Andfjord Salmon (ANDF) investor relations material

Executive summary

• Achieved first significant revenue since 2023, with NOK 51.3 million in Q2 2026 from post-smolt sales, marking a major operational milestone and driven by increased operational pools.

• Strong biological performance with high survival rates (up to 98.62%), efficient feed conversion, and robust biomass growth across all pools.

• Construction and capacity expansion progressing, with K2 completed and filled, K4 near completion, and K3 operational; three pools active by mid-2026, two more expected in H2 2026.

• Strategic partnership with Eidsfjord Sjøfarm resulted in successful post-smolt sale, smolt sourcing, and a NOK 100 million investment via private placement, validating the business model.

• First harvests of grow-out salmon in KO and K1 scheduled for Q3/Q4 2026, and K3 post-smolt scheduled for delivery in Q4 2026.

Financial highlights

• Q2 2026 revenue reached NOK 51.3 million, compared to NOK 0.1 million in Q2 2025; H1 2026 revenue was NOK 51.5 million, up from NOK 0.9 million year-over-year.

• Private placement raised NOK 385 million; bank facility increased by NOK 200 million to NOK 1.5 billion.

• Available liquidity at quarter-end was NOK 745 million, including undrawn construction loan of NOK 600 million and undrawn credit facility of NOK 80 million.

• Operating loss for H1 2026 was NOK 46.6 million; net loss for Q2 2026 was NOK -20.2 million.

• Cash and deposits at period end were NOK 65.2 million.

Outlook and guidance

• Production capacity expected to reach 11,000 tonnes by end of 2026 and 17,000 tonnes by end of 2027, with further post-smolt deliveries and harvests planned for Q3/Q4 2026.

• Targeting around 3 million smolt releases in 2026.

• Strategic partnership and facility expansion expected to accelerate revenue growth and positive cash flow.

• Expecting stable CapEx in coming quarters as phase II-A construction continues.

• Anticipates significant results from increased sales volumes in Q4 and beyond.