Slide 1: Presentation Q4 2024
PRESENTATION Q4 2024 CEO: Trond Håkon Schaug-Pettersen CFO: Trond Vadset Veibust 11 February 2025
Slide 2: Disclaimer
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 const
Slide 3: Agenda
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL 3
Slide 4: Highlights in the quarter
Q4 2024 Highlights in the quarter • New harvest record with total harvest of 1,729 tonnes HOG including post smolt. • Farming EBITDA of 9 NOK/kg, Group EBITDA of 9.3 NOKm and Farming EBITDA of 15.3 NOKm. • Solid price achievement – strategy of backloading harvest in second half of 2024 paying off. •
Slide 5: Operations
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL 5
Slide 6: Continued strong results in 2024
Q4 2024 SIGNIFICANT MILESTONE ACHIEVED Continued strong results in 2024 Harvest Biomass growth Farming EBITDA 96 % 4,891 5,706 23 NOK/kg superior tons (HOG)1 tons (LW) grade share Guidance 2025: Target 2025: Farming revenues 468 NOKm Above target of 95 % 6,000 – 6,500 tons (HOG) ~8,300 tons (LW) and
Slide 7: New harvest record
Q4 2024 New harvest record Increasing harvest weights Harvest guidance unchanged • All-in price realization on harvested fish of NOK Harvest volumes (tonnes, HOG) Superior Harvest share (%) weight (HOG) ~82/kg1, outperforming index on superior grade. - 400 800 1 200 1 600 2 000 • Strategy to backloa
Slide 8: Batch 9 a strong datapoint
Q4 2024 CLOSING IN ON FULL POTENTIAL Batch 9 a strong datapoint Exceptionally tight weight spread Industry leading survival rate ‘Only’ superior salmon Superior grade Weight distribution (HOG) Survival rate % share % 47% 31% 97.4 % 96.0 % survival rate superior grade share 15% 0% 6% 1% 1-2 2-3 3-4 4
Slide 9: Positive growth trend continues
Q4 2024 Positive growth trend continues Net daily biomass gain % Biomass development % net daily biomass gain to standing biomass Net biomass growth1 / Total biomass (tonnes, LW) 1,00% 1 800 2 800 2 676 2 582 0.93 % 0.87 % 1 440 1 558 1 518 2 240 0,80% 2 032 2 023 0.76 % 1 369 0.74 % 1 261 0.70 % 0,
Slide 10: Successful post smolt delivery
Q4 2024 Successful post smolt delivery • SE has utilized excess capacity at Indre Harøy during 2H 2024 to produce post smolt for external sale • Facilitated by partly external sourcing of smolt • First post smolt group was delivered to a well-known salmon farmer in December. A second delivery was co
Slide 11: Launching land-based salmon in retail
Q4 2024 Launching land-based salmon in retail • Salmon Evolution is launching land-based smoked salmon in partnership with Lofoten. • Lofoten is a renowned premium brand with wide distribution in Norwegian retail. • A key enabler for the partnership is to offer consumers more choice on the shelf, an
Slide 12: Growth
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL12
Slide 13: Phase 2: Taking Salmon Evolution to the next level
Q4 2024 REACHING CRITICAL SCALE OF OPERATIONS Phase 2: Taking Salmon Evolution to the next level 128 % 14 % 25 % increased output increased output shorter grow-out with phase 2 per phase cycle EXTENDING THE OCEAN POTENTIAL 13
Slide 14: Permitted to 36,000 tonnes HOG at Indre Harøy
Q4 2024 SALMON EVOLUTION – INDRE HARØY SITE Permitted to 36,000 tonnes HOG at Indre Harøy Phase 1 – 7,900 tonnes HOG Phase 3 Zoning Permitted Designed Funded Constructed Operational +18,000t HOG Phase 2 – 10,100 tonnes HOG Phase 2 and Zoning Permitted Designed Funded Constructed Operational optimiza
Slide 15: Phase 2 on track for first harvest during 2026
Q4 2024 Phase 2 on track for first harvest during 2026 General • Project on plan and budget – good progress at building site. • On track for targeted first smolt release Q1-26 and first harvest Q4-26. • 90-100 workers on-site, steadily increasing as activity intensifies. Status and progress – grow o
Slide 16: Good progress at building site
Q4 2024 Good progress at building site New RO plant with ~6,000 m3/day capacity Status and progress – water intake • Intake manifold in-place, a major milestone. Oppdate • Concrete works for the intake station res progressing well. • Preparations for intake pipe installation underway. Status and pro
Slide 17: Indre Harøy is only the beginning
Q4 2024 EXPANSION PLANS Indre Harøy is only the beginning Norway expansion North America South Korea SE focused on capital discipline and leveraging human capital Yangyang grow out site Jeongson Target smolt facility site areas 36,000t HOG planned Indre 18-54,000t HOG Harøy phase 1-3 potential addit
Slide 18: Financials
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL18
Slide 19: Farming: NOK 8.9/kg EBITDA margin
Q4 2024 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2024 Farming: NOK 8.9/kg EBITDA margin REVENUE EBITDA EBITDA/KG HARVEST VOLUME 148.7 NOKm 15.3 NOKm NOK 8.9 1 729 TONNES HOG • Strong price achievement in Q4 of ~82/kg1 NOK armin or ay supported by solid harvest KPIs. Q 202 F 202 perating revenues
Slide 20: Other: Expansion cost base
Q4 2024 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2024 Other: Expansion cost base REVENUE EBITDA EXPANSION PROJECTS EXPANSION COST1 8.5 NOKm -6.1 NOKm Three - 3 NOK 3.5/KG • Other segment encompass typical headquarter functions as well as staff working with growth projects. • Cost base is primaril
Slide 21: Group: Solid ending to a good year
Q4 2024 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2024 Group: Solid ending to a good year REVENUE EBITDA EBIT EBITDA/KG 149.5 NOKm 9.2 NOKm -11.3 NOKm NOK 5.3 roup • EBITDA of 9.2 NOKm in Q4 and 71.4 NOKm for 2024. Q 202 F 202 • Positive EBITDA in three out of four quarters in 2024. Total operatin
Slide 22: Group: Strong balance sheet
Q4 2024 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2024 Group: Strong balance sheet CASH FLOW OPERATIONS TOTAL CASH FLOW Available liquidity NIBD 1.0 NOKm -133.8 NOKm 684 NOKm 135 NOKm ummary o inan ial posi ion • 1.0 NOKm positive cash flow from operations. e 0 un 2 e • Impacted by timing of harve
Slide 23: Gradual increase in CAPEX related to phase 2
Q4 2024 Gradual increase in CAPEX related to phase 2 Investments phase 2 Gradual increase in Capex expected Estimated capex quarter by quarter until completion (NOKm) 407 Quarterly investments +8 % +11 % Accumulated +9 % 245 -19 % 117 88 • Pre-project • Design • Groundwork IB Q2-24 Q2-24 Q3-24 Q4-24
Slide 24: Summary and outlook
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL24
Slide 25: Creating a foundation for substantial profitable growth
Q4 2024 UNIQUE GROWTH PLATFORM Creating a foundation for substantial profitable growth • Proven operational excellence with strong biological and financial results. • Competitive farming cost, expected to improve further with scale and falling feed cost. • On track with fully funded phase 2 expansio
Slide 26: Next update
Next update Q1 2025 13th May 2025 | Q1 2025 operational update will be released early April