PRESENTATION Q2 2024

CEO: Trond Håkon Schaug-Pettersen

CFO: Trond Vadset Veibust

15 August 2024

Disclaimer

This presentation (the "Presentation") has been prepared by Salmon Evolution ASA (the "Company" and together with is subsidiaries, the "Group") except where context otherwise requires, solely for information purposes. This Presentation, and the information contained herein, does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and neither the issue of the materials nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction.

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• Highlights

Operations
Growth
Financials
Summary and outlook

EXTENDING THE OCEAN POTENTIAL

• Appendices

Highlights in the quarter

Positive cash flow from operations of 37.5 NOKm.
Group EBITDA of 45.4 NOKm Farming EBITDA of 58.6 NOKm and NOK 37.1 EBITDA/kg.
Record high harvest in Q2-24 of 1,581 tonnes HOG. Continued strong all-in price realization of 106 NOK/kg driven by an industry leading superior grade share of 96 %.
Net biomass growth of 1,261 tonnes LW. High focus on restocking the facility setting the stage for strong growth during H2-24.
Moving ahead with upsized Indre Harøy phase 2. Successfully completed private placement in June raising gross proceeds of 365 NOKm and 675 NOKm in increased in bank facilities to fund the project.
Strong financial position with 983 NOKm in available liquidity including committed undrawn credit facilities.

Highlights
Operations
Growth
Financials
Summary and outlook
Appendices

Capitalizing on very strong salmon prices in Q2

Record high harvest of 1,581t HOG in Q2-24 and 2,481t HOG in the first half of 2024.
- Q2 average harvest weight of 3.6 kg LW driven by opportunistic harvesting amid strong prices and low stocking weights during spring/summer 2023
Continued strong all-in price realization of NOK ~106/kg¹ in Q2-24 driven by an industry leading superior grade share of 96 %.
Revised Q3-24 harvest expectation in the range of 1,200 1,300 tonnes HOG.
- Moving some volume into Q4-24 increasing harvest weights.
Harvest in the second half of 2024 expected in the in the range of 2,400 – 2,600 tonnes HOG.
- Culling on batch 11 some impact on H2-24
- Prioritizing to enter the 2025 winter season with a fully stocked farm and expected solid biomass volume.

Setting the stage for an active second half of 2024

High harvest activity during the quarter impacting both biomass volume and production.
- Standing biomass of 2,032 tonnes LW end Q2.
- Net growth of 1,261 tonnes LW during the quarter.
- Biomass volume also negatively affected by culling of batch 11 in May due to poor smolt quality (stocked in March).
Low overall mortality groups harvested in Q2 had an accumulated mortality of 3.0 - 4.6%
Good initial performance in Batch 12 stocked mid-May. However, increased daily mortality levels last month caused by ulcers – total loss of 19% per 13 August after actively sorting out weak individuals.
- Taking appropriate actions to normalize the situation
Focus on restocking the facility and setting the stage for an active second half of 2024. Planned stocking of 3 batches by August (Q3) and 2 additional batches planned stocked in Q4.
Strong performance on recently stocked batches
- Batch 13 and 14 stocked late June and mid-July with strong performance to date, minimal mortality and growth ahead of plan.

Comments Biomass development

The compounding effect of a strong start

Closing in on full potential

In 2024 we expect to harvest ~5,000 tonnes HOG.
- One-offs impact the 2024 harvest volume.
- Underlines importance of regular supply of high quality smolt of the correct size.
Implied 2024 harvest volume of ~7,000 tonnes HOG adjusted for one-offs.
Fully stocked during August to boost biomass growth in the second half of 2024.
Delivery of new RO-plant during Q4-24 increasing effective feeding days, 2-3 % positive effect expected.
Wide range of improvement initiatives ongoing to increase output.

Improving every day We are getting there!

WE LEVERAGE THE BENEFITS OF LAND-BASED SALMON FARMING

Salmolytics is our data-driven optimization tool

Identifying and replicating optimal conditions for fish growth

growth.
Ensure Environmental Stability: Maintain optimal conditions for salmon, focusing on crucial parameters such as temperature, water flow, oxygen, and CO2 levels.
Prevent Stress: Proactively detect and mitigate stress-inducing events.
Enhanced Real-Time Monitoring: Refine and utilize AI driven real-time monitoring systems for precise biological monitoring and mitigation of negative impacts on fish welfare.
Exceed Growth Expectations: Utilize identification and knowledge of key variables affecting salmon growth to consistently achieve and surpass production targets.
Expansion: Establish site-independent benchmarks for biological performance and leverage expertise and knowledge from Indre Harøy to drive global production success.

Highlights
Operations
Growth
Financials
Summary and outlook
Appendices

Indre Harøy phase 2: Moving ahead ILLUSTRATIVE TIMELINE

Increasing planned output to 18,000t HOG with additional tank capacity

Phase 2 adding 10,100t HOG and increasing planned output from Phase 1 and 2 from 15,800t to 18,000t HOG.
Optimizations identified to release additional ~2,200 tonnes of production on top of original plan through adding additional tank capacity, leveraging existing infrastructure.
Mobilization and construction for the grow-out facility has commenced in Q3-24. In parallel Salmon Evolution is proceeding with the planning and engineering for the additional tank capacity with expected completion by 2026.
Phase 1 and 2 planned to generate volumes of 18,000 tonnes HOG per year, to yield substantial cash flow and a strong foundation for further expansion.

INDRE HARØY PHASE 1 - 3

Indre Harøy site to deliver 36,000 tonnes HOG

INDRE HARØY PHASE 1 AND 2

Optimising production at Indre Harøy

Key benefits

Optimising production

Upside potential

More conservative production plan with lower average harvest weights and peak densities – further upside potential

Even higher regularity of harvest

Improved regularity of harvest unlocks more partnership opportunities

Optimising capital efficiency

Capital efficient optimisation of Phase 2 through leveraging of existing infrastructure

Reduced operational risk

Increased robustness and added operational flexibility

Smolt site utilisation gains Better utilisation of existing smolt facility at Dale site

Upsized Phase 2 project fully funded

Sources and uses – Indre Harøy Phase 2 expansion including additional tank capacity

DNB Bank and Nordea Bank have credit approved an increase of bank facilities¹ of 675 NOKm.
- With new bank facilities a combined LTV Phase 1 and 2 of ~53 %² , a significant increase from existing facilities.
- Added flexibility under improved debt financing facility.
CAPEX estimate for Indre Harøy Phase 2 of about NOK 240-250/kg including contingencies and buffers.
- Established a firm CAPEX estimate with contractors based on a competitive bidding process.
Expanded Phase 2³ project fully funded.

Creating cash flow foundation for substantial organic growth POTENTIAL TO FULLY FUND NORWAY EXPANSION ON RETAINED EARNINGS – FOR ILLUSTRATIVE PURPOSES

Est. harvest volume Ph.2	~18,000 tonnes, HOG
Illustrative realized salmon price scenario (NOK, HOG)1	NOK 80/kg	NOK 90/kg
EBITDA/kg	NOK 30/kg	NOK 40/kg	NOK 50/kg
EBITDA	540 NOKm	720 NOKm	900 NOKm
Interest cost	180 NOKm	180 NOKm	180 NOKm
FCF	360 NOKm	540 NOKm	720 NOKm
Loan-to-capex	65%	65%	65%
Annual investment capacity (NOKm)2	~1,000 NOKm	~1,500 NOKm	~2,000 NOKm
Annual investment capacity tonnes, HOG3	~4,000	~6,000	~8,000

When phase 2 is fully operational, Salmon Evolution has a strong cash generating operational platform as a foundation for substantial double-digit • When Phase 2 is fully operational, Salmon Evolution has a strong cash generating operational platform as a foundation for substantial organic growth
organic growth. • High return potential in scenario where future growth is primarily funded with own cash flow • High return potential in scenario where future growth is primarily funded with own cash flow – potential to fully fund Norway expansion on retained earnings
At 18,000t HOG run-rate production and a scenario with targeted EBITDA cost and salmon price of 90 NOK/kg HOG, Salmon Evolution can invest in an annual harvest capacity of 6,000t organically through own cash flow and debt
Investment capacity set to increase further with added capacity

Indre Harøy is only the beginning EXPANSION PLANS

North America

Focus centered around areas with an established salmon farming industry and value chain, mirroring the unique benefits, scale and cost leadership position of Indre Harøy
Currently in advanced negotiations on a high-potential site. The initial site verification processes, including fatal flaws analyses of both water, biological, technical, and regulatory aspects, points to this being an ideal site for a hybrid flow-through system
Positive dialogues with both public and private stakeholders

Tonnes capacity

Construction start

Highlights
Operations
Growth
Financials
Summary and outlook
Appendices

Farming: Strong financial results

REVENUE	EBITDA	EBITDA/KG	HARVEST VOLUME
170.5 NOKm	58.6 NOKm	NOK 37.1	1,581 TONNES HOG

Total harvest volume of 1,581t HOG vs. 901t HOG in the first quarter.
Strong all-in price realization of NOK ~106/kg driven by an industry leading superior grade share of 96 %.
Strong financial results, NOK 41.0 EBITDA/kg adjusted for writedown of biomass related to culling.
- Negative NOK 3.9/kg effect from culling of batch 11 in May due to poor smolt quality
Reduction of farming EBITDA cost from first quarter driven by effect of harvesting fish that has been standing in a fuller facility
Indirect production costs expensed through cost of goods sold for underutilized capacity of NOK -8.3m.

Farming Norway
(figures in NOKm)	Q2 24	Q1 24	YTD 24	YTD 23
Operating revenues	170 5 ,	98 2 ,	268 7 ,	58 3 ,
Operational EBITDA	58 6 ,	36 2 ,	94 9 ,	-15 1 ,
Operational EBIT	40 0 ,	18 2 ,	58 2 ,	-27 3 ,

(tonnes HOG) Harvest volumes ,	1 581	901	2 481	585
realization1 All-in price (NOK/kg)	106 1 ,	108 0 ,	106 6 ,	96 2 ,
Op EBITDA/kg (NOK)	37 1 ,	40 2 ,	38 2 ,	NA
Op EBIT/kg (NOK)	25 3 ,	20 2 ,	23 4 ,	NA

cost2 Farming EBITDA (NOK)	64 2 ,	67 0 ,	65 2 ,	NA
adjusted/kg3 Op EBITDA (NOK)	41 0 ,	40 2 ,	40 7 ,	NA
adjusted/kg3,4 Op EBIT (NOK)	33 9 ,	28 5 ,	31 9 ,	NA

Other: Expansion cost base

REVENUE 5.4 NOKm EBITDA -13.2 NOKm EXPANSION PROJECTS Three - 3

EXPANSION COST¹ NOK 8.4/KG

In Other segment all resources related to projects and technology department are employed, as well as other corporate functions. A significant portion of costs are related to future expansion.
High activity during the quarter.
- Securing funding for Indre Harøy phase 2 through private placement and expansion of bank facilities.
- Investment decision Indre Harøy phase 2 taken.
Cost base in line with Q1-24, somewhat lower than runrate in 2023 primarily due to in-housing activities previously with consultants.

Norway - Indre Harøy phase 2 Korea – YangYang North America

Other

(figures in NOKm)	Q2 24	Q1 24	YTD 24	YTD 23
Operating revenues	4 5 ,	6 5 ,	11 8 ,	13 0 ,
Operational EBITDA	-13 2 ,	-12 1 ,	-25 4 ,	-28 0 ,
cost/kg1 (NOK/kg) Expansion	8 4 ,	13 5 ,	10 2 ,	NA

Group: Another profitable quarter

REVENUE EBITDA 170.5 NOKm 45.4 NOKm			EBIT 26.4 NOKm		EBITDA/KG NOK 28.7
• •	Another profitable quarter with EBITDA of 45.4 NOKm and EBIT of 26.4 NOKm. • Strong profitability even with harvest volumes not having reached its full potential - yet. Adjusted EBIT of 40.0 NOKm.		Group (figures in NOKm) Total operating revenues Operational EBITDA Operational EBIT Fair value adjustment of biomass Operating profit (EBIT)	Q2 24 170 5 , 45 4 , 26 4 , -12 3 , 14 1 ,	Q1 24 100 3 , 24 1 , 5 8 , 0 9 , 6 7 ,	YTD 24 270 7 , 69 5 , 32 1 , -11 4 , 20 8 ,	YTD 23 63 7 , -43 2 , -56 7 , 9 7 , -48 8 ,
	• •	Writedown of biomass related to culling. Depreciations on non-recurring CAPEX.		-7 8 , 6 3 , 0 0 ,	-7 9 , -1 2 , 0 0 ,	-15 7 , 5 1 , 0 0 ,	-9 6 , -58 4 , 0 0 ,
• •	Indirect production costs expensed through cost of goods sold for underutilized capacity of NOK -8.3m. Fair value adjustment of -12.3m.		Profit/loss for the period Harvest volumes (tonnes HOG) , realization1 All-in price (NOK/kg) EBITDA/kg (NOK) Op	6 3 , 1 581 106 1 , 28 7 ,	-1 2 , 901 108 0 , 26 8 ,	5 1 , 2 481 106 6 , 28 0 ,	-58 4 , 585 96 2 , NA
•	balance.	Net financials of NOK –7.8m primarily driven by interest rate expenses partly offset by interest income on cash	Op EBIT/kg (NOK) adjusted/kg2 Op EBITDA (NOK) adjusted2,3 Op EBIT (NOKm) Op adjusted/kg (NOK) EBIT	16 7 , 32 6 , 40 0 , 25 3 ,	6 4 , 26 8 , 13 2 , 14 7 ,	13 0 , 30 5 , 53 3 , 21 5 ,	NA NA NA NA

Group: Positive cash flow from operations

CASH FLOW OPERATIONS 37.5 NOKm

TOTAL CASH FLOW 343.2 NOKm

CASH AND CASH EQUIVALENTS 683 NOKm

NIBD 17 NOKm

37.5 NOKm positive cash flow from operations another significant milestone
Investments mostly tied to Indre Harøy phase 2 where work was intensified leading up to final investment decision.
- Mobilization and construction for the grow-out facility has commenced in Q3-24.
Strong financial position. Available liquidity of 983 NOKm including available committed undrawn credit facilities but excluding the committed construction facilities in relation to Indre Harøy phase 2.

Summary of financial position
(figures in NOKm)	30 Jun 24	31 Mar 24	31 Dec 24	30 Jun 23
Non-current assets	2 109	2 099	2 074	2 005
Current assets	972	633	635	766
Total assets	3 081	2 732	2 709	2 771
Equity	2 277	1 920	1 921	2 009
Non-current liabilities	586	586	587	573
Current liabilities	218	226	202	189
Total equity and liabilties	3 081	2 732	2 709	2 771
Cash and cash equivalents	683	340	386	562
Net Interest-bearing debt	17	355	299	85
Equity ratio	74 %	70 %	71 %	72 %

Summary of cash flow
(figures NOKm) in	Q2 24	Q1 24	YTD 24	YTD 23
flow from Net cash operating activities	37 5 ,	-1 8 ,	35 7 ,	-56 9 ,
Net cash flow from investments activities	-40 5 ,	-41 5 ,	-81 9 ,	-224 9 ,
Net cash flow from financing activities	346 2 ,	-2 9 ,	343 2 ,	564 7 ,
Net change	343 2 ,	-46 2 ,	297 0 ,	282 9 ,

INDRE HARØY

Cost leadership is our objective

Company illustration - full run rate	Phase 1	Upsized Phase 1+2	Upsized Phase 1-3
Harvest volume (kt, HOG)	8	18	36

Farming EBITDA cost/kg (HOG)1	53.0	50.0	47.0
adjusted2 Depreciation –	4.0	5.0	5.0
EBIT adjusted cost/kg (HOG) – Farming	57.0	55.0	52.0
Expansion cost/kg (HOG)3	6.0	4.0	2.0
Full EBIT adjusted cost/kg – Group	63.0	59.0	54.0

In phase 1 we have established much of the operational platform needed in Phase 2 and 3, reflected in a gradually decreasing Farming EBITDA cost/kg.
Illustration is based on current input factors and currency rates, except for feed where we apply a slight reduction and use a long term delivered feed cost of NOK 20/kg.
Updated to reflect expected scaling effects of optimising production at Indre Harøy with additional tank capacity.

Highlights
Operations
Growth
Financials
Summary and outlook

EXTENDING THE OCEAN POTENTIAL24