Salmon Evolution ASA: Phase 2 on track for first harvest in 2026

07 Nov 2024 07:00 CET

Salmon Evolution ASA (OSE: SALME) generated 51.3 NOKm in revenues in the third
quarter which translated into a group EBITDA of -7.3 NOKm and a Farming EBITDA
of 2.2 NOKm. The company continues to see stable operations and strong
biological KPIs.

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/WdHkhntRFblED7Jp
Iush

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

For further information, please contact:
Trond Håkon Schaug-Pettersen, CEO
thsp@salmone.no
+47 91 19 13 27

Trond Vadset Veibust, CFO
tvv@salmone.no
+47 48 09 05 95

About Salmon Evolution
Salmon Evolution is the global leader within land-based salmon farming with a
clear roadmap for 100,000 tonnes HOG annual production capacity. Pioneering
the hybrid flow-through system (HFS), Salmon Evolution is Extending the Ocean
Potential by creating optimal growth conditions in a controlled environment on
land. This approach, capturing the benefits of both land-based and sea-based
farming, puts biology first and limits operational and biological risk.

Salmon Evolution is strategically located the heart of the global aquaculture
industry on the west coast of Norway, where the Company has its first facility
and global centre of excellence fully operational at industrial scale. Enabled
by the proof of concept in Norway, Salmon Evolution targets significant
international expansion.

Salmon Evolution is listed on Oslo Børs under the ticker SALME. To learn more,
please visit www.salmonevolution.no.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-11-07 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

631483_SALME Q3 2024 Report.pdf
631483_SALME Q3 2024 Presentation.pdf