Salmon Evolution (SALME) Investor presentation summary

Q3 operational performance

• Net biomass growth was 1,984 tonnes LW; standing biomass reached 2,936 tonnes LW at quarter-end.

• Operations were stable with minimal mortality; one underperforming fish group affected ~25% of available tank capacity and was fully harvested by end-Q3.

• Phase 2 growth was according to plan; the third smolt insert was completed in July, with preparations underway for Q4 inserts.

Production ramp-up

• Monthly smolt stocking is planned from Q4-26 to support the targeted production run-rate by mid-2027.

• Phase 2 is planned to ramp up to 7,900 tonnes HOG over 12 months, leveraging established operations and existing infrastructure.

• Phase 1 focus areas include improving water quality and reducing variability in biomass growth through targeted, data-driven initiatives.

Harvest and pricing

• Q3-26 harvest was 1,597 tonnes HOG, with an average harvest weight of 3.0 kg and a 94% superior share.

• All-in price realization was ~NOK 65/kg, up ~7% YoY; superior share remained in line with the long-term trend.

• Q4-26 Phase 1 harvest weights were expected in the mid-to-high end of the 3–4 kg HOG category; strong demand and limited supply growth were seen as supportive for salmon prices into 2027.