Salmon Evolution ASA — Earnings Release 2023

Jul 7, 2023

Salmon Evolution ASA: Q2 2023 Operational update

Salmon Evolution ASA: Q2 2023 Operational update

Since the Q1 2023 reporting in May, Salmon Evolution ASA ("Salmon Evolution" or

the "Company", OSE: SALME) has been experiencing strong biological performance

at Indre Harøy with good appetite and normal mortality levels across all fish

groups.

As per 30 June 2023 the Company had around 1,047 tonnes (LW) of standing

biomass, up 31% since 21 May 2023. Batch 6 and 7 were also stocked during the

quarter and are expected to add further biomass growth momentum over the coming

months.

The Company expects to initiate next harvest late in Q3 2023 and further to

reach steady state production volumes of 7,900 tonnes HOG p.a. during Q4 2023.

"We are very pleased with the strong biological performance seen over the last

month and to be back in production modus. During the second quarter we have

gained invaluable operational know-how and look forward to continuing our

production ramp-up and preparing for the next harvest," CEO of Salmon Evolution,

Trond Håkon Schaug-Pettersen said.

Please see attached presentation for further details.

For further information, contact:

Trond Håkon Schaug-Pettersen

CEO, Salmon Evolution

+47 911 91 327

Trond Vadset Veibust

CFO, Salmon Evolution

+47 480 90 595

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