Q3 2026

Salmon Evolution reported a net biomass growth in phases 1 and 2 of 1,984 tonnes LW in Q3-26. Operations at the grow-out facility at Indre Harøy remained stable through the quarter with minimal mortality. Operations at the Dale smolt facility progressed well.

In phase 1 biomass growth was affected by one underperforming fish group affecting around 25 % of the available tank capacity in the quarter. This group, stocked in Q4-25, experienced weaker biological performance and higher mortality than relevant peer groups throughout the production cycle. The group was fully harvested in Q3-26 and was the primary reason for the lower average harvest weight in the quarter.

In phase 2 operations and growth were according to plan, with the third smolt release completed in July. With a rigid testing and commissioning phase before initiation of operations, there have been limited disturbances affecting phase 2 operations during the first 6 months of operations. Given that there are no expected delays with impact on the production plan, preparations are underway for the next smolt inserts in Q4-26.

At the Dale smolt facility production remained solid through the summer and into Q3 aided by good temperatures. Focus at the facility is not to maximize production, but to ensure that smolt is delivered with the right quality, weights and timing to Indre Harøy. In 2026 all groups have been delivered according to plan, highlighting that the facility is fully on track and that the investments at the facility in recent years have delivered the desired result.

The Company remains fully focused on lifting Phase 1 biomass growth through targeted, data-driven initiatives and executing the Phase 2 ramp-up over the coming 6-9 months so that by mid-2027 Salmon Evolution expects to reach a run-rate biomass production of 14,600 tonnes HOG.

In Q3 Salmon Evolution harvested 1,597 tonnes HOG, with a superior grade share of 94 % in line with the long-term trend. The average harvest weight ended at 3 kg HOG, primarily reflecting the underperforming fish group described above. Harvest weights are expected to improve in Q4 2026, underscoring the operational upside from greater consistency across fish groups.

Harvest guidance for 2026 updated to approximately 5,500t HOG compared with previous guidance of approximately 6,000t HOG. About 70 % of the reduction linked to phase 2 first harvest being moved to 2027 using available flexibility in the phase 2 production plan, to increase harvest weights and capitalize on the expected salmon price improvements. 2027 harvest guidance of 11,000 to 12,000 tonnes HOG, with H1-2027 focused on build phase 2 biomass towards steady state levels.

Indre Harøy Phase 1 and 2 is a unique land-based salmon farming platform, which upon completion of phase 2 will hold an installed annual capacity of 15,800 tonnes HOG and a substantial EBITDA potential.

Additionally, Salmon Evolution holds highly accretive growth options at Indre Harøy, with the potential to more than double existing capacity to approximately 36,000 tonnes HOG through the pre-grow out tanks and Phase 3, both projects fully licensed and with the necessary power grid allocations.

Note: The fourth phase of the planned facility at Indre Harøy is conceptual and includes expansion on land regulated for industry with a primary focus on establishing aquaculture-related business. The Company does not currently own the land or have the necessary permits, licenses and power allocation to be able to construct and operate a potential phase 4 on Indre Harøy.

Construction of the phase 2 grow-out is expected to be finished by year-end 2026. A gradual handover of tanks through 2026 and into 2027 supports a controlled transition into operations.

Formal handover of the final two tanks following testing and commissioning moved to Q1 2027, with no material impact on operations or costs expected.

The original cost estimate for the Indre Harøy phase 2 grow-out facility was 2.15 NOKbn, with an additional 125 NOKm contingency buffer added in April 2026. The potential investment in the phase 1 and 2 pre-grow out tanks has a total estimated cost of around 400 NOKm including contingencies and buffers.

As part of phase 2 Salmon Evolution signed a long-term smolt sourcing agreement with an external supplier. Together with the in-house smolt production at Dale, the Company’s smolt needs for phases 1 and 2 are fully covered.

The pre grow-out tanks are expected to add 2,200 tonnes HOG on top of the original installed capacity of 15,800 tonnes HOG in phase 1 and 2, lifting the expected annual harvest capacity to 18,000 tonnes HOG. The option to include pre-grow-out tanks is also available for phase 3.

The pre grow-out concept is to incorporate four smaller tanks - two for each phase – enabling an optimization of the production plan and represents a highly capital-efficient way to scale production using existing infrastructure. The concept is similar to the use of post-smolt in conventional salmon farming.

Under this program the stocking weights in the grow-out department are raised from ~130 grams to ~400 grams, while the targeted harvest weight is reduced to approximately 5.2 kg LW. Combined this shortens the production cycle from approximately 11 months to 8–9 months, making it possible to increase the number of smolt stockings from 6 to 8 per year per phase, improving the utilization of the grow out facility. Generally, this is considered a more conservative production plan with lower average harvest weight and peak densities through the production cycle, also lowering the operational risk through increased robustness and added operational flexibility.

Capital allocation remains disciplined, and initiation of the pre-grow-out tanks is contingent on an improvement in salmon prices and profitability, with near-term focus on achieving production targets on installed capacity.

Salmon Evolution holds a senior secured debt financing package related to Indre Harøy Phase 1 and 2. The debt funding package has a tenor of 3 years from April 2026 with extension option and consists of the following credit facilities:

• a NOK 525m Term Loan Facility (the “Term loan”). Refinances construction finance debt for the First Phase. Bullet repayment.
• a NOK 250m RCF Capex Facility (the “RCF”). Finances general corporate and working capital, and/or for repayment of intra-group loans. Bullet repayment.
• a NOK 1,475m Construction Facility for the grow-out facility (the “Construction facility grow-out”). Finances the debt-portion of the construction costs for the Second Phase grow-out facility. Repayment period is 8.5 years, with start of repayment to commence in Q1 2028.

Additionally, the debt funding package allows the Company to increase the existing 200 NOKm overdraft facility related to biomass and receivables financing in phase 1 up to 400 NOKm for phases 1 and 2. Currently 300 NOKm of the 400 NOKm permitted is available to the Company.

As per 30 September 2026, the Term Loan of 525 NOKm, the 250 NOKm RCF, and 1,417 NOKm of the Construction facility grow-out were drawn under the existing debt facilities package.

The Company has a debt financing package of 70 NOKm in relation to Salmon Evolution Dale, this includes an increase in the investment facility of 10 NOKm that was put into effect in Q4-26.

The bank debt package is split across three separate facilities and is used as follows:

• General corporate purposes, here under financing of working capital
• Investments relating to facility upgrades
• 25 NOKm in acquisition financing utilized for refinancing of seller’s credit with previous owners

As per 30 September 2026 about 47 NOKm of the 60 NOKm (not including the 10 NOKm increased investment facility) debt financing package was drawn.