Business update, private placement securing new equity and enhanced bank debt package

Reference is made to stock exchange notices released by Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") on 3 December 2025 and 11 December 2025 relating to the engagement of a new contractor to complete remaining works at the site at Kvalnes (the “New Contractor”) as well as a claim for compensation towards the prior contractor at the site (the “Claim”). As further described herein, and in relation to this and the investment budget at Kvalnes, Andfjord Salmon has secured additional funding as a precautionary measure.

BUDGET REVISIONS FROM CONTRACTOR AND CLAIM FROM ANDFJORD SALMON

The Claim from Andfjord Salmon against the prior contractor is in excess of NOK 1 billion, which is related to, inter alia, unjustified upwards revisions of costs for completed work at the Company’s Kvalnes site. In addition to previously announced changes to the budget, the most recent revisions from the prior contractor are estimated to add up to NOK 400 million to the cost framework communicated on 28 May 2025 and forms part of the Claim. As part thereof, an employer’s guarantee has been drawn upon, thereby reducing the Company’s liquidity buffer.

Since then, the Company has entered into an agreement with the New Contractor to complete concrete works for the two remaining Phase 1 production pools. Once these concrete works are completed and the two pools are technically connected to the site infrastructure, the Company will have installed production capacity of 11,000 tons (HOG and post-smolt), expected to be completed in spring/summer of 2026. Currently, the operational production capacity is 6,000 tons (HOG and post-smolt) from three pools.

FURTHER INFORMATION ON STATUS OF BUILD-OUT AT KVALNES

After having undergone expansion construction since 2023, Andfjord Salmon re-commenced salmon production at the Kvalnes site in September 2025. Mission-critical infrastructure at the site has been completed, including waterways, technical infrastructure and an operational harbor area. Further, pool pits for 12 new pools have been fully excavated.

As of 30 September 2025, a total of approx. NOK 3,200 million had been invested at the Kvalnes site. The ongoing build-out phases are gradually nearing completion, with the total investment budget towards 17,000 tons of annual salmon production (HOG and post-smolt) having previously been communicated to NOK 3,650 million incl. pilot pool. This includes significant shared infrastructure for total production at the Kvalnes site of 48,100 tons (HOG and post-smolt).

PRIVATE PLACEMENT AND ENHANCED BANK DEBT PACKAGE

To ensure continued flexibility and momentum pending above processes, the Company is carrying out a private placement of new shares in the Company (the “Private Placement”), and is in the process of finalizing an enhanced debt package offered by Andfjord Salmon’s group of lending banks (the “Bank Debt Package”).

The Private Placement amounts to NOK 300 million in gross proceeds through issuance of new shares to certain of the Company’s largest shareholders, including Jerónimo Martins Agro-Alimentar S.A. The subscription price per new share will be NOK 26.70 per share, equal to the closing price on Euronext Growth Oslo on 15 December 2025. Other existing shareholders may subscribe on the same terms, up to its pro-rata ownership, and allocated shares to other existing shareholders are expected to be Tranche 1 shares (as described below). Any such subscription will be subject to applicable selling and regulatory restrictions, including with respect to minimum subscription levels (minimum order and allocation have been set to the NOK equivalent of EUR 100,000) provided that the Company may, at its sole discretion, allocate amounts below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant to applicable regulations, including the Norwegian Securities Trading Act, Regulation (EU) 2017/1129 and ancillary regulations, are available. Any such interest in subscribing shares in the Private Placement must be communicated to the Managers (as defined below) as soon as possible, and no later than 21:00 CET on 15 December 2025.

The equity issue will be conducted as a directed private placement resolved by the Company’s board of directors (the “Board”), of which 6,085,000 shares are expected to be issued based on authorization granted at the annual general meeting held on 29 April 2025 (“Tranche 1”), and the issuance of the remaining shares needed to raise the full Private Placement amount (“Tranche 2”), including allocations of new shares to other existing shareholders, is subject to approval by an extraordinary general meeting of the Company, to be summoned shortly and expected to be held on or about 30 December 2025. The Board has considered the structure of the equity raise in light of relevant equal treatment obligations and guidelines, and is of the view that the ability to efficiently and quickly secure the additional capital required at current market price with no discount and without project or production interference is in the common interest of the Company and all its shareholders. Therefore, the Company does not intend to carry out any further subsequent offering.

The Bank Debt Package is currently at the term sheet level and encompasses an amount of NOK 200 million, which is added to the existing construction loan for a total new framework of NOK 1,300 million on materially the same terms as previously announced and subject to customary conditions, including fully funded status.

Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, Nordea Bank Abp, filial i Norge and SB1 Markets AS have been appointed as financial advisors (the “Managers”) to Andfjord Salmon in connection with the Private Placement.

PRODUCTION STATUS

The Company has released 1.1 million smolt into its operational pools, currently growing at an exceptional pace and with stellar survival rates.

Status in Pool K0:

- Number of individuals released on 30 September 2025: ~350,000

- Survival rate: 99.85%

- Average weight: 690 grams

- Feed conversion ratio (FCR): 0.88 kilos of feed to produce one kilo of salmon

- Standing biomass in pool: 242 tons of live salmon

Status in Pool K1:

- Number of individuals released on 10-12 November 2025: ~750,000

- Survival rate: 99.81%

- Average weight: 234 grams

- Feed conversion ratio (FCR): 0.92 kilos of feed to produce one kilo of salmon

- Standing biomass in pool: 176 tons of live salmon

KEY FIGURES FROM Q3 2025 AND PRESENTATION

The Company will present a detailed operational update and third quarter 2025 financial results on 16 December 2025. Pending such full report, the Company hereby reports the following headline figures (TNOK):

- Revenues for the period: 0

- Net loss for the period: 45 243

- Cash at end of period: 411 754

- Borrowings at end of period: 1 578 702

- Undrawn debt at end of period: 420 000 (see details in attachment)

ATTACHMENTS

Please find supporting materials attached, including figures from 3Q 2025.