28.5.2025 07:00:01 CEST | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") reports continued
strong operational progress across all workstreams at its land-based aquaculture
facility at Kvalnes, Andøya, and reiterates plans to release smolt in this
year's third quarter. The Company also presents its financial results for the
first quarter of 2025.

Q1 2025 RESULTS

Due to the ongoing construction at Kvalnes, Andfjord Salmon did not produce
salmon in Q1 2025, resulting in zero revenue for the period (Q1 2024: NOK 0).
The Company reported a net loss of NOK 18 million for the quarter, compared to a
loss of NOK 15.7 million in Q1 2024.

PLANNED SMOLT RELEASE 

The Company confirms its plan to initiate smolt release in September 2025,
pending successful testing of pools and technical infrastructure in July and
August. Smolt will be released starting with pools K0 and K1, with subsequent
splitting/transfers to pools K3, K2 and K4 as biomass density increases.

"The upcoming smolt release marks a significant milestone for Andfjord Salmon.
After more than two years of construction, we look forward to seeing fish in our
pools again," said Martin Rasmussen, CEO of Andfjord Salmon.

Following the initial release, Andfjord Salmon expects to continuously introduce
new batches to maintain consistent salmon production.

+20% INCREASE IN PRODUCTION CAPACITY 

In Q1 2025, Andfjord Salmon announced an optimized build-out plan that increases
production capacity at the Kvalnes site by approximately 20%. Enhanced pool
utilization, improved fish logistics systems, and reinforced concrete
infrastructure have expanded expected capacity from 8,000 to 11,000 tonnes (HOG
+ post-smolt) for Phase 1. Under the Company's existing license, total expected
production output at Kvalnes will increase from 19,000 to 23,700 tonnes.

REVISED CAPEX BUDGET 

While all ongoing workstreams at Kvalnes remain on schedule, updated projections
now show that the final construction costs will exceed initial projections. In
dialogue with the main contractor Hæhre, the total CAPEX for current and future
build-out phases has been revised upwards by NOK 500 million, of which NOK 400
million is related to ongoing construction workstreams. Cost increases are
primarily related to concrete production, additional mobilization of manpower
and equipment, design adjustments, and adverse weather impacts.

The additional CAPEX has been allocated across multiple phases: ~40% to Phase 1,
~45% to Phases 2A and 2B, and ~15% to future Phases 4 and 5. The Company has
chosen to front-load selected investments to preserve long-term development
momentum and generate future efficiencies.

Once fully scaled, the Kvalnes facility is expected to produce 48,100 tonnes.
Blended CAPEX is now estimated at NOK 115/kg.

COMPLETED EQUITY ISSUE 

To finance part of the updated CAPEX for the Kvalnes facility, Andfjord Salmon
has today secured an equity injection of NOK 400 million through issuance of
10,869,565 new shares to certain existing shareholders, which includes Jerónimo
Martins Agro-Alimentar S.A., the Company's largest shareholder. The subscription
price per new share is NOK 36.80 per share.

The equity issue was conducted as direct private placement resolved by the board
pursuant to authorization granted by the Company's annual general meeting on 29
April 2025. The board has considered the structure of the equity raise in light
of relevant equal treatment obligations and guidelines, and is of the view that
the ability to efficiently secure the additional capital required at current
market price with no discount and without project or production interference is
in the common interest of the Company and all its shareholders.

Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, Nordea Bank Abp,
filial i Norge and SpareBank 1 Markets AS have been appointed as financial
advisors to Andfjord Salmon in connection with the equity issue.

CONTEMPLATED BOND ISSUANCE

To further support the production ramp-up, the Company is considering additional
working capital financing through a potential new bond issue. The Company has
appointed Arctic Securities AS, Nordea Bank Abp, filial i Norge and SpareBank 1
Markets AS to explore such potential issue, and fixed income meetings is
expected to commence 30 May 2025.

PRESENTATION AT 08:00 (CEST) TODAY

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

https://channel.royalcast.com/landingpage/hegnarmedia/20250528_1/ -
https://protect.checkpoint.com/v2/___https:/channel.royalcast.com/landingpage/he
gnarmedia/20250528_1/___.YzJlOnNjaGpkdGFzOmM6bzoxNjViN2ExNTFkZTQ5NWY0NzM2NWFjMTU
wMDdjY2MzMjo2OjVjMzQ6NTllZGQwZTc2ZmQ4MGM4ZjJmN2IxYjU1NWM1MGEzZWUwMjRiNmJkZWYxYWI
wNWY5YjdkNDA5ZmE2MWM5NWU1NTpwOlQ6Tg

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 -
https://protect.checkpoint.com/v2/___http:/www.andfjordsalmon.com___.YzJlOnNjaGp
kdGFzOmM6bzoxNjViN2ExNTFkZTQ5NWY0NzM2NWFjMTUwMDdjY2MzMjo2OjlkMmY6NjdhZjZhN2ZiMWY
yOWY1YjVkMjIxNzY2YzlkMWIyYTMwZmM3N2RmZGIwYzQ2MmI2YWNmNmMwMWU2ODhlOGQxMTpwOlQ6Tg.

ATTACHMENTS

Andfjord Salmon Q1 2025 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18544908/6139/Andfjord%20Salmon%2
0Q1%202025%20presentation.pdf