Andfjord Salmon

Earnings Release • Nov 28, 2024

Andfjord Salmon Group AS: Solid progress at Kvalnes build-out | Third quarter 2024 financial results

Andfjord Salmon Group AS: Solid progress at Kvalnes build-out | Third quarter 2024 financial results

28.11.2024 07:00:00 CET | Andfjord Salmon | Inside information

Progress remains strong at Andfjord Salmon Group AS' (Andfjord Salmon) build-out

at Kvalnes, Andøya, Norway. All workstreams are on or ahead of schedule, and the

waterways are close to completion.

A total of 4.4 kilometres of tunnel infrastructure is being developed at

Kvalnes, including inlet waterway, tunnel infrastructure below each pool, and

outlet waterway. Only 20 metres of the outlet waterway and approximately 450

metres of the inlet waterway are left to be completed.

The waterways workstream also includes tunnel infrastructure below the excavated

pool pits. The completed infrastructure includes eight vertical inlet shafts

that will supply all the pools with fresh seawater, and six vertical outlet

points - with adjacent pools sharing the same outlet. The horizontal sections

from the pools to the outlet tunnel have also been completed. With so much work

already finished, the number of machines and equipment being used for tunnel

production has been scaled down.

The waterways workstream has reached 90 percent completion as of 27 November

"Although our key focus is now on the first four pools, it is worth reminding

our shareholders that the inlet and outlet waterways, which are close to

completion, are designed to support a future production of 40,000 tonnes of

salmon at Kvalnes. Although this has required a sizeable upfront investment, it

will make the subsequent build-out stages much less costly and with

substantially lower risk," says Martin Rasmussen, CEO of Andfjord Salmon.

In this stage of the Kvalnes build-out, Andfjord Salmon is completing four new

pools, increasing total production capacity to 8,000 tonnes HOG by 2025, and

developing a new harbour area.

The pool construction workstream is also progressing well. Columns, supports and

preparations for wall elements have been completed for pool K1 and is in

progress for K3. The workstream is currently at 51 percent completion.

The harbour area workstream has reached 61 percent completion, on schedule.

Large boulders are currently being put in place as foundation for the breakwater

that will protect the harbour against strong winds and waves. Excavated masses

from the waterways and pool pit will later be utilized to complete the

breakwater, as part of Andfjord Salmon's mass balance approach for the

build-out.

"I am very pleased with the progress we are making. The high level of activity

in the pool pit is impressive, with notable progress being made every single

day. I look forward to reporting on the progress we are making during the coming

months," adds Martin Rasmussen.

THIRD QUARTER 2024 FINANCIAL RESULTS

Andfjord Salmon is currently expanding its Kvalnes facility and had no salmon

production and therefore close to zero revenue in this year's third quarter (Q3

2023: NOK 27.7 million). The company reported a loss of NOK 15.3 million in this

year's third quarter, compared to a loss of NOK 28.3 million in the

corresponding period last year.

PRESENTATION AT 08:00 (CET) TODAY

Andfjord Salmon's Q3 2024 presentation will be held physically in Oslo and

streamed live to online viewers.

The presentation in Oslo will take place at Haakon VIIs gate 2, Vika, Oslo

(Auditorium H2)

The webcast presentation can be viewed at this URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20241128_1/

The presentation material is enclosed to this announcement.

DISCLOSURE REGULATION

This is information that Andfjord Salmon AS is obliged to make public pursuant

to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was

submitted for publication, through the NTB Kommunikasjon service by the contact

persons listed below.

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. 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

Q3 2024 presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/18339322/5344/Q3%202024%20present

ation.pdf