Andfjord Salmon

Earnings Release • Apr 18, 2024

Andfjord Salmon publishes integrated annual report 2023 and provides operational update

Andfjord Salmon publishes integrated annual report 2023 and provides operational update

18.4.2024 07:00:01 CEST | Andfjord Salmon | Annual financial and audit reports

Andfjord Salmon AS has today published its integrated annual report for 2023.

Further, the company shares that the build-out progress at its Kvalnes site is

progressing according to plan.

The integrated annual report, which includes Andfjord Salmon's company's

approach to environmental, social and governmental (ESG) topics, is enclosed to

this announcement and also available on the company's website:

https://www.andfjordsalmon.com/en/our-investors/reports-and-presentations/

Andfjord Salmon's goal is to develop the world's most sustainable and fish

friendly fish farming facility. The results from the company's first production

cycle, which was completed in July 2023, showed that this is a realistic

objective.

"I have been engaged in the seafood industry most of my life. With this as

backdrop, I know that favourable biological conditions for the salmon, and a

sustainable coexistence with our local ecosystem at Andøya, is the key to

success. The results from our first production cycle strengthened my belief in

this philosophy," adds Martin Rasmussen.

OPERATIONAL UPDATE

Andfjord Salmon is currently developing its Kvalnes facility, where it targets

an initial production capacity of 8,000 tonnes (HOG - head-on gutted) from 2025

for the first build-out phase. At Kvalnes, the company is targeting a total

production capacity of 40,000 tonnes (HOG) through gradual increases between

2025 and 2030.

For the current build-out phase, Andfjord Salmon will complete four pools,

bringing the total to five. Excavation of the pool pits was completed in late

January. Since then preparations for pool construction, including establishment

of the facility that will produce the pool components, have been successfully

executed. The concrete works will now commence - ahead of schedule.

The two other ongoing workstreams - waterways and harbour area - are also

progressing as planned. This is shared infrastructure that will support a future

production of 40,000 tonnes at Kvalnes.

"The tunnel progress is good. The character of the bedrock is solid and in line

with the pre-construction analyses we conducted," adds Rasmussen.

CONTACTS

* Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,

bjarne.martinsen@andfjord.no

* Media: Martin Rasmussen, CEO, Andfjord Salmon 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

Andfjord_Salmon_Annual_Integrated_Report_2023.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/3038/4327/Andfjord_Salmon_Annual_

Integrated_Report_2023.pdf