Slide 1: Presentation Q1 2025
PRESENTATION Q1 2025 CEO: Trond Håkon Schaug-Pettersen CFO: Trond Vadset Veibust 13 May 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
Q1 2025 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 indivi
Slide 5: Operations
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL 5
Slide 6: Production record and all-time high biomass
Q1 2025 Production record and all-time high biomass Biomass production (tonnes, LW) Standing biomass (tonnes, LW) 1 800 7% 3 000 Target: 2,900 - 3,000t LW 11 % 2 939 9% 1 500 1 624 2 500 1 518 2 582 1 369 1 200 2 000 1 261 2 032 2 023 900 1 500 600 1 000 300 500 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-24 Q3-
Slide 7: Continued stable operations with exceptionally low mortality and consistent excellent product quality
Q1 2025 Continued stable operations with exceptionally low mortality and consistent excellent product quality Annualized monthly mortality (%) Superior grade share (%) – batch 1-10 7,0 100% 6,6 0.93 % 98% 6,0 0.87 % 96% 0.70 % Target 95%+ 0.67 % 5,0 94% Target 3-5% 4,6 92% 4,0 90% 3,5 3,0 3,4 3,1 88
Slide 8: Prioritizing biomass growth
Q1 2025 Prioritizing biomass growth Optimizing biomass composition Harvest volumes Superior Harvest Harvest volumes (tonnes, HOG) • Deliberate focus on biomass growth and optimizing biomass - 400 800 1 200 1 600 2 000 share (%) weight (HOG) composition to reach targeted run-rate biomass – resulting
Slide 9: Proof of concept fully demonstrated
Q1 2025 3+ YEARS OF FULL INDUSTRIAL SCALE OPERATIONS Proof of concept fully demonstrated Continuous improvement… …driven by unique insights after 3+ years • Stable operations and solid biological KPIs Fish welfare • Strong fish welfare demonstrated by consistent very low mortality and high superior
Slide 10: Growth
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL10
Slide 11: All permits in place for 36,000 tonnes HOG
Q1 2025 INDRE HARØY SITE – 200 MILLION MEALS A YEAR FROM 25 ACRES All permits in place for 36,000 tonnes HOG Phase 1 – 7,900 tonnes HOG Phase 3 +18,000t HOG COMPLETED Phase 2 – 10,100 tonnes HOG Phase 2 & Zoning Permitted Funded Operational optimization Q1-26 +10,100t HOG On time & budget Phase 3 –
Slide 12: Phase 2: Taking Salmon Evolution to the next level
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 18,000t Higher upside potential in a more conservative production plan with lower average harvest weights
Slide 13: Phase 2 on track for first harvest during 2026
Q1 2025 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
Slide 14: Good progress at building site
Q1 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
Slide 15: Focus on operational excellence and phase project execution – key enablers for further growth
Focus on operational excellence and phase 2 project execution – key enablers for further growth Salmon Evolution strategic priorities for 2025 Operational excellence Indre Harøy phase 2 project execution Continuous improvement, maintain stable operations and taking out the full On time and on budget
Slide 16: Havbruksmeldingen
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 condition
Slide 17: Financials
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL17
Slide 18: Farming: Better times ahead
Q1 2025 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 arming or ay also impacted by timing of harvest. Q1 202 F 202 • NOK 9.7/kg EBI
Slide 19: Cost per kg declining with increased production
Q1 2025 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
Slide 20: Group: Impacted by low harvest volume
Q1 2025 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 roup • Weaker prices in Q1 as well as low harvest impacting Q1 202 F 202 overall earnings of the Group. Total operating revenues 9,7 100, 9,7 71, • Oth
Slide 21: Group: High activity
Q1 2025 CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q1 2025 Group: High activity CASH FLOW OPERATIONS AVAILABLE LIQUIDITY NIBD -6.6 NOKm 418 NOKm 613 NOKm ummary of finan ia position • Standing biomass up 45 % during quarter impacting 3 ar 1 ec 2 3 ar cash flow from operations. Non current assets 2 9 2
Slide 22: Closing in on 'peak production' at building site
Q1 2025 Closing in on ‘peak production’ at building site Investments phase 2 (NOKm) Investments expected to peak in Q4 1 1 Quarterly Investments Accumulated Estimated capex quarter by quarter until completion (N Km) +8 % +11 % +9 % -19 % 07 • Pre-project • Design & engineering 2 • Groundwork 117 I Q
Slide 23: Cost leadership is our objective
Q1 2025 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 Depreciation – adjusted2 4.0 5.0 5.0 EBIT adjusted cost/kg (HOG) – Farming 60.0
Slide 24: Summary and outlook
• Highlights • Operations • Growth • Financials • Summary and outlook EXTENDING THE OCEAN POTENTIAL24
Slide 25: We are in the 'sweet spot'
We are in the ‘sweet spot’ Heavy lifting From CAPEX to Significant Proven platform done CASH FLOW growth potential • De-risking complete - proven • Reaching critical mass with • Expect significant cash flow • Disciplined approach to biological and technical 18,000t HOG in phase 2 generation and pote
Slide 26: Next update
Next update Q2 2025 19th August | Q1 2025 operational update will be released early July