Slide 1: Salmon Evolution Company update April 2026
Salmon Evolution Company update April 2026
Slide 2: Disclaimer
Disclaimer IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COL
Slide 3: Investment highlights, Operations, Appendices
• Investment highlights • Operations • Appendices 3
Slide 4: Salmon Evolution is the global benchmark in land-based salmon farming
Salmon Evolution is the global benchmark in land-based salmon farming Proven platform after 4 Strategic location in the Phase 2 taking capacity Building a platform to years in operation with heart of the global towards 18,000 tonnes become a leading strong results aquaculture industry (HOG) operatio
Slide 5: On path to operational excellence
On path to operational excellence Today Mar’22 – Sep’25 Stage 31: 18,000 tonnes HOG Stage 21: Operational excellence Stage 1: Systemization and By mid-27 • Planning and engineering activities for the pre- industrialization • Phase 1: Increasing tank utilization, optimization grow-out tanks completed
Slide 6: Unrivalled salmon farming results
4 YEARS IN OPERATION WITH STRONG RESULTS Unrivalled salmon farming results Mortalities vs. industry Superior share vs. industry Feed conversion rates Harvest weights (monthly, L12M) (per harvest group) (FCRe per harvest group) (avg. kg per harvest group, HOG) 1,4% 100% 1,5 5,0 Core industry weight r
Slide 7: Steady progress based on targeted improvements
Steady progress based on targeted improvements Continued positive trend in phase 1 production volumes Closing in on design capacity • Increasing tank utilization with Improved feed composition already improved processes and just-in-time 7 900 philosophy delivering measurable results 1 200 • Improved
Slide 8: Step-change in growth in February…
TARGETED IMPROVEMENTS AND COMPANY CULTURE TO BUILD ON ‘IMPROVING EVERY DAY” YIELDING RESULTS Step-change in growth in February… Immediate effect after implementation… …currently on schedule to 85% utilization Annual harvest based on daily feeding levels (2026 YTD) (tonnes, HOG) 1 Percent feeding of
Slide 9: …driven by documented water quality improvements
…driven by documented water quality improvements Turbidity levels further improved ~50% reduction of particles Turbidity (formazine nephelometric (FNU) unit)1 Suspended solids (mg/liter)2 FNU below 1 is -50% considered good levels 6,2 -10% < 5.0 - Good levels 0,64 0,58 < 3.0 - Very good levels 2,9 P
Slide 10: Biomass production in Q1 impacted by implementation of new feed and change in operating protocols
Biomass production in Q1 impacted by implementation of new feed and change in operating protocols Biomass growth (tonnes, LW) Standing biomass (tonnes, LW) Target: ~2,900 – 3,000 tonnes LW 2 500 Target: ~2,300 – 2,400 tonnes LW 3 500 3 043 3 009 3 115 3 000 2 000 ~1,702 1 667 2 500 2 334 1 555 1 500
Slide 11: Heavy lifting done
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- Operational smolt Apr-26 Phase 1-2 Phase 1 7,900t HOG ~4 years in operation Zoning
Slide 12: Solid capital structure in place to complete phase 2
Solid capital structure in place to complete phase 2 Considerations Sources & uses • Strong support from banking syndicate. Credit approved increase of As of 31.12.2025 existing senior secured debt facilities of 250 NOKm, subject to completion of new equity raise of 400 NOKm and other customary cond
Slide 13: Clear roadmap to substantial production growth
Clear roadmap to substantial production growth Production targets phase 1+2 – Indre Harøy (tonnes, HOG) First smolt insert completed Apr-26, Scalable platform with Increasing tank utilization, ~12-month ramp-up to 7,900t (HOG), Leverage insights from phase core infrastructure and improved feed compo
Slide 14: Phase 2 positions SALME for significant cash flow potential
WELL INVESTED ASSET BASE & BUILT-UP TAX DEFICIT TO BOOST EQUITY RETURNS ONCE PHASE 2 IS OPERATIONAL Phase 2 positions SALME for significant cash flow potential Planned phase 1+2 harvest Illustrative equity cash flows at steady state 18,000 tonnes, HOG Illustrative realized salmon NOK 85/kg NOK 95/kg
Slide 15: Investment highlights, Operations, Appendices
• Investment highlights • Operations • Appendices EXTENDING THE OCEAN POTENTIAL15
Slide 16: Proof of concept demonstrated
3+ YEARS OF FULL INDUSTRIAL SCALE OPERATIONS Proof of concept demonstrated Fish welfare Biosecurity System stability Superior grade • Strong fish welfare demonstrated • Facility design and operational • Consistent stable operations over • Consistent industry leading by consistent very low mortality
Slide 17: Building on experience with key upgrades for phase 2
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 disinfection pha
Slide 18: Incremental production optimisation levers identified
ENABLING GROWTH BEYOND EXISTING CAPACITY Incremental production optimisation levers identified Genetics Feed Analytics and AI ▪ Ongoing program with Benchmark Genetics to ▪ Ongoing program with Cargill to tailor feed ▪ Application of data-driven insights to optimize develop the future of genetics fo
Slide 19: Farming cost = all about good biology and scale
Farming cost = all about good biology and scale Targeting production cost of ~53 NOK per kg for 18,000 tonnes (HOG) Considerations Farming EBITDA cost NOK/kg Current run-rate phase 1 • Operating at ~75% utilization of design capacity ~70 - 75 Harvest • FCRb has been higher than expected through 2025
Slide 20: Highly competitive EBIT cost with high quality asset base
Highly competitive EBIT cost with high quality asset base Estimated EBIT cost NOK/kg steady state production Considerations ~61 • A high portion of capex is non-recurring and carries ~3 ~58 no future replacement cost ~8 ~53 • Groundworks • Infrastructure – facility structures is concrete with ’100+
Slide 21: Strategic execution of current operations – clear pipeline for substantial growth
Strategic execution of current operations – clear pipeline for substantial growth 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
Slide 22: Investment highlights, Operations, Appendices
• Investment highlights • Operations • Appendices EXTENDING THE OCEAN POTENTIAL22
Slide 23: Making a home for the Salmon to thrive
Making a home for the Salmon to thrive Optimal temperature year-round and full control of farming environment Optimal water quality by collecting seawater Hybrid flow-through system (“HFS”) using Each tank a separate biozone eliminating the from 25m and 95m at close to ideal 1/3 new seawater and 2/3
Slide 24: Experienced management and Board of Directors
Experienced management and Board of Directors Management team Board of Directors Trond Håkon Schaug-Pettersen Trond Vadset Veibust Ingjarl Skarvøy Tore A. Tønseth Eunhong Min Peder Stette Ingvild Vartdal CEO CFO COO Chairman of the Board Board member Board member Board member ~19 years experience fr
Slide 25: salmonevolution.no
/ILMON EVOLUTION salmonevolution.no