Arctic Fish Holding

Earnings Release • May 8, 2024

Q1 2024 – Strong biological performance and all time high operational EBIT pr.kg

Q1 2024 – Strong biological performance and all time high operational EBIT pr.kg

Harvested quantities in Q1 2024 amounted to 2,531 tonnes compared to 4,866 tonnes for the same period last year, or a decrease of 48% YoY. Revenues in the quarter amounted to 24.1 MEUR, compared to 39.0 MEUR for the same period last year. Biological performance was good with growth beyond expectations on seasonally low temperatures.

CAPEX investments amounted to 5.0 MEUR in the quarter and were mainly related to growth investments in seawater-based equipment for new sites.

The company received a license for 8,000 tonnes in Ísafjarðardjúp. The new total MAB capacity for Arctic Fish is 29,800 tonnes.

The presentation materials are attached to this notice and can also be found on the company website: https://www.arcticfish.is/investor-relations/

A recorded presentation is also available from 10:00 am CEST (08:00 am GMT) via https://www.arcticfish.is/webinar/ and questions can be sent to ir@arcticfish.is. Questions will be answered as soon as possible and subsequently posted on the website.

For additional interest and questions regarding the Q1 results, meetings can be requested with the management.

For information, please contact:

Stein Ove Tveiten

Email: sot@afish.is

Tel: +354 843 9900

Baldur Smári Einarsson

Email: bse@afish.is

Tel: +354 690 1222

Arctic Fish in brief

Arctic Fish (AFISH) is a leading salmon farmer in Iceland with an attractive and sustainable value chain from smolt to sales. The production capacity for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 13 farming areas in 6 different fjords, all located in the Westfjords of Iceland. The company's value chain consists of a state-of-the-art RAS hatching and smolt production facility, attractive sea sites with high bearing capacity and high-energy equipment, and a newly completed harvesting facility with sufficient capacity to secure the utilization of the licenses and growth objectives for the company.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.