Salmon Evolution ASA — Investor Presentation 2024

Jan 4, 2024

Q4 2023 OPERATIONAL UPDATE

4 th of January 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

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company or its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. The Company has not authorized any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide

Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "forecasts", "projects", "should", "target" "will", "would" and words or expressions of similar meaning or the negative thereof. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's potential future revenues, results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. None of the Company or any of its Representatives provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements are not guaranteeing of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from those results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

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STRONG RESULTS AFTER FIRST FULL YEAR IN OPERATION

2023 in numbers

Net biomass growth1) (LW)

Harvest volume (HOG) Superior grade share

• 3 Q4 2023 Operational update
  • 1) Net biomass growth includes mortality and culling

2) Source: Fish Health Report 2022, published by the Norwegian Veterinary Institute. Norway average seawater mortality of 16.1% on an annual basis, reworked to monthly rates by dividing by 12.

3) Source: Fish Health Report 2022, published by the Norwegian Veterinary Institute

Seawater mortality per month

RECORD HIGH HARVEST VOLUMES IN Q4

• Total Q4 harvest volumes of 1,104 tonnes HOG with an average weight of ~3.5 kg HOG and a superior share of 90%.
• Average all-in price realization of NOK 76/kg1) , reflecting that majority of volumes were harvested out in November.
• Batch 3 and 4 which was affected by the AGD event in Q2 are now fully harvested out. This has slightly impacted harvest weights and superior share.
• About 75% of batch 5 remaining for harvest in Q1 after harvest of one of the groups being pushed into Q1 to optimize harvest weights and price realization.
• Gradually increasing harvest weights expected going forward.
• Q1 harvest volumes expected in the range of 800- 1,000 tonnes, which together with further biomass build-up will set the stage for a substantial increase in harvest volumes from Q2 and onwards.

4 Q4 2023 Operational update

ENDING 2023 WITH ALL TIME HIGH BIOMASS

• Standing biomass of more than 2,200 tonnes LW as per 31 December 2023.
• All time high biomass production in Q4 with net biomass growth of 1,439 tonnes LW.
• High harvesting activity in November temporarily reducing biomass production during the quarter, but strong development in production towards the end of December and going into Q1.
• Good appetite and low mortality levels across the farm.
• Batch 9 stocked in October and batch 10 partially stocked in December with the remaining smolt planned stocked early January.
• Operations at smolt facility impacted by challenging weather conditions ahead of batch 10 smolt transport reducing initial stocking volumes somewhat, this is not expected to have any material impact on 2024 biomass production or harvest volumes.

Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23

Net biomass growth (l.a.) Total biomass (r.a.)

Net biomass growth1) Comment (LW) and standing biomass (LW)

SUMMARY & OUTLOOK

BIOLOGY • Continued strong biological performance with good appetite and low mortality levels. • Fully operational at industrial scale, steady state production volumes within reach. • Farming costs decreasing on back of higher biomass production. HARVEST • Q4 harvest volume of 1,104 tonnes (HOG). • 90 % superior share and tight weight concentration. • Streamlined harvesting process and highly efficient value chain through processing partner Vikenco. GUIDANCE • Highly attractive market backdrop and well positioned to capitalize on expected record high salmon prices in 2024. • Entering period typically associated with more downgrades for the industry – Salmon Evolution price achievement expected to benefit from industry leading superior share. • Q1 harvest volumes expected in the range of 800-1,000 tonnes HOG with substantial increase expected from Q2 and onwards following fully stocked farm at Indre Harøy.

Next update: 13 February 2024 – Q4 2023 presentation

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