Andfjord Salmon (ANDF) investor relations material

Production technology and operational performance

• Flow-through production method combines benefits of sea-based and land-based salmon farming, using ocean water onshore for optimal conditions and low energy costs.

• No salmon lice, no risk of escapes, and organic waste is recirculated as a commercial resource.

• Excellent biological performance with industry-leading survival rates (99.4% in 2025-26 batches) and strong growth exceeding expectations.

• Full-year production enabled by stable, controlled environments and low energy consumption.

• First production cycle in 2023 achieved a 97.5% survival rate and 40% higher average weight at harvest than expected.

Expansion, infrastructure, and capacity

• Construction at Kvalnes is on track, with two pools operational and more pools scheduled for completion in 2026.

• Operational capacity expected to reach 11,000 tons by H1 2026, scaling to 17,000 tons with Phase 2a, and up to 28,800 tons pending license expansion.

• Significant shared infrastructure investments support a long-term production potential of 48,100 tons at Kvalnes and up to 90,000 tons across all sites.

• Expansion plan leverages existing infrastructure to keep capex down while increasing production volumes.

• Each pool is designed as an individual biozone, reducing contamination risk and supporting biosecurity.

Strategic partnerships and commercial agreements

• NOK 100m strategic investment from Eidsfjord Sjøfarm/Holmøy Havbruk, securing post-smolt deliveries and processing agreements through H1 2027.

• Partnership enables integrated value chain, shorter production cycles, and higher MAB utilization, accelerating time-to-revenue.

• ~1 million post-smolt contracted for 2026, with options to extend contract length.

• Processing capacity secured at Holmøy's automated facility, supporting harvest execution certainty.