Salmon Evolution ASA — Earnings Release 2021

May 20, 2021

Salmon Evolution Holding ASA: Results for the first quarter 2021

Salmon Evolution Holding ASA: Results for the first quarter 2021

First quarter highlights

· Construction of Phase 1 at Indre Harøy progressing according to plan, on

time on budget

· Formalized K Smart joint venture with Dongwon Industries in South Korea

· Successful private placement of NOK 500 million

· Converted to ASA - Process for up-listing to Oslo Stock Exchange main list

started

· Available cash of NOK 1 billion (NOK 3.35 per share) on 31 March 2021

Subsequent events

· Signed term sheet for NOK 625 million bank financing with Nordea,

Sparebanken Vest and GIEK on very competitive terms, securing a funding for

Indre Harøy Phase 1 and equity commitment for K Smart

· Appointed Odd Frode Roaldsnes as Head of Asia, responsible for Dongwon

partnership and expansion opportunities in this high growth region

Since the groundwork at Indre Harøy started in May 2020, Phase 1 has developed

according to plan, on time and on budget. Construction work through the first

quarter of 2021 has mainly been on the production facilities, where the company

has started the assembly of fish-tanks. The plan for first smolt release in

March 2022 remains on track.

Total capital expenditures during the quarter was NOK 114 million, of which NOK

110 million were investments related to the turnkey project with Artec Aqua at

Indre Harøy. As per 31 March 2021, accumulated capex from project initiation in

2019 amounts to NOK 334 million.

During the quarter, Salmon Evolution formalized the joint venture with South

Korean Dongwon Industries for the construction and operation of a 16,800 tonnes

HOG capacity land-based salmon farming facility. Construction start is expected

in 2022, with commencement of grow out production in 2024. South Korea is a

highly attractive and fast-growing market for fresh Atlantic Salmon and landing

a landmark project with a first-class partner like Dongwon Industries, is a

solid testament to all stakeholders of Salmon Evolution.

Commenting on the K Smart Joint Venture, CEO Håkon André Berg, said:

"The joint venture with Dongwon Industries represents a massive opportunity for

Salmon Evolution to leverage its human capital and build on the experiences from

Indre Harøy as well as securing the company a very tangible pipeline for the

coming years."

During 2020, and further into first quarter of 2021, Salmon Evolution secured

both equity and debt financing and is continuously seeking to optimize the

company's capital structure.

In March 2021, the company issued 83.3 million shares at a subscription price of

NOK 6.00 per share, raising gross proceeds of NOK 500 million. On 16 April 2021,

the Company announced the signing of a committed term sheet for a NOK 625

million bank debt financing package with Nordea, Sparebanken Vest and GIEK on

very competitive terms, securing a fully funded platform for both Phase 1 at

Indre Harøy Phase and the Company's equity investment in K Smart.

"We are very grateful for the support shown by Nordea, Sparebanken Vest and GIEK

and view this as yet another testament to Salmon Evolution's technology approach

and overall business model", says Berg.

Outlook

Salmon Evolution is now under one year away from releasing the first smolt into

the fish tanks and just over 1.5 years away from first harvest. Preparations for

production-start are well underway and over the coming quarters the company will

devote significant resources in building internal systems and infrastructure,

securing that all operating procedures are in place in due time before

production start.

Following a volatile 2020, salmon prices has seen a remarkable recovery over the

last months and is currently back at historically high levels. Salmon Evolution

sees the strong price development as a demonstration of the underlying strength

of the salmon market.

Sentiment in the capital market has eased somewhat during the recent months.

With a broad range of land-based salmon farming projects entering capital

intensive phases, there is reason to believe that access to financing might be

an issue for many of these projects, limiting growth potential from land-based

salmon farming the next couple of years. With funding in place and projects well

underway, Salmon Evolution is uniquely positioned to take a global frontrunner

position in the future development of land-based salmon farming.

Results presentation

CEO Håkon André Berg and CFO Trond Håkon Schaug-Pettersen will present the

results by webcast today, Thursday May 20 at 08:00 a.m. CEST.

The presentation and subsequent Q&A will be held in English.

The presentation can be accessed at www.salmonevolution.no, or with the

following link: https://streams.eventcdn.net/salmonevolution/2021q1

For further information, please contact:

Håkon André Berg, CEO, Salmon Evolution

hakon.andre.berg@salmone.no

+47 41 19 22 57

Trond Håkon Schaug-Pettersen, CFO, Salmon Evolution

thsp@salmone.no

+47 91 19 13 27

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company focused on

extending the ocean's potential by transferring the best preconditions offered

by the sea to farm fish on land through its hybrid flow-through system

technology (HFS). This secures a truly sustainable production process with

controlled and optimal growth conditions and limiting operational and biological

risk.

The Company's first production facility is under construction at Indre Harøy,

strategically located on the Norwegian west coast with unlimited access to fresh

seawater, renewable energy, established infrastructure for salmon farming, and

an educated and experienced work force. The entire project is designed for an

annual capacity of approx. 31,500 tonnes HOG.

The Company has also entered a joint venture with Dongwon Industries where the

parties will develop, construct and operate a land-based salmon farming facility

in South Korea with an annual production capacity of 16,800 tonnes HOG, using

Salmon Evolution's HFS technology.

Salmon Evolution Holding ASA is listed at Euronext Growth under the ticker

SALME.

To learn more, please visit www.salmonevolution.no.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.