Arctic Fish Holding

Earnings Release • May 25, 2022

Q1 2022 - An eventful quarter for Arctic Fish

Q1 2022 - An eventful quarter for Arctic Fish

The first quarter of 2022 was eventful for Arctic Fish. The company was awarded a new license of 4.000 tonnes in a new production area in Arnarfjordur which is a stepping stone towards securing growth plans and reducing biological risk. The company also suffered substantial losses at two sites in Dyrafjordur, with salmon losses amounting to 2.512 tonnes. Markets were strong in the quarter which resulted in high prices, but the incident affected the price achievement of the company. The production cost amounted to 46,5 NOK pr. kg which is in line with expectations and stable compared to the previous quarter. The price achievement amounted to 66,9 NOK pr. kg which eventually resulted in a farming margin of 20,4 NOK pr. kg harvested.

Within the quarter the company harvested 4.221 tonnes, which is an 11% increase compared to the same period last year. The revenue amounted to 282,5 MNOK compared to 168,8 MNOK in Q1 2021. The biomass losses caused a write-down of biological assets and non-recurring costs of 129 MNOK. This consequently impacted the net result of the period which amounted to a loss of 12,3 MNOK.

The company continued to invest in its growth projects, both the smolt expansion in Talknafjordur and the harvesting facility in Bolungarvik. Total capital expenditure amounted to 97 MNOK in the quarter.

Short term forecasts for the markets are good, and future prospects are good with the company still being in its growth phase. Despite the biological production losses, the company expects to harvest 10.600 tonnes of salmon throughout the year. The company will also invest more in its growth projects over the next couple of months and thus securing larger parts of the value chain, improving operational scale, mitigating biological risk, and ultimately increasing overall competitiveness.

The presentation materials and an interim report are attached to this notice and

can also be found on the

company website. https://www.arcticfish.is/investor-relations/ and

https://www.arcticfish.is/presentations/

For further information, please contact:

CFO Neil Shiran Thorisson

Email: nst@afish.is

Tel: +354 8315300