Andfjord Salmon: Strong biological performance | First post-smolt sale imminent | New smolt release | Q1 2026 financial results

28.5.2026 07:00:03 CEST | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS ("Andfjord Salmon" or "the company") today reports
continued strong biological performance and operational metrics across its two
operational pools - K0 and K1 - at Kvalnes, Andøya. The company today also
announces that smolt release in pool K3 is in process, and that the first sale
of post-smolt from pool K1 will take place in mid-June.

Survival rates in pools K0 and K1 remain above 99%, which is impressive
considering that the fish have now spent eight and six-and-a-half months in
their respective pools. Total standing biomass currently stands at 1,584 tonnes
of live salmon.

"The solid biological conditions are also reflected in the salmon's weight gain
and the resulting biomass growth. We also maintain efficient feed utilization.
Overall, we are very satisfied with our fish farming performance, and we look
forward to replicating this in more pools going forward," says Martin Rasmussen,
CEO of Andfjord Salmon.

STATUS POOL K0 (all numbers per 27 May 2026)

Survival rate: 99.17%

Average weight: 2,102 grams

Feed conversion ratio (FCR): 1.03

Standing biomass in pool: 727 tonnes live salmon

STATUS POOL K1

Survival rate: 99.24 %

Average weight: 1,150 grams

FCR: 0.93

Standing biomass in pool: 857 tonnes live salmon

INAUGURAL 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 has now been agreed for mid-June - ahead of schedule,
driven by stronger-than-expected growth in pool K1. Approximately 450,000
post-smolt will be sold from pool K1 at Kvalnes to Eidsfjord Sjøfarm. Around
300,000 fish will be retained in K1 for grow-out purposes.

"Our inaugural post-smolt sale is an important milestone as it demonstrates how
our infrastructure solutions enable scaling and optimization of pool capacity
and production, which shortens our runway to revenue and improves our cash flow.
We look forward to proving this in practice in mid-June," adds Martin Rasmussen.

The partnership with Eidsfjord Sjøfarm also secures Andfjord Salmon smolt
sourcing and a processing agreement with Holmøy Havbruk.

SMOLT RELEASE POOL K3

Following successful testing of pool K3's flow through system and pool
infrastructure throughout April and May, approximately 550,000 smolt are being
released into pool K3, which becomes the third pool in operation at Kvalnes.
Average weight per smolt is around 120 grams. The smolt were purchased from
Eidsfjord Sjøfarm as part of the cooperation between the parties. All 550,000
smolt are expected to be used for post-smolt production.

"The initiation of fish farming operations in pool K3 represents further
scale-up of operations at Kvalnes, with more pools to follow later this year,"
says Martin Rasmussen.

FIXED-PRICE CONTRACT FOR POOLS K5 AND K7

Andfjord Salmon has entered into fixed-price contracts with Entreprenør Harald
Nilsen AS for the construction of pools K5 and K7 at Kvalnes. Entreprenør Harald
Nilsen AS is the same contractor currently completing pools K2 and K4, where the
company is highly satisfied with the quality and progress of the work delivered
to date. Securing the next two pools on a fixed-price basis provides cost
certainty for the continued build-out at Kvalnes.

Q1 2026 RESULTS

Andfjord Salmon is currently in the middle of production cycles ahead of its
first post-smolt sale planned for mid-June. Total operating income in Q1 2026
was therefore limited to NOK 0.1 million (Q1 2025: NOK 0 million). The company
reported a net loss of NOK 23.9 million in the first quarter (Q1 2025: net loss
of NOK 18 million).

Andfjord Salmon has further strengthened its bank financing during the quarter.
The total facility has been increased by NOK 200 million to NOK 1.5 billion, of
which NOK 600 million is currently undrawn. The interest terms are highly
competitive and represent a material improvement compared to the previous
facility, providing Andfjord Salmon with a solid funding platform for the
ongoing build-out at Kvalnes.

PRESENTATION AT 08:00 (CEST) TODAY

Andfjord Salmon will provide an operational update and present the company's
first quarter 2026 results at 08:00 today. The presentation will be held
physically in Oslo and streamed online.

Venue for presentation: House of Oslo (the auditorium), Ruseløkkveien 34, 0251
Oslo, Norway

The presentation will also be streamed from this URL: 
https://qcnl.tv/p/aGn-LKO2QZdlbN4fPUHgHw

The presentation material is enclosed to this announcement.

PHOTOS

Download photos from Kvalnes: 
https://collection.cloudinary.com/andfjord/c0ebc433f8209f0dab64fbcc0cd01b7b

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

Q1 2026 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18923380/10990/Q1%202026%20presen
tation.pdf

Q1 2026_Andfjord_interim_report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18923380/11023/Q1%202026_Andfjord
_interim_report.pdf
80/10990/Q1%202026%20presen\
tation.pdf\
\
Q1 2026_Andfjord_interim_report.pdf -\
https://kommunikasjon.ntb.no/ir-files/17847566/18923380/11023/Q1%202026_Andfjord\
_interim_report.pdf\