SalMar Deepens Green Push with New NOK 750M Sustainable Bond

OSLO, NORWAY – February 17, 2026 – SalMar ASA, a leading Norwegian salmon producer, has successfully issued a new NOK 750 million senior unsecured green bond, reinforcing its commitment to sustainable financing and operations. The 10-year bond, which was managed solely by Danske Bank, carries a fixed coupon of 5.625% and underscores strong investor appetite for green initiatives within the aquaculture sector. An application will be made to list the bond on the Oslo Stock Exchange.

This latest capital raise is a significant move for the company, which is navigating a complex financial landscape while pursuing an ambitious sustainability agenda. The funds are earmarked for projects aligned with SalMar's comprehensive green financing framework, aimed at reducing the environmental footprint of one of the world's largest seafood producers.

A Strategic Move Amid Market Scrutiny

The successful placement of the bond is particularly noteworthy given SalMar's current credit rating of BBB+ with a 'Negative Outlook' from Nordic Credit Rating. While the rating itself is investment-grade, the negative outlook signals potential for a future downgrade. However, the market's willingness to subscribe to a 10-year bond demonstrates robust confidence in SalMar's long-term strategy and the intrinsic value of its green projects.

The bond's 5.625% coupon, equivalent to a floating rate of 3-month NIBOR plus 150 basis points, is slightly higher than the terms on some of the company's more recent debt issuances. For instance, in August 2025, SalMar issued a bond with a fixed coupon of 5.15%. The modest premium on the new bond may reflect the longer tenor and evolving general market conditions, but it does not detract from the successful outcome. Financial analysts suggest that the strong demand for ESG-compliant assets is a powerful tailwind, often allowing companies with clear sustainability roadmaps to secure favorable long-term financing even in challenging market environments.

This issuance is part of a consistent pattern. Since establishing its green financing framework in 2021, SalMar has become a regular issuer in the green bond market, raising billions of kroner to fund its transition. This latest transaction further solidifies its balance sheet and provides the capital necessary for future investments.

Fueling a Vision for Sustainable Aquaculture

The proceeds from the NOK 750 million bond will not be used for general corporate purposes. Instead, they are strictly allocated to financing or refinancing projects that meet the criteria of SalMar's Green Bond Framework. This framework, which has been externally validated by S&P Global, is aligned with the International Capital Market Association's (ICMA) Green Bond Principles and the EU Taxonomy for sustainable activities.

Eligible project categories are extensive and target key environmental challenges in aquaculture:

• Sustainable Food Production: Investments in fish farms that are certified by the Aquaculture Stewardship Council (ASC) or are on track to be. This also includes R&D for innovative, lower-emission feed sources and the development of advanced offshore farming units.

• Energy Efficiency and Renewables: The framework supports the electrification of facilities, the installation of renewable energy sources like the new 1.5 million kWh solar panel system at its Tjuin facility, and the deployment of hybrid and electric-powered vessels.

• Water and Waste Management: A significant portion of funding is often directed toward advanced Recirculating Aquaculture Systems (RAS) for smolt production. This technology drastically reduces freshwater use, allows for better waste capture, and provides a more controlled and stable environment for the fish. SalMar has stated a goal of having 100% of its smolt production be RAS-driven.

• Circular Economy and Pollution Prevention: Projects that promote waste reduction and circularity in production, including investments in advanced processing plants like InnovaNor, which are designed to minimize CO2 emissions by processing salmon locally.

These investments are directly linked to SalMar's ambitious climate targets. The company has committed under the Science Based Targets initiative (SBTi) to a 42% reduction in its Scope 1, 2, and 3 greenhouse gas emissions by 2030, from a 2020 baseline. It has also set a specific target to cut emissions from its agriculture and land use footprint.

A Barometer for Norway's Green Seafood Sector

SalMar's actions are reflective of a much larger trend sweeping across the Norwegian and global aquaculture industries. As the sector faces growing scrutiny over its environmental impact—from sea lice and fish escapes to feed sourcing and carbon emissions—leading companies are turning to green finance as a critical tool for transformation.

This bond issuance helps solidify SalMar's position as a leader in this transition. The company's proactive approach to financial strategy includes not only green bonds but also a NOK 16 billion sustainability-linked credit facility tied to explicit ESG key performance indicators, such as fish survival rates and GHG emission intensity. This multifaceted strategy ensures that its financial incentives are aligned with its sustainability goals.

This commitment is supported by strong operational performance, with the company reporting record harvest volumes and improved cost levels in late 2025. This demonstrates that financial discipline and environmental responsibility can be mutually reinforcing. The company’s efforts have garnered external recognition, including a high ranking in PwC's National Climate Index for its GHG reductions and the prestigious Fish Welfare Award from Norwegian research institutions for its decision to phase out the use of cleaner fish in its operations.

As investors and consumers alike place a higher premium on sustainability, the ability to raise dedicated green capital is becoming a significant competitive advantage. SalMar's latest bond is more than just a financial transaction; it is a clear signal that the future of aquaculture is inextricably linked to demonstrable environmental performance and the financial instruments that make it possible.