2025 ANNUAL REPORTFISH, PEOPLE, OCEAN

Phase 1 has given us a resilient operational platform supported by a highly capable team—people who know our facility and our fish better than anyone, tank by tank. With proven HFS technology and strong KPIs, we’ve been able to refine production routines, tighten risk management and safeguard fish welfare, all through data‑driven processes designed to keep conditions optimal every single day. These learnings are now fully embedded across the organization and form the backbone of our scale‑up strategy.

Construction on Phase 2 progressed according to plan in 2025, and we have now released our first smolt in the new facility, an important milestone as we move into our next stage of capacity expansion. At full capacity, Phase 2 will more than double our annual output to 18,000 tonnes (HOG), enabling a more consistent weekly harvest rhythm. New operational features, such as pre‑grow‑out tanks and shorter grow‑out cycles, will support both higher throughput and greater flexibility.

This scale‑up isn’t about growth for the sake of growth, it’s about reaching critical mass while leveraging the systems, infrastructure and expertise already in place. By building on the Indre Harøy platform, Phase 2 is specifically engineered to reduce operational risk and deliver greater harvest predictability. This will open new opportunities with partners across retail and foodservice as our supply rhythm matures.

Alongside our operational focus, we have continued to build the Salmon Evolution brand and expand our customer reach. In 2025 we launched our smoked salmon in Norway, Sweden and Italy, strengthening our presence in key markets and giving consumers more ways to experience land‑based salmon. These initiatives are designed to prepare our commercial engine for the consistent weekly volumes that Phase 2 will unlock.

Our strategy prioritizes delivering premium-quality salmon, expanding responsibly, and leveraging innovation to set new industry standards.

Salmon Evolution has invested heavily in building a robust organization, implementing high-quality control systems, and establishing an advanced digital infrastructure. Together, these elements form a solid operational platform, equipping the company with deep expertise in managing hybrid flow-through salmon farms and laying the groundwork for future expansion. Sustainability is at the core of everything we do. Our hybrid flow-through system minimizes environmental impact, optimises profitability and potentially reduces emissions compared to traditional salmon farming. We are committed to creating an optimal environment for our salmon, thus maintaining the highest standards of fish welfare and biosecurity as we grow.

Operational excellence is the core DNA in our strategy. 2025 reiterated our strategic focus, to execute existing operations and preparations for phase 2. Further growth will build on operational excellence in current activities - and as we scale - we will continue optimizing operations, cost and delivering consistent, high-quality salmon, solidifying our role as a leader in sustainable salmon farming.

The progress achieved over several years has laid a strong foundation for continued growth and innovation. The heavy lifting is done, and the Company has an unmatched and scalable platform in land-based salmon farming. At Indre Harøy the Company has a clear growth pipeline taking total capacity towards 36,000t HOG, as well as additional long-term growth options through a potential phase 4. Built on success at Indre Harøy, the Company aims to establish other salmon farming sites at attractive locations in Norway and abroad. Guided by a clear strategy, we are confident in our ability to create lasting value for stakeholders and shape the future of aquaculture.