Slides
Page 1
PRESENTATION Q4 2025 Trond Håkon Schaug-Pettersen CEO Trond Vadset Veibust CFO 24 February 2026
Page 2
Trond Vadset Veibust CFO tvv@salmone.no Trond Håkon Schaug-Pettersen CEO thsp@salmone.no
Page 3
Disclaimer EXTENDING THE OCEAN POTENTIAL 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 or subscribe 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, contingenciesand other important factors could cause the actual results of operations, financial condition and liquidity of the Company orthe 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 tobe 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.
Page 4
Salmon Evolution is the global frontrunner in land based salmon farming 4 Proven platform after ~4 years in operation with strong results Strategic location in the heart of the global aquaculture industry Phase 2 taking capacity towards 18,000 tonnes (HOG) operational from Q1 2026 Building a platform to become a leading salmon producer globally Proven biological and technical performance of hybrid flow-through system after having harvested ~11,000 tonnes (HOG) of high-quality salmon over the last ~4 years Location in the middle of the most efficient salmon farming value-chain globally, giving unmatched operational and financial benefits Pivotal for Salmon Evolution in providing critical scale, land and license secured to take production towards 36,000 tonnes (HOG) Executing on existing operations and proven success at Indre Harøy, with a clear pipeline to become a global frontrunner EXTENDING THE OCEAN POTENTIAL
Page 5
EXTENDING THE OCEAN POTENTIAL 5 • Highlights • Operations • Growth • Financial review • Summary and outlook • Appendices
Page 6
OPERATING REVENUES – FARMING (NOKm) Highlights • Indre Harøy phase 2 progressing according to plan. First smolt release scheduled in week 17. Plan to release 2.8 million smolt in 2026, up 65 % from 2025. • High supply growth continued to pressure market prices through the quarter, impacting financial results. • Breakeven farming operations net of phase 2 ramp-up costs. Revenues of 98.7 NOKm, farming EBITDA -1.3 NOKm and group EBITDA -8.4 NOKm. • Updated partnership model in Korea reflecting Salmon Evolution's strategic priorities in the near to medium term, hereunder continued focus on operational excellence and phase 2 project execution. EXTENDING THE OCEAN POTENTIAL 6 Q4 2025 HARVEST VOLUME (TONNES, HOG) STANDING BIOMASS (TONNES, LW)
Page 7
EXTENDING THE OCEAN POTENTIAL 7 • Highlights • Operations • Growth • Financial review • Summary and outlook • Appendices
Page 8
• As previously highlighted prioritizing to enter 2026 with full biomass in anticipation of a tight salmon market, especially during the first half. • Expect to harvest ~1,800 tonnes HOG in Q1-26. • 2026 full year guidance of 7,000 tonnes HOG. • Harvest of 1,203 tonnes HOG in Q4-25, with harvest activity relatively evenly spread through October and November. • 2025 harvest volume of 4,403 tonnes HOG, Q4 harvest reflecting focus on 2026 with standing biomass year-end above target. • All-in price realization on harvested fish of ~74 NOK/kg. • Average harvest weight of 3.3 kg HOG, in line with Q3-25. • Sale of ~69 tonnes LW smolt at regular market terms generating revenue of approximately 8.4m. • Non-recurring, sold due to overcapacity. • Current phase 1 run-rate biomass growth supporting ~6,000 tonnes HOG annual harvest. Harvest in Q4 reflecting strategic focus on 2026 8 Superior share (%) Note: All-in price realization calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent). Including downgraded fish. Excluding post smolt | Post smolt: LW to HOG conversion 84 % 92% 95 % 97 % Q4 2025 Harvest weight (HOG) 3.3 kg 3.8 kg 2.3 kg 1,581 1 729 ~1,100 680 901 Harvest in Q4 reflect strategic focus on 2026 Key harvest data 581 95 % 2.9 kg Q 2 Q 2 Q2 2 Q1 2 Q 2 0 00 00 1200 1 00 2000 arvest volume (tonnes, G) Post smolt ( G converted) 93 % 3.5 kg
Page 9
1 518 1 624 1 797 1 592 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 ~1,700 +7% +5% +6% -11% Target: ~2,300 – 2,400 tonnes, LW Strong foundation and well positioned for 2026 9 • Q4 biomass production affected by high fish logistics activity due to biomass optimization going into 2026 – underlying biomass growth in line with previous quarters. • Continuous focus on operational excellence – several initiatives expected to lead to enhanced growth under implementation. • Fully stocked farm with a standing biomass of 3,115 tonnes LW end Q4, above run-rate targets • Well positioned for 2026 – strong foundation for continued improvements in biomass growth, harvest volumes and harvest weights in coming periods 2 023 2 939 3 043 3 009 3 115 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 +54% Target: ~2,900 – 3,000 tonnes, LW Note: Net biomass growth including mortality and culling, excluding harvest deviations. Figures based on phase 1 production Q4 2025 Standing biomass (tonnes, LW) Net biomass growth (tonnes, LW)
Page 10
<1 kg Up to 3.0 kg ~3.0+ kg Good performance up to 2.5-3.0 kg even at high densities – water quality key to maintain growth momentum through cycle WATER QUALITY DIRECTLY ATTRIBUTABLE TO FISH APPETITE EXTENDING THE OCEAN POTENTIAL 10 ConsiderationsIllustrative growth performance comparison Projected growth Growth (H2-2025) Density (LHS) Identified measures to take out full potential of phase 1: • Maintaining consistent water quality through production cycle essential to take out full potential • Identified bottlenecks centred around particle levels, CO2 and flow – affecting growth especially last third of lifecycle • Improved feed composition expected to lower particle levels - implemented early 2026 • Significant technological advances last 5 year, for instance on CO2 aeration. Could entail cost efficient upgrades of phase 1 leveraged on phase 2 insights • Actively leveraging big-data and AI to ensure optimal settings through cycle – e.g. water flow and feeding – to repeat what works • Enhancements – which is a result of ~4 years of operational experience – implemented in phase 2 Average density 0 20 40 60 80 0 50 100 150 200 250 300 Days Density (kg/m3) 100% H2-2025 Q4 2025
Page 11
Phase 2: Building on insights with key upgrades 11 Experience-Based Enhancements • Building on ~4 years of operational experience from phase 1, with focus on improving water quality and overall system performance • These refinements aim to optimize efficiency and reliability across the facility Water Quality Improvements • Up to 20% more seawater is introduced to enhance water quality • The degassing system and tank hydraulics have been upgraded, ensuring better circulation and oxygen management • Particle filtration has been added to the water reuse circuit for the first tanks, with ten additional tanks prepared for similar upgrades Biosecurity and Operations • UV disinfection has been improved to deliver stronger biosecurity measures • Multiple technical systems have been streamlined to minimize downtime and simplify operations • Fish logistics have also been optimized for higher efficiency Upgrade Potential • Leverage insights from phase 2 operations to identify potential upgrades of phase 1 • Potential upgrades are expected to entail non-significant investments, whilst delivering significant operational benefits EXTENDING THE OCEAN POTENTIAL Q4 2025
Page 12
Clear roadmap to substantial production growth 12 6 000 14 600 18 000 7 900 2 200 1 200 Phase 1 run-rate (3Q25) 700 Phase 1 Optimizations Phase 2 grow-out tanks Next 18 months run-rate production target Pre-grow out tanks Phase 1 Final optimizations End-2027 run-rate production target Production targets phase 1+2 – Indre Harøy (tonnes, HOG) Scalable platform with core infrastructure and setup costs taken Increasing tank utilization, improved feed composition, and optimization of water quality First smolt in end Q1-26, ~12-month ramp-up to 7,900t (HOG), faster than Phase 1 due to proven operations and existing infrastructure Four pre-grow out tanks online from Q2-27, with full effect from H2-2027 Leverage insights from phase 2 to address remaining bottlenecks in phase 1 Note: Projections reflect management's preliminary estimates based on current assumptions and are subject to biological, envi ronmental, and market uncertainties. Actual results may differ materially from these estimates and historical performance does not guarantee future results Q4 2025
Page 13
EXTENDING THE OCEAN POTENTIAL 13 • Highlights • Operations • Growth • Financial review • Summary and outlook • Appendices
Page 14
Strategic execution of current operations – building the platform to become a global frontrunner 14 Doubling existing operations through phase 3 expansion1 reaching a total capacity of ~36,000t HOG in Norway Expansion building on proven success at Indre Harøy, establishing salmon farming sites at strategically attractive locations in Norway and abroad At an inflection point: executing on existing operations with clear pipeline to position Salmon Evolution as a global frontru nner Near term Medium term Long term 7 900 18 000 36 000 Phase 1 Phase 2 Phase 3 2x capacity Accumulated tonnes potential (tonnes HOG) Phase 1 Phase 2 Becoming a global frontrunnerDoubling productionExecuting on current operations Executing on existing and phase 2 operations, while achieving operational excellence in current activities 1) Phase 3 is subject to financing Q4 2025
Page 15
s 1) The fourth phase of the planned facility at Indre Harøy is conceptual and includes expansion on land regulated for industry w ith a primary focus on establishing aquaculture- related business. The Company does not currently own the land or have the necessary permits, licenses and power allocation to be able to construct and operate the facility 15 Permitted Funded Operational Zoning Phase 1 7,900t HOG Permitted Funded Operational Q1-26 Zoning Phase 2 +10,100t HOG Permitted Funded Operational Zoning Phase 3 +18,000t HOG Phase 1 7,900t HOG ~4 years in operation Phase 2 & optimization +10,100t HOG On time and budget Phase 3 +18,000t HOG Fully permitted Post- smolt Phase 1-2 Post- smolt Phase 3 Phase 41 +18,000t HOG Zoned Heavy lifting done UNIQUE OPERATIONAL PLATFORM POSED FOR PROFITABILITY, POWERED BY SCALE Q4 2025
Page 16
Phase 2 on track EXTENDING THE OCEAN POTENTIAL 16 General • Phase 2 progressing according to plan. • First smolt release scheduled in week 17. Status and progress • In the middle of testing and commissioning in preparation for first smolt. • Much of the civil construction scope is nearing completion, with the process installations being the core focus in the project going forward. • No lost time injuries, a significant milestone in a project of this size and complexity. • Planning and engineering activities for the pre- grow-out tanks completed, with targeted completion during Q2-27, subject final investment decision during the first half of 2026. Indre Harøy (October 2025) Q4 2025 Q4 2025
Page 17
First smolt release in less than 60 days EXTENDING THE OCEAN POTENTIAL 17 Members of project team celebrating key milestone as first tank is filled with water at Indre Harøy early February 2026 First technical room completed Ready for first smolt in less than 60 days Q4 2025
Page 18
Updated partnership model in Korea STRATEGIC UPDATE HIGHLIGHTING THAT INDRE HARØY IS THE FOREMOST P RIORITY EXTENDING THE OCEAN POTENTIAL 18 • In 2021 Salmon Evolution and Dongwon Industries entered to plan and construct a land- based salmon farming facility in Korea. • The updated structure reflects Salmon Evolution's strategic priorities in the near to medium term, hereunder continued focus on operational excellence and phase 2 project execution. • Unique opportunity to leverage the significant human capital built up in recent years. Background and rationale: • Salmon Evolution will provide technical advisory services on market terms. • Potential for significant royalty payments linked to certain operational milestones. • Salmon Evolution remains a minority shareholder with no further investment commitments and holds a five-year purchase option for up to 33% ownership in the project at market terms. Key highlights in updated model: The new model underscores Salmon Evolution's commitment to capital discipline with phase 3 at Indre Harøy remaining the highest priority when it comes to capital allocation on growth projects. Q4 2025
Page 19
EXTENDING THE OCEAN POTENTIAL 19 • Highlights • Operations • Growth • Financial review • Summary and outlook • Appendices
Page 20
perating revenues perational E IT arvest volumes (tonnes, G) All in price reali ation 1 ( K/kg) perational E IT/kg ( K) Farming E IT A cost/kg 2 ( K) 9 .7 17. 1 20 7 . 1 . 72. Q 202 1 .7 .9 1 729 2. 2.2 70.9 2 . 11 . 0 9. 2 . 77.1 T 202 7.7 7.9 91 9 . 7.7 7. Breakeven farming operations net of phase 2 ramp-up CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2025 ALL-IN PRICE REALIZATION ~74 NOK/kg FARMING EBITDA -1.1 NOK/kg HARVEST VOLUME 1 203 TONNES HOG • Harvest of 1 203 tonnes HOG and sale of smolt group due to overcapacity. • All-in price realization reflects that harvest took place in October and November. • Sale of smolt group generating 8.4m in revenues. • Farming EBITDA cost/kg of ~73 NOK/kg, reflecting capacity utilization in second half of 2025. • Breakeven farming operations net of phase 2 ramp-up costs of ~1 NOK/kg in the quarter. • Other segment EBITDA of –7.1 NOKm, slightly down compared to 2025 run-rate. • Group EBITDA of –8.4 NOKm. 20 (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. Capacity adjustments, incident -based mortality, culling and export costs excluded. Q4 2025 Total operating revenues perational E IT 9 .7 2 .2 Q 202 1 9. 11. 2 .0 1 .9 202 71. .7
Page 21
Farming EBITDA cost ~73 NOK/kg in Q4 EXTENDING THE OCEAN POTENTIAL 21 Q4-25 cost/kg reflects current capacity utilization 2025 impacted by higher feed factor Q4-25 gross cost Export costs Ramp-up Phase 2 capacity adj. Effect smolt sale Q4-25 Farming EBITDA cost Bridge farming EBITDA cost Q4-25 – NOK/kg (HOG) Bridge farming EBITDA cost 2025 – NOK/kg (HOG) • Salmon is typically sold delivery duty paid (“ P”), i.e. duty and distribution costs (“export costs”) are included in sales price. • Ramp-up for phase 2 was initiated in the second half of 2025, currently this is mostly related to personnel. ~83 ~3 ~1 ~7 ~73 2025 gross cost Export costs Ramp-up Phase 2 capacity adj. Effect smolt/post smolt sales 2025 Farming EBITDA cost ~85 ~3 ~1 ~4 ~77 • Sale of smolt and post smolt have a higher cost/kg – but also a higher revenue/kg. • Q4-25 reported farming EBITDA cost/kg +/- 5% reflects the current capacity utilization and feed factor. Q4 2025
Page 22
Target farming cost = all about good biology and scale 22 Farming EBITDA cost NOK/kg Current run-rate phase 1 • Operating at ~75% utilization of design capacity • FCRb has been higher than expected through 2025 – operating protocols adjusted and currently trending downwards • Annualized mortality 3% • ~200 Km highly scalable ‘fixed’ operating costs Target phase 1 • Majority of cost improvement related to scaling of fixed cost base • Further optimization from reaching targets related to FCRb and harvest weights Target phase 1+2 Further scaling effects related to: • Personnel • Other OPEX • G&A Current run- rate Phase 1 Scaling fixed costs Reduced FCR Target Phase 11 Scale Target Phase 1+2 Electricity ther ’fixed’ costs G&A Smolt Feed Oxygen Harvest ~70 - 75 ~56 ~53 6,000t HOG p.a. 7,900t HOG p.a. 18,000t HOG p.a. Co d d ‘ x d’ co t per construction phase Co d d ‘ x d’ o phase 1 Note: Projections reflect management's preliminary estimates based on current assumptions and are subject to biological, envi ronmental, and market uncertainties. Actual results may differ materially from these estimates and historical performance does not guarantee future results; 1) Steady-state target Source: Company estimates Targeting production cost of ~53 NOK per kg for 18,000 tonnes (HOG) Considerations Q4 2025
Page 23
Highly competitive EBIT cost with high quality asset base 23 53 61 58 8 3 Target Farming EBITDA cost phase 1+2 Accounting depreciations EBIT cost D&A non- recurring capex Adjusted EBIT cost • A high portion of capex is non-recurring and carries no future replacement cost • Groundworks • Infrastructure – facility structures is co c t w th ’100+ y a ’ xp ct d l t • Engineering • Other indirect project costs • Estimate full run-rate accounting depreciation of 8 NOK/kg, of which 3 NOK/kg is non- recurring • In the first decade of operations replacement capex – in general – is expected to be limited • Stringent maintenance protocols ensure quality of facility is maintained over time Note: Projections reflect management's preliminary estimates based on current assumptions and are subject to biological, envi ronmental, and market uncertainties. Actual results may differ materially from these estimates and historical performance does not guarantee future results Source: Company estimates Estimated EBIT cost NOK/kg steady state production Considerations Q4 2025
Page 24
on current assets Current assets Equity on current liabilities Current liabilities Cash and cash equivalents et Interest bearing debt Equity ratio Cash flow from operations Cash flow from investing Cash flow from financing 7 79 2 0 1 79 7 1 1 7 7 9 1 .7 .9 7 .2 0 Sept 2 2 1 7 9 2 22 2 79 29 1 70 Q 202 1.0 1 . 20.7 2 1 7 9 2 22 2 79 29 17 70 9.1 1 2 2. 1 0 . Phase 2 building activity at peak CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2025 • Investments in fixed assets in all material respect related to Indre Harøy phase 2 expansion – building activity at peak and will decrease going forward. • High focus on effective project execution to minimize delays, change orders and ensure good coordination between all disciplines. • Constructive refinancing discussions – proceeding according to plan. • Cash flow from operations reflects salmon price improvements and working capital reduction in Q4. • Increase in NIBD reflects that phase 2 construction is financed with available construction facilities. • Cash and cash equivalents of 163 NOKm excluded amounts available under the existing bank facilities. 24EXTENDING THE OCEAN POTENTIAL CASH FLOW OPERATIONS 18.7 NOKm EQUITY RATIO 49 % NET INTEREST- R ‘ ’ 1 757 NOKm Q4 2025
Page 25
Phase 2 positions SALME for significant cash flow potential WELL INVESTED ASSET BASE & BUILT -UP TAX DEFICIT TO BOOST EQUITY RETURNS ONCE PHASE 2 IS OPERATIONAL 25 Planned phase 1+2 harvest EBITDA/kg Farming EBITDA Illustrative equity cash flows at steady state 18,000 tonnes, HOG NOK 52/kg 936 NOKm NOK 32/kg 576 NOKm • Heavy lifting done - leveraging a fully operational and scalable platform • Once phase 2 is operational, expecting significant cash flow generation and potential for self funded growth • Operational performance yields financing flexibility, creating potential for strong equity returns and potential to fund further growth • Disciplined approach to growth, prioritizing returns over raw scale NOK 42/kg 756 NOKm Illustrative realized salmon price scenario (NOK, HOG)1 NOK 105/kgNOK 85/kg NOK 95/kg Less: Tax 0 NOKm0 NOKm 0 NOKm Less: Adjusted D&A / steady- state maintenance capex 90 NOKm90 NOKm 90 NOKm Less: Interest cost2 190 NOKm190 NOKm 190 NOKm Built up tax deficit of ~800 NOKm as per 2024 ~5 NOK/kg in real asset depreciation3 No amortization assumed until 36 ktonnes target is reached Adj. Net income / FCFE available for growth 656 NOKm296 NOKm 476 NOKm Cash adjusted EBIT 846 NOKm486 NOKm 666 NOKm Note: Table illustrates theoretical equity cash flows capacity in different scenarios. Assumed Farming EBITDA cost/kg of NOK 53/kg. Assumes refinancing without debt amortization until annual production of 36kT HOG is reached; 1) Salmon prices between NOK 85–105/kg as illustrative example based on Company interpretation of current market views and 95 % sup erior share; 2) Working capital assumed financed through existing overdraft facility. Illustrative example based on capex of NOK 240/kg, 65% LTV and 6.75% interest rate (current relevant 10-year forward curve+margin); 3) Real asset depreciation excludes non-recurring depreciation Q4 2025
Page 26
EXTENDING THE OCEAN POTENTIAL 26 • Highlights • Operations • Growth • Financial review • Summary and outlook • Appendices
Page 27
Positioned to capitalize on a strong salmon market Proven platform Heavy lifting done Phase 2 = game changer From CAPEX to CASH FLOW Significant growth potential Unique operational platform poised for profitability, powered by scale Q4 2025
Page 28
Next update Q1 2026 operational update will be released early April Note that company financial calendar was updated on 27 January 2026
Page 29
Appendices EXTENDING THE OCEAN POTENTIAL 29
Page 30
Reassessment of application of IAS 23 Borrowing cost in 2025 financial statements • Salmon Evolution has reassessed its application of IAS 23 Borrowing cost and its effect on capitalization of borrowing cost related to the Indre arøy phase 2 expansion project (“project”). • Salmon Evolution has for the project capitalized borrowing costs that is directly attributable to the project, i.e. borrowing costs related to specific borrowings. • With the reassessed application of IAS 23 it has been taken into consideration that Salmon Evolution also have borrowing costs related to general borrowings which has partly financed qualifying assets, but not been directly allocated to the construction of a qualifying asset. • The effect for 2025 is a total of 32 NOKm of interest costs have been capitalized on the project. The effects on periods prior to 2025 is considered immaterial. This has no effect on reported cash flows. • For more information see note 5 in the quarterly report. EXTENDING THE OCEAN POTENTIAL 30 Q4 2025
Page 31
Q1 2 Q2 2 Q 2 Q 2 Q1 27 0 1 0 00 Q 2 Q2 2 Q 2 Q 2 Q1 2 Q2 2 Q 2 1 79 117 2 07 9 2 12 0 00 1000 1 00 2000 Investments in phase 2 expansion (NOKm) Estimated distribution of remaining CAPEX Phase 2 building activity at peak and set to decrease going forward 1) Excluding financing costs 31 +8 % -19 % Quarterly Investments 1 Accumulated 1 Estimated capex quarter by quarter until completion ( Km) Q4 2025
Page 32
Profit & loss Farming segment and Group CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2025 (1) Calculated on a back to farm basis and adjusted for transport cost to Norway border (SIsalmoni equivalent) 32 Total operating revenues perational E IT Fair value adjustment of biomass et financials Profit/loss before tax Income tax expense arvest volumes (tonnes, G) All in price reali ation 1 ( K/kg) perational E IT/kg ( K) 9 .7 2 .2 1 .2 .1 1.1 0 1 20 7 . 20.9 Q 202 1 9. 11. 10. .1 2 .9 0 1 729 2. . 2 .0 1 .9 1 . 2 . 171. 0 0 9. .1 202 71. .7 10. 2.2 7. 0 2 1 9 . 1.9 Q4 2025 perating revenues perational E IT arvest volumes (tonnes, G) All in price reali ation 1 ( K/kg) perational E IT/kg ( K) 9 .7 17. 1 20 7 . 1 . Q 202 1 .7 .9 1 729 2. 2.2 2 . 11 . 0 9. 2 . 202 7.7 7.9 91 9 . 7.7 FARMING EBITDA -1.3 NOKm FARMING EBITDA/KG NOK -1.1 GROUP EBITDA -8.4 NOKm GROUP EBITDA/KG NOK -7.0