Bíldudalur, 11 May 2023

Continued growth

Icelandic Salmon AS (Euronext Growth Oslo: ISLAX) reports an operational EBIT of
EUR 18.4 million and EBIT per kg of EUR 2.79 for the first quarter 2023.
Corresponding figures for the same quarter last year were EBIT of EUR 9.5
million and an EBIT per kg of EUR 2.82. The first quarter of 2023 saw a
record-high harvest volume of 6,572 tonnes, up 94 per cent from 3,369 tonnes in
the first quarter of 2022. 

"We are proud of our employees' strong expertise and ability to navigate wisely
in the market and at the same time working in harmony with the biology of our
salmon. Our strong operational performance, combined with sustained high demand,
put us on a clear path of continued growth", said Bjørn Hembre, CEO of Icelandic
Salmon and Arnarlax.

The high harvest volume can be attributed to the strong market sentiment and the
Group's ability to meet the biological challenges reported in the previous
fourth quarter presentation. Despite biological challenges, which led to
harvesting of smaller fish and lower price achievements than in the previous
quarters, the Group remains optimistic. Cost in the first quarter 2023 increased
compared with the quarter before, mainly due to higher raw material cost.

Strong market sentiment for Icelandic Salmon

Icelandic Salmon continues to expand its geographical reach, supplying its
high-quality products to countries across Europe, North America, and Asia. In
the first quarter of 2023, the Group reduced its volume to the US compared to
the previous quarter, mainly due to the strong market prices seen in Europe.
However, the Group remains committed to focusing on the US and Canadian markets
going forward, which are expected to continue to grow in the coming years.

The Group's low share of fixed-price contracts has meant that its products have
been sold at relatively strong prices in the spot market. In the first quarter,
the Group had a contract share of 8 per cent and expect to have a contract share
of around 10 per cent in the full year.

License update and expansion plans

Icelandic Salmon is committed to continue to grow the business and establish
larger sites. The licence for a first site in Patreksfjörður is already issued,
and plans to expand current sites in Arnarfjörður are in progress, pending
updated applications and environmental assessments.

In addition, the Group is awaiting a new farming license in Ísafjarðardjúp,
expected to add an additional 10,000 tonnes in capacity, there is uncertainty on
the share of fertile fish, pending an assessment of sailing routes. The Marine
and Freshwater Research Institute is set to release the new Risk Assessment this
summer, which could potentially increase Iceland's fjords capacity, supporting
further growth for Icelandic Salmon.

Outlook

The group reiterates its harvest guidance, and expects to harvest 16,000 tonnes
of salmon in 2023, followed by significant volume growth in 2024. 

The presentation for the first quarter is attached.

CEO, Bjørn Hembre and CFO, Jónas Heiðar Birgisson will be presenting the
Company's results at 11 am CEST via a webcast on arnarlax.webcast.is. 

Questions may be asked during the live session. The presentation will be made
available for replay on our website, https://www.arnarlax.is, shortly after the
live event.

For further information, please contact:

CEO Bjørn Hembre
Tel: +47 913 47 432
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.