Andfjord Salmon

Earnings Release • May 25, 2023

Andfjord Salmon: Solid growth and continued industry-leading survival rate | First quarter 2023 financial results

Andfjord Salmon: Solid growth and continued industry-leading survival rate | First quarter 2023 financial results

25.5.2023 07:00:02 CEST | Andfjord Salmon | Non-regulatory press releases

The biological conditions in Andfjord Salmon's first pool at Kvalnes are still

excellent, which means high growth, industry-leading survival rate, and an

attractive feed conversion ratio.

As of yesterday, 24 May 2023, the average weight of the salmon in Andfjord

Salmon's first pool at Kvalnes, Andøya, was 3,244 grams after 11 months of

operations. The growth has been achieved with an accumulated feed conversion

ratio of 0.95, which means that each fish requires 0.95 kilograms of feed to

grow 1 kilogram.

As of yesterday the accumulated survival rate stood at 97.9%, showing a stable

average mortality rate of approximately 0.1% per month.

Andfjord Salmon reiterates its expectation to conduct first harvest at the turn

of June/July 2023.

CAPITAL MARKET'S UPDATE

As announced yesterday, Andfjord Salmon will conduct a capital markets update on

13 June 2023, and provide in depth details about the company`s expansion plans,

schedule and forward looking statements at Kvalnes, Andøya.

See stock exchange announcement dated 24 May 2023 for further information about

the capital market's update.

FIRST QUARTER 2023 FINANCIAL RESULTS

Andfjord Salmon is in the middle of its first production cycle, which means that

the company does not yet generate revenues. The company had an operating loss of

NOK 13.9 million in the first quarter 2023, compared to a loss of NOK 9.9

million in the same quarter last year.

The company held cash and cash equivalents of NOK 53.5 million at the end of the

first quarter. This figure does not include undrawn credit facilities of NOK 25

million. The company has sufficient liquidity for the current operational phase.

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 Kvalnes on the island of Andøya on the Arctic Archipelago of

Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable

aquaculture concept for land-based farming of Atlantic salmon, based on a

flow-through technology solution. The company's ambition is to build the world's

most sustainable and fish-friendly aquaculture facility of its kind.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.

www.andfjordsalmon.com - http://www.andfjordsalmon.com/

ATTACHMENTS

Andfjord Salmon_Q1_Presentation_25_May.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/2382/3299/Andfjord%20Salmon_Q1_Pr

esentation_25_May.pdf