Q3 2022 STATUS AND PROGRESS

2 DECEMBER 2022

69°N ANDØYA VESTERÅLEN NORWAY

SERVED WITH A CLEAR CONSCIENCE

Q3 PRESENTATION 2022

Martin Rasmussen CEO

AGENDA

Introduction

Quarterly highlights and subsequent events

Operational update

Key financial figures

Summary and outlook Bjarne Martinsen CFO

FOUNDED: 2014 LOCATION: ANDØYA, NORWAY EURONEXT GROWTH: ANDF

FLOW-THROUGH – NATURAL FLOW

Uses a closed flow-through system, which combines the benefits of both traditional and land based aquaculture while solving a number of traditional farming issues.

FIRST LOCATION

Andfjord Salmon has been granted a licence for 10,000 tonnes MAB with potential production volume of 19,000 tonnes HOG at Kvalnes, Andøya.

GULF STREAM

Strategically located at Andøya – with unique access to oxygen-rich seawater at stable temperatures.

~90,000 TONNES IN TOTAL

Andfjord Salmon has acquired three locations, with a clear roadmap towards achieving a total capacity of ~90,000 tonnes (HOG).

LOW ENERGY USE

No need to lift the water above the surface. No need to heat or cool the seawater, or other costly operations.

FISH-FRIENDLY & SUSTAINABLE

Andfjord Salmon aims to build the world's most fish-friendly and environmentally friendly facility for salmon, with the lowest possible energy consumption and cost.

ANDFJORD SALMON AT A GLANCE

Andfjord Salmon has secured, by purchase or purchase options, land on Andøya enabling an increase in total annual production volume to ~90,000t (HOG)
License for Kvalnes I secured, licensing process for the expansion initiated
Support from local authorities for project and expansion plans

EXPANSION POTENTIAL TO A TOTAL CAPACITY OF ~90,000T (HOG)

KEY FINANCIALS

AGENDA

OPERATIONAL UPDATE

QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS

SUMMARY AND OUTLOOK

EXCELLENT BIOLOGICAL CONDITIONS IN POOL

FISH GROWING FASTER THAN ESTIMATED

HIGHLIGHTS Q3 AND SUBSEQUENT PERIOD

INDUSTRY-LEADING SURVIVAL

RATE

LOW ENERGY CONSUMPTION AND COSTS

Clear, oxygen-rich water from the nearby Andfjord that is substituted 15-17 times per 24 hours.

Average weight of salmon reached 1 kilogram on 31 October 2022, well ahead of the late December forecast. Average weight of 1.350 grams on 30 November 2022.

Industry-leading energy efficiency: Run-rate of 1 kWh per kilo produced salmon.

Survival rate of 98.7 % per 30

November 2020.

KEY FINANCIALS

AGENDA

OPERATIONAL UPDATE

QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS

SUMMARY AND OUTLOOK

ØYVIND BØE DALELV

WORLD CHAMPION
CHEF OF THE YEAR
NORDIC YOUNG CHEF OF THE YEAR

POOL FUNCTIONS

Pool functions and technology work as expected
Laminar water flow proving highly reliable
Pool water changed ~15-17 times per 24 hours

BIOLOGICAL CONDITIONS

Handling of organic materials functioning as expected
Effective sedimentation
Efficient removal of fish faeces from pool
Improvements made to cleaning robots = clearer water

GOOD BIOLOGICAL CONDITIONS

FISH GROWING FASTER THAN EXPECTED

Average weight per fish (grams)

FISH THRIVING IN POOL

Displaying good appetite
Demonstrating natural behaviour
Close to zero feed waste in the pool
Calanus ® Plus by Andfjord Salmon proving its worth

INDUSTRY-LEADING SURVIVAL RATE

30 June 30 Sep 30 Nov

Survival rate of released smolt (%)

SALMON THRIVING AND GROWING
Low mortality proves that fish thrives in pool •
Few stress factors for the fish •	100
Overall good biological conditions •	95
	90
	85
	80
	75
	70

FLOW–TROUGH DESIGNED FOR LOW ENERGY USE

ENERGY CONSUMPTION EXACTLY AS ESTIMATED INDUSTRY-LEADING ENERGY EFFICIENCY

PROOF OF CONCEPT: LOW ENERGY CONSUMPTION Q3 2022

Andfjord Salmon

KWH per kilo salmon produced

PHASE TWO PROGRESSING WELL

PROJECT PLANNING:

Significant amount of groundwork completed two pools excavated in two months, compared to 6 months for the first pool
Defining the most cost-efficient expansion process
Entering final stages of contract discussions with suppliers regarding the most efficient plan for further development
Planning to host a capital markets day regarding the timeline of expansion of next phases

FISKENES ZONING PLAN APPLICATION:

Decision expected from Andøy municipal council early 2023
Plan to build land-based fish farming facility, targeting production volume of 25,000 tonnes HOG

BREIVIK ZONING PLAN APPROVED 13 JUNE 2022

• Plan to build land-based fish farming facility, targeting production volume of 25,000 tonnes HOG

FISKENES ZONING PLAN DECISION SOON

KEY FINANCIALS

AGENDA

OPERATIONAL UPDATE

QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS

SUMMARY AND OUTLOOK

INVEST WITH A CLEAR CONSCIENCE

INCOME STATEMENT

ANDFJORD SALMON AS

All amounts in NOK

	Q3 2022	Q3 2021	YTD 2022	YTD 2021	2021
	1.7– 30.9	1.7 – 30.9	1.1– 30.9	1.1 – 30.9	1.1 – 31.12
	Unaudited	Unaudited	Unaudited	Unaudited
Operating income and expenses
Other income	0	0	31 500	0	0
Total operating income	0	0	31 500	0	0
Change in biomass and inventory	-2 243 339	0	-2 243 339	0	0
Salary and personnel expenses	5 587 196	3 859 588	13 605 114	11 553 543	17 402 069
Depreciation of tangible and intangible fixed assets	4 697 675	373 163	5 879 912	618 485	1 229 217
Other operating expenses	6 642 866	7 167 926	15 772 852	13 342 388	15 829 035
Total operating expenses	14 684 398	11 400 677	33 014 538	25 514 416	34 460 322
Operating profit/loss	-14 684 398	-11 400 677	-32 983 038	-25 514 416	-34 460 322
Financial income and expenses
Other financial income	816 605	17 259	946 603	202 065	282 983
Other financial expenses	1 661 206	271 230	3 404 905	559 355	1 358 912
Net financial income/expenses	-844 601	-253 971	-2 458 301	-357 291	-1 075 929
Profit/loss before tax	-15 528 999	-11 654 648	-35 441 339	-25 871 707	-35 536 250

Net profit/loss for the period	-15 528 999	-11 654 648	-35 441 339	-25 871 707	-35 536 250

Assets	30.9.2022 Unaudited	31.12.2021	30.9.2021 Unaudited
Total intangible assets	6 143 853	2 664 757	1 601 061
Total property, plant & equipment	500 877 567	428 987 851	371 916 469
Total long-term fixed assets	97 405	123 970	132 825
Total fixed assets	507 118 825	431 776 578	373 650 355
Biomass	10 101 870	0	0
Other inventories	400 517	0	0
Total current receivables	14 615 937	33 673 118	15 211 244
Cash and deposits	117 120 955	14 918 370	36 425 608
Total current assets	142 239 279	48 591 488	51 636 852
Total assets	649 358 103	480 368 067	425 287 207

BALANCE SHEET

ANDFJORD SALMON AS

All amounts in NOK

Figures do not include a remaining loan facility of NOK 5 million from Sparebank 1 Nord Norge and a NOK 20 million undrawn credit facility with Sparebank 1 Nord Norge. In addition the Company has NOK 5 million in unpaid grants from Innovation Norway.

Total equity

Liabilities

Non-current liabilities Liabilities to financial institutions Other non-current liabilities Total non-current liabilities

Current liabilities Trade payables Current tax liabilities Other current liabilities Total current liabilities

Total liabilities

Total equity and liabilities

30.9.2022 Unaudited	31.12.2021	30.9.2021 Unaudited
493 122 923	323 273 127	331 059 671


84 148 450	39 478 187	35 124 521
58 954 183	59 191 509	29 126 405
143 102 633	98 669 696	64 250 926

10 980 905	49 689 856	28 360 328
745 235	1 246 151	500 649
1 406 408	7 489 236	1 115 633
13 132 547	58 425 243	29 976 610
156 235 180	157 094 939	94 227 536
649 358 103	480 368 067	425 287 207

BALANCE SHEET

ANDFJORD SALMON AS

All amounts in NOK

CASH FLOW STATEMENT

ANDFJORD SALMON AS

All amounts in NOK

	Q3 2022 1.7 – 30.9 Unaudited	Q3 2021 1.7 – 30.9 Unaudited	YTD 2022 1.1 – 30.9 Unaudited	YTD 2021 1.1 – 30.9 Unaudited	2021 1.1 – 31.12
Net cash flow from operating activities	-54 182 979	-13 508 210	-70 942 627	-26 645 754	-20 620 952
Net cash flow from investing activities	-11 368 803	-42 052 413	-76 578 860	-148 693 400	-207 820 439
Net cash flow from financing activities	-8 518 470	30 124 521	249 724 072	62 918 694	94 513 693
Net change in cash and cash equivalents	-74 070 253	-25 436 101	102 202 584	-112 420 460	-133 927 697