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PRESENTATION Q2 2026 OSE: Salme 18 August 2026
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EXTENDING THE OCEAN POTENTIAL 2 Trond Vadset Veibust Chief Financial Officer Contact: tvv@salmone.no | +47 480 90 595 Trond Håkon Schaug-Pettersen Chief Executive Officer Contact: thsp@salmone.no | +47 911 91 327
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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.
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EXTENDING THE OCEAN POTENTIAL 4 • Summary • Operations • Growth • Financial review • Outlook • Appendices
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REVENUES – FARMING (NOKm) Summary • Weak salmon prices and backloaded harvest profile impacting Q2 financials. • Continued operational progress in Phase 1, with improvements from the new feed and operational protocols increasingly visible although the full positive effects are still ahead. • Phase 2 ramp-up and operation according to plan, with the third smolt release completed in July. • On track for substantial production growth and improving unit economics coming 12 months - plan to release a combined 2.8 million smolt in phases 1 and 2 for 2026, up 65% from 2025. EXTENDING THE OCEAN POTENTIAL 5 HARVEST VOLUME (TONNES, HOG) EBITDA - FARMING (NOKm) 1 1 Q2 2026
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EXTENDING THE OCEAN POTENTIAL 6 • Summary • Operations • Growth • Financial review • Outlook • Appendices
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• Harvested 945 tonnes HOG in Q2-26 with harvest taking place in May and early June. • Continued narrow weight distribution of harvested biomass – 85 % above 3 kg HOG. • Q2 average harvest weight of 3.5 kg HOG. • Superior grade share 96 % in line with long term trend. • All-in price realization of ~70 NOK/kg reflecting the harvest profile and weak salmon prices in the quarter. • Harvest weight expected to improve on back of biomass growth acceleration – 85 % capacity utilization equals expected average harvest weights of 4+ kg HOG. • Harvest guidance updated to approximately 6,000 tonnes HOG, primarily reflecting lower biomass production than anticipated during the first part of 2026. Weak salmon prices in the quarter 7 Superior share (%) 94% 95 % Q2 2026 Harvest weight (HOG) 3.2 kg 2.9 kg 1,581 1 729 ~1,100 680 901 581 93 % 3.5 kg Q2 2 Q1 2 Q 2 Q 2 Q2 2 0 00 00 1200 1 00 2000 arvest volume (tonnes, G) Post smolt ( G converted) 92 % 3.3 kg Key harvest dataConsiderations 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. EXTENDING THE OCEAN POTENTIAL 96% 3.5 kg
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Q 2 Q 2 Q1 2 Q2 2 2 97 009 11 2 0 00 1 000 1 00 2 000 2 00 000 00 Continued operational progress, but yet to see the full positive effect of improvements 8 Q 2 Q 2 Q1 2 Q2 2 1 7 1 1 7 1 70 0 00 1 000 1 00 2 000 2 00 Standing biomass (tonnes, LW)Biomass growth (tonnes, LW) • Net biomass growth of 1,706 tonnes LW during Q2, up from 1,357 tonnes LW in Q1 • Good appetite in April and similar to March. Temporarily lower in May and early June, primarily driven by suboptimal fish logistics operation and longer than normal adoption period for new smolt group stocked in phase 1. • Strong development towards second half of June and going into July across all fish groups. • Continued positive effect on water quality and growth from targeted improvements led by implementation of new feed and operating protocols. • Second phase 2 smolt insert according to plan in mid-May. A combined ~300,000 smolts stocked in the first two tanks – limited impact on overall biomass growth in the quarter. • Key prerequisites for significant improvement in biomass growth in coming periods in place – spillover to harvest volumes and weights during the second half of 2026. Note: Net biomass growth including mortality, culling and harvest deviations. EXTENDING THE OCEAN POTENTIAL Q2 2026
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50 60 70 80 90 100 Up to 3.0 kg ~3.0+ kg<1 kg • Good performance up to 2.5-3.0 kg even at high densities – water quality key to maintain growth momentum through cycle. • Targeted improvements geared around feed and operational protocols implemented mid-Feb 2026 have had significant positive effects on water quality. • Before improvements we typically observed a reduction in performance and appetite towards the end of the production cycle. Significant better growth above ~3 kg after implementation of improvements related to feed and operational protocols EXTENDING THE OCEAN POTENTIAL 9 Stronger and consistent feeding post implementationIllustrative historical growth performance 1) Daily feeding target based on Salmon Evolution growth model. The daily feeding target varies depending on the number of ta nks in operation, total biomass, average weights, water temperature and other factors. | Source: Company information After Before Above 100 % Percent feeding of target – four latest harvested groups (%)1 Before – harvested before changes was implemented After – effect last 50 days After – effect through whole period 0 20 40 60 80 0 50 100 150 200 250 300 Density (kg/m3) Growth production plan Illustrative hist. growth Density (LHS) Days • Targeted improvements have resulted in consistently improved feeding in the last phase of the production cycle (last 110 days). • Illustrated by the last two harvested groups of which one group had effect of the improvements through the whole period and one for half of the period, both compared to the two groups prior. • Improvements in water quality setting the conditions for further improvement in performance – likely yet to see the full positive effect of this. Last 110 days Last 110 days PHASE 1 OPTIMIZATIONS YIELDING RESULTS Q2 2026
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• Phase 2 ramp-up progressing according to plan, with the third smolt release completed in July. • Initial operational performance remains solid, all smolt inserts have adapted well following release, with minimal mortality and feeding and growth in line with targets. • Phase 2 upgrades working as planned supporting stable operating conditions and good water quality. • Improvements in particle and gas levels. • Improved tank hydraulics. • Increase in water turnover, both new water and re-use water. • Minimal disturbances since initiation of operations following a rigid testing and commissioning phase. Phase 2 ramp-up and operation according to plan EXTENDING THE OCEAN POTENTIAL 10 Q2 2026
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Substantial production growth expected next 12 months 11 ~6 000 14 600 7 900 Phase 1 run-rate 700 Phase 1 Optimizations Phase 2 grow-out tanks Run-rate production target by mid-2027 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 ~12-month ramp-up to 7,900t (HOG), faster than Phase 1 with to proven operations and existing infrastructure Note: Estimated current run-rate production in phase 1. Projections reflect management's preliminary estimates based on current assumptions and are subject to biological, and environmental uncertainties. Actual results may differ materially from these estimates and historical performance does not guarantee future results EXTENDING THE OCEAN POTENTIAL Q2 2026
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EXTENDING THE OCEAN POTENTIAL 12 • Summary • Operations • Growth • Financial review • Outlook • Appendices
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Strategic focus – Norway first, global expansion later 13 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 and setting the stage for further expansion 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 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 EXTENDING THE OCEAN POTENTIAL Q2 2026
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Building on experience with key upgrades for phase 2 EXTENDING THE OCEAN POTENTIAL 14 Water Quality Improvements • Up to 20% more seawater to enhance water quality • Upgrades to degassing system and tank hydraulics, ensuring better circulation and oxygen management • Particle filtration on water reuse circuit for the first tanks, with ten additional tanks prepared for similar upgrades Biosecurity and Operations • Even better biosecurity with enhanced UV disinfection • Multiple technical systems have been streamlined to minimize downtime and simplify operations • Optimized fish logistics for higher efficiency Experience-Based Enhancements • Building on ~4 years of operational experience from phase 1 • Focus on improving water quality and overall system performance • These refinements aim to optimize efficiency and reliability across the facility Q2 2026
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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 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 First smolt released Apr-26 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 EXTENDING THE OCEAN POTENTIAL UNIQUE OPERATIONAL PLATFORM POSED FOR PROFITABILITY, POWERED BY SCALE Q2 2026
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• Disciplined project execution and control, initial milestones delivered on schedule. • Process installations the core focus going forward, good visibility on remaining CAPEX. • Gradual handover of tanks through 2026 supporting a controlled transition into operations. • Indre Harøy phase 2 pre-grow out tanks estimated to around 400 NOKm including contingencies and buffers. The Company will initiate a thorough process with potential contractors to have full visibility on cost and reduce risk in the cost estimates before investment decision is taken. Initial milestones delivered on on schedule EXTENDING THE OCEAN POTENTIAL 16 Indre Harøy July 2026 Note: Projections reflect management's preliminary estimates based on current assumptions. Q2 2026
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EXTENDING THE OCEAN POTENTIAL 17 • Summary • Operations • Growth • Financial review • Outlook • Appendices
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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) . 22.7 9 9.7 2 .0 70.7 Q2 202 90.2 .9 1 2 2 72.1 27. 1.2 21 .9 2 . 2 710 79.1 9. 72.0 T 202 1 9.9 .0 1 1 7 .2 2 . 79.0 Q2 financials reflecting prices and harvest volume CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2026 ALL-IN PRICE REALIZATION ~70 NOK/kg FARMING EBITDA -3.2 NOK/kg HARVEST VOLUME 945 TONNES HOG • Negative farming EBITDA of -3,0 NOKm in Q2 driven by weak salmon prices and lower harvest volume. • Farming EBITDA cost of ~71 NOK/kg, slightly down from Q1 and 13 % lower y/y. • Expect increased biomass production and phase 2 scaling effects to gradually reducing farming costs in the second half of 2026. • Other segment EBITDA of –8.1 NOKm in-line with last few quarters run-rate. • Achieved significant spend reductions last 12 months following ‘ orway first’ strategy. • Group EBITDA of -11.1 NOKm. 18 Total operating revenues perational E IT .7 1.2 Q2 202 91.1 . 21 .9 2. T 202 1 0. 72. (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. EXTENDING THE OCEAN POTENTIAL Q2 2026
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• Substantial production growth expected next 12 months driving a material fixed-cost dilution and progressively stronger unit economics. • Majority of cost improvement is linked to scaling the existing fixed cost base. • Further reductions by optimizing feed conversion. • Scale benefits will become increasingly visible throughout the Phase 2 ramp-up. Scale benefits of phase 2 becoming visible EXTENDING THE OCEAN POTENTIAL 19 Run-rate phase 1 Scaling fixed costs and 1,1 FCRe Target mid-27 Long-term target FCRe Scaling fixed costs Target phase 1+2 ConsiderationsTargeting farming cost of ~60-65 NOK per kg by mid-2027 ~70-75 ~60-65 ~53 Q2 2026 Note: Projections reflect management's preliminary estimates based on current assumptions and are subject to biological, environmental, and market uncertainties. Actual results may differ materially from these estimates and historical performance does not guarantee future results; Long-term target assumes feed cost of NOK 20/kg. Source: Company estimates
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Benefitting from a low FCRe in a tightening feed market AI PRECISION FEEDING AND MINIMAL MORTALITY BEARING RESULTS EXTENDING THE OCEAN POTENTIAL 20 ConsiderationsEconomic feed factor trending towards targets • Feed represents ~50% of farming costs, and feed efficiency is the single most important driver of long- term competitiveness. • Salmon Evolution's controlled land-based production system enables a level of feeding precision and monitoring that is difficult to replicate elsewhere. • High feed efficiency a natural hedge against feed cost inflation – Salmon Evolution have structural advantage on feed conversion versus peers. • Further benefits of AI precision feeding, which is implemented and bearing results. • FCRe on latest harvest below 12 month target of 1,10 – long-term goal remains firm at 1,05. Last 5 harvested groups 0,0 % 5,0 % 10,0 % 15,0 % Minimal mortality... 1,00 1,05 1,10 1,15 1,20 1,25 1,30 …and high feeding precision leading to low FCRe 2,8 % 1,06 Sources: Company data, Norwegian Fish Health Report 2024 (Veterinærinstituttet), Salmon Farming Industry Handbook, Mowi 2025, Skretting Industry average Goal 1,05 12-month target Industry average 2025 = 14,2 % Salmon Evolution Industry average Q2 2026
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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 2 02 2 7 2 10 2 1 2 0 0 2 .7 2 0. 07. 0 une 2 2 972 2 100 7 129 9 0 1 Q2 202 .9 271. 1 . 7 79 2 0 1 79 7 1 1 7 7 9 . 1 2 2. 1 0 . From CAPEX to cash flow – phase 2 investments decreasing CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2026 • Investments in fixed assets in all material respect related to Indre Harøy phase 2 expansion – building activity has peaked and decreasing. • Cash flow from operations reflects harvest timing and the ongoing phase 2 ramp-up. • Increase in NIBD reflects that phase 2 construction is financed with available construction facilities. • Available liquidity 280 NOKm excluding committed, undrawn credit facilities and construction financing facilities. 21EXTENDING THE OCEAN POTENTIAL CASH FLOW OPERATIONS -23.7 NOKm EQUITY RATIO 48 % NET INTEREST- R ‘ ’ 2 040 NOKm Q2 2026
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EXTENDING THE OCEAN POTENTIAL 22 • Summary • Operations • Growth • Financial review • Outlook • Appendices
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Salmon Evolution at an inflection point Proven platform Heavy lifting done Phase 2 = game changer From CAPEX to CASH FLOW Significant growth potential Q2 2026
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Next update Q3 2026 operational update will be released early October
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Appendices EXTENDING THE OCEAN POTENTIAL 25
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Profit & loss Farming segment and Group CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2026 (1) Calculated on a back to farm basis and adjusted for transport cost to Norway border (SIsalmoni equivalent) 26 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) .7 1.2 . .7 . 0 9 9.7 .1 Q2 202 91.1 . 9.0 1 .9 71.7 0 1 2 2 72.1 .0 21 .9 2. 2. .7 1. 0 2 710 79.1 1 .7 T 202 1 0. 72. 2 . 2 .9 12 . 0.0 1 1 7 .2 9.9 perating revenues perational E IT arvest volumes (tonnes, G) All in price reali ation 1 ( K/kg) perational E IT/kg ( K) . 22.7 9 9.7 2 .0 Q2 202 90.2 .9 1 2 2 72.1 27. 21 .9 2 . 2 710 79.1 9. T 202 1 9.9 .0 1 1 7 .2 2 . FARMING EBITDA -3.0 NOKm FARMING EBITDA/KG NOK -3.2 GROUP EBITDA -11.1 NOKm GROUP EBITDA/KG NOK -11.8 Q2 2026
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Q2-26 gross cost Export costs Q2-26 Farming EBITDA cost Farming EBITDA cost ~70.7 NOK/kg in Q2 EXTENDING THE OCEAN POTENTIAL 27 Bridge farming EBITDA cost Q2-26 – NOK/kg (HOG) ~73,6 ~2,9 ~70,7 • Salmon is typically sold delivery duty paid (“ P”), with duty and distribution costs (“export costs”) included in sales price. • I.e. most of export costs are recouped through revenues, with revenue per kg being higher than reported all-in price realization. • Farming E IT A cost/kg ‘at gate in box’ equivalent including G&A. • Cost base frontloaded – operational setup that will serve phases 1 and 2 already established. • ighly scalable ‘fixed’ operating costs. • Q2-26 reported farming EBITDA cost/kg reflecting the capacity utilization through the production cycle and feed factor for the groups harvested. Considerations = ‘ x’ v Farming EBITDA cost/kg: 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. Q2 2026
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