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 -
https://nor01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fqcnl.tv%2Fp%2F
4v4kKc5gCsQOqfrG0yLQGQ&data=05%7C02%7C%7Cfd1b9fb281e74570b59408de64cf95fb%7C2347
c95974d84debb62d396439ac2b48%7C0%7C0%7C639059039911146354%7CUnknown%7CTWFpbGZsb3
d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIl
dUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=NNEAbwV2Ds221mYVHuykmlhcc7sHxL2xKJ9I8ND2HRw%3D
&reserved=0

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 - http://www.andfjordsalmon.com.

ATTACHMENTS

Q4 2025 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18814069/6828/Q4%202025%20present
ation.pdf