Why invest in Andfjord Salmon?

Growth outlook underpinned by megatrends – population growth, increased fish consumption and trade globalisation – driving demands for animal protein and fresh food

Limited supply growth from sea-based farming expected to create continued supply/demand imbalance, which land-based farming can equalise

No need to lift, heat, cool or manipulate the seawater

1 kWh electricity required to produce 1 kilo salmon

Strong feed conversion rate for first pool

Targeting opex of NOK 40 per kilo salmon produced (including depreciation)

License secured for 10,000 tonnes MAB, equivalent to target production volume of 19,000 tonnes

Financing secured to develop production up to 8,000 tonnes and major infrastructure such as waterways and port area to support 40,000 tonnes of production at Kvalnes

Future expansions (from 8,000 tonnes and upwards) expected to be financed by a combination of debt and cash flow

Targeting a blended capex of NOK 114 per kg (including substantial buffers)

Two other locations, Breivik and Fiskenes, represent additional potential production capacity estimated to 50,000 tonnes combined.

Roadmap in place towards achieving a total capacity of 90,000 tonnes HOG