Q4 and preliminary full-year 2024 results

26 February 2025

Andfjord Salmon Group AS (“Andfjord Salmon” or the “Company”) reports strong momentum for all ongoing workstreams at its land-based aquaculture facility at Kvalnes, Andøya, and releases its financial results from the fourth quarter 2024 and preliminary full-year 2024.

Andfjord Salmon did not produce salmon in the fourth quarter of 2024 and consequently had close to zero revenue in the period (Q4 2023: 0). The Company reported a loss of NOK 19.2 million in the fourth quarter 2024, versus a loss of NOK 19.4 million in the corresponding period in 2023.

Please find enclosed a presentation that details the fourth quarter and preliminary full-year 2024 financial results.

COMPANY PRESENTATION

All ongoing workstreams for the current build-out phase at Kvalnes remain on or ahead of schedule. Later today, Andfjord Salmon will publish a company presentation that, among other things, provides status of the current Kvalnes build-out phase and details future build-out plans at Kvalnes.

PRESENTATION ON 11 MARCH 2025

Andfjord Salmon will invite investors, analysts, lenders and media to an operational update and presentation of the company’s fourth quarter and interim full-year 2024 financial results on Tuesday 11 March 2025.

The presentation will be held physically in Oslo and streamed to online viewers. An invitation with venue and login details will be shared approximately one week prior to the event.

CONTACTS‍

Bjarne Martinsen, CFO, +47 975 08 345, bjarne.martinsen@andfjord.no

Martin Rasmussen, CEO, +47 975 08 665, martin@andfjord.no‍

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world’s most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon. Andfjord Salmon has identified a roadmap towards a production capacity of 40,000 tonnes HOG at Kvalnes, Andøya, and set a long-term ambition to reach 90,000 tonnes HOG across Kvalnes, Breivika and Fiskenes at Andøya.