Andfjord Salmon

Earnings Release • Mar 16, 2023

Andfjord Salmon: Strong growth, high survival rate and good feed conversion rate | Fourth quarter 2022 financial results

Andfjord Salmon: Strong growth, high survival rate and good feed conversion rate | Fourth quarter 2022 financial results

16.3.2023 07:00:01 CET | Andfjord Salmon | Inside information

Strong growth and high survival rate due to good biological pool conditions is

the status for the fish in Andfjord Salmon's land-based pool at Andøya, Norway.

Per 15 March 2023, the average weight of the salmon has reached 2,203 grams.

During fourth quarter 2022, the salmon's average weight grew from 569 grams on 1

October to 1,441 grams at year end.

Andfjord Salmon achieved solid growth during the second half of 2022 with an

accumulated feed conversion ratio of 0.94, meaning that each fish requires on

average 0.94 kilograms of feed to grow 1 kilogram.

"We are very pleased with the growth rate during the dark season, when the water

is also colder. At year end, the growth was approximately 40 percent ahead of

our original estimate, which was based on expected seawater temperature and

Skretting's growth table for salmon. I am also pleased that our feed conversion

ratio remains good," says Martin Rasmussen, CEO of Andfjord Salmon.

HIGH SURVIVAL RATE

The salmon's survival rate remains high and as of 15 March 2023, it was at 98.1

percent. During the second half of 2022, Andfjord Salmon lost on average 0.25

percent of the fish per month due to mortalities. So far in 2023, this figure

has been reduced to 0.1 percent per month.

THIRD-PARTY VERIFICATION

Subsequent to year end, a welfare documentation report, written by scientists at

the Norwegian food research institute Nofima, concluded that "overall, the

welfare of fish in the system for the first six months of the documentation

project has been good in relation to e.g., the Laksvel scoring scheme for input

and outcome-based indicators for salmon".

In connection with the documentation report, Nofima has examined a large number

of operational welfare indicators for the salmon, including water quality and

the salmon's physical environment, fish behaviour, and an auditing of further

fish health parameters is currently underway.

"To receive this independent third-party verification from a renowned research

institute is highly valuable for Andfjord Salmon. We have always been confident

in the many benefits of our flow-through system. This report confirms that we

were right to be positive about the development of our fish," adds Rasmussen.

Andfjord Salmon reiterates it target to conduct first harvest mid-2023.

KVALNES PHASE 2

For the next build-out stage at Kvalnes, which aims to increase production

volume from 1,000 to 19,000 tonnes HOG, Andfjord Salmon is currently in final

stages of contract discussions with suppliers regarding the most efficient plan

for development.

Andfjord Salmon will invite shareholders to a capital markets' update during the

spring to present the build-out plan and timeline for Kvalnes Phase 2.

Q4 2022 FINANCIAL RESULTS

Andfjord Salmon is in the middle of its first production cycle, which means that

the company does not yet generate revenues. The company's first operating

revenues will be generated in 2023 following first harvest.

Andfjord Salmon had an operating loss of 22 million the fourth quarter 2022,

compared to a loss of NOK 10.1 million in the same quarter 2021. The difference

is mainly related to higher operating expenses as the company and the first pool

is now fully operational, which was not the case in the fourth quarter 2021.

At year end, Andfjord Salmon held cash and deposits of NOK 82.9 million. This

figure does not include undrawn credit facilities of NOK 25 million. The

liquidity is at a comfortable level for the current operational phase.

PRESENTATION AT 08:00 CET

A presentation of operational status and the fourth quarter 2022 financial

results will be held at 08:00 CET today. The presentation material is 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/20230316_4/

An English version of the presentation will be shared at Andfjord Salmon's

website before 08:30 CET.

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

* 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

ATTACHMENTS

Andfjord Salmon_Q4 2022_presentation_16 March.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/2183/2942/Andfjord%20Salmon_Q4%20

2022_presentation_16%20March.pdf