Arctic Fish Holding

Report Publication Announcement • Feb 14, 2024

Arctic Fish (AFISH): Q4 2023 - All time high harvesting quantities in 2023

Arctic Fish (AFISH): Q4 2023 - All time high harvesting quantities in 2023

Harvested quantities in Q4 2023 amounted to 2,529 tonnes compared to 1,343 tonnes for the same period last year, or an increase of 88% YoY. 2023 therefore marks an all-time high in harvested volumes where the company harvested a total of 11,878 tonnes.

Revenues in the quarter amounted to 18.9 MEUR, compared to 9.6 MEUR for the same period last year. Biological production performed as expected after a difficult Q3 and autumn where lice issues persisted as previously reported.

CAPEX investments amounted to 5.7 MEUR in the quarter and were mainly related to the finishing stages of the harvesting facility. Minor investments were made in farming and other smaller smolt production investments.

Baldur Smári Einarsson was appointed as the new CFO of Arctic Fish having served as Financial Controller for the company since October 2019.

John Gunnar Grindskar was appointed as COO of Farming, which is a new position at Arctic Fish. John is a highly experienced seawater executive that has worked in various seawater related positions at Mowi in different regions in Norway.

The presentation materials and an interim report 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 09:00 am CET (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 Q4 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) has 27,100 tonnes of Maximum Allowed Biomass licenses (MAB) to farm salmon and trout. The licenses are in the Westfjords of Iceland. Out of the total license volume, 5,300 tonnes are for trout, which are not currently being utilized and will be converted to salmon licenses in the ongoing application process. Arctic Fish is one of the leading salmon farmers in Iceland and has an attractive and sustainable setup of licenses with active licenses in 4 fjords and applications being finalized in one additional fjord that can bring the total volume up to 31,900 tonnes in the coming years. The company owns a state-of-the-art RAS hatching and smolt production facility that is the foundation of the operations and recently completed investments in its harvesting facility to obtain a larger part of the value chain that will contribute to the future growth of the company.

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