Bíldudalur, 24 August 2023

Icelandic Salmon is the parent company of Arnarlax and other subsidiaries
involved in salmon farming and processing in Iceland. The companies are
collectively referred to as "Icelandic Salmon" or the "Group".

Operations

For the first six months of 2023, Icelandic Salmon has had strong focus on
biological growth. Consequently, harvest volumes in the second quarter 2023 was
very low. Total revenue for the first six months was EUR 71.6 million with an
EBIT of EUR 15.3 million and EBIT/kg harvest of EUR 2.3.

"Our team has shown great commitment and demonstrated their capabilities in
handling challenging farming conditions with low seawater temperatures,
especially early in the year. To ensure optimal production and quality of our
products, we harvested a record high volume in the first quarter, and then
followed up with a quarter focused on biological growth and with limited
harvest. With these operational measures, we are better positioned for the
future," said Bjørn Hembre, CEO of Icelandic Salmon.

The company has made significant investments in additional production capacity.
In 2022, investments were made in freshwater facilities (Fjallalax, Laxabraut
and Fiskeldisstöðin Ísþór) aimed at increasing smolt size and capacity. This
year, two new hybrid feed barges were delivered, each with a capacity of storing
900 tons of feed.

"The new feed barges are important investments aiming to reduce CO2 emissions
from operations, improve feed logistics and infrastructure as well as serving
our fast-growing biomass at strategic locations. They are and will be important
for our production and infrastructure going forward," said Bjørn Hembre.

Strategic milestones

In August, Arnarlax signed a commitment letter for its first
sustainability-linked loan agreement, totaling EUR 100 million, with DNB and
Danske Bank. In addition, Arion Bank will step in with an overdraft facility and
also act as a security agent for the loan agreement. The loan agreement contains
a term loan facility and a revolving facility, with sustainability linked
financial goals. The terms achieved are competitive, reflecting the company's
performance, and the credit market's strong support of Icelandic Salmon's
sustainable operations.

In a further strategic move, Icelandic Salmon has engaged Arion Bank as adviser
to prepare for a dual listing with depository notes on First North on the
Icelandic Stock Exchange. Listing will make the company's shares more easily
accessible for Icelandic investors. Aiming at finalizing the listing process in
the second half of 2023, the company anticipates that this will strengthen its
presence and engagement with the local Icelandic investor community.

"The expansion of our banking group, the sustainability-linked financing, and
the planned listing in Iceland, are factors of great importance to our growth.
Having spent the last few years in one of Iceland's fastest growing industries,
I am looking forward to presenting Icelandic Salmon to the Icelandic Stock
Exchange and to align interest with the local investor community, renowned for
its strong passion for seafood, and drive our shared interest forward," Bjørn
Hembre said.

Outlook

The group reiterates its harvest guidance and expects to harvest 16,000 tonnes
of salmon in 2023.

A presentation and condensed consolidated interim financial statements for the
first six months of 2022 are attached.

Icelandic Salmon's CEO Bjørn Hembre and CFO Jónas Heiðar Birgisson will present
Icelandic Salmon's results at Aqua Nor today at 9:50am CEST, in the Mendelsohn
conference room in Trondheim Spektrum. The presentation will also be available
on webcast on www.arnarlax.webcast.is

For further information, please contact:

CEO Bjørn Hembre
Tel: +354 620 1936
Email: bjorn@arnarlax.is

CFO Jónas Heiðar Birgisson
Tel: +354 414 0609
Email: jonas@arnarlax.is

About Icelandic Salmon:

Icelandic Salmon is listed at the Euronext Growth. The company is the 100% owner
of Arnarlax ehf, the leading farming company in Iceland with their head office
in Bildudalur. The company is fully integrated with control over all parts of
the value chain.

See https://www.arnarlax.is for more information about the company