Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Investor Presentation (April 2026)
28 slides from Andfjord Salmon Group As's investor presentation, Apr 20, 2026
Slide 1: Company Presentation
COMPANY PRESENTATION 20th APRIL 2026
Slide 2: Disclaimer
APRIL 2026 DISCLAIMER IMPORTANT INFORMATION This presentation (the "Presentation") has been produced by Andfjord Salmon Group AS (the "Company") solely for information purposes. By reading the Presentation slides or by otherwise receiving this Presentation or the information contained herein, you ag
Slide 3: The Best of Both Worlds
APRIL 2026 THE BEST OF BOTH WORLDS Flow-through production method “Ocean net pen moved to shore” For further information on the production method, watch videos here New seawater Selected benefits from seabased salmon farming Selected benefits from shorebased salmon farming 01 02 03 01 02 03 Optimal
Slide 4: Construction on Track with Harvest Ahead of Schedule
APRIL 2026 CONSTRUCTION ON TRACK WITH HARVEST AHEAD OF SCHEDULE • Following Pilot completion (2022) and Proof of Concept in the Kvalnes site first production cycle (2023), Andfjord Salmon has advanced Current build-out phases Phase 1 and 2a construction - including shared infrastructure, K0 and K1 o
Slide 5: Recent Company Highlights
APRIL 2026 RECENT COMPANY HIGHLIGHTS Excellent biological NOK 100m strategic investment Revised construction budget Budget revisions addressed by performance and operational and strengthened partnership also capturing production strong investor support and metrics ahead of plan with Eidsfjord Sjøfar
Slide 6: Well Ahead of the Curve with Excellent Biological and Operational Metrics
APRIL 2026 WELL AHEAD OF THE CURVE WITH EXCELLENT BIOLOGICAL AND OPERATIONAL METRICS Growth exceeding expectations in K0 and K1 Industry-leading survival rate of 99.4% Production method delivering strong results Average weight development per week for each batch (grams) Accumulated survival rate per
Slide 7: Eidsfjord Sjøfarm Invests NOK 100m to Become Strategic and Operating Partner
APRIL 2026 EIDSFJORD SJØFARM INVESTS NOK 100M TO BECOME STRATEGIC AND OPERATING PARTNER Strategic partnership Fully integrated operations and value chain Andfjord’s large post-smolt Illustrative partnership with Eidsfjord Sjøfarm/Holmøy Havbruk Standard post-smolt1 3 4 Andfjord delivers large Andfjo
Slide 8: Strong Strategic Rationale for Both Parties
APRIL 2026 STRONG STRATEGIC RATIONALE FOR BOTH PARTIES Optimising production plans and increasing revenue visibility Securing harvest capacity Post-smolt enables an optimised production plan Illustrative MAB utilisation over time for Andfjord Salmon With post-smolt strategy Without post-smolt strate
Slide 9: Significant Shared Infrastructure Invested Across All Phases at Kvalnes
APRIL 2026 SIGNIFICANT SHARED INFRASTRUCTURE INVESTED ACROSS ALL PHASES AT KVALNES Status, Kvalnes Phase 1-2b Significant shared infrastructure done Progressing on current build-out Finalised production capacity per asset, Q4-25 Year 2014 2016 … 2022 2024 2026e 2028e … Current build-out 48,100t Curr
Slide 10: Revised Capex Budget for Current Phase Build-out
APRIL 2026 REVISED CAPEX BUDGET FOR CURRENT PHASE BUILD-OUT Invested and outstanding capex up to Phase 2a Capex optimizations and revised budget Comments NOKm1 To be disputed to previous contractor NOK ~330m capex revision specification, NOKm • NOK ~3,170m2 has been invested at Kvalnes until Phase 2
Slide 11: Expected to Deliver Significant EBITDA
APRIL 2026 EXPECTED TO DELIVER SIGNIFICANT EBITDA Ramping from 11,000 to 28,800 tons capacity by 2030e Scaling production pool by pool - each step growing EBITDA Total production capacity per year tons HOG + post-smolt EBITDA sensitivity on NOK 30-40-50/kg margin, NOKm License expansion 28,800 28,80
Slide 12: Term Sheets for New Bank Package of up to NOK 1,500m
APRIL 2026 TERM SHEETS FOR NEW BANK PACKAGE OF UP TO NOK 1,500M (+NOK 200M INCREASE) Increase of existing bank package and new bank package to support financial headroom and current build-out1 NOKm Potential increase of Key terms of the new bank facility Potential new bank Main terms existing bank p
Slide 13: Capex Funding Plan up to 17,000 Tons
APRIL 2026 CAPEX FUNDING PLAN UP TO 17,000 TONS Overview of financing and remaining capex for Phase 1-2a Comments Remaining capex per Dec-25, NOKm To be disputed to previous contractor • Remaining capex for Phase 1-2a of NOK 900m, including significant buffer to secure operational flexibility and re
Slide 14: Recent Company Highlights
APRIL 2026 RECENT COMPANY HIGHLIGHTS Excellent biological NOK 100m strategic investment Revised construction budget Budget revisions addressed by performance and operational and strengthened partnership also capturing production strong investor support and metrics ahead of plan with Eidsfjord Sjøfar
Slide 15: Appendix
APPENDIX 15
Slide 16: Endless Access to Fresh Seawater
APRIL 2026 ENDLESS ACCESS TO FRESH SEAWATER Please click here for an explanatory video Seawater flows into the pools through Laminar flow-through pools before being let out the intake tunnel through the outlet tunnel Gulf Stream 3 Fiskenes 2 Breivik 1 Kvalnes ANDØYA • Three sites located at Andøya,
Slide 17: Production Potential of 90,000 Tons
APRIL 2026 PRODUCTION POTENTIAL OF 90,000 TONS 90,000 tons 20-25,000 tons Planned total Planned expansion capacity, all sites Gulf Stream 20-25,000 tons 3 Planned expansion Fiskenes 34,200 tons 13,900 tons 48,100 tons 3 23,700t HOG & Planned Planned total capacity 20-25,000t post-smolt (today’s expa
Slide 18: Production Recommenced Q3-25
APRIL 2026 PRODUCTION RECOMMENCED Q3-25 • Kvalnes’ construction plan follows a four-by-four pool Production plan Pilot-Phase 3 at Kvalnes site expansion, each pool is a separate biozone, massively decreasing any contamination risk 5,100t 28,800t • Pilot completed in 2022 and tested producing ~650 17
Slide 19: Excellent Biological and Operational Metrics from First Production Cycle 2023
APRIL 2026 EXCELLENT BIOLOGICAL AND OPERATIONAL METRICS FROM FIRST PRODUCTION CYCLE 2023 Average weight per fish (grams) at harvest ~40% above expectations Industry leading survival rate of 97.5% Average weight per fish (grams) Accumulated survival rate (%) 3,400 99.8 99.7 99.5 99.3 98.9 98.7 98.4 9
Slide 20: Current Bank Facility
APRIL 2026 CURRENT BANK FACILITY Main terms Bank package • Andfjord Salmon has a total debt package of NOK 1,300 million, of which NOK 900 million is drawn Lenders • The commitment comes with attractive terms from SpareBank 1 Nord-Norge, SpareBank 1 Sør-Norge and SpareBank 1 SMN, with support from E
Slide 21: Dispute with Former Contractor
APRIL 2026 DISPUTE WITH FORMER CONTRACTOR Submitted claim (the “Claim”) of NOK 1+bn against previous contractor AF Hæhre & Contur Ans (AFHC) • On 3 December 2025, Andfjord Salmon announced that the company submitted a claim of NOK 1+ billion against former main contractor AF Hæhre & Contur Ans (the
Slide 22: ESG Is a Key Focus for Andfjord Salmon
APRIL 2026 ESG IS A KEY FOCUS FOR ANDFJORD SALMON Strong focus on sustainability and environment in all activities Annual Committed to the UN Sustainable Development Goals ESG reporting Low carbon footprint • Health and safety of Andfjord Salmon’s • Andfjord Salmon’s production method avoids sea lic
Slide 23: Build-out plan utilises existing infrastructure to keep capex down
APRIL 2026 Build-out plan utilises existing infrastructure to keep capex down Construction start in 2023-2026: Construction start in 2028 while enabling increased production +22,500 tons (target): volumes +5,100 tons license expansion +13,900 tons 5 • Examples of shared infrastructure include (exact
Slide 24: Statement of Comprehensive Income
APRIL 2026 STATEMENT OF COMPREHENSIVE INCOME All amounts in 1,000 NOK Statement of comprehensive income 2025 2024 1.1 – 31.12 1.1 – 31.12 Operating income and expenses Revenue from contracts with customers 815 190 Other operating income 214 134 Total operating revenue 1 029 324 Change in inventories
Slide 25: Statement of Financial Position
APRIL 2026 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Assets 2025 2024 Intangible assets 39 714 16 420 Property, plant & equipment 4 293 860 2 230 854 Right-of-use assets 123 676 13 060 Other non-current assets 980 139 Total non-current assets 4 458 230 2 260 473 Biological assets 48 2
Slide 26: Statement of Financial Position
APRIL 2026 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Equity and liabilities 2025 2024 Total equity 2 425 678 1 254 355 Borrowings 1 592 463 832 309 Lease liabilities 52 137 6 163 Total non-current liabilities 1 644 600 838 472 Lease liabilities 16 205 4 276 Trade payables 110 203 295
Slide 27: Statement of Cash Flows
APRIL 2026 STATEMENT OF CASH FLOWS All amounts in 1,000 NOK Statement of cash flows 2025 2024 Net cash flow from operating activities (178 607) (69 945) Net cash flow from investing activities (1 729 517) (1 208 411) Net cash flow from financing activities 2 015 018 1 087 519 Net change in cash and
Slide 28: Our Mission
OUR MISSION FISH FARMING. WITHACLEAR ~ CONSCIENCE IF anorsono" SALMON
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