Andfjord Salmon

Investor Presentation • Sep 15, 2022

Q2 2022 STATUS AND PROGRESS

15 SEPTEMBER 2022

Q2 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. The unit is situated at a depth of 30 to 160 metres, depending on the season.

~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)

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KEY FINANCIALS

AGENDA

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OPERATIONAL UPDATE

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QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS

SUMMARY AND OUTLOOK

SUCCESSFUL SMOLT RELEASE AT KVALNES

JEROMINO MARTINS INVESTS MNOK 173.9

HIGHLIGHTS Q2

Q2 2022

LAUNCH OF CALANUS®PLUS BY ANDFJORD SALMON

APPROVAL OF BREIVIK ZONING PLAN

In June Andfjord Salmon successfully released 200,000 smolt in the company's first land-based pool at Kvalnes, Andøya.

Jerónimo Martins, a Portugalbased international food industry group agrees to invest NOK 173.9 million in Andfjord Salmon through a direct private placement.

Andøy municipal council approved the zoning plan application from Andfjord Salmon for the development of a landbased fish farming facility at Breivik, Andøya, Norway.

Andfjord Salmon, Skretting Norway and Sortland-based Zooca® signed a letter of intent to facilitate the provision of a specially designed salmon feed for Andfjord Salmon.

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QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS 2

OPERATIONAL UPDATE

AGENDA

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KEY FINANCIALS

SUMMARY AND OUTLOOK

SMOLT RELEASE 25 JUNE

• ~200,000 smolt
• Average weight 120 grams

ADAPTED QUICKLY TO NEW SURROUNDINGS

• Close to full survival rate in high-stress event for fish
• Adapted quickly to new surroundings

KVALNES PHASE 1: SUCCESSFUL SMOLT RELEASE

POOL FUNCTIONS

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

BIOLOGICAL CONDITIONS

• Creating the salmon's natural habitat on land
• Handling of organic materials functioning as expected
• Efficient removal of fish faeces from pool
• Feed waste close to zero

SUCCESSFULLY RECREATING THE SALMON'S HABITAT ON LAND

FISH GROWING WELL

CURRENT STATUS: FISH THRIVING IN POOL

INDUSTRY-LEADING SURVIVAL RATE

EXCAVATION OF TWO NEXT POOLS COMPLETE

AREA

• Scraping of entire area complete
• Currently finalising plan for optimal layout and development of expansion

NEXT TWO POOLS

• Blasting and excavation work complete

EXCAVATION

• Pools closest to first pool to be excavated first, then moving sequentially further away from first pool

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 APPLICATION:

• Decision expected in H2 2022

BREIVIK ZONING PLAN APPROVED

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2

OPERATIONAL UPDATE

AGENDA

3

KEY FINANCIALS

SUMMARY AND OUTLOOK

69°N ANDØYA VESTERÅLEN NORWAY

INVEST WITH A CLEAR CONSCIENCE

INCOME STATEMENT

ANDFJORD SALMON AS

All amounts in NOK

	Q2 2022	Q2 2021	YTD 2022	YTD 2021	2021
	1.4– 30.6	1.4 – 30.6	1.1– 30.6	1.1 – 30.6	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
Salary and personnel expenses	2 953 441	3 357 717	8 017 918	7 682 888	17 402 069
Depreciation of tangible and intangible fixed assets	549 989	122 661	1 182 237	245 322	1 229 217
Other operating expenses	4 856 739	3 380 866	9 129 985	6 184 992	15 829 035
Total operating expenses	8 360 169	6 861 244	18 330 140	14 113 202	34 460 322
Operating profit/loss	-8 360 169	-6 861 244	-18 298 640	-14 113 202	-34 460 322
Financial income and expenses
Other financial income	74 962	52 126	129 998	184 805	282 983
Other financial expenses	1 023 325	216 854	1 743 698	288 125	1 358 912
Net financial income/expenses	-948 363	-164 728	-1 613 700	-103 320	-1 075 929
Profit/loss before tax	-9 308 532	-7 025 972	-19 912 340	-14 216 522	-35 536 250
Net profit/loss for the period	-9 308 532	-7 025 972	-19 912 340	-14 216 522	-35 536 250

Assets	30.6.2022 Unaudited	31.12.2021	30.6.2021 Unaudited
Total intangible assets	3 598 802	2 664 757	1 457 561
Total property, plant & equipment	492 081 626	428 987 851	330 237 220
Total long-term fixed assets	106 260	123 970	141 680
Total fixed assets	495 786 688	431 776 578	331 836 461
Biomass	6 673 112	0	0
Total current receivables	24 064 451	33 673 118	23 551 926
Cash and deposits	191 191 207	14 918 370	61 861 709
Total current assets	221 928 770	48 591 488	85 413 635
Total assets	717 715 458	480 368 067	417 250 096

BALANCE SHEET

ANDFJORD SALMON AS

All amounts in NOK

Figures do not include 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

30.6.2022 Unaudited	31.12.2021	30.6.2021 Unaudited
514 905 320	323 273 127	342 714 856
85 426 178	39 478 187	30 000 000
59 941 527	59 191 509	4 078 176
145 367 705	98 669 696	34 078 176
56 023 520	49 689 856	38 666 346
649 727	1 246 151	648 376
769 187	7 489 236	1 142 343
57 442 433	58 425 243	40 457 065
202 810 138	157 094 939	74 535 241
717 715 458	480 368 067	417 250 096

BALANCE SHEET

ANDFJORD SALMON AS

All amounts in NOK

CASH FLOW STATEMENT

ANDFJORD SALMON AS

All amounts in NOK

	Q2 2022 1.4 – 30.6 Unaudited	Q2 2021 1.4 – 30.6 Unaudited	YTD 2022 1.1 – 30.6 Unaudited	YTD 2021 1.1 – 30.6 Unaudited	2021 1.1 – 31.12
Net cash flow from operating activities	-13 196	10 985 750	-16 759 647	-13 137 544	-20 620 952
Net cash flow from investing activities	-47 807 496	-52 660 942	-65 210 057	-106 640 987	-207 820 439
Net cash flow from financing activities	220 139 713	14 741 649	258 242 542	32 794 173	94 513 693
Net change in cash and cash equivalents	172 319 022	-26 933 543	176 272 838	-86 984 358	-133 927 697

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OPERATIONAL UPDATE

AGENDA

3

KEY FINANCIALS

SUMMARY AND OUTLOOK

FISH

• Successful smolt release
• Desired biological conditions
• Excellent survival rate

SUMMARY & OUTLOOK

FINANCE BIZ DEVELOPMENT FIRST HARVEST

Strengthened financial position:

• NOK 50 million bank loan
• NOK 173.9 million from Jerónimo Martins

• Approval of Breivik zoning

plan

• Fiskenes decision expected in H2 2022

• Targeting first harvest in mid-2023

69 ° N ANDØYA VESTERÅLEN NORWAY

ON TRACK TO BUILD THE THE WORLD'S MOST FISH -FRIENDLY AND SUSTAINABLE FACILITY