Andfjord Salmon

Interim / Quarterly Report • Dec 16, 2025

THIRD QUARTER

INTERIM CONDENSED CONSOLIDATED REPORT

ENDED 30 SEPTEMBER 2025

ANDFJORD SALMON GROUP INTERIM CONDENSED CONSOLIDATED REPORT THIRD QUARTER

Ended 30 September 2025

TABLE OF CONTENTS

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	4
INTERIM CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION	6
INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY	8
INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CASH-FLOWS	1 0
NOTES TO THE INTERIM CONDENSED CONSOLIDATED REPORT	1 2

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Amounts in NOK thousand	Notes	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
		Unaudited	Unaudited	Unaudited	Unaudited
Revenue from contracts with customers	5	-	46	884	181	190
Other operating income		-	-	43	-	134
Total revenue		-	46	927	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	9	(6 477)	(6 127)	(18 747)	(18 539)	(24 756)
Other operating expenses		(9 533)	(4 537)	(35 976)	(17 770)	(25 450)
Operating profit/(loss)		(20 779)	(16 541)	(68 231)	(52 707)	(71 940)
Financial income		5 965	1 443	9 027	3 543	4 914
Net financial costs		(30 429)	(200)	(30 862)	(622)	(837)
Financial income/(expenses), net		(24 464)	1 243	(21 835)	2 921	4 077
Profit/(loss) before income tax		(45 243)	(15 298)	(90 067)	(49 786)	(67 862)
Income tax expense		-	-	-	-	-
PROFIT/(LOSS) FOR THE PERIOD		(45 243)	(15 298)	(90 067)	(49 786)	(67 862)
Net other comprehensive income/(loss)		-	-	-	-	-
COMPREHENSIVE PROFIT/(LOSS) FOR THE YEAR		(45 243)	(15 298)	(90 067)	(49 786)	(67 862)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Amounts in NOK thousand	Notes	30 September 2025	31 December 2024	30 September 2024
		Unaudited		Unaudited
ASSETS
Non-current assets
Intangible assets		16 016	16 420	16 259
Property, plant and equipment	9	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
Current assets
Biological assets	6	11 627	-	-
Other inventories	7	919	1 340	1 423
Trade and other receivables		187	44	23
Other current assets	8	123 297	76 443	37 967
Cash and cash equivalents		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

Amounts in NOK thousand	Notes	30 September 2025	31 December 2024	30 September 2024
		Unaudited		Unaudited
EQUITY AND LIABILITIES
EQUITY
Share capital	12	95 643	67 619	67 619
Share premium	12	2 379 854	1 440 261	1 440 345
Retained earnings		(353 220)	(263 086)	(245 009)
Other reserves		10 332	9 561	9 153
Total equity		2 132 609	1 254 355	1 272 107
LIABILITIES
Borrowings	10	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	10	-	-	-
Lease liabilities		7 224	4 276	4 156
Trade payables		676 164	295 506	163 566
Other current liabilities	8	113 983	4 887	2 769
Total current liabilities		797 371	304 669	170 491
Total liabilities		2 387 942	1 143 141	785 395
TOTAL EQUITY AND LIABILITIES		4 520 551	2 397 496	2 057 503

Roger Brynjulf Mosand	Roy Bernt Pettersen	António Serrano
Chair	Director	Director
Bettina Flatland	Knut Roald Holmøy	Hanne Digre
Director	Director	Director
Kim Strandenæs	Paul Allan Jewer	Martin Rasmussen
Director	Director	CEO
	Andøy 15 December 2025

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Amounts in NOK thousand	Notes	Share capital	Share premium	Retained earnings	Other reserves	Total equity
Balance at 1 January 2024		57 013	1 124 622	(195 225)	7 278	993 688
Profit for the period		-	-	(49 786)	-	(49 786)
Capital increase	12	10 606	339 394	-	-	350 000
Transaction costs in capital increase	12	-	(23 670)	-	-	(23 670)
Share based payments to employees		-	-	-	1 875	1 875
Balance at 30 September 2024		67 619	1 440 345	(245 009)	9 153	1 272 107
Balance at 1 January 2025		67 619	1 440 263	(263 087)	9 560	1 254 355
Profit for the period		-	-	(90 067)	-	(90 067)
Capital increase	12	28 024	972 382	-	-	1 000 406
Transaction costs in capital increase	12	-	(32 789)	(68)	-	(32 857)
Share based payments to employees		-	-	-	772	772
Balance at 30 September 2025		95 643	2 379 856	(353 222)	10 332	2 132 609

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH-FLOWS

Amounts in NOK thousand Notes	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
	Unaudited	Unaudited	Unaudited	Unaudited
CASH FLOW FROM OPERATING ACTIVITIES:
Profit/(loss) before income tax	(45 243)	(15 298)	(90 067)	(49 786)	(67 862)
Adjustments to reconcile profit/loss before tax to net cash flow:
Depreciation and amortisation	6 477	6 127	18 747	18 539	24 756
Finance income/(expense), net	24 464	(1 243)	21 835	(2 921)	(4 077)
Share-based payment expense	91	263	772	1 875	2 282
Working capital changes:
Change in other inventories and biological assets at cost	(12 546)	64	(11 206)	274	358
Change in trade and other receivables	(31)	6	(143)	(21)	(44)
Change in trade payables	1 256	(1 259)	24 755	(11 820)	(7 697)
Change in other current assets and liabilities	49 040	9 149	41 855	11 294	8 312
Interest received	5 965	1 443	9 027	3 543	4 914
Interest paid	(54 539)	(8 660)	(98 780)	(12 114)	(30 887)
Net cash flow from operating activities	(25 066)	(9 408)	(83 206)	(41 138)	(69 945)

Amounts in NOK thousand	Notes	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
		Unaudited	Unaudited	Unaudited	Unaudited
CASH FLOW FROM INVESTMENT ACTIVITIES:
Payment for property, plant and equipment	9	(494 510)	(443 107)	(1 603 439)	(902 768)	(1 204 887)
Proceeds from sale of subsidiary	9	-	-	400 000	-	-
Repayment of short-term liability	9.1	(72 532)	-	(72 532)	-	-
Payment for intangible assets		(28)	67	(231)	(2 348)	(3 524)
Net cash flow from investing activities		(567 071)	(443 041)	(1 276 202)	(905 116)	(1 208 411)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issue of shares net of transaction costs	12	-	-	967 548	326 330	326 247
Proceeds from borrowings	10	39 533	387 601	745 416	538 592	768 517
Repayment of borrowings	10	-	-	-	(3 833)	(3 833)
Payment of principal portion of lease liabilities		(456)	(1 012)	(999)	(2 690)	(3 411)
Net cash flow from financing activities		39 078	386 588	1 711 966	858 399	1 087 519
Net increase/(decrease) in cash and cash equivalents		(553 058)	(65 860)	352 558	(87 855)	(190 838)
Cash and cash equivalents at the beginning of the period		964 812	228 038	59 196	250 032	250 032
Cash and cash equivalents at the end of the period		411 754	162 178	411 754	162 178	59 196
- Of which restricted cash	10.3	309 240	-	309 240	-	-

ANDFJORD SALMON – INTERIM CONDENSED CONSOLIDATED REPORT – THIRD QUARTER 2025

NOTES TO THE INTERIM CONDENSED CONSOLIDATED REPORT

1.	General information	12
2.	Basis for preparation	13
3.	Significant changes, events and transactions in the current	13
	reporting period
4.	Profit and loss information	14
5.	Revenue	14
6.	Biological assets	14
7.	Other inventories	14
8.	Other current assets and liabilities	15
9.	Property, plant and equipment	16
	9.1 Significant movements during the period	17
10.	Borrowings	17
	10.1 Relevant terms and conditions	18
	10.2 Compliance with covenants	18
	10.3 Restricted cash	19
11.	Transactions and balances with related parties	19
12.	Share capital	19
	12.1 Share capital and share premium	19
	12.2 Movements in ordinary shares	19
13.	Earnings per share	20
14.	Commitments	20
15.	Events after the reporting period	20

1 - GENERAL INFORMATION

These interim condensed consolidated financial statements are made for the group comprised of Andfjord Salmon Group AS, Andfjord Salmon Midco AS and Andfjord Salmon AS (the "Group" or "Andfjord"). The parent entity of the Group is Andfjord Salmon Group AS, which is a limited liability company incorporated and domiciled in Norway. The shares are currently traded in Euronext Growth Oslo under the ticker 'ANDF'. Andfjord Salmon Group AS was established in 2014 and the registered office is located at Kvalnesveien 69, Andøy.

Andfjord Salmon's business is to farm salmon with the aim of selling to third parties when the fish has reached a mature state. At 30 September 2025, the Group operates one salmon pool facility and are under construction of further facilities, all located in the intertidal zone on the eastern shore of Andøya, in Andøy municipality. The facility uses a seawater flow-through system that avoids issues with salmon lice and poisonous algae, prevents salmon escapement and is at the same time contributing to reduced feed waste.

As at 30 September 2025, Andfjord Salmon Group AS has two subsidiaries: Andfjord Salmon Midco AS (100% equity interest) and Andfjord Salmon AS (100% equity interest).

The interim condensed consolidated financial statements for the period ending 30 September 2025 of Andfjord Salmon Group AS were authorized for issue by the Board of Directors on 15 December 2025.

The financial statements for the year ended 31 December 2024 are available at https://www.andfjordsalmon.com

2 - BASIS FOR PREPARATION

The Group's interim condensed consolidated financial statements are prepared in accordance with IFRS® Accounting Standards IAS 34 "Interim Financial Reporting" as adopted by the European Union. The Group has prepared interim condensed consolidated financial statements based on the going concern assumption, as Management has identified no material uncertainties related to events or conditions that may cast significant doubt upon the Company's ability to continue as a going concern.

This interim condensed consolidated report does not include all the information and disclosures required by other standards within the International Reporting Financial Reporting Standards (IFRS). Therefore, this report should be read in conjunction with the annual integrated report for the year ended 31 December 2024.

These interim condensed consolidated financial statements are unaudited.

The accounting policies applied by the Group in these interim condensed consolidated financial statements are the same as those applied by the Group in its financial statements for the year ended 31 December 2024, and no amendments applicable for the first time in 2025 had an impact on the interim condensed consolidated financial statements of the Group.

In these interim condensed consolidated financial statements, the third quarter is defined as the reporting period from July 1st to September 30th.

All amounts are presented in NOK thousand (TNOK) unless otherwise stated. Because of rounding differences, numbers or percentages may not add up to the sum totals.

Significant assumptions and estimates

The preparation of financial statements requires Management and the Board of Directors to make assessments and assumptions that affect recognized assets, liabilities, income and expenses and other information provided, such as contingent liabilities. For further information concerning these, please refer to the Andfjord Salmon Group AS annual integrated report 2024.

3 - SIGNIFICANT CHANGES, EVENTS AND TRANSACTIONS IN THE CURRENT RE-PORTING PERIOD

ANDFJORD SALMON – INTERIM CONDENSED CONSOLIDATED REPORT – THIRD QUARTER 2025

The table below shows the Group's main transaction and events during the third quarter of 2025:

Transactions and events	Disclosure notes
Highly successful release of 350,000 smolt	Note 6
Last drawdown of the construction loan facility of NOK 825 million	Note 10

The financial position and the performance of the Group was not, other than mentioned above, particularly affected by any significant events or transactions during the third quarter of 2025.

13

14ANDFJORD SALMON – INTERIM CONDENSED CONSOLIDATED REPORT – THIRD QUARTER 2025

4 - PROFIT AND LOSS INFORMATION

Seasonality of operations

The salmon industry is subject to certain seasonality. Salmon growth is impacted by changes in the temperature of water. Salmon grows at a higher pace during summer and autumn as compared to winter and spring when the seawater temperatures are lower. Additionally, the industry is subject to some degree of seasonal price variation due to seasonal demand shifts.

However, Management has concluded that the business is not considered as 'highly seasonal' in accordance with IAS 34.

5 - REVENUE

Revenue		Q3 2025 Q3 2024 YTD 2025		YTD 2024	2024
(Amounts in NOK thousand)
Sales of salmon	-	46	884	181	190
Other operating income	-	-	43	-	134
Total revenue	-	46	927	181	324

Revenue is related to sale of the first salmon produced by the Group.

During 2025, the Group has been developing its land-based facilities, and therefore no production activities or sales were carried out during the year.

6 - BIOLOGICAL ASSETS

Change in biological assets	Tonnes	Carrying amount NOK thousand
Biological assets at 31 December 2024	-	-
Increase due to additions of new smolt	64	11 627
Biological assets at 30 September 2025	64	11 627

The Group completed a successful release of approximately 350,000 smolt at 30 September 2025.

7 - OTHER INVENTORIES

Other inventories	30 September 2025	31 December 2024
(Amounts in NOK thousand)
Fodder and packaging material	719	-
Others	200	1 340
Total other inventories	919	1 340

8 - OTHER CURRENT ASSETS AND LIABILITIES

Other current assets	30 September 2025	31 December 2024
(Amounts in NOK thousand)
VAT	57 128	73 522
Pre-paid cost for the Right of Use asset (*)	14 000	-
Prepayments for other right of use assets	48 609	-
Others	3 561	2 920
Total other current assets	123 297	76 443

ANDFJORD SALMON – INTERIM CONDENSED CONSOLIDATED REPORT – THIRD QUARTER 2025

(*) For further information, see note 9.1

Other current liabilities	30 September 2025	31 December 2024
(Amounts in NOK thousand)
Short-term payable to Andøya Havn AS (*)	99 449	-
Others	14 534	4 887
Total other current liabilities	113 983	4 887

(*) For further information, see note 9.1

17

9 - PROPERTY, PLANT AND EQUIPMENT 9.1 - SIGNIFICANT MOVEMENTS DURING

Property, plant and equipment	Land and buildings	Machinery and plant	Furniture, tools and others	Facilities for farming	Assets under construction	Total
Amounts in NOK thousand
At 31 December 2024
Cost	106 240	31 142	8 108	296 150	1 837 365	2 279 005
Accumulated depreciation	(1 221)	(7 197)	(4 437)	(35 297)	-	(48 152)
Net book amount	105 019	23 945	3 671	260 853	1 837 365	2 230 853
Period ended 30 September 2025
Opening net book amount	105 019	23 945	3 671	260 853	1 837 365	2 230 853
Additions	301	1 007	450	1 802	1 935 266 (*)	1 938 826
Disposals	-	-	-	-	(227 705)	(227 705)
Depreciation	(300)	(2 218)	(1 138)	(9 711)	-	(13 368)
Closing net book amount	105 020	22 734	2 983	252 944	3 544 926	3 928 606
At 30 September 2025
Cost	106 541	32 149	8 558	297 952	3 544 926	3 990 126
Accumulated depreciation	(1 521)	(9 415)	(5 575)	(45 008)	-	(61 519)
Net book amount	105 020	22 734	2 983	252 944	3 544 926	3 928 606
Depreciation method	Buildings: straight-line. Land not depreciated	Straight-line	Straight-line	Straight-line	Not applicable
Useful life	50 years	5 - 20 years	3 - 10 years	5 - 50 years	Not applicable

^(*) Figures include invoices from contractor where payment has been withheld by Andfjord Salmon, due to offsetting against claim that Andfjord Salmon has against the contractor. See note 15 for further information on the matter.

THE PERIOD

Kvalnes land-based facility

The additions during the quarter mainly relate to the development of the Kvalnes land-based facilities. The Group's construction project at Kvalnes has made strong progress throughout 2025. As at 30 September one pool was operational with fish. All operational infrastructures are put into operation, including waterways for inlet water and outlet water and technical infrastructure related to the operations, such as feeding, sludge handling, oxygen and fish logistics. Further pools will be put into operation in the coming period, utilizing the infrastructure that is now ready in the site. During first half of 2026 a total of five pools will be operational, which will give a yearly production capacity of 11,000 tonnes HOG. The production capacity at the Kvalnes site will continue to increase up to 23,700 tonnes HOG annually from mid-2027.

Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS

On 27 May 2025 Andfjord Salmon Group AS (the parent company) sold 100% of the share ownership in a wholly-owned subsidiary Andfjord Salmon Harbour AS to Asset Buyout Partners AS. The purchase price of the shares was NOK 400 million. The cash transaction price was received in full by Andfjord Salmon Group AS on 18 June 2025.

The harbour property located in Kvalnes, Andøya (consisting of the harbour together with the plot of land it is located on was transferred from Andfjord Salmon AS (the operating company in the Group) to a newly established subsidiary Andfjord Salmon Harbour AS. At the date of the sale of the subsidiary, the net assets of the Andfjord Salmon Harbour AS consisted of asset under construction with a book value of NOK 228 million and a receivable towards the Group of NOK 172 million.

There is no gain or loss recognised in the transaction as the consideration of NOK 400 million received is equal to the book value of net assets sold. Given no gain or loss on this sale transaction, the issue of gain recognition based on IFRS 10 (full recognition) or IFRS 16 (partial recognition) is not relevant for Andfjord for this transaction.

The harbour area had been classified as 'Assets under construction' prior to the sale. After the sale, the Group has a short-term payable towards Andfjord Salmon Harbour AS of NOK 172 million. In the third quarter, NOK 72.5 million has been settled, as such, NOK 99.5 million is still outstanding at 30 September 2025.

Completion of the harbour property triggers the commencement of the harbour lease agreement. The annual lease payment is approximately NOK 30 million over a lease term of 80 years.

Transaction costs of NOK 23.4 million has occurred as part of the transaction, where NOK 14 million is identified as direct incremental cost of obtaining control of the harbour asset through the lease agreement and will be capitalised by Andfjord as part of the acquisition cost of the Right of Use asset. Until the commencement date of the lease this will be in the balance sheet as a pre-paid cost for the Right of Use asset. Transaction costs not deemed as direct incremental cost has been expensed as other operating expenses in the reporting period.

10 - BORROWINGS

30 September 2025	2024
867 505	832 309
711 197	-
1 578 702	832 309
-	-
1 578 702	832 309

10.1 - RELEVANT TERMS AND CONDITIONS

Debt to credit institutions

The bank financing agreement connected to step 1 of the construction project at the Kvalnes facility, entered into with SpareBank 1 Nord-Norge and bank alliance partners (with support from Eksfin) in May 2024, consists of a construction loan facility of up to NOK 825 million, and a loan facility of NOK 75 million to refinance the Group's other borrowings. These facilities have drawdown available until 31 December 2025. Additionally, up until that date, the Group can decide to convert these facilities into a new one maturing 4 years after the conversion date (i.e. latest maturity 31 December 2029). No payments of principal are required until 24 months after the conversion date (i.e. starting at 31 December 2027, at the latest), with quarterly instalments that reflect a repayment period of 12 years

In first quarter of 2025 the Group entered into another construction loan of 400 MNOK as part of the financing of step 2A of the Kvalnes build-out. The new construction loan is on similar terms as the loan for the first step. The facility has draw down available until 31 December 2026. The Group can decide to convert the facility to a term loan maturing 4 years after the conversion date (i.e. latest maturity 31 December 2030). No payment of principal is required until 24 months after the conversion date (i.e. starting at 31 December 2028, at the latest), with quarterly instalments that reflect a repayment period of 12 years.

In addition, the financing agreement includes allowance for overdraft facility of up to 200 MNOK to serve as working capital financing.

All assets of subsidiary Andfjord Salmon AS are pledged as security for liabilities, including aquaculture licenses, other inventories, and trade receivables.

Loan terms and financial covenants are described in detail in the annual report for 2024.

The Group has complied with the financial covenants during the reporting period, and Management does not expect to breach any covenants in the foreseeable future.

Senior secured bond

On 28 May 2025 Andfjord Salmon Group AS successfully completed a new three-year senior secured bond issue of NOK 750 million. The bond has a margin of 950bpd and was issued at a price of 98% of nominal value.

The net proceeds from the bond issue will be applied towards investments and associated working capital related to the Company's expansion of the Kvalnes site.

10.2 - COMPLIANCE WITH COVENANTS

The Company has complied with the financial covenants during the reporting period, and Management does not expect to breach any covenant in the foreseeable future.

Debt to credit institutions

Debt to financial institutions entered during 2025 is subject to the following covenants:

• Overdraft facility within 60 % of borrowing base
• Total equity at minimum 35 % of Total assets at year-end
• Minimum liquidity of NOK 50 million each quarter until 31 December 2027

The following covenants are applicable as of 31 December 2027:

• Minimum required work capital of NOK 100 million

The following covenants are applicable as of 31 December 2028:

• Net interest-bearing debt / EBITDA shall be above 5,00

Senior secured bond

Senior secured bond issue entered during 2025 is subject to the following covenants:

• Total equity at minimum 35% of Total assets each quarter
• Minimum liquidity of NOK 50 million each quarter

10.3 - RESTRICTED CASH

As part of the Groups financing towards both debt to credit institutions and senior secure bonds, part of the cash and cash equivalents is restricted. A total of NOK 309 million is restricted, where NOK 200 million is restricted towards the credit institutions, and NOK 109 towards the senior secured bond to cover interest payments in 2026.

11 - TRANSACTIONS AND BALANCES WITH RELATED PARTIES

The following transactions were held with related parties:

Transactions with related parties	Relationship	Q3 2025	YTD 2025
(Amounts in NOK thousand)
Financial advisory	Board members	74	10 481
Construction advisory (*)	Board members	848	1 158
Total related party profit or loss items		922	11 639

(*) The Group announced 10 October 2025 that Gro Skaar Knutsen stepped down from the role as board member to assume an operational role within its large-scale construction activities at Kvalnes.

12 - SHARE CAPITAL

12.1 - SHARE CAPITAL AND SHARE PREMIUM

As at 30 September 2025, the share capital consists of 95 643 028 ordinary shares, with a par value of NOK 1.00 each. All shares are entitled to equal rights with respect to dividends, voting rights and other rights in accordance with Norwegian corporate law.

ANDFJORD SALMON – INTERIM CONDENSED CONSOLIDATED REPORT – THIRD QUARTER 2025

12.2 - MOVEMENTS IN ORDINARY SHARES

Movements in ordinary shares	Number of shares	Par value per share (NOK)	Share premium total (TNOK)	Total (TNOK)
At 31 December 2024
Opening balance	67 619 013	1,00	1 440 261	1 507 880
Capital increase	28 024 015	1,00	972 382	1 000 406
Transaction costs	-	-	(32 789)	(32 789)
Closing balance at 30 September	95 643 028	1,00	2 379 854 2 475 497

19

13 - EARNINGS PER SHARE

Basic and diluted earnings per share	YTD 2025	YTD 2024	PERIOD
(Amounts in NOK thousand)
Profit/(loss) for the year to date	(90 067)	(49 786)
Weighted average number of shares used as the denominator
Weighted average number of shares used in basic earnings per share	84 541 436	63 644 020
Weighted average number of shares used in diluted earnings per share	84 541 436	63 644 020
Basic earnings per share (NOK)	(1,07)	(0,78)
Diluted earnings per share (NOK)	(1,07)	(0,78)

14 - COMMITMENTS

The following significant contractual commitments are present at the interim reporting period:

Capital commitments	30 September 2025	31 December 2024
(Amounts in NOK thousand)
Property, plant and equipment	187 007	138 187
Total capital commitments	187 007	138 187

Completion of the harbour property triggers the commencement of the harbour lease agreement. The annual lease payment is approximately NOK 30 million over a lease term of 80 years. See note 9.1 for further information.

15 - EVENTS AFTER THE REPORTING

On 3 December 2025 the Group announced that they had submitted a claim of NOK 1+ billion against main contractor AF Hæhre & Contur ANS. The claim relates to grossly negligent performance of the contractor's obligations and wilful breach of its civil works contract in connection with the construction of Andfjord Salmon's land-based aquaculture facility at Kvalnes.

The claim, which exceeds NOK 1 billion, reflects previously communicated budget revisions including the NOK 500 million upward revised capex budget announced on 28 May this year as well as earlier communicated changes. In addition to this, recent revisions are estimated to add up to NOK 400 million to the claim, as announced by the company 15 December.

The claim is related to recovery of incurred costs resulting from the contractor's gross negligence in executing construction methods recommended by the contractor, insufficient cost control, inadequate project management and prioritization of work, incorrect invoicing, and compensation for costs and losses arising from the contractor's wilful breach of contract. While the construction method itself is sound, the issues stem from the contractor's inability to deliver the work within the agreed cost framework.

It was announced on 15 December that the company is carrying out a private placement which amounts to NOK 300 million in gross proceeds. In addition, the company has also secured enhanced debt package. Total available bank loan is increased by NOK 200 million to NOK 1,300 million.

The Board of Directors is not aware of any other events that occurred after the balance sheet date, or any new information regarding existing matters, that can have a material effect on the 2025 third quarter interim condensed consolidated financial statements of the Group.