Salmon Evolution ASA: Q4 2023 Operational update

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) ends 2023 with an all-time high biomass and record harvest volumes in Q4.

As per 31 December 2023 the Company had a standing biomass of more than 2,200 tonnes (LW) and had all-time high net biomass production of 1,439 tonnes (LW) in the quarter. The Company continues to see strong biological performance with good appetite and low mortality at Indre Harøy.

Salmon Evolution harvested a record high 1,104  tonnes (HOG) in the fourth quarter, with a 90 % superior share and tight weight concentration. Harvest volumes in the first quarter of 2024 are expected in the range of 800-1,000 tonnes (HOG) before increasing significantly from Q2 and onwards.

“The market backdrop going into 2024 is highly attractive with record high salmon prices expected. Salmon Evolution is well positioned to capitalize on this on back of a substantial increase in harvest volumes over the coming quarters, following a fully stocked farm at Indre Harøy,” CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said.

Please see attached presentation for further details.

For further information, contact:

Trond Håkon Schaug-Pettersen  

CEO, Salmon Evolution                                

+47 911 91 327                

Trond Vadset Veibust

CFO, Salmon Evolution                                

+47 480 90 595                

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a production capacity of 100,000 tonnes HOG by 2032. The Company's core focus is on extending the ocean's potential by transferring the best preconditions offered by the sea to farm fish on land through its chosen hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk.

The Company's first production facility is strategically located at Indre Harøy on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure, and an educated and experienced work force. Phase 1 is fully operational at industrial scale and will have an annual capacity of 7,900 tonnes HOG at steady state. Fully developed, the Indre Harøy facility will have an annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution's chosen HFS technology.

Furthermore, Salmon Evolution has initiated a process with the aim of establishing a land-based salmon farming operation in North America.

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