Salmon Evolution ASA

Investor Presentation • Aug 19, 2025

PRESENTATION Q2 2025

CEO: Trond Håkon Schaug-Pettersen CFO: Trond Vadset Veibust

19 August 2025

Disclaimer

This presentation (the "Presentation") has been prepared by Salmon Evolution ASA (the "Company" and together with is subsidiaries, the "Group") except where context otherwise requires, solely for information purposes. This Presentation, and the information contained herein, does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and neither the issue of the materials nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction.

This Presentation is furnished by the Company, and it is expressly noted that no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representative directors, officers, employees, agents or advisers (collectively "Representatives") as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The Presentation comprise a general summary of certain matters in connection with the Group and do not purport to contain all of the information that any recipient may require to make an investment decision. These materials have not been approved, reviewed or registered with any public authority or stock exchange. By attending a Presentation meeting or receiving these materials, you acknowledge that you will be solely responsible for your own assessment of the Company, the Group and its market position, and that you will conduct your own analysis and be solely responsible for forming your own view of the Company and its prospects. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company or its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. The Company has not authorized any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide

Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "forecasts", "projects", "should", "target" "will", "would" and words or expressions of similar meaning or the negative thereof. These forwardlooking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's potential future revenues, results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. None of the Company or any of its Representatives provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements are not guaranteeing of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from those results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

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• Highlights

• Operations
• Growth
• Financial review
• Summary and outlook

EXTENDING THE OCEAN POTENTIAL 3

Highlights in the quarter

• Indre Harøy phase 2 progressing according to plan, on track for first smolt release in Q1-26.
• Continued stable operations in a fully stocked farm and minimal mortality. Ending Q2 2025 with a standing biomass of 3,043 tonnes LW and all-time high underlying biomass production.
• Revenues of 91.1 NOKm after harvesting 1,232 tonnes HOG, farming EBITDA of -13.2 NOKm and group EBITDA of -25.6 NOKm. Results impacted by weak salmon prices and temporarily higher farming costs due to non-recurring factors related to harvest of underperforming groups affected by last years smolt quality issues.
• Strengthening financial flexibility with a new credit facility of up to 250 NOKm, as well as increasing the overdraft facility with 50 NOKm.

• Highlights
• Operations
• Growth
• Financial review
• Summary and outlook

Continued improvement in operational performance with alltime high underlying production towards end of Q2

• Continued improvement in operational performance with underlying biomass production of 1,700+ tonnes LW during the quarter.

• Q2 net biomass growth¹ of 1,604 tonnes LW following precautionary pause in feeding in connection with blasting activities for phase 2 water intake pipes, reducing biomass growth with approximately 100 tonnes.
• Underperforming groups affected by last year's smolt quality issues have been fully harvested in Q2 – these represented a significant share of the biomass in the quarter and impacted growth.

• Continued stable operations across the farm with consistent low mortality.

• Two smolt groups stocked in the quarter at above target stocking weights.
• Fully stocked farm with a standing biomass of 3,043 tonnes LW per Q2, aligned with run-rate target both in volume and individuals.
• All-time high production towards end of Q2 well positioned for continued positive development.

Biomass composition fully normalized

Biomass composition last three quarters Significant improvement

• Biomass composition fully normalized during Q2 following the smolt quality issues in 1H 2024.
  • Close to ideal in terms of volume, individuals and weight distribution – a significant improvement
• 57 % of biomass above 3 kg at the end of Q2-25 versus no biomass above 3 kg at the end of 2024 – underlines reason for low harvest weights H1-25
• Valuable lessons learned, overcapacity on smolt secured through 2025.
  • The pre-grow out tanks planned as part of phase 2 will further mitigate risk, by always having smolt available for stocking.
• Well positioned for continued positive development in operational KPIs and harvest weights.

Harvest volumes and weights to increase from Q3

• Harvest of 1,232 tonnes HOG, continued high superior grade share in line with previous quarters.
• Improvement in harvest weight from Q1 to Q2, but as previously disclosed harvest weights were negatively impacted by the H1 2024 smolt quality issues and the need to restock new smolt groups within a short timeframe, requiring harvesting of certain groups at suboptimal weights.
  • These groups have been fully harvested during the quarter.
• All-in price realization on harvested fish of NOK ~72/kg¹ . Price realization impacted by timing of harvest and large fluctuations in spot prices during the quarter.

9

Updated harvest guidance - prioritizing 2026

Expected 2025 harvest volumes somewhat reduced, underlying production generally in line

2025

Ending the year with full biomass Underlying production up ~20 % from 2024

• Prioritizing to maintain full biomass at end of 2025, especially considering the prevailing market conditions and expectations of a stronger salmon price in 2026.
  • In previous plan end-of-year biomass was below run-rate levels – new plan maintains full biomass
• We planned to upsize two smolt inserts for post-smolt sales this winter. No offtake commitments secured yet, so this volume has been excluded as a precaution.
  • We are and will continue working on executing this as planned.
• Harvest volumes and weights set to increase from Q3.
  • Aligned with expected production ramp-up whilst also prioritizing to maintain targeted run-rate biomass.
  • In general, underlying biomass production is a good indicator for expected harvest volumes.

Tonnes, HOG 5,800 – 6,200 ~5,000 ~200 ~500 ~300 ~800 (~1,000t LW) ~5,800 (~7,000t LW) Previous harvest guidance Current harvest guidance Effect post smolt Volume pushed to 2026 Other effects 2025E underlying production Q1 2025 biomass build 2025 harvest guidance Underlying production in period generally in line with expectations from April, when we last updated our harvest guidance

2025

Positive development on all underlying metrics expected in second half of 2025

• Highlights
• Operations
• Growth
• Financial review
• Summary and outlook

EXTENDING THE OCEAN POTENTIAL11

INDRE HARØY SITE – 200 MILLION MEALS A YEAR FROM 25 ACRES

All permits in place for 36,000 tonnes HOG

Significant economies of scale unlocked when phase 2 is operational

Q2 2025

REACHING CRITICAL SCALE OF OPERATIONS

Phase 2: Taking Salmon Evolution to the next level

+128 %

Optimising production by introducing pre-grow-out tanks – 14 % increased output per phase

Higher upside potential in a more conservative production plan with lower average harvest weights and peak densities

Even higher regularity of harvest with two extra annual smolt inserts per phase unlocking more partnership opportunities

Capital efficient optimisation of Phase 2 by leveraging existing infrastructure – 25 % shorter grow out cycle

Reduced operational risk and added operational flexibility – each batch share of annual harvest reduced from 17 % to 6 %

Phase 2 on track for first harvest during 2026

Tank installations (early July 2025)

General

• Phase 2 progressing according to plan.
• On track for targeted first smolt release Q1-26 and first harvest Q4-26.

Status and progress – grow out

• Assembly of the fish tanks progressing well, 10 out of 12 units installed.
• Building shells for 4 out of 6 technical buildings constructed.
• Process installations ongoing.
• Piping and concrete works below ground are completed.
• Continued strong progress on other key milestones.

Both intake pipes installed

Status and progress – water intake

• Both intake pipes installed major milestone completed.
• Building shell for the intake station is completed.
• Process installations well underway.

Status and progress – pre-grow out tanks

• Planning and engineering initiated and nearing completion.
• Targeted completion aligned with phase 2 grow-out, subject to final investment decision during the second half of 2025.

Current strategic priorities is operational excellence and phase 2 project execution

Achieving critical scale with phase 2 – disciplined approach to growth; returns > raw scale

Salmon Evolution fully compliant NEW REGULATION FOR LAND BASED AQUACULTURE IN NORWAY

Background and proposal

• The Norwegian Ministry of Trade, Industry and Fisheries has put new regulation for landbased aquaculture into law.
• After a two-year standstill, it is possible to submit new license applications.
• The new regulation makes it mandatory to filter and disinfect the intake water and removes confusion around which aquaculture activities are defined as being "on land".

Our assessment

• Salmon Evolution is fully compliant with the new regulations.
• The proposal introduces reasonable and logical requirements for land-based aquaculture, that will ensure a sustainable development of the industry
• Positive for the long-term development of land-based aquaculture, with regulatory risk minimized

With this proposal Norway is strengthening its position as the global leader in land-based salmon farming

Paves way for further development and growth in Norway

• Highlights
• Operations
• Growth
• Financial review
• Summary and outlook

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2025

Farming: Better times ahead

REVENUE	EBITDA	EBITDA/KG	HARVEST VOLUME
90.2 NOKm	-13.2 NOKm	NOK -10.8	1 232 TONNES HOG

• Weak salmon prices and temporarily higher farming costs due to non-recurring factors related to harvest of underperforming groups affected by last years smolt quality issues, resulted in negative EBITDA/kg in Q2.
  • Solid price realization vs. relevant index and continued high superior grade share
  • Low harvest weight impacting smolt yield and high FCR impacting feed cost per kg.
• Underlying farming costs in the quarter in line with Q1.
  • Continued increase in production volumes will improve farming costs – lag of ~6 months before effects of higher production is reflected in reported figures

f u es m n		Q2 202
perating revenues	90 2	170	1 9 9	7 7
perational E IT	9	0 0	0	7 9
(tonnes G) arvest volumes ,	1 2 2	1 1	1 1	91
reali ation1 All in price ( K/kg)	72 1	10 1	7 2	9
perational E IT/kg ( K)	27	2	2	7 7
cost/kg2 Farming E IT A ( K)	1 2	7 2	79 0	9

FOR ILLUSTRATIVE PURPOSES

Farming cost = all about good biology and scale

• Backdrop: Continued stable operations across the farm with consistently minimal mortality.
• Cost structure: In a fully operational farm, nearly 50 % of the cost base is 'f xed'. Higher production means improved cost efficiency and lower cost per kg.
  • Smolt: stocked according to production plan.
  • Personnel: fixed staffing levels.
  • Electricity limited incremental impact of higher production
  • Technical operations, maintenance, other running expenses and G&A: largely independent of production volumes
• Higher production volumes rapidly leverages the 'f xed' cost base improving overall farming cost per kg.

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2025

Group: Profit & loss

REVENUE	EBITDA	EBITDA/KG
91.1 NOKm	-25.7 NOKm	NOK -20.8

• Weak salmon prices and temporarily higher farming costs due to non-recurring factors related to harvest of underperforming groups affected by last years smolt quality issues impacting Group performance.
• Other segment EBITDA of -12.4 NOKm in line with previous quarters.
  • Insignificant cash burn on projects outside Norway.
• Fair value adjustment of -9.0 NOKm reflecting weak salmon prices.
• Net financials of NOK -15.9 NOKm driven by interest expenses and market to market adjustments on interest hedge derivative.

f u es m n		Q2 202
Total operating revenues	91 1	170	1 0	71
of Fair value adjustment biomass	9 0	12	2	10
perating profit (E IT)	9	1 1	100	1 2
financials et	1 9	7	2 9	2 2
Profit/loss before tax	71 7		12	7
Income tax expense	0	0	0	0
Profit/loss for the period	71 7		12	7
arvest volumes (tonnes G) ,	1 2 2	1 1	1 72	91
reali ation1 ( K/kg) All in price	72 1	10 1	7 2	9
perational E IT/kg ( K)	0	1 7	1	1 0

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2025

Group: Balance sheet and cash flow

CASH FLOW OPERATIONS	EQUITY RATIO	NET INTEREST- R ' '
-33.9 NOKm	61 %	944 NOKm

• Phase 2 investments according to budget. Building activity and investments expected to peak during the second half of 2025.
• Construction financing of 1,450 NOKm undrawn end of quarter, first drawdown completed early July.
• Strengthening financial flexibility with new loan facilities of 250 NOKm, where 150 NOKm is dedicated to the planned pre-grow out department.
• Cash flow from operations affected by aforementioned effects.

f u es m n		0 ar 2
on current assets	2 972	2 9	2 1
Current assets		7 7	7 9
Equity	2 100	2 171	2 22
on current liabilities			2
Current liabilities	7	1	79
Cash and cash equivalents	129	1	29
et Interest bearing debt	9	1	17
Equity ratio	1		70
f u es m n		Q2 202
Cash flow from operations	9	7	0
Cash flow from investing	271		12	2
Cash flow from financing	1	2 1	2 2	2

Entering peak investment period for phase 2

Strengthening financial flexibility with new loan facilities

• Entered credit facility of up to 250 NOKm with DNB and ordea ank to strengthen the Company's financial flexibility in light of a softer than expected salmon market over the last 12 months.
  • 150 NOKm is dedicated to the planned pre-grow department at Indre Harøy.
• The facility is based on customary market terms and a tenor of 12 months with an option to extend another 6 months, subject to lender consent.
• Additionally, the overdraft facility in place with Nordea Bank has been increased from 150 to 200 NOKm.
• Final documentation completed during July.
• First draw down on construction facilities of 1,450 NOKm completed early July according to plan.

• Highlights
• Operations
• Growth
• Financial review
• Summary and outlook

EXTENDING THE OCEAN POTENTIAL25

Expected salmon price recovery in 2026

Global supply expected to dry up in 2026 Prices strongly correlated to supply

• Global supply expected to dry up in 2026, primarily due to regulations capping supply in Norway and lower growth in other regions.
  • Ideal farming conditions in Norway (~50 % of global supply) leading to record high harvest volumes in 2025.
• Historically strong correlation between supply growth/contractions and price.
• Significant price recovery expected in 2026 if history repeats itself – no supply growth leading to higher price.

Positioned to capitalize on a strong salmon market

Proven platform From CAPEX to Heavy lifting done

• De-risking complete proven biological and technical performance
• Focus on maximizing utilization and improving unit economics
• Reaching critical mass with 18,000t HOG in phase 2
• Highly scalable platform core infrastructure and setup costs taken
• Expect significant cash flow generation and potential for self funding growth

CASH FLOW

• Scaling effects on fixed cost base – incremental volumes drive strong EBITDA growth

Significant growth potential

• Disciplined approach to growth; returns > raw scale
• Licensed to 36,000t HOG in Norway with full regulatory clarity

Next update

Q3 2025 11th November | Q3 2025 operational update will be released early October