During the quarter Salmon Evolution used available flexibility to push harvest volumes into the fourth quarter to maximize price realization on back of higher expected prices, and is on track to meet its 5,000 tonnes HOG harvest volume guidance for 2024 with a standing biomass near record levels at the end of the quarter.

“We have used the third quarter well, restocking Indre Harøy and ensuring that we are in a strong position going into 2025, where we expect to increase production by about 40%”, CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said. “Given our continued stable operations and strong operational KPIs, we have the answers we need and are very confident going into 2025”.

Following the final investment decision in June, activity in the phase 2 expansion project ramped up significantly during the quarter. The realization of phase 2 will ensure critical scale, taking total output to 18,000 tonnes HOG and facilitating a substantial organic growth capacity for the years to come.

“The project is on track for first harvest during 2026, and we have gotten off to a very good start at the building site.” Schaug-Pettersen said. “With phase 2 online we will have an operational strength few in the industry can rival”.

Highlights in the quarter:

• Strong biological KPIs supported by continued stable operations
• Group EBITDA of -7.3 NOKm – Farming EBITDA of 2.2 NOKm and NOK 3.3 EBITDA/kg
• Pushing harvest into Q4 to maximize price realization – full year harvest guidance unchanged
• Standing biomass near record levels going into Q4 at ~2,600 tonnes LW. Restocking of grow-out facility completed during the quarter, record number of individuals as of date
• Indre Harøy phase 2 construction started – on track for first smolt release in Q1-26 as planned
• Strong financial position with 866 NOKm in available liquidity including committed undrawn credit facilities. Additionally, the Company has 1,450 NOKm in earmarked construction financing

Results presentation:

CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust will present the results for the third quarter 2024 at Hotel Continental in Oslo, Norway, Thursday 7 November at 08:00 CET. A delicious sushi breakfast with salmon from Indre Harøy will be served from 07:45 CET.

The presentation and Q&A will be held in English, and participants may also follow the presentation and submit questions through a live webcast available on www.salmonevolution.no, or with the following link: https://events.webcast.no/salmon-evolution/OEpmPDaoyhi5siPjdg0b/WdHkhntRFblED7JpIush

A recording of the webcast will be made available on our website shortly after the presentation.