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PRESENTATION Q1 2025 CEO: Trond Håkon Schaug-Pettersen CFO: Trond Vadset Veibust 13 May 2025
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Disclaimer This presentation (the “Presentation”) has been prepared by Salmon Evolution ASA (the “Company” and together with is subsidiaries, the “Group”) except where context otherwise requires, solely for information purposes. This Presentation, and the information contained herein, does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and neither the issue of the materials nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. and do not constitute or form part of any offer, invitation or recommendation to purchase, sell orsubscribe for any securities in any jurisdiction. This Presentation is furnished by the Company, and it is expressly noted that no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representative directors, officers, employees, agents or advisers (collectively "Representatives") as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The Presentation comprise a general summary of certain matters in connection with the Group and do not purport to contain all of the information that any recipient may require to make an investment decision. These materials have not been approved, reviewed or registered with any public authority or stock exchange. By attending a Presentation meeting or receiving these materials, you acknowledge that you will be solely responsible for your own assessment of the Company, the Group and its market position, and that you will conduct your own analysis and be solely responsible for forming your own view of the Company and its prospects. Each recipient should seek its own independentadvice in relation to any financial, legal, tax, accounting or other specialist advice This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company or its affiliates orrepresentatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materialsare not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. The Company has not authorized any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as “aims”, “anticipates”, “believes”, “can have”, “continues”, “could”, “estimates”, “expects”, “intends”, “likely”, “may”, “plans”, “forecasts”, “projects”, “should”, “target” “will”, “would” and words or expressions of similar meaning or the negative thereof. These forward- looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company’s potential future revenues, results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology maybe forward-looking and speculative. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. None of the Company or any of its Representatives provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements are not guaranteeing of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from those results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of any unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. In member states of the European Economic Area (“EEA”), the materials are directed at persons, who are “qualified investors” as defined in Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129, as amended)(“Qualified Investors”), and in the United Kingdom only at (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order;or (iii) other persons to whom it may otherwise be lawfully communicated. The materials do not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States, and the securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The materials are not for general distribution in or into the United States of America, but directed only at persons reasonably believed to be a "qualified institutional buyer", as defined in the Securities Act. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Romsdal City Court as first venue. EXTENDING THE OCEAN POTENTIAL
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EXTENDING THE OCEAN POTENTIAL 3 • Highlights • Operations • Growth • Financials • Summary and outlook
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Highlights in the quarter • New production record with net biomass growth of 1,624 tonnes LW, up 7 % from Q4 2024. • Ending Q1 2025 with a new all-time high standing biomass of 2,939 tonnes LW, a 45% increase from Q4 2024, reaching targeted run-rate levels in both volume and number of individuals, a prerequisite for taking out the full growth potential. • Revenues of 49.7 NOKm after harvesting 581 tonnes HOG including post smolt, group EBITDA of -4.1 NOKm and farming EBITDA of 5.7 NOKm. • Indre Harøy phase 2 construction well underway – on track for first smolt release in Q1-26 as planned. • 418 NOKm in available liquidity including committed undrawn credit facilities at the end of the quarter. Additionally, the Company has 1,450 NOKm in earmarked construction financing. EXTENDING THE OCEAN POTENTIAL 4 Q1 2025 49,7 148,7 51,4 170,5 Q1-25Q4-24Q3-24Q2-24 OPERATING REVENUES - FARMING (NOKm) 581 1 729 680 1 581 Q1-25Q4-24Q3-24Q2-24 HARVEST VOLUME (TONNES, HOG) 9,78,9 3,3 37,1 Q1-25Q4-24Q3-24Q2-24 EBITDA/KG - FARMING (NOK)
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EXTENDING THE OCEAN POTENTIAL 5 • Highlights • Operations • Growth • Financials • Summary and outlook
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1 261 1 369 1 518 1 624 0 300 600 900 1 200 1 500 1 800 Q2-24 Q3-24 Q4-24 Q1-25 2 032 2 582 2 023 2 939 0 500 1 000 1 500 2 000 2 500 3 000 Q2-24 Q3-24 Q4-24 Q1-25 Production record and all-time high biomass 1) Net biomass growth includes mortality and culling 6 Biomass production (tonnes, LW) Target: 2,900 - 3,000t LW Standing biomass (tonnes, LW) • New production record of 1,624 tonnes LW in net biomass growth1), up 7 % from Q4-24, continuing the trend of steadily increasing production • Solid production in absolute terms considering a low standing biomass at the start of the quarter • Strong biology at Indre Harøy – well positioned for further production growth during 2025 • New all-time high standing biomass of 2,939 tonnes LW at the end of the quarter, a 45 % increase since Q4-24 • Standing biomass at targeted run-rate levels both in volume and individuals, a prerequisite for taking out the full growth potential • Stocking of one smolt group in Q1 above target weight, minimal mortality after arrival. Expecting above target stocking weights for planned Q2 smolt groups 9 % 11 % 7 % Q1 2025
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Continued stable operations with exceptionally low mortality and consistent excellent product quality EXTENDING THE OCEAN POTENTIAL 7 Annualized monthly mortality (%) Superior grade share (%) – batch 1-10 0.67 % 0.70 % 0.87 % 0.93 %6,6 4,6 3,5 3,4 3,1 2,4 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 okt.24 nov.24 des.24 jan.25 feb.25 mar.25 Target 3-5% 80% 82% 84% 86% 88% 90% 92% 94% 96% 98% 100% 1 2 3 4 5 6 7 8 9 10 Target 95%+ Q1 2025
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- 400 800 1 200 1 600 2 000 0 400 800 1200 1600 2000 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 • Deliberate focus on biomass growth and optimizing biomass composition to reach targeted run-rate biomass – resulting in a temporary reduced harvest volume of 581 tonnes HOG including post smolt2 • Harvest volumes also impacted by availability of harvest capacity; ~300 tonnes originally meant for March will be harvested early April • Harvest weights in Q1 were negatively impacted by H1 2024 smolt quality issues and the need to restock new smolt groups within a short timeframe, requiring partial harvesting of certain groups at suboptimal weights • Entering the second quarter with significantly better biomass composition – harvest weights improving from Q2 • All-in price realization on harvested fish of NOK ~75/kg 1, overweight of harvest took place in March but impacted by harvest of smaller fish – as previously disclosed • Harvest guidance for 2025 updated to 5,800 – 6,200 tonnes HOG including post smolt • Aligned with expected production ramp-up whilst also prioritizing to maintain targeted run-rate biomass Prioritizing biomass growth 8 Harvest volumes (tonnes, HOG) Superior share (%) 1) Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent). Including down graded fish. Excluding post smolt | 2) Post smolt: LW to HOG conversion 84 % 96 % 98 % 95 % 95 % Harvest weight (HOG) 3.0 kg 3.3 kg 3.8 kg 3.8 kg 1,581 1 729 ~1,100 680 901 Post smolt – HOG converted Optimizing biomass composition Harvest volumes 581 97 % 2.3 kg Q1 2025
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Proof of concept fully demonstrated • Stable operations and solid biological KPIs • Improving every day a core part the Salmon Evolution operational DNA • Current focus centered around unlocking the full potential of the farm • Internal growth project delivering tangible results – biology has never been better • Entering Q2 with targeted run-rate biomass • Biomass composition fully normalized during Q2 following smolt quality issues in 1H 2024 – well positioned for continued positive development in operational KPIs 3+ YEARS OF FULL INDUSTRIAL SCALE OPERATIONS EXTENDING THE OCEAN POTENTIAL 9 Continuous improvement… …driven by unique insights after 3+ years • Being addressed in phase 2, establishing a whole new set of capabilities, and also unlocking more potential from phase 1 • Strong price realization on back of high product quality • Good feedback on quality and taste • Steadily increasing production over the last quarters with all-time high production in Q1 2025 • Ongoing growth project aimed at taking out the full potential • Run rate biomass level achieved in Q1 2025, a prerequisite for taking out the full growth potential • Strong fish welfare demonstrated by consistent very low mortality and high superior grade share over time • Stocking weight In line or better than target since summer 2024 • Issues linked to smolt quality have been resolved • Consistent stable operations over time, significant built-in redundancy. Systems finetuned during ramp-up Fish welfare System stability Quality Smolt Biomass Production Critical scale Biosecurity • Facility design and operational protocols aimed at mitigating biosecurity risk – on site capabilities to handle unforeseen events Q1 2025
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EXTENDING THE OCEAN POTENTIAL 10 • Highlights • Operations • Growth • Financials • Summary and outlook
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Source: Company estimates and illustrations Notes: Conceptual only. HOG weights as applicable 11 Phase 2 & optimization +10,100t HOG On time & budget All permits in place for 36,000 tonnes HOG INDRE HARØY SITE – 200 MILLION MEALS A YEAR FROM 25 ACRES Phase 1 7,900t HOG Fully operational Phase 3 +18,000t HOG Phase 1 – 7,900 tonnes HOG Phase 2 – 10,100 tonnes HOG Phase 3 – 18,000 tonnes HOG Permitted Funded Operational Permitted Q1-26 Zoning Zoning Significant economies of scale unlocked when phase 2 is operational COMPLETED Funded Operational Q1 2025
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Phase 2: Taking Salmon Evolution to the next level EXTENDING THE OCEAN POTENTIAL 12 REACHING CRITICAL SCALE OF OPERATIONS Phase 1 Phase 1+2 +128 % 7,900t 18,000t Capital efficient optimisation of Phase 2 by leveraging existing infrastructure – 25 % shorter grow out cycle Even higher regularity of harvest with two extra annual smolt inserts per phase unlocking more partnership opportunities Higher upside potential in a more conservative production plan with lower average harvest weights and peak densities Optimising production by introducing pre-grow-out tanks – 14 % increased output per phase Reduced operational risk and added operational flexibility – each batch share of annual harvest reduced from 17 % to 6 % Q1 2025
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Phase 2 on track for first harvest during 2026 EXTENDING THE OCEAN POTENTIAL 13 General • Project on plan and budget. • On track for targeted first smolt release Q1-26 and first harvest Q4-26. • 130-140 workers on-site, steadily increasing as activity intensifies. Status and progress – grow out • Concrete works for first 4 tanks completed in Q1-26, process installations initiating soon. • Piping and concrete works below ground mostly completed. • Continued good progress on other key milestones. Tank installations (early April 2025) Q1 2025
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Good progress at building site EXTENDING THE OCEAN POTENTIAL 14 Status and progress – water intake • Concrete structure for intake station completed. • Upper section of intake pipe installed. Blasting works for intake pipe during April. Status and progress – additional tank capacity • Planning and engineering initiated and nearing completion. • Expected completion of facility aligned with phase 2 grow-out. Q1 2025
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8 10 18 18 36 Focus on operational excellence and phase 2 project execution – key enablers for further growth EXTENDING THE OCEAN POTENTIAL 15 Salmon Evolution strategic priorities for 2025 Operational excellence Continuous improvement, maintain stable operations and taking out the full potential in our operations Indre Harøy phase 2 project execution On time and on budget while at the same time adhering to the highest quality and HSE standard Setting the stage for further growth Indre Harøy – primary growth priority Norway expansion North America South Korea k tonnes HOG capacity • Norway has by far the most efficient salmon value-chain globally, a key enabler for industry cost leadership. • Favourable regulatory environment • Salmon Evolution is continuously exploring possible high-potential expansion sites in Norway, with similar, optimal farming conditions as Indre Harøy. • Extensive site search undertaken last 3 years, several high-potential sites identified • Focus has been on areas with an established salmon farming value chain, mirroring the approach in Norway • “Wait and see” approach in light on current geopolitical situation and uncertainty with respect to tariffs • Design and engineering activities largely completed • Permitting work on track and not considered a material risk • Working with authorities in South Korea on financial support to increase project attractiveness, further clarifications expected during 2025 • Cash burn currently reduced to a minimum • Unique operational platform at industrial scale – 18k tonnes HOG capacity by YE26 • Fully licenced for 36k tonnes HOG • Substantial infrastructure investments already taken strongly benefitting phase 3 • Tangible potential for further expansion at Indre Harøy, leveraging existing platform and cost base Phase 1 operational Phase 2 under construction YE 2026 capacity Phase 3 Fully licenced
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“Havbruksmeldingen” Conventional farming: • “Havbruksmeldingen” published by the Norwegian Government in April, proposed new framework for regulation of the Norwegian aquaculture industry • Proposal aimed at improving biological conditions, reducing mortality and sea-lice levels and providing incentives for sustainable operations • If effectuated, this will likely limit growth in the short to medium term • Implications: Increased investment levels for conventional farmers, further improving the relative attractiveness of land-based salmon farming Land-based farming: • New regulation for land-based salmon farming still pending • Salmon Evolution fully compliant with the proposal set out by the Norwegian Government in August 2024 • Effectuation of new framework positive for the long-term development of the industry – reduced regulatory risk PROPOSED NEW FRAMEWORK FOR THE NORWEGIAN AQUACULTURE INDUSTRY EXTENDING THE OCEAN POTENTIAL 16
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EXTENDING THE OCEAN POTENTIAL 17 • Highlights • Operations • Growth • Financials • Summary and outlook
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Farming: Better times ahead CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025 REVENUE 49.8 NOKm EBITDA 5.7 NOKm EBITDA/KG NOK 9.7 HARVEST VOLUME 581 TONNES HOG • Weak salmon prices in Q1 - overall price achievement also impacted by timing of harvest. • NOK 9.7/kg EBITDA margin. • Farming costs in the period were impacted by post- smolt sales and the harvest of fish with peak production in second half of 2024. • Post smolt have higher cost/kg than regular harvest. • During Q3 and Q4 last year lower production and less biomass to allocate cost to, impacting cost level at harvest. • Much of profitability in Q1-25 linked to post smolt sales. Pricing of post smolt at market terms. 18 (1) Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent). | (2) Sum of all direct production and harvest cost and other operating expenses (G&A), divided by harvest volume. Incident based mortality, culling and export cost s excluded. Indirect production costs expensed through cost of goods sold for underutilized capacity of NOK 4.8m. arming or ay perating revenues perationa perational E IT Harvest volumes (tonnes, H G) All in price reali ation 1 (N K/kg) perationa g perational E IT/kg (N K) Farming E IT A cost/kg 2 (N K) 9,7 1 ,0 1 7 ,0 2 ,2 72, Q1 202 9 ,2 3 1 ,2 901 10 ,0 20,2 7,0 9,7 1 ,0 0 1 7 ,0 2 ,2 0,0 72, F 202 7,7 7,9 91 9 , 3 7,7 9, Q1 2025
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• The reported Farming E IT A cost/kg is the equivalent of the ‘at gate in box cost’ per kg including allocated G&A. • Typically, a lag of ~6 months before effects of increased production is reflected in the reported Farming EBITDA cost/kg. • About 50% of costs sensitive to production volume – remaining cost base ‘fixed’ in a fully operational and utili ed farm. • Some variations in cost level between batches depending on underlying performance of the batch. • Positive production trend over the last quarters will have positive effect on Farming EBITDA cost going forward. Cost per kg declining with increased production 1) Estimated harvest cost and G&A included for illustration purposes 19 60 50 70 Current production Full run-rate Expected Farming EBITDA cost development Benefits of increased production materializing Farming EBITDA cost (NOK/kg) development based on current expectations on increase in biomass production1 Reported Farming EBITDA cost (NOK/kg) Q1-25 Target phase 1 Target phase 1+2 Scaling-effects – about 5 to 6 % lower cost/kg ILLUSTRATION BASED ON CURRENT EXPECTATIONS Farming EBITDA cost (NOK/kg) Lag-effect – currently producing biomass at lower cost/kg Q1 2025
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Group: Impacted by low harvest volume CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025 • Weaker prices in Q1 as well as low harvest impacting overall earnings of the Group. • Other segment EBITDA of -9.8 NOKm in line with previous quarters • Low cash burn on projects outside Norway. • Fair value adjustment of –19.3 NOKm reflecting change in market prices. • Net financials of NOK –7.7 NOKm driven by interest expenses partly offset by interest income on cash balance. (1) Calculated on a back to farm basis and adjusted for transport cost to Norway border (SIsalmoni equivalent) 20 roup T otal operating revenues perationa perationa Fair value adjustment of biomass perating profit (E IT) Net financials Profit/loss before tax Income tax expense Profit/loss for the period Harvest volumes (tonnes, H G) All in price reali ation 1 (N K/kg) perationa g perational E IT/kg (N K) 9,7 19, ,7 7,7 2, 0,0 2, 1 7 ,0 ,7 Q1 202 100, 0,9 ,7 7,9 1,2 0,0 1,2 901 10 ,0 , 9,7 19, ,7 7,7 2, 0,0 2, 1 7 ,0 ,7 F 202 71, 10, 1 ,2 2,2 7, 0,0 7, 91 9 , 1,0 Q1 2025 REVENUE 49.7 NOKm EBITDA -4.1 NOKm EBITDA/KG NOK -7.0
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ummary of finan ia position Non current assets Current assets ota assets Equity Non current liabilities Current liabilities ota equity and iabi ties Cash and cash equivalents Net Interest bearing debt Equity ratio ummary of ash f o Cash flow from operations Cash flow from investing Cash flow from financing et hange 3 ar 2 9 7 7 3 2 171 1 3 1 1 , 2 7, 2 2, 1 ec 2 2 1 7 9 3 2 22 2 79 3 29 17 70 Q1 202 1, 0, ,9 3 ar 2 099 3 1 920 22 3 0 70 , 2 7, 2 2, F 202 , 2, 2, 3 Group: High activity CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025 • Standing biomass up 45 % during quarter impacting cash flow from operations. • Investments related to phase 2 and gradually picking up as planned. • Phase 2 on track and budget. • 418 NOKm in available liquidity including committed undrawn credit facilities at the end of the quarter. • Additionally, 1,450 NOKm in earmarked construction financing. 21EXTENDING THE OCEAN POTENTIAL Q1 2025 CASH FLOW OPERATIONS -6.6 NOKm AVAILABLE LIQUIDITY 418 NOKm NIBD 613 NOKm
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Q2 2 Q 2 Q 2 Q1 2 Q2 2 Q 2 Q 2 Q2 2 Q 2 Q 2 Q1 2 I Q2 2 117 2 07 Closing in on ‘peak production’ at building site 1) Excluding internal capitalized G&A and financing costs 22 Investments phase 2 (NOKm) Investments expected to peak in Q4 +11 % +8 % -19 % +9 % • Pre-project • Design & engineering • Groundwork Q1 2025 Quarterly Investments 1 Accumulated 1 Estimated capex quarter by quarter until completion (N Km)
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Cost leadership is our objective STRATEGIC GOAL: INDUSTRY COST LEADER Source: Company estimates and data | (1) Sum of all direct production and harvest cost and other operating expenses (G&A), divided by harvest volume. Sales and export costs excluded (i.e. at gate in box equivalent) | (2) Estimate. Excluding depreciations on non-recurring CAPEX with no future replacement cost 23 • In phase 1 we laid the foundation and established much of the operational platform needed in Phase 2 and 3 – as reflected in the gradually decreasing Farming EBITDA cost/kg. • With Phase 2, we expect scaling effects to reduce Farming EBITDA cost/kg by approximately 5 - 6%. Additional economies of scale are anticipated once Phase 3 is fully operational, further enhancing cost efficiency and profitability. • Illustration is based on current input factors and currency rates. Company illustration - full run rate Phase 1 Phase 1+2 Phase 1-3 Harvest volume (kt, HOG) 8 18 36 Farming EBITDA cost/kg (HOG)1 56.0 53.0 50.0 Depreciation – adjusted2 4.0 5.0 5.0 EBIT adjusted cost/kg (HOG) – Farming 60.0 58.0 55.0 Q1 2025
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EXTENDING THE OCEAN POTENTIAL 24 • Highlights • Operations • Growth • Financials • Summary and outlook
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We are in the ‘sweet spot’ EXTENDING THE OCEAN POTENTIAL 25 Proven platform From CAPEX to CASH FLOW Significant growth potential Heavy lifting done • De-risking complete - proven biological and technical performance • Focus on maximizing utilization and improving unit economics • Reaching critical mass with 18,000t HOG in phase 2 • Highly scalable platform - core infrastructure and setup costs taken • Expect significant cash flow generation and potential for self funding growth • Scaling effects on fixed cost base – incremental volumes drive strong EBITDA growth • Disciplined approach to growth, returns > raw scale • Licensed to 36,000t HOG • Experienced team and strategic partners
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Next update Q2 2025 19th August | Q1 2025 operational update will be released early July