Andfjord Salmon (ANDF) investor relations material

Executive summary

• Operational performance exceeded expectations, with survival rates above 99% and strong growth in KO and K1 pools, supported by low feed conversion ratios.

• Strategic post-smolt partnership with Eidsfjord Sjøfarm established, including NOK 100 million investment and first sale scheduled for mid-June 2026.

• Facility expansion progressing as planned: K3 ready for smolt release, K2 and K4 on track for Q2/Q3 2026, and contracts signed for K5 and K7.

• Financial position strengthened by NOK 385 million private placement and NOK 200 million increase in bank facility.

• Q1 2026 saw minimal revenue (NOK 101k) and a net loss of NOK 23.9 million, reflecting ongoing development and limited operational output.

Financial highlights

• Q1 2026 revenue was NOK 101k, flat year-over-year, with operating loss of NOK -25.1 million and net loss of NOK -23.9 million.

• Net cash outflow from operations was NOK -20.1 million; net cash inflow from financing was NOK 114.8 million.

• Total assets as of 31 March 2026: NOK 5,163 million; cash and cash equivalents at period end were NOK 85.5 million.

• Biomass valued at NOK 97.2 million at quarter-end; undrawn credit facility of NOK 119.4 million and undrawn construction loan of NOK 600 million.

• Total borrowings at 31 March 2026 were NOK 1,597 million, including NOK 900 million bank loan and NOK 750 million bond loan.

Outlook and guidance

• First post-smolt sale (~450,000 fish) scheduled for mid-June 2026; K1 harvest to begin Q4 2026.

• Five pools at Kvalnes to be operational by Q3 2026, increasing annual production capacity to 11,000 tonnes HOG.

• Long-term ambition remains at 90,000 tonnes HOG annual production across three sites.

• Targeting 3.5 million smolt release in 2026, with flexibility in production between post-smolt and human-grade salmon based on market conditions.

• Ongoing improvements and optimization measures identified for future construction and operations.