Arctic Fish Holding

Interim / Quarterly Report • Aug 23, 2023

Q2 2023: Arctic Fish interim report

Q2 2023: Arctic Fish interim report

Harvested quantities were in line with the company’s short term and long-term plans, resulting in low volumes while moving all harvesting operations to the company’s own new state of the art harvesting facility. The new harvesting facility in Bolungarvík was tested at the end of the quarter with full operations commencing in July. Testing and operations have gone according to plans. Biological production met expectations and went according to plan. Capital Expenditures amounted to 104.4 MNOK in the quarter, mainly related to the harvesting facility. A refinancing term sheet was finalized that will enable the company to realize its long-term growth plans. Also within the quarter expansion of the licenses reached a major milestone with the potential to increase the production with a MAB license of 8,000 tonnes, there of 5,200 tonnes of salmon and the rest for trout.

Investors can request an investor meeting, please send a request for such a meeting via email to the Investor relations team via ir@arcticfish.is

Any questions related to the reports can also be sent via email to the same address.

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