Q1 2022 PRESENTATION

24 May 2022

DISCLAIMER

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• Highlights

Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

Q1 2022 HIGHLIGHTS

Q1 2022

First fish tanks and related technical installations at Indre Harøy completed and put into operation
First smolt batch released at Indre Harøy late March as per original timeline next smolt release planned in Q2 2022
Batch 1 performing in line with expectations stable farm conditions with strong initial feed numbers and low mortality – average weight of ~725 grams as of 21 May
Phase 1 construction continuing according to plan phase 1 capex estimate unchanged
Initiated phase 2 preparations at Indre Harøy signed Heads of Terms with Artec Aqua for phase 2 build-out
Available liquidity of NOK 1,056 million per 31 March 2022 including committed undrawn credit facilities and adjusted for April 2022 private placement

Post quarter events

• Completed NOK 300 million private placement to partly fund planned Indre Harøy phase 2 build out and smolt facility expansion

Smolt release Indre Harøy, March 2022

Highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

SALMON EVOLUTION AT A GLANCE

Phase 3 Phase 1 Phase 2

Expansion potential

Total grow-out capacity

Company overview

Established in 2017
Based in Hustadvika, strategically located on the west coast of Norway
Listed on main list at Oslo Stock Exchange in 2021
Successfully raised NOK ~2.5bn in equity and debt
Highly competent management, all with >15 years of relevant experience
47 FTEs across Management & Administration, Operations, Projects, Technology and Sales & Marketing
First mover with Hybrid flow-through system (HFS) setting Salmon Evolution apart from other land-based salmon farming players

Operational value chain

Securing key inputs through strategic partnerships with world-leading suppliers

Salmon farming facilities

15,8 8,4 8,4 20 ≈70

Q1 2022 Presentation

SALMON EVOLUTION IS AIMING TO BE THE GLOBAL LEADER IN LAND-BASED SALMON FARMING

Salmon Evolution in a nutshell

BIOLOGY IS OUR NUMBER ONE PRIORITY

Key drivers of technology choice

INTERNATIONAL EXPANSION ENABLED BY OUR COMPETENCE AND TRACK RECORD

Global opportunities enabled by HFS technology

Ocean temperatures and suitability for salmon farming

Scalable and capital light expansion models enabled by technological & operational know-how

Taking water from different depths mitigates geographical limitations

An ocean of opportunities to farm salmon closer to consumers

Highlights
Extending the ocean potential™
Operations Norway
Financials
Summary and outlook
Appendices

FIRST SMOLT RELEASED IN MARCH 2022 AS PLANNED – STRONG OPERATING PERFORMANCE

First ~100,000 smolt with avg. weight of ~300 gram released in March
Stable conditions and water quality with minimal mortality and gradual ramp up of feeding along with tuning of systems and equipment
Average weight of ~725 grams as per 21 May, reflecting strong performance, confirming production plan assumptions and indicating upside potential
First parts of the facility taken into operation including two tanks with connection technical room, water intake station, administrative building and joint technical installations
Good progress on the remaining parts of the facility with buildings and structure facilities mostly completed and work going forward focused on installation of equipment
Steady state release volumes expected from Q4 2022

Smolt release Indre Harøy March 2022

STRONG START TO INDRE HARØY FARMING OPERATIONS

Group biomass development 31 March 2022 21 May 2022 Biomass Biomass Batch Units (#) Weight (g) Units (#) Weight (g) Comments (tonnes) (tonnes)


Batch I	~100,000	~300	30	~100,000	~725	73	Stable conditions, gradual ramp-up of feeding during period
Total Indre Harøy	~100,000	~300	30	~100,000	~725	73

Freshwater (Kraft Laks)*	~2,515,000	~44	111				About 650,000 smolt planned delivered to external customer in Q2 2022 to complete contract
Total Group	~2,615,000		141

After a customary short adaption period for the fish, initial feeding commenced with the fish responding well to feeding
Reached 1 ton of daily feeding on 30 April, representing more than 2% of the standing biomass
Continued strong performance in May with >2% daily feed rate on average
Average weight of ~725 grams as per 21 May

13 Q1 2022 Presentation

SOLID INITIAL FEEDING NUMBERS VERIFYING BUDGET ASSUMPTIONS AND INDICATING UPSIDE POTENTIAL

• All twelve fish tanks assembled – buildings and structural facilities mostly completed – focus on piping and equipment installation going forward

• Joint feed storage and distribution system in process of being finalized

15 Q3 2020 Presentation • Remaining parts of the facility will be put into operations consecutively throughout 2022

SIGNED HEADS OF TERMS WITH ARTEC AQUA FOR INDRE HARØY PHASE 2 CONSTRUCTION

Signed Heads of Terms with Artec Aqua for Indre Harøy phase 2
Completed NOK 300 million private placement to partly fund Phase 2
Phase 2 in principle identical to phase 1, bringing Indre Harøy production volume to 15,800 tons HOG
Target construction start late 2022 on back of completion and successful ramp up of phase 1
Capex currently estimated to NOK 1.3–1.4 bn – final capex target to be set in 2H 2022
Final design and construction agreement to include financing reservations providing necessary flexibility to align phase 2 build out with overall financing plan

Introduction
Extending the ocean potential™
Operations Korea
Financials
Summary and outlook
Appendices

K SMART FARMING – FOCUS ON ENGINEERING AND PERMITS

K Smart JV with Dongwon Industries formalized end of March 2021 and first tranche of equity investment completed in May 2021
Ownership split 49/51% for SE and Dongwon, respectively
Dongwon to provide 75% debt financing
Target construction start for phase 1 during 2022 and first grow out production in 2024
Fully developed production capacity of 16,800 tons HOG, consisting of 2 equal phases of 8,400 tons HOG each
Entered into design and engineering agreement with Billund Aquaculture
- ➢ Billund Aquaculture chosen due to its international track record and experience in working alongside with civil contractors which will be the case in Korea
- ➢ Cooperation model designed at capitalizing on the experiences and knowhow within the Salmon Evolution organization
Continued work as to regulatory approvals constructive dialogue with Korean authorities
Dedicated organization from both Salmon Evolution and Dongwon together with external local resources

Yangyang on-growing site

Jeongseon smolt site

Highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

COMMENCED OPERATIONS – ALL MAIN INPUT FACTORS SECURED WITH TIER 1 SUPPLIERS VALIDATING BUDGET ASSUMPTIONS

Supporting production cost on par with conventional farming at steady state production

CONTROLLED PRODUCTION RAMP UP DURING 2022 – STEADY STATE SMOLT RELEASE VOLUMES FROM Q4

GROUP PROFIT & LOSS

Summary of result

(figures in NOK 1000)	Note	Q1 2022	Q1 2021	2021
Revenue from contracts with customers		6 826	0	12 047
Other income		-8	0	209
Total operating income		6 818	0	12 257
Cost of goods sold	12	-2 109	0	-908
Personnel expenses	10	-7 002	-2 725	-21 067
Other operating expenses		698 -7	-3 546	-25 894
EBITDA		-9 992	-6 271	-35 612
Depreciations	2	-1 043	-363	-2 229
Operating profit (EBIT)		035 -11	-6 634	-37 841
Financial income	8	10 190	1 233	12 852
Financial expense	8	-626	-180	335 -7
of income from associated companies Share net	8	-99	0	-634
Financial - net expense		9 465	053 1	4 884
Profit/loss before tax	4	-1 570	-5 218	-30 729
Income tax expense	4	0	0	0
Profit/loss for the period	5	-1 570	-5 218	-30 729

• NOK 6.8m in revenues in Q1 2022 relating to external smolt sales – last deliveries under existing contract expected during Q2 2022

• EBITDA of NOK -10.0m in Q1 2022

• Net financials for the quarter was positive with NOK 9.5m of which NOK 8.6m was unrealized profit from interest rate swaps used to hedge the Company's interest rate exposure

• Implemented FishTalk biomass tracking system and scaling up controlling functions within the organization

CAPEX INDRE HARØY

Q1 2022 Indre Harøy Phase 1 capex
- Capex of NOK 244 million
- NOK 13.5 million capitalized internal G&A
- High Q1 capex reflecting good progress and timing effects as to delivery of high value equipment
Accumulated capex of NOK 1,164 million from project initiation in 2019 ex. capitalized internal G&A
Full Phase 1 capex estimate of NOK 1,400 million remains unchanged

Accumulated Indre Harøy phase 1 CAPEX

(NOK million)

GRADUAL REDUCTION IN PHASE 1 CAPEX GOING FORWARD

Total capex for completion of phase 1 in line with budget
Buildings and structural facilities mostly completed focus going forward on piping and installation of equipment
Ongoing inflation pressure for most raw materials, but limited raw material intensity in remaining construction work
NOK 236m in estimated remaining capex

1) Net of grants directly tied to capital expenditure and exclusive of internal capitalized G&A costs

FULLY FUNDED FOR COMMITTED PROJECTS

Highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

ROADMAP TO 70,000 TONNES HOG

SUMMARY & OUTLOOK

First smolt released in March 2022 as planned
Strong initial farming operations at Indre Harøy with fish already ~725 grams per 21 May, confirming production plan assumptions
Increased activity for Korean project
First harvest in Q4 2022 well aligned with strong salmon market outlook the next couple of years
Salmon Evolution's chosen HFS technology addressing industry growth and ESG challenges
Steady state smolt release volumes expected from Q4 2022
Preparations started for phase 2 construction on back of successful phase 1 ramp up
Fully funded for all committed projects

Smolt release Indre Harøy March 2022

Introduction and highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

Strong management team with extensive experience leading a growing organization and corporation

Highly competent board of directors backed by strong owners

Tore A. Tønseth Chairman of the board

Investment Director at Ronja Capital
>15 years experience in finance

Kristofer Reiten Board member

Chief Executive Officer of Vikomar
Extensive seafood processing and downstream experience

▪ Extensive experience from board positions in companies such as Ulstein Group, Rem Offshore and Akva Group

Yun Ki Yun Board member

▪ Former Chief Financial Officer of Dongwon Industries, one of the largest seafood groups globally

Ingvild Vartdal Board member

▪ Partner at Adviso law firm specialized in corporate and international tax

Janne-Grethe Strand Aasnæs

▪ Chief Executive Officer and majority owner of Strand Havfiske

Board of directors Ownership as per 11 May 2022

Shareholders	Ownership share	Board representative	Comments
Ronja Capital II AS	7,9 %	Tore Tønseth	Owned by founder of Sølvtrans, a leading wellboat company
The Bank of New York Mellon SA/NV	6,1 %
Farvatn Private Equity AS	5,1 %
Dongwon Idustries	4,6 %	Yun Ki Yun	JV partner in South Korea
Rofisk AS	4,0 %	Glen Bradley	Owner of Rostein, a leading wellboat company
Stette Invest AS	3,3 %	Peder Stette	Former key executive and shareholder in Optimar
Kjølås Stansekniver AS	3,2 %	(Frode H. Kjølås, Chair Nomination Com.)	Former key executive and shareholder in Optimar
Verdipapirfondet DNB Norge	3,1 %
J.P. Morgan SE	2,8 %
Mevold Invest AS	2,4 %		Shareholder in Vikenco, leading processing plant
Lyngheim Invest AS	2,3 %		Shareholder in Vikenco, leading processing plant
Jakob Hatteland Holding AS	2,3 %
Bortebakken AS	2,2 %	Kristofer Reiten	Shareholder in Vikenco, leading processing plant
Ewos AS	2,2 %		Subsidiary of Cargill, strategic feed supplier to Salmon Evolution
Others	48,5 %
Total	100 %

Competent board of directors with extensive industrial experience Strong backing including highly strategic owners across the value chain

Peder Stette Board member

Glen Bradley

▪ >20 years experience from technology development in the seafood industry

32 Q1 2022 Presentation

Board member ▪ Vice President and Chairman

of Rostein, one of the largest wellboat operators globally