Andfjord Salmon

Earnings Release • Jul 25, 2023

Andfjord Salmon AS: Successful first harvest with strong results and exceptional survival rate

Andfjord Salmon AS: Successful first harvest with strong results and exceptional survival rate

25.7.2023 08:00:00 CEST | Andfjord Salmon | Non-regulatory press releases

Andøya, 25 July 2023 - Andfjord Salmon is delighted to announce the successful

completion of its inaugural harvest of Atlantic salmon from the company's first

pool located at Kvalnes, Andøya. The harvest has yielded strong results with an

industry leading survival rate of 97.5% and superior share of 91.1%.

The total biomass of Atlantic salmon reached 646.000 tonnes translating to

approximately 530 metric tonnes HOG (Head-On-Gutted), with an average weight of

approximately 3.4 kilograms per fish. An exit-count in conjunction with transfer

of fish from the pool shows that approximately 193,000 salmon was released in

the pool one year ago.

"We are elated to achieve such a remarkable survival rate, especially after

transportation to slaughter. The fact that 97.5% of the fish survived

underscores that the fish has had excellent living conditions in the pool. As a

consequence of this, we have harvested fish that may not have survived in other

fish farming facilities. This has a negative impact on the average weight and

superior share, which is still at an impressive level. However, a high survival

rate is obviously the most valuable from a financial perspective," says Martin

Rasmussen, CEO of Andfjord Salmon.

The harvested fish displayed a diverse range of weights, from 1-2 kg up to 5-6

kg. Of particular note, approximately 50% of the fish fell into the 2-3 kg

category, achieving an average price of approximately 67 NOK/kg. Additionally,

around 40% of the fish weighed between 3-4 kg, realizing an average price of

approximately 80 NOK/kg.

"The high-quality attributes of our salmon have not gone unnoticed by our

customers, who have provided very positive feedback, especially on the color of

the fish. This reiterates the conceptual advantages of Andfjord Salmon's salmon

farming method. Our main goal for the first batch of fish was to reach the

'right' buyers, not to maximize the average price. Even so, we have seen buyers

coming back after the first shipment wanting to pay extra for the next delivery.

This has made us even more confident that we will be able to achieve a healthy

premium on our product in the future", adds Martin Rasmussen.

In future batches, Andfjord Salmon's average slaughter weights will be notably

higher. The reason behind the earlier slaughter of the inaugural batch is to

accommodate the commencement of further expansion construction.

On 13 June 2023, Andfjord Salmon announced details of a build-out plan to reach

a total production volume of 40,000 tonnes (HOG) at Kvalnes, and that the

company had secured bank financing for its expansion at Kvalnes. The new

production capacity will gradually be added between 2025 and 2030, with 8,000

tonnes (HOG) of production capacity expected to be added as early as 2025.

CONTACTS

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

bjarne.martinsen@andfjord.no

* Media: 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/