Arctic Fish Holding

Earnings Release • Nov 8, 2023

Q3 2023: Arctic Fish Management report

Q3 2023: Arctic Fish Management report

Revenues amounted to 29.7 MEUR in the quarter. For the same period last year revenues amounted to 13.5 MEUR. The company harvested 4,383 tonnes in the quarter. For the same period last year, the company harvested 1,968 tonnes. CAPEX investments amounted to 7.5 MEUR in the quarter.

There are biological complications and challenges ongoing for the Industry in Talknafjordur and at the company’s site, Hvannadalur, that resulted in ongoing operations of culling affected fish groups. The implications of the biological issues cause a reduction in harvest volumes for 2023 and 2024.

The management report is attached to this notice and can also be found on the company website.

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 that is the foundation of the

operations. Further investments are being made in smolt production and

harvesting 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