SALMAR ASA- UNSP ADR Business Summary

SalMar ASA is a vertically integrated aquaculture powerhouse and the world’s second-largest producer of Atlantic salmon, generating revenue through the global distribution of fresh, frozen, and value-added seafood products. The company’s operations are divided into five primary segments: Farming Central Norway, Farming Northern Norway, Icelandic Salmon (via a 52% stake in Icelandic Salmon AS), SalMar Ocean (offshore farming), and Sales & Industry, which manages large-scale harvesting and secondary processing facilities like InnovaMar. In July 2026, SalMar further consolidated its market position by acquiring a 70% stake in Måsøval AS, significantly expanding its production capacity and biomass. SalMar competes directly with industry leaders Mowi ASA, Lerøy Seafood Group, and Bakkafrost, distinguishing itself through industry-leading biological performance and a strategic focus on high-margin secondary processing that accounts for a significant portion of its total sales volume. The company was founded in 1991 by Gustav Witzøe, who remains a pivotal figure as Chairman of the Board and the primary shareholder through Kverva Industrier AS, which holds approximately 44% of the company. The executive leadership team is led by CEO Frode Arntsen, an aquaculture veteran appointed in 2022, alongside CFO Ulrik Steinvik and CTO Roger Bekken, both of whom have extensive backgrounds in financial management and industrial technology within the seafood sector. The board of directors includes notable members such as Margrethe Hauge and Martin Bech Holte, the latter of whom joined in June 2026 to bolster the company’s strategic capital allocation. SalMar’s governance is characterized by a strong alignment between its founding family and institutional investors, supporting its aggressive expansion into offshore aquaculture and sustainable farming technologies.