Arctic Fish Holding

Earnings Release • May 11, 2021

First Quarter Results

First Quarter Results

The first quarter of 2021 was quite eventful for Arctic Fish. A successful IPO was completed, the IPO was oversubscribed, and ultimately resulted in a financing activity of net 341 million NOK. Consequently, Arctic Fish was listed to the Euronext Growth Market in Oslo on the 19th of February.

Underlying operations continued to grow and perform. Harvested and sold quantities were 3,793 tonnes that generated an Operating Revenue of 169 million NOK, record setting numbers in a quarter in the history of Arctic Fish. The Operational EBIT was 18 Million NOK that translates to a Farming Operational EBIT pr. kg. of 5,67 NOK and a turn around since the last quarter. The previous year’s EBIT pr. kg. performance, especially in the second, third and fourth quarter were heavily influenced by the low market prices for salmon. Salmon prices went up compared to the last quarter. The market development, combined with the good quality of the fish contributed positively to the price achievement in the quarter. Furthermore, the continued decrease of Costs of Goods Sold had a positive impact on the EBIT operational performance pr. kg. in the quarter.

Due to the equity injection to the company and the cash standing the Net Interest Bearing Debt decreased down to 112 million NOK. The equity ratio was 62% at the end of the quarter. There has been increased intensity in the design and preparation of the growth projects that concern the expansion of the smolt production capacity and increased harvesting capacity. Planned groundwork for the smolt expansion is expected to commence late in the second quarter of 2021. The project represents a sizeable and necessary investment for the growth of Arctic Fish. The growth plans of Arctic Fish aim at maximizing the potential that the license portfolio provides. The Group currently holds licenses for a production capacity of 23,100 tonnes MAB with additional applications for 8,800 tonnes MAB that the Group expects to receive within 2022. Existing licenses are divided into 17,800 tonnes MAB of salmon and 5,300 tonnes MAB of trout that is in process of being converted to salmon licenses during 2021.

Overall, the Group expects to harvest around 12,000 tonnes in 2021. The group has a positive view on the salmon price and possible price achievements in the next quarters, but COVID-19 is still a risk. The company will continue to work on necessary growth projects and securing additional licenses as planned. In general, the operations, investments and business development are on track.

Further detailed information and reports can be found on https://www.arcticfish.is/investor-relations/ and as an attachment to this announcement.