18.4.2024 07:00:01 CEST | Andfjord Salmon | Annual financial and audit reports

Andfjord Salmon AS has today published its integrated annual report for 2023.
Further, the company shares that the build-out progress at its Kvalnes site is
progressing according to plan.

The integrated annual report, which includes Andfjord Salmon's company's
approach to environmental, social and governmental (ESG) topics, is enclosed to
this announcement and also available on the company's website: 
https://www.andfjordsalmon.com/en/our-investors/reports-and-presentations/

Andfjord Salmon's goal is to develop the world's most sustainable and fish
friendly fish farming facility. The results from the company's first production
cycle, which was completed in July 2023, showed that this is a realistic
objective.

"I have been engaged in the seafood industry most of my life. With this as
backdrop, I know that favourable biological conditions for the salmon, and a
sustainable coexistence with our local ecosystem at Andøya, is the key to
success. The results from our first production cycle strengthened my belief in
this philosophy," adds Martin Rasmussen.

OPERATIONAL UPDATE

Andfjord Salmon is currently developing its Kvalnes facility, where it targets
an initial production capacity of 8,000 tonnes (HOG - head-on gutted) from 2025
for the first build-out phase. At Kvalnes, the company is targeting a total
production capacity of 40,000 tonnes (HOG) through gradual increases between
2025 and 2030.

For the current build-out phase, Andfjord Salmon will complete four pools,
bringing the total to five. Excavation of the pool pits was completed in late
January. Since then preparations for pool construction, including establishment
of the facility that will produce the pool components, have been successfully
executed. The concrete works will now commence - ahead of schedule.

The two other ongoing workstreams - waterways and harbour area - are also
progressing as planned. This is shared infrastructure that will support a future
production of 40,000 tonnes at Kvalnes.

"The tunnel progress is good. The character of the bedrock is solid and in line
with the pre-construction analyses we conducted," adds Rasmussen.

CONTACTS

 * Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,
   bjarne.martinsen@andfjord.no 
 * Media: Martin Rasmussen, CEO, Andfjord Salmon 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. Andfjord Salmon has identified a
roadmap towards a production capacity of 40,000 tonnes HOG at Kvalnes, Andøya,
and set a long-term ambition to reach 90,000 tonnes HOG across Kvalnes, Breivika
and Fiskenes at Andøya. For more information, see www.andfjordsalmon.com -
http://www.andfjordsalmon.com/.

ATTACHMENTS

Andfjord_Salmon_Annual_Integrated_Report_2023.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/3038/4327/Andfjord_Salmon_Annual_
Integrated_Report_2023.pdf