Salmon Evolution ASA — Investor Presentation 2026

Apr 8, 2026

SALMON EVOLUTION®

Q1 2026 Operational Update

Salmon Evolution (OSE: Salme)

8 April 2026

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Disclaimer

This presentation (the "Presentation") has been prepared by Salmon Evolution ASA (the "Company" and together with its 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.

These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of any unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. In member states of the European Economic Area ("EEA"), the materials are directed at persons, who are "qualified investors" as defined in Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129, as amended) ("Qualified Investors"), and in the United Kingdom only at (i) persons having professional experience in matters relating to investments who fall within the definition of "Investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (iii) other persons to whom it may otherwise be lawfully communicated. The materials do not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States, and the securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The materials are not for general distribution in or into the United States of America, but directed only at persons reasonably believed to be a "qualified institutional buyer", as defined in the Securities Act.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Romsdal City Court as first venue.

S/AMON
E/OLUTION
EXTENDING THE OCEAN POTENTIAL™

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Q1 2026

TARGETED IMPROVEMENTS AND COMPANY CULTURE TO BUILD ON 'IMPROVING EVERY DAY' YIELDING RESULTS

Step-change in growth mid-February…

Clear effect after implementation period...

• Unparalleled insight and data after having completed 16 production cycles – this is constantly used to optimize operations.
• Focus on implementation of new feed and operating protocols geared around degassing systems during Q1 2026.
• Adaption period on new feed and testing of new operating protocols impacting daily feeding levels during the implementation period.

...currently on schedule to 85% utilization

• Changes to operating protocols to prevent gas buildup caused by stagnant water in parts of the degassing system, immediate positive impact on feeding across all tanks.
• Over the last 6 months performed the largest recalibration on feed to date - data driven improvements expected to increase growth by ~4%² and improve water quality
• In sum the targeted improvements have had significant positive effects on water quality and growth – additional projects still pending implementation.

S/AMON

E-CAUTION

Notes: 1) Estimate of run-rate production in HOG based on daily feeding levels, considering a feed factor of 1.05 and LW to HOG conversion of 83 %;

2) Based on data from Cargill growth model; 3) Daily feeding target based on Salmon Evolution growth model. The daily feeding target varies

depending on the number of tanks in operation, total biomass, average weights, water temperature and other factors. | Source: Company information

EXTENDING THE OCEAN POTENTIAL™

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Q1 2026

…driven by documented water quality improvements

Turbidity levels further improved

Turbidity (formazine nephelometric (FNU) unit)¹

• As part of the feed recalibration, a new binder was implemented towards the end of February – immediate effect on measurable objective water quality parameters.
• Additionally, observable water quality significantly improved.
• Turbidity levels below internal target before and after but further improved following change in feed composition.

~50% reduction of particles

• Particle levels reduced by 50% after implementation of new binder in feed – a real game changer on water quality.
• Even lower turbidity levels and reduction of particles allow for increased flow of water and better tank hydraulics
• Positive impact on overall water quality environment and setting the conditions for further improvement in performance – likely yet to see the full positive effect of this.

S/AMON EUCLITIOM

Notes: 1) Measured by Eurofins applying standard NS-EN ISP 7027-1; 2) Measured by Eurofins applying standard NS-EN 872 Source: Company information

EXTENDING THE OCEAN POTENTIAL™

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Q1 2026

Harvest of ~1,765 tonnes HOG in line with guidance

Considerations

• Harvest of 1,765 tonnes HOG in Q1-26 in line with guidance, overweight of harvest activity in March.
• Avg. harvest weight of 3.2 kg HOG, in line with Q4-25.
• All-in price realization on harvested fish of ~84 NOK/kg.
• Volatile prices through the quarter, but overall salmon market holding up well despite geopolitical turmoil.
• Superior grade share 94 % in line with previous periods.
• Harvest weight expected to improve through 2026 on back of biomass growth acceleration – 85 % capacity utilization in phase 1 equals expected average harvest weights of 4+ kg HOG.
• Narrow weight spread, on 4+ kg HOG salmon from Indre Harøy typically ~70 % is in 4-6 kg HOG category.

S/ALMON E-CAUTION

Note: All-in price realization calculated on a back to farm basis and adjusted for transport cost to Norway border (Sisalmoni equivalent). Including downgraded fish. Excluding post smolt | Post smolt: LW to HOG conversion 84 %

EXTENDING THE OCEAN POTENTIAL™

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Q1 2026

Biomass production in Q1 impacted by implementation of new feed and change in operating protocols

Biomass growth (tonnes, LW)

• Net biomass growth 1,357 tonnes LW impacted by implementation of new feed and change in operational protocols in the first half of the quarter.
• Short term impact for longer term gain.
• Underlying biomass growth 1,484 tonnes LW, net growth impacted by harvest deviations. Feed factor model updated to mitigate deviations going forward.
• Apart from controlled impact from targeted improvements, continued stable operations with minimal mortality across the farm.

Standing biomass (tonnes, LW)

• Standing biomass reduction reflects normal fluctuations following scheduled harvest activity towards the end of March.
• Targeted biomass levels maintained through the quarter.
• Key prerequisites for significant improvement in biomass growth in coming periods in place – spillover to harvest volumes and weights during the second half of 2026.

S/ILMON

E-CAUTION

Note: Net biomass growth including mortality, culling and harvest deviations.

EXTENDING THE OCEAN POTENTIAL™

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Q1 2026

Key summary – significant operational breakthroughs in Q1

• Harvest of 1,765 tonnes HOG in line with guidance
• Biomass growth in Q1 affected by adaptation period on new feed and testing of new operating protocols
• Step-change in growth post implementation
• Key prerequisites for significant improvement in biomass growth in coming periods in place – spillover to harvest volumes and weights during the second half of 2026
• First smolt stocking in phase 2 in less than 14 days

S·ILMON
E·OLUIION
EXTENDING THE OCEAN POTENTIAL™
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SALMON EVOLUTION

Next update

6th May 2026 – Quarterly report Q1 2026