Andfjord Salmon (ANDF) investor relations material

Executive summary

• Released 750,000 smolt in Q4 2025, bringing total to 1.1 million fish in the facility, with pools KO and K1 at Kvalnes, Andøya, showing strong biological performance and rapid biomass growth.

• Survival rates in KO and K1 are above 99.5%, with standing biomass reaching 902 tonnes, up 70% since the start of the year.

• Financing secured for expansion, including NOK 300 million equity and NOK 200 million enhanced bank debt.

• Construction of new pools K2, K3, and K4 is progressing as planned, with K3 expected operational in Q2 2026 and K2/K4 targeted for mid-2026.

• The flow-through system replicates natural salmon habitats on land, reducing traditional farming risks.

Financial highlights

• Q4 2025 operating income was NOK 0.1 million, with total operating income for 2025 at NOK 884,000.

• Operating loss for Q4 2025 was NOK -48.2 million; full-year operating loss NOK -117.4 million.

• Net loss for Q4 2025 was NOK -73.9 million; full-year net loss NOK -163.9 million.

• Cash and cash equivalents at year-end 2025 were NOK 166 million, with NOK 109 million restricted for bond interest payments.

• Biomass valued at NOK 48 million at end of 2025, with value expected to increase in the second half of production.

Outlook and guidance

• Planning for smolt releases between 3.2 million and 3.6 million during the year.

• K3 pool to be operational in Q2 2026; K2 and K4 progressing as planned, with installed production capacity expected to reach 11,000 tons by spring/summer 2026.

• Revenue from salmon sales is expected to begin in 2026 as production cycles mature.

• Preparing for slaughter from early autumn, with flexibility to harvest earlier or at higher weights.

• Post-smolt production planned for 2026.