Salmon Evolution ASA — Earnings Release 2024

Feb 11, 2025

Salmon Evolution ASA: Strong ending to a record year

Salmon Evolution ASA: Strong ending to a record year

Salmon Evolution ASA (OSE: SALME) generated 149.5 NOKm in revenues in the

fourth quarter which translated into a group EBITDA of 9.2 NOKm and a Farming

EBITDA of 15.3 NOKm.

"We are very pleased by ending 2024 with a new harvest record and strong KPIs,

highlighting the significant milestones we have achieved the last 12 months",

CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said. "2024 have further

strengthened our position as the leading land-based salmon farmer globally".

During the quarter the positive growth trend continued, supported by continued

stable operations at Indre Harøy and Dale. Biomass growth ended at 1,518

tonnes LW, the second highest on record and up 11% Q/Q.

"We are entering 2025 with a fully stocked farm and a positive trend,

providing strong growth momentum going forward", Trond Håkon Schaug-Pettersen

said.

During the quarter progress in the phase 2 expansion project at Indre Harøy

remained strong, and the project is on track for targeted first smolt release

in the first quarter of 2026.

"We are on plan and budget and are very happy with the progress at the

building site", Schaug-Pettersen said. "With phase 2 up and running we will

have an operational strength few in the industry can rival".

Highlights in the quarter:

* New harvest record with total harvest of 1,729 tonnes HOG including post

smolt.

* Farming EBITDA of 9 NOK/kg, Group EBITDA of 9.3 NOKm and Farming EBITDA of

15.3 NOKm.

* Solid price achievement -- strategy of backloading harvest in second half of

2024 paying off.

* Standing biomass end Q4 at ~2,000 tonnes LW. Stable operations supporting

continued positive growth trend at Indre Harøy, with biomass growth of 1,518

tonnes LW in the quarter.

* Indre Harøy phase 2 construction well underway -- on track for first smolt

release in Q1-26 as planned.

* Strong financial position with 684 NOKm in available liquidity including

committed undrawn credit facilities. Additionally, the Company has 1,450

NOKm in earmarked construction financing.

Results presentation:

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

results for the fourth quarter 2024 at Hotel Continental in Oslo, Norway,

Tuesday 11 February at 08:00 CET. A light snack with salmon from Indre Harøy

will be served from 07:45 CET.

The presentation and Q&A will be held in English, and 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/itZLMjqYBJGd15MTcO2S

A recording of the webcast will be made available on our website shortly after

the presentation.

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 the global leader within land-based salmon farming with a

clear roadmap for 100,000 tonnes HOG annual production capacity. Pioneering

the hybrid flow-through system (HFS), Salmon Evolution is Extending the Ocean

Potential by creating optimal growth conditions in a controlled environment on

land. This approach, capturing the benefits of both land-based and sea-based

farming, puts biology first and limits operational and biological risk.

Salmon Evolution is strategically located the heart of the global aquaculture

industry on the west coast of Norway, where the Company has its first facility

and global centre of excellence fully operational at industrial scale. Enabled

by the proof of concept in Norway, Salmon Evolution targets significant

international expansion.

Salmon Evolution is listed on Oslo Børs under the ticker SALME. To learn more,

please visit www.salmonevolution.no.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-02-11 06:30 CET.