Salmon Evolution ASA — Investor Presentation 2025

May 13, 2025

PRESENTATION Q1 2025

CEO: Trond Håkon Schaug-Pettersen CFO: Trond Vadset Veibust

13 May 2025

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 forwardlooking 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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• Highlights

• Operations
• Growth
• Financials
• Summary and outlook

Highlights in the quarter

• New production record with net biomass growth of 1,624 tonnes LW, up 7 % from Q4 2024.
• Ending Q1 2025 with a new all-time high standing biomass of 2,939 tonnes LW, a 45% increase from Q4 2024, reaching targeted run-rate levels in both volume and number of individuals, a prerequisite for taking out the full growth potential.
• Revenues of 49.7 NOKm after harvesting 581 tonnes HOG including post smolt, group EBITDA of -4.1 NOKm and farming EBITDA of 5.7 NOKm.
• Indre Harøy phase 2 construction well underway on track for first smolt release in Q1-26 as planned.
• 418 NOKm in available liquidity including committed undrawn credit facilities at the end of the quarter. Additionally, the Company has 1,450 NOKm in earmarked construction financing.

• Highlights
• Operations
• Growth
• Financials
• Summary and outlook

Production record and all-time high biomass

• New production record of 1,624 tonnes LW in net biomass growth1), up 7 % from Q4-24, continuing the trend of steadily increasing production
• Solid production in absolute terms considering a low standing biomass at the start of the quarter
• Strong biology at Indre Harøy well positioned for further production growth during 2025

Standing biomass (tonnes, LW)

• New all-time high standing biomass of 2,939 tonnes LW at the end of the quarter, a 45 % increase since Q4-24
• Standing biomass at targeted run-rate levels both in volume and individuals, a prerequisite for taking out the full growth potential
• Stocking of one smolt group in Q1 above target weight, minimal mortality after arrival. Expecting above target stocking weights for planned Q2 smolt groups

Continued stable operations with exceptionally low mortality and consistent excellent product quality

Annualized monthly mortality (%) Superior grade share (%) – batch 1-10

Prioritizing biomass growth

Optimizing biomass composition Harvest volumes

• Deliberate focus on biomass growth and optimizing biomass composition to reach targeted run-rate biomass – resulting in a temporary reduced harvest volume of 581 tonnes HOG including post smolt²
  • Harvest volumes also impacted by availability of harvest capacity; ~300 tonnes originally meant for March will be harvested early April
• Harvest weights in Q1 were negatively impacted by H1 2024 smolt quality issues and the need to restock new smolt groups within a short timeframe, requiring partial harvesting of certain groups at suboptimal weights
  • Entering the second quarter with significantly better biomass composition harvest weights improving from Q2
• All-in price realization on harvested fish of NOK ~75/kg¹ , overweight of harvest took place in March but impacted by harvest of smaller fish – as previously disclosed
• Harvest guidance for 2025 updated to 5,800 6,200 tonnes HOG including post smolt
  • Aligned with expected production ramp-up whilst also prioritizing to maintain targeted run-rate biomass

3+ YEARS OF FULL INDUSTRIAL SCALE OPERATIONS

Proof of concept fully demonstrated

• Stable operations and solid biological KPIs
• Improving every day a core part the Salmon Evolution operational DNA
• Current focus centered around unlocking the full potential of the farm
• Internal growth project delivering tangible results – biology has never been better
• Entering Q2 with targeted run-rate biomass
• Biomass composition fully normalized during Q2 following smolt quality issues in 1H 2024 – well positioned for continued positive development in operational KPIs

Continuous improvement… …driven by unique insights after 3+ years • Being addressed in phase 2, establishing a whole new set of capabilities, and also unlocking more potential from phase 1 • Strong price realization on back of high product quality • Good feedback on quality and taste • Steadily increasing production over the last quarters with all-time high production in Q1 2025 • Ongoing growth project aimed at taking out the full potential • Run rate biomass level achieved in Q1 2025, a prerequisite for taking out the full growth potential • Strong fish welfare demonstrated by consistent very low mortality and high superior grade share over time • Stocking weight In line or better than target since summer 2024 • Issues linked to smolt quality have been resolved • Consistent stable operations over time, significant built-in redundancy. Systems finetuned during ramp-up Fish welfare System stability Quality Smolt Biomass Production Critical scale Biosecurity • Facility design and operational protocols aimed at mitigating biosecurity risk – on site capabilities to handle unforeseen events

• Highlights
• Operations
• Growth
• Financials
• Summary and outlook

EXTENDING THE OCEAN POTENTIAL10

All permits in place for 36,000 tonnes HOG INDRE HARØY SITE – 200 MILLION MEALS A YEAR FROM 25 ACRES

Significant economies of scale unlocked when phase 2 is operational

Q1 2025

REACHING CRITICAL SCALE OF OPERATIONS

Phase 2: Taking Salmon Evolution to the next level

+128 %

Optimising production by introducing pre-grow-out tanks – 14 % increased output per phase

Higher upside potential in a more conservative production plan with lower average harvest weights and peak densities

Even higher regularity of harvest with two extra annual smolt inserts per phase unlocking more partnership opportunities

Capital efficient optimisation of Phase 2 by leveraging existing infrastructure – 25 % shorter grow out cycle

Reduced operational risk and added operational flexibility – each batch share of annual harvest reduced from 17 % to 6 %

Phase 2 on track for first harvest during 2026

General

• Project on plan and budget.
• On track for targeted first smolt release Q1-26 and first harvest Q4-26.
• 130-140 workers on-site, steadily increasing as activity intensifies.

Status and progress – grow out

• Concrete works for first 4 tanks completed in Q1-26, process installations initiating soon.
• Piping and concrete works below ground mostly completed.
• Continued good progress on other key milestones.

Tank installations (early April 2025)

Good progress at building site

Status and progress – water intake

• Concrete structure for intake station completed.
• Upper section of intake pipe installed. Blasting works for intake pipe during April.

Status and progress – additional tank capacity

• Planning and engineering initiated and nearing completion.
• Expected completion of facility aligned with phase 2 grow-out.

Focus on operational excellence and phase 2 project execution – key enablers for further growth

Salmon Evolution strategic priorities for 2025

Operational excellence

Continuous improvement, maintain stable operations and taking out the full potential in our operations

Indre Harøy phase 2 project execution

On time and on budget while at the same time adhering to the highest quality and HSE standard

PROPOSED NEW FRAMEWORK FOR THE NORWEGIAN AQUACULTURE INDUSTRY

"Havbruksmeldingen"

Conventional farming:

• "Havbruksmeldingen" published by the Norwegian Government in April, proposed new framework for regulation of the Norwegian aquaculture industry
• Proposal aimed at improving biological conditions, reducing mortality and sea-lice levels and providing incentives for sustainable operations
• If effectuated, this will likely limit growth in the short to medium term
• Implications: Increased investment levels for conventional farmers, further improving the relative attractiveness of land-based salmon farming

Land-based farming:

• New regulation for land-based salmon farming still pending
  • Salmon Evolution fully compliant with the proposal set out by the Norwegian Government in August 2024
  • Effectuation of new framework positive for the long-term development of the industry – reduced regulatory risk

• Highlights
• Operations
• Growth
• Financials
• Summary and outlook

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025

Farming: Better times ahead

REVENUE	EBITDA	EBITDA/KG	HARVEST VOLUME
49.8 NOKm	5.7 NOKm	NOK 9.7	581 TONNES HOG

• Weak salmon prices in Q1 overall price achievement also impacted by timing of harvest.
• NOK 9.7/kg EBITDA margin.
• Farming costs in the period were impacted by postsmolt sales and the harvest of fish with peak production in second half of 2024.
  • Post smolt have higher cost/kg than regular harvest.
  • During Q3 and Q4 last year lower production and less biomass to allocate cost to, impacting cost level at harvest.
• Much of profitability in Q1-25 linked to post smolt sales. Pricing of post smolt at market terms.

arming or ay
	Q1 202		F 202
9 7 ,	9 2 ,	9 7 ,	7 7 ,
	3
1 0 ,	1 2 ,	1 0 ,	7 9 ,
0
1	901	1	91
7 0 ,	10 0 ,	7 0 ,	9 ,
			3
2 2 ,	20 2 ,	2 2 ,	7 7 ,
0 0 ,
72 ,	7 0 ,	72 ,	9 ,

Indirect production costs expensed through cost of goods sold for underutilized capacity of NOK 4.8m.

18 (1) Calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent). | (2) Sum of all direct production and harvest cost and other operating expenses (G&A), divided by harvest volume. Incident based mortality, culling and export costs excluded.

ILLUSTRATION BASED ON CURRENT EXPECTATIONS

Cost per kg declining with increased production

Expected Farming EBITDA cost development Benefits of increased production materializing

• The reported Farming E IT A cost/kg is the equivalent of the 'at gate in box cost' per kg including allocated G&A.
• Typically, a lag of ~6 months before effects of increased production is reflected in the reported Farming EBITDA cost/kg.
• About 50% of costs sensitive to production volume remaining cost base 'fixed' in a fully operational and utili ed farm.
• Some variations in cost level between batches depending on underlying performance of the batch.
• Positive production trend over the last quarters will have positive effect on Farming EBITDA cost going forward.

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025

Group: Impacted by low harvest volume

REVENUE	EBITDA	EBITDA/KG
49.7 NOKm	-4.1 NOKm	NOK -7.0

• Weaker prices in Q1 as well as low harvest impacting overall earnings of the Group.
• Other segment EBITDA of -9.8 NOKm in line with previous quarters
  • Low cash burn on projects outside Norway.
• Fair value adjustment of –19.3 NOKm reflecting change in market prices.
• Net financials of NOK –7.7 NOKm driven by interest expenses partly offset by interest income on cash balance.

roup
		Q1 202		F 202
Total operating revenues	9 7 ,	100 ,	9 7 ,	71 ,
perationa
perationa
of Fair value adjustment biomass	19 ,	0 9 ,	19 ,	10 ,
perating profit (E IT)	7 ,	7 ,	7 ,	1 2 ,
financials Net	7 7 ,	7 9 ,	7 7 ,	2 2 ,
Profit/loss before tax	2 ,	1 2 ,	2 ,	7 ,
Income tax expense	0 0 ,	0 0 ,	0 0 ,	0 0 ,
Profit/loss for the period	2 ,	1 2 ,	2 ,	7 ,
Harvest volumes (tonnes H G) ,	1	901	1	91
reali ation1 (N K/k g) All in price	7 0 ,	10 0 ,	7 0 ,	9 ,
perationa g
perational E IT/kg (N K)	7 ,	,	7 ,	1 0 ,

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025

Group: High activity

CASH FLOW OPERATIONS -6.6 NOKm

AVAILABLE LIQUIDITY 418 NOKm

NIBD 613 NOKm

• Standing biomass up 45 % during quarter impacting cash flow from operations.
• Investments related to phase 2 and gradually picking up as planned.
  • Phase 2 on track and budget.
• 418 NOKm in available liquidity including committed undrawn credit facilities at the end of the quarter.
• Additionally, 1,450 NOKm in earmarked construction financing.

ummary of finan ia position
	3 ar	1 ec 2	3 ar
Non current assets	2 9	2 1	2 099
Current assets	7 7	7 9
ota assets	3	3	3
Equity	2 171	2 22	1 920
Non current liabilities		2
Current liabilities	1	79	22
ota equity and iabi ties	3	3	3
Cash and cash equivalents	1	29	0
Net Interest bearing debt	1	17
Equity ratio		70	70
ummary of ash f o
		Q1 202		F 202
Cash flow from operations	,	1 ,	,	,
Cash flow from investing	2 7 ,	0 ,	2 7 ,	2 ,
Cash flow from financing	2 2 ,	,9	2 2 ,	2 ,
et hange				3

Closing in on 'peak production' at building site

STRATEGIC GOAL: INDUSTRY COST LEADER

Cost leadership is our objective

Company illustration - full run rate	Phase 1	Phase 1+2	Phase 1-3
Harvest volume (kt, HOG)	8	18	36
Farming EBITDA cost/kg (HOG)1	56.0	53.0	50.0
adjusted2 Depreciation –	4.0	5.0	5.0
EBIT adjusted cost/kg (HOG) – Farming	60.0	58.0	55.0

• In phase 1 we laid the foundation and established much of the operational platform needed in Phase 2 and 3 as reflected in the gradually decreasing Farming EBITDA cost/kg.
• With Phase 2, we expect scaling effects to reduce Farming EBITDA cost/kg by approximately 5 6%. Additional economies of scale are anticipated once Phase 3 is fully operational, further enhancing cost efficiency and profitability.
• Illustration is based on current input factors and currency rates.

• Highlights
• Operations
• Growth
• Financials
• Summary and outlook

EXTENDING THE OCEAN POTENTIAL24

We are in the 'sweet spot'

Proven platform From CAPEX to Heavy lifting done

• De-risking complete proven biological and technical performance
• Focus on maximizing utilization and improving unit economics
• Reaching critical mass with 18,000t HOG in phase 2
• Highly scalable platform core infrastructure and setup costs taken
• Expect significant cash flow generation and potential for self funding growth

CASH FLOW

• Scaling effects on fixed cost base – incremental volumes drive strong EBITDA growth

Significant growth potential

• Disciplined approach to growth, returns > raw scale
• Licensed to 36,000t HOG
• Experienced team and strategic partners

Next update

Q2 2025 19th August | Q1 2025 operational update will be released early July