Salmon Evolution ASA — Earnings Release 2025

May 13, 2025

Salmon Evolution ASA: Record biomass production

Salmon Evolution ASA: Record biomass production

Salmon Evolution ASA (OSE: SALME) generated 49.7 NOKm in revenues in the first

quarter after harvesting of 581 tonnes HOG including post smolt, with a group

EBITDA of -4.1 NOKm and a Farming EBITDA of 5.7 NOKm.

Salmon Evolution set a new production record during the quarter and increased

the standing biomass from the preceding quarter by 45 % to 2,939 tonnes LW,

reaching targeted run-rate levels.

"Achieving our targeted run-rate biomass is essential for unlocking the full

potential at Indre Harøy," CEO of Salmon Evolution, Trond Håkon

Schaug-Pettersen said. "With this in place, alongside strong biological

performance, we are well-positioned to continue to scale up both production

volumes, harvest and harvest weights moving forward."

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 Q1-26 and first harvest in Q4-26.

"We maintained strong momentum at the construction site throughout the quarter

and successfully achieved all key milestones," said Schaug-Pettersen. "With

Phase 2 we are creating a unique operational platform and preparations for the

first smolt release in about 10 months are already well underway."

Highlights in the quarter:

* New production record with net biomass growth of 1,624 tonnes LW, up 7 %

from Q4 2024.

* Ending Q1 2025 with a new all-time high standing biomass of 2,939 tonnes LW,

a 45% increase from Q4 2024, reaching targeted run-rate levels in both

volume and number of individuals, a prerequisite for taking out the full

growth potential.

* Revenues of 49.7 NOKm after harvesting 581 tonnes HOG including post smolt,

group EBITDA of -4.1 NOKm and farming EBITDA of 5.7 NOKm.

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

release in Q1-26 as planned.

* 418 NOKm in available liquidity including committed undrawn credit

facilities at the end of the quarter. 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

the results for the first quarter 2025 at Hotel Continental in Oslo, Norway,

Tuesday 13 May at 08:00 CEST.

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/UBfbHKg6ENJCptuJSsmp

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

the presentation.

About Salmon Evolution

Salmon Evolution is the global leader within land-based salmon farming.

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

2025-05-13 06:30 CEST.