companies

and other interest income. Interest expenses amounting to

NOK -1,639 million were incurred mostly in association with

the Group’s financing arrangements.

SalMar ASA had recognised total assets of NOK 35,439

million at the close of 2024. Of this amount, non-current

assets accounted for NOK 31,326 million, of which NOK

19,250 million comprised of intercompany non-current

receivables and NOK 10,340 million comprised of investment

in subsidiaries. Current asset accounted for NOK 4,112

million where intercompany current receivables totalled NOK

4,068 million cash and cash equivalents was NOK 19 million

at the close of 2024. Equity as of 31 December 2024

totalled NOK 10,093 million, which corresponds to an equity

ratio of 28.5 percent. Non-current liabilities totalled NOK

14,130 million and mainly comprised interest-bearing debt.

Current liabilities totalled NOK 11,216 million, of which

current interest-bearing debt accounted for NOK 1,621

million and dividend provisions came to NOK 2,902 million.

The Board of Directors is proposing a dividend of NOK 22.00

per share for the 2024 financial year. The Board proposes

the following allocation of the year’s profit:


Dividend	NOK 2,902 million
Transferred from (-) /to(+) retained earnings	NOK -65 million
Transferred from (-) /to(+) other paid-in equity	NOK 0 million
Transferred from (-) /to(+) share premium	NOK 0 million
Total allocated	NOK 2,837 million

At the close of the year, the company had a distributable

reserve of NOK 10,060 million.


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Risks and Risk Management

Risk management is a key function of the management

team. The Group has systems and routines in place to

monitor important risk factors in all business areas, and

places particular emphasis on the control and follow up of

production facilities in accordance with quality and

certification standards.

It is the CEO’s responsibility to ensure that the Group

operates in compliance with all relevant legislation and

operating guidelines for group entities. Follow-up and

control of risk factors, as well as compliance with the Group’s

values and code of conduct, is carried out in the line

organisation as part of day-to-day operations.

See Note 4.10 for details with respect to allegations of price

fixing.

SalMar has board liability insurance which covers both the

Board of Directors, the CEO and executive management.

Operational risk

SalMar’s most important operational risk relates to the

biological development of its fish stocks, at both its

hatcheries and sea farms. Even though SalMar develops and

implements risk-reducing measures, the nature of the

industry is such that the inherent biological risk will always

be present. In recent years, the aquaculture industry has

faced challenges associated with the increasingly

widespread presence of sea lice and greater prevalence of

medicinally resistant lice. This has forced SalMar, along with

the rest of the industry, to change the methods used and

intensify its efforts to deal with the lice situation. And at the

end of 2023 string jellyfish attacks particularly in our

operations in Northern Norway, clearly showcased the

inherent biological risk the industry is facing, as the attacks

led to early harvest and also culling of fish to safeguard fish

welfare.

SalMar takes a holistic, strategic approach to biological risk,

including sea lice, which encompasses preventive measures

and activities designed to limit damage to its stocks and

further increase the fish welfare. SalMar continuously makes

operational assessments to protect the welfare of its fish.

Access to suitable production areas is a crucial preventive

measure. For SalMar, it is important that production take

place in areas that have the capacity needed to sustainably

produce the volumes involved. Offshore could lead to new

and better locations being used. Selective breeding and the

genetic development of a more robust salmon is another

important preventive measure to reduce biological risk.

SalMar’s operating procedures are designed to reduce

biological risk. Vaccination against various fish diseases is a

key element in the company’s operating procedures. It will

always be necessary to use medication in connection with

any form of biological production. However, such medication

must be applied prudently to prevent the development of

resistance. The company takes a risk-based approach to the

sea lice situation, which involves both preventive and

corrective measures. SalMar has teams of employees

working specifically in this area. In the past couple of years, a

substantial delousing capacity has been built up in the form

of mechanical delousing equipment that also collects the lice

to prevent reproduction, and SalMar are continuously

evaluating and expanding its toolbox to handle sea lice. For

further details of SalMar’s lice management and procedures

related to fish welfare, please see the Sustainability Report.

Over time, SalMar has built up an effective response

capability to deal with biological challenges. Our harvesting

capacity at InnovaMar and InnovaNor enables us to respond

effectively. Furthermore, SalMar has good access to wellboat

capacity.

Access to suitable feed raw materials is a vital part of risk

management as feed is the most important input factor for

the fish during the lifecycle. SalMar are continuously

evaluating and expanding feed ingredients suitable for the

nutritional needs of the fish while at the same time securing

access to raw material sources.

Financial risk

The follow-up of internal controls associated with financial

reporting, is carried out through management’s day-to-day

supervision, the process owners’ follow-up and monitoring

by the Board’s Audit and Risk Committee. Non-conformances

and improvement areas are followed up and remedial

measures implemented. Financial risk is managed by a

central unit at the head office, and financial hedging

instruments are employed where they are considered

appropriate.

Through its activities, the Group is exposed to various kinds

of financial risk e.g.: market risk, credit risk and liquidity risk.

The Group management oversees the management of these

risks and draws up guidelines for dealing with them. The

Group makes use of financial derivatives to hedge against

certain risks. The Board of Directors has defined a financial

risk appetite that sets overarching limits.

The Group has credit facilities with a syndicate of banks,

which ensures sufficient flexibility both operationally and

with respect to the financing of investments in SalMar’s

operations. In 2023 the group refinanced its financing

agreements with unsecured credit facilities totalling NOK 16

billion with an accordion of NOK 3 billion. In 2024 the

company its first commercial paper at NOK 1 billion. In 2021

the Group issued its first green bond totalling NOK 3.5 billion

and in early 2025 issued two more bonds totalling NOK 4.35

billion. In addition, the company has financial instruments,

such as trade receivables, trade payables, etc., which are

directly related to day-to-day business operations.

It is the Group’s policy that no trading in derivatives for

speculative purposes may be undertaken.

Foreign exchange risk

The bulk of the Group’s output is sold internationally, with

accounts settled largely in EUR, USD, GBP and JPY. Changes

in exchange rates therefore represent both a direct and

indirect financial risk for the Group. Foreign exchange

exposure linked to the Group’s costs is, however, more

limited compare to effect on revenue, since input factors and

salaries are paid largely in NOK. The Group enters into

forward currency contracts to reduce the risk associated

with sales revenues denominated in foreign currencies that

derive from contracts with customers. NOK 1,000 million of

the green bond has been swapped to EUR with a fixed


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interest rate, this is a hedging of the currency exposure in

Icelandic Salmon. For further details and description of use of

forward currency contracts see Note 3.9.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash

flows of a financial instrument will fluctuate because of

changes in market interest rates. The Group’s exposure to

the risk of changes in market interest rates relates primarily

to the Group’s long-term debt obligations with floating

interest rates.

With effect from February 2022, SalMar ASA entered into

fixed rate interest swap contracts with a total principal of

NOK 2,250 million. 750 million has a duration of 7 years

starting 22 April 2022, 750 million has a duration of 7 years

starting 22 January 2025, and 750 million has a duration of

10 years starting 22 January 2024. The interest swap

contracts are established with the purpose to reduce the

interest rate risk related to long-term loans. In 2021 the

Group has entered into a to cross-currency interest swap and

an interest swap to manage the interest rate. For more

details regarding the swaps see note 3.9.

Price risk

SalMar’s entire business is related to salmon. The Group’s

profitability and cash flows are strongly correlated with

movements in the price of salmon. Historically, salmon prices

have been highly volatile seen in an annual, quarterly and

monthly perspective. In 2024, the spot price of Atlantic

salmon fluctuated between NOK 62.1 and NOK 137.4 per kg,

measured weekly on the NASDAQ/SISALMON salmon index.

The global salmon market is largely a fresh-fish market,

where most of the fish harvested is sold immediately to

processing companies or directly to the consumer. For

several years, growth in demand has been relatively stable,

while growth in supply has varied more substantially from

year to year. In addition to planned output volumes defined

by the number of smolt transferred to sea farms, supply is

also affected by a number of external factors. Fluctuations in

sea temperatures, the spread of sea lice and outbreaks of

disease or other environmental challenges are all factors

which, directly or indirectly, affect fish growth and thus

supply. As a consequence, relatively substantial variations in

supply may occur within short periods of time. With relatively

stable demand, this can result in considerable price volatility.

SalMar sells a portion of its output through fixed-price

contracts. The Group has drawn up guidelines for such

contracts to limit exposure to salmon price volatility. It is the

Sales and Industry segment which sells the entire Group’s

harvested volume in Norway, the impact of the fixed-price

contracts is therefore recognised in this segment’s financial

statements. Approximately 37 percent of the Group’s volume

was sold under fixed-price contracts in 2024.

Geopolitical uncertainty has also increased in the recent

months, e.g. regarding tariffs for salmon into the US market.

SalMar is monitoring the situation closely to minimize and

potential negative impacts. SalMar has a broad customer

base spread across the globe in order to optimize the sale of

salmon into various markets.

Credit risk

The risk of a counterparty not having the financial resources

to meet its obligations has, historically, been considered low,

and SalMar’s losses resulting from bad debts have been

small. The Group has guidelines to ensure that sales are

made only to customers who have not previously had

material payment issues, and that outstanding totals do not

exceed defined credit limits. Credit insurance is taken out as

a general rule.

The Group does not have any material credit risk associated

with an individual counterparty or counterparties which may

be considered a group due to similarities in the credit risk

they represent, see Note 4.1 for further details.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to

meet its financial obligations as they fall due.

SalMar’s objective is to have sufficient cash, cash

equivalents or short and medium-term credit facilities to

meet its day-to-day funding requirement. The Group

prepares regular cash-flow forecasts to ensure that it has

sufficient liquidity at all times. Furthermore, a flexible

financing structure is maintained through established credit

facilities. Unused credit facilities are described in the notes

to the financial statements.

The Group’s equity ratio, its prospects for future profits and

current credit facilities mean that the Group’s liquidity risk is

considered to be low.

SalMar has a BBB+ credit rating from Nordic Credit Rating,

please visit their website for their latest assessment of the

credit rating.


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R&D

For many years, SalMar has engaged with various R&D

institutes, including partnership relating to the operation of

R&D licences. The scale and professionalism of important

development activities has increased and continues to do so.

For SalMar it is important to be a professional, but

demanding partner, such that the outcomes of ongoing trials

are as relevant as possible. SalMar has allocated personnel

specifically to organising and assisting R&D environments

involved in such collaborative efforts, while production staff

are becoming increasingly experienced with regards to the

best way to safeguard research results in a busy working

day. Proximity to the research, and the opportunity to

influence both its planning and its area of focus are

important sources of motivation for SalMar.

SalMar is not satisfied with how the development over the

last years has been with respect to both increased mortality

and more challenging fish welfare. Therefore, early in 2024

SalMar announced the broad industry initiative, Salmon

Living Lab. This is a unique initiative that seeks to engage an

entire industry in solving the challenges the salmon face

today. In addition to bringing partners across the salmon

supply chain together, it will also lead to building of an

innovation and R&D centre which will house various

activities and function as a focal point for knowledge. In

addition to its expertise, SalMar will be supporting the

initiative with a strong financial commitment. One envisions

about NOK 500 million to ensure that the project get off on

a good start where the contribution will be shared among

the parties who join the project. The first partner to sign up

is Cargill, a trusted partner for farmers and food and

agriculture companies worldwide. And early in 2025 the first

advisory partner Norwegian University of Life Sciences

joined the iniative and more partners are expected to join.

The first projects in the initiative will also kick-off in 2025.

The scale of SalMar’s R&D activities in a wide range of fields

was substantial in 2023. During the year, SalMar continued

to focus on fish welfare and sea lice control. Development

projects were conducted at the secondary processing plant

and great emphasis has been placed on feed optimisation. In

addition, SalMar continuously assesses its own work

processes and aims to establish more long-term projects and

a closer cooperation with the supply industry and research

institutions.

SalMar’s efforts in the field of breeding and genetics include

a collaboration with Benchmark Holding PLC’s subsidiary

SalmoBreed, through the joint venture, SalMar Genetics. This

model has created a solid foundation for the further

development of the Rauma strain in the years ahead, and

that this work may also offer synergies in other areas that

SalMar is focusing on.

In 2024, SalMar continued its R&D activities in feed and

collaborates with its main feed providers. SalMar sees a

substantial need for greater focus on basic knowledge of

how the fish are fed and how we can ensure that the entire

population enjoys optimal conditions throughout the

production cycle. It is SalMar’s clearly expressed goal to

initiate better and more comprehensive research into these

issues under large-scale conditions. And several of these

projects will be included in the Salmon Living Lab initiative.

For many years, fish farming in the open ocean has been an

important part of SalMar’s strategy to ensure sustainable

growth. The company has further strengthened its efforts in

this field by transferring its activities and channelling all

further R&D efforts and investments in offshore fish farming

into SalMar Aker Ocean. The company has two semi-offshore

projects in operation with Ocean Farm 1 and Arctic Offshore

Farming.

Ocean Farm 1 was the first offshore project to be awarded

special development licences in 2016. Since then, the

company has completed three successful production cycles

at this pioneering facility. In 2024 the third production cycle

was harvested with strong biological performance and a new

cycle started in May/June 2024 which will be harvested in

2025.

Through the acquisition of NRS, SalMar gained the

ownership in the development project Arctic Offshore

Farming. The technology differs from both Ocean Farm 1 and

Smart Fish Farm where there are 2 cages which can be

submerged and a barge connected between the cages. First

production cycle started in 2023 and the harvest from the

project was completed in 2024. The second production cycle

started in the fall of 2024.

A third development project is also underway, this time for

the world’s first fully offshore fish farm suitable for the open

ocean, the Smart Fish Farm. SalMar has been granted eight

development licences for this novel deep-water project. In

end September 2023, site approval for one open ocean unit

was granted to SalMar Aker Ocean’s Smart Fish Farm,

approximately 50 nautical miles west of Frøya in Central

Norway. Due to regulatory uncertainty SalMar Aker Ocean

decided that further work on offshore aquaculture in Norway

is currently on hold. The company will now fully focus on

growth semi-offshore and utilize 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.


Intangible Resources

Over the years SalMar has developed a unique infrastructure

with smolt facilities, service boats, well boats, operating

services, harvesting-, processing- and sales services, all with

a view to producing salmon in the most efficient and

profitable way possible under the salmon's conditions.

Further, the development of a unique common SalMar

culture and implementation of the One SalMar concept

where the overall result is decisive, operationalized through

common postulates, the SalMar concept and SalMar

standards, has made the development of the business

possible. All managed and operated by the management

team. As a consequence of this, SalMar's is adding more to

the business than just the sum of its individual parts.

For description of intangible assets in the group see note 3.1

to the financial statements for further details.


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Organisation, Sustainability, and Social Responsibility

It is SalMar’s goal to secure long-term profitability and

growth through sustainable aquaculture and processing

activities, and by acting as a responsible corporate citizen.

For SalMar, the important thing is what sustainability is

actually about: the future. It concerns not only the future of

our children and grandchildren, but the protection of our

fellow citizens today. In this, lies an acknowledgement that

we have only one planet, with limited resources, which it is

vital to preserve and protect.

Today, the world’s population uses more resources than the

planet manages to generate, and food production accounts

for a substantial portion of humanity’s environmental and

climate footprint. New ways of producing food are needed

for an ever-growing global population, at the same time as

we must minimise the impact we have on the environment.

Salmon farming is one of the most environment-friendly

ways of producing food, affording considerable benefits in

the form of space, freshwater consumption and greenhouse

gas emissions. Aquaculture and salmon farming will

therefore make a significant contribution to providing a

growing global population with healthy, protein-rich food in

the years ahead.

Sustainability in everything we do is one of SalMar’s key

tenets. For us, sustainability is about the way we operate as

a company and how we behave in the areas surrounding our

operations. This includes taking care of our employees, the

salmon and the environment while developing the industry

and moving society in a more sustainable direction.

SalMar aims to safeguard the seas, while maximising our

production at the terms of the salmon. This includes

contributing to the development of new technology, so that

we can continue to reduce the biological footprint of our

production.

The Group recognises the diversity of its corporate social

responsibility, as an employer, producer, supplier of healthy

food, user of the natural environment and administrator of

financial and intellectual capital. Social responsibility is

important for us, and we want everything we do to stand the

light of day. At the same time, we aim to minimise the impact

our operations have on the natural environment.

Our holistic approach rests on awareness of the link between

caring for people, economy, and the environment, which

determines whether something is sustainable. This is the

core reason for why we think sustainability in everything we

do.

As an employer, SalMar aims to provide a safe and

developing workplace. The Group works continuously to

enhance measures and processes associated with health,

safety, and the environment (HSE), as well as provide

professional development opportunities for managers and

employees. Good employees, irrespective of gender, age, or

background, are crucial if we are to succeed in reaching our

strategic goals. At the same time, it is important that we

provide an attractive and safe working environment which

makes it possible to attract and retain the most talented

people.

In 2024, SalMar employed a total of 2,941 full-time

equivalents from 59 different countries. The workforce was

made up of 26% females. The female ratio of the Executive

Management Team is 14 %. SalMar works actively towards

recruitment of women in what has traditionally been a male

dominated industry. Our goal is to exhibit the vast

opportunities for women in all parts of the industry. This is

done by actively targeting potential future employees (in

school, universities etc.) and having female representatives

speak about SalMar as a workplace.

The female ratio of employees increased to 26 % in 2024.

The female ratio is considerably higher at the Group’s Admin

and Harvesting & Processing plants than at its hatcheries

and fish farms. One of SalMar’s focus areas have been the

Fish Farming segment, as this has the lowest female ratio.

This segment has seen an increase in the female ratio for

five straight years, more than doubling female employees in

5 https://www.salmar.no/en/sustainability/people-and-society/transparency-act/

6 https://www.salmar.no/baerekraft/policyer-og-publikasjoner/


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this period. This shows that SalMar’s continuous efforts to

increase the female ratio of its workforce is effective.

In its Code of Conduct, the Group makes its policy clear with

respect to the promotion of diversity and equality. SalMar

accepts no discrimination, abuse or harassment of our

workers or partners, and we treat everyone with courtesy

and respect no matter what their ethnicity, gender, national

or social background, age, functional capacity, sexual

orientation, religious faith, political convictions or other

status. Respect for the individual is the cornerstone of the

company’s policy. Everyone shall be treated with dignity and

respect and shall not be unfairly prevented from carrying out

their duties and responsibilities. This perspective arises from

the recognition that diversity plays a crucial role in creating

an improved work environment, increased adaptability, and

ultimately, better long-term outcomes.’

SalMar complies with national regulations also with regards

to working hours and sufficient rest. This is paramount to

maintain SalMar’s strict demands for safe operations.

SalMar has published sustainability policies on its webpage.

These are public statements from SalMar that give insight

into how SalMar conducts its endeavours while always

considering sustainability in everything we do.

The Board of Directors has drawn up guidelines covering

business ethics and corporate social responsibility. These are

available from the Group’s website www.salmar.no. SalMar’s

activities in sustainability and corporate social responsibility,

including human rights, labour rights, the working

environment, equality, discrimination, anti-corruption,

activity duty and the external environment, are described in

further detail in the sustainability statement included in this

report.

In accordance with the Norwegian transparency act SalMar

provides a report covering the company's obligation to

account for the due diligence assessments the company has

conducted. The report also explains the measures that have

been considered and implemented to reduce the risk of

negative consequences that the company's activities and

business relationships may have on fundamental human

rights and decent working conditions. See our webpage for

further information 5. The company also publishes a report

covering the reporting requirements in the Norwegian

Equality and Anti-Discrimination Act, the report is available

from our webpage 6.

In 2024 for the first year, SalMar’s sustainability statement

is prepared in accordance with the Corporate Sustainability

Reporting Directive (CSRD) and the European Sustainability

Reporting Standards (ESRS) pursuant to the Norwegian

Accounting Act §2-3. The sustainability statement aligns

with the scope of consolidation used in the financial

statements. The sustainability statement is a part of the

report from the board of the directors and is included earlier

in this annual report.


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Shares and Shareholders

In 2024 the share price decreased 5 percent from the closing

price of NOK 569.20 at the end of 2023. The price at the last

day in 2024, was NOK 540.50 per share.

SalMar held its AGM on 6 June 2024. The AGM voted to pay a

dividend of NOK 35 per share. The shares were traded ex.

dividend from 7 June, with payment taking place on 20 June

2024.

As at 31 December 2024 SalMar ASA owned 114,554

treasury shares, this corresponds to 0.1% percent of the

total number of shares outstanding as of 31 December

2024.

The number of outstanding shares in SalMar was

132,038,920 as of 31 December 2024, divided between

21,880 shareholders. The company’s major shareholder,

Kverva Industrier AS, owns 45.4% percent of the shares. The

20 largest shareholders own a total of 66.5% percent of the

shares.

The company’s Articles of Association contain no stipulations

limiting the transferability of the company’s shares.

Furthermore, the company is not aware of any agreements

between shareholders that limit the possibility of trading in

or exercising voting rights with respect to shares.


Corporate Governance

SalMar complies with the legislation, regulations, and

recommendations to which a public limited company is

subject, including Section 2-9 of the Norwegian Accounting

Act on corporate governance, day-to-day obligations of a

company listed on the Oslo Stock Exchange and the current

version of the Norwegian Code of Practice for Corporate

Governance. These principles are discussed in detail in a

separate chapter of the annual report and are available from

the company’s website.

The Group’s Board of Directors comprises five members

elected by the shareholders and two employee

representatives. Three of the board members are women,

including one employee representative.


Changes in the Board’s Composition

As recommended by the nomination committee, the annual

general meeting (AGM) on 6 June 2024 voted to re-elect

Gustav Witzøe as Chair of the Board, Arnhild Holstad and

Morten Loktu as Board Members and Magnus Dybvad as

Deputy Board Member for Leif Inge Nordhammer and Gustav

Witzøe. Vibecke Bondø was elected as deputy board member

for Margrethe Hauge, Arnhild Holstad and Morten Loktu. All

for term of two years.

Information relating to the competence and background of

the various board members is available from SalMar’s

website www.salmar.no.


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Ole_Ekker_2023_DSCF1565_highres-1 spalte.jpg


Outlook

Market outlook

In 2025 figures from Kontali Analyse, a leading provider of

aquaculture data and research, estimate a moderated supply

growth of global harvest volume. The global volume of

salmon harvested is expected to Increase with around

167,200 tonnes or 5.9 percent. The moderate growth in

supply combined with continued strong demand gives an

optimistic market outlook for 2025.


Supply of Atlantic salmon in 1,000 tonnes whole fish equivalents (WFE)	2025E	change
Norway	1,585	4.9%
Chile	756	8.0%
UK	182	-3.8%
North America	142	3.1%
Faroe Islands	117	17.9%
Other countries	212	11.7%
Total global supply	2,994	5.9%

Outlook for SalMar and associates

SalMar expects an increase in harvest volume in 2025.

SalMar expects to harvest 254,000 tonnes in Norway,

SalMar Aker Ocean 9,000 tonnes and 15,000 tonnes in

Iceland. In addition, SalMar expects its share of the volume

harvested by Norskott Havbruk (50 percent) to come to

16,000 tonnes in 2025. This totals a harvest volume of

294,000 tonnes or an increase of 17 % from 2024.

It is expected that most of the volume will be harvested in

the second half of the year. SalMar expects a contract share

in Norway of around 25 percent for the full year of the

expected volume harvested. The contracts portfolio average

price and volume is relatively stable through the whole of

2025, where the prices on contracts are higher than the

contract prices in 2024. In addition to the fixed price

contracts SalMar also has several volume contracts where

the price of the contract is linked to the current spot market

prices.

Over time, SalMar has invested heavily to increase its

competence and capacity to handle biological challenges in

the best possible way. SalMar has a high level of

preparedness at its harvesting facility, to ensure that

extraordinary events can be handled in compliance with the

regulations and optimally for the fish welfare. In addition,

efforts are continuously being made to develop the most

sustainable and best production sites.

SalMar expects a slight reduction in cost in the value chain in

2025. Feed is the most important cost factor in salmon

farming. SalMar expects feed prices to be reduced in 2025

compared to the significant increase in recent years.

The last years, SalMar has reinforced its position as a leader

in the aquaculture industry, and wants to utilize this position

to the sustainable development of salmon farming, both

coastal and offshore. As announced on the capital markets

day in September 2023 SalMar has a significant organic

growth potential within existing licence without the need

for larger investments. A total of 370,000 tonnes including

relative share of Scottish Sea Farms implying a growth of

47 % from the harvested volume in 2024 and 26 % from the

expected volume in 2024.

Investments

SalMar expects to invest NOK 1.7 billion in its Norwegian

operations including SalMar Aker Ocean. Maintenance

investments accounts for NOK 0.8 billion or around 3 NOK/kg

in line with company guidance of around 3 NOK/kg. Capacity

investments account for NOK 1.1 billion where farming

investments in the value chain to reduce cost and improve

fish welfare represents the largest proportion. SalMar has

over the last years invested heavily in fish welfare

equipment in order to reduce the sea lice pressure, and for

2025 investments in sea lice lasers and submerged net pens

represent the largest investment. In addition one are

investing in upgrades at the harvestsing and processing

faccilities.

To unlock potential in Iceland one expects to invest NOK 0.1

billion in 2025 where increased seawater farming capacity

accounts for the largest investment.


146		Corporate Governance	Report of the Board of Directors	MENU ≡

The Board’s assessment

Through hard work and dedication over many years, SalMar

has built a strong position in a growing aquaculture industry.

And through the transactions with NTS, NRS and SalmoNor

SalMar has firmly positioned itself as a leading company in

the industry and the world’s second largest salmon producer.

2024 became a year marked by challenges at sea, but the

solid structure with efficient and flexible operational set-up

in the value chain, together with hard work from passionate

employees showcased itself by handling the situation in a

solid way. The biological performance improved towards the

end of the year and together with the lessons learned,

investments in fish welfare in the value chain and increased

smolt transfer to sea the outlook for 2025 looks brighter

compared to last year.

Both Norway and Iceland benefit from excellent conditions

for the farming of salmon and in 2024 SalMar has increased

its presence in its core regions in Norway, by investing in

increased license capacity and acquisitions of controlling

interest in farming companies. SalMar will continue to

manage these resources in the best possible way for its

shareholders, employees, customers and affected local

communities.

The SalMar Group is determined to maintain its position as

one of the world’s top aquaculture companies with sustained

profitability in the future, given its strong market standing.

The Board of Directors believes that SalMar is well-equipped

to achieve this goal. SalMar is committed to producing

healthy food sustainably, and the increasing global

population requires more food. Salmon farming is one of the

most sustainable methods of food production, as it provides

significant advantages in terms of utilization of area,

freshwater consumption, and greenhouse gas emissions.

As a result, aquaculture and salmon farming will make a

significant contribution to supplying the world’s expanding

population with nutritious and protein-rich food in the

future, and SalMar will continue to focus on achieving

sustainable growth on the salmon’s terms.

However, the new tax regime in Norway from 2023 will have

a major impact on the capacity for innovation and

investments in the Norwegian aquaculture industry. This

strengthens the need to seek efficiency and economies of

scale. Given the greater competition from a growing number

of salmon-producing countries, it is even more important

that the Norwegian government ensures Norway’s

aquaculture sector has stable and predictable framework

conditions.

Geopolitical uncertainty has also increased in the recent

months, e.g. regarding tariffs for salmon into the US market.

SalMar is monitoring the situation closely to minimize any

potential negative impacts. SalMar has strong access to

markets around the world and are experiencing strong

demand for its products across the globe.

In 2024, SalMar has demonstrated its capacity to adapt to

changing market and regulatory conditions, delivering good

financial results despite a challenging year biologically.

SalMar has also maintained a solid financial position with a

strong liquidity reserve. It is important for SalMar to provide

its 22,000 shareholders a competitive return on invested

capital. Due to good results in 2024 and a strong financial

position the board of directors has resolved to propose a

cash dividend of NOK 22.00 per share for the financial year

2024.

The SalMar culture, expressed through our cultural tenets, is

fundamental to the entire business, and our vision, “Passion

for Salmon”, is the vision that guides us on our way towards

realising our ambition of being the world’s best aquaculture

company. SalMar’s employees are our most important

resource in our quest for further success. The Board of

Directors would like to thank all the company’s employees

for the dedicated efforts they put in every single day. It is

these efforts which have created the SalMar Group’s

excellent results year after year, and which will underpin our

continued success in the years ahead.


Frøya, 9 April 2025



Gustav Witzøe	Margrethe Hauge
Chair of the Board	Vice-Chair of the Board



Morten Loktu	Arnhild Holstad
Board Member	Board Member



Leif Inge Nordhammer	Hans Stølan
Board Member	Board Member
	Employee representative



Frode Arntsen	Ingvild Kindlihagen
CEO	Board Member
	Employee representative

Financial

Statement and

Results



Consolidated Financial Statements	148
Notes to the Financial Statements for 2024	156
Annual Financial Statements of SalMar ASA	235
Notes to the Financial Statements for 2024, SalMar ASA	242
Statement by the Board of Directors and CEO	262
Independent Auditor’s Report	263


148		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated Financial

Statements

2024

SalMar Group

Consolidated Statement of

Profit or Loss


NOKm	Note	2024	2023
Revenues from contracts with customers	2.2	26,318	28,099
Other operating income		109	119
Revenue and other income		26,426	28,219
Cost of goods sold		-12,728	-12,880
Salary and personnel expenses	2.3, 2.4, 2.5	-2,784	-2,415
Other operating expenses	2.6, 3.4	-3,884	-4,068
Depreciation and amortization of tangible and intangible non-current assets	3.1, 3.3, 3.4	-1,691	-1,419
Write-downs of tangible and intangible non-current assets	3.3, 3.4	-68	-33
Litigation and legal claims	2.6	-35	-9
Restructuring cost	2.8	160	-29
Production tax	2.11	-241	-208
Onerous contracts	3.13	271	-237
Fair value adjustments	2.9	-134	1,590
Operating profit		5,292	8,509

Income/loss from from investments in associates and joint venture	3.5	122	-27
Financial items
Interest income	2.10	38	51
Financial income	2.10	43	30
Interest expenses	2.10	-1,258	-1,223
Financial expenses	2.10	-37	-60
Net financial items		-1,214	-1,203
Profit before tax from continuing operations		4,201	7,279
Income tax expense	2.11	-1,096	-4,534
Profit for the year from continuing operations		3,105	2,746
Profit after tax from discontinued operations	4.7	—	657
Profit for the year		3,105	3,402
Profit for the year attributable to:
Non-controlling interests	4.6	136	199
Shareholders in SalMar ASA		2,969	3,203

Earnings per share	4.3, 4.13	22.53	24.36
Earnings per share - diluted	4.3, 4.13	22.49	24.33


149		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated Statement of Other

Comprehensive Income


NOKm	Note	2024	2023
Profit for the year		3,105	3,402
Other comprehensive income:
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Translation differences in associated companies and joint venture	3.5	103	93
Translation differences in group companies		124	164
Gain/loss on hedge of net investment	3.9	-56	-68
Gain/loss on cash flow hedges	3.9	-571	376
Net change in costs of hedging	3.9	-15	-39
Tax related to other comprehensive income	2.11	141	-59
Net other comprehensive income that may be reclassified to profit or loss		-273	466
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain on defined benefit plans	2.5	—	1
Net other comprehensive income that will not be reclassified to profit or loss		—	1
Other comprehensive income		-273	467
Total comprehensive income		2,832	3,869
Comprehensive income for the year attributable to:
Non-controlling interests	4.6	118	321
Shareholders in SalMar ASA		2,713	3,548


150		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated Balance Sheet


NOKm
Assets	Note	31.12.2024	31.12.2023
Non-current assets
Intangible assets
Licences	3.1, 3.12	16,010	15,217
Goodwill	3.1	3,019	3,011
Other intangible assets	3.1	464	457
Total intangible assets		19,493	18,685
Property, plant and equipment
Property, plant and equipment	3.3, 3.12	12,458	12,371
Right-of-use assets	3.4, 3.12	1,623	1,798
Total property, plant and equipment		14,081	14,169
Non-current financial assets
Investments in associates and joint venture	3.5	2,618	2,418
Investments in shares and other securities		15	17
Pension fund assets	2.5	4	3
Other non-current receivables	3.7, 3.9	298	242
Total non-current financial assets		2,935	2,679
Total non-current assets		36,509	35,533
Current assets
Biological assets	3.6, 3.12	13,970	13,265
Other inventory	3.6, 3.12	1,276	1,230
Total inventory		15,247	14,494
Receivables
Trade receivables	3.7, 3.12	1,517	1,457
Other current receivables	3.7, 3.9	642	1,061
Total receivables		2,159	2,518
Cash and cash equivalents	3.10, 3.11	518	785
Total current assets		17,924	17,798
Total assets		54,433	53,331


151		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated Balance Sheet, continued


Frøya, 9 April 2025



Gustav Witzøe	Margrethe Hauge
Chair of the Board	Vice-Chair of the Board



Morten Loktu	Arnhild Holstad
Board Member	Board Member


Leif Inge Nordhammer	Hans Stølan
Board Member	Board Member
	Employee representative


Frode Arntsen	Ingvild Kindlihagen
CEO	Board Member
	Employee representative


Equity and Liabilities
Equity	Note	31.12.2024	31.12.2023
Paid-in equity
Share capital	4.2	33	33
Share premium		9,710	10,017
Other paid-in equity		73	—
Total paid-in equity		9,817	10,050
Retained earnings
Retained earnings		8,110	9,851
Total equity attributable to shareholders of the parent		17,927	19,901
Non-controlling interests	4.6	2,313	3,178
Total equity		20,240	23,079

Liabilities
Non-current liabilities
Pension liabilities	2.5	8	8
Other non-current liabilities	3.9	98	13
Deferred tax liability	2.11	7,007	6,725
Non-current interest-bearing debts	3.11, 3.12	15,464	12,211
Long-term lease liabilities	3.4, 3.11, 3.12	1,274	1,502
Total non-current liabilities		23,850	20,459

Current liabilities
Current interest-bearing debts	3.11, 3.12	1,854	1,681
Short-term lease liabilities	3.4, 3.11, 3.12	420	344
Trade payables	3.11	4,078	3,966
Tax payable	2.11	2,140	1,814
Public duties payable		373	535
Other current liabilities	3.9, 3.13	1,478	1,454
Total current liabilities		10,343	9,793
Total liabilities		34,194	30,252
Total Equity and Liabilities		54,433	53,331


152		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated statement of changes in equity


NOKm	Note	Share capital	Treasury shares	Share premium	Other paid-in equity	Other equity	Foreign currency translation differences	Cashflow hedges	Hedge of net investments	Cost of hedging reserve	Attributable to shareholders of the parent	Non- controlling interests	Total equity
As at 1 January 2023		36	-3	12,182	344	6,400	177	211	-35	44	19,356	4,799	24,155
Profit for the year		—	—	-2,163	-392	5,758	—	—	—	—	3,203	199	3,402
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Translation differences in associates and joint venture	3.5	—	—	—	—	—	93	—	—	—	93	—	93
Translation differences in subsidiaries		—	—	—	—	—	79	—	—	—	79	85	164
Gain/loss on hedge of net investment	3.9	—	—	—	—	—	—	—	-68	—	-68	—	-68
Gain/loss on cash flow hedges	3.9	—	—	—	—	—	—	328	—	—	328	47	376
Net change in costs of hedging	3.9	—	—	—	—	—	—	—	—	-39	-39	—	-39
Tax related to other comprehensive income	2.11	—	—	—	—	—	—	-72	15	9	-49	-10	-59
Net other comprehensive income that may be reclassified to profit or loss in subsequent periods		—	—	—	—	—	172	256	-53	-31	345	122	466
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain on defined benefit plans	2.5	—	—	—	—	1	—	—	—	—	1	—	1
Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods		—	—	—	—	1	—	—	—	—	1	—	1
Other comprehensive income		—	—	—	—	1	172	256	-53	-31	345	122	467
Total comprehensive income		—	—	-2,163	-392	5,759	172	256	-53	-31	3,548	321	3,869
Transactions with shareholders
Share-based payment, expensed	2.4	—	—	—	44	3	—	—	—	—	47	1	48
Share-based payment, tax effect	2.11	—	—	—	1	3	—	—	—	—	3	—	3
Dividend	4.2	—	—	—	—	-2,629	—	—	—	—	-2,629	-137	-2,766
Sales of treasury shares	4.3	—	—	-5	—	16	—	—	—	—	12	—	12
Acquisition of interests with settlement in treasury shares	4.5, 4.6	—	—	—	4	113	—	—	—	—	117	130	247
Treasury shares in subsidiaries	4.6	—	—	—	—	-319	—	—	—	—	-319	319	—
Change in non-controlling interests	4.6	—	—	—	—	-239	—	—	—	—	-239	-516	-755
Divestment of non-controlling interests	4.6	—	—	—	—	—	—	—	—	—	—	-1,737	-1,737
Share capital reduction	4.2	-3	3	—	—	—	—	—	—	—	—	—	—
Reclassifications and Other changes		—	—	2	—	3	—	—	—	—	6	-2	3
Total transactions with shareholders		-3	3	-2	49	-3,049	—	—	—	—	-3,003	-1,942	-4,945
At 31 December 2023		33	—	10,017	—	9,110	349	467	-88	14	19,901	3,178	23,079


153		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated statement of changes in Equity, continued


NOKm	Note	Share capital	Treasury shares	Share premium	Other paid-in equity	Other equity	Foreign currency translation differences	Cashflow hedges	Hedge of net investments	Cost of hedging reserve	Attributable to shareholders of the parent	Non- controlling interests	Total equity
As at 1 January 2024		33	—	10,017	—	9,110	349	467	-88	14	19,901	3,178	23,079
Profit for the year		—	—	—	—	2,969	—	—	—	—	2,969	136	3,105
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Translation differences in associates and joint venture	3.5	—	—	—	—	—	103	—	—	—	103	—	103
Translation differences in subsidiaries		—	—	—	—	—	66	—	—	—	66	59	124
Gain/loss on hedge of net investment	3.9	—	—	—	—	—	—	—	-56	—	-56	—	-56
Gain/loss on cash flow hedges	3.9	—	—	—	—	—	—	-474	—	—	-474	-98	-571
Net change in costs of hedging	3.9	—	—	—	—	—	—	—	—	-15	-15	—	-15
Tax related to other comprehensive income	2.11	—	—	—	—	—	—	104	12	3	120	21	141
Net other comprehensive income that may be reclassified to profit or loss in subsequent periods		—	—	—	—	—	169	-370	-43	-11	-256	-17	-273
Other comprehensive income		—	—	—	—	—	169	-370	-43	-11	-256	-17	-273
Total comprehensive income		—	—	—	—	2,969	169	-370	-43	-11	2,713	118	2,832
Transactions with shareholders
Share-based payment, expensed	2.4	—	—	—	73	4	—	—	—	—	76	1	77
Dividend	4.2	—	—	—	—	-4,611	—	—	—	—	-4,611	-71	-4,682
Acquisition of interests with settlement in treasury shares	4.5, 4.6	—	—	—	—	5	—	—	—	—	5	—	5
Transactions cost non-controlling interests	4.6	—	—	—	—	-39	—	—	—	—	-39	—	-39
Change in non-controlling interests	4.6	—	—	—	—	-144	—	—	—	—	-144	-847	-990
Divestment of non-controlling interests	4.6	—	—	—	—	33	—	—	—	—	33	-66	-32
Reclassifications and Other changes		—	—	-306	1	297	—	—	—	—	-8	-1	-9
Total transactions with shareholders		—	—	-306	73	-4,455	—	—	—	—	-4,688	-983	-5,671
At 31 December 2024		33	—	9,710	73	7,624	518	97	-132	2	17,927	2,313	20,240


154		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated Statement

of Cash Flows


NOKm	Note	2024	2023
Cash flow from operating activities
Profit before tax		4,201	7,279
Profit before tax from discontinued operations		—	685
Tax paid in the period	2.11	-355	-608
Depreciation, amortisation and write-downs	3.1, 3.3, 3.4	1,759	1,452
Employee share schemes charged to expenses	2.4	77	48
Income from associated companies and joint venture	3.5	-122	27
Gains on disposal of shares in group companies	4.7	-198	-365
Gains/losses on sale of non-current assets		-1	-31
Net interest expenses	2.10	1,220	1,172
Onerous contracts	3.13	-271	237
Fair value adjustments	2.9	224	-867
Change in inventory / biological assets at cost		-972	-904
Change in trade receivables		-52	-32
Change in trade payables		112	621
Change in other accruals		-240	105
Cash flow from operating activities related to discontinued operations	4.7	—	155
Net cash flow from operating activities		5,381	8,975

Cash flow from investing activities
Receipts from disposal of property, plant and equipment	3.3	59	4
Purchase of property, plant and equipment	3.3	-1,790	-2,269
Purchase of intangible assets	3.1	-792	-84
Receipts from disposal of group companies	4.4, 4.7	259	4,454
Receipts from disposal of other investments		—	45
Purchase of other investements		-2	—
Dividends from associated companies	3.5	21	18
Dividends from other companies		—	7
Loan to third parties		70	-14
Interest received	2.10	8	25
Cash flow from investing activates related to discontinued operations	4.7	—	-412
Net cash flow from investing activities		-2,167	1,775


155		Financial Statements and Results	Consolidated Financial Statements		MENU ≡

Consolidated Statement of Cash Flows, continued


NOKm	Note	2024	2023
Cash flow from financing activities
Proceeds from non-current interest-bearing liabilities	3.11	3,724	7,788
Repayment of non-current interest-bearing debts	3.11	-497	-16,448
Change in current interest liabilities	3.11	525	714
Payment of instalments on lease liabilities	3.4, 3.11	-409	-321
Payment of interest on lease liabilities	3.4, 3.11	-120	-102
Interest paid	2.10	-1,043	-1,145
Dividend	4.2	-4,682	-2,748
Transactions cost non-controlling interests	4.6	-39	—
Acquisition of non-controlling interests	4.6	-944	-755
Cash flow from financing activities related to discontinued operations	4.7	—	29
Net cash flow from financing activities		-3,485	-12,989

Net change in cash and cash equivalents		-271	-2,239
Currency translation of cash and cash equivalents		4	-7
Cash and cash equivalents as at 01.01		785	2,713
Cash and cash equivalents discontinued operations as at 01.01		—	319
Cash and cash equivalents as at 31.12	3.10	518	785

Unused drawing rights	3.11	6,840	9,754

Notes to the Financial Statements for 2024


Part 4	Other Notes
Note 4.1	Financial risk management	212
Note 4.2	Share capital and shareholders	214
Note 4.3	Earnings per share	217
Note 4.4	Group companies	218
Note 4.5	Business combinations and other investments in group companies	219
Note 4.6	Non-controlling interests	220
Note 4.7	Discontinued operations	225
Note 4.8	Related party transactions	225
Note 4.9	Climate risk	226
Note 4.10	Allegations of price collusion	228
Note 4.11	Audit fees	229
Note 4.12	Events occuring after the reporting period	230
Note 4.13	Alternative performance measures	232


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 1.1	General information


157		MENU ≡

Part 1	General information and material accounting policies


NOTE 1.1	General information

SalMar ASA is a listed public limited liability company,

registered and domiciled in Norway. The company's shares are

listed on the Oslo Stock Exchange. The company's head office

is located at Industriveien 51, 7266 Kverva, in the municipality

of Frøya.

SalMar's consolidated financial statements of 31 December

2024 and for the year as a whole comprise SalMar ASA and its

subsidiaries, as well as the Group's share of associates and

joint venture accounted for using the equity method. The

Group operates in Norway, Iceland and Asia, and has

operations in Scotland through a joint venture.

The annual financial statements were formally approved by

the Board of Directors on 9 April 2025.



NOTE 1.2	Basis of preparation

SalMar's consolidated financial statements comprise the

statement of profit or loss, statement of other comprehensive

income, balance sheet, statement of changes in equity and

statement of cash flows. The consolidated financial

statements have been prepared in accordance with IFRS®

Accounting Standards and interpretations issued by the IFRS

Interpretations Committee (IFRS IC) applicable to companies

reporting under IFRS as adopted by EU. The financial

statements comply with IFRS as issued by the International

Accounting Standards Board (IASB) at 31 December 2024, as

well as disclosure requirements pursuant to the Norwegian

Accounting Act as at 31 December 2024.

Effective from 2024, the presentation of the Consolidated

Statement of Profit or Loss has been revised compared to the

presentation included in the 2023 annual report by excluding

the subtotal of operational EBIT. This change aims to provide

better information regarding performance and comparability

among peers. Two new financial statement lines have been

added to the Consolidated Statement of Profit or Loss:

litigation and legal claims, and restructuring costs. These new

line items do not affect the reported operating profit but

represent a reclassification of expenses included in the

operating profit. Comparative figures have been adjusted

accordingly. Please refer to the table beside for the effects.

Group management evaluates segment performance based on

operational EBIT. In this measure, the new financial statement

lines are excluded, along with write-downs of tangible and

intangible non-current assets, as these items are assessed to

be non-recurring in subsequent periods. .

Refer to note 4.13 for a reconciliation between operating

profit in the Consolidated Statement of Profit or Loss and

operational EBIT in the segment reporting.


NOKm	2023	2023 revised	Change
Salary and personnel expenses	-2,454	-2,415	39
Other operating expenses	-4,067	-4,068	-1
Litigation and legal claims	—	-9	-9
Restructuring cost	—	-29	-29


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 1.1	General information


158					MENU ≡

Significant accounting principles relating to specific

accounting lines and accounting items are described in the

introduction to the relevant notes. The consolidated financial

statements are presented in Norwegian kroner (NOK). The

financial statements have been prepared on a historical cost

basis, except for the following:

• Biological assets – measured at fair value (Note 3.6)

• Financial derivatives - measured at fair value (Note

3.8)

• Other shares and securities – measured at fair value

(Note 3.8)

New and amended standards adopted by the group

The Group applied for the first-time certain standards and

amendments, which are effective for annual periods beginning

on or after 1 January 2024. The Group has not early adopted

any other standard, interpretation or amendment that has

been issued but is not yet effective.

Supplier Finance Arrangement - Amendments to IAS 7 and IFRS 7.

The amendments require specific disclosures about supplier

finance arrangements (SFA) for a better understanding of the

arrangements effect on the entity’s liabilities. The

amendments have had an impact on the Group’s disclosures

related to the SFA.

Classification of Liabilities as Current or Non-current liabilities

with covenants - Amendments to IAS 1

The amendments clarify that liabilities are classified as either

current or non-current, depending on the rights that exist at

the end of the reporting period.

Classification is unaffected by the entity’s expectations or

events after the reporting date. The amendments had no

impact on the Group’s consolidated financial statements. The

amendments require disclosures if an entity classifies a

liability as non-current and that liability is subject to

covenants with which the entity must comply within 12

months of the reporting date.

New standards and interpretations not yet adopted

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1

Presentation of Financial Statements. IFRS 18 introduces new

requirements for presentation within the statement of profit

or loss, including specified totals and subtotals. Furthermore,

entities are required to classify all income and expenses

within the statement of profit or loss into one of five

categories: operating, investing, financing, income taxes and

discontinued operations, whereof the first three are new

It also requires disclosure of newly defined management-

defined performance measures, subtotals of income and

expenses, and includes new requirements for aggregation and

disaggregation of financial information based on the identified

‘roles’ of the primary financial statements (PFS) and the notes.

In addition, narrow-scope amendments have been made to IAS

7 Statement of Cash Flows, which include changing the

starting point for determining cash flows from operations

under the indirect method, from ‘profit or loss’ to ‘operating

profit or loss’ and removing the optionality around

classification of cash flows from dividends and interest. In

addition, there are consequential amendments to several

other standards.

IFRS 18 is effective for reporting periods beginning on or after

1 January 2027. IFRS 18 will apply retrospectively.

The Group is working to identify all impacts the amendments

will have on the primary financial statements and notes to the

financial statements.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 1.3	Principles of consolidation


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NOTE 1.3	Principles of consolidation

SalMar's consolidated financial statements encompass SalMar

ASA and its subsidiaries as at 31 December 2024.

Subsidiaries are all entities over which the group has control.

The group controls an entity where the group is exposed to, or

has rights to, variable returns from its involvement with the

entity and has the ability to affect those returns through its

power to direct the activities of the entity. If the Group has a

majority of the voting rights in an entity, the entity is

presumed to be a subsidiary of the Group. To substantiate this

presumption, and where the Group does not hold a majority of

the voting rights, the Group considers all relevant facts and

circumstances to determine whether the Group has control

over the entity in which it has invested. This includes

assessing the size of its shareholding, its voting share, the

shareholder structure and its relative strength therein, as well

as options controlled by the Group, shareholder agreements or

other agreements. This assessment is performed for each

investment. A reassessment is performed when facts and

circumstances indicate that changes have taken place in one

or more of the factors determining control.

The acquisition method of accounting is used to account for

business combinations by the group. Subsidiaries are fully

consolidated from the date on which control is transferred to

the group. They are deconsolidated from the date that control

ceases. The entity perspective is applied in connection with

acquisitions where control is established. The exception is

goodwill, where for each acquisition it is optional whether to

recognise the controlling owners' share or 100 %. In the cases

where the fair value of the acquired assets exceeds the

amount paid, the difference is treated as income in profit and

loss.

Inter-company transactions, balances and unrealised gains on

transactions between group companies are eliminated.

Unrealised losses are also eliminated unless the transaction

provides evidence of an impairment of the transferred asset.

Accounting policies of subsidiaries have been changed where

necessary to ensure consistency with the policies adopted by

the group.

Non-controlling interests in the results and equity of

subsidiaries are shown separately in the consolidated

statement of profit or loss, statement of comprehensive

income, statement of changes in equity and balance sheet

respectively.

The group treats transactions with non-controlling interests

that do not result in a loss of control as transactions with

equity owners of the group. A change in ownership interest

results in an adjustment between the carrying amounts of the

controlling and non-controlling interests to reflect their

relative interests in the subsidiary. Any difference between

the amount of the adjustment to non-controlling interests and

any consideration paid or received is recognised within equity

attributable to owners of SalMar ASA.

When the Group no longer has control, any remaining

shareholding is measured at fair value, with changes in value

recognised through profit and loss. In connection with its

future recognition as an investment, associate, jointly

controlled entity or financial asset, fair value is deemed to

equal acquisition cost. Amounts which were previously

recognised in OCI with respect to this company are treated as

if the Group had divested the underlying assets and liabilities.

This may mean that amounts which have previously been

recognised in OCI are reclassified to profit and loss.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 1.4	Climate-related matters


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NOTE 1.4	Climate-related matters

The Group considers climate-related matters in estimates and

assumptions, where appropriate. This assessment includes a

wide range of possible impacts on the Group due to both

physical and transition risks. The Group closely monitors

relevant changes and developments in the area, such as new

climate-related legislation. See Note 4.9 for further

information. The items and considerations that could be

affected by climate-related matters are:

• Impairment of non-financial assets. The value-in-use may

be impacted in several different ways, including transition

risk, such as climate-related legislation and regulations, as

well as increased costs due to environmental challenges.

Even though the Group has concluded that no single

climate-related assumption is a key assumption for the

2024 test of goodwill and licenses, considerations related

to costs due to environmental matters are taken into

account. See note 3.2 for further information

• Fair value measurement for biological assets within the

Group takes into account the impact of both physical and

transition risks. The group believes it is not currently

exposed to transition risks. But physical risks such as

increased production costs and reduced volume due to

environmental challenges could affect the estimated fair

value of biological assets. See note 3.6 for further

information.


NOTE 1.5	Functional currency and translation of foreign currencies

The consolidated financial statements are presented in

Norwegian kroner (NOK), which is the parent company's

functional currency.

Foreign currency transactions are translated into the

functional currency using the exchange rates at the dates of

the transactions. Foreign exchange gains and losses resulting

from the settlement of such transactions, and from the

translation of monetary assets and liabilities denominated in

foreign currencies at year end exchange rates, are generally

recognised in profit or loss. They are deferred in other

comprehensive income if they relate to qualifying cash flow

hedges and qualifying net investment hedges.

The results and financial position of foreign operations that

have a functional currency different from the presentation

currency are translated into the presentation currency as

follows:

a. assets and liabilities for each balance sheet presented

are translated at the closing rate at the date of that

balance sheet

b. income and expenses for each statement of profit or

loss and statement of comprehensive income are

translated at average exchange rates

c. all resulting exchange differences are recognised in

other comprehensive income.


NOTE 1.6	Statement of Cash Flows

The Group's Statement of Cash Flows shows a breakdown of

the Group's overall cash flow into operating, investing and

financing activities. The statement shows the individual

activity's impact on liquid assets. Cash flow deriving from the

acquisition and sale of businesses is presented under

investing activities.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 1.7	Use of estimates


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NOTE 1.7	Use of estimates

Preparation of the financial statements in accordance with

IFRS requires management to make evaluations, estimates

and assumptions which affect the application of accounting

principles and the value of assets and liabilities recognised in

the Consolidated balance sheet as well as income and

expenses in the Statement of profit or loss for the financial

year. Estimates and their underlying assumptions are based on

past experience and other factors deemed relevant and

probable at the time the evaluations are made. These

evaluations affect the book value of the assets and liabilities

whose valuation is not based on other sources. Estimates are

reviewed continuously and final values and results may differ

from these estimates. Changes in accounting estimates are

included in the period in which the changes occur.

The following evaluations and estimates are considered to be

significant for the Group:

Fair value of the biomass

Biological assets held at the Group's sea farms are measured in

accordance with IAS 41. The principles for calculating fair

value are described in Note 3.6 "Biological assets and other

inventories".

The valuation is based on a number of assumptions that

require considerable discretionary judgement. The key

assumptions relate to volume, costs, price and the discount

rate.

The estimated volume at harvest is based on the number of

fish held at sea farms, adjusted for estimated growth and

mortality from the time the fish were transferred to the sea

until they have actually been harvested. The actual volume

harvested may deviate from the estimated volume as a result

of biological developments. Uncertainty with regard to

biological developments may affect the date of harvest and

therefore the discounting period in the model.

Expected market prices underpin the measurement of fish at

fair value. The industry considers the forward prices from

European Salmon Future to be the best estimate of market

prices. Historically, the market price for fish has proved

susceptible to relatively large fluctuations from period to

period and between seasons. The price achieved will

moreover, differ depending on the size and quality of the fish

at harvest. At the same time, the date of harvest will depend

on the fish's biological development.

There is considerable uncertainty to the estimated remaining

production costs to harvest. Biological challenges, such as

disease and sea lice infestations, will affect fish-related costs.

In addition, there is uncertainty related to the price of other

important input factors, such as fish feed.

Expected future cash flows for the individual sites are

discounted by a monthly discount factor. The discount factor

comprise several elements (see Note 3.6 "Inventory and

biological assets" for further details). As described in Note 3.6,

a synthetic licence fee and site leasing cost is added to the

discount factor in the model, instead of these elements being

treated as a cost in the calculation. In order to engage in the

farming of salmon, it is necessary to have access to

infrastructure in the form of production licences and sites. The

market price for a production licence in today's market is high,

and it is reasonable to assume that in a hypothetical market

there would be a considerable cost attached to use of the

infrastructure and licences necessary to operate an

aquaculture business. This cost is reflected as an element of

the discount rate and will be subject to considerable

discretionary judgement.

Fair value at acquisition

In connection with an acquisition, the cost price of the

acquired entity must be allocated such that the opening

balance in the Group's accounts reflects the estimated fair

value of the acquired assets and liabilities. To determine the

fair value at acquisition, alternative methods are used to

determine the fair value of assets for which there is no active

market. Consideration in excess of the value of identifiable

assets and liabilities is recognised in the Consolidated balance

sheet as goodwill. If the fair value of equity in the acquired

entity exceeds the consideration paid, the excess amount is

immediately recognised as income. The allocation of cost price

in connection with business combinations is updated if, no

later than 12 months after the acquisition took place, new

information is obtained with respect to fair value on the date

of takeover and assumption of control.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.1	Business segments


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Part 2	Financial results


NOTE 2.1	Business segments

Accounting policies

The Group's business areas comprise of Fish Farming, Sales &

Industry and the Group's operations in Iceland which are

reported as a separate unit and are defined as a separate

segment. In addition, SalMar Aker Ocean, the Group's offshore

farming is defined as a separate segment.

Fish farming in Norway is divided into two regions, Fish

Farming Central Norway and Fish Farming Northern Norway,

which are defined as separate segments, and are reported and

administered as such internally. The Group’s hatchery

operations are also included in these segments. The operating

unit Icelandic Salmon, located in Iceland, is a fully integrated

aquaculture company, with its own hatchery, sea farms,

harvesting plant and sales force. This segment’s combined

results are reported through the business segment Icelandic

Salmon. SalMar Aker Ocean was a partnership between SalMar

(85 per cent ownership) and Aker (15 per cent) that specialise

in offshore farming. The company has two semi-offshore units

in operation, Ocean Farm 1 in Central Norway and Arctic

Offshore Farming in Northern Norway. See note 4.12 Events

occurring after the reporting period for information of SalMar’s

acquisition of the non-controlling interests in SalMar Aker

Ocean AS.

Group management evaluates the segments’ performance on

the basis of Operational EBIT. See Note 4.13 for an

reconciliation between Operating profit and Operational EBIT.

The column Other/Eliminations includes costs relating to

share-based employee cost, R&D costs relating to jointly

operated licences and overheads not allocated to segments.

Sales between segments are carried out in accordance with

the arm’s length principle. When revenues from external

parties are reported to group management, they are measured

at the same amount recognised in profit and loss. Assets and

liabilities are not reported to group management at segment

level.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.1	Business segments


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2024 (NOKm)	Fish Farming Central Norway	Fish Farming Northern Norway	Sales & Industry	Icelandic Salmon	SalMar Aker Ocean	Other/ Eliminations	SalMar Group
External operating revenue - sale of goods and services	307	163	24,672	1,177	—	—	26,318
Internal operating revenue - sale of goods and services	10,941	6,294	962	1	571	-18,768	—
TOTAL revenues from contracts with customers	11,247	6,456	25,633	1,178	571	-18,768	26,318
Other operating income	76	38	28	4	3	-40	109
Revenue and income	11,323	6,495	25,661	1,182	573	-18,808	26,426
Depreciation and amortisation	820	392	215	148	104	12	1,691
Other operating expenses	7,101	4,155	24,978	1,103	547	-18,577	19,306
Operational EBIT	3,402	1,947	468	-69	-77	-243	5,429
Write-downs of tangible and intangible non-current assets							-68
Litigation and legal claims							-35
Restructuring cost							160
Production tax							-241
Onerous contracts							271
Fair value adjustments							-134
Fair value adjustment included in cost of goods sold due to business combination							-90
Operating profit/loss							5,292
Income from investments in associates and joint venture							122
Net financial items							-1,214
Profit before tax							4,201
Tax							-1,096
Profit for the year from continuing operations							3,105

Investments in PP&E	794	575	212	104	103	1	1,790
Investments in right-to-use assets	69	44	32	109	3	-2	256
Investments in licences	1	767	—	—	—	—	768


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.1	Business segments


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2023 (NOKm)	Fish Farming Central Norway	Fish Farming Northern Norway	Sales & Industry	Icelandic Salmon	SalMar Aker Ocean	Other/ Eliminations	SalMar Group
External operating revenue - sale of goods and services	170	51	26,017	1,861	—	—	28,099
Internal operating revenue - sale of goods and services	12,129	7,830	1,058	1	173	-21,190	—
TOTAL revenues from contracts with customers	12,299	7,880	27,075	1,862	173	-21,190	28,099
Compensation	11	9	—	—	—	—	20
Other operating income	110	5	19	9	—	-43	99
Revenue and income	12,419	7,894	27,094	1,871	173	-21,233	28,219
Depreciation and amortisation	657	363	202	103	78	17	1,419
Other operating expenses	7,166	4,130	26,636	1,538	155	-20,984	18,640
Operational EBIT	4,597	3,402	256	230	-60	-266	8,159
Write-downs of tangible and intangible non-current assets							-33
Litigation and legal claims							-9
Restructuring cost							-29
Production tax							-208
Onerous contracts							-237
Fair value adjustments							1,590
Fair value adjustment included in cost of goods sold due to business combination							-723
Operating profit/loss							8,509
Income from investments in associates and joint venture							-27
Net financial items							-1,203
Profit before tax							7,279
Tax							-4,534
Profit for the year from continuing operations							2,746
Profit after tax from discontinued operations							657
Profit for the year							3,402

Investments in PP&E	957	561	357	294	98	1	2,269
Investments in right-to-use assets	724	38	—	9	—	—	771
Investments in licences	256	33	—	—	—	—	288

Effective from 2024, the presentation of the Consolidated Statement of Profit or Loss has been revised compared to the presentation included in the 2023 annual report by excluding the subtotal of

operational EBIT. This change has had a minor effect on the reported segment results. For further information, please refer to Note 1.2.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.2	Revenues from contracts with customers


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NOTE 2.2	Revenues from contracts with customers

Accounting policies

Income from the sale of goods comes mainly from the sale of

fresh whole Atlantic salmon and a wide selection of fresh and

frozen salmon products, either on spot sales or from contracts.

Income from the sale of services mainly relates to the sale of

harvesting services . Revenue is recognised when control of the

goods is transferred to the customer at an amount that reflects

the consideration to which the group expects to be entitled in

exchange for these goods. This is typically when the goods are

picked up by the carrier or on delivery to a terminal or the

customer. This depends on the delivery conditions and varies

from customer to customer. The normal credit period is 30 days

net. Income from services is recognised as income as the

services are provided.

For further details, see Note 2.1 for operating revenues relating

to the Group's business segments.


Specification of revenues (NOKm)	2024	2023
Sale of goods	25,926	27,828
Sale of services	392	271
Total revenues from contracts with customers	26,318	28,099

No individual customers have accounted for more than 10 per

cent of the Group's revenue in the past two years.


Specification of the Group’s revenues by geographic market	2024	%	2023	%
Europe, ex. Norway	8,761	33.3%	9,716	34.6%
Norway	6,660	25.3%	6,444	22.9%
Asia	5,638	21.4%	6,434	22.9%
USA/Canada	5,023	19.1%	5,175	18.4%
Other	236	0.9%	330	1.2%
Total Revenues from contracts with customers	26,318	100.0%	28,099	100.0%


Specification of the Group’s revenues by currency	2024	%	2023	%
USD	9,353	35.5%	9,942	35.4%
NOK	8,517	32.4%	8,406	29.9%
EUR	5,925	22.5%	7,442	26.5%
JPY	917	3.5%	1,224	4.4%
GBP	558	2.1%	290	1.0%
SEK	485	1.8%	335	1.2%
CAD	484	1.8%	361	1.3%
KRW	44	0.2%	61	0.2%
ISK	20	0,0 %	36	0,0 %
TWD	15	0.1%	—	0,0 %
CHF	—	—%	2	—%
Total Revenues from contracts with customers	26,318	99.9%	28,099	99.9%


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.3	Salary and personnel expenses


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NOTE 2.3	Salary and personnel expenses


NOKm	2024	2023
Salaries and other short-term employee benefits	2,237	2,059
Social security expenses	181	157
Pension expenses	177	108
Employee share schemes charged to expenses	76	48
Other benefits	113	82
Total salary and personnel expenses	2,784	2,454
Classified as restructuring costs	—	-39
Total salary and personnel expenses in statement of profit or loss	2,784	2,415

Average number of full-time employee equivalent in the Group	2,941	2,674

For 2023 NOK 39 millions of salary and personnel expenses are classified restructuring cost. See

Note 1.2 and 2.8 for further information.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.3	Salary and personnel expenses


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Remuneration paid to Executive Management and Board of Directors:

Reference is made to the Board's guidelines for remuneration and other benefits for SalMar ASA's

senior executives adopted by the ordinary general meeting on 8 June 2021.


	Fixed remuneration				Variable remuneration
Executive Management 2024 (NOK 1,000)	Base salary	Pension	Benefits	Total fixed remuneration	Bonus	Shares	Total variable remuneration	Total remuneration
Frode Arntsen, CEO	4,779	180	10	4,969	800	2,529	3,329	8,298
Ulrik Steinvik, CFO	2,739	144	10	2,894	750	1,533	2,283	5,177
Roger Bekken, COO Farming	3,394	178	10	3,582	750	1,875	2,625	6,207
Simon Andre Søbstad, COO Sales & Industry	2,710	121	10	2,842	925	1,213	2,138	4,980
Eva Haugen, Director Quality Management/HSE	1,642	149	10	1,801	425	947	1,372	3,174
Arthur Wisniewski, Director Human Resource Management	1,971	124	10	2,104	575	1,141	1,716	3,820
Runar Sivertsen, Chief Strategy Officer	2,179	120	10	2,310	575	1,092	1,667	3,977
Total earned 2024	19,416	1,016	70	20,502	4,800	10,330	15,130	35,632


	Fixed remuneration				Variable remuneration
Executive Management 2023 (NOK 1,000)	Base salary	Pension	Benefits	Total fixed remuneration	Bonus	Shares	Total variable remuneration	Total remuneration
Frode Arntsen, CEO	4,461	87	10	4,559	850	1,145	1,995	6,554
Ulrik Steinvik, CFO	2,559	83	10	2,652	800	867	1,667	4,319
Roger Bekken, COO Farming	3,160	95	10	3,265	800	1,026	1,826	5,091
Simon Andre Søbstad, COO Sales & Industry	2,179	175	10	2,364	650	595	1,245	3,609
Eva Haugen, Director Quality Management/HSE	1,550	83	10	1,643	450	572	1,022	2,664
Arthur Wisniewski, Director Human Resource Management	1,861	77	10	1,948	650	600	1,250	3,199
Runar Sivertsen, Chief Strategy Officer	1,838	77	10	1,925	650	512	1,162	3,086
Total earned 2023	17,607	676	73	18,356	4,850	5,317	12,210	30,565


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.3	Salary and personnel expenses


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Board of Directors 2024 (NOK 1,000)	Annual base fee	Audit and Risk	Nomination	Salary and benefits	Total remuneration
Gustav Witzøe, Chair of the Board	585	—	—	—	585
Leif Inge Nordhammer, Board member	328	—	—	—	328
Margrethe Hauge, Vice-Chair of the Board	328	140	—	—	468
Arnhild Holstad, Board member	328	—	—	—	328
Morten Loktu, Board member1	328	53	—	—	381
Employee representatives
Ingvild Kindlihagen, Board Member	164	—	—	1,181	1,345
Hans Stølan, Board Member	164	—	—	546	710
Nomination Committee
Bjørn M. Wiggen, Chair of the Nomination Committee	—	—	46	—	46
Endre Kolbjørnsen	—	—	31	—	31
Ingjer Ofstad	—	—	16	—	16
Total remuneration 2024	2,225	193	93	1,726	4,237
1 Excess compensation paid for audit-and risk committee 2023 was adjusted accordingly in 2024


Board of Directors 2023 (NOK 1,000)	Annual base fee	Audit and Risk Committee	Nomination Committee	Salary and benefits	Total remuneration
Gustav Witzøe, Chair of the Board	545	—	—	103	648
Leif Inge Nordhammer, Board member	305	—	—	—	305
Margrethe Hauge, Vice-Chair of the Board	305	130	—	—	435
Arnhild Holstad, Board member	305	—	—	—	305
Morten Loktu, Board member	305	138	—	—	443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)	80	—	—	902	982
Hans Stølan, Board Member (from 8 June 2023)	80	—	—	504	584
Nomination Committee
Bjørn M. Wiggen, Chair of the Nomination Committee	—	—	44	—	44
Endre Kolbjørnsen	—	—	28	—	28
Karianne O. Tung	—	—	28	—	28
Former members of the Board of Directors and the Nomination Committee
Simon Andre Søbstad, Employee representatives (until 7 June 2023)	73	—	—	—	73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)	73	—	—	—	73
Total remuneration 2023	2,070	268	100	1,509	3,946


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.4	Share-based incentive scheme


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NOTE 2.4	Share-based incentive scheme

Accounting policies

The Group has a share-based incentive scheme, whereby the

companies receive services from the employees in return for

Restricted Share Units (RSUs) in the Group. The fair value of

the services received by the business units from the

employees in return for the RSU entitlements awarded is

recognised as an expense.

The fair value of RSU entitlements is established when they

are granted. The fair value of RSU entitlements that are not at

market terms are valued at the share price in effect when the

RSUs are granted. The probability of the performance criteria

being met is considered when assessing how many RSU

entitlements will be redeemed. The fair value of RSU

entitlements that are not at market terms is calculated using a

Monte-Carlo simulation.

The value is established when they are granted and charged in

profit and loss over the RSU's vesting period, with a

corresponding increase in paid-in equity. Employers' national

insurance contributions are recognised over the vesting

period.

Restricted Share Unit Plan (RSU):

In accordance with the authorisation granted by the

company's Annual General Meeting, SalMar ASA's Board of

Directors has implemented a share-based incentive scheme

(Restricted Share Unit Plan) for senior executives and key

personnel employed by the company and its subsidiaries. As at

31 December 2024, the scheme encompassed up to 339,129

shares and has a term of three years. The company's board

members do not receive RSUs, with the exception of those

elected by the employees, who may take part in the

programme in their capacity as employees. The company's

obligations under the scheme will be covered by its existing

holding of treasury shares.

Participants of the plan are granted Restricted Share Units

(RSUs) free of charge. These will be released and transferred

as shares to participants after a vesting period subject to

predefined performance criteria. The shares are then

transferred to the employee free of charge. The plan

comprises three vesting periods of, respectively, one, two and

three calendar years. Each vesting period covers 1/3 of the

total annual RSUs in the plan. One RSU affords a contingent

entitlement to one share. The award of RSUs in each of the

three vesting periods rests on the following performance

criteria:

• 1/3 of the RSUs will vest irrespective of the

performance criteria.

• 1/3 of the RSUs will vest provided that SalMar

achieves a better EBIT/kg ratio than other aquaculture

enterprises listed on the Oslo Stock Exchange during

the vesting period.

• 1/3 of the RSUs will vest provided that SalMar’s shares

deliver a higher total shareholder return (TSR) than a

defined group of comparable companies during the

vesting period.

The plan stipulates that RSUs will vest only if the participant

is still an employee of the Group. The total gains from released

RSUs during the course of one calendar year may not exceed

100 % of the participant’s basic salary.

The fair value of the RSU entitlements is calculated on the

date they are granted. The total fair value of the entitlements

as at 31 December 2024 is calculated to be NOK 183 million

(2023: NOK 184 million). The cost is expensed over the

vesting period, and a total of NOK 73 million was recognised in

connection with the scheme in 2024 (2023: NOK 43 million).

Provisions for employers' national

insurance contributions in respect of the scheme have also

been made. The expense is recognised to the extent that the

performance criteria are met.

The fair value of RSU entitlements that are not at market

condition is set as the share price on the date the award was

made. The probability of the performance criteria being met is

taken into account when assessing how many RSU

entitlements will be redeemed. When the 2024 award was

formally made on 19 December 2024, the share price was NOK

576.24. (2023: NOK 571.44).

The fair value of the RSU entitlements that are at market

terms is calculated using a Monte-Carlo simulation. The most

important input data when calculating the value of these RSU

entitlements is the share price on the date the award was

made, volatility, risk-free interest rate, expected yield and the

vesting period. Based on the Monte-Carlo simulation, each RSU

entitlement is worth NOK 425.06 for those awarded on 19

December 2024, NOK 556.89 for those awarded on 19

December 2023 and NOK 288.89 for those awarded on 21

December 2022.

In 2024, 155,752 RSUs were exercised. The market price per

share at the time the RSUs were exercised was NOK 566.34.

Correspondingly, 87,990 RSUs were exercised in 2023. The

market price per share on the date these RSUs were exercised

was NOK 569.05. The value of the RSUs exercised is treated

as a salary payment to the individual employee.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.4	Share-based incentive scheme


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Movements in the number of outstanding RSUs:
	2024	2023
1 January	323,380	297,503
Granted during the year	168,534	162,394
Released during the year	-155,752	-87,990
Forfeited	-14,038	-6,231
Performance adjustment	—	-53,278
Dividend adjustment	17,005	10,982
31 December	339,129	323,380


Calculation of the year's award was based on the following parameters :
	2024	2023
Grant date	19.12.2024	19.12.2023
Plan	2024	2023
Share price on date of issue	542.50	571.00
Weighted average fair values at the measurement date	425.06	556.89
Dividend yield ( %)	0,00 %	0,00 %
Expected volatility ( %)	31.45%	38.73%
Risk-free interest rate ( %)	3.91%	3.76%
Expected lifetime	2	2
Model used	Monte Carlo & Black-Scholes	Monte Carlo & Black-Scholes


Vesting period for the outstanding RSUs at year end:
Date granted	Vesting period	2024	2023
20.12.2021	2021–24	—	35,992
20.12.2021	2021–25	176	—
21.12.2022	2022–24	—	62,455
21.12.2022	2022–25	62,380	62,539
21.12.2022	2022–26	293	—
19.12.2023	2023–24	—	54,071
19.12.2023	2023–25	53,741	54,125
19.12.2023	2023–26	53,807	54,198
19.12.2023	2023–27	198	—
19.12.2024	2024–25	56,122	—
19.12.2024	2024–26	56,191	—
19.12.2024	2024-27	56,221	—
Outstanding RSUs as at 31 December		339,129	323,380


Number of outstanding RSUs - group management:
	Outstanding per 01.01	Granted	Released	Dividend adjustment	Outstanding per 31.12
Frode Arntsen, CEO	9,131	4,190	-4,475	531	9,377
Ulrik Steinvik, CFO	5,312	2,406	-2,713	306	5,311
Roger Bekken, COO Farming	6,541	2,984	-3,317	375	6,583
Simon A. Søbstad, COO Sales & Industry	4,338	2,308	-2,147	243	4,742
Eva J. Haugen, Director Quality Management/ HSE	3,233	1,443	-1,676	186	3,186
Arthur Wisniewski, Director Human Resource Management	3,888	1,732	-2,019	219	3,820
Runar Sivertsen, Chief Strategy Officer	3,806	2,094	-1,932	214	4,182


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.5	Pensions plans


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Share option agreements - Icelandic Salmon AS:

On 19 February 2021, the Company granted 205,850 share options with an exercise price of NOK

115.00, respectively, to the CEO and certain key employees. The option holders must stay in the

employment of the company over a vesting period of three years from the grant date until 19

February 2024. The exercise period was extended and the option holders have up to 19th of

August 2025 to exercise their option rights.

The Company has a choice of settling the options in cash or equity instruments.As at 31

December 2024 the fair value of the agreements was determined to be NOK 5 million.

Share option agreements - SalMar Aker Ocean AS:

On December 21, 2021, SalMar Aker Ocean AS entered into an option agreement with the

company's CEO. The agreement has a six-year vesting period from the grant date. The fair value

of the agreements was determined to be NOK 7 million at the grant date in 2023. In 2024, a total

of NOK 1 million was expensed as other employee benefits, with a corresponding entry to other

paid-in equity. The company's intention for the options was equity settlement. However,

following the reporting period, a decision was made to proceed with a cash settlement. As this

event occurred after the balance sheet date, no provision for the cash settlement has been made

as of December 31, 2024. For further information, see Note 4.12.

SalMar Aker Ocean AS entered into a share option agreement with key employees, granting

574,396 share options at an exercise price of NOK 49.50. The program is based on specific

criteria and allows employees to purchase a certain number of shares at a predetermined price.

The company's intention was for the options to be equity-settled with shares in SalMar Aker

Ocean AS, assuming the SalMar Aker Ocean group would be listed before December 31, 2024. If

this condition is not met, the options according to the agreement shall be settled in cash. At the

grant date, the fair value of the agreements was assessed at NOK 10 million. In 2024, NOK 2

million was recorded as other employee benefits, with a corresponding entry to other paid-in

equity. Since the listing criteria for SalMar Aker Ocean AS were not met by December 31, 2024,

the agreement will be settled in cash. Consequently, a provision of NOK 6 million was made as of

December 31, 2024, thereby reducing other paid-in equity accordingly.


NOTE 2.5	Pensions plans

Accounting policies

The Group has a defined-contribution pension scheme for its employees in accordance with the

legal requirements in Norway. The company pays contributions to a privately held insurance plan

and under this scheme, it has no further payment obligation once the contributions have been

paid. The contributions are recognised as employee benefit expense when they are due. Social

security costs are charged based on the contribution paid.

SalMar ASA also have a defined benefit scheme from the merger of Norway Royal Salmon. In

2023 members in the scheme was reduced during the year and there was recognised a gain of

NOK 9 million related to the settlement reducing the total pension cost recognised in expenses.

For 2024 no material cost is recognised related to the benefit scheme.

Specification of the pension cost for the Group:


NOKm	2024	2023
Defined-contribution scheme	141	107
Defined-benefits plan (Early Retirement Pension)	36	30
Defined-benefits plan	—	-9
Employers' national insurance contributions	12	9
Total pension cost	188	138

Liabilities associated with the Early Retirement Pension are not included in the Group’s pension

calculations. For accounting purposes, the scheme is deemed to be a multi-employer occupational

pension plan. The Group is unable to identify its share of the scheme's underlying financial

position and results with sufficient reliability, and therefore recognises it as a defined-

contribution scheme. This means that liabilities in respect of the Early Retirement Pension are not

provided for. Contribution paid into the scheme are charged to expenses as they accrue.

Specification of the pension in the Groups balance:


NOKm	2024	2023
Prepaid pension contributions	4	3
Pension liabilities foreign operations	8	8
Total pension liabilities in balance sheet	8	8


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.6	Other operating expenses and litigation and legal claims


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NOTE 2.6	Other operating expenses and litigation and legal claims


Specification of other operating expenses (NOKm)	2024	2023
Maintenance	646	556
Energy	536	481
Third-party services	218	162
Freight	1,430	1,838
Insurance	138	88
Travel cost	42	36
Other operating expenses	874	909
Total other operating expenses	3,884	4,068

Litigation and legal claims

For 2023 and 2024, these costs are legal expenses related to allegations of price collusion and

are presented separately in the Consolidated Statement of Profit or Loss. For further information,

see Note 4.10. In 2024, the total costs amounted to NOK 35 million, while the corresponding cost

in 2023 was NOK 9 million.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.7	Government grants


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NOTE 2.7	Government grants

Accounting policies

Government grants relating to costs are deferred and recognised in profit or loss over the period

necessary to match them with the costs that they are intended to compensate. Government

grants relating to the purchase of CAPEX reduce the carrying amount of the assets. The grant is

then recognised in profit or loss over the useful life of the depreciable asset by way of reduced

depreciation charge.

In 2024, Group companies recognised an insignificant amount in tax incentives under the

SkatteFUNN scheme and derecognised NOK 4 million in SkatteFUNN-related amounts in respect

of capitalised operating assets. (2023: NOK 3 million recognised in profit and loss, and

derecognised NOK 13 million in SkatteFUNN-related amounts in respect of capitalised operating

assets).

The group has received NOK 7 million (2023: NOK 13 million) in investment grants related to

electrification and hybridization of boats and sea farms. The grants are recognised as a reduction

of the carrying amount of the assets.

In addition to this, the group occasionally receives various grants, which are not of significant

value.


NOTE 2.8	Restructuring costs

Restructuring costs are expenses and gains that will not recur in subsequent periods. These

include costs and revenues related to the discontinuation and sale of a business. Additionally,

there will be costs related to business combinations or the reorganization of existing business

operations. Costs included in restructuring expenses may be severance pay and other costs

associated with sale or discontinuation of business, business combinations or restructuring.


Breakdown of restructuring costs: (NOKm)	2024	2023
Provision of severance pay	—	-39
Other restructuring cost	-37	-5
Gain from disposal of a subsidiary	198	15
Total	160	-29

Gain from disposals of subsidiaries are related to disposal of Osan Settefisk AS in 2024 and

Salmonor Settefisk AS in 2023. See Note 4.4 for further information.


NOTE 2.9	Fair value adjustments

Fair value adjustments are part of the Group's operating profit. Changes in fair value are

presented on a separate line to provide a better understanding of the Group's profit and loss with

respect to goods sold.


NOKm	2024	2023
Change in unrealised value of Salmon futures contracts	-25	19
Change in the fair value of the biological assets	-109	1,571
Fair value adjustment	-134	1,590
Fair value adjustment included in cost of goods sold due to business combination	-90	-723
Total fair value adjustments	-224	867

See Note 3.9 for details regarding change in fair value of Salmon futures contracts.

Changes in the fair value of biological assets are presented as fair value adjustments and are

included in the Group's operating profit/ loss. Fair value adjustments also includes changes in the

unrealised value of Salmon futures contracts.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.10	Net financial items


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NOTE 2.10	Net financial items


Financial items (NOKm)	2024	2023

Interest income	38	51

Interest expenses to financial institutions¹	-1,023	-1,113
Interest expenses relating to lease liabilities	-120	-102
Interest expenses to other²	-115	-8
Total interest expenses	-1,258	-1,223

Net interest expenses	-1,220	-1,172

Dividends and gain on investment in other companies	8	27
Other financial income	35	3
Total financial income	43	30

Write-downs financial assets	-4	—
Other exchange differences	-11	-10
Change in fair value of derivatives³	—	-7
Other financial expenses	-22	-43
Total financial expenses	-37	-60

Net financial expenses	6	-30

Net financial items	-1,214	-1,203

¹Included in interest expense to financial institution is an amount of total NOK 93 million that

relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61

million.

²Interest expenses to other is mainly represented of interests on taxes.

³Changes in fair value of derivatives through profit or loss relates to inefficiency in forward

currency contracts which do qualify for hedge accounting. For more details see Note 3.9.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.11	Income tax, resource rent tax and production tax


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NOTE 2.11	Income tax, resource rent tax and production tax

Accounting policies and general information

Income tax

Income taxes comprise taxes on the taxable profit for the

year, changes in deferred taxes and any adjustments in prior

years' taxes. Income tax relating to items recognised in the

equity are recognised directly in equity.

Tax payable is calculated using the nominal tax rate for the

relevant tax jurisdiction at the end of the reporting period.

Deferred tax is calculated on the basis of temporary

differences between accounting and taxation values at the

close of the accounting year. Deferred tax assets arise from

temporary differences that give rise to future tax deductions.

Deferred tax assets are recognised to the extent that it is

probable that a taxable profit will arise, against which the

deductible temporary differences, and the carry forward of

unused tax credits and unused tax losses, can be utilised.

Tax increasing and tax decreasing temporary differences are

offset against each other to the extent that the taxes can be

net settled within one tax regime.

Resource rent tax

On 31 May 2023, the Norwegian Parliament approved an

additional resource rent tax on aquaculture in Norway with a

tax rate of 25 % The resource rent tax is structured as a cash-

flow-tax, and is related to the aquaculture business in the sea

phase. The resource rent tax is in addition to the regular

corporate tax on 22 %, gives a total tax rate on aquaculture in

sea phase of 47 %. The new tax applied retroactively from 1

January 2023.

An implementation effect related to deferred resource rent

tax on biomass and the deductible consideration on historical

acquisition of production capacity has been recognised in the

comprehensive income in 2023.

Production tax Norway

The production tax implemented on the Norwegian

aquaculture activity with effect from 1 January 2021 is

directly deductible in the payable resource rent tax with effect

from 1 January 2023. The total resource rent tax related to

the profit in the period is therefore the total of production tax

related to the Norwegian aquaculture activity and resource

rent tax calculated in the period.

The production tax on the Norwegian activity increased from

NOK 0.56 per kg in the 1sth half of 2023 to NOK 0.90 per kg

with effect form 1 July 2023. For 2024 the production tax was

NOK 0.935 per kg.

Production tax Iceland

With effect from 2020 production tax was implemented in

Iceland. The production tax will increase gradually over a

seven-year period from 2020. According to a temporary

provision of the law, the amount of the fee was 4/7th of the

calculated fee in 2023 and will be 5/7th in 2024. From 2026

the fee charged will be full fee in accordance with the law.

The production tax is not classified as a tax expense in the

statement of comprehensive income, but are included on a

separate line in the Operating profit. The total effect of the

resource rent tax including production tax is shown below.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.11	Income tax, resource rent tax and production tax


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Nominal tax rate in the consolidated statement of profit or loss:	Norway	Iceland
Income tax rate	22%	21%
Resource rent tax rate	25%

With effect from 2025 the income tax in Iceland decreases to 20 %. Deferred tax liability related

to temporary differences in Iceland at 31 December 2024 are calculated with a tax rate of 20 %.


Tax expense in the consolidated statement of profit or loss (NOKm)	2024	2023
Income tax payable	94	1,293
Income tax payable abroad	20	49
Income tax - change in deferred tax	820	279
Income tax - adjustment of prior periods	30	-4
Resource rent tax payable	38	464
Resource rent tax- change in deferred tax	426	372
Resource rent tax -implementation effect (deferred tax)	—	2,080
Resource rent tax - adjustment of prior periods	-332	—
Tax expense in the consolidated statement of profit or loss	1,096	4,534

Tax reconciliation	2024	2023
Profit before tax	4,201	7,279

Tax calculated at nominal Norwegian tax rate (22 %)	924	1,601
Foreign tax rate differences	5	-4
Income from investments in associates and joint venture	-27	6
Income from disposal subsidiaries	-44	-3
Production tax	44	—
Net of other permanent differences	31	5
Resource rent tax expense (25 %)	464	836
Resource rent tax - implementation effect (25 %)	—	2,080
Adjustment of income and resource rent tax from previous years	-302	12
Calculated tax expense	1,096	4,534

Effective tax rate	26.1%	62.3%
Effective tax rate exclusive implementation effect	26.1%	33.7%


Tax payable
Tax payable in the balance sheet (NOKm)	2024	2023
Income tax payable - Norway	94	1,311
Reclassification between tax payable and deferred tax liability related to biological assets	1,998	—
Income tax payable - abroad	10	39
Resource rent tax payable	38	464
Tax payable in the balance sheet	2,140	1,814

Change in tax payable (NOKm)	2024	2023
Tax payable at 1 January	1,814	2,613
Income tax payable	94	1,293
Income tax payable abroad	20	49
Resource rent tax payable	38	464
Reclassification between tax payable and deferred tax liability related to biological assets	1,998	-1,998
Reclassification between tax payable and deferred tax liability related to changes in group contribution	-1,181	—
Other changes in tax payable	14	—
Income tax - adjustment of prior periods	28	—
Resource rent tax payable - adjustment of prior periods	-332	—
Tax paid in the period	-355	-608
Translation differences	1	2
Tax payable at 31 December	2,140	1,814

Income tax payable

As of December 31, 2022, the income tax payable related to activities in Norway was calculated

to be NOK 2,589 million. The high payable tax was a consequence of the production costs related

to the stock of live fish as of December 31, 2022, not being deducted in the income tax for legal

entities subject to resource rent tax. As of December 31, 2022, there was significant uncertainty

regarding whether production costs for fish in the sea at the time of the implementation of the

resource rent tax would be deductible for the resource rent tax in 2023. However, in the final tax

report for 2022, the production cost was deducted, and as a consequence, the payable tax was

reduced by NOK 1,998 million, with a corresponding increase in deferred tax liability. In 2024,

SalMar chose to adjust the tax report for the year 2022. In the updated tax report, the historical

costs on existing biomass as of December 31, 2022, were not deducted for tax purposes. This

resulted in an increased payable tax for the income year 2022 by NOK 1,998 million. In the

accounts, the effect was a reclassification between deferred tax and tax payable. As of December


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.11	Income tax, resource rent tax and production tax


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31, 2024, the effect is included in income tax payable. The tax of NOK 1,998 million was paid in

full in January 2025.

Resource rent tax

In 2023, there was recognised an implementation effect related to the resource rent tax with a

total of NOK 2.080 million. This effect was associated with deferred resource rent tax due to the

lack of deduction for the capitalized production cost of the biomass as of January 1, 2023. In the

final tax report for 2023, the Group chose to deduct the accumulated production cost incurred to

raise the fish until December 31, 2022. However, there is uncertainty related to the Norwegian

Tax Administration's assessments of the deduction, and the group has chosen not to reverse the

implementation effect at the group level.

Due to the uncertainty in calculation of the resource rent tax during the implementation year, the

final calculation for 2023 was completed after the SalMar group accounts were approved.

Consequently an adjustment of NOK 332 million related to the estimated resource rent tax for

2023 was recognized in the profit or loss for 2024.

Deferred tax liability - tax losses carried forward

Tax losses carried forward are related to companies in the subgroups SalMar Aker Ocean and

Icelandic Salmon. Additionally, there are losses carried forward related to the Norwegian tax

group as a consequence of the deduction of production costs in the tax report for 2022. These

losses carried forward are expected to be utilized from taxable income in the near future. In

assessing the recoverability of tax assets, the Group relies on the same forecast assumptions

used elsewhere in the financial statements and other management reports


Deferred tax liability
Deferred income tax liability - comprise	2024	2023
Non-current assets	2,081	1,972
Current assets	2,791	2,691
Other	-164	-12
Tax losses carried forward	-580	-378
Deferred income tax liability	4,128	4,273

Deferred resource tax liability - comprise:	2024	2023
Current assets	4,351	2,768
Other	-150	-245
Tax losses carried forward	-1,322	-72
Deferred resource tax liability	2,879	2,452

Total deferred tax liability	7,007	6,725

Change in net deferred tax liability (NOKm)	2024	2023
Deferred tax liability at 1 January	6,725	1,928
Change in deferred tax liability	820	279
Deferred tax liability on items recognised in OCI	-141	59
Other changes in deferred tax liability	-17	-10
Reclassification between tax payable and deferred tax liability related to biological assets	-1,998	1,998
Reclassification between tax payable and deferred tax liability related to changes in group contribution	1,181	—
Deferred resource tax - implementation effect	0	2,080
Change in deferred resource tax liability	426	372
Translation differences	11	19
Deferred tax liability at 31 December	7,007	6,725


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 2.11	Income tax, resource rent tax and production tax


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Total resource rent tax including production tax in the consolidated statement of profit or loss	2024	2023
Production tax recognised in the period	241	208
Production tax related to activity in Iceland	35	25
Production tax related to activity in Norway	206	183
Resource rent tax payable	38	464
Resource rent tax – change in deferred tax	426	372
Resource rent tax - adjustment of prior periods	-332	—
Resource rent tax – implementation effect (deferred tax)	—	2,080
Total resource rent tax and production tax related to the activity in Norway	338	3,099


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.1	Intangible assets


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Part 3	Assets and liabilities


NOTE 3.1	Intangible assets

Accounting policies

Intangible assets acquired separately are measured on initial

recognition at cost. The cost of intangible assets acquired in a

business combination is their fair value at the date of

acquisition.

Intangible assets with a limited economic life are amortised

over the economic useful life. Impairments of intangible assets

are recognised in the extend of which the carrying amount of

the asset exceeds its recoverable amount.

Expenses related to research are expensed as they are

incurred. Development costs are capitalised when specific

criteria relating to future benefits are met. Capitalised

development costs are recognised at acquisition cost, less

accumulated amortisation and write-downs. With respect to

major development projects, a specific assessment is made to

determine when the project has changed from being a

development project to a construction project. Capitalised

development costs are amortised in a straight line over the

asset's estimated useful life. Depreciation commences when

the asset is put into operation.

Fish-farming licences

Licences acquired by the Group are capitalised at cost. Fish-

farming licences are deemed to have an indefinite useful life

and are not amortised, but are tested annually for impairment

or more frequently if there is indication of impairment, see

Note 3.2 for further information.

Norway

Licences that the Group owns are capitalised at cost. Licences

granted in Norway are deemed to have an indefinite usable

life and are therefore not amortised, but tested annually for

impairment. The exception is time-limited licences, which are

depreciated over their remaining life. Any value identified in

connection with the acquisition of licences is capitalised as an

intangible asset.

Iceland

The sea farming licences in Iceland are issued, in accordance

with the current regulations, with a nominal lifespan of 16

years. The licences will be renewed if the applicant meets the

requirements set pursuant to statute and regulation at the

time the licence comes up for renewal. A small fee must be

paid for the licence renewal. As licenses have a contractual 16

year lifetime, with the possibility of renewal, the Group has

elected to presume that these licenses have indefinite useful

lifetime. They are therefore not amortized, but tested yearly

for impairment.

Goodwill

When the company assumes control over a separate business

entity for a consideration that exceeds the fair value of the

individual assets and liabilities assumed, the difference is

entered as goodwill in the statement of financial position.

Goodwill deriving from purchases of subsidiaries is presented

under intangible assets. Goodwill is not depreciated but is

tested for impairment annually and when there are indications

that its value is lower than the carrying amount. When

assessing the need to write-down goodwill, this is assigned to

relevant cash flow generating units or groups, which are

expected to benefit from the acquisition. See Note 3.2 for

further information.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.1	Intangible assets


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NOKm	Licenses	Goodwill	Other intangible assets	TOTAL
Acquisition cost at 1 January 2024	15,288	3,035	571	18,894
Additions	768	—	24	792
Reclassifications to property, plant and equipment	—	—	6	6
Currency translation differences	68	8	—	76
Acquisition cost at 31 December 2024	16,123	3,043	601	19,768

Accumulated depreciation & write- downs at 1 January 2024	71	24	115	209
Depreciation	43	—	12	55
Write-downs	—	—	11	11
Accumulated depreciation & write- downs at 31 December 2024	114	24	138	275

Carrying amount at 31 December 2024	16,010	3,019	464	19,493

Estimated lifetime	Indefinite/ 3–7.5 years	Indefinite	5–50 years
Depreciation method	Linear		Linear

The majority of other intangible assets totalling NOK 464 million are made up of capitalised

development costs. NOK 9 million of this comprise capitalised development costs relating to the

development of the Ocean Farm 1 installation. These costs are amortised over 5 years. A further

total of NOK 407 million relates to the development of the Group's Smart Fish Farm concept and

Ocean Farm 2. This projects is still in the development phase and amortisation has not yet

commenced. In addition, other intangible assets includes excess value relating to the purchase of

breeding nuclei. Breeding nuclei are depreciated over 50 years, and their residual value as of 31

December 2024 was NOK 21 million.

Of the total carrying amount related to licences of NOK 16,010 million, NOK 172 million is related

to time-limited demonstration licences. These licences is amortised over the remaining life.


NOKm	Licenses	Goodwill	Other intangible assets	TOTAL
Acquisition cost at 1 January 2023	14,904	3,024	520	18,447
Additions through business combinations	288	—	51	339
Disposal	-3	—	—	-3
Currency translation differences	98	11	—	110
Acquisition cost at 31 December 2023	15,288	3,035	571	18,894

Accumulated depreciation & write- downs at 1 January 2023	28	24	104	156
Depreciation	43	—	10	53
Accumulated depreciation & write- downs at 31 December 2023	71	24	115	209

Carrying amount at 31 December 2023	15,217	3,011	457	18,685

Estimated lifetime	Indefinite/ 3–7.5 years	Indefinite	5–50 years
Depreciation method	Linear		Linear


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.1	Intangible assets


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Specification of fish farming licences 2024 (NOKm)	MAB tonnes	Acquisition cost	Carrying amount 31.12.2024
Fish Farming Northern Norway	72,337	6,166	6,148
Fish Farming Central Norway	85,487	7,363	7,262
SalMar Aker Ocean	12,416	1,035	1,035
Norway	170,240	14,564	14,445
Icelandic Salmon	23,700	1,279	1,565
Group	193,940	15,843	16,010


Specification of fish farming licences 2023 (NOKm)	MAB tonnes	Acquisition cost	Carrying amount 31.12.2023
Fish Farming Northern Norway	69,275	5,399	5,388
Fish Farming Central Norway	85,482	7,362	7,297
SalMar Aker Ocean	12,355	1,035	1,035
Norway	167,112	13,796	13,720
Icelandic Salmon	23,700	1,279	1,497
Group	190,812	15,075	15,217

Additional information

Icelandic Salmon holds licence of MAB 23,700 tonnes in the

Icelandic Westfjords. Of the total MAB, 10,000 tonnes must be

renewed by the end of 2026, 12,200 tonnes by the end of

2029 and 1,500 tonnes by the end of 2038.

Included in the specification of fish farming licences above,

there are 4 time-limited demonstration licences in Central

Norway, 2 time-limited demonstration licences in Northern

Norway and 4 time-limited broodstock licenses in Central

Norway, each with a MAB of 780 tonnes. In addition Fish

Farming Central Norway holds MAB 1,100 tonnes in

development licenses. SalMar also operates several R&D

licences in collaboration with other companies.

Included in the MAB tonnes related to SalMar Aker Ocean there

are 8 development licences with a total of MAB 6,112 tonnes

owned by the Salmar Aker Oceans subsidiary, Arctic Offshore

Farming, which operates a submersible offshore unit designed

for harsh weather conditions.

Furthermore, 8 licences were granted to the subsidiary

Mariculture AS in 2019 to develop the Smart Fish Farm, a

specially designed deepwater installation for the farming of

fish in the open ocean. No consideration was paid for the

licenses granted to Mariculture AS and the 6,240 MAB tonnes

are not included in the table above.

2024 Change in fish farming licences (MAB tonnes)

In 2024 Fish Farming Northern Norway has purchased 3,062

MAB tonnes and Fish Farming Central Norway 5 MAB tonnes

through auctions and increased permit capacity for a total

consideration of NOK 768 million. In 2024 Arctic Offshore

Farming was granted additional 61 tonnes through increased

permit capacity related to the development licenses, No

consideration was paid for the increase as this will be paid

upon conversion of the licenses.

2023 Change in fish farming licences (MAB tonnes)

In 2023, SalMar increased its production capacity through the

acquisition of Øylaks MTB AS. The fair value of the licences

was NOK 256 million. This led to a net increase in MAB of 733

tonnes in Central Norway.

In addition SalMar acquired MAB of 210 tonnes in Northern

Norway through the governments auction of residual capacity

with a total amount of NOK 33 million.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.1	Intangible assets


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Specification of goodwill 2024 (NOKm)	Acquisition year	Acquisition cost	Carrying amount 31.12.2024
Fish Farming Northern Norway	2022	1,482	1,482
Fish Farming Central Norway	2022	603	603
Goodwill arising from the acquisition and merger of NTS and NRS	2022	2,085	2,085
Fish Farming Northern Norway	2006	95	95
Fish Farming Central Norway	1999–2021	681	657
Icelandic Salmon	2022	156	182
Total goodwill		3,017	3,019


Specification of goodwill 2023 (NOKm)	Acquisition year	Acquisition cost	Carrying amount 31.12.2023
Fish Farming Northern Norway	2022	1,482	1,482
Fish Farming Central Norway	2022	603	603
Goodwill arising from the acquisition and merger of NTS and NRS	2022	2,085	2,085
Fish Farming Northern Norway	2006	95	95
Fish Farming Central Norway	1999–2021	681	657
Icelandic Salmon	2022	156	174
Total goodwill		3,017	3,011

The goodwill of NOK 2,085 million arising from the acquisition and merger of NTS and NRS in

2022, comprises both the value of expected synergies arising from the acquisition which is not

separately recognised and technical goodwill. Due to fish farming licences having an indefinite

useful life, SalMar has assessed that the present value of the deferred tax related to the excess

value identified for licences being close to 0. Deferred tax related to excess value identified for

licences amounts to a total of NOK 789 million, which is recognised as technical goodwill. The

deferred tax is computed with the statutory tax in Norway of 22 %.

The goodwill of NOK 182 million allocated to segment Icelandic Salmon is arising from the

acquisition of Eldisstødin Isthor ehf.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.2	Impairment of non-financial assets


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NOTE 3.2	Impairment of non-financial assets

Accounting policies

Annually or upon indication, each cash generating unit, is tested for impairment. If the

recoverable amount of a cash generating unit is estimated to be less than the carrying amount of

the net assets of the cash generating unit, impairment to the recoverable amount is recognised.

The Group has substantial assets with indefinite lives in the form of licences and goodwill. The

licences are subject to impairment testing in combination with goodwill in the annual test. Assets

that are subject to amortization are reviewed for impairment whenever there are indications that

future earnings do not justify the carrying value.

SalMar has identified the Group's business segments as cash generating units. In connection with

acquisitions, goodwill and intangible assets are allocated to each of the Group’s cash generating

units that are expected to benefit from the combination. The cash generating units are the

lowest level in which independent cash flows can be identified, and no higher than the Group's

business segments based on the geographic distribution of its sea farming operations in Norway,

the segments Fish Farming Central Norway and Fish Farming Northern Norway, Sales & Industry,

Icelandic Salmon and SalMar Aker Ocean.

Impairment testing is carried out by calculating the net present value of estimated future cash

flows (value in use) for the cash-generating unit and comparing the net present value of the cash

flow towards the carrying amount of net assets held by the cash-generating unit. The cash flow

used in the calculations represents the management’s best estimate at the time of reporting. If

the carrying amount is higher than the calculated value in use, the assets are considered

impaired. The estimated cash flow is based on the assumption of continued operation. Value in

use is calculated by estimating future cash flows, based on approved budgets and forecasts. Cash

flow growth after the last year in the calculation is assumed to equal the expected rate of

inflation. Cash flows are discounted by a rate of interest after tax which takes account of

relevant market risk. If the calculated value in use is less than the carrying amount of the cash

flow-generating entity, goodwill is impaired first and then other assets as required.

For impact from climate-related matters that may affect the value of the groups assets or future

cash flow, see Note 4.9.

Carrying amount of licences and goodwill allocated to cash generating units as at

31 December 2024:


NOKm	Goodwill	Licences	Total 31.12.2024
Fish Farming Northern Norway	1,577	6,148	7,726
Fish Farming Central Norway	1,260	7,262	8,521
SalMar Aker Ocean	—	1,035	1,035
Icelandic Salmon	182	1,565	1,747
	3,019	16,010	19,029

Carrying amount of licences and goodwill allocated to cash generating units as at

31 December 2023:


NOKm	Goodwill	Licences	Total 31.12.2023
Fish Farming Northern Norway	1,577	5,388	6,965
Fish Farming Central Norway	1,260	7,297	8,557
SalMar Aker Ocean	—	1,035	1,035
Icelandic Salmon	174	1,497	1,671
	3,011	15,217	18,228

At the end of the reporting periods, the market value of the Group’s equity was significantly

higher than the carrying amount of equity, which is an indication that the market considers the

value of the Group’s assets to exceed the carrying amount.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.2	Impairment of non-financial assets


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Key assumptions

The key assumptions used in the calculation of value in use

are harvested volume, EBIT/kg, capital expenditure, tax,

discount rates and the terminal growth rates.

Discount rate

The discount rates are based on the Weighted Average Cost of

Capital after tax (WACC) methodology. In the model a ten-year

risk-free rate has been used. Calculation of the final discount

rates also takes into account market risk premium, debt risk

premium, gearing and beta value. In the calculations, the Group

has applied estimated cash flows after tax and the

corresponding discount rates after tax. The WACC is

calculated at 7.8 % for the Group's Norwegian entities. For the

operations in Iceland, the WACC is calculated at 8.8 %.

Terminal growth rate

The growth rate is set at 2.5 % for Norway and Iceland.

EBIT/kg

EBIT margin per kg is highly volatile with respect to changes in

salmon prices and cost. The prices are based on estimates and

production cost are based on historic figures and expectations.

Harvested volume

Harvested volume is based on the current stocking plans for

each unit, and forecasted figures for growth, assumed harvest

weight and mortality, based on historical figures.

Tax

A 22 % corporate tax has been used for Norwegian entities

and 20 % in Iceland. For Norwegian entities estimate of

resource rent tax has been added in the calculation. In addition

current resource tax and licence tax has been added for

Iceland.

Climate Risk

As mentioned in Note 4.9 SalMar has conducted a climate risk

analysis of its assets. Based on current knowledge this is

deemed to be less sensitive compared to the other factors

used in the impairment evaluation.

Based on the above assessments, there were no impairment

indicators identified related to the fish farming licences or

goodwill as of 31 December 2024. All segments have a

material positive difference between the calculated

recoverable value and book value.

Sensitivity

In connection with the impairment testing of intangible assets,

a sensitivity analysis has been carried out. Sensitivity analysis

has been performed for each of the defined cash generating

units.

Value in use is sensitive to changes in the assumptions made,

the most important of which are the discount rate and EBIT/

kg. The table below shows the extent of which the input

factors must be changed for the value in use to be equal to

the carrying amount of net assets held by the cash-generating

unit.


Cash generating units	WACC	EBIT/kg (NOK)
Fish Farming Northern Norway	7.3%	-12.0
Fish Farming Central Norway	6.6%	-11.1
Salmar Aker Ocean	5.4%	-8.9
Icelandic Salmon	3.0%	-4.7


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.3	Property, plant and equipment


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NOTE 3.3	Property, plant and equipment

Accounting policies

Property, plant and equipment (PPE) is measured at

acquisition cost, less a deduction for accumulated

depreciation and write-downs. Borrowing cost that are

directly attributable to the construction of a qualifying

asset form part of the cost of the asset. Straightline

depreciation is applied over the useful life of property,

plant and equipment, based on the asset’s historical cost

and estimated residual value at disposal. If a substantial

part of an asset has an individual and different useful life,

this part is depreciated separately. The asset’s residual

value and useful life are evaluated annually. The gain or

loss arising from the disposal or retirement of an asset is

determined as the difference between the sales proceeds

and the carrying amount of the asset.

PPE under construction is not depreciated. Depreciation is

charged to expenses when the asset is ready for use.

Impairment tests for PPE are performed when there are

indications of impairment. If the recoverable amount is

estimated to be less than the carrying amount of the net

asset, impairment to the recoverable amount is

recognised. The recoverable amount is the higher of net

sales value and value in use. Value in use is the present

value of future cash flows which the asset will generate.


NOKm	Land & buildings	Machinery & equipment	Boats & barges	Other operating assets	Assets under construction	Total
Acquisition cost at 1 January 2024	5,833	7,986	2,288	352	1,078	17,537
Additions	78	970	211	4	527	1,790
Disposals	-82	-143	-5	-7	—	-237
Disposal group company	-508	-16	—	-8	—	-532
Reclassification asset under construction	57	133	—	12	-201	—
Reclassification to right-of-use assets	—	173	-145	—	—	28
Reclassification intangible assets	—	-6	—	—	—	-6
Reclassification between categories	358	1,224	752	64	-752	1,646
Currency translation differences	19	15	33	—	4	71
Acquisition cost at 31 December 2024	5,755	10,335	3,134	417	655	20,295

Accumulated depreciation & write-downs at 1 January 2024	615	3,458	885	206	—	5,165
Depreciation	280	688	205	42	—	1,216
Write-downs	1	56	—	—	—	57
Disposal group company	-99	-9	—	-2	—	-110
Disposal depreciation and write-downs	-57	-104	-5	-7	—	-174
Reclassification to right-of-use assets	—	58	-42		—	16
Reclassification between categories	205	942	425	74	—	1,646
Currency translation differences	3	5	12	—	—	21
Accumulated depreciation & write-downs at 31 December 2024	948	5,095	1,481	313	—	7,838

Carrying amount at 31 December 2024	4,807	5,240	1,652	104	655	12,458

Estimated lifetime	5–33 years	5–25 years	3–15 years	3–20 years	N/A
Depreciation method	Linear	Linear	Linear	Linear	N/A	Sum
Gains/losses on the sale of PP&E	—	2	3	—	—	5


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.3	Property, plant and equipment


186					MENU ≡


NOKm	Land & buildings	Machinery & equipment	Boats & barges	Other operating assets	Assets under construction	Total
Acquisition cost at 1 January 2023	4,770	5,924	2,333	319	1,942	15,287
Additions	212	888	390	64	716	2,269
Disposals	-2	-49	-20	-11	—	-82
Disposal group company	-38	-2	—	-1	—	-41
Reclassification assets under construction	833	707	25	21	-1,586	—
Reclassification to right-of-use assets	32	5	—	—	—	38
Reclassification between categories	—	497	-458	-39	—	—
Currency translation differences	27	15	18	—	6	66
Acquisition cost at 31 December 2023	5,833	7,986	2,288	352	1,078	17,537

Accumulated depreciation & write-downs at 1 January 2023	402	2,684	880	189	—	4,156
Depreciation	237	595	172	36	—	1,040
Write-downs	—	30	—	1	—	31
Disposal group company	-28	-1	—	—	—	-29
Disposal depreciation and write-downs	-1	-45	-15	-7	—	-68
Reclassification to right-of-use assets	2	-5	15	—	—	13
Reclassification between categories	—	194	-180	-14	—	—
Currency translation differences	2	6	14	—	—	22
Accumulated depreciation & write-downs at 31 December 2023	615	3,458	885	206	—	5,165

Carrying amount at 31 December 2023	5,218	4,528	1,402	146	1,078	12,371

Estimated lifetime	5–33 years	5–25 years	3–15 years	3–20 years	N/A
Depreciation method	Linear	Linear	Linear	Linear	N/A	Sum
Gains/losses on the sale of PP&E	—	—	—	-3	—	-3

As of 31 December 2024, the company had capitalised a

total of NOK 655 million in connection with assets under

construction. The amount was divided into NOK 51

million on real estate, NOK 483 million on plant and

equipment, NOK 110 million on vessels, and NOK 11

million on other operating assets. As of 31 December

2023, the company had capitalised a total of NOK 1,078

million in work on investment projects that had not been

completed and put into operation and for which

depreciation had not commenced. Of this was NOK 387

million related to real estate, NOK 462 million to plant

and equipment, NOK 219 million to vessels and NOK 10

million to other operating assets.

In 2024, the write-downs primarily was related to the

impairment in the value of the offshore unit owned by

Arctic Offshore Farming, amounting to NOK 46 million. In

2023, there was a NOK 30 million impairment in the

value of the Salmosea plant and equipment.

The disposal of fixed assets by group company in 2024 is

related to the sale of Osan Settefisk AS. See Note 4.4 for

further information.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.4	Right-of-use assets and lease liabilities


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NOTE 3.4	Right-of-use assets and lease liabilities

Accounting policies

The Group recognises right-of-use assets at the

commencement date of the lease. Right-of-use assets are

measured at cost, less any accumulated depreciation and

impairment losses, and adjusted for any remeasurement

of lease liabilities. Right-of-use assets are depreciated

over the shorter of the lease term and the useful life of

the asset. When a purchase option has been included in

the cost at recognition, the right-of-use asset is

depreciated over the estimated useful life of the asset.

Short term leases (lease term less than 12 months) and

leases of low-value assets are not recognised as right-of-

use assets and lease liabilities, as the recognition

exemptions for these leases is applied. Lease payments

of such leases are recognised as expense over the lease

term.

Contracts may contain both lease and non-lease

components. The group allocates the consideration in the

contract to the lease and non-lease components based on

their relative stand-alone prices. This applies to some of

the groups lease arrangements of wellboats and service

boats, where crew and other service elements are

included in the contract. The cost related to service

elements not defined as lease, are expensed in the period

they occur.

The lease liabilities at commencement date are measured

at the present value of the lease payments. The lease

payments are discounted using the Group's incremental

borrowing rate as the interest rate implicit in the lease is

not readily determinable.

For leasing contracts with optional renewal period, and

where we are reasonably certain to exercise this option,

the renewal periods are included in the calculation of the

lease liability and asset.

Right-of-use assets and lease liabilities includes offices and production facilities, including the InnovaMar facility in Frøya. There are

also significant leasing agreements in place for wellboats, service boats, plant and equipment.

Right-of-Use Assets


NOKm	Land & buildings	Machinery & equipment	Boats & barges	Total
Acquisition cost at 1 January 2024	430	544	2,235	3,209
Adjustments of existing agreements	2	—	13	14
Additions	24	42	175	241
Disposal acquisition cost	-2	-4	-15	-20
Reclassification	62	-62	—	—
Reclassification of acquisition cost to property, plant and equipment	-10	—	-19	-28
Currency translation differences	1	2	3	5
Acquisition cost at 31 December 2024	508	522	2,393	3,422

Accumulated depreciation & write-downs at 1 January 2024	186	322	904	1,412
Depreciation	33	56	331	420
Disposal accumulated depreciation	-2	-4	-15	-21
Reclassification	19	-7	-12	—
Reclassification of depreciation to property, plant and equipment	-4	-12	—	-16
Currency translation differences	1	—	2	3
Accumulated depreciation & write-downs at 31 December 2024	233	355	1,211	1,798

Carrying amount at 31 December 2024	275	167	1,182	1,623

Estimated lifetime	2 - 30 years	1 - 5 years	1 - 9 years
Depreciation method	Linear	Linear	Linear


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.4	Right-of-use assets and lease liabilities


188					MENU ≡


NOKm	Land & buildings	Machinery & equipment	Boats & barges	Total
Acquisition cost at 1 January 2023	451	537	1,506	2,494
Adjustments of existing agreements	—	—	25	25
Additions	12	13	722	747
Disposal acquisition cost	-1	-3	-20	-25
Reclassification of acquisition cost to property, plant and equipment	-32	-5	—	-38
Currency translation differences	—	4	3	6
Acquisition cost at 31 December 2023	430	544	2,235	3,209

Accumulated depreciation & write-downs at 1 January 2023	158	257	692	1,107
Depreciation	30	58	239	326
Write-down	—	2	—	2
Disposal accumulated depreciation	—	-1	-12	-13
Reclassification of depreciation to property, plant and equipment	-2	5	-15	-13
Currency translation differences	—	1	1	2
Accumulated depreciation & write-downs at 31 December 2023	186	322	904	1,412

Carrying amount at 31 December 2023	244	223	1,331	1,798

Estimated lifetime	2 - 30 years	1 - 5 years	1 - 9 years
Depreciation method	Linear	Linear	Linear


Other leasing costs recognised in profit and loss (NOKm)	2024	2023
Costs relating to short-term leases (less than 12 months duration)	317	263
Costs relating to the lease of low-value assets	26	52
Total leasing costs included in other operating expenses	343	315

Leases of low value are recognised in other operating expenses. Costs relating to short-term leases mainly relates to ad hoc leasing of

service boats.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.4	Right-of-use assets and lease liabilities


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Lease liabilities


NOKm	2024	2023
Lease liability 1 January	1,845	1,425
Adjustment of lease liabilities	14	25
New contracts	241	747
Interest on lease liability (profit and loss)	120	102
Instalments on lease liabilities paid (cash flow)	-409	-321
Interest on lease liabilities paid (cash flow)	-120	-102
Disposal and reclassification of lease liabilities	2	-32
Currency translation differences	—	2
Total lease liabilities at 31 December	1,694	1,845

Short-term lease liabilities	420	344
Long-term lease liabilities	1,274	1,502
Total lease liabilities at 31 December	1,694	1,845

Cash flow relating to lease liabilities


NOKm	2024	2023
Instalments on lease liabilities paid (cash flow)	409	321
Interest on lease liabilities paid (cash flow)	120	102
Lease liabilities recognised in profit or loss	343	315
Total cash flow relating to lease liabilities	873	738

See Note 4.1 for further details of the lease liabilities' maturity profile.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.5	Investments in associated companies and joint ventures


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NOTE 3.5	Investments in associated companies and joint ventures

Accounting policies

Joint ventures are entities where the group has joint control and the parties in the joint

arrangement have right to the net assets of the arrangement. Associates are all entities, except

joint ventures, over which the group has significant influence but not control. This is generally

the case where the group holds between 20 % and 50 % of the voting rights. Investments in

associates and joint ventures are accounted for using the equity method of accounting, after

initially being recognised at cost.

Where the group’s share of losses in an equity-accounted investment equals or exceeds its

interest in the entity, including any other unsecured long-term receivables, the group does not

recognise further losses, unless it has incurred obligations or made payments on behalf of the

other entity.

The carrying amount of equity-accounted investments is tested for impairment in accordance

with principles described in Note 3.2.

Investments in joint ventures and associated companies at 31 December 2024:


Company	Head office	Sector	Ownership 01.01	Ownership 31.12
Norskott Havbruk AS	Bergen	Fish farming	50.0%	50.0%
SalMar Genetics AS	Rauma	Genetics	50.0%	50.0%
Kirkenes Processing AS	Kirkenes	Harvesting	50.0%	50.0%
Romsdal Processing AS	Molde	Harvesting & processing	44.5%	44.5%
Yu Fish Ltd	Singapore	Sales	45.3%	45.3%
Wilsgård AS	Torsken	Fish farming	37.5%	37.5%
Hellesund Fiskeoppdrett AS	Høvåg	Fish farming	33.5%	33.5%
Nordnorsk Smolt AS	Hasvik	Fish farming	50.0%	50.0%
Sikkerhetssenteret Rørvik AS	Rørvik	Education	21.3%	21.3%
Flatanger Settefisk AS	Flatanger	Smolt production	41.0%	41.0%
Oppdretternes Miljøservice AS	Rørvik	Aquaculture services	25.0%	25.0%
Skamik AS	Ottersøy	Aquaculture services	24.9%	24.9%

All associates and joint ventures are accounted for using the equity method. Since none of the

Group's associates or joint ventures are listed on a stock exchange, no observable market values

are available.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.5	Investments in associated companies and joint ventures


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Companies recognised in accordance with the equity method:


NOKm	Wilsgård AS	Hellesund Fiskeoppdrett AS	Norskott Havbruk AS	Others	Total
Opening balance at 1 January 2024	651	464	1,076	227	2,418
- goodwill	—	—	—	4	4

Income from associated companies and joint ventures	-26	24	90	34	122
Items recognised in other comprehensive income	—	—	99	4	103
Dividend received	—	-5	—	-16	-21
Other changes	-1	-2	—	—	-4
Carrying amount at 31 December 2024	625	480	1,265	249	2,618


NOKm	Wilsgård AS	Hellesund Fiskeoppdrett AS	Norskott Havbruk AS	Others	Total
Opening balance at 1 January 2023	572	433	1,153	213	2,372
- goodwill	—	—	—	4	4

Income from associated companies and joint ventures	80	40	-168	20	-27
Items recognised in other comprehensive income	—	—	91	2	93
Dividend received	—	-10	—	-8	-18
Other changes	-1	—	—	—	-1
Carrying amount at 31 December 2023	651	464	1,076	227	2,418


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.5	Investments in associated companies and joint ventures


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Material associates and joint ventures

Based on an overall assessment, in which size and complexity

have been taken into account, Norskott Havbruk AS, Wilsgård AS

and Hellesund Fiskeoppdrett AS are considered to be material

associates and joint ventures. Further details relating to these

material assets are presented below.

Wilsgård AS

Located in Senja, Wilsgård AS is a fishfarming company which

holds licence of MAB 5.844 tonnes. SalMar ASA owns 37.5 % of

the shares in the company.

Hellesund Fiskeoppdrett AS

SalMar ASA holds a 33.5% ownership share in Hellesund

Fiskeoppdrett AS, a fish farming company located in Lillesand.

Hellesund Fiskeoppdrett AS owns 75% of the shares in Korshavn

Havbruk AS and 100% of the shares in Sørvest Laks AS. All

companies hold licenses of MAB 804 tonnes, totaling MAB 2,412

tonnes within the group

Norskott Havbruk AS

Located in Bergen, Norskott Havbruk AS is a holding company

that owns 100 % of Scottish Sea Farms Ltd, which has

operations in mainland Scotland and Shetland.

Norskott Havbruk is 50/50 owned by SalMar ASA and Lerøy

Seafood Group ASA. The board of directors has 4 members, with

each shareholder represented by 2 directors. The shareholders

alternate on the position as Chairman of the Board. SalMar and

Lerøy are consider to have joint control over the investment and

are classified a joint venture.

The following table shows a summary of financial information relating to material associates and joint ventures, based on 100 %

figures:


	Wilsgård AS		Hellesund Fiskeoppdrett AS
NOKm	2024	2023	2024	2023
Operating revenues	732	733	168	265
Operating expenses	599	543	150	125
Fair value adjustments	-96	50	65	-7
Net profit/loss	-68	215	71	120
Non-current assets	358	351	70	71
Current assets	985	940	843	734
Non-current liabilities	275	193	40	5
Current liabilities	256	216	87	63
Equity	812	883	787	737
The Group's share of equity	305	331	262	247
Excess value	303	303	218	220
Carrying amount at 31 December	625	651	480	464


	Norskott Havbruk AS
NOKm	2024	2023
Operating revenues	4,403	2,561
Operating expenses	3,848	2,865
Fair value adjustments	-25	16
Net profit/loss	179	-335
Non-current assets	3,819	3,592
Current assets	2,750	2,540
Non-current liabilities	2,445	2,396
Current liabilities	1,594	1,583
Equity	2,529	2,152
The Group's share of equity	1,265	1,076
Carrying amount at 31 December	1,265	1,076


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.6	Biological assets and other inventories


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NOTE 3.6	Biological assets and other inventories

Accounting policies

Inventory and biological assets

Live fish are recognised at fair value less sales costs.

Other inventory is comprised of feed, packaging materials, roe,

fry, smolt, cleaner fish and finished goods. Inventories of

goods are measured at the lowest of cost and net realisable

value.The cost of finished goods includes direct material costs,

direct personnel expenses and indirect processing costs (full

production cost). Interest costs are not included in the

inventory value.The cost is based on the principle of first-in

first-out.

Biological assets

Live fish are accounted for in accordance with IAS 41

Agriculture. The general rule is that such assets are measured

at fair value less sales costs. Fair value is measured in

accordance with IFRS 13 within level 3, based on factors not

drawn from observable markets. Changes in value are

recognised and classified under fair value adjustments in

Consolidated statement of profit and loss.

Roe, fry, smolt and cleaner fish are valued at historic cost.

Historic cost is deemed to be the best estimate of fair value

for these assets, due to little biological conversion.

The fair value of biological assets held at the Group's sea

farms is calculated using a model based on future cash flow.

The present value is calculated on the basis of estimated

revenues, less estimated remaining production costs until the

fish is harvestable at the individual site. A fish is harvestable

when it has reached the estimated weight required for

harvesting specified in the company's budgets and plans. The

estimated value is discounted to present value on the

reporting date. Present value is estimated for the biomass at

each site.

Incoming cash flows are calculated as the estimated biomass

at harvest multiplied by the price expected to be achieved at

the same time. The estimated biomass (volume) at harvest is

calculated on the basis of the number of individual fish held at

sea farms on the reporting date, adjusted for expected

mortality until harvest and multiplied by the estimated weight

of the fish at harvest.

The price is calculated using the forward prices from European

Salmon Futures at Euronext for the estimated harvesting date

that was in effect on the reporting date. Forward prices are

adjusted for an exporter supplement, as well as harvesting,

sales and well-boat costs. In addition, an adjustment is made

to take account of expected differences in fish quality. The

price is also reduced by production tax. The price adjustments

are made at the site level.

The production time for biomass in the sea can vary and be up

to 18 months. The best estimate for future superior share is

based on historically achieved metrics and observable quality

indicators of the fish. Special events can lead to variations in

the superior quality in certain periods. In 2024, challenges

arose with string jellyfish and winter wounds, which resulted

in decreased superior share compared to earlier years. In such

cases, historical metrics will not be representative of future

production. Due to the mentioned challenges in 2024, the

group's superior share was 79% in 2024 compared to 87% in

2023. Downgraded fish are priced at a lower price point in the

fair value assessment compared to fish of superior quality, the

deduction will vary in accordance with the expectation of

market prices. A one percentage point change from superior

quality to downgraded quality will result in a value change of

62 million.

Estimated remaining production costs are estimated costs that

a rational person would presume necessary for the farming of

fish up until they reach a harvestable weight. In the model,

instead of being a separate cost element in the calculation,

compensation for licence fees and site rent are included in the

discount factor, and thereby reduces the fair value of the

biomass.

Climate risk is factored into the assessment for calculating the

fair value of the biomass. Incidents and effects are

incorporated into estimates related to future cash flow

through the input of estimated harvesting volume, production

costs, and price achievement. For further information, see

Note 4.9.

The fair value of the biomass is calculated using a monthly

discounting of the cash flow based on the harvest plan. The

discount factor is intended to reflect three main components:

1. Risk of incidents that affect cash flow

2. Hypothetical licence fees and site rental cost

3. Time value of money

The discount factor is set on the basis of an average for all the

Group's sites, which, in the Group's assessment, provides a

sensible growth curve for the fish - from smolt to harvestable

size.

The risk adjustment must take into account the biological risks

of farming, including the average time in sea for the fish. The

number of months left until harvesting will affect the risk.

Biological risk, the risk of increased costs and price risk will be

the most important elements to be recognised. The present

value model includes a theoretical compensation for licence

fees and site rent as an addition to the discount factor in the

model, instead of being a cost-increasing factor in the

calculation.

A discount rate of 6.0 % per month has been used to calculate

the fair value of biological assets for the Group's Norwegian

operations. Correspondingly, a discount rate of 6.5 % per

month was used in 2023. For the Group's operations in Iceland,

a discount rate of 4.0 % per month was used in 2024 and 5.0%

in 2023. The discount rate reflects the biomass's capital cost,

risk and synthetic licence fees and site rental charges. Change

in margins as a result of changes in prices or cost, will cause a

change in the synthetic licence fee and the discount rate. The

reduction in the discount rate for the Norwegian operation in

2024 is attributed to increased expectations regarding costs

and, consequently, profitability.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.6	Biological assets and other inventories


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Fair Value due to business combinations

Due to business combinations, assets and liabilities are recognized at fair value. Fair value

adjustments on biological assets at the time of acquisition are included in the cost of biological

assets. To provide users of the financial statement with a better understanding of the Group’s

profit and loss related to goods sold during the period, the effect of fair value adjustments from

the acquisition related to sold fish has been deducted from the cost of goods sold in the

Operational EBIT when evaluating the segment’s performance. Changes in fair value adjustments

due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9

for further information

Incident-based mortality

In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the

mortality exceeds 5 % over several periods based on one and the same incident, an assessment is

made as to whether there is a basis for write-down. The assessment relates to the number of fish

and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in

the Consolidated Statement of Profit or Loss.

Carrying amount of inventory:


NOKm	31.12.2024	31.12.2023
Raw materials	447	434
Finished goods	830	796
Total carrying amount of other inventory	1,276	1,230
Biological assets	13,970	13,265
Total carrying amount of inventory	15,247	14,494

Raw materials mainly comprise feed for smolt and fish at sea farms. In addition, raw materials are

used in connection with processing and packaging. Finished goods comprise whole fish (fresh and

frozen), as well as processed salmon products.

Carrying amount of biological assets:


NOKm	31.12.2024	31.12.2023
Biological assets held at sea farms at cost	8,826	7,896
Fair value adjustment of biological assets	4,564	4,761
Total carrying amount of biological assets held at sea farms	13,390	12,657
Roe, fry, smolt and cleaner fish at cost	580	608
Total carrying amount of biological assets	13,970	13,265

Stocks of biological assets relate to SalMar’s fish farming operations both in freshwater and

seawater, and comprise roe, fry, smolt, cleaner fish and fish at sea farms.


	Tonnes		Carrying amount (NOKm)
Change in biological assets:	2024	2023	2024	2023
Biological assets at 1 January	161,842	161,542	13,265	11,755
Increase due to production	275,919	299,922	14,784	13,863
Decrease due to sale/ harvesting	-269,885	-296,094	-13,579	-13,007
Decrease due to incident-based mortality	-2,477	-3,528	-280	-251
Decrease due to sale of group companies			-58	-9
Fair value adjustment at 01.01			-4,761	-3,908
Fair value adjustment from business combination due to fish not sold on opening balance			—	813
Fair value adjustment from business combination due to fish not sold on closing balance			—	-90
Fair value adjustment from business combination included in cost of goods sold in the period			—	-723
Fair value adjustment at 31.12			4,564	4,761
Currency translation differences			36	60
Biological assets at 31 December	165,399	161,842	13,970	13,265


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.6	Biological assets and other inventories


195					MENU ≡

The calculation is based on following estimated forward prices:


Expected harvesting period	31.12.2024	Expected harvesting period	31.12.2023
Q1-2025	112.63	Q1–2024	107.95
Q2-2025	115.38	Q2–2024	113.45
Q3-2025	77.22	Q3–2024	83.70
Q4-2025	82.34	Q4–2024	86.12
1st half 2026	111.29	1st half 2025	101.11
2nd half 2026	103.03	2nd half 2025	74.60

Sensitivity:

The change in the estimated fair value of biological assets has been calculated by changing

individual parameters in the calculation. The effect on the carrying amount of biological assets is

summarised below.


2024 (NOKm)	Increase	Effect on estimated fair value at 31.12.2024	Decrease	Effect on estimated fair value at 31.12.2024
Change in forward price	+ NOK 5.00 per kg	913	NOK 5.00 per kg	-913
Change in monthly discount factor	1%	-816	-1%	919
Change in harvesting date	1 month earlier	1,742	1 month later	-1,101
Change in number of fish held at sea farms	1%	166	-1%	-166


2023 (NOKm)	Increase	Effect on estimated fair value at 31.12.2023	Decrease	Effect on estimated fair value at 31.12.2023
Change in forward price	+ NOK 5.00 per kg	796	NOK 5.00 per kg	-796
Change in monthly discount factor	1%	-749	-1%	831
Change in harvesting date	1 month earlier	1,123	1 month later	-818
Change in number of fish held at sea farms	1%	145	-1%	-145


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.7	Trade and other receivables


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NOTE 3.7	Trade and other receivables

Accounting principles

The Group's receivables are recognised at amortised cost. Receivables in foreign currency are

converted at the exchange rate at the time of the transaction, and are remeasured to the

exchange rate at the balance sheet date. Due to the short-term nature of the current receivables,

their carrying amount is considered to be the same as their fair value. The group uses a simplified

method to calculate provisions for losses on trade receivables.

The group uses credit insurance to secure its accounts receivable and makes provisions for

expected losses on the excess that is not covered by the insurance. The group measures the

provision for bad debts based on the expected credit loss over the remaining lifetime of the

exposure, and not based on an expected loss of 12 months.


NOKm	31.12.2024	31.12.2023
Trade receivables	1,552	1,469
Allowance for credit losses	-35	-12
Total trade receivables at 31 December	1,517	1,457

Long term loans	44	83
Derivatives	254	159
Other non-current receivables	298	242

Prepaid expenses	227	113
Derivatives	—	469
Other short term receivables	363	479
Other current receivables not qualifying as financial assets	53	—
Other current receivables	642	1,061
VAT included in other short term receivables	184	114

Credit losses are classified as other operating expenses in profit and loss. Changes in allowance

for credit losses and credit losses charged to expenses during the period are presented below.

For further information related to credit risk and foreign exchange risk, see Note 4.1.


NOKm	31.12.2024	31.12.2023
Provisions for bad debt 1 Jan	12	15
Provisions for bad debts 31 Dec	35	12
Change in provisions for bad debts during the period	23	-3
Actual bad debts	1	10
Change in provisions for bad debts	23	-3
Bad debts charged to expenses during the period	24	6

Trade receivables had the following maturity profile


NOKm	Not due	< 30 d	30-45d	45-90d	>90d	Total
31.12.2024	1,271	184	18	3	76	1,552
31.12.2023	1,161	172	45	3	88	1,469

Receivable Purchase Agreement (RPA)

SalMar has entered into an agreement with a credit institution for the purchase of trade

receivables that meet certain specified criteria. SalMar transfers trade receivables that meet

these criteria as and when they arise and receives immediate settlement thereof. Normal

maturity of trade receivables is 30–45 days. The material part of the credit risk is transferred

when the trade receivables is transferred to the credit institution. The receivables are

derecognised in the balance on the date the transfer takes place. As at 31 December 2024, a

total of NOK 1,838 million outstanding receivables has been transferred and derecognised (31

December 2023, a total of NOK 1,300 million). The change in trade receivables deriving from this

derecognition is included under operating activities in the statement of cash flow. For trade

receivables that do not meet the requirements for the RPA, the Group has credit risk. See note

4.1 for description of the procedures for credit assessment and credit insurance of outstanding

receivables.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.8	Financial assets and financial liabilities


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NOTE 3.8	Financial assets and financial liabilities

Accounting policies

A financial instrument is any contract that gives rise to a

financial asset of one entity and a financial liability or equity

instrument of another entity.

Financial assets

The Group's financial assets comprise derivatives, unlisted

equity investments, other receivables, and cash & cash

equivalents.

The classification of financial assets at initial recognition

depends on the nature of the asset's contractually determined

cash flows, and which business model the Group applies to the

management of its financial assets. At initial recognition,

financial assets are recognised at fair value. Transaction costs

may be added if financial assets are measured at amortised

cost.

The Group classifies its financial assets in three categories:

• Financial assets measured at amortised cost

• Financial assets measured at fair value with changes in

value through profit and loss

• Financial assets measured at fair value in other

comprehensive income (OCI)

Financial assets measured at amortised cost

The Group measures financial assets at amortised cost if the

following conditions are met: The financial asset is being kept

in a business model whose purpose is to receive contractually

determined cash flows, and the contractual terms and

conditions for the financial asset give rise to cash flows solely

comprising payments of interest and principal on certain dates.

The Group's financial assets at amortised cost comprise trade

receivables, other receivables, cash & cash equivalents. Trade

receivables which do not have a substantial financing element

are measured at the transaction price in accordance with IFRS

15 Revenue from Contracts with Customers.

Financial instruments measured at fair value with changes in

value through profit and loss

The Group makes use of forward currency contracts to hedge

against fluctuations in exchange rates that arise during its

operational activities. The contracts are initially recognised at

fair value. Changes in fair value related to contracts that don't

qualify for hedge accounting are recognised in profit and loss.

To some extent the Group enters into futures contracts of

salmon on the European Salmon Futures (ESF) on Euronext

(former Fish Pool) to manage the salmon price risk. ESF are

also used to hedge margins in certain cases relating to salmon

purchase agreements. ESF is listed in Euro at Euronext. The

derivatives are recognised at fair value at the date of

acquisition. Any subsequent changes in value are classified on

the line for fair value adjustments in profit and loss.

This category also includes the Group's unlisted equity

instrument and other receivables. These instruments are

recognised at fair value on the date the contract is entered

into and subsequently measured at fair value.

Financial instruments measured at fair value in other

comprehensive income (OCI)

The Group uses derivatives to hedge against fluctuations in

foreign exchange rates that arise during its operational

activities. When forward currency contracts meet the

requirements for hedge accounting, changes in fair value are

recognised in OCI.

The Group has entered into a cross-currency interest swap and

interest rate swaps to hedge risk related to interest-bearing

debt and the operations in Iceland. Changes in fair value in

these derivatives are recognised in OCI.

Derecognition of financial assets

A financial asset or, if relevant, a portion of a financial asset or

portion of a group of identical financial assets, is derecognised

if:

• The contractual entitlement to receive cash flows from

the financial asset expires, or

• The Group has transferred the contractual entitlement

to receive cash flows from the financial asset or

retains the right to receive the cash flows from a

financial asset but at the same time pledges to

transfer these to a counterparty, and either:

a. The Group has transferred the bulk of the risk and

benefits associated with the asset, or

b. The Group has neither transferred nor retained the

bulk of the risk and benefits associated with the asset

but has transferred control over the asset.

Provisions for losses on financial assets

The Group has made a provision for expected losses on all

debt instruments that are not classified at fair value through

profit and loss. The Group recognises expected credit losses

based on a specific assessment of each individual customer.

The Group recognises its loss provision based on expected

credit losses over the remaining life of the exposure, and not

the 12-month expected loss.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.8	Financial assets and financial liabilities


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Financial liabilities

Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives

designated as hedging instruments in an effective hedging arrangement. Derivatives are initially

recognised at fair value. Loans and liabilities are initially recognised at fair value adjusted for

directly attributable transaction costs. Derivatives are classified as financial liabilities when their

fair value, determined using the effective interest method, is negative, and are accounted for in

the same manner as derivatives that are classified as assets.

Financial instruments by category

Financial instruments at 31 December 2024


Financial instruments at 31 December 2024 (NOKm):	At amortised cost	At fair value through profit & loss	At fair value in OCI	Total
Assets
Derivatives
Interest rate swaps	—	—	254	254
Equity instruments
Unlisted equity instruments	—	15	—	15
Debt instruments
Long term loans	44	—	—	44
Trade receivables	1,517	—	—	1,517
Other short term receivables	363	—	—	363
Cash and cash equivalents	518	—	—	518
Total financial assets	2,442	15	254	2,712
Liabilities
Interest-bearing debt
Debts to credit institutions	13,835	—	—	13,835
Green bond	3,483	—	—	3,483
Derivatives
Interest and currency rate swaps			98	98
Forward currency contracts	—	—	242	242
Other financial liabilities
Trade payables	4,078	—	—	4,078
Total financial liabilities	21,396	—	339	21,735

Loans and liabilities

After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and

losses are recognised in profit and loss when the liability is derecognised. After initial recognition,

interest-bearing loans and borrowings are subsequently measured at amortised cost using the

effective interest method. Gains and losses are recognised in profit or loss when the liabilities are

derecognised as well as through the effective interest method amortisation process. Amortised

cost is calculated by recognising any discount or premium on acquisition and fees or costs that

are an integral part of the effective interest method. The amortization derived from the effective

interest method is expensed and classified as a financial cost in the statement of profit or loss.

See Note 3.11 for further details.

Financial instruments at 31 December 2023


Financial instruments at 31 December 2023 (NOKm):	At amortised cost	At fair value through profit & loss	At fair value in OCI	Total
Assets
Derivatives
Forward currency contracts	—	—	444	444
Interest rate swaps	—	—	159	159
Financial contracts Fish Pool	—	25	—	25
Equity instruments
Unlisted equity instruments	—	17	—	17
Debt instruments
Long term loans	83	—	—	83
Trade receivables	1,457	—	—	1,457
Other short term receivables	479	—	—	479
Cash and cash equivalents	785	—	—	785
Total financial assets	2,804	42	603	3,449
Liabilities
Interest-bearing debt
Debts to credit institutions	10,417	—	—	10,417
Green bond	3,475	—	—	3,475
Derivatives
Interest and currency rate swaps	—	—	13	13
Other financial liabilities
Trade payables	3,966	—	—	3,966
Total financial liabilities	17,858	—	13	17,871


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.8	Financial assets and financial liabilities


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Financial instruments – assessment of fair value

All assets and liabilities for which fair value is measured or disclosed in the financial statements

are categorised within the fair value hierarchy, described as follows, based on the lowest level

input that is significant observable inputs an minimising the use of unobservable inputs.

• Level 1 - Price listed in an active market for identical assets or liabilities

• Level 2 - Valuation based on other observable inputs either directly (price) or indirectly

(deduced from prices) than listed price (used in level 1) for the asset or liability

• Level 3 - Valuation based on inputs not derived from observable markets (non-observable

assumptions)

The following table presents the fair value measurement hierarchy of the Group's assets and

liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.


31 December 2024 (NOKm)	Quoted prices in active markets (Level 1)	Significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Derivatives
Interest rate swaps	—	254	—	254
Equity instruments
Unlisted equity instruments	—	—	15	15
TOTAL assets	—	254	15	270
Liabilities
Derivatives
Forward currency contracts	—	242	—	242
Interest and currency rate swaps	—	—	98	98
TOTAL liabilities	—	242	98	339


31 December 2023 (NOKm)	Quoted prices in active markets (Level 1)	Significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Derivatives
Forward currency contracts	—	444	—	444
Interest rate swaps	—	159	—	159
Financial contracts Fish Pool	—	25	—	25
Equity instruments
Unlisted equity instruments	—	—	17	17
TOTAL assets	—	628	17	645
Liabilities
Derivatives
Interest and currency rate swaps	—	—	13	13
TOTAL liabilities	—	—	13	13


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.9	Hedging activities and derivatives


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NOTE 3.9	Hedging activities and derivatives

Accounting policies

Forward currency contracts

The Group uses forward currency contracts and currency

option contracts to reduce the foreign exchange risk relating

to future sales revenues deriving from customer contracts

denominated in foreign currencies for the physical delivery of

salmon. The Group's contracts fall due for payment between

January 2025 and June 2026, and hedge all trade receivables

and cash flows from sales contracts in foreign currencies

during this period.

The contracts are recognised at fair value in the balance sheet.

The fair value are measured by using valuation techniques,

which employ the use of market observable inputs such as

forward pricing and swap models using present value

calculations. The models incorporate various inputs including

the credit quality of counterparties, foreign exchange spot and

forward rates, yield curves of the respective currencies,

currency basis spreads between the respective currencies.

Recognition of gains and losses relating to the forward

currency contracts depends on whether they qualify for hedge

accounting.

For forward currency contracts and currency option contracts

that qualify for hedge accounting, the fair value of the

effective portion is recognised in other comprehensive income.

When time differences arise between receipts from sales

contracts and the settlement of forward hedges, the currency

account replaces the forward hedges as the hedging

instrument. Drawdowns on the currency account, when this is

deemed to be the hedging instrument, are recognised at the

exchange rate in effect on the reporting date and the

revaluation effect is recognised in OCI. Gains and losses

recognised in OCI and accumulated equity are recycled to

profit and loss in the same period as the hedged expected

future cash flows affect profit and loss. Inefficiency in hedging

factors arises when the hedged volume deviates from the

delivered volume. The inefficiency is recognised as a financial

item in profit and loss.

The Group complies with the criteria set out in IFRS 9 when

assessing whether the contract meets the requirements for

hedge accounting. This means that satisfactory

documentation of the matter to be hedged must exist when

the hedge is entered into, and there must be a high level of

efficiency, in that the hedge reflects the expected cash flow

from the underlying sales contract. There must also be a high

degree of probability that the future cash flow will materialise

and the efficiency of the hedge must be measurable. The

efficiency of hedges is monitored continuously.

For contracts which do not qualify for hedge accounting, any

change in the fair value are recognised as a change in fair

value through profit and loss.

The hedging rate is the spot rate adjusted for a forward

element. The forward element is the difference between the

spot rate and the forward rate, and reflects the difference in

the rate of interest between NOK and the currency traded.

When several forward hedges are linked to a sales contract,

the hedging rate is calculated as the volume-weighted forward

rate for the underlying hedges.

Interest and currency rate swaps

The group has entered into interest rate swaps and a cross-

currency interest rate swap with the purpose of hedging

interest rate risk for a share of the group's loans with floating

interest rates and hedging of currency risk related to the

operations in Iceland. The hedging of interest rate risk is a

cash flow hedging, and the hedging of the business in Iceland

is a net investment hedging, both hedging conditions are

considered to satisfy the requirements for hedge accounting.

The fair value of the swaps are valued using valuation

techniques, which employ the use of market observable inputs

such as forward pricing and swap models using present value

calculations. The models incorporate various inputs including

the credit quality of counterparties, foreign exchange spot and

forward rates, yield curves of the respective currencies,

currency basis spreads between the respective currencies and

interest rate curves. Recognition of gains and losses relating

to the forward currency contracts depends on whether they

qualify for hedge accounting. The fair value changes of the

swaps qualifying for hedge accounting are recognised in other

comprehensive income, and the swap costs are amortised as

interest costs over the term of the agreement. The

effectiveness of hedging is measured at the end of each

period, any ineffective portion will be recognised as a financial

item in the profit and loss.

European Salmon Futures

To some extent the Group enters into futures contracts of

salmon on the European Salmon Futures (ESF) to hedge prices

relating to purchase and sales contracts for the physical

delivery of salmon. The contracts fall due for settlement

within one year. Realised gains or losses on these contracts

are recognised in operating profit/loss. The contracts are

measured at fair value. Unrealised gains and losses are

included in fair value adjustments in profit and loss. The fair

value of salmon future contracts is calculated on the basis of

the contract's agreed settlement price, the market value of the

fish on the reporting date, the contract's term and observable

market prices for contracts with an equivalent term.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.9	Hedging activities and derivatives


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Derivatives


	2024			2023
Recognised at fair value at 31 Dec (NOKm)	Other non- current receivables	Other non- current liabilities	Other current liabilities	Other non- current receivables	Other current receivables	Other non- current liabilities
Forward currency contracts	—	—	242	—	444	—
Interest and currency swaps	254	98	—	159	—	13
European salmon futures	—	—	—	—	25	—
Total	254	98	242	159	469	13

Forward currency contracts


	2025		2026
Forward currency contracts with changes in value through profit and loss (NOKm)	Currency amount (millions)	Average volume- weighted hedging rate	Currency amount (millions)	Average volume- weighted hedging rate	Carrying amount
Forward Sale CAD	5	7.851	—	—	—
Forward Sale EUR	16	11.850	—	—	1
Forward Sale GBP	4	13.867	—	—	-2
Forward Sale JPY	1,949	0.073	—	—	—
Forward Sale SEK	9	1.026	—	—	—
Forward Sale USD	63	11.013	—	—	-25
Total					-26


Forward currency contracts with changes in value through OCI (NOKm)
Forward Sale CAD	34	7.867	—	—	-2
Forward Sale EUR	65	11.891	1	11.915	1
Forward Sale GBP	48	14.021	6	13.996	-10
Forward Sale JPY	4,618	0.075	—	—	6
Forward Sale SEK	13	1.041	—	—	—
Forward Sale USD	457	10.228	11	10.835	-211
FX Option EUR	76		19		1
Total					-216
Carrying amount at 31 December 2024					-242


	2024		2025
Forward currency contracts with changes in value through profit and loss (NOKm)	Currency amount (millions)	Average volume- weighted hedging rate	Currency amount (millions)	Average volume- weighted hedging rate	Carrying amount
Forward Sale CAD	5	7.097	—	—	-3
Forward Sale EUR	86	11.808	—	—	2
Forward Sale GBP	—	13.339	—	—	—
Forward Sale JPY	1,301	0.757	—	—	5
Forward Sale SEK	7	1.022	—	—	—
Forward Sale USD	37	10.546	—	—	14
Total					19


Forward currency contracts with changes in value through OCI (NOKm)
Forward Sale CAD	-40	7.864	—	—	14
Forward Sale EUR	175	11.792	1	11.792	91
Forward Sale GBP	16	13.270	—	—	7
Forward Sale JPY	2,402	0.077	32	0.077	11
Forward Sale USD	443	10.660	8	10.797	249
FX Option EUR	104		11		54
Total					371
Carrying amount at 31 December 2023					444


Specification of cash flow hedging through OCI	As at 1 January	As at 31 Dec	Change in value of drawdowns on currency account	Change in fair value through OCI
2024	434	-217	-10	-641
2023	70	434	8	355

For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -12

million has been recognised in 2024 (NOK -10 million in 2023). The effect is classified as a

financial expense in profit and loss.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.9	Hedging activities and derivatives


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Interest and currency derivatives regarding debt 2024


Interest and currency derivatives with changes in value through OCI (NOKm)	Nominal value hedge instruments (NOKm)	Book value hedge object (NOKm)	Nominal value hedge instruments (MEUR)	Carrying value of net investment (MEUR)	Hedging efficiency	Carrying amount
Cash flow hedge reserve	3,421	3,421			100%	300
Net investment reserve			-98	126	100%	-158
Cost of hedging reserve						5
Total						146
Changes through profit and loss:
Accrued value of net interest						11
Carrying amount at 31 December 2024						157


Specification of hedging effects in OCI in 2024	As at 1 January	As at 31 Dec	Changes over OCI
Changes in Cash flow hedge reserve	220	300	80
Changes in Net investment reserve	-103	-158	-56
Changes in Cost of hedging reserve	19	5	-15
Total	136	146	9


Specification of hedging effects over profit and loss in 2024	As at 1 January	As at 31 Dec	Changes over profit and loss
Changes in net accrued interest	8	11	3
Amortization of swap cost reclassified from hedging reserve to interest cost	-5	-7	-2
Total			1

In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million

of the group's first bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335

million with fixed interest rates. The agreement matures in January 2027. The change from

floating interest rates to fixed interest rates in NOK in the agreement is defined as cash flow

hedging of interest costs. Interest rate conditions and maturity structure on

the bond loan and swap are identical and there is therefore an effective financial connection

between the hedging instrument and the hedged item. The conversion of loan amounts from NOK

to EUR debt through the swap contract is defined as Net Investment Hedging. This is a hedging

of the currency value of investing in Icelandic Salmon. The hedging of the exposure in EUR in

Iceland will be effective as long as the nominal value of the net investment is greater than the

nominal value of the hedging instrument. There has been no inefficiency in hedging conditions in

the past year.

In 2021 an interest rate swap was entered into in which NOK 193 million of the groups bank loan

with floating interest rates was swapped to a fixed rate. The agreement is reduced quarterly and

carrying value of the swap is NOK 170 million per 31.12.2024. The agreement matures in January

2032.

With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts

with a total principal of NOK 2,250 million. 750 million has a duration of 7 years starting 22 April

2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a

duration of 10 years starting 22 January 2024. The interest swap contracts are established with

the purpose to reduce the interest rate risk related to long-term loan.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.9	Hedging activities and derivatives


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Interest and currency derivatives regarding debt 2023


Interest and currency derivatives with changes in value through OCI (NOKm)	Nominal value hedge instruments (NOKm)	Book value hedge object (NOKm)	Nominal value hedge instruments (MEUR)	Carrying value of net investment (MEUR)	Hedging efficiency	Carrying amount
Cash flow hedge reserve	3,443	3,443			100%	221
Net investment reserve			-98	127	100%	-103
Cost of hedging reserve						19
Total						137
Changes through profit and loss:
Accrued value of net interest						8
Carrying amount at 31 December 2023						146


Specification of hedging effects in OCI in 2023	As at 1 January	As at 31 Dec	Changes over OCI
Changes in Cash flow hedge reserve	218	220	2
Changes in Net investment reserve	-34	-103	-68
Changes in Cost of hedging reserve	58	19	-39
Total	242	136	-105


Specification of hedging effects over profit and loss in 2023	As at 1 January	As at 31 Dec	Changes over profit and loss
Changes in net accrued interest	6	8	2
Amortization of swap cost reclassified from hedging reserve to interest cost	-3	-5	-2
Total			—

European salmon futures


2024
NOKm	Type	Volume (1,000)	Average volume- weighted price per kg	Market value
Fish Pool contracts	Sale	2,260	91.3	-16
Fish Pool contracts	Buy	5,700	90.9	41
Carrying amount at 31 December 2023				25

By end of 2024 group companies had no European salmon futures (former Fish Pool contracts). In

2024, a net profit of NOK 13 million (net profit of NOK 50 million in 2023) was realised on salmon

futures. Gains and losses are recognised in the operating result. In 2024, unrealised changes in

the fair value of salmon futures amounted to a net loss of NOK 27 million (2023: net gain of NOK

19 million).


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.10	Cash & cash equivalents


204					MENU ≡


NOTE 3.10	Cash & cash equivalents


NOKm	31.12.2024	31.12.2023
Cash and cash equivalents, unrestricted funds	332	621
Cash and cash equivalents, restricted funds	187	164
Total cash and cash equivalents at 31 December	518	785

A total of NOK 187 million (2023: NOK 164 million) in restricted tax withholdings is included in

the item cash and cash equivalents.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.11	Interest-bearing liabilities


205					MENU ≡


NOTE 3.11	Interest-bearing liabilities


Non-current interest-bearing liabilities (NOKm)	31.12.2024	31.12.2023
Non-current interest bearing liabilities	12,124	9,259
Green bond	3,500	3,500
Amortised cost	-58	-90
Total	15,566	12,669
Next year's instalment on non-current interest bearing liabilities	-102	-458
Total	15,464	12,211
Lease liabilities	1,694	1,845
Next year's instalment on lease liabilities	-420	-344
Total	1,274	1,502

Total carrying amount at 31 December	16,738	13,713


Current interest-bearing liabilities (NOKm)	2024	2023
Bank overdraft	752	1,223
Commercial Paper	1,000	—
Next year's instalment on non-current interest bearing liabilities	102	458
Current interest bearing liabilities ex. lease liabilities	1,854	1,681
Next year's instalment on lease liabilities	420	344
Total carrying amount at 31 December	2,273	2,024
Total non-current and current interest-bearing liabilities	19,011	15,737
Cash and cash equivalents	-518	-785
Lease liabilities	-1,694	-1,845
Net interest-bearing debt	16,799	13,107


Unused drawing rights (NOKm)	2024	2023
Unused credit facilities	5,633	8,740
Unused bank overdraft	1,207	1,014
Total unused drawing rights	6,840	9,754

The fair value of borrowings are not materially different from their carrying amounts since the

interest payable on the borrowings is either close to the current market rates or the borrowings

are of short-term nature. Next year's instalments on bank loans and lease agreements are

classified as current liabilities in the balance sheet. See Note 4.1 for details of the maturity profile

of the Group's liabilities.

The Group has entered into cross-currency interest swap- and interest rate swaps contracts to

reduce the risk related to floating interest rate. These contracts are established with the purpose

to reduce the interest risk related to long-term loans. See note 3.9 “Hedging activities and

derivatives” and note 4.1 “Financial risk management” for further details regarding the swaps.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.11	Interest-bearing liabilities


206					MENU ≡

As at 31 December 2024 per currency


(NOKm):	NOK	EUR	JPY	USD	GBP	Other	Total
Non-current interest bearing liabilities	14,526	938	—	—	—	—	15,464
Lease liabilities	1,641	—	—	—	—	53	1,694
Current interest- bearing liabilities	1,784	-28	82	136	-126	6	1,854
Total interest- bearing debts	17,950	911	82	136	-126	59	19,011
Cash and cash equivalents	367	22	36	56	2	36	518
Lease liabilities	1,641	—	—	—	—	53	1,694
Net interest- bearing debts	15,943	888	46	80	-128	-30	16,799

As at 31 December 2023 per currency


(NOKm):	NOK	EUR	JPY	USD	GBP	Other	Total
Non-current interest bearing liabilities	11,596	615	—	—	—	—	12,211
Lease liabilities	1,804	—	—	—	—	41	1,845
Current interest- bearing liabilities	1,467	76	76	39	18	5	1,681
Total interest- bearing debts	14,867	691	76	39	18	46	15,737
Cash and cash equivalents	607	47	37	60	13	21	785
Lease liabilities	1,804	—	—	—	—	41	1,845
Net interest- bearing debts	12,456	644	39	-21	5	-16	13,107


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.11	Interest-bearing liabilities


207					MENU ≡

Financing activities - changes in liability at 31 December 2024:


				Non-cash generating effects
(NOKm):	31.12.2023	Cash flow from financing activities	Changes through disposals of subsidiaries	Currency effects	Change in next year's instalments on long-term debts	Other effects	31.12.2024
Non-current debts	12,211	3,228	-383	33	356	20	15,464
Current debts to credit institutions	1,681	525	-6	—	-356	10	1,854
Total debts to credit institutions	13,892	3,753	-389	33	—	30	17,318
Non-current and current lease liabilities	1,845	-409	—	—	—	257	1,694
Total interest-bearing debts	15,737	3,343	-389	33	—	287	19,011
For details regarding disposal of subsidiaries see Note 4.4

Financing activities - changes in liability at 31 December 2023:


				Non-cash generating effects
(NOKm):	31.12.2022	Cash flow from financing activities	Changes through disposals of subsidiaries	Currency effects	Change in next year's instalments on long-term debts	Other effects	31.12.2023
Non-current debts	18,350	-8,660	—	40	2,489	-8	12,211
Current debts to credit institutions	3,442	714	—	3	-2,489	11	1,681
Total debts to credit institutions	21,792	-7,947	—	43	—	4	13,892
Non-current and current lease liabilities	1,425	-321	—	3	—	739	1,845
Total interest-bearing debts	23,217	-8,268	—	45	—	742	15,737

Interest-bearing debt in more detail

In August 2023, SalMar entered into a new senior unsecured

sustainability linked credit facility agreement, totalling NOK

16,000 million. The agreement comprises a 3+1+1 year term

loan with a total of NOK 6,000 million, a 5+1+1 year revolving

credit facility of NOK 10,000 million, and a NOK 3,000 million

in accordion option. The facilities have an interest rate based

on 3-months NIBOR plus a margin related to the NIBD/EBITDA-

gearing. The new senior unsecured credit facility is a

syndicated agreement that consists of 5 banks composed in

two tiers, each tier with various share of the total facility.

SalMar has annually renewable multicurrency cash pooling

arrangements limited to NOK 1,600 million. As at 31 December

2024, the Group had drawn NOK 752 million on this

arrangement (2023: NOK 1,223 million). Deposits and

drawdowns in various currencies relating to the group account

scheme are recognised net in the Group’s financial statements.

In addition to the existing bank facilities consisting of NOK

10,000 million as revolving credit facilities and NOK 6,000

million as a term loan, SalMar issued a commercial paper of

NOK 1,000 million on 13 September 2024 with a maturity

date of 13 March 2025 and a coupon of 5.13% p.a.

With effect from 22 April 2021, SalMar ASA issued an

unsecured green bond totalling NOK 3,500 million. No

instalments on the loan are payable during the period of the

agreement, which matures on 22 January 2027. The bond

carries an interest rate at 3-months NIBOR + 1.35 % per

annum, due quarterly. The loan is capitalised at amortised cost

using the effective interest rate method. The loan's net book

value as at 31 December 2024 is NOK 3,483 million. The bond


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.11	Interest-bearing liabilities


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loan is listed on the Oslo Stock Exchange under the ticker

SALM01 ESG.

See Note 4.12 Events Occuring After the Reporting Period for

details of issuance of New Green Bonds with settlement date

30 January 2025 and issuance of a commercial paper 13 March

2025.

Financial covenants

The financial covenants for the long-term financing of SalMar

ASA are a solvency requirement, which stipulates that the

Group’s recognised equity ratio shall exceed 30 %, and a

profitability requirement which stipulates that the Groups

interest coverage rate (EBITDA/net financial expenses) shall

not fall below 3.0. The covenants are tested quarterly, see

below. The Group were in compliance with the covenants as of

31 December 2024 (see table below) and has no indication

that there will be difficulties complying with these covenants.


	31.12.2024	31.12.2023
Equity ratio > 30 %	37.2%	43.3%
Interest cover rate (EBITDA / Net financial exp.) > 3.0	8,8	10,8

The green bond has a financial covenant requiring an equity

ratio of 30 % in the agreement period

The financing schemes of Arnarlax Ehf, SalMar Aker Ocean and

Vikenco are independent from SalMar ASA.

Subsidiaries with individual financial agreements

During November 2023, Arnarlax ehf., the groups subsidiary in

Iceland completed a refinancing process totaling facilities of

95 MEUR. The sustainable linked facilities consisted of a term

loan of 30 MEUR, a revolving facility of 65 MEUR and an

additional overdraft facility of 5 MEUR.

In Februar 2025, the Group signed a loan agreement for an

extension that increased the revolving facility to 130 MEUR,

This extension set the total facility to 160 MEUR in addition

to the 5 MEUR overdraft facility. The facility agreement is

valid until November 2027 and includes a possibility of a one-

year extension.

Arnarlax ehf. has standard financial requirements as

covenants, consisting of an equity ratio above 35 per cent and

profit requirements including 12-month rolling interest

coverage ratio (ICR) and a gearing ratio on NIBD/12-month

rolling EBITDA, excluding limited extraordinary items. In

December 2024 Arnarlax’s lenders agreed to waive the

financial covenants for the ICR through the second quarter

2025 and the NIBD/EBITDA through the fourth quarter 2025.

After the waived periods the ICR ratio shall not fall below

2.50:1 and the NIBD/12-month rolling EBITDA, excluding

limited extraordinary items, should not exceed 4.50:1. The

waivers indicate that there will be no difficulties in complying

with the covenants, which are reported on a quarterly basis.

In November 2023, the subgroup SalMar Aker Ocean entered

into a new credit facility agreement, consisting of a green

term loan of NOK 200 million and an annually renewable

overdraft facility of NOK 250 million. The green term loan is a

bullet loan with termination date 27 November 2026. Per

31.12.2024 the overdraft facility were drawn NOK 91 million

(2023: no drawdown). The covenants are based on standard

ratios, tested quarterly and has financial requirements of an

equity ratio above 40 per cent and a NIBD/EBITDA-leverage

that shall not exceed 4.00:1. The green term loan of NOK 200

million was fully settled as of 31st March 2025, see Note 4.12

Events Occuring After the Reporting Period for further

information.

Vikenco has an overdraft facility capped at NOK 50 million, of

which there was no drawdown either as at 31. December

2024 nor 31.12.2023. In addition, the company has an

instalment loan with a carrying amount of NOK 350 million

that matures 30 September 2027. The covenants for Vikenco

are based on standard ratios and has financial requirements of

an equity ratio above 20 per cent and includes Net Working

Capital ratio above 10% of total balance sheet amount. The

ratios are reported on a quarterly basis.

Refsnes Laks AS, has a term loan with net carrying amount at

31 December 2024 of NOK 45 million (2023: NOK 48 million),

the loan matures in May 2025, hence classified as current

liability as at 31.12.2024.

Receivable Purchase Agreement

SalMar has entered into an agreement with a financial

institution for transferred receivables that meet certain

predefined criteria. See Note 3.7 for further details of this

arrangement.

Lease liabilities

See Note 3.4 for further details of the Group’s capitalised

lease liabilities.

See Note 4.12 Events Occuring After the Reporting Period for

details of issuance of New Green Bonds with settlement date

30 January 2025 and issuance of a commercial paper 13 March

2025.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.11	Interest-bearing liabilities


209					MENU ≡

Supply Chain Financing

The Group has entered into a supply chain financing agreement (SCF), meaning that some vendors will indirectly offer extended credit terms to the company through a separate agreement with the

Group's bank. The vendors sell their trade receivables to the bank in order to receive payment practically immediately.


Supply Chain Financing:
Carrying amount of liabilities (NOKm)	31.12.2024	31.12.2023
Presented within trade payables	2,208	2,562
- of which suppliers have received payment	2,184	2,532

Range of payment due dates	2024	2023
Liabilities that are part of the SCF-arrangement	102 - 105 days after invoice date	110 - 115 days after invoice date
Average comparable trade payables, not included in the SCF-arrangement	28 - 41 days after invoice date	27 - 40 days after invoice date

Payment terms under the SCF agreement are in line with industry practice, most common in the interval between 90 - 120 days. The transaction is still between the company and its suppliers, and are

therefore classified as trade payables, and changes in trade payables related to the SCF agreement is classified as cash flow from operating activities in the statement of cash flow.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.12	Mortgage and guarantees


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NOTE 3.12	Mortgage and guarantees


Liabilities secured by mortgage (NOKm)	31.12.2024	31.12.2023
Non-current interest bearing debt	1,479	1,112
Current interest bearing debt	94	570
Lease liabilities	1,694	1,845
Total debt secured by mortgages and pledges at 31 December	3,267	3,528

In 2023, SalMar entered into a new senior unsecured credit facility agreement totalling NOK

16,000 million. The non-current and current interest bearing debt that is secured by mortgage is

represented by Group companies with independent financing schemes. See Note 3.11 for further

information.


Assets pledged as security for debt (NOKm)	31.12.2024	31.12.2023
Licences	3,711	3,438
Property, plant and equipment and right-to-use assets	3,355	4,512
Biological assets and other inventory	1,675	1,577
Trade receivables	610	633
Total assets pledged as security at 31 December	9,351	10,160


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 3.13	Current liabilities


211					MENU ≡


NOTE 3.13	Current liabilities


Other current liabilities (NOKm)	31.12.2024	31.12.2023
Salaries and vacation pay due	240	214
Derivatives	242	—
Accruals for clean-up cost	319	304
Accrued interest cost	86	54
Other accrued expenses	387	401
Accruals for production tax	61	83
Liability arising from business combination and acquisition of non- controlling interests	72	55
Provisions for onerous contracts	72	342
Total carrying amount at 31 December	1,478	1,454

Accruals for clean-up cost

When fish-farming licenses are granted and production equipment is installed at the site, an

obligation arises to remove the operational equipment in the future. Additionally, obligations may

arise due to changes in legislation. Except for some time-limited licenses, fish-farming licenses

are expected to have an indefinite useful lifespan. Consequently, production at the sites will

continue in the foreseeable future.

Provisions are made for costs related to clean-up associated with the termination of individual

production cycles at each site. However, the settlement dates for the removal of equipment

placed on sites are indeterminate and cannot be measured reliably. Other estimates, such as

extremely long-term discount rates for which there is no observable benchmark, cannot be

determined reliably. Due to the long time horizon, the present value of an estimated obligation

becomes insignificant. Consequently, no provision has been made for liabilities related to removal

costs.

Onerous contacts

Physical fixed-price sales contracts whose price is less than the price used as the basis for

adjusting the fair value of the biomass are recognised as liabilities in the financial statements.

The amount recognised as a liability is the difference between the market price at the balance

sheet date plus costs to sell and the contract price.

Changes in provisions are recognized on a separate line in the statement of profit and loss and

are included in the operational profit. For 2024, a positive effect of NOK 271 million was

recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.

Liability arising from business combination and acquisition of non-controlling interests

The liability as of 31.12.2024 is mainly related to the acquisition of non-controlling interest in

Hitramat Farming AS, with NOK 69 million due in 2025. See Note 4.6 for further information.

As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous

business combination in SalMar Farming AS, specifically related to the merged-in company SalMar

Namdal AS. As part of the purchase agreement with the previous owners, a contingent

consideration was agreed upon. The liability was fully settled as of 31.12.2024


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.1	Financial risk management


212		MENU ≡

Part 4	Other Notes


NOTE 4.1	Financial risk management

Financial risk

Through its activities, the Group is exposed to various kinds of

financial risk: market risk, credit risk and liquidity risk. The

Group management oversees the management of these risks

and draws up guidelines for dealing with them. The Group

makes use of financial derivatives to hedge against certain

risks. The Board of Directors has defined a financial risk

appetite that sets overarching limits.

The Group has drawing facilities on a syndicate of banks,

which ensure sufficient flexibility both operationally and with

respect to the financing of investments in SalMar's operations.

In August 2023, SalMar entered into a new senior unsecured

sustainability linked credit facility agreement. The agreement

consists of NOK 10,000 million as revolving credit facilities

and NOK 6,000 million as a term loan. The agreement includes

NOK 3,000 million in accordion option and is a syndicated

agreement that consists of 5 banks composed in two tiers,

each tier with various share of the total facility.

In addition to the existing bank facilities mentioned above,

SalMar issued a commercial paper of NOK 1,000 million during

2024 and has NOK 1,600 million in overdraft facilities.

In 2021 the Group issued a green bond to secure further

sustainable growth. In addition, the company has financial

instruments, such as trade receivables, trade payables, etc.,

which are directly related to day-to-day business operations.

See Note 4.12 Events Occuring After the Reporting Period for

details of issuance of New Green Bonds with settlement date

30 January 2025 and issuance of a commercial paper 13 March

2025.

The two subgroup's, Arnarlax Ehf and SalMar Aker Ocean, have

independent financing schemes. In addition, the subsidiary

Vikenco has an individual financial agreement.

It is the Group’s policy that no trading in derivatives for

speculative purposes may be undertaken.

Market risk

Interest rate risk

Interest rate risk is the risk that the fair value or future cash

flows of a financial instrument will fluctuate because of

changes in market interest rates. The Group’s exposure to the

risk of changes in market interest rates relates primarily to the

Group’s long-term debt obligations with floating interest rates.

The risk is partly reduced by the opposite effect on cash

equivalents which earn floating interest.

With effect from 4 February 2022, SalMar ASA entered into

fixed rate interest swap contracts with a total principal of NOK

2,250 million. NOK 750 million has a duration of 7 years

starting 22 April 2022, NOK 750 million has a duration of 7

years starting 22 January 2025, and NOK 750 million has a

duration of 10 years starting 22 January 2024. The interest

swap contracts are established with the purpose to reduce the

interest rate risk related to long-term loan. In 2021 the Group

entered into a to cross-currency interest swap and a interest

swap to manage the interest rate. For more details regarding

the swaps see Note 3.9.

Interest rate sensitivity

Given the financial instruments in effect on 31 December

2024, after the impact of hedge accounting, an increased

interest rate of 1.0 per cent would reduce the Group's profit by

net NOK 165 million (2023: reduced profit by NOK 131

million), all other variables remaining constant. The effect

related to the hedging instruments over OCI would rise by NOK

27 million given an increase in the interest rate of 1 % (2023:

1 % rise would lead to a positive effect of NOK 19 million). See

Note 3.11 for more information regarding interest-bearing

debt.

Foreign exchange risk

Foreign currency risk is the risk that the fair value or future

cash flows of an exposure will fluctuate because of changes in

foreign exchange rates. The Group’s exposure to the risk of

changes in foreign exchange rates relates primarily to the

Group’s operating activities and the Group’s net investments in

the operations in Iceland. The Group operates internationally,

and is exposed to foreign exchange risk in several currencies.

This risk is particularly relevant with respect to the USD, EUR,

GBP, CAD and JPY.

The foreign exchange risk associated with revenues and

assets denominated in foreign currencies is partly hedged

through the use of forward contracts and currency accounts.

The use of forward currency contracts is described in Note 3.9.

The foreign exchange risk associated with the operations at

Iceland is hedged by the cross-currency interest swap

described in section "Interest rate risk". The swap hedges the

full carrying value of the net investment.

Foreign currency sensitivity

Given the financial instruments in effect on 31 December

2024, a weakening of 10 per cent of the NOK would increase

the Group's profit before tax by NOK 986 million (2023: NOK

940 million). The whole effect would go through the profit and

loss in 2025 as all material financial instruments fall due

within the end of 2025, hence only immaterial impact for

2026.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.1	Financial risk management


213					MENU ≡

The following table demonstrate the impact on the Group's profit

before tax related to a reduction in the exchange rate of 10 per

cent:


NOKm	31.12.2024	31.12.2023
EUR	-85	-62
JPY	-12	3
GBP	2	-3
CAD	-5	-5
USD	-107	-67

The Group’s exposure to foreign currency changes for all other

currencies is not material.

Credit risk

Credit risk is the risk that a counterparty will not meet its

obligations under a customer contract, leading to a financial loss.

The Group is exposed to credit risk from its operating activities,

primarily from trade receivables. The Group's policy is to credit

insure material trade receivables, and losses due to bad debts

have historically been low. The Group has guidelines to ensure

that sales are made only to customers that have not previously

had material payment problems, and where outstanding balances

do not exceed fixed credit limits. An impairment analysis is

performed at each reporting date using a provision matrix to

measure expected credit losses. Credit risk relating to the

Group's cash holding is deemed low.

Gross credit risk on the reporting date equals the Group's total

receivables on the same date. See Note 3.7.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet

its financial obligations as they are due. Cash flow forecasts are

prepared on a regular basis and the Finance Dept. monitors

rolling forecasts for the Group’s liquidity requirements to ensure

that the Group has sufficient cash equivalents to meet

operational liabilities, as well as at all times having adequate flexibility in the form of unused credit facilities (see Statement of

Cash Flows), such that the Group does not infringe borrowing limits or specific borrowing conditions. The Group’s objective is to

have sufficient cash, cash equivalents or medium-term credit facilities to meet its borrowing requirements in the short term. See

Note 3.11 for details of the Group’s available credit facilities.

The table below details the Group’s non-derivative financial liabilities classified by maturity structure. The figures presented in the

table are undiscounted contractual cash flows.

Maturity structure for financial liabilities at 31 December 2024


Maturity	Total	2025	2026	2027	2028	2029	After 2029
Long-term debt	15,566	70	6,225	3,549	5,431	14	276
Interest on long-term debt	2,379	980	581	465	216	72	65
Lease liablities	1,694	409	303	225	169	127	461
Interest on lease liabilities	395	120	94	64	49	38	30
Short-term credit facilities	1,752	1,752	—	—	—	—	—
Interest on short-term debt	31	31	—	—	—	—	—
Trade payables	4,078	4,078	—	—	—	—	—
Total liabilities	25,896	7,441	7,203	4,303	5,865	252	832

Maturity structure for financial liabilities at 31 December 2023


Maturity	Total	2024	2025	2026	2027	2028	After 2028
Long-term debt	12,669	426	40	6,576	3,719	1,719	188
Interest on long-term debt	2,331	742	737	544	231	65	11
Lease liablities	1,845	344	276	222	179	145	681
Interest on lease liabilities	375	112	93	58	46	35	30
Short-term credit facilities	1,223	1,223	—	—	—	—	—
Interest on short-term debt	47	47	—	—	—	—	—
Trade payables	3,966	3,966	—	—	—	—	—
Total liabilities	22,456	6,859	1,146	7,400	4,175	1,964	910


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.1	Financial risk management


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Maturity

The Group's trade payables are normally at net 30 payment

terms, except for payables related to the purchase of feed,

which has a longer credit time. See section “Supply Chain

Financing” in note 3.11 Interest-bearing liabilities for further

information.

For a description of the maturity structure for the Group's

long-term debt, see Note 3.11.

Capital structure and equity

The objective of the Group’s capital management is to

safeguard the Group’s continued operations in order to secure

a return on investment for shareholders and other

stakeholders, and maintain an optimal capital structure for

reducing capital costs. By ensuring a good debt to-equity ratio

the Group will support its business operations, and thereby

maximise the value of the Group’s shares.

The Group manages and makes changes to its capital structure

in response to an ongoing assessment of the financial

conditions under which the business operates, and its short

and medium-term outlook, including any adjustment in

dividend pay-outs, buyback of treasury shares, capital

reduction or issue of new shares. No changes were made in

the guidelines covering this area in 2024.

The company monitors its capital management on the basis of

the covenants stipulated. These are based on equity ratio,

interest coverage ratio and the ratio of net interest-bearing

debt to EBITDA. See Note 3.11 for further details.

As at 31 December 2024, the Group had an equity ratio of

37.2 per cent (31 December 2023: 43.3 per cent). At the close

of 2024, the Group's net interest-bearing debt amounted to

NOK 16,799 million (2023: NOK 13,107 million) See Note 3.11

for further details of the Group's net interest-bearing debt.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.2	Share capital and shareholders


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NOTE 4.2	Share capital and shareholders

At 31 December 2024, the parent company's share capital

comprised:


	Number of shares	Face value	Total share capital (NOK)
Ordinary shares	132,038,920	0.25	33,009,730

There are no current limitations on voting rights or trade

limitations related to the SalMar share.

As at 31 December 2024, SalMar ASA owned 114,554 treasury

shares, a reduction by 164,300 shares, from 278,854 treasury

shares as at 31 December 2023.

New shares are issued in 2025. See Note 4.12 for further

information.

Shareholders


Overview of the largest shareholders 31.12.2024	Number of shares	Shareholding	Voting Share
KVERVA INDUSTRIER AS	59,934,476	45.39%	45.43%
FOLKETRYGDFONDET	8,194,750	6.21%	6.21%
State Street Bank and Trust Comp	2,299,409	1.74%	1.74%
TERBOLI INVEST AS	1,425,394	1.08%	1.08%
JPMorgan Chase Bank, N.A., London	1,407,544	1.07%	1.07%
LIN AS	1,337,685	1.01%	1.01%
HASPRO AS	1,171,542	0.89%	0.89%
PARETO AKSJE NORGE VERDIPAPIRFOND	1,158,307	0.88%	0.88%
VERDIPAPIRFONDET ALFRED BERG GAMBA	1,155,226	0.87%	0.88%
State Street Bank and Trust Comp	1,114,678	0.84%	0.84%
VERDIPAPIRFOND ODIN NORDEN	1,106,813	0.84%	0.84%
State Street Bank and Trust Comp	1,017,707	0.77%	0.77%
CACEIS Bank	982,808	0.74%	0.74%
JPMorgan Chase Bank, N.A., London	939,024	0.71%	0.71%
The Northern Trust Comp, London Br	815,152	0.62%	0.62%
ANDVARI AS	810,468	0.61%	0.61%
CLEARSTREAM BANKING S.A.	795,412	0.60%	0.60%
BONDØ INVEST AS	738,392	0.56%	0.56%
J.P. Morgan SE	715,521	0.54%	0.54%
JPMorgan Chase Bank, N.A., London	704,606	0.53%	0.53%
Total 20 largest shareholders	87,824,914	66.51%	66.57%
Total other shareholders	44,099,452	33.40%	33.43%
Treasury shares	114,554	0.09%
Total number of shares 31.12.2024	132,038,920	100.00%	100.00%


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.2	Share capital and shareholders


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Shares owned by Board Members and Senior Executives


Name		Number of shares	Shareholding %
Gustav Witzøe	Chair of the Board	*
Leif Inge Nordhammer	Board Member	**
Morten Loktu	Board Member	1,000	0.00%
Arnhild Holstad ****	Board Member	3,346	0.00%
Ingvild Kindlihagen	Board Member - Employees representative	276	0.00%
Frode Arntsen	CEO	9,324	0.01%
Ulrik Steinvik	CFO	***
Roger Bekken ****	COO Farming	16,259	0.01%
Simon A. Søbstad	COO Sales & Industry	1,737	0.00%
Runar Sivertsen ****	Chief Strategy Officer	5,959	0.00%
Eva Haugen	Director Quality Management/HSE	884	0.00%
Arthur Wisniewski	Director Human Resource Management	3,776	0.00%

* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its

subsidiary Kvema AS, owns 92.50 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva

Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and a voting share of 45.43 per cent. Gustav

Witzøe has a voting share of 80 per cent and has a 1 per cent shareholding in Kvarv AS through his ownership of A-shares in the

company.

** Owns, directly and indirectly, 1.47 per cent of the shares in SalMar ASA. Leif Inge Nordhammer owns 100 per cent of the

shares in LIN AS. LIN AS directly owns 1.01 per cent of the shares in SalMar ASA. In addition, LIN AS owns 0.45 per cent of the

shares in the company though a 1 per cent shareholding in Kverva AS, which, through Kverva Industrier AS, owns 45.39 per cent

of the shares in SalMar ASA and has a corresponding 45.43 per cent voting share.

*** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 21,498 shares directly and

indirectly through personal related parties, he also owns 100 per cent of the shares in Nordpilan AS. Nordpilan AS owns 0.17 per

cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39

per cent of the shares in SalMar ASA and has a corresponding 45.43 per cent voting share.

**** Shares held directly and indirectly through personal related parties.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.2	Share capital and shareholders


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Board authorisations

Authorisations granted to the Board are normally time limited

and are valid only up until the next AGM in 2025 and no later

than 30 June 2025.

The Board of Directors has been granted the following

authorisations which may impact the share capital at 31

December 2024:

To increase the company’s share capital limited to 5 per cent

of the share capital or NOK 1,650.486.50 through the issue of

up to 6,601,946 shares to finance investments and the

acquisition of businesses through cash issues and

contributions in kind.

To issue convertible loans for up to NOK 3,000,000,000 for

the purpose of enabling SalMar, at short notice, to use such

financial instruments as part of its overall financing

requirement. In connection with the conversion of loans raised

pursuant to this authorisation, SalMar’s share capital may be

increased by up to NOK 1,650,486.50, though with account

taken of any capital increases undertaken pursuant to the

authorisation to increase SalMar’s share capital, such that the

total capital increase for both authorisations combined may

not exceed 5 per cent of the share capital. It follows from the

purpose of the authorisations that the Board may need to

waive existing shareholders’ preference rights.

An authorisation to acquire own shares, cf. the Public Limited

Liability Companies Act Section 9-4, for up to 13,203,892

shares with an aggregate par value of NOK 3,300,973. The

authorisation can be used to buy back own shares in order to

meet obligations under the Company's share-based incentive

schemes for senior executives and also as a way of returning

value to its shareholders, as well as to buy back own shares

for subsequent cancellation or sale. The amount payable per

share could be in the range between NOK 1 and NOK 1,000

per SalMar share.

Dividend

The Board is proposing payment of a dividend of NOK 22 per

share, totalling NOK 2,902 million, as at 31 December 2024.

No dividend is paid on the company's treasury shares.

Additionally, dividends will be paid on new shares issued in

2025. See Note 4.12 for further information.

For the 2023 financial year, a dividend of NOK 35 per share,

totalling NOK 4,612 million, was paid out by SalMar ASA.


NOTE 4.3	Earnings per share

Basic EPS is calculated by dividing the profit for the year

attributable to ordinary equity holders of the parent by the

weighted average number of ordinary shares outstanding

during the year.

Diluted EPS is calculated by dividing the profit attributable to

ordinary equity holders of the parent by the weighted average

number of ordinary shares outstanding during the year plus

the weighted average number of ordinary shares that would

be issued on conversion of all the dilutive potential ordinary

shares into ordinary shares.


(1,000 shares)	2024	2023
Profit for the year attributable to owners of SalMar ASA (NOKm)	2,969	3,203
Ordinary shares as at 01.01	132,039	145,139
Treasury shares as at 01.01	279	13,706
Effect of changes of treasury shares during the year	-164	-13,427
Treasury shares as at 31.12	115	279
Effect of share capital reduction	—	-13,100
Ordinary shares outstanding as at 31.12	131,924	131,760

Weighted average number of ordinary shares for basic EPS	131,781	131,452
Effects of dilution from share options	255	181
Weighted average number of ordinary shares adjusted for the effect of dilution	132,035	131,633
Earnings per share:
Basic - NOK	22.53	24.36
Diluted - NOK	22.49	24.33


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.4	Group companies


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NOTE 4.4	Group companies


Company	Owner	Country	Registered office	Shareholding 31.12.2024
SalMar Oppdrett AS	SalMar Farming AS	Norway	Kverva	100.0%
SalMar Settefisk AS	SalMar ASA	Norway	Kverva	100.0%
SalMar Smolt AS	SalMar Settefisk AS	Norway	Kverva	100.0%
SalMar Farming AS	SalMar ASA	Norway	Kverva	100.0%
Øylaks MTB AS	SalMar Farming AS	Norway	Midsund	51.0%
Hitramat Farming AS	SalMar ASA	Norway	Kverva	100.0%
Nor Seafood AS	SalMar ASA	Norway	Botnhamn	82.5%
Nekton Havbruk AS	SalMar Farming AS	Norway	Kverva	51.0%
Refsnes Laks AS	SalMar Farming AS	Norway	Kverva	100.0%
SalMar AS	SalMar ASA	Norway	Kverva	100.0%
SalMar Aker Ocean AS **	SalMar ASA	Norway	Kverva	85.0%
Ocean Farming AS **	SalMar Aker Ocean AS	Norway	Kverva	85.0%
Mariculture AS **	SalMar Aker Ocean AS	Norway	Kverva	85.0%
Arctic Offshore Farming AS **	SalMar Aker Ocean AS	Norway	Kverva	85.0%
MNH Rederi AS	SalMar Farming AS	Norway	Rørvik	100.0%
Salmon Living Lab AS	SalMar ASA	Norway	Frøya	100.0%
SalMar-Tunet AS	SalMar ASA	Norway	Kverva	100.0%
Vikenco AS	SalMar AS	Norway	Aukra	51.0%
Vikenco North America Inc. *	Vikenco AS	USA	Delaware	85.0%
Icelandic Salmon AS	SalMar ASA	Norway	Kverva	52.5%
Arnarlax ehf.	Icelandic Salmon AS	Iceland	Bildudalur	52.5%
Icelandic Salmon ehf.	Arnarlax ehf.	Iceland	Bildudalur	52.5%
Fjallalax ehf.	Arnarlax ehf.	Iceland	Bildudalur	52.5%
Eidisstødin Isthor ehf.	Arnarlax ehf.	Iceland	Porlakshøfn	52.5%
Arnarlax Europe AsP *	Arnarlax ehf.	Denmark	Copenhagen	52.5%
SalMar Japan KK	SalMar AS	Japan	Japan	100.0%
SalMar Singapore PTE Ltd.	SalMar AS	Singapore	Singapore	100.0%
SalMar Vietnam Co., Ltd	SalMar AS	Vietnam	Ho Chi Minh City	100.0%

The consolidated financial statements for 2024 includes the

subsidiaries listed.

* Both Vikenco North America Inc and Arnarlax Europe AsP were

established at the end of 2024. As of year-end 2024, there was

no activity in these companies, and therefore they are not

consolidated in the Consolidated Financial Statements as their

effects would be immaterial.

** In March 2025, SalMar acquired the remaining non-controlling

interest of 15 percent in SalMar Aker Ocean AS. For further

information, see Note 4.12.

Disposal of Group companies.

In December 2024, the sale of the Group company Osan

Settefisk AS was completed. SalMar's ownership before the

transactions was 66 per cent. The total cash consideration was

NOK 260 million, additionally, as part of the transaction Osan

Settefisk AS's 41 per cent ownership in Flatanger Settefisk AS

was transferred to SalMar. As a result of the transaction, a gain

of NOK 198 million was recognised and included in restructuring

costs in the profit or loss. A non-controlling interest in Osan

Settefisk AS, amounting to NOK 66 million was derecognised at

the time of the transaction, and the equity allocated to the

owner of SalMar ASA increased by NOK 33 million. The net effect

of NOK 32 million is recognised directly in equity.

On 5 September 2023 the sale of the Group company Salmonor

Settefisk AS was completed. The total consideration net of cash

in the company was NOK 54 million. As a result of the

transaction, there is recognised a gain of NOK 15 million included

in restructuring cost in the profit or loss.

On 14 August 2023 the sale of SalMars entire ownership stake

in Frøy AS, representing approximately 72.11 per cent of the

shares in the company, was completed. See Note 4.7 for further

information.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.5	Business combinations and other investments in group companies


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NOTE 4.5	Business combinations and other investments in group companies

2024 – Business combinations

There have not been any acquisition in the group in 2024.

2023 – Business combinations and other investments in

group companies

Business combinations

There have not been any acquisition in the group in 2023.

Acquisition of company not considered to constitute a business

With effect December 2023, the Group acquired 49 per cent of

the shares in Øylaks MTB AS. Through shareholder

agreements, SalMar has established control and the company

is consolidated into the SalMar Group from the time of

acquisition.

Øylaks MTB AS owns one licence for the production of Atlantic

salmon. The licence is operated by SalMar. Except from owning

the licence, there are no other activity in the company. The

activity carried out in the company is therefore not considered

to constitute a business. The total consideration for the 49 per

cent interest was NOK 125 million, consisting of 209,402

consideration shares valued at NOK 117 million and NOK 8

million to be paid in cash. The fair value of the salmon licence

allocated at the date for purchase was NOK 256 million, see

Note 3.1 for further information.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.6	Non-controlling interests


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NOTE 4.6	Non-controlling interests

Non-controlling interests relating to subsidiaries


31 December 2024	Non-controlling interests shareholding	Non-controlling interests accumulated share of equity 1 Jan	Share of profit allocated to non- controlling interests	OCI allocated to non-controlling interests	Equity transactions allocated to non- controlling interests	Other changes in non-controlling interests	Non-controlling interests accumulated share of equity 31 Dec
Øylaks MTB AS	49.00%	137	7	—	-7	-6	132
Refsnes Laks AS	0.00%	819	46	—	-34	-831	—
Nekton Havbruk AS	49.00%	102	5	—	-20	—	87
SalMar Aker Ocean AS	15.00%	430	-31	—	—	—	398
Icelandic Salmon AS	47.52%	1,306	-17	58	—	—	1,348
Hitramat Farming AS	0.00%	50	10	—	-11	-49	—
Vikenco AS	49.00%	210	122	-76	—	—	256
Osan Settefisk AS	0.00%	61	5	—	—	-66	—
Nor Seafood AS	17.51%	84	10	—	—	—	94
SalmoSea AS	0.00%	-20	-20	—	—	40	—
		3,178	136	-17	-71	-912	2,313

Refsnes Laks AS

With effect from July 2024 SalMar has acquired a total 1,590 shares in Refsnes Laks AS,

representing 55 per cent of the shares in the company. The total consideration for the shares

was NOK 890 million. Through the transaction SalMar increased its shareholding in the company

from 45 per cent to 100 per cent. Through shareholders agreement, SalMar had established

control over the investment before the transaction. For accounting purposes, the transaction has

been recognised as a change in non-controlling interests, with effect recognised directly in

equity. Of the total amount of NOK 890 million, NOK 831 million have an effect on non-

controlling interest.

Øylaks MTB AS

With effect from August 2024 SalMar has acquired 2 per cent of the shares in Øylaks MTB AS.

Through the transaction SalMar increased its shareholding in the company from 49 per cent to 51

per cent. Through shareholders agreement, SalMar had established control over the investment

before the transaction. For accounting purposes, the transaction has been recognised as a change

in non-controlling interests, with effect recognised directly in equity. The consideration was

amounted to NOK 5 million, consisting of 8, 458 consideration shares.

Hitramat Farming AS

With effect from October 2025, SalMar acquired the remaining 49 per cent of the shares in

Hitramat Farming AS. Following the transaction, SalMar now owns 100 per cent of the shares in

the company. For accounting purposes, the transaction will be recognised as a change in non-

controlling interests, with effect recognised directly in equity. The consideration amounted to

NOK 110 million, of which NOK 49 million have an effect on non-controlling interest. Of the total

consideration, NOK 35 million was paid in 2024, the remaining amount is due for payment in

2025. See Note 3.13 for further information.

SalmoSea AS

With effect from October 2025, SalMar acquired the remaining 25,7 per cent of the shares in

SalmoSea AS. Following the transaction, SalMar now owns 100 per cent of the shares in the

company. For accounting purposes, the transaction will be recognised as a change in non-

controlling interests, with effect recognised directly in equity. The consideration amounted to

NOK 10 million. A non-controlling interest in SalmoSea AS, amounting to negative NOK 40 million,

was derecognised at the time of the transaction. Consequently, the equity allocated to the owner

of SalMar ASA increased by NOK 16 million. The net effect of NOK 24 million is recognised

directly in equity.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.6	Non-controlling interests


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Osan Settefisk AS

In December 2024, the sale of the Group company Osan Settefisk AS was completed. SalMar

owned 66% of the shares in the company before the transaction. See Note 4.4 for further

information.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.6	Non-controlling interests


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31 December 2023	Non-controlling interests shareholding	Non-controlling interests accumulated share of equity 1 Jan	Non-controlling interests from business combination	Share of profit allocated to non- controlling interests	OCI allocated to non-controlling interests	Equity transactions allocated to non- controlling interests	Other changes in non-controlling interests	Non-controlling interests accumulated share of equity 31 Dec
Øylaks MTB AS	51.00%	—	130	7	—	—	—	137
Refsnes Laks AS	55.00%	865	—	4	—	-50	—	819
Nekton Havbruk AS	49.00%	102	—	14	—	-14	—	102
SalMar Aker Ocean AS	15.00%	225	—	—	—	-2	206	430
Icelandic Salmon AS	47.52%	1,210	—	49	85	1	-39	1,306
Hitramat Farming AS	49.00%	54	—	11	—	-15	—	50
Vikenco AS	49.00%	163	—	48	37	-39	—	210
NTS AS	0.00%	64	—	—	—	—	-64	—
Frøy AS	0.00%	1,974	—	81	—	-18	-2,037	—
Osan Settefisk AS	34.00%	54	—	7	—	—	—	61
Nor Seafood AS	17.51%	88	—	-4	—	—	—	84
SalmoSea AS	25.69%	-1	—	-19	—	—	—	-20
		4,799	130	199	122	-138	-1,934	3,178

Arctic Offshore Farming AS

With effect from 29 November 2023, the 100 per cent owned company Arctic Offshore Farming

AS was sold from SalMar ASA to the 85 per cent owned subsidiary SalMar Aker Ocean AS. The

transaction was part of the group's internal reorganization to consolidate the group's offshore

investment under SalMar Aker Ocean. Apart from reallocation in equity where non-controlling

ownership interests increases by NOK 206 million, the transaction has no accounting

consequences for SalMar Group. The increase is recognised in the equity as a change in non-

controlling interests, and where the equity attributable to shareholders of the parent are reduced

accordingly.

Øylaks MTB AS

Through the acquisition of Øylaks MTB AS 28 December 2023 the non-controlling interest in the

Group increased with NOK 130 million. The non-controlling interest are assessed at fair value and

for accounting purposes recognised directly to equity. See Note 4.5 for further information

Icelandic Salmon AS

On 11 November 2023 SalMar ASA acquired a total for 450,000 shares in Icelandic Salmon AS

priced at NOK 187 per share. Through the transaction SalMar increased its shareholding in the

company from 51.02 per cent to 52.48 per cent. For accounting purposes, the transaction has

been recognised as a change in non-controlling interests, with the NOK 84 million effect

recognised directly to equity. Of the total amount of NOK 84.million, NOK 39 have an effect on

non-controlling interest.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.6	Non-controlling interests


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NTS

Following the completion of the mandatory offer for to acquire all shares in NTS in December

2022, SalMar owned 92.93 per cent of the shares in the company. On 3 January 2023 SalMar

publicly announced that they resolved to carry out a compulsory acquisition of all remaining

shares in the company not owned by SalMar and with effect from 3 January 2023, SalMar became

100 per cent owner of all shares in NTS. The total consideration for the remaining shares was

NOK 674 million. For accounting purposes, the effect of the transaction is recognised directly to

equity. Of the total amount of NOK 674 million, NOK 684 million have an effect on non-

controlling interest.

As a consequence of the transaction the non-controlling interest related to treasury shares

owned by NTS amounting to NOK 319 million has reduced the equity attributable to shareholders

in SalMar accordingly.

Certain former minority shareholders that were subject to the compulsory acquisition have made

a formal complaint and initiated legal proceedings about the redemption sum.

Frøy

On 14 August 2023 the sale of SalMar's entire ownership stake in Frøy AS, representing

approximately 72.11 per cent of the shares in the company, was completed. As a consequence of

the transaction, the non-controlling interest in Frøy AS, amounting to NOK 1,737 million, was

derecognised at the time of the transaction. For accounting purposes, the effect on non-

controlling interest is recognised directly to the equity in the period. For further information, see

Note 4.7.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.6	Non-controlling interests


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Subsidiaries with material non-controlling interests:

As of 31. December the Group considers non-controlling interests in Icelandic Salmon Group, and SalMar Aker Ocean Group to be material. SalMar acquired the remaining non-controlling interests in

Refsnes Laks AS during 2024, see further information above. Further details relating to this companies are disclosed below.


NOKm	SalMar Aker Ocean Group 2024	Icelandic Salmon Group 2024
Income statement
Operating revenues	573	1,182
Net profit/loss	-210	-36
OCI	—	124
Total comprehensive income	-210	88
Total comprehensive income allocated to non-controlling interests	-31	41
Dividend paid to non-controlling interests	—	—
Statement of financial position as at 31 December
Non-current assets	2,957	1,772
Current assets	579	1,374
Equity	1,741	1,808
Non-current liabilities	1,553	1,075
Current liabilities	242	264
Recognised excess value of licences and goodwill - net after tax	295	1,021
Share of equity allocated to shareholders of SalMar ASA	1,638	1,482
Share of equity allocated to non-controlling interests	398	1,348
Cash flows
From operating activities	-83	-197
From investing activities	-120	-104
From financing activities	79	271
Net increase/decrease in cash and cash equivalents	-123	-30


NOKm	SalMar Aker Ocean Group 2023	Refsnes Laks AS 2023	Icelandic Salmon Group 2023
Income statement
Operating revenues	173	637	1,871
Net profit/loss	-72	7	97
OCI	—	—	168
Total comprehensive income	-72	7	265
Total comprehensive income allocated to non-controlling interests	—	4	134
Dividend paid to non-controlling interests	—	-50	—
Statement of financial position as at 31 December
Non-current assets	2,946	180	1,632
Current assets	713	425	1,097
Equity	1,928	265	1,765
Non-current liabilities	1,481	145	705
Current liabilities	250	194	260
Recognised excess value of licences and goodwill - net after tax	249	1,224	977
Share of equity allocated to shareholders of SalMar ASA	1,747	670	1,436
Share of equity allocated to non-controlling interests	430	819	1,306
Cash flows
From operating activities	-351	332	418
From investing activities	-145	-36	-293
From financing activities	195	-59	-22
Net increase/decrease in cash and cash equivalents	-301	236	103


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.7	Discontinued operations


225					MENU ≡


NOTE 4.7	Discontinued operations

Accounting policies

The Group classifies non-current assets and disposal groups as held for sale if their carrying

amounts will be recovered principally through a sale transaction rather than through continuing

use. Non-current assets and disposal groups classified as held for sale are measured at the lower

of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs

directly attributable to the disposal of an asset (disposal group), excluding finance costs and

income tax expense

Through the acquisition of NTS in 2022, Frøy AS became a subsidiary of the SalMar group. SalMar

owned 100 per cent of the shares in NTS, which owned 72.11 per cent of the shares in Frøy AS.

On 13 January 2023, SalMar announced that, based on incoming interest regarding Frøy AS, the

group decided to explore strategic alternatives with the aim of maximizing value for its

shareholders. On 14 August 2023, it was announced that a transaction between NTS AS, Falcon

Bidco AS, a company indirectly wholly owned by infrastructure funds managed by Goldman Sachs

Asset Management, and Frøy AS was completed. Falcon Bidco AS acquired NTS' entire ownership

stake in Frøy, and a cash consideration of NOK 76.50 per share was paid in the transaction, with

proceeds from the sale amounting to NOK 4,764 million.

Following the decision made by the SalMar board in December 2022 to explore the strategic

alternatives, Frøy AS was classified as a disposal group held for sale and as a discontinued

operation from the completion of the voluntary offer of all outstanding shares in NTS AS with

effect from 1 November 2022, until the completion of the transaction 14 August 2023.

The cash consideration from the sale of Frøy AS amounted to NOK 4,764 million. Cash in Frøy at

the time of the transaction amounted to NOK 364 million. Total proceeds from the sale of Frøy AS

net of cash amounted to NOK 4,400 million.


NOKm	01.01.2023- 14.08.2023
Total operating revenues	1,228
Cost of goods sold	252
Salary and personnel expenses	402
Other operating expenses	234
EBITDA	339
Operating profit	339
Income from investments in associates and joint ventures	7
Net interest expenses	-86
Other financial items	59
Profit from discontinued operation before tax	319
Income tax expense from the ordinary activities for the period	28
Profit for the period from discontinued operations	291
Profit for the period from discontinued operations, gain from sale	365
Total profit from discontinued operations	657

No items are recognised to other comprehensive income in the period.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.8	Related party transactions


226					MENU ≡


NOTE 4.8	Related party transactions

The group's parent company is SalMar ASA. The ultimate parent company is Kvarv AS, which

indirectly through the Kverva group based on a qualitative assessment, is considered to have

power over the company. There are several factors that support the conclusion, including the

dispersed ownership of the remaining shares in SalMar ASA. See Note 4.2 for further details.


Transactions with related parties in 2024 (NOKm)	Sales	Purchases	Receivables	Liabilities
Associates of the SalMar Group	184	105	4	8
Companies controlled by the parent company Kverva AS	1,732	552	179	31
Associates of the parent company Kverva AS	—	44	—	—


Transactions with related parties in 2023 (NOKm)	Sales	Purchases	Receivables	Liabilities
Associates of the SalMar Group	304	86	10	—
Companies controlled by the parent company Kverva AS	2,287	569	180	20
Associates of the parent company Kverva AS	84	27	20	1

Transactions between the Group and related parties are undertaken at market terms and

conditions. In addition, dividends have been received from associates (see Note 3.5), while

benefits have been paid to members of the Board and senior executives (see Note 2.3).


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.9	Climate risk


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NOTE 4.9	Climate risk

In 2024, SalMar conducted its annual assessment of climate

risk for all its operations across the value chain from roe to

plate and accompanying suppliers to the value chain. The

assessment is aligned with the Task Force on Climate-related

Financial Disclosures (TCFD) framework and evaluates both

risks and opportunities and associated physical and

transitional implications to SalMar’s financial position.

Some key findings include:

• SalMar’s assets running on fossil fuels, e.g., work boats,

company cars, etc. are sensitive to SalMar’s climate

ambitions and external pressure to quickly transition

to zero-emission fuels.

• Carbon taxation could have material financial

implications on SalMar if introduced on imported and/

or exported products.

• Increased frequency of acute physical events like

heatwaves and floods can affect the crops necessary

to grow some of SalMar's feed ingredients. Reduced

availability of feed ingredients contributes to

increased costs on what is already SalMar's largest

operational expenditure.

• The low carbon footprint of salmon farming relative to

other protein sources puts salmon in pole position to

withstand CO2-efficiency regulations and presents an

attractive option for climate-aware consumers. Central

bodies like the Food and Agriculture Organization of

the United Nations (FAO) states that the seafood

industry will play an important role in achieving the

UN's Sustainable Development Goals, given its high

nutritional output and low footprint.

Key events in 2024:

SalMar faced significant challenges in 2024 where climate

change may have played a role. Two financially material

events, including string jellyfish attacks and high seasonal

variability in seawater temperatures. The former caused direct

harm to the company’s biological assets, while the latter led to

elevated sea lice levels and reduced growth rates.

Climate risk remains an important matter to continue to assess

in the coming years. See Section “ESRS E1 Climate change” in

the Sustainablity Statement for further details and additional

information regarding the Group’s adaptation to and

understanding of climate changes and risks. For an estimate of

the financial impact, please also see the sustainability

statement, note that it is challenging to estimate the financial

impact since the cause of the events remain unclear.2


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.10	Allegations of price collusion


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NOTE 4.10	Allegations of price collusion

On 6 February 2019, the European Commission launched an

investigation of the SalMar ASA and several other producers of

farmed Norwegian Atlantic salmon, concerning alleged anti-

competitive conduct. On 25 January 2024 the European

Commission issued a Statement of Objections in the case. The

Commission's preliminary assessment is that there may have

occurred a breach of EU competition law in the period

2011-2019, related to spot sales into the EU of fresh, whole

salmon farmed in Norway. The Commission's Statement of

Objections does not anticipate the final outcome of the case.

SalMar strongly disagrees with the Commission's preliminary

assessment and accounted for SalMar's view in a thorough

reply of 11 June 2024 to the Commission. The Statement of

Objections does not include calculation of a potential fine.

SalMar's potential economic liability therefore remains

uncertain.

On 15 February 2024, a group of UK supermarkets issued

claims for damages before the Competition Appeals Tribunal

(CAT) in England, against SalMar ASA as one of several salmon

producers. On 21 February 2024. the claimants also issued

claims before the Scottish Court of Session in Scotland. The

complaints are identical and concern the same allegation of

anti-competitive conduct as the EU investigation. SalMar

rejects these allegations and strongly believes that the claims

lack merit. The parties agreed to terminate the lawsuit in

Scotland in August 2024, so that the claim for damages would

be handled collectively in England before the CAT. The lawsuit

was terminated by the court's decision on 21 August 2024. It

is not possible to quantify SalMar's share of any potential

compensation amount at this time.

On 4 November 2024, a group of consumers in the UK issued

claims for damages before the Competition Appeals Tribunal

(CAT) in England, against SalMar ASA as one of several salmon

producers, alleging anti-competitive conduct. The claim

concerns the same allegation of anti-competitive conduct as

the EU investigation and the claim filed by the supermarkets in

the UK. SalMar rejects these allegations and strongly believes

that the claims lack merit. It is not possible to quantify

SalMar's share of any potential compensation amount at this

time.

On 14 October 2024, SalMar ASA as one of several salmon

producers, received a notice of claim for damages from a

supermarket chain in Spain. A formal lawsuit has not yet been

filed. The notice concerns the same allegation of anti-

competitive conduct as the EU investigation and the claims

filed by the supermarkets and consumers in the UK.

SalMar rejects these allegations and strongly believes that the

claims lack merit. It is not possible to quantify SalMar's share

of any potential compensation amount at this time.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.11	Audit fees


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NOTE 4.11	Audit fees


Breakdown of total auditor’s fee:
2024 (NOKm)	EY	Others¹
Audit services	5	3
Other certification services	2	—
Tax advisory services	2	—
Other non-audit services	1	1
Total 2024	9	4


2023 (NOKm)	EY	Others¹
Audit services	6	1
Other certification services	2	—
Tax advisory services	1	—
Other non-audit services	1	—
Total 2023	10	1

¹ Some of the fees disclosed are inclusive VAT.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.12	Events occurring after the reporting period


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NOTE 4.12	Events occurring after the reporting period

Issuance of New Green Bonds

On the 25 January 2025, SalMar ASA rated BBB+/Stable by Nordic Credit Rating, issued NOK

4,350 million in green bonds split in the following two tranches:

- NOK 3,250 million in a 5-year senior unsecured green bond issue with a floating rate of 3

months Nibor + 1.15% per annum.

- NOK 1,100 million in a 7-year senior unsecured green bond issue with a floating rate of 3

months Nibor + 1.35% per annum.

An application will be made for the bonds to be listed on the Oslo Stock Exchange and the

settlement date was 30 January 2025 for both tranches.

Issuance of commercial papers

SalMar issued a new commercial paper of NOK 1,000 million on 13 March 2025 with a maturity

date of 15 September 2025 and a coupon of 5.04% p.a.

Appeal from minority shareholders in NTS ASA

A group of former minority shareholders in NTS ASA, who were subject to a compulsory share

redemption on January 3, 2023, have filed a petition with the Norwegian courts seeking higher

compensation per NTS ASA share than what was offered by SalMar ASA. In a decision rendered on

January 6, 2025, the Trøndelag District Court concluded that the minority shareholders were not

entitled to higher compensation than the NOK 75.48184 per NTS ASA share they had already

received from SalMar ASA, which was equal to the mandatory offer approved by the Oslo Stock

Exchange.

On February 5, 2025, SalMar ASA received notice of an appeal to the Frostating Court of Appeals.

SalMar ASA believes that the District Court’s decision is well-reasoned and looks forward to

presenting its case before the Court of Appeals.

Wilsgård AS

In February, SalMar ASA and Wilsgård Sea Service AS, who together owns 75% of the shares in

Wilsgård AS, have agreed to work together to further develop their ownership interests in

Wilsgård.

Acquisition of controlling interest in AS Knutshaugfisk

With effect from 1 January 2025, SalMar ASA entered into an agreement to purchase a 45%

ownership stake in AS Knutshaugfisk. Through shareholder agreements, SalMar has established

control and has the power to affect the return from the involvement in AS Knutshaugfisk. Based

on this, the company will be consolidated into the SalMar Group from the time of acquisition The

settlement consists of 80% SalMar ASA shares and 20% cash, of which the cash consideration

amounts to NOK 100 million. A total of 716,651 new shares will be issued, which will be entitled

to dividends at the time of dividend payment. Based on the board's proposal of a dividend of NOK

22 per share, this implies a total dividend of NOK 16 million. No provision has been made for this

dividend in the financial statements as of 31 December 2024.

For accounting purposes, the transaction will be treated as a business combination, with the non-

controlling interest assessed at fair value. A preliminary purchase price allocation, where assets

and liabilities recognised as a result of the acquisition, is as follows:


Acquisition's effect on the balance sheet (NOKm)	Fair value recognized on acquisition
Licences	964
Other non-current assets	88
Current assets	314
Total identifiable assets at fair value	1,367

Deferred tax	272
Non-current liabilities	142
Other current liabilities	42
Total identifiable liabilities at fair value	456
Total identifiable net assets at fair value	911

Non-controlling interests measured at fair value	-612
Goodwill	202
Total consideration	501

Purchase consideration:
Shares issued	401
Cash consideration	100
Total consideration	501


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.12	Events occurring after the reporting period


231					MENU ≡

Acquisition of non-controlling interests in SalMar Ocean AS

In March 2025, SalMar acquired 15% of the shares in SalMar Ocean AS. At the same time, the

company changed its name from SalMar Aker Ocean AS to SalMar Ocean AS.

The total consideration for the shares was NOK 650 million. Through this transaction, SalMar

increased its shareholding in the sub-group from 85% to 100%. The consideration of NOK 650

million consists of both shares in SalMar ASA and cash. A total of 1,000,000 new shares will be

issued, along with an additional cash consideration of NOK 76 million.

For accounting purposes, the transaction will be recognized as a change in non-controlling

interest, with the effect recognized directly in equity.

The shares issued in the transaction will be entitled to dividends at the time of dividend payment.

Based on the board's proposal of a dividend of NOK 22 per share, this implies a total dividend of

NOK 22 million. No provision has been made for this dividend in the financial statements as of 31

December 2024.

Tariffs to USA

Following the balance sheet date, new tariffs imposed by the USA on imports from Norway &

Iceland have been announced. The new tariffs, set at 15 per cent for Norway and 10 per cent for

Iceland, will take effect from April 2025. There is significant uncertainty regarding the impact of

these tariffs on SalMar, and the company is actively monitoring the situation and exploring

strategies to mitigate potential effects on its operations and financial performance. The tariffs

are considered to be a non-adjusting event for the 2024 financial statements.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.13	Alternative performance measures


232					MENU ≡


NOTE 4.13	Alternative performance measures

The SalMar Group prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). In addition, management has established alternative performance measures

(APMs) Operational EBITDA is another alternative performance measure use to provide useful and relevant information to users of the financial statements. APMs have been established to provide

greater understanding of the company's underlying performance, and do not replace the consolidated financial statement prepared in accordance with IFRS. The performance parameters have been

reviewed and approved by the Group's management and Board of Directors. APMs may be defined and used in other ways by other companies.

The APMs are deduced from the performance measures defined in IFRS. The figures are defined below and calculated in a consistent manner. They are presented in addition to other performance

measures, in keeping with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA).

Operational EBIT

Operational EBIT is an APM used by the Group. The relationship between Operational EBIT and

operating profit is presented in the table below. The difference between Operational EBIT and

operating profit relates to provisions for production tax and onerous contracts, and items which

are defined as fair value adjustments. These items are market value and fair value assessments

linked to assumptions about the future. Furthermore cost related to litigation and legal claims,

write-downs and effects included in restructuring cost are not included in Operational EBIT. These

are non-reccuring items and do not accurately reflect the performance during the period.

Operational EBIT shows the underlying operation and the results of transactions undertaken

during the period.


NOKm	2024	2023
Operating profit	5,292	8,509
Write-downs of tangible and intangible non-current assets	68	33
Litigation and legal claims	35	9
Restructuring cost	-160	29
Production tax	241	208
Onerous contracts	-271	237

Fair value adjustment:
Change in fair value of the biological assets	109	-1,571
Change in FV adj. due to business combination - included in COGS	90	723
Change in unrealised Fish Pool contracts	25	-19
Operational EBIT	5,429	8,159

Operational EBITDA

Operational EBITDA is another alternative performance measure used by the Group. EBITDA is

operational EBIT plus depreciation and amortization.


NOKm	2024	2023
Operational EBIT	5,429	8,159
Depreciation and amortization of tangible and intangible non- current assets	1,691	1,419
Operational EBITDA	7,120	9,578


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.13	Alternative performance measures


233					MENU ≡

Operational EBIT/kg gw and Operational EBITDA/kg gw

Operational EBITDA and operational EBIT per kg gutted weight is defined as a key performance

parameter for SalMar. The performance parameter is used to assess the profitability of the goods

sold and the Group's operations. The performance parameter is expressed per kg of harvested

volume.


2024	Fish Farming Central Norway	Fish Farming Northern Norway	Icelandic Salmon	SalMar Aker Ocean	SalMar Group
Volume harvested (tonnes)	132,739	80,510	11,676	6,861	231,787
Operational EBITDA (NOKm)	4,222	2,340	79	27	7,120
EBITDA/kg gw (NOK)	31.8	29.1	6.8	3.9	30.7
Operational EBIT (NOKm)	3,402	1,947	-69	-77	5,429
EBIT/kg gw (NOK)	25.6	24.2	-5.9	-11.2	23.4


2023	Fish Farming Central Norway	Fish Farming Northern Norway	Icelandic Salmon	SalMar Aker Ocean	SalMar Group
Volume harvested (tonnes)	141,139	92,777	17,919	2,293	254,129
Operational EBITDA (NOKm)	5,254	3,765	333	18	9,578
EBITDA/kg gw (NOK)	37.2	40.6	18.6	7.6	37.7
Operational EBIT (NOKm)	4,597	3,402	230	-60	8,159
EBIT/kg gw (NOK)	32.6	36.7	12.8	-26.2	32.1

Net interest-bearing debt (NIBD) and net interest-bearing debt including leasing liabilities

Net interest-bearing debt is an alternative performance measure used by the Group. The

performance measure is used to express the Group's working capital and is an important

performance measure for investors and other users, because it the shows net borrowed capital

used to finance the Group. Net interest-bearing debt is defined as long-term and short-term debt

to credit institutions, less cash & cash equivalents. Leasing liabilities under IFRS 16 are not

included in the calculation of net interest- bearing debt. To highlight total interest bearing debt

including leasing liabilities, this is presented as a separate measure.


NOKm	31.12.2024	31.12.2023
Long-term debt to credit institutions	15,464	12,211
Short-term debt to credit institutions	1,854	1,681
Cash & cash equivalents	-518	-785
Net interest-bearing debt (NIBD)	16,799	13,107
Lease liabilities	1,694	1,845
NIBD incl. lease liabilities	18,493	14,952

NIBD / EBITDA and NIBD incl. lease liabilities / EBITDA

NIBD / EBITDA and NIBD incl. lease liabilities / EBITDA is an APM used by the Group to measure

leverage. The figure is arrived at by dividing NIBD or NIBD incl. lease liabilities at the end of the

period with EBITDA for the last 12 months.


Financial Statement and Results	Notes to the Financial Statements for 2024	NOTE 4.13	Alternative performance measures


234					MENU ≡

Adjusted earnings per share

The Group uses adjusted earnings per share to reflect earnings excluding implementation effect

resource rent tax and net fair value adjustments. The key figure is arrived at by dividing the profit

for the period adjusted for onerous contracts, fair value adjustments and changes in deferred

taxes by the average number of shares outstanding (diluted) in the period.


NOKm	2024	2023
Profit for the period attributable to shareholders in SalMar ASA	2,969	3,203
Onerous contracts *)	-271	237
Fair value adjustment *)	134	-1,590
Fair value adjustment included in cost of goods sold due to business combination *)	90	723
Calculated tax effect of adjustments **)	13	-243
Resource rent tax - implementation effect (deferred tax) *)	—	2,080
Fair value adjustment related to biological assets in associates and joint ventures, net of tax	35	—
Adjusted profit for the period attributable to shareholders in SalMar ASA *)	2,971	4,410
Average no. of shares outstanding (diluted) in the period (1,000 shares)	132,035	131,633
Adjusted earnings per share (NOK)	22.50	33.50

*) The adjustments made to the profit for the period attributable to shareholders in SalMar ASA in

the table above, are inclusive of non-controlling interest.

**) Calculated tax rate 22 % for Onerous contracts, Fair value adjustment and Fair value

adjustment included in cost of goods sold due to business combination, and the calculated change

in deferred resource rent tax on the biomass has been added.

Annual Financial Statements of SalMar ASA

2024


236		Financial Statement and Result	Annual Financial Statements of SalMar ASA		MENU ≡

Annual Financial

Statements

SalMar ASA

2024

Statement of Profit or Loss

NOKm


Operating revenue and expenses	Note	2024	2023
Operating revenue	2, 7	330.9	836.8
Total operating revenue		330.9	836.8

Cost of goods sold	7	—	-420.0
Salary and personnel expenses	3, 4	-122.2	-129.1
Depreciation and amortisation	9, 10	-8.5	-9.5
Write-downs	10	—	-1.1
Other operating expenses	5, 7	-138.3	-119.9
Total operating expenses		-269.0	-679.6
Operating profit/ loss		62.0	157.2

Financial items
Income from investments in group companies	6, 7	2,589.5	4,944.7
Income from investments in associated companies	6	6.8	10.1
Interest income	6, 7	1,921.4	1,212.6
Interest expenses	6, 7	-1,639.4	-1,250.6
Other financial items	6	-62.8	-128.3
Net financial items		2,815.5	4,788.6
Profit before tax		2,877.4	4,945.8
Income tax expense	8	-40.3	-903.7
Profit for the year		2,837.1	4,042.1

Allocated to:
Dividend	18	2,902.3	4,611.6
Transferred from (-) /to(+) retained earnings		-65.2	1,983.8
Transferred from (-) /to(+) other paid-in equity		—	-392.5
Transferred from (-) /to(+) share premium		—	-2,160.9
Total allocated		2,837.1	4,042.1


237		Financial Statement and Result	Annual Financial Statements of SalMar ASA		MENU ≡

Balance Sheet

NOKm


Assets	Note	31.12.2024	31.12.2023
Non-current assets
Intangible assets	9	14.2	11.2
Property, plant and equipment	10	28.6	35.1
Investments in subsidiaries	11	10,340.3	6,763.1
Investments in associates and joint ventures	12	1,452.1	1,452.1
Intercompany non-current receivables	13	19,250.3	16,501.6
Other non-current financial assets	14, 15	240.7	147.2
Total non-current assets		31,326.3	24,910.3

Current assets
Trade reveivables	16	0.4	4.9
Intercompany current receivables	13	4,067.8	4,852.6
Other current receivables		25.5	56.3
Cash and cash equivalents	17	18.8	15.6
Total current assets		4,112.4	4,929.3
Total assets		35,438.7	29,839.6


238		Financial Statement and Result	Annual Financial Statements of SalMar ASA		MENU ≡

Balance Sheet (continued)

NOKm


Frøya, 9 April 2025



Gustav Witzøe	Margrethe Hauge
Chair of the Board	Vice-Chair of the Board



Morten Loktu	Arnhild Holstad
Board Member	Board Member


Leif Inge Nordhammer	Hans Stølan
Board Member	Board Member
	Employee representative


Frode Arntsen	Ingvild Kindlihagen
CEO	Board Member
	Employee representative


Equity and Liabilities	Note	31.12.2024	31.12.2023

Equity
Share capital	18	33.0	33.0
Treasury shares		—	-0.1
Share premium		9,710.4	10,016.7
Other paid-in equity		73.3	—
Total paid-in equity		9,816.7	10,049.6

Retained Earnings		276.0	—
Total retained earnings		276.0	—
Total equity		10,092.8	10,049.6

Non-current liabilities
Deferred tax liabilities	8	39.6	41.2
Non-current financial liabilities	15	97.6	12.9
Non-current interest bearing debt	19, 20	13,992.4	11,111.1
Total non-current liabilities		14,129.5	11,165.2

Current liabilities
Current interest bearing debt	19, 20	1,621.1	1,043.8
Trade payables		32.5	12.2
Tax payable	8	—	919.4
Dividend	18	2,902.3	4,611.6
Public duties payable		257.1	20.2
Intercompany current liabilities	13	6,214.5	1,941.3
Other current liabilities	11	188.9	76.3
Total current liabilities		11,216.4	8,624.8
Total liabilities		25,346.0	19,790.0
Total Equity and Liabilities		35,438.7	29,839.6


239		Financial Statement and Result	Annual Financial Statements of SalMar ASA		MENU ≡

Statement of changes in equity

NOKm


NOKm	Note	Share capital	Treasury shares	Share premium	Other paid-in equity	Retained Earnings	Total equity
Equity 31.12.2023		33.0	-0.1	10,016.7	—	—	10,049.6

Profit for the year		—	—	—	—	2,837.1	2,837.1
Gain on cash flows hedges, net of tax	15	—	—	—	—	69.0	69.0
Dividend	18	—	—	—	—	-2,902.3	-2,902.3
Transactions cost		—	—	—	—	-38.8	-38.8
Acquisition of shares with settlement in treasury shares		—	—	—	0.1	4.6	4.7
Share-based payment, expensed	3	—	—	—	73.4	—	73.4
Share-based payment, tax effect	3	—	—	—	-0.2	—	-0.2
Remeasurement gain/ loss on defined benefit plans, net of tax		—	—	—	—	0.2	0.2
Other changes and reclassifications		—	—	-306.3	—	306.2	—
Equity 31.12.2024		33.0	—	9,710.4	73.3	276.0	10,092.8

See Note 18 for information regarding dividend in the year.

See Note 15 for further information regarding cash flow

hedges.

A share-based remuneration scheme has been established for

senior executives and other key personnel. See Note 3 for

further details.

With effect from August 2024, SalMar Farming AS acquired 2

per cent of the shares in Øylaks MTB AS. Through the

transaction SalMar Farming AS increased its shareholding in

the company from 49 per cent to 51 per cent. The

consideration for the 2 per cent interest was settled with

shares from SalMar ASA, a total of 8,458 shares valued at NOK

4.7 million. A total of NOK 4.7 million are recognised as

intercompany non-current receivables against SalMar Farming

AS.

A group of former minority shareholders in NTS ASA, who were

subject to a compulsory share redemption on January 3, 2023,

initiated legal proceedings about the redemption sum. Costs

incurred in 2024 related to the process amounted to a total of

NOK 38.8 million. These are costs related to the acquisition of

non-controlling interests and are recognised directly in equity.

See Note 24 for further information.


240		Financial Statement and Result	Annual Financial Statements of SalMar ASA		MENU ≡

Statement of Cash flows

NOKm


NOKm	Note	2024	2023
Cash flows from operating activities
Profit before tax		2,877.4	4,945.8
Tax paid in the period	8	—	-84.5
Income from investments in group companies	6	-2,589.5	-4,944.7
Income from investments in associated companies	6	-6.8	-10.1
Net interest expenses	6	-282.0	37.9
Depreciation and amortisation	9, 10	8.5	9.5
Write-downs	10	—	1.1
Gains/losses on sale of non-current assets		0.1	-0.7
Share-based payment, expensed	3	15.0	8.8
Change in trade receivables	13	-288.2	-109.1
Change in trade payables	13	66.3	-161.1
Change in inventory		—	100.6
Change in other accruals		352.3	-149.9
Net cash flows from operating activities		153.0	-356.3
Cash flows from investing activities
Receipts from disposal of property, plant and equipment	10	3.9	3.4
Purchase of property, plant & equipment	10	-0.9	-1.0
Purchase of intangible assets	9	-8.0	-1.6
Net payments related to loans to others		—	33.0
Net payments related to loans to group companies		869.9	1,626.3
Payments of group contributions to subsidiaries	8	-3,787.6	—
Receipts of group contributions and dividends from subsidiaries		3,743.3	3,639.6
Receipts of dividends from associated companies	6	6.8	10.1
Receipts from disposal of investments	21	18.9	4,744.9
Cash consideration related to merger, net of cash		—	108.5
Payments for other investments in subsidiaries	11	-35.8	-758.5
Increase of share capital in group companies	21	—	-1,114.1
Net interest income from group companies	6	1,041.7	867.2
Other interest income related to investment activities		—	1.3
Net cash flows from investing activities		1,852.0	9,159.1


241		Financial Statement and Result	Annual Financial Statements of SalMar ASA		MENU ≡

Statement of Cash flows, continued

NOKm


NOKm	Note	2024	2023
Cash flows from financing activities
Repayments on long-term debts		—	-14,510.1
Proceeds from long-term debts		2,850.0	7,198.8
Proceeds from short-term debts		1,000.0	—
Change in overdraft facility		-422.7	620.5
Other changes		-38.8	—
Dividend paid	18	-4,611.6	-2,628.7
Interest paid	6	-778.7	-878.9
Net cash flows from financing activities		-2,001.8	-10,198.5

Net change in cash and cash equivalents		3.2	-1,395.7
Cash and cash equivalents 01.01		15.6	1,411.3
Cash and cash equivalents 31.12	17	18.8	15.6

Unused drawing rights	19	6,388.8	8,819.8


242		Financial Statements and Results	Notes to the Financial Statements for 2024, SalMar ASA		MENU ≡

Notes to the Financial Statements for 2024, SalMar ASA


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 1	General information and accounting policies


243					MENU ≡


NOTE 1	General information and accounting policies

The annual financial statements have been prepared in

accordance with the Norwegian Accounting Act of 1998 and

Generally Accepted Accounting Principles in Norway (NGAAP).

The accounting policies described below are applied only to

the parent company SalMar ASA. The financial statement for

SalMar Group have been prepared in accordance to

International Financial Reporting Standards (IFRS).

Use of estimates

Preparation of the financial statements in accordance with

NGAAP requires management to make estimates and

assumptions which affect the value of assets and liabilities

recognised in the Balance Sheet as well as income and

expenses in the Statement of profit and loss for the financial

year. Estimates and their underlying assumptions are based on

past experience and other factors deemed relevant and

probable at the time they are made. Estimates are reviewed

continuously and final values and results may differ from

these estimates. Changes in accounting estimates are

accounted for in the period in which the changes occur.

Classification and valuation of balance sheet items

Assets intended for long-term ownership or use are classified

as non-current assets. Assets related to the normal operating

cycle are classified as current assets. Receivables are

classified as current assets if they are expected to be repaid

within 12 months of the transaction date. Similar criteria are

applied to liabilities.

Current assets are valued at the lower of cost and fair value.

Current liabilities are recognised in the balance sheet at

nominal value. Non-current assets are valued at historical cost.

Property, plant and equipment whose value will deteriorate is

depreciated on a straight line basis over the asset’s estimated

useful life. Non-current assets are written down to fair value

when required by accounting rules.

Revenues

Services are recognised in revenue as they are delivered.

Revenues from sales of goods is recognised when control of

the goods is transferred to the customer at an amount that

reflects the consideration to which the group expects to be

entitled in exchange for these goods. This is typically when

the goods are picked up by the carrier or on delivery to a

terminal or the customer. This depends on the delivery

conditions and varies from customer to customer. The normal

credit period is 30 days net. Revenues are recognised at the

value of the consideration at the transaction date.

Receivables

Trade and other receivables are recognised at their nominal

value, less a provision for expected bad debts. Provisions for

bad debts are made on the basis of an individual assessment

of the receivable concerned.

Property, plant and equipment

Property plant & equipment are capitalised at historic cost and

depreciated over the asset's expected economic life. Direct

maintenance costs are recognised in operating expenses as

they arise, while upgrades or improvements are added to the

asset's cost price and depreciated in line with the asset

concerned. Impairments are recognised when its carrying

amount exceeds its recoverable amount. The recoverable

amount is the higher of net sales value and value in use. Value

in use is the present value of the future cash flows the asset

will generate.

Subsidiaries, associated company and joint ventures

Subsidiaries, associates and joint ventures are measured at

cost in the statutory accounts. The investment is evaluated at

acquisition cost less any impairment. An impairment loss is

recognised if the impairment is not considered to be

temporary and is required pursuant to generally accepted

accounting principles. Impairments are reversed when the

basis for the impairment no longer applies.

Dividends and Group contributions are recognised in the same

year as they are proposed in the subsidiary’s financial

statements. If dividends/ Group contributions materially

exceed retained earnings after acquisition, the excess amount

is regarded as a reimbursement of invested capital and is

deducted from the recorded cost in the balance sheet.

Dividends and group contributions received are recognised as

other financial income.

Pensions

The company’s pension schemes are according to the

requirements of the Mandatory Occupational Pensions Act.

The company operates a defined contribution pensions

scheme for its employees. The company pays contributions to

a privately held insurance plan and has no further payment

obligation once the contributions have been paid. The

contributions are recognised as employee benefit expense

when they are due. Social security costs are charged based on

the contribution paid.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 1	General information and accounting policies


244					MENU ≡

Interest and currency swaps

The company has entered into interest rate swap agreements

to reduce the risk associated with the company's floating rate

loans. The swap agreements satisfy the requirements for

hedge accounting, and are classified as cash flow hedges. The

swap agreements are recognised at fair value in the balance

sheet and changes in fair value are accounted for in equity.

The effectiveness of the hedge is measured at the end of

each period, any ineffective part will be entered as a financial

item in the result. The company has also entered into a cross-

currency interest rate swap to reduce the interest rate risk

and the currency risk linked to the subsidiary in Iceland. This

instrument does not qualify for hedge accounting, and

changes in fair value are recognised as other financial items in

the profit or loss statement.

Share-based payment - Restricted Share Unit Plan (RSU)

The company has a share-based incentive scheme, under

which the company receives services from employees in return

for Restricted Share Units (RSUs). The fair value of the

services received by the company from the employees in

return for the RSU granted is recognised as an expense, with a

corresponding increase in paid-in equity. The total amount

expensed over the vesting period is determined on the basis

of fair value on the date the RSUs are granted and the number

of RSUs that are expected to vest.

Fair value includes the effect of any vesting conditions, but

does not take account of any vesting conditions which are not

market conditions. However, vesting conditions which are not

market conditions affect the number of RSUs expected to

accrue.

The total cost is recognised over the vesting period. On the

reporting date, the company revises its estimate of the

number of RSUs that are expected to vest. The effect of the

change from the original estimate is recognised by means of a

corresponding adjustment in equity. The value of the RSUs

relating to employees in subsidiaries is recognised as an

investment in subsidiaries.

Tax

Income tax expense in the financial statements includes tax

payable and the change in deferred tax for the period. Tax

relating to equity transactions is recognised directly in equity.

Deferred tax/tax assets are calculated at 22 per cent on all

temporary differences between the book value and tax value

of assets and liabilities, and loss carried forward at the end of

the reporting period. Taxable and deductible temporary

differences that reverse or may reverse in the same period are

offset. Deferred tax assets are recognised when it is probable

that the company will have adequate profit for tax purposes in

subsequent periods to utilise the tax asset.

Statement of Cash Flows

The cash flow statement has been prepared according to the

indirect method. Cash and cash equivalents include cash, bank

deposits and other short-term highly liquid investments which

entail no appreciable exchange rate risk, and which mature

within three months of the purchase date.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 2	Operating revenue


245					MENU ≡


NOTE 2	Operating revenue

The parent company SalMar ASA is a holding company, which primarily provides administrative

services to group companies.

Through the merger with Norway Royal Salmon ASA on 7 November 2022 the sales business in

former NRS ASA was included in SalMar ASA. With effect from 28th of February 2023 the sales

office for former NRS ASA in Kristiansand was sold. With effect from 1 March 2023 the sales

activities in SalMar took place through the legal entity SalMar AS and all sales activities in SalMar

ASA ceased from the same time.


NOKm	2024	2023
Revenue intercompany services	325.0	410.8
Revenue intercompany sale of goods	—	19.3
Revenue from sale of goods	—	394.4
Other intercompany revenue	1.8	10.2
Other revenues	4.1	2.2
Total	330.9	836.8


Geographic breakdown of sales revenues from sales of goods - NOKm	2024	2023
Norway	—	34.6
Europe	—	257.9
Asia	—	118.7
Other countries	—	2.5
Total	—	413.7


Breakdown of sales revenues from sales of goods by currency - NOKm	2024	2023
CHF	—	2.2
EUR	—	232.0
GBP	—	24.0
JPY	—	0.4
NOK	—	44.9
SEK	—	0.6
USD	—	109.6
Total	—	413.7


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 3	Salary and personnel expenses


246					MENU ≡


NOTE 3	Salary and personnel expenses


Salary and personnel expenses (NOKm)	2024	2023
Salaries and other short-term employee benefits	74.6	87.1
Social security expenses	14.1	18.6
Pension expenses	5.0	-4.2
Share-based payment	15.0	8.8
Other benefits and personnel expenses	13.5	18.7
Total	122.2	129.1

Average number of full-time equivalents employed during the financial year	60	55

Benefits paid to senior executives and the board of directors

See Note 2.3 to the consolidated financial statements for details of the remuneration paid to

senior executives and the board of directors and Note 2.4 to the consolidated financial

statements for details related to outstanding RSUs for members of the senior executives.

Share-based payment - Restricted Share Unit Plan (RSU)

The share-based payment scheme (RSU) comprises annual allocations by the Board of Directors to

the senior executives and other key personnel. The award for 2024 was made on 19 December

2024. In connection with this, 25 employees were granted 32,095 RSUs with respect to company

shares. In the corresponding award in 2023, 27 employees was granted a total of 31,601 RSUs.

The RSUs accrue over a period of three years, with 1/3 vesting annually. The fair value of the

cost to SalMar ASA is calculated on the date the award is made and recognised over the vesting

period. The cost in 2024 was NOK 15.0 million (2023: NOK 8.8 million). A provision for social

security tax has been made with respect to this cost.

See Note 2.4 to the consolidated financial statements for further details of SalMar's share-based

incentive scheme.


NOTE 4	Pension cost

SalMar ASA has a defined contribution plan that is in accordance with the legal requirements in

Norway.

Premiums paid with respect to the defined-contribution scheme are expensed as incurred. In

2024, NOK 4.6 million in pension contributions were recognised in expenses. The scheme

includes 61 people. (2023: 3,6 million)

SalMar ASA also have a defined benefit scheme from the merger of Norway Royal Salmon. In

2023 members in the scheme was reduced during the year and there was recognised a gain of

NOK 9.5 million related to the settlement reducing the total pension cost recognised in expenses.

For 2024 no material cost is recognised related to the benefit scheme.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 5	Auditors fees


247					MENU ≡


NOTE 5	Auditors fees


Auditor	EY
Breakdown of auditor's fee: (NOKm)	2024	2023
Audit services	0.9	1.6
Other certification services	1.6	0.8
Tax advisory services	1.8	1.2
Other non-audit fees	—	—
Total	4.4	3.6
* The fees are ex. VAT.


Auditor	Other
Breakdown of auditor's fee: (NOKm)	2024	2023
Audit services	—	0.9
Other certification services	—	—
Tax advisory services	—	—
Other non-audit fees	—	—
Total	—	0.9


NOTE 6	Financial items


Financial income and expenses (NOKm)	2024	2023
Group contributions	—	4,117.9
Dividends from group companies	2,668.0	16.1
Gain and loss on disposal of subsidiaries	-78.5	810.7
Income from investments in group companies	2,589.5	4,944.7

Dividends from associated companies	6.8	10.1

Interest income group companies	1,911.8	1,189.8
Other interest income	9.7	22.9
Total interest income	1,921.4	1,212.6

Interest expense group companies	-787.6	-322.6
Other interest expenses	-851.8	-928.0
Total interest expense	-1,639.4	-1,250.6

Change in fair value - other financial instruments	-82.8	-117.0
Other financial items	20.0	-11.3
Total other financial items	-62.8	-128.3

Net financial items	2,815.5	4,788.6

Loss on disposal of subsidiaries in 2024 are mainly related to sales transactions of Salmosea AS

and a correction to the estimated consideration of Arctic Offshore Farming AS

The gain and loss on disposal of subsidiaries in 2023 is related to sales transactions of Frøy AS

and Arctic Offshore Farming AS.

See Note 21 for further information.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 7	Intercompany transactions – revenue and cost


248					MENU ≡


NOTE 7	Intercompany transactions – revenue and cost


Group internal revenue and cost (NOKm)	2024	2023

Revenue intercompany services	325.0	410.8
Revenue intercompany sale of goods	—	19.3
Other intercompany revenue	1.8	10.2
Revenue from group companies	326.8	440.2

Cost of goods sold	—	-59.9
Other costs	-9.8	-7.9

Group contributions	—	4,117.9
Dividends from group companies	2,668.0	16.1
Income from investments in group companies	2,668.0	4,134.0

Interest income group companies	1,911.8	1,189.8
Interest expense group companies	-787.6	-322.6
Net interest income group companies	1,124.2	867.2


NOTE 8	Tax


Specification of this year's tax expense (NOKm)	2024	2023
Tax payable	147.8	919.4
Change in deferred tax	-21.1	-15.7
Adjustment of previous year taxes	-86.4	—
Total income tax expense in the statement of profit and loss	40.3	903.7


Basis for tax payable (NOKm)	2024	2023
Profit before tax	2,877.4	4,945.8
Dividends recognised in profit and loss	-2,674.8	-26.2
Gain or loss on realisation of shares in subsidiaries and other shares	64.3	-810.7
Other permanent differences	-83.5	-1.4
Other permanent differences with tax effect against equity	81.2	0.7
Change in temporary differences	14.4	72.0
Utilisation of previously unrecognised tax losses	—	-1.1
Taxable profit	279.1	4,179.1


Tax payable in the Balance sheet (NOKm)	2024	2023
Tax payable on this year's profit	147.8	919.4
Group contribution payable	-147.8	—
Tax payable	—	919.4


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 9	Intangible assets


249					MENU ≡


Specification of temporary differences (NOKm)	2024	2023
Non-current assets	-5.1	-18.3
Derivatives	137.4	129.9
Current assets	-0.5	-5.6
Other differences	48.0	81.3
Total basis for deferred tax	179.8	187.3
Deferred tax liabilities (+) / deferred tax assets (-)	39.6	41.2


Change in carrying amount of net deferred tax (NOKm)	2024	2023
Deferred tax liability (+)/ deferred tax assets (-) at 1 January	41.2	56.6
Change in deferred tax liability	-21.1	-15.7
Deferred tax assets associated with merger	—	-0.2
Deferred tax liability associated with equity transactions	19.7	0.5
Adjustment for deferred tax assets related to prior year	-0.3	—
Deferred tax liabilities (+) / deferred tax assets (-) at 31 December	39.6	41.2


Reconciliation between nominal and effective tax rates (NOKm)	2024	2023
Profit before tax	2,877.4	4,945.8

Tax calculated with nominal tax rate	633.0	1,088.1
Dividends and gain/ loss on realisation of shares in subsidiaries and other shares	-574.3	-184.1
Other permanent differences	-18.4	-0.2
Total income tax expense in the statement of profit and loss	40.3	903.7
Effective tax rate	1.4%	18.3%

After the company's official annual financial statements for 2023 were approved, there were

changes in group contributions given and received within the group. This effect is accounted for

in the 2024 financial statements for SalMar ASA. The received group contribution from

subsidiaries for 2023 was reduced by NOK 392.6 million, resulting in a tax reduction of NOK 86

million. Similarly, a group contribution of NOK 3,787.7 million was given with effect for 2023,

reducing payable tax by NOK 833 million. The total reduction in payable tax is NOK 919 million.


NOTE 9	Intangible assets


2024 - NOKm	Intangible assets
Acquisition cost at 1 January 2024	18.0
Additions	8.0
Acquisition cost at 31 December 2024	26.0

Accumulated depreciation & write-downs at 1 January 2024	6.8
Depreciation in the year	5.0
Accumulated depreciation & write-downs at 31 December 2024	11.8

Carrying amount at 31 December 2024	14.2

Economic lifetime	3-5 years
Depreciation method	Linear


2023 - NOKm	Intangible assets
Acquisition cost at 1 January 2023	16.4
Additions	1.6
Acquisition cost at 31 December 2023	18.0

Accumulated depreciation & write-downs at 1 January 2023	2.3
Depreciation in the year	4.5
Accumulated depreciation & write-downs at 31 December 2023	6.8

Carrying amount at 31 December 2023	11.2

Economic lifetime	3-5 years
Depreciation method	Linear

Capitalised other intangible assets are implementation cost related to cloud based arrangements.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 10	Property, plant and equipment


250					MENU ≡


NOTE 10	Property, plant and equipment


2024 - NOKm	Land and buildings	Equipment and fixtures	Total
Acquisition cost at 1 January 2024	44.3	40.9	85.2
Additions	—	0.9	0.9
Disposals	-4.0	—	-4.0
Acquisition cost at 31 December 2024	40.3	41.8	82.1

Accumulated depreciation & write-downs at 1 January 2024	12.7	37.3	50.0
Depreciation in the year	1.5	1.9	3.4
Accumulated depreciation & write-downs at 31 December 2024	14.2	39.2	53.5

Carrying amount at 31 December 2024	26.1	2.5	28.6

Economic lifetime	17 years/ indefinite	5-10 years
Depreciation method	Linear	Linear

Annual lease of uncapitalised operating assets	7.8	—	7.8


2023 - NOKm	Land and buildings	Equipment and fixtures	Total
Acquisition cost at 1 January 2023	3.6	39.8	43.4
Additions	—	1.0	1.0
Additions through merger	40.7	4.4	45.1
Disposals	—	-4.3	-4.3
Acquisition cost at 31 December 2023	44.3	40.9	85.2

Accumulated depreciation & write-downs at 1 January 2023	0.2	34.3	34.5
Additions through merger	11.0	2.6	13.6
Depreciation in the year	1.5	3.5	5.0
Disposals	—	-4.1	-4.1
Write-down in the year	—	1.1	1.1
Accumulated depreciation & write-downs at 31 December 2023	12.7	37.3	50.0

Carrying amount at 31 December 2023	31.6	3.6	35.1

Economic lifetime	17 years/ indefinite	5-10 years
Depreciation method	Linear	Linear

Annual lease of uncapitalised operating assets	9.8	—	9.8


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 11	Subsidiaries


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NOTE 11	Subsidiaries


Company (NOKm)	Registered office	% of ownership interest	Carrying amount 2024	% of ownership interest	Carrying amount 2023
SalMar Settefisk AS	Kverva	100.0%	222.4	100.0%	223.7
SalMar Farming AS	Kverva	100.0%	6,722.8	100.0%	3,252.4
SalMar AS	Kverva	100.0%	1,196.0	100.0%	1,199.6
SalMar Tunet AS	Kverva	100.0%	7.4	100.0%	7.4
Hitramat Farming AS	Hitra	100.0%	138.9	51.0%	28.8
SalMar Aker Ocean AS	Kverva	85.0%	951.1	85.0%	951.5
Icelandic Salmon AS	Kverva	52.48%	744.2	52.48%	744.2
Nor Seafood AS	Senja	82.49%	355.4	82.49%	355.4
Salmon Living Lab AS	Kverva	100.0%	2.2
Total			10,340.3		6,763.1

Investments in subsidiaries are recognised according to the cost method and yearly tested for

impairment. The ownership share listed above are equal to the voting rights for each company.

With effect from October 2024, SalMar ASA acquired the remaining 49 per cent of the shares in

Hitramat Farming AS. Following this transaction, SalMar ASA now owns 100 per cent of the

shares in the company. The total consideration amounted to NOK 110.1 million. Of this amount,

NOK 35.0 million was paid in 2024, while the remaining consideration is recognized as other

current liabilities in the balance sheet and is due for payment in 2025.

In March 2025, SalMar acquired 15 percent of the shares in SalMar Aker Ocean AS. Following the

transaction, SalMar ASA owns 100 percent of the company. For further information, see Note 24.


NOTE 12	Associates and joint ventures

Investments in associates and joint ventures are recognised in accordance with the cost method.


Company (NOKm)	Registered office	% of ownership interest	Carrying amount 2024	Carrying amount 2023
Norskott Havbruk AS	Bergen	50.0%	468.3	468.3
Wilsgård AS	Torsken	37.5%	559.0	559.0
Hellesund Fiskeoppdrett AS	Høvåg	33.5%	420.0	420.0
Skamik AS	Ottersøy	24.9%	4.8	4.8
Total			1,452.1	1,452.1


Company (NOKm)	Recognised dividend	Total equity in latest annual financial statements	Profit of the year in latest annual financial statements
Norskott Havbruk AS	—	2,450.2	198.9
Wilsgård AS	—	744.8	7.0
Hellesund Fiskeoppdrett AS	5.0	723.4	-16.4
Skamik AS	1.7	30.7	8.2


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 13	Intercompany transactions - receivables and liabilities


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NOTE 13	Intercompany transactions - receivables and liabilities


Group internal receivables and liabilities (NOKm)	31.12.2024	31.12.2023

Intercompany non-current receivables	19,250.3	16,501.6

Trade receivables	1,014.7	734.7
Other group receivables	10.5	—
Group contributions	392.6	4,117.9
Dividends from group companies	2,650.0	—
Intercompany current receivables	4,067.8	4,852.6

Trade payables	543.1	497.2
Group financing payables	4,999.7	1,444.1
Group contributions	671.7	—
Intercompany current liabilities	6,214.5	1,941.3

In the intercompany non-current receivables a contingent asset of NOK 1.014.6 million is included

(2023: 949,6 million). The contingent assets is the estimated consideration from the sale of the

shares in Arctic Offshore Farming AS to SalMar Aker Ocean AS in 2023. See note 21 for further

information.


NOTE 14	Other non-current receivables


NOKm	31.12.2024	31.12.2023
Market value of derivatives	234.9	142.8
Other shares	2.8	2.1
Other non-current receivables	2.9	2.3
Total	240.7	147.2

See Note 15 for further information regarding the market value of derivatives.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 15	Derivatives


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NOTE 15	Derivatives


Interest derivatives with changes in value through equity (NOKm):	Nominal value hedge instruments (NOKm)	Book value hedge object (NOKm)	Hedging efficiency	Carrying amount 31.12.2024
Market value excl. Interest, (Cash flow hedge reserve)	2,250.0	2,250.0	100.0%	227.5
Accrued net interest				7.4
Sum non-current financial assets				234.9


Cross Currency Interest Rate Swaps with change in value through profit and loss (NOKm):	Nominal value hedge instruments (NOKm)	Carrying amount 31.12.2024
Market value excl. interest	1,000.0	-100.1
Accrued net interest		2.5
Sum non-current financial liability		-97.6


Specification of Cash flow hedge reserve in the equity 2024	As of 1 January	As of 31 Dec	Changes over equity
Changes in Cash flow hedge reserve	139.1	227.5	88.4
Tax	-30.6	-50.1	-19.5
Total	108.5	177.5	69.0

The cross currency interest rate swap agreement where NOK 1.000 million of the bond loan was

swapped to EUR 98.335 million with fixed rates, hedges NOK 1.000 million of the bond loan, and

the currency risk linked to the investment in the group company Icelandic Salmon AS. The

agreement expires in January 2027.


Interest derivatives with changes in value through equity (NOKm):	Nominal value hedge instruments (NOKm)	Book value hedge object (NOKm)	Hedging efficiency	Carrying amount 31.12.2023
Market value excl. Interest, (Cash flow hedge reserve)	2,250.0	2,250.0	100.0%	139.1
Accrued net interest				3.7
Sum non-current financial assets				142.8


Cross Currency Interest Rate Swaps with change in value through profit and loss (NOKm):	Nominal value hedge instruments (NOKm)	Carrying amount 31.12.2023
Market value excl. Interest	1,000.0	-17.3
Accrued net interest		4.4
Sum non-current financial liability		-12.9


Specification of Cash flow hedge reserve in the equity 2023	As of 1 January	As of 31 Dec	Changes over equity
Changes in Cash flow hedge reserve	133.9	139.1	5.2
Tax	-29.5	-30.6	-1.1
Total	104.4	108.5	4.0

The company has entered into fixed rate interest swap contracts with a total principal of NOK

2,250 million. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a

duration of 10 years starting 22 January 2024, and 750 million has a duration of 7 years starting

22 January 2025. The interest swap contracts are establish with the purpose to reduce the

interest rate risk related to long-term loan.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 16	Trade and other receivables


254					MENU ≡


NOTE 16	Trade and other receivables


NOKm	31.12.2024	31.12.2023
Trade receivables	3.5	11.7
Provisions for bad debts	-3.1	-6.8
Total trade receivables at 31 December	0.4	4.9


NOKm	31.12.2024	31.12.2023
Provisions for bad debt 1 Jan	6.8	4.8
Provisions for bad debts 31 Dec	3.1	6.8
Change in provisions for bad debts during the period	-3.7	2.0

Actual bad debts	0.7	2.5
Change in provisions for bad debts	-3.7	2.0
Bad debts charged to expenses during the period	-3.0	4.5


Trade receivables had the following maturity profile:	Not due	<30 d	30-45d	45-90d	>90d	Total
31.12.2024	—	0.3	—	—	3.1	3.5
31.12.2023	—	0.1	—	2.3	9.2	11.7


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 17	Cash and cash equivalents


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NOTE 17	Cash and cash equivalents


Cash and cash equivalents (NOKm)	31.12.2024	31.12.2023
Cash at bank	0.72	0.52
Restricted cash - withholding tax	18.03	13.79
Other restricted cash	—	1.25
Cash and cash equivalents	18.75	15.56


NOTE 18	Share capital and shareholders information


Share capital and number of shares 31.12.2024	Total number of shares	Nominal value	Total share capital (NOK)
Ordinary shares	132,038,920	0.25	33,009,730

As of 31 December 2024, SalMar ASA has 132,038,920 shares

with a nominal value of NOK 0.25 per share. All shares issued

by the Company are fully paid. There is one class of shares and

all shares have the same rights.

As of 31 December 2024, SalMar ASA owned 114,554

treasury shares.

See Note 4.2 to the consolidated financials statements for a

list of the company's largest shareholders and the

shareholdings of senior executives.

Dividend

Provision has been made for a dividend payment of NOK 22.00

per share, totalling NOK 2,902.3 million, as of 31 December

2024. No provision is made with respect to treasury shares.

No provisions have been made for dividend payment related to

new shares issued in 2025. See Note 24 for further

information.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 19	Interest bearing debt


256					MENU ≡


NOTE 19	Interest bearing debt

Non-current interest bearing debt


NOKm	31.12.2024	31.12.2023
Green bond	3,500	3,500
Non-current loan	6,000	6,000
Non-current revolver credit facility	4,550	1,700
Amortized cost	-58	-89
Total non-current interest bearing debt	13,992	11,111

Current interest bearing debt
NOKm	31.12.2024	31.12.2023
Bank overdraft	621	1,044
Commercial paper	1,000	—
Total current interest bearing debt	1,621	1,044

Total interest bearing debt as at 31 December	15,614	12,155

Maturity profile - interest bearing debt as at 31.12.2024


NOKm	2025	2026	2027	2028	2029	Total
Green bond	—	—	3,500	—	—	3,500
Non-current loan	—	6,000	—	4,550	—	10,550
Current credit facilities	1,621	—	—	—	—	1,621
Amortized cost	-31	-26	-1	—	—	-58
Total	1,590	5,974	3,499	4,550	—	15,614

Maturity profile - interest bearing debt as at 31.12.2023


NOKm	2024	2025	2026	2027	2028	Total
Green bond	—	—		3,500	—	3,500
Non-current loan	—	—	6,000	—	1,700	7,700
Current credit facilities	1,044	—	—	—	—	1,044
Amortized cost	-31	-32	-26	—	—	-89
Total	1,012	-32	5,974	3,500	1,700	12,155

In 2021 SalMar ASA issued an unsecured green bond totalling NOK 3,500 million. No instalments

on the loan are payable during the period of the agreement, which matures on 22 January 2027.

The bond carries an interest rate at 3-months NIBOR + 1.35 % per annum, due quarterly. The loan

is capitalised at amortised cost using the effective interest rate method. The bond loan is listed

on the Oslo Stock Exchange under the ticker SALM01 ESG

In 2023 SalMar ASA entered into a new senior unsecured sustainability linked credit facility

agreement, totalling NOK 16,000 million. The agreement comprises a 3+1+1 year term loan with

a total of NOK 6,000 million, a 5+1+1 year rolling credit facility of NOK 10,000 million, and a NOK

3,000 million in accordion option. The new senior unsecured credit facility is a syndicated

agreement that consists of 5 banks composed in two tiers, each tier with various share of the

total facility.

SalMar ASA has annually renewable multicurrency cash pooling arrangements limited to NOK

1,600 million. As of 31 December 2024, the Group had drawn down NOK 621 million (2023:

1,044) on these arrangements. Deposits and drawdowns in various currencies relating to the

group account scheme are recognised net in the Group’s financial statements.

In addition to the existing bank facilities SalMar ASA issued a commercial paper of NOK 1 000

million on 13 September 2024 with a maturity date of 13 March 2025 and a coupon of 5.13% p.a.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 19	Interest bearing debt


257					MENU ≡

Financial covenants

The new senior unsecured credit facility agreement features improved terms compared to

previous facilities and includes covenants of an equity ratio above 30 per cent and interest cover

exceeding 3.0. The green bond has a financial covenant requiring an equity ratio of 30 % in the

agreement period.

SalMar ASA was in compliance with all of the above-mentioned covenants as of 31 December

2024. The covenants are tested quarterly, and SalMar ASA has no indication that there will be

difficulties complying with these covenants.

See Note 24 Events Occuring After the Reporting Period for details of issuance of New Green

Bonds with settlement date 30 January 2025.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 20	Security pledges and contingent liabilities

258


258					MENU ≡


NOTE 20	Security pledges and contingent liabilities

Carrying amount of interest bearing debt secured by mortgages and pledges:

In 2023, SalMar entered into a new senior unsecured credit facility agreement, hence there are no

debt secured by mortgages as at 31.12.2024 nor was it as at 31.12.2023..

Guarantees issued:

SalMar ASA has issued a guarantee in the amount of NOK 95 million with respect to a long-term

loan to SalMar AS. The loan has been granted by Innovasjon Norge.

SalMar ASA has issued a guarantee to Frøya Industrieiendom AS with respect to any and all

amounts which SalMar AS has an obligation to pay Frøya Industrieiendom AS under the terms of a

lease, with supplementary agreement, between SalMar AS and Frøya Industrieiendom AS. The

guarantee is valid during the leasing period, as specified in the lease, plus three months.

SalMar ASA has issued a guarantee to KLP Eiendom Trondheim AS in the amount of NOK 1.6

million. The guarantee has been issued as security for SalMar ASA's office rental liabilities and is

valid during the rental period.

SalMar ASA has issued a guarantee to HENT AS in the amount of NOK 544.1 million. The

guarantee has been issued as security for SalMar AS's liabilities to the creditor in respect to an

engineering, procurement and construction contract for a new harvesting and processing plant -

InnovaNor. The guarantee is expired in January 2025 without any cost implications for SalMar

ASA.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 21	Divestment of subsidiaries


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NOTE 21	Divestment of subsidiaries

SalmoSea AS

As part of a group internal reorganization of SalmoSea AS, SalMar ASA acquired shares in the

group company SalmoSea AS through a debt conversion. The shares were subsequently sold to

the 100 per cent owned company SalMar AS. SalMar ASA realized a loss on the sales transaction

of NOK 57.9 million. The loss is included in income from investments in group companies in the

profit or loss statement. See Note 6 for further information.

Arctic Offshore Farming AS

With effect from 29 November 2023, the 100 per cent owned company Arctic Offshore Farming

AS was sold from SalMar ASA to the 85 per cent owned subsidiary SalMar Aker Ocean AS. The

transaction was part of the group's internal reorganization to consolidate the group's offshore

investment under SalMar Aker Ocean AS.

Before the sale SalMar ASA carried out a capital contribution in Arctic Offshore Farming AS with a

total amount of NOK 1 114,1 million. Settlement of the shares is an earn-out agreement where

the consideration is depended on certain conditions being met. At the time of the transaction the

consideration was estimated to NOK 949,6 million. The consideration is recognised in the balance

sheet as a contingent assets and classified as intercompany non-current receivables. See Note 13

for further information. SalMar ASAs loss related to the transaction of NOK 164,5 million are

included in income from investments in group companies in the profit or loss. See Note 6 for

further information.

In 2024 there was a correction to the estimated consideration, reducing the contingent assets in

the balance with NOK 24.2 millions and are included in income from investments in group

companies. See Note 6 for further information.

Frøy AS

On 14 August 2023 the sale of SalMars entire ownership stake in Frøy, representing 72,11 per

cent of the shares in Frøy AS, was completed. A cash consideration of NOK 76,50 per share was

paid in the transaction, with proceeds from the sale amounting to NOK 4,764 million. The gain for

SalMar ASA from the transaction amounted to NOK 975,2 million net of transaction cost. The gain

are included in income from investments in group companies. See Note 6 for further information.


NOTE 22	Financial risk

See Note 4.1 to the consolidated financial statements for further details concerning the

management of the company and the Group's financial market risk.


NOTE 23	Allegations of price collusion

See Note 4.10 to the consolidated financial statements for further details concerning the

allegations of price collusion.


Financial Statement and Results	Notes to the Financial Statements for 2024, SalMar ASA	NOTE 24	Events occurring after the reporting period


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NOTE 24	Events occurring after the reporting period

Issuance of New Green Bonds

On the 25 January 2025, SalMar ASA rated BBB+/Stable by Nordic Credit Rating, issued NOK

4,350 million in green bonds split in the following two tranches:

- NOK 3,250 million in a 5-year senior unsecured green bond issue with a floating rate of 3

months Nibor + 1.15% per annum.

- NOK 1,100 million in a 7-year senior unsecured green bond issue with a floating rate of 3

months Nibor + 1.35% per annum.

An application will be made for the bonds to be listed on the Oslo Stock Exchange and the

settlement date was 30 January 2025 for both tranches.

Issuance of commercial papers

SalMar ASA issued a new commercial paper of NOK 1,000 million on 13 March 2025 with a

maturity date of 15 September 2025 and a coupon of 5.04% p.a.

Appeal from minority shareholders in NTS ASA

A group of former minority shareholders in NTS ASA, who were subject to a compulsory share

redemption on January 3, 2023, have filed a petition with the Norwegian courts seeking higher

compensation per NTS ASA share than what was offered by SalMar ASA. In a decision rendered on

January 6, 2025, the Trøndelag District Court concluded that the minority shareholders were not

entitled to higher compensation than the NOK 75.48184 per NTS ASA share they had already

received from SalMar ASA, which was equal to the mandatory offer approved by the Oslo Stock

Exchange. On February 5, 2025, SalMar ASA received notice of an appeal to the Frostating Court

of Appeals.

Wilsgård AS

In February 2025, SalMar ASA and Wilsgård Sea Service AS, who together owns 75% of the

shares in Wilsgård AS, have agreed to work together to further develop their ownership interests

in Wilsgård AS.

Acquisition of shares in AS Knutshaugfisk

In February 2025, SalMar ASA entered into an agreement to purchase a 45% ownership stake in

AS Knutshaugfisk. Control is established through shareholder agreements, and the investment

will be classified as a subsidiary investment. The settlement consists of 80% SalMar ASA shares

and 20% cash. A total of 716,651 new shares will be issued. The shares will be entitled to

dividends at the time of dividend payment. Based on the board's proposal of a dividend of NOK 22

per share, this implies a total dividend of NOK 15.8 million. No provision has been made for this

dividend in the financial statements as of 31 December 2024.

Acquisition of shares in SalMar Aker Ocean AS

In March 2025, SalMar acquired 15% of the shares in SalMar Aker Ocean AS. At the same time,

the company changed its name from SalMar Aker Ocean AS to SalMar Ocean AS.

The total consideration for the shares was NOK 650 million. Through this transaction, SalMar

increased its shareholding in the sub-group from 85% to 100%. The consideration of NOK 650

million consists of both shares in SalMar ASA and cash. A total of 1,000,000 new shares will be

issued, along with an additional cash consideration of NOK 76 million.

The shares issued in the transaction will be entitled to dividends at the time of dividend payment.

Based on the board's proposal of a dividend of NOK 22 per share, this implies a total dividend of

NOK 22.0 million. No provision has been made for this dividend in the financial statements as of

31 December 2024.

For further information related to events occurring after the report period see Note 4.12 to the

consolidated financial statements

Tariffs to USA

Following the balance sheet date, new tariffs imposed by the USA on imports from Norway &

Iceland have been announced. The new tariffs, set at 15 per cent for Norway and 10 per cent for

Iceland, will take effect from April 2025. There is significant uncertainty regarding the impact of

these tariffs on SalMar, and the company is actively monitoring the situation and exploring

strategies to mitigate potential effects on its operations and financial performance. The tariffs

are considered to be a non-adjusting event for the 2024 financial statements.


262		Financial Statements and Results	Statement by the Board of Directors and CEO		MENU ≡

Statement by the Board

of Directors and CEO

We confirm, to the best of our knowledge, that:



	We confirm, to the best of our knowledge, that:

	The Group financial statements for the period from 1 January to 31 December 2024 have been prepared in accordance with IFRS, as adopted by the EU.

	The financial statements of SalMar ASA for the period from 1 January to 31 December 2024 have been prepared in accordance with Norwegian Accounting Act and accounting standards and practices generally accepted in Norway. The 2024 Sustainability Statement has been prepared in accordance with and meets the information requirements of the Norwegian Accounting Act, the European Sustainability Reporting Standards (ESRS) and the EU Taxonomy (Article 8 of EU Regulation 2020/852).

	The financial statements give a true and fair view of the Group and the Company’s consolidated assets, liabilities, financial position and results of operations.

	The Report of Board of Directors provides a true and fair view of the development and performance of the business and the position of the Group and the Company, together with a description of the key risks and uncertainty factors that the Group and the Company is facing.


Frøya, 09 April 2025
The Board of Directors of SalMar ASA




Gustav Witzøe	Margrethe Hauge
Chair of the Board	Vice-Chair of the Board



Morten Loktu	Arnhild Holstad
Board Member	Board Member


Leif Inge Nordhammer	Ingvild Kindlihagen
Board Member	Board Member
	Employee representative


Frode Arntsen	Hans Stølan
CEO	Board Member
	Employee representative


263		Financial Statements and Results	Independent Auditor´s Report		MENU ≡

Independent Auditor’s Report

To the General Meeting in SalMar ASA

Report on the audit of the

financial statements


Opinion

We have audited the financial statements of SalMar ASA (the

Company) which comprise:

• The financial statements of the Company, which comprise

the balance sheet as at 31 December 2024 and the

statement of profit or loss, statement of changes in equity

and statement of cash flows for the year then ended and

notes to the financial statements, including a summary of

significant accounting policies, and

• The financial statements of the Group, which comprise the

balance sheet as at 31 December 2024, the statement of

profit or loss, statement of other comprehensive income,

statement of changes in equity and statement of cash

flows for the year then ended and notes to the financial

statements, including material accounting policy

information.

In our opinion:

• the financial statements comply with applicable statutory

requirements,

• the financial statements give a true and fair view of the

financial position of the Company as at 31 December 2024

and its financial performance and cash flows for the year

then ended in accordance with the Norwegian Accounting

Act and accounting standards and practices generally

accepted in Norway, and

• the consolidated financial statements give a true and fair

view of the financial position of the Group as at 31

December 2024 and its financial performance and cash

flows for the year then ended in accordance with IFRS

Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the

audit committee.


Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (ISAs). Our responsibilities under those

standards are further described in the Auditor’s responsibilities

for the audit of the financial statements section of our report.

We are independent of the Company and the Group in

accordance with the requirements of the relevant laws and

regulations in Norway and the International Ethics Standards

Board for Accountants’ International Code of Ethics for

Professional Accountants (including International Independence

Standards) (the IESBA Code), and we have fulfilled our other

ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-

audit services referred to in the Audit Regulation (537/2014)

Article 5.1 have been provided.

We have been the auditor of the Company for 12 years from

the election by the general meeting of the shareholders on 5

June 2013 for the accounting year 2013 (with at renewed

election on the 6 June 2024).


Key audit matters

Key audit matters are those matters that, in our professional

judgment, were of most significance in our audit of the

financial statements for 2024. These matters were addressed

in the context of our audit of the financial statements as a

whole, and in forming our opinion thereon, and we do not

provide a separate opinion on these matters.


Valuation of biological assets

Basis for the key audit matter

The Group measures biological assets at fair value less costs

to sell in accordance with IAS 41 and IFRS 13. At 31 December

2024 the biological assets amounted to NOK 13 970 million.

The difference between the fair value of the biological assets

and the related cost is recognized as a fair value adjustment.

In 2024, the recognized fair value adjustment amounted to

NOK -109 million. The fair value adjustment included in the

carrying amount was NOK 4 564 million. For fish in sea the fair

value less costs to sell was calculated using a model based on

a net present value methodology. This is calculated based on

assumptions of biomass volumes, quality, market prices at the

harvest dates, remaining expenses to produce, harvest and

sell the biomass and time in sea until harvest mature. The

market prices are based on observable forward prices for the

period when harvesting is expected. The fair value of

biological assets was a key audit matter due to the significant

amount, the level of judgements involved in the valuation and

the assumptions used in the calculation.


264		Financial Statements and Results	Independent Auditor´s Report		MENU ≡

Our audit response

We evaluated the valuation and the model against the

requirements in IAS 41, IFRS 13 and industry practice. We

observed the routines and tested controls related to the

calculation of the fair value adjustment of the biomass. We

compared the prices applied against observable market prices

at the expected harvesting dates. In addition, we evaluated

the estimated remaining expenses to produce the harvest

mature fish, including assumptions on size distribution of the

biomass, time in sea until harvest mature, mortality and

quality of the live fish in sea. Furthermore, we evaluated the

historical accuracy in prior periods’ estimates and the

sensitivity analysis of changes in expected prices, biomass and

discount rate. We recalculated the model used to calculate fair

value for the relevant weight classes. We refer to note 1.7,

note 2.9 and note 3.6 to the consolidated financial

statements.


Other information

The Board of Directors and Chief Executive Officer

(management) are responsible for the information in the Board

of Directors’ report and the other information presented with

the financial statements. The other information comprises the

Board of Directors’ report, the statement on Corporate

Governance and the statement on Corporate Social

Responsibility. Our opinion on the financial statements does

not cover the information in the Board of Directors’ report and

the other information presented with the financial statements.

In connection with our audit of the financial statements, our

responsibility is to read the information in the Board of

Directors’ report and for the other information presented with

the financial statements. The purpose is to consider if there is

material inconsistency between the information in the Board

of Directors’ report and the other information presented with

the financial statements and the financial statements or our

knowledge obtained in the audit, or otherwise the information

in the Board of Directors’ report and for the other information

presented with the financial statements otherwise appears to

be materially misstated. We are required to report if there is a

material misstatement in the Board of Directors’ report and

the other information presented with the financial statements.

We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion

that the Board of Directors’ report

• is consistent with the financial statements and

• contains the information required by applicable statutory

requirements.

Our statement on the Board of Directors’ report applies

correspondingly for the statement on Corporate Governance.

Our statement that the Board of Directors’ report contains the

information required by applicable law does not cover the

sustainability report, for which a separate assurance report is

issued.


Responsibilities of management for the financial statements

Management is responsible for the preparation of the financial

statements of the Company that give a true and fair view in

accordance with the Norwegian Accounting Act and

accounting standards and practices generally accepted in

Norway, and for the preparation of the consolidated financial

statements of the Group that give a true and fair view in

accordance with IFRS Accounting Standards as adopted by the

EU. Management is responsible for such internal control as

management determines is necessary to enable the

preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, management is

responsible for assessing the Company’s and the Group’s

ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern

basis of accounting unless management either intends to

liquidate the Company or the Group, or to cease operations, or

has no realistic alternative but to do so.


Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs will always

detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of

users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise

professional judgment and maintain professional scepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of

the financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those

risks, and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of

not detecting a material misstatement resulting from fraud

is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness of the

Company’s and the Group’s internal control.

• Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and

related disclosures made by management.

• Conclude on the appropriateness of management’s use of

the going concern basis of accounting and, based on the

audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast

significant doubt on the Company’s and the Group’s ability

to continue as a going concern. If we conclude that a


265		Financial Statements and Results	Independent Auditor´s Report		MENU ≡

material uncertainty exists, we are required to draw

attention in our auditor’s report to the related disclosures

in the financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may

cause the Company and the Group to cease to continue as

a going concern.

• Evaluate the overall presentation, structure and content of

the financial statements, including the disclosures, and

whether the financial statements represent the underlying

transactions and events in a manner that achieves fair

presentation.

• Obtain sufficient appropriate audit evidence regarding the

financial information of the entities or business activities

within the Group to express an opinion on the consolidated

financial statements. We are responsible for the direction,

supervision and performance of the group audit. We

remain solely responsible for our audit opinion.

We communicate with the board of directors regarding, among

other matters, the planned scope and timing of the audit and

significant audit findings, including any significant deficiencies

in internal control that we identify during our audit.

We also provide the audit committee with a statement that we

have complied with relevant ethical requirements regarding

independence, and to communicate with them all relationships

and other matters that may reasonably be thought to bear on

our independence, and where applicable, related safeguards.

From the matters communicated with the board of directors,

we determine those matters that were of most significance in

the audit of the financial statements of the current period and

are therefore the key audit matters. We describe these

matters in our auditor’s report unless law or regulation

precludes public disclosure about the matter or when, in

extremely rare circumstances, we determine that a matter

should not be communicated in our report because the

adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such

communication.

Report on other legal and

regulatory requirement


Report on compliance with regulation on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of SalMar ASA

we have performed an assurance engagement to obtain

reasonable assurance about whether the financial statements

included in the annual report, with the file name

salmarasa-2024-12-31-0-en.zip, have been prepared, in all

material respects, in compliance with the requirements of the

Commission Delegated Regulation (EU) 2019/815 on the

European Single Electronic Format (the ESEF Regulation) and

regulation pursuant to Section 5-5 of the Norwegian

Securities Trading Act, which includes requirements related to

the preparation of the annual report in XHTML format and

iXBRL tagging of the consolidated financial statements.

In our opinion, the financial statements, included in the annual

report, have been prepared, in all material respects, in

compliance with the ESEF Regulation.

Management’s responsibilities

Management is responsible for the preparation of the annual

report in compliance with the ESEF Regulation. This

responsibility comprises an adequate process and such

internal control as management determines is necessary.

Auditor’s responsibilities

Our responsibility, based on audit evidence obtained, is to

express an opinion on whether, in all material respects, the

financial statements included in the annual report have been

prepared in accordance with the ESEF Regulation. We conduct

our work in accordance with the International Standard for

Assurance Engagements (ISAE) 3000 – “Assurance

engagements other than audits or reviews of historical

financial information”. The standard requires us to plan and

perform procedures to obtain reasonable assurance about

whether the financial statements included in the annual report

have been prepared in accordance with the ESEF Regulation.

As part of our work, we perform procedures to obtain an

understanding of the company’s processes for preparing the

financial statements in accordance with the ESEF Regulation.

We test whether the financial statements are presented in

XHTML-format. We evaluate the completeness and accuracy of

the iXBRL tagging of the consolidated financial statements

and assess management’s use of judgement. Our procedures

include reconciliation of the iXBRL tagged data with the

audited financial statements in human-readable format. We

believe that the evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Trondheim, 9 April 2025

ERNST & YOUNG AS

The auditor's report is signed electronically

Christian Ronæss

State Authorised Public Accountant (Norway)


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Independent

Sustainability Auditor's

Limited Assurance Report

To the General Meeting in SalMar ASA


Limited assurance conclusion

We have conducted a limited assurance engagement on the

consolidated sustainability statement of SalMar ASA («the

Group») included in Sustainability statement of the Board of

Directors’ report (the “Sustainability Statement”), as at 31

December 2024 and for the year then ended.

Based on the procedures we have performed and the evidence

we have obtained, nothing has come to our attention that

causes us to believe that the Sustainability Statement is not

prepared, in all material respects, in accordance with the

Norwegian Accounting Act section 2-3, including:

• compliance with the European Sustainability Reporting

Standards (ESRS), including that the process carried out by

the Group to identify the information reported in the

Sustainability Statement (the “Process”) is in accordance

with the description set out in section ESRS 2 General

disclosures, and

• compliance of the disclosures in subsection EU Taxonomy

Reporting within the environmental section of the

Sustainability Statement with Article 8 of EU Regulation

2020/852 (the “Taxonomy Regulation”).


Basis for conclusion

We conducted our limited assurance engagement in

accordance with International Standard on Assurance

Engagements (ISAE) 3000 (Revised), Assurance engagements

other than audits or reviews of historical financial information

(“ISAE 3000 (Revised)”), issued by the International Auditing

and Assurance Standards Board.

We believe that the evidence we have obtained is sufficient

and appropriate to provide a basis for our conclusion. Our

responsibilities under this standard are further described in

the Sustainability auditor’s responsibilities section of our

report.

Our independence and quality management

We have complied with the independence and other ethical

requirements as required by relevant laws and regulations in

Norway and the International Code of Ethics for Professional

Accountants (including International Independence Standards)

issued by the International Ethics Standards Board for

Accountants (IESBA Code), which is founded on fundamental

principles of integrity, objectivity, professional competence

and due care, confidentiality and professional behaviour.

The firm applies International Standard on Quality

Management 1, which requires the firm to design, implement

and operate a system of quality management including

policies or procedures regarding compliance with ethical

requirements, professional standards and applicable legal and

regulatory requirements.


Other matter

The comparative information included in the Sustainability

Statement was not subject to an assurance engagement. Our

conclusion is not modified in respect of this matter.


Responsibilities for the Sustainability Statement

The Board of Directors and Chief Executive Officer

(management) are responsible for designing and implementing

a process to identify the information reported in the

Sustainability Statement in accordance with the ESRS and for

disclosing this Process in section ESRS 2 General disclosures

of the Sustainability Statement. This responsibility includes:

• understanding the context in which the Group's activities

and business relationships take place and developing an

understanding of its affected stakeholders;

• the identification of the actual and potential impacts (both

negative and positive) related to sustainability matters, as

well as risks and opportunities that affect, or could

reasonably be expected to affect, the, Group's financial

position, financial performance, cash flows, access to

finance or cost of capital over the short-, medium-, or long-

term;

• the assessment of the materiality of the identified

impacts, risks and opportunities related to sustainability

matters by selecting and applying appropriate thresholds;

and

• making assumptions that are reasonable in the

circumstances.

Management is further responsible for the preparation of the

Sustainability Statement, in accordance with the Norwegian

Accounting Act section 2-3, including:

• compliance with the ESRS;

• preparing the disclosures in subsection EU Taxonomy

Reporting within the environmental section of the

Sustainability Statement, in compliance with the

Taxonomy Regulation;

• designing, implementing and maintaining such internal

control that management determines is necessary to

enable the preparation of the Sustainability Statement


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that is free from material misstatement, whether due to

fraud or error; and

• the selection and application of appropriate sustainability

reporting methods and making assumptions and estimates

that are reasonable in the circumstances.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with

ESRS, management is required to prepare the forward-looking

information on the basis of disclosed assumptions about

events that may occur in the future and possible future

actions by the Group. Actual outcomes are likely to be

different since anticipated events frequently do not occur as

expected.


Sustainability auditor’s responsibilities

Our responsibility is to plan and perform the assurance

engagement to obtain limited assurance about whether the

Sustainability Statement is free from material misstatement,

whether due to fraud or error, and to issue a limited assurance

report that includes our conclusion. Misstatements can arise

from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to

influence decisions of users taken on the basis of the

Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with

ISAE 3000 (Revised) we exercise professional judgement and

maintain professional scepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement,

in relation to the Process, include:

• Obtaining an understanding of the Process, but not for the

purpose of providing a conclusion on the effectiveness of

the Process, including the outcome of the Process;

• Considering whether the information identified addresses

the applicable disclosure requirements of the ESRS; and

• Designing and performing procedures to evaluate whether

the Process is consistent with the Company’s description

of its Process set out in section ESRS 2 General

disclosures.

Our other responsibilities in respect of the Sustainability

Statement include:

• Identifying where material misstatements are likely to

arise, whether due to fraud or error; and

• Designing and performing procedures responsive to where

material misstatements are likely to arise in the

Sustainability Statement. The risk of not detecting a

material misstatement resulting from fraud is higher than

for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the

override of internal control.


Summary of the work performed

A limited assurance engagement involves performing

procedures to obtain evidence about the Sustainability

Statement. The procedures in a limited assurance engagement

vary in nature and timing from, and are less in extent than for,

a reasonable assurance engagement. Consequently, the level

of assurance obtained in a limited assurance engagement is

substantially lower than the assurance that would have been

obtained had a reasonable assurance engagement been

performed.

The nature, timing and extent of procedures selected depend

on professional judgement, including the identification of

disclosures where material misstatements are likely to arise in

the Sustainability Statement, whether due to fraud or error.

In conducting our limited assurance engagement, with respect

to the Process, we:

• Obtained an understanding of the Process by:

◦ performing inquiries to understand the sources of

the information used by management (e.g., stakeholder

engagement, business plans and strategy documents), and

◦ reviewing the Company’s internal documentation of

its Process, and

• Evaluated whether the evidence obtained from our

procedures with respect to the Process implemented by

the Company was consistent with the description of the

Process set out in section ESRS 2 General disclosures.

In conducting our limited assurance engagement, with respect

to the consolidated Sustainability Statement, we:

• Obtained an understanding of the Group's reporting

processes relevant to the preparation of its Sustainability

Statement by

◦ obtaining an understanding of the Group's control

environment, processes, control activities and information

system relevant to the preparation of the consolidated

Sustainability Statement, but not for the purpose of

providing a conclusion on the effectiveness of the Group's

internal control; and

◦ obtaining an understanding of the Group's risk

assessment process.

• Evaluated whether the information identified by the

Process is included in the Sustainability Statement;

• Evaluated whether the structure and the presentation of

the Sustainability Statement is in accordance with the

ESRS;

• Performed inquires of relevant personnel and analytical

procedures on selected information in the Sustainability

Statement;

• Performed substantive assurance procedures on selected

information in the Sustainability Statement;

• Where applicable, compared disclosures in the

Sustainability Statement with the corresponding

disclosures in the financial statements and other sections

of the Board of Directors’ report;

• Evaluated the methods, assumptions and data for

developing estimates and forward-looking information;

• Obtained an understanding of the Group's process to

identify taxonomy-eligible and taxonomy-aligned



This is SalMar		Sustainability Statement		Corporate Governance		Financial Statement and Results
		Sustainability Statement		Corporate Governance		Financial Statement and Results
Message From the CEO	8	Summary	23	Corporate Governance at SalMar ASA	116	Consolidated Financial Statements	148
The History of SalMar	11	Cross Cutting Standards	31	Executive Management	124	Notes to the Financial Statements 2024	156
The ABC of Salmon Farming	13	Environmental Standards	48	Board of Directors	126	Annual Financial Statements of SalMar ASA	235
SalMar's Operating Segments	14	Social Standards	80	Shareholder information	128	Notes to the Financial Statements for 2024, SalMar ASA	242
SalMar's Cultural Tenets	18	Governance Standards	97	Report of the Board of Directors	130	Statements by the Board of Directors and CEO	262
Passion for Salmon	19	Entity Specific Topics	101			Independent Auditor´s Report	263
Sustainability Ratings and Acknowledgements	20	Independent Sustainability Auditor's Limited Assurance Report	266


Part 1	General information and significant accounting policies
Note 1.1	General information	157
Note 1.2	Basis of preparation	157
Note 1.3	Principles of consolidation	159
Note 1.4	Climate-related matters	159
Note 1.5	Functional currency and translation of foreign currencies	160
Note 1.6	Statement of Cash Flows	160
Note 1.7	Use of estimates	161