Slide 1: Presentation Q2 2026
PRESENTATION Q2 2026 OSE: Salme 18 August 2026
Slide 2: Presenters: CEO and CFO
Trond Håkon Schaug-Pettersen Chief Executive Officer Contact: thsp@salmone.no | +47 911 91 327 Trond Vadset Veibust Chief Financial Officer Contact: tvv@salmone.no | +47 480 90 595 EXTENDING THE OCEAN POTENTIAL 2
Slide 3: 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 4: Agenda
• Summary • Operations • Growth • Financial review • Outlook • Appendices EXTENDING THE OCEAN POTENTIAL 4
Slide 5: Summary
Q2 2026 Summary • Weak salmon prices and backloaded harvest profile impacting Q2 financials. • Continued operational progress in Phase 1, with improvements from the new feed and operational protocols increasingly visible although the full positive effects are still ahead. • Phase 2 ramp-up and opera
Slide 6: Operations
• Summary • Operations • Growth • Financial review • Outlook • Appendices EXTENDING THE OCEAN POTENTIAL 6
Slide 7: Weak salmon prices in the quarter
Q2 2026 Weak salmon prices in the quarter Considerations Key harvest data Superior Harvest • Harvested 945 tonnes HOG in Q2-26 with harvest taking share (%) weight (HOG) place in May and early June. Q2 2 581 ~1,100 • Continued narrow weight distribution of harvested 96% 3.5 kg biomass – 85 % above 3
Slide 8: Continued operational progress, but yet to see the full positive effect of improvements
Q2 2026 Continued operational progress, but yet to see the full positive effect of improvements Biomass growth (tonnes, LW) Standing biomass (tonnes, LW) 2 00 00 11 009 000 2 97 2 000 1 7 1 70 2 00 2 1 1 00 1 7 2 000 1 00 1 000 1 000 00 00 0 0 Q 2 Q 2 Q1 2 Q2 2 Q 2 Q 2 Q1 2 Q2 2 • Net biomass growth
Slide 9: Significant better growth above ~3 kg after improvements to feed and protocols
Q2 2026 PHASE 1 OPTIMIZATIONS YIELDING RESULTS Significant better growth above ~3 kg after implementation of improvements related to feed and operational protocols Illustrative historical growth performance Stronger and consistent feeding post implementation Percent feeding of target – four latest h
Slide 10: Phase 2 ramp-up and operation according to plan
Q2 2026 Phase 2 ramp-up and operation according to plan • Phase 2 ramp-up progressing according to plan, with the third smolt release completed in July. • Initial operational performance remains solid, all smolt inserts have adapted well following release, with minimal mortality and feeding and grow
Slide 11: Substantial production growth expected next 12 months
Q2 2026 Substantial production growth expected next 12 months Production targets phase 1+2 – Indre Harøy (tonnes, HOG) Scalable platform with Increasing tank utilization, ~12-month ramp-up to 7,900t (HOG), core infrastructure and improved feed composition, and faster than Phase 1 with to proven setu
Slide 12: Growth
• Summary • Operations • Growth • Financial review • Outlook • Appendices EXTENDING THE OCEAN POTENTIAL12
Slide 13: Strategic focus – Norway first, global expansion later
Q2 2026 Strategic focus – Norway first, global expansion later Near term Medium term Long term Executing on current operations Doubling production Global frontrunner Executing on existing and phase 2 operations, while Doubling existing operations through phase 3 Expansion building on proven success
Slide 14: Building on experience with key upgrades for phase 2
Q2 2026 Building on experience with key upgrades for phase 2 Experience-Based Water Quality Biosecurity and Enhancements Improvements Operations • Building on ~4 years of • Up to 20% more seawater to • Even better biosecurity with operational experience from enhance water quality enhanced UV disinfe
Slide 15: Heavy lifting done
Q2 2026 UNIQUE OPERATIONAL PLATFORM POSED FOR PROFITABILITY, POWERED BY SCALE s Heavy lifting done Phase 41 +18,000t HOG Zoned Phase 3 +18,000t HOG Fully permitted Post- Phase 2 & smolt Phase 3 optimization +10,100t HOG Post- First smolt smolt released Apr-26 Phase 1-2 Phase 1 7,900t HOG 4 years in
Slide 16: Initial milestones delivered on schedule
Q2 2026 Initial milestones delivered on on schedule • Disciplined project execution and control, initial milestones delivered on schedule. • Process installations the core focus going forward, good visibility on remaining CAPEX. • Gradual handover of tanks through 2026 supporting a controlled transi
Slide 17: Financial review
• Summary • Operations • Growth • Financial review • Outlook • Appendices EXTENDING THE OCEAN POTENTIAL17
Slide 18: Q2 financials reflecting prices and harvest volume
Q2 2026 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2026 Q2 financials reflecting prices and harvest volume ALL-IN PRICE REALIZATION FARMING EBITDA HARVEST VOLUME ~70 NOK/kg -3.2 NOK/kg 945 TONNES HOG • Negative farming EBITDA of -3,0 NOKm in Q2 driven Q2 202 T 202 by weak salmon prices and lower ha
Slide 19: Scale benefits of phase 2 becoming visible
Q2 2026 Scale benefits of phase 2 becoming visible Targeting farming cost of ~60-65 NOK per kg by mid-2027 Considerations • Substantial production growth expected next 12 ~70-75 months driving a material fixed-cost dilution and ~60-65 progressively stronger unit economics. ~53 • Majority of cost imp
Slide 20: Benefitting from a low FCRe in a tightening feed market
Q2 2026 AI PRECISION FEEDING AND MINIMAL MORTALITY BEARING RESULTS Benefitting from a low FCRe in a tightening feed market Economic feed factor trending towards targets Considerations Last 5 harvested groups • Feed represents ~50% of farming costs, and feed Minimal mortality... efficiency is the sin
Slide 21: From CAPEX to cash flow – phase 2 investments decreasing
Q2 2026 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2026 From CAPEX to cash flow – phase 2 investments decreasing CASH FLOW OPERATIONS EQUITY RATIO NET INTEREST- R ‘ ’ -23.7 NOKm 48 % 2 040 NOKm • Investments in fixed assets in all material respect 0 une 2 related to Indre Harøy phase 2 expansion –
Slide 22: Outlook
• Summary • Operations • Growth • Financial review • Outlook • Appendices EXTENDING THE OCEAN POTENTIAL22
Slide 23: Salmon Evolution at an inflection point
Q2 2026 Salmon Evolution at an inflection point Heavy lifting Phase 2 = From CAPEX to Significant Proven platform done game changer CASH FLOW growth potential
Slide 24: Next update
Next update Q3 2026 operational update will be released early October
Slide 25: Appendices
Appendices EXTENDING THE OCEAN POTENTIAL 25
Slide 26: Profit & loss Farming segment and Group
Q2 2026 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q2 2026 Profit & loss Farming segment and Group FARMING EBITDA FARMING EBITDA/KG GROUP EBITDA GROUP EBITDA/KG -3.0 NOKm NOK -3.2 -11.1 NOKm NOK -11.8 Q2 202 T 202 Q2 202 T 202 Total operating revenues .7 91.1 21 .9 1 0. perating revenues . 90.2 21 .9
Slide 27: Farming EBITDA cost ~70.7 NOK/kg in Q2
Q2 2026 Farming EBITDA cost ~70.7 NOK/kg in Q2 =‘ x’ v Considerations Bridge farming EBITDA cost Q2-26 – NOK/kg (HOG) • Salmon is typically sold delivery duty paid (“ P”), with duty and distribution costs (“export costs”) included in ~73,6 ~2,9 sales price. • I.e. most of export costs are recouped t
Slide 28: salmonevolution.no
/ILMON EVOLUTION salmonevolution.no