Salmon Evolution ASA — Investor Presentation 2024

Jul 5, 2024

OPERATIONAL UPDATE Q2 2024

5 July 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.

This Presentation is furnished by the Company, and it is expressly noted that no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representative directors, officers, employees, agents or advisers (collectively "Representatives") as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The Presentation comprise a general summary of certain matters in connection with the Group and do not purport to contain all of the information that any recipient may require to make an investment decision. These materials have not been approved, reviewed or registered with any public authority or stock exchange. By attending a Presentation meeting or receiving these materials, you acknowledge that you will be solely responsible for your own assessment of the Company, the Group and its market position, and that you will conduct your own analysis and be solely responsible for forming your own view of the Company and its prospects. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice

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Capitalizing on very strong salmon prices in Q2

• Total Q2 harvest volume of 1,581 tonnes HOG
• Continued excellent superior grade of 96%
• All-in price realization of NOK ~106/kg¹ in Q2
  • Price realization impacted by weaker salmon market in June – approximately 500 tonnes HOG harvested this month
• Average weight on harvested fish of ~3.6 kg (LW), down from 4.6 kg (LW) in Q1
  • Opportunistic harvesting in April/May amid record high salmon prices
  • Impacted by low stocking weights during spring/summer 2023
• Expecting Q3 harvest volumes of ~1,600 tonnes HOG and increasing harvest weights

All-time high harvest volume High harvest activity also expected for Q3

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)
• Focus on restocking the facility and setting the stage for strong growth during 2H 2024
• Good initial performance in Batch 12 stocked mid-May. However, increased daily mortality levels last couple of weeks with accumulated mortality of 4% per 30 June
  • Taking appropriate actions to normalize the situation
• Batch 13 stocked late June with group showing strong performance to date with minimal mortality and growth already ahead of plan
• 3 additional batches planned stocked during Q3
• Low overall mortality groups harvested in Q2 had an accumulated mortality of 3.0-4.6%

Comments Biomass development

Next update

15th August 2024 – Q2 2024 presentation