Salmon Evolution ASA — Investor Presentation 2024

Apr 8, 2024

OPERATIONAL UPDATE Q1 2024

8 April 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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Q2 harvest volume expected to double – well positioned to capitalize on record high salmon prices

• Total Q1 harvest volume of 901 tonnes HOG.
• Average weight of ~4.6 kg (LW) and a superior grade share of 96%.
  • Consistent tight weight spread and industry leading superior grade share.
• All-in price realization of NOK ~108/kg¹ in Q1, this includes downgraded fish. Highlights value of having a minimal amount of downgrades.
  • Consistently outperforming NASDAQ benchmark price on Superior grade fish.
• Q2 harvest volumes expected in the range of 1,600 to 1,800 tonnes HOG, marking the starting point of a significant increase in harvest volumes.
  • An overweight of Q2 harvest is expected to take place in April and May.

Strong Q1 harvest results Significant increase in harvest volume Q2

The right size, and perfect quality

1-2 2-3 3-4 4-5 5-6 6-7

Weight class (kg, HOG)

Harvest in week 7 used as an illustration

0,3 % 5,3 %

0,6 %

Exceptional harvest results with core weight category being 4-5 kg and superior grade share of 96%+

585

Superior grade Production grade A/B

All time high biomass end of March

Feeding levels up 25 % in March vs January Steadily increasing biomass growth

• Stable operations in fully stocked farm.
• Standing biomass of almost 2,700 tonnes LW end Q1, up 21 % from Q4.
• Net biomass growth of ~1,560 tonnes LW, up 8% from Q4.
• Daily feeding average of 21t/day in March up 25 % from January, continuing the steady increase in biomass growth.
• Batch 11 stocked mid-March. Two additional smolt groups planned stocked in Q2.

/ total biomass (tonnes, LW)

Net biomass growth¹

Next update

7 th May 2024 – Q1 2024 presentation | 2023 Annual report will be released 17th April 2024