25.2.2026 07:00:01 CET | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS ("Andfjord Salmon" or "the company") today reports that growth in pools K0 and K1 at Kvalnes, Andøya, is increasingly outperforming expectations with continued healthy biological conditions in the two pools.

Survival rates in both pools continue to exceed expectations too. The aggregate survival rate stood at 99.59% at the beginning of this week, after six and four-and-a-half months in pool K0 and K1, respectively.

High survival rates coupled with growth ahead of schedule mean that the facility’s standing biomass is growing rapidly. At the beginning of this week, total standing biomass was 902 tonnes live salmon, up approximately 70% since the beginning of the year. 

Accumulated feed conversion ratio currently stands at 0.97 for pool K0 and 0.88 for pool K1, demonstrating efficient feed utilization. The fish is being fed Andfjord Salmon’s specially designed feed – Calanus® Plus by Andfjord Salmon – that among other things contain nature’s own starter feed the zooplankton Calanus finmarchicus and algae oil.

“Growth in both K0 and K1 has exceeded our expectations, including when taking into account higher than expected water temperatures, which have further stimulated appetite and accelerated biomass development. A core objective of implementing our flow-through system at Andøya has been to replicate the salmon’s natural habitat on land, while at the same time reducing exposure to several of the challenges associated with traditional sea-based farming. The results achieved to date demonstrate that our core objective is attainable. That said, we remain committed to continuous and rigorous monitoring of pool conditions, fish health and overall welfare to ensure that the strong start we have experienced is maintained over time,” says Martin Rasmussen, CEO of Andfjord Salmon.

On 30 September 2025, Andfjord Salmon released approximately 350,000 smolt with an average weight of around 180 grams into pool K0. On 10-12 November, around 750,000 smolt with an average weight of approximately 160 grams were released into pool K1.

STATUS POOL K0 (all numbers per 22 February 2026)

Survival rate: 99.58%

Average weight: 1,350 grams

Feed conversion ratio (FCR): 0.97

Standing biomass in pool: 471 tonnes live salmon.

STATUS POOL K1

Survival rate: 99.59 %

Average weight: 576 grams

FCR: 0.88

Standing biomass in pool: 431 tonnes live salmon.

KVALNES BUILD-OUT

The new main contractor Entreprenør Harald Nilsen AS and its subcontractor Nornebygg AS have completed their mobilisation and are currently progressing as planned with pools K3, K2 and K4.

FINANCING AND Q4 2025 RESULTS

During Q4 2025, Andfjord Salmon raised NOK 300 million in new equity from larger existing shareholders together with enhanced bank debt of NOK 200 million. Andfjord Salmon is currently in the middle of production cycles and will report revenue from sale of salmon during 2026. Total operating income in Q4 2025 was NOK 0.1 million (Q4 2024: NOK 0.1 million). The company reported a net loss of NOK 73.9 million in Q4 2025 (18.1).

At the end of 2025, Andfjord Salmon had cash and cash equivalents of NOK 166 million. This figure does not include an undrawn construction loan of NOK 400 million in total and an undrawn credit facility of NOK 120 million. Borrowings stood at NOK 1,592 million at the end of 2025.

PRESENTATION AT 08:00 (CEST) TODAY

Andfjord Salmon will provide an operational update and present the company's fourth quarter and interim full-year 2025 results at 08:00 today. The webcast presentation can be viewed from this URL:

https://qcnl.tv/p/4v4kKc5gCsQOqfrG0yLQGQ

The presentation material is enclosed to this announcement.

Contacts

• Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345, bjarne.martinsen@andfjord.no
• Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +47 975 08 665, martin@andfjord.no

About Andfjord Salmon

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world’s most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon. For more information, see www.andfjordsalmon.com.

Attachments

• Q4 2025 presentation.pdf