Andfjord Salmon

Interim / Quarterly Report • Dec 16, 2025

HIGHLIGHTS Q3 AND SUBSEQUENT PERIOD

RE-INITIATION OF FISH FARMING OPERATIONS

Highly successful release of 350,000 smolt into pool K0

K1 COMPLETED AND STOCKED WITH FISH

Pool completed in October, released 750,000 smolt 10-12 November

HIGH SURVIVAL RATE

Excellent biological conditions in pool K0 and K1 have resulted in minimal amount of mortalities during first months/weeks of operation

STRONG GROWTH

Combination of swift acclimation to new seawater flow-through environment and new feeding system have delivered fish growth ahead of schedule and solid ramp-up of biomass

FINANCING SECURED TO SUPPORT CURRENT BUILD-OUT PHASES

Strong support from larger existing shareholders with NOK 300m equity funding, together with enhanced bank debt of NOK 200m to support current build-out phases gradually nearing full completion

TWO SUCCESSFUL SMOLT RELEASES

• Meticulous planning and practice in advance of smolt release, by both Andfjord Salmon team and wellboat operator
• Contingency plans in place for multiple different scenarios
• 350,000 smolt released at average weight of around 180 grams

• Similar detailed planning and practice regime as the prior smolt release in K0
• Two wellboat loads of smolt, and two subsequent fish transfers from vessel to pool
• 750,000 smolt released at average weight of around 160 grams

EXCEPTIONAL SURVIVAL RATES

AGGREGATE SURVIVAL RATE*: 99.82% – 14 December

• Stable biological conditions in both pools
• Fish displays good external health
• Current survival rates even higher than the successful smolt release in K0 in 2022

SALMON GROWTH ABOVE EXPECTATIONS

• Good quality smolt purchased from SalMar
• Fish in both pools settled quickly in their new seawater flow-through surroundings
• Smolt displayed healthy appetite already from the first day in the pool (often takes 2-3 days)
• New feeding solution, which releases food below the pool surface for higher sinking rate accuracy, shows very promising early signs
• K0 growth 27% above Skretting's growth table (baseline October) + 7% growth because of higher temperatures, while K1 growth is in line with the growth table

CONSIDERABLE RAMP UP OF BIOMASS

LOW FEED CONVERSION RATE

0.88 in pool K0

0.92 in pool K1

NEW CONTRACTORS ENGAGED

Submitted claim (the "Claim") of NOK 1+bn against previous contractor AF Hæhre & Contur Ans (AFHC)

• The Claim from Andfjord Salmon against the prior contractor is in excess of NOK 1 billion, which is related to, inter alia, unjustified upwards revisions of costs of completed work at the Company's Kvalnes site
• In addition to previously announced changes to the budget, the most recent revisions from the prior contractor are estimated to add up to NOK 400m to the cost framework communicated on 28 May 2025 and forms part of the Claim

Construction itself is sound

• The Claim is related to the contractor's inability to deliver in accordance with contract, however, the quality of the construction itself is sound

NOK 1+ BILLION COMPENSATION CLAIM NEW CONTRACTORS ENGAGED AT KVALNES

Contractor Entreprenør Harald Nilsen AS engaged, together with concrete specialist Nornebygg AS as subcontractor

• Will complete the two next pools K2 and K4
• Preparations have already begun, allowing work on the construction site to start as early as January 2026
• Several of the current site subcontractors will continue in the project, ensuring an efficient transition from the previous main contractor
• Plan to finalize K2 and K4 by spring/summer 2026, thereby having non-material effect on Andfjord Salmon's production plans
• Minor budget impact from NOK 20m mobilization cost

6,000 TONS OF PRODUCTION ALREADY OPERATIONAL, FAST APPROACHING 11,000 TONS

CAPEX PER PHASE¹, KVALNES SITE

Added Accumulated Capex¹ Phase, Kvalnes production production (NOK, est.) (NOK, est.) (HOG, est.) Pilot ~450m +1,200t 1,200t 1 ~1,850m +9,800t 11,000t 2a +6,000t ~1,270m 17,000t 2b ~500m +6.700t 23,700t 3 (license ~0m +5.100t 28,800t expansion) 4 ~360m +5,400t 34,200t 5 +13,900t 48,100t ~1,100m

Table above excludes the disputed NOK 400m additional capex and NOK 20m mobilization cost mentioned in the previous page

OPERATIONAL PRODUCTION CAPACITY

COMMENTS

• Certain concrete works outstanding on the two remaining Phase 1 production pools at Kvalnes, once these are completed and technical works to secure connection to site infrastructure has been carried out, the Company will have installed production capacity of 11,000 tons, expected in spring/summer 2026
• As per 30 September 2025, a total of approx.
  NOK 3,200m had been invested at the Kvalnes site up to phase 2a^2,3
• The ongoing build-out phases are gradually nearing completion, with the total investment budget towards 17,000t production having previously been communicated to NOK 3,650m incl. pilot pool^2,3. This includes significant shared infrastructure towards total production at the Kvalnes site of 48,100 tons

ADDITIONAL FINANCING TO SUPPORT CURRENT BUILD-OUT PHASES

• As a precautionary measure in relation to the investment budget at Kvalnes and the Claim, Andfjord Salmon has secured the additional funding with NOK 300m in new equity and an enhanced bank debt package ("Bank Debt Package") of NOK 200m, agreed on the term sheet level
• NOK 300m private placement towards certain of the Company's largest shareholders, including Jerónimo Martins Agro-Alimentar S.A. (Jerónimo Martins)
• The Bank Debt Package is added to the existing construction loan for a total new framework of NOK 1,300m on materially the same terms as previously announced and subject to customary conditions, including fully funded status
• Additional NOK 80m liquidity buffer excluding the NOK 20m mobilization cost

STATEMENT OF COMPREHENSIVE INCOME

All amounts in 1,000 NOK

Statement of comprehensive income	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
	1.7 – 30.9 Unaudited	1.7 – 30.9 Unaudited	1.1 – 30.9 Unaudited	1.1 – 30.9 Unaudited	1.1 – 31.12
Operating income and expenses
Revenue from contracts with customers	-	46	884	181	190
Other operating income	-	-	43	-	134
Total operating income	-	46	-	181	324
Changes in biological assets at cost and other inventories	12 546	-	12 546	-	-
Cost of materials	-12 856	-64	-14 195	-274	-375
Employee benefit expenses	-4 459	-5 859	-12 785	-16 306	-21 683
Depreciation and amortisation expenses	-6 477	-6 127	-18 747	-18 539	-24 756
Other operating expenses	-9 533	-4 537	-35 976	-17 770	-25 450
Total operating expenses	-20 779	-16 587	-69 158	-52 889	-72 264
Operating profit/loss	-20 779	-16 541	-68 231	-52 707	-71 940
Financial income and expenses
Financial income	5 965	1 443	9 027	3 543	4 914
Net financial costs	-30 429	-200	-30 862	-622	-837
Net financial result	-24 464	1 243	-21 835	2 921	4 077
Profit/loss for the period	-45 243	-15 298	-90 067	-49 786	-67 862

STATEMENT OF FINANCIAL POSITION

All amounts in 1,000 NOK

Assets	30.09.2025 - Unaudited	31.12.2024	30.09.2024 - Unaudited
Intangible assets	16 016	16 420	16 259
Property, plant & equipment	3 928 605	2 230 854	1 825 558
Right-of-use assets	27 119	13 060	14 068
Other non-current assets	1 027	139	27
Total non-current assets	3 972 767	2 260 473	1 855 911
Biological assets	11 627	-	-
Other inventories	919	1 340	1 423
Trade and other receivables	187	44	23
Other current assets	123 297	76 443	37 967
cash equivalents1 Cash and	411 754	59 196	162 178
Total current assets	547 784	137 023	201 591
Total assets	4 520 551	2 397 496	2 057 503

Figures do not include undrawn construction loan of NOK 400 million in total and an undrawn credit facility of NOK 20 million. After the end of the quarter, available construction loan is increased to NOK 600 million in total and the credit facility is increased to NOK 120 million.

STATEMENT OF FINANCIAL POSITION

All amounts in 1,000 NOK

Equity and liabilities	30.09.2025 - Unaudited	31.12.2024	30.09.2024 - Unaudited
Total equity	2 132 609	1 254 355	1 272 107
Borrowings	1 578 702	832 309	607 899
Lease liabilities	11 869	6 163	7 005
Total non-current liabilities	1 590 572	838 472	614 904
Borrowings	-	-	-
Lease liabilities	7 224	4 276	4 156
Trade payables	676 164	295 506	163 566
Other current liabilities	113 983	4 887	2 769
Total current liabilities	797 371	304 669	170 491
Total liabilities	2 387 942	1 143 141	785 396
Total equity and liabilities	4 520 551	2 397 496	2 057 503

STATEMENT OF CASH FLOWS

All amounts in 1,000 NOK

Statement of cash flows	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
	1.7-30.9 Unaudited	1.7-30.9 Unaudited	1.1 – 30.9 Unaudited	1.1 – 30.9 Unaudited	1.1 – 31.12
Net cash flow from operating activities	-25 066	-9 408	-83 206	-41 138	-69 945
Net cash flow from investing activities	-567 071	-443 041	-1 276 202	-905 116	-1 208 411
Net cash flow from financing activities	39 078	386 588	1 711 966	858 399	1 087 519
Net change in cash and cash equivalents	-553 058	-65 860	352 558	-87 855	-190 836

SUMMARY AND OUTLOOK

RE-INITIATION OF FISH FARMING OPERATIONS

Highly successful release of 350,000 smolt into pool K0

K1 completed in October, released 750,000 smolt 10-12 November

HIGH SURVIVAL RATE

Excellent biological conditions in pool K0 and K1 have resulted in minimal amount of mortalities during first months/weeks of operation

STRONG GROWTH

Combination of swift acclimation to new seawater flow-through environment and new feeding system have delivered fish growth ahead of schedule

FINANCING SECURED TO SUPPORT CURRENT BUILT-OUT PHASES

Strong support from larger existing shareholders with NOK 300m equity funding, together with enhanced bank debt of NOK 200m to support current built-out phases gradually nearing full completion

NEW CONTRACTORS ENGAGED

Work on construction site starts in January, ensuring non-material effect on production plans