Andfjord Salmon

Earnings Release • Sep 15, 2022

Andfjord Salmon: Fish thriving in pool | Second quarter and half-year 2022 financial results

Andfjord Salmon: Fish thriving in pool | Second quarter and half-year 2022 financial results

15.9.2022 07:00:01 CEST | Andfjord Salmon | Half yearly financial reports and

audit reports / limited reviews

This year's second quarter was highly eventful for Andfjord Salmon, with first

smolt release and significant strengthening of the company's balance sheet as

some of the highlights. Today, the fish is thriving in the pool and its survival

rate currently stands at 99.4%.

"We are located at the home of the Atlantic salmon, and we have succeeded in

recreating its natural habitat on land without any artificial water treatment

processes. We are very pleased with the biological conditions in the pool, and

we believe the high survival rate reflects this," says Martin Rasmussen, CEO of

Andfjord Salmon.

On 25 June 2022, Andfjord Salmon released approximately 200,000 smolt at an

average weight of 120 grams in the company's first land-based pool at Kvalnes,

Andøya. The fish has a solid appetite and is growing according to plan, which

confirms its wellbeing. As of today, 15 September, the average weight is 402

grams.

Andfjord Salmon targets first harvest mid-2023.

The first pool is only the beginning at Andfjord Salmon's Kvalnes site. The next

pools, which are the pools closest to the first pool, have been excavated during

the second quarter. Further excavation work will continue in the coming months.

Andfjord Salmon holds a license to produce 10,000 tonnes MAB salmon at Kvalnes,

equivalent to a target production volume of 19,000 tonnes HOG.

BREIVIK SITE

Andfjord Salmon has also made solid progress on the business development front

in the second quarter. In June, Andøy municipality council approved the zoning

plan application from Andfjord Salmon for the development of a land-based fish

farming facility at Breivik, Andøya.

At Breivik, Andfjord Salmon intends to develop and build a land-based fish

farming facility, targeting a production volume of 25,000 tonnes HOG.

"Our primary focus is obviously on Kvalnes, but we will in parallel continue our

work to secure the necessary permits to develop Breivik and Fiskenes," says

Martin Rasmussen.

STRENGTHENED FINANCIAL POSITION

During the second quarter, Andfjord Salmon strengthened its financial position

significantly. In June Jerónimo Martins, a Portugal-based international food

industry group agreed to invest NOK 173.9 million in Andfjord Salmon through a

directed private placement. Andfjord Salmon also secured a NOK 50 million bank

loan during the second quarter.

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

NOK 191 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.

Q2 2022 INTERIM FINANCIAL RESULTS

Andfjord Salmon is currently developing its first land-based salmon farming

facility, which means that the company 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 NOK 8.4 million in this year's second

quarter, compared to a loss of NOK 6.9 million in the same quarter last year.

The change is mainly related to ramp up of operations in preparation for release

of first smolt.

PRESENTATION AT 08:00 CET

A presentation of operational status and the second quarter and half-year 2022

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

material and half-year report are 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/20220915_1/

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 Salmon Halfyear report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/1747/2341/Andfjord%20Salmon%20Hal

fyear%20report.pdf

Andfjord_Q2_H1 2022_presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/1747/2342/Andfjord_Q2_H1%202022_p

resentation.pdf