Andfjord Salmon

Earnings Release • Dec 2, 2022

Andfjord Salmon: Continued strong biological conditions | Third quarter 2022 financial results

Andfjord Salmon: Continued strong biological conditions | Third quarter 2022 financial results

2.12.2022 07:00:01 CET | Andfjord Salmon | Inside information

Andfjord Salmon reports continued good biological conditions in the company's

first land-based pool at Kvalnes, Andøya, Norway. Consequently, the fish

continues to grow well, and the salmon's survival rate remains industry leading.

As of 30 November 2022, the average weight of the salmon is 1,350 grams, a

healthy weight gain from 560 grams at the end of September. The average weight

of the smolt was 120 grams when it was released on 25 June 2022.

The salmon's survival rate remains high. As of 30 November 2022, survival rate

stood at 98.7 percent. There will always be some fish mortality as the weakest

individuals shall be removed from the pool, while the company also regularly

extracts fish to conduct examinations of fish health.

"Fish health, growth and survival rate are all interconnected. The foundation is

strong biological conditions and a pool eco system that is as close as possible

to the salmon's natural habitat in the ocean outside Andøya," says Martin

Rasmussen, CEO of Andfjord Salmon.

Energy consumption at Andfjord Salmon's Kvalnes pool continues to be low and

well within the company's target of 1 kwh/kg salmon produced.

"The low energy consumption and associated costs underline the attractiveness of

our flow-through system," adds Martin Rasmussen.

Andfjord Salmon is using water from depths of approximately 40 meters below the

sea surface for its flow-through technology solution. The water is substituted

15-17 times/24 hours. The company`s pools are square shaped with the intention

of replicating a cross section of the Gulfstream. At slaughter weight the

density will be around 35-40 kg/m3.

Andfjord Salmon reiterates its target to conduct first harvest mid-2023.

KVALNES PHASE 2

In parallel with the first production cycle at Kvalnes, Andfjord Salmon is

currently working on detailing the most cost-efficient build-out process for

Kvalnes Phase 2, which aims to increase production volume at Kvalnes from 1,000

to 19,000 tonnes HOG.

The company is about to enter the final stages of contract discussions with

suppliers regarding the most cost-efficient plan for development. Andfjord

Salmon will in due course invite shareholders to a capital markets update to

present the build-out plan and timeline for Kvalnes Phase 2.

FIRST TASTING CONDUCTED

Subsequent to the end of the third quarter, Andfjord Salmon and a top chef

conducted the first tasting session of the company's salmon. The feedback from

the chef, who has won both world and Norwegian championships, was that the

texture, colour and overall condition and taste of the fish were excellent. The

fish used for the first tasting was just above 1 kilogram.

Q3 2022 INTERIM FINANCIAL RESULTS

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

it does not yet generate revenues. The company's first operating revenues will

be generated in 2023 following first harvest.

The company had an operating loss of 14.7 million in this year's third quarter,

compared to a loss of NOK 11.4 million in the same quarter last year.

At the end of September 2022, Andfjord Salmon held cash and deposits of

approximately NOK 117 million. This figure does not include a NOK 5 million

remaining loan facility, a NOK 20 million undrawn credit facility, or NOK 5

million in unpaid grants.

PRESENTATION AT 08:00 CET

A presentation of operational status and the third quarter 2022 interim

financial results will be held at 08:00 CET today. The presentation material is

enclosed to this announcement. The webcast presentation, which will be held in

Norwegian, can be accessed from this link:

https://channel.royalcast.com/landingpage/hegnarmedia/20221202_1/

An English version of the presentation will be shared at Andfjord Salmon's

website before 08:30 CET.

DISCLOSURE REGULATION

This is information that Andfjord Salmon AS is obliged to make public pursuant

to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was

submitted for publication, through the NTB Kommunikasjon service by the contact

persons listed below.

CONTACTS

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

bjarne.martinsen@andfjord.no

* 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_Q3 2022_presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/1930/2605/Andfjord_Q3%202022_pres

entation.pdf