Interim report
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Extending the ocean potential Q2 2026
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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. Key figures Operational Q2 2026 Q2 2025 2025 Standing biomass (tonnes, LW) 2 897 3 043 3 115 Net growth (tonnes, LW) 1 706 1 604 6 451 Harvest volumes (tonnes, HOG) 945 1 232 4 403 All-in price realization/kg (NOK)1 69,7 72,1 69,5 Farming EBITDA/kg -3,2 -10,8 -9,0 Farming costs/kg (NOK) 70,7 81,2 77,1 Financial (in NOK thousand) Q2 2026 Q2 2025 2025 Operating revenues 66 685 91 141 326 022 Operational EBITDA2 -11 118 -25 656 -78 686 Operational EBIT2 -31 239 -46 846 -158 906 Profit (loss) before tax -43 436 -71 746 -171 601 Cash flow from operations -23 674 -33 886 -56 261 Operational EBITDA Farming Norway2 -3 022 -13 247 -39 483 Capital structure (in NOK thousand) Q2 2026 Q2 2025 2025 Cash flow from investment activities -240 528 -271 811 -1 252 431 Cash flow from financing activities 407 470 16 574 1 045 458 Cash and cash equivalents 280 561 128 760 163 438 Net Interest-bearing debt 2 039 655 940 069 1 757 437 Equity ratio (%) 48 % 61 % 49 % Profitability Q2 2026 Q2 2025 2025 Earnings per share (NOK) -0,08 -0,16 -0,37 1 Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent) 2 Before fair value adjustment related to biological assets Q2 2026 | Summary 3
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This is Salmon Evolution Operations Norway Salmon Evolution had a net biomass growth of 1,706 tonnes LW in Q2, up 26 % from Q1. The impact on biomass growth from phase 2 was limited during the quarter. As mentioned previously, Q1 biomass growth was affected by implementation of new feed and changes in operational protocols. In Q2 Salmon Evolution saw good appetite in April, similar to March, with temporarily lower appetite in May and early June, primarily driven by a suboptimal fish logistics operation and longer than normal adoption period for a new smolt group stocked in phase 1. In the second half of June and into July, appetite picked up across all fish groups. Following the implementation of new feed and changes in operational protocols, Salmon Evolution saw a continued positive effect on water quality and growth during the quarter. A comparison of similar fish groups above ~3 kg, before and after the changes, shows significantly better feeding and growth during the final stage of the production cycle, a period historically associated with declining feeding. These data points highlight that the improvements in water quality sets the conditions for continued operational progress, however, the full positive effects of this are still ahead. Caption: Phase 1 optimization yielding results, significantly better growth above ~3 kg In April 2026 Salmon Evolution initiated operations in phase 2 on plan by taking over the first two tanks in the new facility and completing the first smolt insert. A second smolt insert took place in May, and thus a combined ~300,000 smolts was stocked in the first two tanks in phase 2 during the quarter. In addition, a third tank and another ~200,000 smolts was stocked in July. To ensure controlled initiation of operations, the first two smolt inserts are ~50 % of the normal amount stocked All smolt inserts had adapted well following release, with minimal mortality and feeding and growth in line with expectations. The smolt releases follow a rigid testing and commissioning phase, ensuring minimal disturbances in the crucial first months operating the facility. Q2 2026 | This is Salmon Evolution 4
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In the quarter operational parameters remained stable across the farm, including phase 2, as mentioned. During the quarter Salmon Evolution harvested 945 tonnes HOG, with a superior grade share of 96 % and an average harvest weight of 3.5 kg HOG (4.2 kg LW). Harvest took place in May and early June. As previously highlighted Salmon Evolution continues to see a narrow weight distribution on harvested biomass, with 85 % above 3 kg HOG. Harvest weights are expected to improve on back of the biomass growth acceleration, with 85 % capacity utilization equaling expected harvest weights of 4+ kg HOG. During 2026 Salmon Evolution plans to release a combined 2.8 million smolt in phases 1 and 2, up 65% from 2025, and is on track for substantial production growth and improvement in unit economics over the coming 12 months. Updated harvest guidance Harvest guidance for 2026 is updated to approximately 6,000 tonnes HOG, compared with previous guidance of 7,000 tonnes HOG. The adjustment reflects lower biomass production than anticipated during the first part of 2026. Salmon Evolution continues to see positive operational developments and remains confident in its production outlook and long-term targets. Q2 2026 | This is Salmon Evolution 5
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Photo: Drone overview Indre Harøy January 2026 Growth Indre Harøy phase 2 Indre Harøy Phase 1 and 2 is a unique platform with strong expected cash flow generation, supporting a significant organic investment capacity for Salmon Evolution in the years ahead. Phase 2 - including the planned pre-grow out tanks - is expected to add around 10,100 tonnes, increasing Salmon Evolution’s annual harvest capacity from 7,900 tonnes to approximately 18,000 tonnes HOG once completed. The additional 2,200 tonnes HOG beyond the original plan of 7,900 tonnes HOG, are achieved by optimizing the production plan and incorporating four pre-grow-out tanks - two for each phase – resulting in a highly capital-efficient way to scale production using existing infrastructure. Q2 2026 | This is Salmon Evolution 6
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Under the new program the stocking weights in the grow-out department are raised from ~130 grams to ~400 grams, while the targeted harvest weight is reduced to approximately 5.2 kg LW. Combined this shortens the production cycle from approximately 11 months to 8–9 months, making it possible to increase the number of smolt stockings from 6 to 8 per year per phase, improving the utilization of the grow out facility. Generally, this is considered a more conservative production plan with lower average harvest weight and peak densities through the production cycle, also lowering the operational risk through increased robustness and added operational flexibility. The Phase 2 grow-out project builds on the extensive know-how and knowledge gained in Phase 1, and construction is divided between Artec Aqua, responsible for process facility design, construction, and commissioning, and HENT, responsible for civil design and construction, in addition to own deliverables. Indre Harøy growth potential 1) The fourth phase of the planned facility at Indre Harøy is conceptual and includes expansion on land regulated for industry with 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 a potential phase 4 on Indre Harøy . Project status – Indre Harøy phase 2 The handover of the first four tanks and the intake station was completed on schedule, with two tanks and the intake station in April and two tanks in July. The remaining grow out tanks will be gradually completed and taken into operation over the course of 2026. With the project nearing completion, good visibility on remaining CAPEX. Civil construction mostly completed, the process installations are the current core focus in the project. Q2 2026 | This is Salmon Evolution 7
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In parallel Salmon Evolution has completed planning and engineering activities for the pre-grow-out tanks. Salmon Evolution will initiate a thorough process with potential contractors to have full visibility of cost and reduce risk in the cost estimates before investment decision is taken. The total investment budget for the phase 2 grow-out and pre-grow out facility is estimated to be up to 2.65 NOKbn. This includes investments of the pre-grow out tanks, with a total estimated cost of 400 NOKm including contingencies and buffers. At the end of Q2-26 the accumulated investment in the phase 2 project amounted to 2,094 NOKm, of which 229 NOKm invested during the quarter. Photo: Project development Indre Harøy July 2026 Salmon Evolution has recently signed a long-term smolt sourcing agreement with an external supplier. Together with the in-house smolt production at Dale, the Company’s smolt needs for phases 1 and 2 are covered. In parallel, Salmon Evolution is developing a plan to cover future smolt needs, including for phase 3. Q2 2026 | This is Salmon Evolution 8
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Norway expansion In July 2025 new regulation for land-based aquaculture in Norway was put into law. Salmon Evolution’s grow- out facility at Indre Harøy is already fully compliant with the new requirements. Consequently, with full regulatory clarity and the most efficient salmon farming value-chain globally - a key enabler for industry cost leadership - Norway and Indre Harøy phase 3 is our top priority for further expansion. At Indre Harøy including phase 3, Salmon Evolution have all permits in place for up to 36,000 tonnes HOG in annual production. At Indre Harøy there is also additional land regulated for industrial use with a primary focus on establishing aquaculture-related businesses, that could potentially facilitate further expansion outside the communicated 36,000 tonnes HOG. However, this will require Salmon Evolution to purchase the land and secure the necessary permits for such potential expansion. Salmon Evolution is continuously exploring other possible high-potential expansion sites in Norway, focusing on sites with similar, optimal farming conditions as Indre Harøy . International expansion Activity and investments in international expansion projects have been reduced to a minimum, as development of the Indre Harøy site remains Salmon Evolution’ s foremost priority. In North America an extensive site search has been undertaken over the last few years with several high- potential sites identified. In this process Salmon Evolution has focused on areas with an existing salmon farming value chain, mirroring the approach in Norway. Considering the current geopolitical situation and uncertainty with respect to tariffs combined with the expected capex and opex structure, Salmon Evolution has a “wait and see”-approach to future expansion in North America. Partnership model in Korea In January 2026 Salmon Evolution announced an update on the partnership with Dongwon Industries where the parties intend to construct and operate a land-based salmon farm in Korea. The existing joint venture agreement has been replaced with technical advisory agreement, under which Salmon Evolution will provide technical advisory services on market terms, including provisions for potentially significant royalty payments linked to certain operation milestones. Under the new structure, Salmon Evolution has no further investment commitments but remains a minority shareholder with 49% ownership which is expected to be diluted over time. As part of the agreement, Salmon Evolution also holds a five-year purchase option for up to 33 % ownership in the project on market terms. Q2 2026 | This is Salmon Evolution 9
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Funding Since inception, Salmon Evolution has actively utilized debt and capital markets to fund its growth roadmap. The Company continues to optimize its capital structure through strategic financial management, balancing debt and equity, to maintain financial stability while supporting expansion projects. By regularly evaluating and adjusting its capital structure, Salmon Evolution aims to minimize financing costs and enhance returns on capital employed, ensuring a strong foundation for long-term value creation. Development in paid-in equity (NOKm) 5050 308308 308308 860860 860860 1 3601 3601 3601 3601 3771 3771 4201 420 1 4281 428 1 7281 7281 7281 7281 7281 728 1 7281 728 2 2532 2532 2532 2532 2532 253 2 2532 253 2 6182 6182 6182 6182 6182 6182 6182 6182 6182 6182 6182 6182 6182 618 2 6182 618 258258 552552 500500 1717 43437,8057,805300300 525525 365365 411411 Q… Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026 Source: Company data Funding Indre Harøy Phase 1 and 2 In April 2026 Salmon Evolution refinanced and expanded its existing senior secured debt financing package related to Indre Harøy Phase 1 and 2, from 2,225 NOKm to 2,475 NOKm, as well as raising gross proceeds of 411.3 NOKm in equity in a private placement. The expanded debt funding package has a tenor of 3 years with extension option and consists of the following credit facilities: Q2 2026 | This is Salmon Evolution 10
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• a NOK 525m Term Loan Facility (the “Term loan”). Refinances construction finance debt for the First Phase. Bullet repayment. • a NOK 250m RCF Capex Facility (the “RCF”). Finances general corporate and working capital, and/or for repayment of intra-group loans. Bullet repayment. • a NOK 1,475m Construction Facility for the grow-out facility (the “Construction facility grow-out”). Finances the debt-portion of the construction costs for the Second Phase grow-out facility. Repayment period is 8.5 years, with start of repayment to commence in Q1 2028. • A NOK 225m Construction Facility for the pre-grow out tanks (the “Construction facility pre-grow”). Finances the debt-portion of the construction’s costs for the Second Phase pre-grow out tanks. Additionally, the debt funding package allows the Company to increase the existing 200 NOKm overdraft facility related to biomass and receivables financing in phase 1 up to 400 NOKm for phases 1 and 2. Currently 200 NOKm of the 400 NOKm permitted is available to the Company. As per 30 June 2026, the Term Loan of 525 NOKm, the 250 NOKm RCF, and 1,256 NOKm of the Construction facility grow-out was drawn under the existing debt facilities package. Funding Salmon Evolution Dale The Company has a debt financing package of 60 NOKm in relation to Salmon Evolution Dale. The bank debt package is split across three separate facilities and is used as follows: • General corporate purposes, here under financing of working capital • Investments relating to facility upgrades • 25 NOKm in acquisition financing utilized for refinancing of seller’s credit with previous owners As per 30 June 2026 about 54 NOKm of the 60 NOKm debt financing package was drawn. Q2 2026 | This is Salmon Evolution 11
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Our technology – Hybrid flow-through system (HFS) The Company use a hybrid flow-through system (HFS) technology, which provides a steady supply of fresh, filtered seawater while reusing approximately 65% of the water. This reusage level represents what the Company considers the “sweet spot,” balancing cost efficiency with operational risk. Higher reuse levels require more extensive filtration and water treatment, increasing the complexity and operational risk. Lower reuse levels will significantly complicate filtration and UV treatment of incoming water, as well as maintaining a stable temperature at the farm. At the Indre Harøy facility , seawater intake is based on two inlet pipes located at depths of 25 meters and 95 meters. This allows access seawater with optimal temperatures year-round, thus reducing the energy consumption related to heating the water to maintain a stable temperature. The incoming water is filtered and treated with UV to minimize the impact from parasites, viruses and other particles, and eliminate the impact from sea lice, whilst ensuring a continuous flow of fresh, clean seawater. To maintain optimal biological and growth conditions in the fish tanks, oxygen and CO2 levels are continuously monitored and adjusted. Each tank operates as a separate biological zone, ensuring that water does not mix between tanks. This design serves as a critical risk mitigation measure, as any potential disease outbreak is contained within the affected tank, preventing cross-contamination. Aligned with our commitment to sustainability and circular economy principles, Salmon Evolution filters wastewater and collects sludge, which is then transported to a recirculation plant for conversion into fertilizer, biogas, or similar products. Salmon Evolution use data and AI to continuously drive optimization and reduce risk, leveraging the benefits of land-based salmon farming where the goal is to identify and replicate optimal conditions for fish growth. Every day over 40 million data points are logged at Indre Harøy , creating a vast pool of insights, that paired with deep operational expertise and know-how, provide actionable data for real-time decision making. Making a home for the salmon to thrive Q2 2026 | This is Salmon Evolution 12
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Group financial review Revenue and results for the second quarter 2026 Comparable figures for Q2 2025 in brackets Farming Norway (in NOK thousand) Q2 2026 Q2 2025 2025 Operating revenue 66 615 90 244 325 250 Operational EBITDA2 -3 022 -13 247 -39 483 Operational EBIT2 -22 699 -33 919 -116 399 All-in price realization/kg (NOK)1 69,7 72,1 69,5 Harvest volumes (tonnes, HOG) 945 1 232 4 403 Farming EBITDA cost/kg 70,7 81,2 77,1 Operational EBITDA/kg (NOK) -3,2 -10,8 -9,0 Operational EBIT/kg (NOK) -24,0 -27,5 -26,4 1 Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent) 2 Before fair value adjustment related to biological assets Farming Norway consists of the farming activities at the grow-out facility at Indre Harøy , smolt production at Salmon Evolution Dale and sales. Salmon Evolution harvested 945 tonnes HOG in the quarter versus 1,232 tonnes HOG in the same quarter last year, with average harvest weights and superior grade share in line with Q1-26. The second quarter generated revenues of 66.6 NOKm (90.2 NOKm) with an all-in price realization of 69.7 NOK/kg during the quarter, down 3 % y/y. The all-in price realization reflects that harvest activity took place during May and early June. Operating expenses ended at 69.6 NOKm (103.5 NOKm), reflecting lower harvest volumes in Q2-26 than in Q2-25. In relation to preparation, testing and initiation of phase 2, the Company is taking some costs, and this amounted to 7.4 NOKm in capacity adjustments for Q2 – these cost where capitalized on the Indre Harøy phase 2 expansion project as part of testing related to initiation of operations. Farming EBITDA cost/kg ended at 70.7 NOK/kg, down from 72.6 NOK/kg in Q1-26 and 81.2 NOK/kg the same quarter last year. Operational EBITDA in the Farming segment ended at -3.0 NOKm (-13.2 NOKm), reflecting lower Farming cost compared to the corresponding period last year. Depreciations in the period ended at 19.7 NOKm, leaving Operational EBIT for Q2-26 at -22.7 NOKm. Q2 2026 | Group financial review 13
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Other (in NOK thousand) Q2 2026 Q2 2025 2025 Operating revenue 9 236 7 961 34 272 Operational EBITDA -8 097 -12 410 -39 203 In the Other segment all the resources related to projects and technology are employed, as well as general corporate functions. A significant portion of costs are related to future expansion. In Q2-26 the Other segment recorded operating revenues of 9.2 NOKm (8.0 NOKm). Revenues in this segment are in all material respect related to sale of services to the Farming segment and growth projects – primarily the Indre Harøy phase 2 expansion. The Other segment's cost base is mainly driven by salaries, which account for approximately 71% of total operating expenses. This reflects the segment's focus on support and headquarter functions, including both general corporate functions and resources dedicated to projects and technology. Part of these salary costs are reinvoiced to the Farming segment, corresponding to services provided. Additionally, salaries relating to personnel involved in the Indre Harøy phase 2 expansion project are included in this segment's cost allocation. Operating expenses totaled 17.3 NOKm (20.4 NOKm), in line with the 2026 run-rate and Q1-numbers. Cash burn on growth projects outside phase 2 at Indre Harøy has been reduced to a minimum, and other cost saving measures has been implemented including not filling vacant positions at administrative level leading to a reduction of headcount of 5 FTEs through 2025 and into 2026. The operational EBITDA ended at -8.1 NOKm (-12.4 NOKm). Group (in NOK thousand) Q2 2026 Q2 2025 2025 Total operating revenue and other income 66 685 91 141 326 022 Operational EBITDA2 -11 118 -25 656 -78 686 Operational EBIT -31 239 -46 846 -158 906 Fair value adjustment of biomass -5 499 -9 022 15 630 Operating Profit (EBIT) -36 738 -55 868 -143 276 Net financial -6 698 -15 878 -28 324 Profit (loss) before tax -43 436 -71 746 -171 601 2 Before fair value adjustment related to biological assets The Company is the consolidated accounts of Salmon Evolution and consists of the Farming and Other segment. Q2 2026 | Group financial review 14
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Company revenues amounted to 66.7 NOKm (91.1 NOKm) in Q2-26, all related to sales of head-on gutted salmon and reflecting lower harvest volume y/y. Operating expenses totaled 77.8 NOKm (116.8 NOKm). Operating expenses for the Company are in all material respect related to the Dale smolt facility and Indre Harøy grow-out facility , and other administrative expenses. Operational EBITDA in the quarter ended at -11.1 NOKm (-25.7 NOKm), reflecting lower Farming cost compared to the corresponding period last year. Depreciations in Q2-26 ended at 20.1 NOKm and the fair value adjustment amounted to -5.5 NOKm. This left the operating loss at 36.7 NOKm. Net financials for the quarter were -6.7 NOKm (-15.9 NOKm). The Company recorded no tax cost in Q2-26. For the period the result ended at -43.4 NOKm (negative 71.7 NOKm). Salmon Evolution’s share of K Smart’s net income is recognized in the profit and loss statement. The investment in K Smart is accounted for by using the equity method where K Smart is considered an associated company. Cash flow (in NOK thousand) Q2 2026 Q2 2025 2025 Net cash flow from operating activities -23 674 -33 886 -56 261 Net cash flow from investments activities -240 528 -271 811 -1 252 431 Net cash flow from financing activities 407 470 16 574 1 045 458 Net change in cash and cash equivalents 143 267 -289 123 -263 233 Cash and cash equivalents at start of period 137 294 417 884 429 462 Cash and cash equivalents at end of period 280 561 128 761 163 438 Net cash flow from operating activities in Q2 amounted to NOK -23.7 million (NOK -33.9 million), mainly reflecting working capital movements in the period, with harvesting towards the end of the quarter impacting the cash flow. Investments in the quarter, was in all material aspects related to the Indre Harøy phase 2 expansion project. The net cash flow from investment activities in the quarter ended at - 240.5 NOKm (-271.8 NOKm). Cash flow from financing ended at 407.5 NOKm (positive 16.6 NOKm), primarily related to raising gross proceeds of 411.3 NOKm in equity, in addition to drawdowns on the construction financing net of interest paid in the period. Q2 2026 | Group financial review 15
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Total change in cash and cash equivalents in the quarter ended at 143.3 NOKm (-289.1 NOKm). Cash and cash equivalents ended at 280.6 NOKm excluding amounts available under the existing bank facilities. Financial position (in NOK thousand) 30 June 2026 30 June 2025 Non-current assets 4 332 114 2 972 149 Current assets 601 556 456 216 Total assets 4 933 669 3 428 366 Equity 2 373 561 2 099 985 Non-current liabilities 2 103 715 854 738 Current liabilities 456 394 473 642 Total equity and liabilties 4 933 669 3 428 366 On 30 June 2026 the book value of the Company’s assets was 4,933.7 NOKm (3,428.4 NOKm). The increase from previous periods is primarily related to the ongoing Indre Harøy phase 2 expansion project. The fixed assets in the Company mostly relate to the facility at Indre Harøy, comprising land, buildings, and production equipment, as well as the Dale smolt facility and other smaller items. There are no movements from the previous quarter, apart from the increase in fixed assets related to the Indre Harøy phase 2 project. Current assets in the Company are primarily biological assets, receivables, and cash & cash equivalents. Total equity amounted to 2,373.6 NOKm which corresponds to an equity ratio of 48%. Consolidated net interest-bearing debt totalled 2,039.7 NOKm at the end of the quarter. Q2 2026 | Group financial review 16
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Share information As per 30 June 2026 Ronja Capital Investment AS was the Company’s largest shareholder with 38,701,756 shares, corresponding to 7.0% of the total number of shares outstanding. The 20 largest shareholders held 56.6% of the shares in the Company. During the quarter the average daily traded volume was about 980,000 shares. Salmon Evolution ASA was listed on Oslo Børs on 9 July 2021. Source: Monitor Holdings, Company Q2 2026 | Group financial review 17
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Outlook Statement from the board of directors Salmon Evolutions current strategic priorities are operational excellence and the Indre Harøy phase 2 project execution and ramp-up. The Board expects the targeted operational improvements implemented during the first half of 2026 to support stronger growth in the coming periods and considers the initial results encouraging. The board nevertheless emphasizes that Salmon Evolution is yet to see the full effect. The Board is pleased that operations in Phase 2 commenced on schedule during the quarter, with minimal disruptions and ramp-up and operations according to plan. This achievement reflects the competence, experience, and dedication of the Salmon Evolution team. The continued operational progress in Phase 1, combined with the ramp-up of Phase 2, is expected to drive substantial production growth and improved capacity utilization over the coming 12 months. Increased scale, stronger growth performance and continued operational discipline are expected to support improved unit economics and improved profitability over time. Near-term financial performance remains sensitive to salmon prices and harvest timing. While supply growth from conventional salmon farming methods has slowed, the market continues to absorb a record volume of salmon with corresponding impact on the market prices. The Board remains focused on operational execution, cost control and disciplined project delivery and believes Salmon Evolution is well positioned to realize the benefits of increasing scale and strengthening unit economics. The Board maintains a positive view on the long-term structural demand for Atlantic salmon and anticipates that growth from traditional farming methods will remain muted in the years to come, underpinning a strong price outlook. The Company remains fully committed to its long-term vision; to be a global leader in land-based salmon farming, delivering sustainable, high-quality salmon while continuously driving biological and operational excellence. With phase 1 at Indre Harøy in full operation and the phase 2 ramp-up initiated, Salmon Evolution is in a unique position to solidify its leadership position in the land-based salmon farming industry. Q2 2026 | Outlook 18
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Responsibility Statement Responsibility statement in connection with interim management report by the Board of Directors and CEO of Salmon Evolution ASA. We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting and gives a true and fair view of the Company’s and Company’s assets, liabilities, financial position and profit or loss as a whole. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the period and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties facing the Company, and major related parties’ transactions. The Board of Directors of Salmon Evolution ASA Ålesund/Elnesvågen 17 August 2026 Tore Tønseth Chair Peder Stette Director Anne Breiby Director Vibecke Bondø Director Trond Håkon Schaug-Pettersen CEO Jan-Emil Johannessen Director Q2 2026 | Outlook 19
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Interim financial statements Statement of Profit and Loss (in NOK thousand) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Sales revenue from farming 2 66 615 90 244 218 853 139 912 325 250 Other income 70 897 70 897 772 Total operating revenue and other income 66 685 91 141 218 923 140 809 326 022 Change in inventory 3 39 153 1 557 6 576 49 077 43 711 Cost of materials 3 -55 117 -48 105 -101 133 -87 858 -203 064 Personnel expenses -17 229 -19 787 -36 177 -39 858 -80 998 Other operating expenses -44 610 -50 462 -89 880 -91 917 -164 357 Operational EBITDA -11 118 -25 656 -1 691 -29 748 -78 686 Depreciations 4 -20 121 -21 190 -40 848 -42 512 -80 221 Operational EBIT -31 239 -46 846 -42 539 -72 259 -158 906 Fair value adjustment of biomass 3 -5 499 -9 022 -32 364 -28 278 15 630 Operating Profit (EBIT) -36 738 -55 868 -74 904 -100 538 -143 276 Financial income 5 2 546 4 449 4 402 8 764 9 746 Financial expense 5 -9 343 -19 131 -10 564 -30 325 -32 593 Share of net income from associated companies 100 -1 196 -562 -4 348 -5 478 Net financial -6 698 -15 878 -6 724 -25 909 -28 324 Profit/loss before tax -43 436 -71 746 -81 627 -126 447 -171 601 Income tax expense 6 0 0 0 0 0 Profit/loss for the period 7 -43 436 -71 746 -81 627 -126 447 -171 601 Basic earnings per share (NOK) 7 -0,08 -0,16 -0,17 -0,27 -0,37 Diluted earnings per share (NOK) 7 -0,08 -0,16 -0,17 -0,27 -0,37 Consolidated statement of comprehensive incomeConsolidated statement of comprehensive income Profit/(loss) for the period -43 436 -71 746 -81 627 -126 447 -171 601 Currency translation differences 5 -642 478 -1 353 2 463 862 Total comprehensive income for the period, net of tax -44 078 -71 268 -82 980 -123 984 -170 738 Q2 2026 | Interim financial statements 20
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Statements of financial position (in NOK thousand) Note 30 June 2026 30 June 2025 31 Dec 2025 AssetsAssets Intangible assets 4 83 975 82 331 84 508 Assets under construction 4 2 411 303 1 035 383 1 781 081 Buildings and property 4 1 495 963 1 510 570 1 516 707 Fixtures and fittings 4 281 675 286 808 289 282 Right-of-use assets 4 41 870 48 255 45 513 Investment in associated companies 4 159 8 804 6 073 Other long-term receivables 13 169 0 13 169 Total non-current assets 4 332 114 2 972 149 3 736 332 Inventory 3 11 817 9 654 11 351 Biological assets 3 206 852 195 512 232 335 Trade receivables 39 864 44 889 10 314 Other current receivables 45 278 68 875 51 585 Financial derivatives 5 17 183 8 527 10 254 Cash and cash equivalents 280 561 128 760 163 438 Total current assets 601 556 456 216 479 276 Total assets 4 933 669 3 428 366 4 215 608 Equity and liabilitiesEquity and liabilities Share capital 8 27 700 23 130 23 130 Share premium 8 2 803 321 2 415 049 2 414 997 Other reserves 14 284 12 192 13 310 Uncovered losses -471 744 -350 386 -388 765 Total equity 2 373 561 2 099 985 2 062 673 Long-term interest-bearing debt 9 2 073 031 818 500 1 545 228 Lease liabilities - long term 9 27 041 32 595 30 088 Other long-term liabilities 9 3 643 3 643 3 643 Total non-current liabilities 2 103 715 854 738 1 578 959 Short-term interest-bearing debt 9 209 235 207 253 334 571 Trade payables 198 559 234 382 192 047 Social security and other taxes 3 557 5 681 7 527 Lease liabilities - short term 9 10 910 10 481 10 987 Other short-term liabilities 34 134 15 845 28 842 Total current liabilities 456 394 473 642 573 975 Total liabilities 2 560 109 1 328 380 2 152 934 Total equity and liabilities 4 933 669 3 428 366 4 215 607 Q2 2026 | Interim financial statements 21
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Statement of cash flow (in NOK thousand) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit/loss before tax -43 436 -71 746 -81 627 -126 447 -171 601 Adjustments for:Adjustments for: Depreciation, amortisation and impairment loss 4 20 121 21 190 40 848 42 512 84 473 Net financials 6 698 15 878 6 724 25 909 28 324 Share based payment expenses 487 355 973 709 1 827 Changes in working capital:Changes in working capital: Change in trade receivables 44 458 4 395 -29 551 45 188 67 598 Change in other current receivables -6 140 -8 196 -4 965 -11 034 -3 808 Change in inventory and biological assets 3 -39 867 -2 923 -7 304 -50 055 -41 438 Change in fair value of biomass 3 5 499 9 022 32 364 28 278 -15 630 Change in trade payables -7 577 -1 693 265 5 107 -4 937 Change in social security and other taxes 761 595 -3 972 -1 404 442 Change in other current liabilities -4 679 -763 -2 263 792 -1 511 Cash (outflow) from operations -23 674 -33 886 -48 507 -40 445 -56 261 Cash flow from investment activitiesCash flow from investment activities Payments for fixed assets 4 -243 081 -272 782 -533 400 -513 689 -1 260 474 Proceeds from government grants 0 0 0 0 2 258 Payments for intangible assets 4 7 -530 -315 -1 424 -3 960 Financial income received 2 546 1 501 4 402 2 593 9 746 Net cash (outflow) from investment activities -240 528 -271 811 -529 313 -512 520 -1 252 431 Cash flow from financing activitiesCash flow from financing activities Proceeds from issue of equity, net paid transaction costs 8 392 895 0 392 895 0 0 Proceeds from new borrowings 9 237 569 89 716 563 067 392 765 1 153 412 Repayment of borrowings -160 300 -46 000 -160 600 -94 600 -1 200 Payments of principal portion of lease liabilities -2 511 -5 135 -5 113 -7 053 -12 173 Interest paid lease liabilities -630 -693 -1 293 -1 104 -2 503 Financial expenses paid -59 552 -21 314 -94 011 -37 746 -92 078 Net cash (outflow) from financing activities 407 470 16 574 694 944 252 262 1 045 458 Net change in cash and cash equivalents 143 267 -289 123 117 124 -300 703 -263 233 Cash and cash equ. at the beginning of the period 137 294 417 884 163 438 429 462 429 462 Cash and cash equ. at the end of the period 280 561 128 761 280 561 128 759 163 438 Q2 2026 | Interim financial statements 22
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Statement of Changes in Equity (in NOK thousand) Note Share capital Share premium Other reserves Other equity Uncovered losses Total equity Balance at 1 January 2025 8 23 130 2 415 049 11 483 0 -226 402 2 223 260 Profit/loss for the period 0 0 0 0 -126 447 -126 447 Other comprehensive income 0 0 0 0 2 463 2 463 Total comprehensive income 0 0 0 0 -123 984 -123 984 Share based payment expensed 709 709 Transactions with owners 0 0 709 0 0 709 Balance at 30 June 2025 8 23 130 2 415 049 12 192 0 -350 386 2 099 985 Balance at 1 January 2026 8 23 130 2 414 997 13 310 0 -388 765 2 062 673 Profit/loss for the period 0 0 0 0 -81 627 -81 627 Other comprehensive income 0 0 0 0 -1 353 -1 353 Total comprehensive income 0 0 0 0 -82 980 -82 980 Private placement April 2026 8 4 570 388 324 0 0 0 392 894 Other paid-in capital 0 0 0 0 0 0 Share based payment expensed 0 0 973 0 0 973 Transactions with owners 4 570 388 324 973 0 0 393 867 Balance at 30 June 2026 8 27 700 2 803 321 14 284 0 -471 744 2 373 561 Q2 2026 | Interim financial statements 23
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Selected notes to the quarterly financial statements Note 1 Summary of significant accounting policies General information Salmon Evolution ASA and its subsidiaries, Salmon Evolution Norway AS, Salmon Evolution International AS, Salmon Evolution Dale AS, Salmon Evolution Sales AS and Salmon Evolution Technology AS (the “Company”, "SE" or "the Company") is a Norwegian land-based salmon farmer headquartered in Hustadvika kommune in Møre og Romsdal. Salmon Evolution operates a hybrid flow-through (HFS) system, utilizing fresh seawater from the Norwegian coast. The Company is building a land-based salmon farming facility at Indre Harøy , with a planned annual production of 36,000 tons HOG fully built. Phase 1, with a planned annual production of 7,900 tons HOG, is fully operational, whilst construction of phase 2 planned to add an addition 10,100 tons HOG bringing total production up to 18,000 tons HOG was initiated in August 2024. These interim financial statements were approved by the Board of Directors on 17 August 2026. These interim financial statements have not been audited. Consolidation These condensed consolidated statements for the period ended 30 June 2026 include Salmon Evolution ASA together with its subsidiaries Salmon Evolution Norway AS, Salmon Evolution International AS, Salmon Evolution Dale AS, Salmon Evolution Sales AS and Salmon Evolution Technology AS. Basis of preparation These interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim financial reporting". These interim financial statements do not provide the same scope of information as the annual financial statement and should therefore be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU. Going concern The Company has adopted the going concern basis in preparing its consolidated financial statements. When assessing this assumption, management has assessed all available information about the future. After Q2 2026 | Interim financial statements 24
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making such assessments, management has a reasonable expectation that the Company has adequate resources to continue its operational existence for the foreseeable future. Accounting policies The accounting policies adopted are consistent with those of the previous financial year except that income tax expense is recognized in each interim period using the expected weighted average annual income tax rate for the full financial year. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. The Company does not include net deferred tax benefits in its balance that exceeds the tax effect of group contributions in order to equalize tax payable in its subsidiaries. Revenue Revenue from contracts with customers as defined in IFRS 15 is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods. Revenue for the Company derives from sale of whole and processed salmon in the spot marked. The Company recognised revenue at the point in time when control of the goods is transferred to the customer at an amount that reflects the expected amount that the group is entitled to have for the goods. The sales price is based on available market price where the price will vary with both quality and size. Normal credit term of the sales transactions is 30 days. If the delivered products have discrepancies compared to the agreed sales contract, cash refunds are given to the customer. Up until now, refunds are not material. Property, plant & equipment Property, plant, and equipment is measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and costs include expenditures that are directly attributable to the acquisition and placement of fixed assets in service. Costs of major replacements and renewals that substantially extend the economic life and functionality of fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred. Assets are normally considered property, plant, and equipment if the useful economic life exceeds one year. Straight-line depreciation is applied over the useful life of property, plant, and equipment based on the asset’s historical cost. If a substantial part of an asset has an individual and different useful life, that portion is depreciated separately. The asset’s residual value and useful life are evaluated annually. Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the carrying amount of the asset and recognized as part of other income in the accompanying statements of other comprehensive income. Q2 2026 | Interim financial statements 25
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Depreciation is charged to expense when the property, plant or equipment is ready for intended use. For the second phase build out, which expected to be ready for intended use during 2026, assets under construction is not depreciated. Biological assets Biological assets are, in accordance with IAS 41, measured at fair value unless the fair value cannot be measured reliably. For salmon in the grow-out facility, a present value model is applied to estimate the fair value. For roe, fry and smolt, historical cost is deemed to provide the best estimate of fair value, and hence applied. Cost of production is adjusted for unutilized production capacity. The Company has started to take some costs related to the preparation and testing of phase 2. For further information, please refer to note 3. Borrowing costs In accordance with IAS 23, the Company’s loan agreements are subject to the following principles relating to borrowing costs: General and specific borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Application of IAS 23 has been taken into consideration where the Group has general borrowings which has partly been financing qualifying assets but not been directly allocated to the construction of a qualifying asset. See note 5 for more information. Other borrowing costs are expensed in the period in which they are incurred. Q2 2026 | Interim financial statements 26
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Note 2 Segment The Company has implemented segment reporting which consists of production of farmed salmon in Norway (Farming Norway), other activities (Other), and eliminations. The segment performance is monitored to assess performance and profitability at a strategic level. Farming Norway consists of Salmon Evolution Norway AS (grow-out facility), Salmon Evolution Dale AS (smolt facility) and Salmon Evolution Sales AS. Additionally a portion of the Group overhead costs is allocated to the segment. Other consist of both revenue and costs not attributable to the farming segment. Sales revenue from contracts with customers comes from both Europe, UK, Asia, US and other markets. Q2 2026 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 66 615 70 0 66 685 Internal revenue 0 9 166 -9 166 0 Operating revenue 66 615 9 236 -9 166 66 685 Change in inventory 39 153 0 0 39 153 Cost of materials -55 117 0 0 -55 117 Personnel expenses -14 117 -12 278 9 166 -17 229 Other operating expenses -39 555 -5 055 0 -44 610 Operational EBITDA -3 022 -8 097 0 -11 118 Operational EBIT -22 699 -9 014 474 -31 239 Fair value adjustment of biomass -5 499 0 0 -5 499 Net financial -40 910 34 212 0 -6 698 Profit/loss before tax -69 108 25 198 474 -43 436 Harvested volum (tonnes, HOG) 945 945 Operational EBITDA/kg (NOK) -3,2 -11,8 Operational EBIT/kg (NOK) -24,0 -33,1 Total PPE 4 278 975 32 968 2 843 4 314 786 Q2 2026 | Interim financial statements 27
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Q2 2025 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 90 244 897 0 91 141 Internal revenue 0 7 064 -7 064 0 Operating revenue 90 244 7 961 -7 064 91 141 Change in inventory 1 557 0 0 1 557 Cost of materials -42 214 0 -5 891 -48 105 Personnel expenses -13 785 -12 568 6 566 -19 787 Other operating expenses -49 048 -7 803 6 389 -50 462 Operational EBITDA -13 247 -12 410 0 -25 656 Operational EBIT -33 919 -13 402 475 -46 846 Fair value adjustment of biomass -9 022 0 0 -9 022 Net financial -46 505 30 627 -0 -15 878 Profit/loss before tax -89 447 17 225 475 -71 746 Harvested volum (tonnes, HOG) 1 232 1 232 Operational EBITDA/kg (NOK) -10,8 -20,8 Operational EBIT/kg (NOK) -27,5 -38,0 Total PPE 2 929 439 90 681 -56 775 2 963 345 YTD 2026 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 218 853 70 0 218 923 Internal revenue 0 18 750 -18 750 0 Operating revenue 218 853 18 820 -18 750 218 923 Change in inventory 6 576 0 0 6 576 Cost of materials -101 133 0 0 -101 133 Personnel expenses -28 875 -26 052 18 750 -36 177 Other operating expenses -80 818 -9 062 0 -89 880 Operational EBITDA 14 603 -16 294 0 -1 691 Operational EBIT -25 308 -18 179 948 -42 539 Fair value adjustment of biomass -32 364 0 0 -32 364 Net financial -69 343 62 620 0 -6 724 Profit/loss before tax -127 015 44 440 948 -81 627 Harvested volum (tonnes, HOG) 2 710 2 710 Operational EBITDA/kg (NOK) 5,4 -0,6 Operational EBIT/kg (NOK) -9,3 -15,7 Total PPE 4 278 975 32 968 2 843 4 314 786 Q2 2026 | Interim financial statements 28
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YTD 2025 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 139 912 897 0 140 809 Internal revenue 0 14 717 -14 717 0 Operating revenue 139 912 15 614 -14 717 140 809 Change in inventory 40 504 0 8 573 49 077 Cost of materials -80 082 0 -7 776 -87 858 Personnel expenses -29 281 -25 294 14 717 -39 858 Other operating expenses -78 640 -12 480 -797 -91 917 Operational EBITDA -7 587 -22 161 0 -29 748 Operational EBIT -47 966 -25 243 949 -72 259 Fair value adjustment of biomass -28 278 0 0 -28 278 Net financial -85 228 59 319 -0 -25 909 Profit/loss before tax -161 473 34 077 949 -126 447 Harvested volum (tonnes, HOG) 1 813 1 813 Operational EBITDA/kg (NOK) -4,2 -16,4 Operational EBIT/kg (NOK) -26,5 -39,9 Total PPE 2 929 439 90 681 -56 775 2 963 345 FY 2025 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 325 250 772 0 326 022 Internal revenue 0 33 500 -33 500 0 Operating revenue 325 250 34 272 -33 500 326 022 Change in inventory 43 711 0 0 43 711 Cost of materials -205 055 0 1 991 -203 064 Personnel expenses -49 976 -53 044 22 022 -80 998 Other operating expenses -153 413 -20 431 9 487 -164 357 Operational EBITDA -39 483 -39 203 0 -78 686 Operational EBIT -116 399 -44 404 1 896 -158 906 Fair value adjustment of biomass 15 630 0 0 15 630 Net financial -137 443 109 119 -0,00 -28 324 Profit/loss before tax -238 212 64 715 1 896 -171 601 Harvested volum (tonnes, HOG) 4 403 4 403 Operational EBITDA/kg (NOK) -9,0 -17,9 Operational EBIT/kg (NOK) -26,4 -36,1 Total PPE 3 644 993 33 459 38 636 3 717 088 Q2 2026 | Interim financial statements 29
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Note 3 Biological assets and inventory Biological assets are, in accordance with IAS 41, measured at fair value. For salmon in the grow-out facility, a present value model is applied to estimate the fair value. For roe, fry and smolt, historical cost is deemed to provide the best estimate of fair value, and hence applied. The fair value of fish in the grow-out facility is calculated by multiplying the estimated biomass at the time of harvest with the estimated sales price at the same time and deducted for estimated costs to sell. For fish not ready for harvest, remaining production costs to grow the fish to harvest weight are deducted. The cash flow is further discounted by a discount rate considering both risk adjustment and time value. The Company considers that fish greater than 4.6 kg is ready for harvest (about 3.8 kg gutted weight), and such fish is thus classified as harvestable fish. Fish that have not achieved this weight are classified as non- harvestable. In the event of incident-based mortality, all costs allocated to fish affected by incident-based mortality will be deducted from the book value of the inventory. Book value of inventory (in NOK thousand) Q2 2026 Q1 2026 Q2 2025 Equipment 7 492 6 720 6 742 Raw materials 4 325 5 011 2 911 Biological assets 206 852 172 512 195 512 Finished goods 0 0 0 Total 218 669 184 243 205 165 Biological assets (tonnes) Q2 2026 Q1 2026 Q2 2025 Biological assets end of period 2 897 2 334 3 043 Q2 2026 | Interim financial statements 30
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Biological assets (in NOK thousand) Q2 2026 Q1 2026 Q2 2025 FY 2025 Biological assets beginning of period 172 512 232 335 202 350 171 004 Increase due to production 112 945 97 223 111 014 411 389 Reduction due to harvest/sale -73 106 -130 180 -108 830 -365 687 Fair value adjustment beginning of period -10 155 -37 021 -2 135 -21 391 Fair value adjustment end of period 4 657 10 155 -6 887 37 021 Biological assets end of period 206 852 172 512 195 512 232 335 The estimated biomass volume is based on the actual number of individuals in the grow-out departments on the balance sheet date, adjusted for projected mortality up to harvest time and multiplied with the estimated harvest weight per individual at harvest time. The estimated sales price for the fish in the grow-out facility is based on forward prices from Sisalmoni with relevant adjustments. The net sales value is adjusted for expected quality differences and harvesting, logistics and sales expenses. Q2 2026 | Interim financial statements 31
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Note 4 Property, plant, equipment, right of use- and intangible asset Straight-line depreciation is applied over the useful life of property, plant, and equipment based on the asset’s historical cost and estimated residual value at disposal. Depreciation is charged to expense when the property, plant or equipment is ready for intended use. (in NOK thousand) Intangible assets Assets under construction Buildings and property Fixtures and fittings Right- of-use assets Total Cost 1 January 2025 81 136 481 778 1 598 740 342 102 33 185 2 536 940 Additions 2 710 553 604 277 9 441 34 805 600 836 Cost 30 June 2025 83 845 1 035 382 1 599 016 351 543 67 990 3 137 776 Acc. depreciation 1 January 2025 -34 0 -68 077 -48 480 -15 328 -131 919 Depreciation for the period -1 479 0 -20 369 -16 255 -4 408 -42 511 Net book value 30 June 2025 82 331 1 035 382 1 510 570 286 808 48 254 2 963 345 (in NOK thousand) Intangible assets Assets under construction Buildings and property Fixtures and fittings Right- of-use assets Total Cost 1 January 2026 86 346 1 781 080 1 625 586 361 493 70 471 3 924 976 Additions 315 630 223 242 6 269 1 497 638 545 Cost 30 June 2026 86 660 2 411 303 1 625 828 367 762 71 968 4 563 521 Acc. depreciation 1 January 2026 -1 838 0 -108 880 -72 212 -24 957 -207 889 Depreciation for the period -847 0 -20 985 -13 875 -5 142 -40 848 Net book value 30 June 2026 83 975 2 411 303 1 495 963 281 675 41 869 4 314 786 Q2 2026 | Interim financial statements 32
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Note 5 Finance income and finance cost Finance income (in NOK thousand) Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Interest income 455 2 950 465 6 933 5 916 Foreign exchange gains 1 483 1 481 2 389 1 812 3 811 Other finance income 608 19 1 549 19 19 Financial income 2 546 4 449 4 402 8 764 9 746 Share of net income from associated companies 100 -1 196 -562 -4 348 -5 477 Total financial income 2 645 3 253 3 840 4 415 4 269 Finance expenses (in NOK thousand) Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Interest on debts and borrowings 72 384 21 750 111 188 39 659 110 508 Capitalised borrowing costs - general borrowings -10 229 0 -20 258 0 -36 742 Capitalised borrowing costs - specific borrowings -55 115 -8 599 -76 338 -14 039 -44 413 Realized loss/gain on interest derivative -1 599 -1 442 -3 233 -2 950 -6 019 Change in value of financial derivatives (loss) 1 915 5 543 -5 631 5 116 3 005 Foreign exchange losses 1 918 1 659 4 550 2 091 5 340 Other finance expenses 69 220 287 449 914 Total financial expenses 9 343 19 131 10 564 30 325 32 593 Net financial income/- expenses -6 698 -15 878 -6 724 -25 910 -28 324 Application of IAS 23 has been taken into consideration where the Company has general borrowings which has partly been financing qualifying assets but not been directly allocated to the construction of a qualifying asset. The Company did not have any fair value adjustments of financial liabilities in H1 2026, nor in 2025. Q2 2026 | Interim financial statements 33
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Note 6 Tax (in NOK thousand) YTD 2026 YTD 2025 Profit/loss before tax -81 627 -126 447 Calculated tax (22%) -17 958 -27 818 Tax payable 0 0 Change in deferred tax (asset) -17 958 -27 818 Change in deferred tax not recognised in the balance sheet 17 958 27 818 Tax expense 0 0 Income tax expense is recognised based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the period ended 30 June 2026 is 22%, compared to 22% for the period ended 30 June 2025. Deferred tax benefit has not been recognised in the balance sheet as the Companies within the group are in their start-up phase and does not have any historical results to refer to when assessing whether future taxable profits will be sufficient to utilize the tax benefit. Q2 2026 | Interim financial statements 34
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Note 7 Earnings per share (in NOK thousand) YTD 2026 YTD 2025 Gain/loss attributable to the equity owners of the Group -81 627 -126 447 Gain/loss for calculation of diluted earnings per share -81 627 -126 447 Weighted average number of shares outstanding1) 493 069 973 462 603 306 Dilutive options 0 0 Average number om shares and options used in calculation for diluted EPS 493 069 973 462 603 306 Basic earnings per share (NOK) -0,17 -0,27 Diluted earnings per share (NOK) -0,17 -0,27 Basic earnings per share are based on the weighted average number of common shares outstanding during the period. H1 2026: The Company had 462,603,306 shares until April 30 and subsequently increased the number to 554,003,306 following a private placement. H1 2025: The Company had 462,603,306 shares for the whole period. Q2 2026 | Interim financial statements 35
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Note 8 Share capital & capital history (in NOK thousand) Date Capital Increase Share Capital After Change Par Value Subscription price per share New shares Total no. of outstanding shares Opening balance 1 July 2020 5 375 159 0,05 107 503 182 Share options exercised 10 July 2020 30 000 5 405 159 0,05 3,33 600 000 108 103 182 Private placement 23 July 2020 581 395 5 986 554 0,05 4,30 11 627 906 119 731 088 Private placement 11 September 2020 5 000 000 10 986 554 0,05 5,00 100 000 000 219 731 088 Private placement 23 March 2021 4 166 667 15 153 221 0,05 6,00 83 333 333 303 064 421 Acquisition Kraft Laks 16 August 2021 109 535 15 262 756 0,05 7,58 2 190 694 305 255 115 Private placement 12 October 2021 277 068 15 539 824 0,05 7,71 5 541 374 310 796 489 Share options exercised 26 March 2022 81 250 15 621 074 0,05 4,80 1 625 000 312 421 489 Private placement 5 April 2022 1 666 667 17 287 741 0,05 9,00 33 333 333 345 754 822 Private placement 18 April 2023 3 409 091 20 696 832 0,05 7,70 68 181 818 413 936 640 Private placement 18 June 2024 2 433 333 23 130 165 0,05 7,50 48 666 666 462 603 306 Private placement 30 April 2026 4 570 000 27 700 165 0,05 4,50 91 400 000 554 003 306 The Company entered into an investment agreement with Dongwon Industries and completed a NOK 50 million in towards Dongwon Industries in July 2020. The Company raised NOK 500 million in a private placement in connection with its initial public offering related to the admission on Merkur Market (now Oslo Børs) in September 2020. Further , the Company also raised another NOK 500 million in a private placement in March 2021. In August 2021 the Company acquired 100% of the shares in Kraft Laks AS. As part of the settlement the Company issued 2,190,694 new shares of NOK 7.6 per share and thereby increased its equity by NOK 16.6 Q2 2026 | Interim financial statements 36
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million. In October 2021 the Company carried out a private placement of USD 5m (NOK ~43m) towards Cargill. Further, in April 2022 the Company carried out a private placement raising gross proceeds of NOK 300 million at a subscription price of NOK 9.0 per share. In April 2023 the Company carried out a private placement raising gross proceed of NOK 525 million at a subscription price of NOK 7.7 per share. In June 2024 the Company carried out a private placement raising gross proceed of NOK 365 million at a subscription price of NOK 7.5 per share. Finally, in April 2026, the Group carried out a private placement that raised gross proceed of NOK 411 million at a subscription price of NOK 4.5 per share. Q2 2026 | Interim financial statements 37
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Note 9 Interest bearing debt Long-term interest bearing dept (in NOK thousand) 30.06.2026 30.06.2025 Debt to credit institutions 2 073 031 818 500 Leasing liabilities 27 041 32 595 Total long-term interest-bearing debt 2 100 072 851 095 Short-term interes bearing dept (in NOK thousand) 30.06.2026 30.06.2025 Debt to credit institutions 209 235 207 253 Leasing liabilitites 10 910 10 481 Total short-term interest-bearing debt 220 145 217 734 Total interest-bearing debt 2 320 216 1 068 829 Cash & cash equivalents 280 561 128 760 Net interest-bearing debt 2 039 655 940 069 In April 2026 Salmon Evolution refinanced and expanded its existing senior secured debt financing package related to Indre Harøy Phase 1 and 2, from 2,225 NOKm to 2,475 NOKm. The Company also increase the existing 200 NOKm overdraft facility related to biomass and receivables financing in phase 1 up to 400 NOKm for phases 1 and 2. Currently 200 NOKm of the 400 NOKm permitted is available to the Company. As per 30 June 2026, 2,031 NOKm was drawn of the secured green debt financing package. In addition, the Company has drawn 198 NOKm, of the 200 NOKm available under the Overdraft Facility. The Company has also entered into loan agreements for a total of NOK 60 million relating to Salmon Evolution Dale AS of which around NOK 54 million was drawn as per 30 June 2026. This loan is for financing of working capital, investments in Salmon Evolution Dale as well as refinancing of the seller’s credit from the acquisition of Salmon Evolution Dale AS. The above table does not include other long-term liabilities of NOK 3.6 million related to water rights in Salmon Evolution Dale AS. The loans are floating interest rate loans denominated in NOK with an interest charge based on NIBOR 3M plus an agreed margin. Q2 2026 | Interim financial statements 38
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Financial covenants The most important financial covenants for the long-term financing of the Company are, respectively, a solvency requirement that the borrower’s (Salmon Evolution Norway AS) book equity ratio (including intra- group loans) shall be minimum 45%. Further, there is a profitability requirement linked to the borrower’s EBITDA which shall be greater than NOK 358 million on a last 12-month basis from Q2 2028. Finally, there is a minimum cash requirement that stipulates that the obligors (Salmon Evolution Norway AS, Salmon Evolution Sales AS and Salmon Evolution ASA) cash balance shall be greater than NOK 100 million at any time. Any undrawn and available amounts under the revolving facility and the overdraft is included in the calculation of the cash balance. Security The Company’s bank debt facilities are fully guaranteed by Salmon Evolution ASA. The respective lenders also have a pledge over 100% of the shares in the borrower, Salmon Evolution Norway AS and Salmon Evolution Dale AS. Furthermore, the respective lenders have a pledge over all material operating assets of the Company, hereunder inter alia, land, plant and machinery, operating licenses, inventory and receivables. Cash movements in financial activities (NOK thousand) Short term Long term Balance at January 1, 2025 163 805 582 411 Repayment of loans and borrowings 0 -600 Proceeds from new bank loan 48 765 250 000 Change in leases liabilities 5 164 22 927 Balance at June 30, 2025 217 734 854 738 Balance at January 1, 2026 345 558 1 578 959 Repayment of loans and borrowings -160 000 -600 Proceeds from new bank loan 34 664 524 760 Change in leases liabilities -77 -3 047 Balance at June 30, 2026 220 145 2 100 072 Q2 2026 | Interim financial statements 39
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Note 10 Transactions with related parties During the ordinary course of business, the Company may engage in certain arm’s length transactions with related parties. There were no material transactions with related parties in H1 2026, nor in 2025. Note 11 Subsequent events No material subsequent events. Q2 2026 | Interim financial statements 40
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ABOUT SALMON EVOLUTION Salmon Evolution is the global leader within land- based salmon farming. Pioneering the hybrid flow-through system (HFS), Salmon Evolution is Extending the Ocean Potential by creating optimal growth conditions in a controlled environment on land. This approach, capturing the benefits of both land-based and sea-based farming, puts biology first and limits operational and biological risk. Salmon Evolution is strategically located the heart of the global aquaculture industry on the west coast of Norway, where the Company has its first facility and global centre of excellence fully operational at industrial scale. Enabled by proof of concept in at Indre Harøy , Salmon Evolution targets significant expansion. Salmon Evolution is listed on Oslo Børs under the ticker SALME. To learn more, please visit www.salmonevolution.no. OFFICE ADDRESS Torget 5, 6440 Elnesvågen (HQ) Keiser Wilhelms gate 22, 6003 Ålesund PRODUCTION SITES Grow-out: Indre Harøyvegen 88, 6430 Bud Smolt: Dalsfjordvegen 2805, 6120 Folkestad ORG NUMBER NO 925 344 877 MVA E-mail: post@salmone.no Web: salmonevolution.no BOARD OF DIRECTORS MANAGEMENT Tore Tønseth Chairman of the Board Trond Håkon Schaug-Pettersen CEO Anne Breiby Board Member Trond Vadset Veibust CFO Peder Stette Board Member Ingjarl Skarvøy COO Jan-Emil Johannessen Board Member Odd Frode Roaldsnes CCO Vibecke Bondø Board Member Kamilla Mordal Holo CPTO Vidar Skjørli HR & Strategy Director Q2 2026 | Interim financial statements 41