Interim report
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Extending the ocean potential Q3 2026
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Summary • Delivering on phase 1 and 2 production targets is the key strategic priority. • Phase 2 ramp-up and operation according to plan, with the third smolt release completed in July. • Farming EBITDA of -13.3 NOKm and Group EBITDA of -20.2 NOKm. • 2027E harvest guidance of 11,000 to 12,000 tonnes HOG, 2026E harvest guidance updated to 5,500 tonnes HOG after using available flexibility to move phase 2 first harvest to Q1-27. • Additional funding is in place through a new credit facility of 200 NOKm and an increase in the overdraft facility from 200 to 300 NOKm. Key figures Operational Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Standing biomass (tonnes, LW) 2 936 3 009 2 936 3 009 3 115 Net growth (tonnes, LW) 1 984 1 797 5 048 5 025 6 451 Harvest volumes (tonnes, HOG) 1 597 1 387 4 306 3 201 4 403 All-in price realization/kg (NOK)1 64,3 61,1 73,6 67,8 69,5 Farming EBITDA/kg -8,3 -22,1 0,3 -11,9 -9,0 Farming costs/kg (NOK) 71,3 81,8 71,7 80,3 77,1 Financial (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Operating revenues 104 852 86 475 323 776 227 284 326 022 Operational EBITDA2 -20 200 -40 507 -21 891 -70 255 -78 686 Operational EBIT2 -41 045 -61 470 -83 584 -133 730 -158 906 Profit (loss) before tax -25 683 -46 301 -107 311 -172 748 -171 601 Cash flow from operations -1 502 -40 610 -50 010 -82 050 -59 052 Operational EBITDA Farming Norway2 -13 294 -30 592 1 309 -38 177 -39 483 Capital structure (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Cash flow from investment activities -199 028 -348 748 -728 341 -861 268 -1 252 431 Cash flow from financing activities 113 771 416 951 808 716 670 210 1 045 458 Cash and cash equivalents 193 802 156 354 193 802 156 354 163 438 Net Interest-bearing debt 2 286 255 1 358 100 2 286 255 1 358 100 1 757 437 Equity ratio (%) 46 % 54 % 46 % 54 % 49 % Profitability Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Earnings per share (NOK) -0,05 -0,10 -0,21 -0,37 -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 Q3 2026 | Summary 3
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This is Salmon Evolution Operations Norway Salmon Evolution reported a net biomass growth in phases 1 and 2 of 1,984 tonnes LW in Q3-26. Operations at the grow-out facility at Indre Harøy remained stable through the quarter with minimal mortality . Operations at the Dale smolt facility progressed well. In phase 1 biomass growth was affected by one underperforming fish group affecting around 25 % of the available tank capacity in the quarter. This group, stocked in Q4-25, experienced weaker biological performance and higher mortality than relevant peer groups throughout the production cycle. The group was fully harvested in Q3-26 and was the primary reason for the lower average harvest weight in the quarter. In phase 2 operations and growth were according to plan, with the third smolt release completed in July. With a rigid testing and commissioning phase before initiation of operations, there have been limited disturbances affecting phase 2 operations during the first 6 months of operations. Given that there are no expected delays with impact on the production plan, preparations are underway for the next smolt inserts in Q4-26. At the Dale smolt facility production remained solid through the summer and into Q3 aided by good temperatures. Focus at the facility is not to maximize production, but to ensure that smolt is delivered with the right quality, weights and timing to Indre Harøy . In 2026 all groups have been delivered according to plan, highlighting that the facility is fully on track and that the investments at the facility in recent years have delivered the desired result. The Company remains fully focused on lifting Phase 1 biomass growth through targeted, data-driven initiatives and executing the Phase 2 ramp-up over the coming 6-9 months so that by mid-2027 Salmon Evolution expects to reach a run-rate biomass production of 14,600 tonnes HOG. In Q3 Salmon Evolution harvested 1,597 tonnes HOG, with a superior grade share of 94 % in line with the long-term trend. The average harvest weight ended at 3 kg HOG, primarily reflecting the underperforming fish group described above. Harvest weights are expected to improve in Q4 2026, underscoring the operational upside from greater consistency across fish groups. Q3 2026 | This is Salmon Evolution 4
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Harvest guidance Harvest guidance for 2026 updated to approximately 5,500t HOG compared with previous guidance of approximately 6,000t HOG. About 70 % of the reduction linked to phase 2 first harvest being moved to 2027 using available flexibility in the phase 2 production plan, to increase harvest weights and capitalize on the expected salmon price improvements. 2027 harvest guidance of 11,000 to 12,000 tonnes HOG, with H1-2027 focused on build phase 2 biomass towards steady state levels. Q3 2026 | This is Salmon Evolution 5
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Growth Indre Harøy Indre Harøy Phase 1 and 2 is a unique land-based salmon farming platform, which upon completion of phase 2 will hold an installed annual capacity of 15,800 tonnes HOG and a substantial EBITDA potential. Additionally, Salmon Evolution holds highly accretive growth options at Indre Harøy , with the potential to more than double existing capacity to approximately 36,000 tonnes HOG through the pre-grow out tanks and Phase 3, both projects fully licensed and with the necessary power grid allocations. Indre Harøy growth potentialIndre Harøy growth potential Note: 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 grow-out Construction of the phase 2 grow-out is expected to be finished by year-end 2026. A gradual handover of tanks through 2026 and into 2027 supports a controlled transition into operations. Formal handover of the final two tanks following testing and commissioning moved to Q1 2027, with no material impact on operations or costs expected. Q3 2026 | This is Salmon Evolution 6
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The original cost estimate for the Indre Harøy phase 2 grow-out facility was 2.15 NOKbn, with an additional 125 NOKm contingency buffer added in April 2026. The potential investment in the phase 1 and 2 pre-grow out tanks has a total estimated cost of around 400 NOKm including contingencies and buffers. As part of phase 2 Salmon Evolution 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 fully covered. Pre grow-out tanks phase 2 The pre grow-out tanks are expected to add 2,200 tonnes HOG on top of the original installed capacity of 15,800 tonnes HOG in phase 1 and 2, lifting the expected annual harvest capacity to 18,000 tonnes HOG. The option to include pre-grow-out tanks is also available for phase 3. The pre grow-out concept is to incorporate four smaller tanks - two for each phase – enabling an optimization of the production plan and represents a highly capital-efficient way to scale production using existing infrastructure. The concept is similar to the use of post-smolt in conventional salmon farming. Under this 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. Capital allocation remains disciplined, and initiation of the pre-grow-out tanks is contingent on an improvement in salmon prices and profitability, with near-term focus on achieving production targets on installed capacity. Q3 2026 | This is Salmon Evolution 7
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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) Source: Company data Funding Indre Harøy Phase 1 and 2 Salmon Evolution holds a senior secured debt financing package related to Indre Harøy Phase 1 and 2. The debt funding package has a tenor of 3 years from April 2026 with extension option and consists of the following credit facilities: • 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. Q3 2026 | This is Salmon Evolution 8
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• 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. 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 300 NOKm of the 400 NOKm permitted is available to the Company. As per 30 September 2026, the Term Loan of 525 NOKm, the 250 NOKm RCF, and 1,417 NOKm of the Construction facility grow-out were drawn under the existing debt facilities package. Funding Salmon Evolution Dale The Company has a debt financing package of 70 NOKm in relation to Salmon Evolution Dale, this includes an increase in the investment facility of 10 NOKm that was put into effect in Q4-26. 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 September 2026 about 47 NOKm of the 60 NOKm (not including the 10 NOKm increased investment facility) debt financing package was drawn. Q3 2026 | This is Salmon Evolution 9
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Our technology – Hybrid flow-through system (HFS) The Company uses 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 to 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 uses 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 Q3 2026 | This is Salmon Evolution 10
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Group financial review Revenue and results for the third quarter 2026 Comparable figures for Q3 2025 in brackets Farming Norway (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Operating revenue 104 782 86 599 323 636 226 511 325 250 Operational EBITDA2 -13 294 -30 592 1 309 -38 177 -39 483 Operational EBIT2 -33 585 -51 000 -58 893 -98 963 -116 399 All-in price realization/kg (NOK)1 64,3 61,1 73,6 67,8 69,5 Harvest volumes (tonnes, HOG) 1 597 1 387 4 306 3 201 4 403 Farming EBITDA cost/kg 71,3 81,8 71,7 80,3 77,1 Operational EBITDA/kg (NOK) -8,3 -22,1 0,3 -11,9 -9,0 Operational EBIT/kg (NOK) -21,0 -36,8 -13,7 -30,9 -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 had revenues of 104.8 NOKm (86.6 NOKm) after harvesting 1,597 tonnes HOG in Q3 versus 1,387 tonnes HOG in the same quarter last year, up 15 %. The superior grade share was in line with Q2-26 and the long-term trend, and the average harvest weight was impacted by harvest of an underperforming fish group, also impacting the average price achieved as the Company had more fish in the 2-3 kg HOG category than normal. Harvest mostly took place in August and September. Operating expenses ended at 118.1 NOKm (117.2 NOKm), reflecting higher harvest volumes in Q3-26 compared to Q3-25. In relation to preparation, testing and initiation of phase 2, the Company is taking some costs, and this amounted to 3.6 NOKm in capacity adjustments for Q3 – these costs were capitalized on the Indre Harøy phase 2 expansion project as part of testing related to initiation of operations. Farming EBITDA cost/kg ended at 71.3 NOK/kg in Q3-26 versus 81.8 NOK/kg the same quarter last year. The negative cost impact from harvesting of the underperforming group was about 3 NOK/kg in Q3-26, primarily related to lower smolt yield and a higher-than-normal feed factor. Underlying normalized farming EBITDA cost/kg thus ended around 68 NOK/kg. Q3 2026 | Group financial review 11
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The Company has high focus on operational cost improvements. Phase 2 doubles production volumes, significantly strengthening the Company’s negotiating position with suppliers. In parallel with initiating operations in phase 2, the Company has an ongoing cost improvement program. Operational EBITDA in the Farming segment ended at -13.3 NOKm (-30.6 NOKm), reflecting somewhat higher salmon prices and 13 % lower farming costs compared to the corresponding period last year. Depreciations in the period ended at 20.3 NOKm, leaving Operational EBIT for Q3-26 at -33.6 NOKm. Other (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Operating revenue 10 915 7 744 29 735 23 466 34 272 Operational EBITDA -6 907 -9 889 -23 201 -30 742 -39 203 In the Other segment all the resources related to projects and technology are employed, as well as general corporate functions. In Q3-26 the Other segment recorded operating revenues of 10.9 NOKm (7.7 NOKm). Revenues in this segment are in all material respect related to sale of services to the Farming segment and the Indre Harøy phase 2 expansion. The Other segment's cost base is mainly driven by salaries, which account for approximately 2/3rds 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. Over the last two years, the Company has significantly reduced spending across headquarters and growth functions, reflecting a strategic reassessment of growth priorities as well as weaker salmon prices. Annual cash burn is reduced by approximately 20 NOKm compared to the 2024 level, with the full impact realized from year-end 2026. Key measures include reductions in headcount, growth-related expenditure and general spending, including seven fewer administrative FTEs over the past 12–18 months. The cash-burn reduction does not translate fully into P&L savings, as certain measures affect cash expenditure without a corresponding direct impact on the income statement. Operating expenses totaled 17.8 NOKm (17.6 NOKm), in line with the 2026 run-rate and Q2-numbers. The operational EBITDA ended at -6.9 NOKm (-9.9 NOKm). Q3 2026 | Group financial review 12
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Group (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Total operating revenue and other income 104 852 86 475 323 776 227 284 326 022 Operational EBITDA2 -20 200 -40 507 -21 891 -70 255 -78 686 Operational EBIT -41 045 -61 470 -83 584 -133 730 -158 906 Fair value adjustment of biomass 17 688 25 697 -14 677 -2 581 15 630 Operating Profit (EBIT) -23 357 -35 773 -98 261 -136 311 -143 276 Net financial -2 326 -10 528 -9 050 -36 437 -28 324 Profit (loss) before tax -25 683 -46 301 -107 311 -172 748 -171 601 2 Before fair value adjustment related to biological assets The Group is the consolidated accounts of Salmon Evolution and consists of the Farming and Other segment. Company revenues amounted to 104.9 NOKm (86.5 NOKm) in Q3-26, all related to sales of head-on gutted salmon and reflecting somewhat higher salmon prices and 15 % higher harvest volume y/y. Operating expenses totaled 125.1 NOKm (127.0 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 -20.2 NOKm (-40.5 NOKm), reflecting lower farming and growth costs compared to the corresponding period last year, and a higher harvest volume. Depreciations in Q3-26 ended at 20.8 NOKm and the fair value adjustment amounted to 17.7 NOKm. This left the operating loss at 23.4 NOKm. Net financials for the quarter were -2.3 NOKm (-10.5 NOKm). The Company recorded no tax cost in Q3-26. For the period the result ended at -25.7 NOKm (negative 46.3 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. Q3 2026 | Group financial review 13
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Cash flow (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Net cash flow from operating activities -1 502 -40 610 -50 010 -82 050 -59 052 Net cash flow from investments activities -199 028 -348 748 -728 341 -861 268 -1 252 431 Net cash flow from financing activities 113 771 416 951 808 716 670 210 1 045 458 Net change in cash and cash equivalents -86 760 27 594 30 364 -273 108 -266 024 Cash and cash equivalents at start of period 280 561 128 760 163 438 429 462 429 462 Cash and cash equivalents at end of period 193 802 156 354 193 802 156 354 163 438 Net cash flow from operating activities in Q3 amounted to NOK -1.5 million (NOK -40.6 million). Investments in the quarter were 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 -199.0 NOKm (-348.7 NOKm). Cash flow from financing ended at 113.8 NOKm (417.0 NOKm), primarily related to drawdowns on the construction financing. The overdraft facility was increased from 200 NOKm to 300 NOKm in October 2026. Total change in cash and cash equivalents in the quarter ended at -86.8 NOKm (27.6 NOKm). Cash and cash equivalents ended at 193.8 NOKm excluding amounts available under the existing bank facilities. Financial position (in NOK thousand) 30 Sep 2026 30 Sep 2025 Non-current assets 4 523 364 3 306 008 Current assets 535 460 501 301 Total assets 5 058 825 3 807 309 Equity 2 348 359 2 053 837 Non-current liabilities 2 263 969 1 195 453 Current liabilities 446 497 558 019 Total equity and liabilties 5 058 825 3 807 309 On 30 September 2026 the book value of the Company’s assets was 5,058.8 NOKm (3,807.3 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. Current assets in the Company are primarily biological assets, receivables, and cash & cash equivalents. Q3 2026 | Group financial review 14
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Total equity amounted to 2,348.4 NOKm which corresponds to an equity ratio of 46%. Consolidated net interest-bearing debt totalled 2,286.3 NOKm at the end of the quarter. Share information As per 30 September 2026 DNB Asset Management AS was the Company’s largest shareholder with 40,097,515 shares, corresponding to 7.2% of the total number of shares outstanding. The 20 largest shareholders held 56.7% of the shares in the Company. Source: Monitor Holdings, Company Q3 2026 | Group financial review 15
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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 September 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting and gives a true and fair view of the 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 27 October 2026 Tore Tønseth Chair Peder Stette Director Anne Breiby Director Vibecke Bondø Director Trond Håkon Schaug-Pettersen CEO Jan-Emil Johannessen Director Q3 2026 | Group financial review 16
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Interim financial statements Statement of Profit and Loss (in NOK thousand) Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Sales revenue from farming 2 104 741 86 599 323 594 226 511 325 250 Other income 112 -125 182 772 772 Total operating revenue and other income 104 852 86 475 323 776 227 284 326 022 Change in inventory 3 -691 -11 452 5 885 37 625 43 711 Cost of materials 3 -60 487 -49 597 -161 620 -137 455 -203 064 Personnel expenses -18 120 -24 274 -54 298 -64 132 -80 998 Other operating expenses -45 754 -41 659 -135 634 -133 577 -164 357 Operational EBITDA -20 200 -40 507 -21 891 -70 255 -78 686 Depreciations 4 -20 844 -20 963 -61 693 -63 475 -80 221 Operational EBIT -41 045 -61 470 -83 584 -133 730 -158 906 Fair value adjustment of biomass 3 17 688 25 697 -14 677 -2 581 15 630 Operating Profit (EBIT) -23 357 -35 773 -98 261 -136 311 -143 276 Financial income 5 2 680 2 917 7 082 11 681 9 746 Financial expense 5 -5 094 -12 573 -15 658 -42 898 -32 593 Share of net income from associated companies 88 -872 -474 -5 220 -5 478 Net financial -2 326 -10 528 -9 050 -36 437 -28 324 Profit/loss before tax -25 683 -46 301 -107 311 -172 748 -171 601 Income tax expense 6 0 0 0 0 0 Profit/loss for the period 7 -25 683 -46 301 -107 311 -172 748 -171 601 Basic earnings per share (NOK) 7 -0,05 -0,10 -0,21 -0,37 -0,37 Diluted earnings per share (NOK) 7 -0,05 -0,10 -0,21 -0,37 -0,37 Consolidated statement of comprehensive incomeConsolidated statement of comprehensive income Profit/(loss) for the period -25 683 -46 301 -107 311 -172 748 -171 601 Currency translation differences 5 -156 -304 -1 508 2 160 862 Total comprehensive income for the period, net of tax -25 839 -46 605 -108 819 -170 588 -170 738 Q3 2026 | Interim financial statements 17
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Statements of financial position (in NOK thousand) Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 AssetsAssets Intangible assets 4 83 590 83 069 84 508 Assets under construction 4 2 615 573 1 362 133 1 781 081 Buildings and property 4 1 485 917 1 524 846 1 516 707 Fixtures and fittings 4 281 662 279 728 289 282 Right-of-use assets 4 39 362 48 605 45 513 Investment in associated companies 4 091 7 628 6 073 Other long-term receivables 13 169 0 13 169 Total non-current assets 4 523 364 3 306 008 3 736 331 Inventory 3 10 485 9 214 11 351 Biological assets 3 224 817 209 864 232 335 Trade receivables 51 719 48 846 10 314 Other current receivables 36 892 65 574 51 585 Financial derivatives 5 17 744 11 449 10 254 Cash and cash equivalents 193 802 156 354 163 438 Total current assets 535 460 501 301 479 276 Total assets 5 058 825 3 807 309 4 215 607 Equity and liabilitiesEquity and liabilities Share capital 8 27 700 23 130 23 130 Share premium 8 2 802 949 2 415 049 2 414 997 Other reserves 10 288 12 649 13 310 Uncovered losses -492 578 -396 990 -388 765 Total equity 2 348 359 2 053 837 2 062 673 Long-term interest-bearing debt 9 2 234 398 1 159 505 1 545 228 Lease liabilities - long term 9 25 928 32 306 30 088 Other long-term liabilities 9 3 643 3 643 3 643 Total non-current liabilities 2 263 969 1 195 453 1 578 959 Short-term interest-bearing debt 9 206 065 307 830 334 571 Trade payables 186 202 215 475 192 047 Social security and other taxes 2 159 4 726 7 527 Lease liabilities - short term 9 10 023 11 171 10 987 Other short-term liabilities 42 047 18 817 28 842 Total current liabilities 446 497 558 019 573 975 Total liabilities 2 710 465 1 753 472 2 152 934 Total equity and liabilities 5 058 825 3 807 309 4 215 607 Q3 2026 | Interim financial statements 18
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Statement of cash flow (in NOK thousand) Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Profit/loss before tax -25 683 -46 301 -107 311 -172 748 -171 601 Adjustments for:Adjustments for: Depreciation, amortisation and impairment loss 4 20 844 20 963 61 693 63 475 84 473 Net financials 2 326 10 528 9 050 36 437 28 324 Share based payment expenses 1 010 457 1 983 1 166 -1 827 Changes in working capital:Changes in working capital: Change in trade receivables -11 855 -4 126 -41 406 41 062 67 598 Change in other current receivables 8 602 5 199 3 502 -5 835 -2 946 Change in inventory and biological assets 3 973 11 938 -6 332 -38 117 -41 438 Change in fair value of biomass 3 -17 688 -25 697 14 677 2 581 -15 630 Change in trade payables 18 723 -8 625 18 988 -3 518 -4 937 Change in social security and other taxes -1 397 -955 -5 368 -2 359 442 Change in other current liabilities 2 642 -3 989 514 -4 194 -1 511 Cash (outflow) from operations -1 502 -40 610 -50 010 -82 050 -59 052 Cash flow from investment activitiesCash flow from investment activities Payments for fixed assets 4 -200 920 -350 995 -734 321 -864 649 -1 260 474 Proceeds from government grants 0 2 258 0 2 258 2 258 Payments for intangible assets 4 -787 -823 -1 102 -2 282 -3 960 Financial income received 2 680 812 7 082 3 405 9 746 Net cash (outflow) from investment activities -199 028 -348 748 -728 341 -861 268 -1 252 431 Cash flow from financing activitiesCash flow from financing activities Proceeds from issue of equity, net paid transaction costs 8 -372 0 392 522 0 0 Proceeds from new borrowings 9 158 497 441 881 721 564 740 647 1 153 412 Repayment of borrowings -300 -300 -160 900 -900 -1 200 Payments of principal portion of lease liabilities -2 259 -2 843 -7 372 -9 896 -12 173 Interest paid lease liabilities -604 -714 -1 897 -1 818 -2 503 Financial expenses paid -41 190 -21 073 -135 201 -57 822 -92 078 Net cash (outflow) from financing activities 113 771 416 951 808 716 670 210 1 045 458 Net change in cash and cash equivalents -86 760 27 594 30 364 -273 108 -266 024 Cash and cash equ. at the beginning of the period 280 561 128 760 163 438 429 462 429 462 Cash and cash equ. at the end of the period 193 802 156 354 193 802 156 354 163 438 Q3 2026 | Interim financial statements 19
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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 -172 748 -172 748 Other comprehensive income 0 0 0 0 2 160 2 160 Total comprehensive income 0 0 0 0 -170 588 -170 588 Share based payment expensed 0 0 1 166 0 0 1 166 Transactions with owners 0 0 1 166 0 0 1 166 Balance at 30 September 2025 8 23 130 2 415 049 12 649 0 -396 990 2 053 837 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 -107 311 -107 311 Other comprehensive income 0 0 0 0 -1 508 -1 508 Total comprehensive income 0 0 0 0 -108 819 -108 819 Private placement April 2026 8 4 570 387 951 0 0 0 392 521 Other paid-in capital 0 0 0 0 0 0 Transfer related to expired share options 0 0 -5 005 0 5 005 0 Share based payment expensed 0 0 1 983 0 0 1 983 Transactions with owners 4 570 387 951 -3 022 0 5 005 394 504 Balance at 30 September 2026 8 27 700 2 802 949 10 288 0 -492 578 2 348 359 Q3 2026 | Interim financial statements 20
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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 and is about to complete the phase 2 expansion taking installed capacity to 15,800 tonnes HOG. At the site the Company has highly accretive growth options with a planned annual production of 36,000 tons HOG fully built. These interim financial statements were approved by the Board of Directors on 27 October 2026. These interim financial statements have not been audited. Consolidation These condensed consolidated statements for the period ended 30 September 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 Q3 2026 | Interim financial statements 21
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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 market. 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 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. Q3 2026 | Interim financial statements 22
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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 is 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. Q3 2026 | Interim financial statements 23
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Note 2 Segment The Group 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 consists of both revenue and costs not attributable to the farming segment. Sales revenue from contracts with customers comes from Europe, UK, Asia, US and other markets. Q3 2026 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 104 782 70 0 104 852 Internal revenue 0 10 845 -10 845 0 Operating revenue 104 782 10 915 -10 845 104 852 Change in inventory -691 0 0 -691 Cost of materials -65 775 0 5 288 -60 487 Personnel expenses -14 534 -14 431 10 845 -18 120 Other operating expenses -37 076 -3 390 -5 287 -45 754 Operational EBITDA -13 294 -6 907 0 -20 200 Operational EBIT -33 585 -7 934 474 -41 045 Fair value adjustment of biomass 17 688 0 0 17 688 Net financial -42 670 40 344 0 -2 326 Profit/loss before tax -58 568 32 411 474 -25 683 Harvested volume (tonnes, HOG) 1 597 1 597 Operational EBITDA/kg (NOK) -8,3 -12,6 Operational EBIT/kg (NOK) -21,0 -25,7 Total PPE 4 470 617 89 892 -54 405 4 506 104 Q3 2026 | Interim financial statements 24
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Q3 2025 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 86 599 -125 0 86 475 Internal revenue 0 7 869 -7 869 0 Operating revenue 86 599 7 744 -7 869 86 475 Change in inventory -11 452 0 -0 -11 452 Cost of materials -43 270 0 -6 327 -49 597 Personnel expenses -14 204 -14 201 4 131 -24 274 Other operating expenses -48 265 -3 432 10 039 -41 659 Operational EBITDA -30 592 -9 889 -27 -40 507 Operational EBIT -51 000 -10 918 448 -61 470 Fair value adjustment of biomass 25 697 0 0 25 697 Net financial -40 808 30 280 -0 -10 528 Profit/loss before tax -66 111 19 362 448 -46 301 Harvested volume (tonnes, HOG) 1 387 1 387 Operational EBITDA/kg (NOK) -22,1 -29,2 Operational EBIT/kg (NOK) -36,8 -44,3 Total PPE 3 263 229 91 452 -56 300 3 298 381 YTD 2026 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 323 636 140 0 323 776 Internal revenue 0 29 595 -29 595 0 Operating revenue 323 636 29 735 -29 595 323 776 Change in inventory 5 885 0 0 5 885 Cost of materials -166 908 0 5 288 -161 620 Personnel expenses -43 409 -40 484 29 596 -54 298 Other operating expenses -117 895 -12 452 -5 287 -135 634 Operational EBITDA 1 309 -23 201 0 -21 891 Operational EBIT -58 893 -26 113 1 422 -83 584 Fair value adjustment of biomass -14 677 0 0 -14 677 Net financial -112 013 102 964 -0 -9 050 Profit/loss before tax -185 583 76 851 1 421 -107 311 Harvested volume (tonnes, HOG) 4 306 4 306 Operational EBITDA/kg (NOK) 0,3 -5,1 Operational EBIT/kg (NOK) -13,7 -19,4 Total PPE 4 470 617 89 892 -54 405 4 506 104 Q3 2026 | Interim financial statements 25
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YTD 2025 (In thousand NOK) Farming Norway Other Eliminations Group External revenue 226 511 772 0 227 284 Internal revenue 0 22 694 -22 694 0 Operating revenue 226 511 23 466 -22 694 227 284 Change in inventory 29 053 0 8 572 37 625 Cost of materials -123 352 0 -14 103 -137 455 Personnel expenses -36 220 -39 495 11 583 -64 132 Other operating expenses -134 169 -14 713 15 306 -133 577 Operational EBITDA -38 177 -30 742 -1 335 -70 255 Operational EBIT -98 963 -35 625 858 -133 730 Fair value adjustment of biomass -2 581 0 0 -2 581 Net financial -126 036 89 599 0 -36 437 Profit/loss before tax -227 580 53 974 858 -172 748 Harvested volume (tonnes, HOG) 3 201 3 201 Operational EBITDA/kg (NOK) -11,9 -21,9 Operational EBIT/kg (NOK) -30,9 -41,8 Total PPE 3 263 229 91 452 -56 300 3 298 381 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 -28 324 Profit/loss before tax -238 212 64 715 1 896 -171 601 Harvested volume (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 Q3 2026 | Interim financial statements 26
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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) Q3 2026 Q3 2025 Equipment 7 129 6 409 Raw materials 3 356 2 805 Biological assets 224 817 209 864 Finished goods 0 0 Total 235 303 219 078 Biological assets (tonnes) Q3 2026 Q3 2025 Biological assets end of period 2 936 3 009 Q3 2026 | Interim financial statements 27
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Biological assets (in NOK thousand) Q3 2026 YTD 2026 Q3 2025 YTD 2025 FY 2025 Biological assets beginning of period 206 852 232 335 195 512 171 004 171 004 Increase due to production 115 315 325 482 105 089 314 162 411 389 Reduction due to harvest/sale -115 037 -318 323 -116 434 -272 721 -365 687 Fair value adjustment beginning of period -4 657 -37 021 6 887 -21 391 -21 391 Fair value adjustment end of period 22 344 22 344 18 810 18 810 37 021 Biological assets end of period 224 817 224 817 209 864 209 864 232 335 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. Q3 2026 | Interim financial statements 28
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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 3 604 880 355 24 752 10 469 37 655 956 835 Cost 30 September 2025 84 740 1 362 133 1 623 492 352 571 70 840 3 493 775 Acc. depreciation 1 January 2025 -34 0 -68 077 -48 480 -15 328 -131 919 Depreciation for the period -1 636 0 -30 569 -24 363 -6 907 -63 475 Net book value 30 September 2025 83 069 1 362 133 1 524 846 279 728 48 605 3 298 381 (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 347 834 492 899 13 337 1 632 850 708 Cost 30 September 2026 86 693 2 615 572 1 626 485 374 831 72 103 4 775 684 Acc. depreciation 1 January 2026 -1 838 0 -108 880 -72 212 -24 957 -207 889 Depreciation for the period -1 264 0 -31 687 -20 957 -7 785 -61 693 Net book value 30 September 2026 83 591 2 615 572 1 485 918 281 662 39 361 4 506 104 Q3 2026 | Interim financial statements 29
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Note 5 Finance income and finance cost Finance income (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Interest income 1 232 2 153 1 697 9 086 5 916 Foreign exchange gains 873 764 3 262 2 576 3 811 Other finance income 574 0 2 123 19 19 Financial income 2 680 2 917 7 082 11 681 9 746 Share of net income from associated companies 88 -872 -474 -5 220 -5 477 Total financial income 2 768 2 045 6 608 6 460 4 269 Finance expenses (in NOK thousand) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Interest on debts and borrowings 47 578 27 877 158 766 67 537 110 508 Capitalised borrowing costs - general borrowings -10 129 0 -30 387 0 -36 742 Capitalised borrowing costs - specific borrowings -31 145 -11 807 -107 483 -25 846 -44 413 Realized loss/gain on interest derivative -2 021 -1 405 -5 254 -4 355 -6 019 Change in value of financial derivatives (loss) -1 961 -3 419 -7 592 1 697 3 005 Foreign exchange losses 1 362 828 5 912 2 919 5 340 Other finance expenses 1 410 498 1 697 946 914 Total financial expenses 5 094 12 573 15 658 42 898 32 593 Net financial income/- expenses -2 326 -10 528 -9 050 -36 437 -28 324 Application of IAS 23 has been taken into consideration where the Company has general borrowings which have partly been financing qualifying assets but has not been directly allocated to the construction of a qualifying asset. The Company has not had any fair value adjustments of financial liabilities in 2026, nor in 2025. Q3 2026 | Interim financial statements 30
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Note 6 Tax (in NOK thousand) YTD 2026 YTD 2025 Profit/loss before tax -107 311 -172 748 Calculated tax (22%) -23 608 -38 005 Tax payable 0 0 Change in deferred tax (asset) -23 608 -38 005 Change in deferred tax not recognised in the balance sheet 23 608 38 005 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 ending 30 September 2026 is 22%, compared to 22% for the period ended 30 September 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 do not have any historical results to refer to when assessing whether future taxable profits will be sufficient to utilize the tax benefit. Q3 2026 | Interim financial statements 31
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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 -107 311 -172 748 Gain/loss for calculation of diluted earnings per share -107 311 -172 748 Weighted average number of shares outstanding1) 513 381 084 462 603 306 Dilutive options 0 0 Average number of shares and options used in calculation for diluted EPS 513 381 084 462 603 306 Basic earnings per share (NOK) -0,21 -0,37 Diluted earnings per share (NOK) -0,21 -0,37 Basic earnings per share are based on the weighted average number of common shares outstanding during the period. YTD September 2026: The Company had 462,603,306 shares until April 30 and subsequently increased the number to 554,003,306 following a private placement. YTD September 2025: The Company had 462,603,306 shares for the whole period. Q3 2026 | Interim financial statements 32
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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 In April 2026, the Group carried out a private placement that raised gross proceeds of NOK 411 million at a subscription price of NOK 4.5 per share. Q3 2026 | Interim financial statements 33
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Note 9 Interest-bearing debt Long-term interest-bearing debt (in NOK thousand) 30.09.2026 30.09.2025 Debt to credit institutions 2 234 398 1 159 505 Leasing liabilities 25 928 32 306 Other long term liabilities 3 643 3 643 Total long-term interest-bearing debt 2 263 969 1 195 454 Short-term interest-bearing debt (in NOK thousand) 30.09.2026 30.09.2025 Debt to credit institutions 206 065 307 830 Leasing liabilities 10 023 11 171 Total short-term interest-bearing debt 216 089 319 000 Total interest-bearing debt 2 480 057 1 514 454 Cash & cash equivalents 193 802 156 354 Net interest-bearing debt 2 286 255 1 358 100 As per 30 September 2026, 2,192 NOKm was drawn of the secured green debt financing package linked to Indre Harøy . In addition, the Company had drawn 200 NOKm under the overdraft facility. The overdraft facility has been increased from 200 NOKm to 300 NOKm. With regards to Salmon Evolution Dale AS, around NOK 47 million was drawn as per 30 September 2026. This loan is for financing 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 loans are floating interest rate loans denominated in NOK with an interest charge based on NIBOR 3M plus an agreed margin. Q3 2026 | Interim financial statements 34
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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 are 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 -300 -900 Proceeds from new bank loan 149 642 591 305 Change in leases liabilities 5 853 22 637 Balance at September 30, 2025 319 000 1 195 453 Balance at January 1, 2026 345 558 1 578 959 Repayment of loans and borrowings -160 000 -900 Proceeds from new bank loan 31 494 690 070 Change in leases liabilities -964 -4 160 Balance at September 30, 2026 216 088 2 263 969 Q3 2026 | Interim financial statements 35
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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. The Company has not had any material transactions with related parties in 2026, nor in 2025. Note 11 Subsequent events Reference is made to the stock exchange release in connection with release of the Q3 financial report, regarding the new credit facility. ABOUT SALMON EVOLUTION Salmon Evolution is a leading land-based salmon farmer. Using the Hybrid Flow-Through System (HFS), the Company combines the advantages of conventional sea-based farming with the control and predictability of a land-based environment to extend the ocean potential. Based at Indre Harøy on the west coast of Norway, Salmon Evolution is strategically positioned in the heart of the global salmon farming industry. Following completion of the Phase 2 grow-out section, the Company operates an industrial-scale production platform with 15,800 tonnes HOG of installed annual production capacity, while its existing site, infrastructure and licenses support expansion to approximately 36,000 tonnes HOG annually. 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 Q3 2026 | Interim financial statements 36
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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 Q3 2026 | Interim financial statements 37