Salmon Evolution ASA — Earnings Release 2023

Jan 4, 2024

Salmon Evolution ASA: Q4 2023 Operational update

Salmon Evolution ASA: Q4 2023 Operational update

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) ends 2023

with an all-time high biomass and record harvest volumes in Q4.

As per 31 December 2023 the Company had a standing biomass of more than 2,200

tonnes (LW) and had all-time high net biomass production of 1,439 tonnes (LW) in

the quarter. The Company continues to see strong biological performance with

good appetite and low mortality at Indre Harøy.

Salmon Evolution harvested a record high 1,104  tonnes (HOG) in the fourth

quarter, with a 90 % superior share and tight weight concentration. Harvest

volumes in the first quarter of 2024 are expected in the range of 800-1,000

tonnes (HOG) before increasing significantly from Q2 and onwards.

"The market backdrop going into 2024 is highly attractive with record high

salmon prices expected. Salmon Evolution is well positioned to capitalize on

this on back of a substantial increase in harvest volumes over the coming

quarters, following a fully stocked farm at Indre Harøy," 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 fully operational at industrial scale 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