Salmon Evolution ASA: Entering scale-up phase

24 Feb 2026 06:30 CET

Salmon Evolution ASA (OSE: SALME) ended 2025 by demonstrating continued
operational execution and strategic progress. The financial results in Q4
reflect continued pressure on market prices due to high supply growth, with
revenues of 98.7 NOKm and a group EBITDA of -8.4 NOKm following harvest of
1,203 tonnes HOG. Net of ramp-up costs in relation to phase 2, farming
operations were breakeven in the quarter.

"While the quarter was affected by pressure on market prices, the underlying
financial development was in line with our expectations. We made a strategic
choice to prioritize 2026, entering the year with record biomass levels in
anticipation of a stronger market," said Trond Håkon Schaug-Pettersen, CEO of
Salmon Evolution.

Indre Harøy phase 2 is on track, and currently in the middle of testing and
commissioning in preparation for first smolt release scheduled to week 17.
Much of the civil works scope is nearing completion, with the process
installations being the core focus going forward.

"Phase 2 is on track and approximately 70% completed, and we clearly see that
the learnings from Phase 1 have been translated into tangible improvements,"
said Schaug-Pettersen. "With first smolt release less than 60 days away, we
are entering the scale-up phase for Salmon Evolution, supported by a proven
platform and positioned to double production capacity over the next 12
months", he said.

Highlights:
· Indre Harøy phase 2 progressing according to plan, first smolt release
scheduled in week 17. Plan to release 2.8 million smolt in 2026, up 65% from
2025.
· High supply growth continued to pressure market prices through the quarter,
impacting financial results.
· Breakeven farming operations net of phase 2 ramp-up costs. Revenues of 98.7
NOKm, farming EBITDA -1.3 NOKm and group EBITDA -8.4 NOKm.
· Updated partnership model in Korea reflecting Salmon Evolution's strategic
priorities in the near to medium term, hereunder continued focus on
operational excellence and phase 2 project execution.

Results presentation:
CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust will present the
results for the fourth quarter and full-year 2025 at Hotel Continental in
Oslo, Norway, Tuesday 24 February at 08:00 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/hBK2w3STiuM6Z6rv
lY6r

Find the report by using the following link:
https://salmonevolution.wrep.it/q4-2025 or see attached PDF.

A recording of the webcast will be made available on our website 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.
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 proof of concept at Indre Harøy, Salmon Evolution targets significant
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, through the
agency of the contact persons set out above, at 2026-02-24 06:30 CET.

More information:
Access the news on Oslo Bors NewsWeb site

666518_SALME Q4 2025 Presentation.pdf
666518_SALME Q4 2025 Report.pdf