Arctic Fish Holding

Earnings Release • May 14, 2025

Arctic Fish (AFISH): Q1 2025 – A tough quarter mainly due to market conditions

Arctic Fish (AFISH): Q1 2025 – A tough quarter mainly due to market conditions

Revenues in the quarter amounted to 22.1 MEUR which is a decrease of 9% from the corresponding period last year which can be traced to market conditions impacting price achievement this year.

Harvested volume in the first quarter amounted to 3,140 tonnes compared to 2,531 tonnes for the same quarter last year.

Operational EBIT pr. kg in Q1 amounted to 0.16 EUR pr. kg compared to 3.84 EUR pr. kg last year.

Biological performance in the quarter was strong with growth beyond expectations

The presentation materials are attached to this notice and can also be found on the company website: https://www.arcticfish.is/investor-relations/

A recorded presentation is also available from 10:00 am CEST (08:00 am GMT) via https://www.arcticfish.is/webinar/ and questions can be sent to ir@arcticfish.is.

Questions will be answered as soon as possible and subsequently posted on the website.

For additional interest and questions regarding the Q1 results, meetings can be requested with management.

For information, please contact:

Daníel Jakobsson

Email: dja@afish.is

Tel: +354 820 6827

Baldur Smári Einarsson

Email: bse@afish.is

Tel: +354 690 1222

Arctic Fish in brief

Arctic Fish (AFISH) is a leading salmon farmer in Iceland with an attractive and sustainable value chain from smolt to sales. The production capacity for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. The company's value chain consists of a state-of-the-art RAS hatching and smolt production facility, attractive sea sites with high bearing capacity and high-energy equipment, and a newly completed harvesting facility with sufficient capacity to secure the utilization of the licenses and growth objectives for the company.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.