Highlights

o	Harvest volume of Atlantic salmon at 9,659 MT WFE, down 36% from Q4 2021
mainly due to accelerated harvest in Q3 2022
 
o	Strong earnings recovery from pandemic and 2021 algae blooms, with EBITDA up
29% year-over year, driven by higher salmon prices and a good mix of products
and sales markets. Full year 2022 EBITDA at USD 77.7 million, considerably
higher than the USD 3.2 million in 2021 and in line with pre-pandemic levels 

o	Q4 2022 cost of harvested Atlantic salmon (ex-cage live weight) was USD
3.91/kg, in line with Q4 2021, driven by higher feed costs, cost related to
environmental risk mitigation measures, in addition to general inflationary
pressure

o	Total processing and harvesting costs were USD 1.26/kg WFE, up from USD
0.91/kg WFE for Q4 2021 and above target of USD 1/kg WFE. The increase is
explained by lower processing volumes, a higher proportion of harvests from
remote sites in the XI region and inflationary pressures from consumables
 
o	Cash balances as of December 31, 2022, were USD 20.8 million. Net
interest-bearing debt was USD 75 million, down USD 46.8 million from 12 months
earlier. Net Debt over EBITDA ratio for the last 12 months was 0.97, well below
the limit required by lending contracts with banks of 4

o	Atlantic salmon harvest volumes for 2023 are expected to be between 44,000 and
46,000 MT WFE, while Coho salmon harvest volumes are expected to be 10,000 to
12,000 MT WFE for 2023 season


Santiago, 22 February 2023: The average sales price of Atlantic salmon was USD
7.42/kg WFE, which was 18% or USD 1.15/kg WFE higher than Q4 2021, caused by
strong demand against a backdrop of limited supply. Salmones Camanchaca's
flexibility to change product types and markets helped to capture favorable
prices and market opportunities. Operating revenue was USD 98.6 million, 8%
lower than in Q4 2021 due to lower sales volumes.

Biological performance continues to improve with the biological conversion ratio
reaching 1.09 in 2022, its lowest full year ever. As did the FIFO indicator,
which reached 0.47. Smolt productivity, measured as biomass harvested/number of
smolts stocked was 37% higher than the previous year, while the average
closed-cycle harvest weight was up 12% from 2021.

Ex-cage costs for the quarter were USD 3.91/kg live weight, in line with Q4
2021, impacted by increased feed costs, in addition to general inflation
affecting services and other supplies. 

Meanwhile, processing costs including harvesting were USD 1.26/kg WFE, above the
long-term target of USD 1/kg WFE. Processing costs were affected by more remote
sites harvested and using third party processing plants for frozen products.  

Salmones Camanchaca has market and product type flexibility, adapting to
requirements and targeting markets with favorable conditions. The objective is
to focus on the markets and product types that offer the best return on its raw
materials over the medium term, while preserving stable relationships with
customers in these markets. 

By adding further value within the Company's products and medium-term commercial
agreements that attenuate volatility, Salmones Camanchaca has managed to improve
price stability in 2022. During the first half of 2022, raw material return
(RMR) from Atlantic salmon products lagged the Salmonex market benchmark as spot
prices increased. However, due to positive results from its diversification
strategy, the company has turned this trend, and in Q4 2022 the company achieved
an average RMR-margin of USD 0.6/kg WFE above benchmark.

EBIT before fair value adjustments for Q4 2022 was USD 18.1 million, an increase
of 34.6% over Q4 2021, which was due to better prices for Atlantic salmon sales.
Thus, EBIT/kg WFE for Atlantic salmon was USD 1.47 during Q4 2022, a substantial
improvement over Q4 2021 at USD 0.74. Sales volumes of Coho salmon were low at
only 476 MT WFE, due to a better operating performance which delayed harvests to
the end of 2022, resulting in an EBIT/kg WFE of USD 0.31, which is not
representative of this season's performance.

Commenting on the performance of Salmones Camanchaca, vice chairman Ricardo
García, said: 
"The results of 2022 show the capability of Salmones Camanchaca to create value
under normal scenarios, based on a high production and commercial flexibility,
and normal oceanographic conditions that allows to maintain fish health. It is
comforting to see how robust and resilient the demand for salmon is, and how
consumers around the world have incorporated this product into their diets,
projecting that this will continue in the coming years. With the limited growth
of world supply, this should lead to prices in high levels. Also, we see great
opportunities in Coho as it adapts well to the conditions of Chilean Patagonia
and have better resistance to existing endemic diseases. Our value-added
strategy and market diversification boost the Company to reach its full
potential. Our main challenge for the future is to mitigate ocean risks and to
be a good neighbor in the communities where we operate". 

Finally, Ricardo García indicated that "with the resources obtained from the
capital increase at the end of 2021, we have financed the risk diversification
and excellence farming plan, and with the results of 2022 we have reduced our
net financial debt by USD 47 million, resulting with a balance of USD 75
million. This allows us to strengthen our balance sheet and return to our
long-term target levels, with a 12-month Net Debt to EBITDA ratio of less than
1x, well below the maximum of 4x contemplated in our debt contract, leaving us
well prepared for future opportunities".

Salmones Camanchaca will present the fourth quarter 2022 results on Thursday, 23
February 2023 at 15:00 Central European Time (CET).

The presentation will be held on-line by Vice Chairman Ricardo García and CEO
Manuel Arriagada. 

To join the webcast, use the following link:
https://us02web.zoom.us/webinar/register/WN_oLAuJGcpTUqbPwahm-Vd2w 

The presentation and subsequent Q&A session will be held in English. It will be
possible to ask questions online. 
A recording of the webcast will be made available on the Investors section of
the companyŽs webpage.

For more information please contact:
Álvaro Marín, Head of IR, alvaro.marin@camanchaca.cl 
Fernanda Peñailillo, IR fernanda.penailillo@camanchaca.cl

About Salmones Camanchaca 
Salmones Camanchaca S.A. is a vertically integrated salmon producer engaged in
breeding, egg production, recirculating hatcheries for Atlantic salmon and
pass-through or lake hatcheries for Coho salmon and trout, fish farming sites in
estuary, fjord and oceanic waters used mainly for Atlantic salmon, primary and
secondary processing, and marketing and sales of Atlantic and Coho salmon
through five sales offices in its main markets. 

The production target is 55,000 to 60,000 MT WFE for 2023 and 65,000 to 70,000
MT WFE for 2024, which is aligned with the Company's total Atlantic and Coho
salmon production capacity. Salmones Camanchaca participates in trout farming
through a one third share of a joint venture, which uses Salmones Camanchaca
farming sites in coastal-estuarine waters, and currently plans to harvest an
average of 9,000 MT WFE per year until 2028. 

Salmones Camanchaca has 1,800 employees on average, 60% of whom work in its
value-added plant. The main Atlantic salmon sales markets are currently the USA
and Mexico.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.