Salmon Evolution ASA — Earnings Release 2023

Nov 15, 2023

Salmon Evolution ASA: Results for Q3 2023

Salmon Evolution ASA: Results for Q3 2023

Highlights in the quarter:

· Strong biological performance. Standing biomass of 2,100 tonnes per 30

September, up from 1,047 tonnes per 30 June 2023.

· All-time high biomass production with 1,290 tonnes in net biomass growth.

· Quarterly run-rate net biomass growth of 1,600 - 1,700 tonnes end of

September, about 70-75 % of steady-state levels.

· Parts of batch 3 harvested in September yielding 185 tonnes HOG with 96 %

superior share, tight weight concentration and good price realization. Expecting

significant ramp up of harvest volumes in Q4.

· On track for production cost on par with conventional farming

· Batch 8 stocked end August and batch 9 end October bringing farm to steady

-state number of individuals of 1.5-1.6 million.

· Available liquidity of NOK 705 million per 30 September 2023 including

committed available undrawn credit facilities.

· Q4 harvest expectation 1,000 - 1,200 tonnes (HOG).

Results presentation:

CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust will present the

results for the third quarter at Hotel Continental in Oslo, Wednesday 15

November 2023 08:00 CET.

Participants may also follow the presentation and submit questions through a

live webcast available on www.salmonevolution.no, or with the following link:

https://events.webcast.no/salmon

-evolution/OEpmPDaoyhi5siPjdg0b/YpjX2kRpv5cFisuvNmU6

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

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

-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Trond Håkon Schaug-Pettersen, CEO

thsp@salmone.no

+47 91 19 13 27

Trond Vadset Veibust, CFO

tvv@salmone.no

+47 48 09 05 95

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a

production capacity of 100,000 tonnes HOG by 2032. The Company's core focus is

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

offered by the sea to farm fish on land through its chosen 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 strategically located at Indre Harøy

on the Norwegian west coast with unlimited access to fresh seawater, renewable

energy, established infrastructure, and an educated and experienced work force.

Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes

HOG at steady state. Fully developed, the Indre Harøy facility will have

an annual capacity of 31,500 tonnes HOG.

The Company has also entered into 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 chosen HFS technology.

Furthermore, Salmon Evolution has initiated a process with the aim of

establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no