27.8.2026 07:00:08 CEST | Andfjord Salmon | Half year financial report

Andfjord Salmon Group AS ("Andfjord Salmon" or "the company") is pleased to
announce continued strong biological performance, with an aggregate survival
rate of 98.04% and 57% biomass growth in less than two months, maintained
through the second quarter and into the third quarter. Further, the company
returned to revenue generation in the second quarter following its first
post-smolt sale in June.

The aggregate survival rate in the company's three operational pools - K0, K1
and K3 - currently stands at 98.04% following eleven, nine-and-a-half, and three
months in the respective pools. Approximately 550,000 smolt were released into
pool K3 in early June.

As of 26 August, total standing biomass was 1,969 tonnes of live salmon,
reflecting a net production of 713 tonnes since 30 June, equivalent to 57%
growth in less than two months. Accumulated feed conversion ratio currently
stands at 1.02 kg feed per kilo salmon produced.

"Overall, we are very satisfied with the fish farming performance. Healthy
biological conditions are manifested in high growth rates, while the aggregate
survival rate is maintained at industry-leading levels. We look forward to
replicating this in more pools going forward," says Martin Rasmussen, CEO of
Andfjord Salmon.

INCREASING PRODUCTION VOLUME

Andfjord Salmon is gradually ramping up production capacity through adding new
pools. Pool K2, which was completed during the summer, was this week filled with
seawater and now enters a test period. Pool K4 is near completion.

Once pools K2 and K4 are in use, Andfjord Salmon will have nearly doubled its
installed production capacity to 11,000 tonnes (HOG and post-smolt), from
today's 6,000 tonnes. Andfjord Salmon plans to release smolt in both K2 and K4
in Q4. 

FIRST POST-SMOLT SALE

On 20 April, Andfjord Salmon announced that it had entered into a strategic
post-smolt partnership with Eidsfjord Sjøfarm. The first sale of post-smolt
under this partnership took place in mid-June when approximately 450,000
post-smolt, equivalent to live biomass of 562 tonnes, were transferred from pool
K1 at Kvalnes to Eidsfjord Sjøfarm. Approximately 290,000 fish have been
retained in K1 for grow-out purposes.

"Our inaugural post-smolt sale was an important milestone as it demonstrates how
our infrastructure solutions enable scaling and optimising of pool capacity and
production, which shortens our runway to revenue and improves our cash flow. It
was satisfying to return to revenue generation in the second quarter, following
a three-year period of construction and fish farming operation," adds Martin
Rasmussen.

Q2 2026 RESULTS

Andfjord Salmon had revenue from contracts with customers of NOK 51.3 million in
the second quarter, versus NOK 0.1 million in the corresponding period last
year. Operational EBITDA, excluding fair value adjustment, was NOK -17.5 million
(-22.1). The company reported a net loss of NOK 20.2 million in the second
quarter (-26.8).

Andfjord Salmon raised new equity of NOK 385 million and increased its bank
facility with NOK 200 million during the second quarter. As of 30 June 2026, the
company had NOK 745 million in total available liquidity and financing,
including restricted cash of NOK 32 million that will cover interest payments in
2026 for the company's senior secured bond.

OUTLOOK

Harvests of the grow-out salmon in pools K0 and K1 are scheduled for Q3/Q4 2026.
The harvests are likely to be conducted in several batches.

The post-smolt in pool K3 is scheduled for delivery in Q4 2026.

With K2 and K4 entering operation, Andfjord Salmon expects a materially higher
production base going into 2027.

PRESENTATION AT 08:00 (CEST) TODAY

Andfjord Salmon will provide an operational update and present the company's
second quarter and half-year 2026 results at 08:00 today. The presentation will
be streamed online.

The webcast presentation can be viewed from this URL: 
https://qcnl.tv/p/xrxJbFEEdWPAwqBNenR9fQ 

The presentation material and half-year 2026 report are enclosed to this
announcement.

CONTACTS

 * Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345,
   bjarne.martinsen@andfjord.no 
 * Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +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. For more information, see 
www.andfjordsalmon.com - http://www.andfjordsalmon.com.

ATTACHMENTS

Andfjord Salmon Interim financial report HY.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/19039645/16238/Andfjord%20Salmon%
20Interim%20financial%20report%20HY.pdf

Andfjord Salmon Group Q2 2026 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/19039645/16270/Andfjord%20Salmon%
20Group%20Q2%202026%20presentation.pdf
jord Salmon Group Q2 2026 presentation.pdf -\
https://kommunikasjon.ntb.no/ir-files/17847566/19039645/16270/Andfjord%20Salmon%\
20Group%20Q2%202026%20presentation.pdf\