Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Q4 2025 Earnings Presentation
23 slides from Andfjord Salmon Group As's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Status and Progress
Q4 2025 STATUS AND PROGRESS 25 FEBRUARY 2026 Photo: Pool K1
Slide 2: Andøya – The Home of Atlantic Salmon
Q4 2025 69°N ANDØYA VESTERÅLEN NORWAY ANDØYA – The natural conditions for Atlantic salmon in the ocean off Andøya are THE HOME OF truly optimal. Here, the salmon has grown strong ATLANTIC SALMON for millions of years.
Slide 3: The Best of Two Worlds – Land and Sea
Q4 2025 THE BEST OF TWO WORLDS – LAND AND SEA 3 BENEFITS FROM SEA-BASED OCEAN FARMING 3 BENEFITS FROM LAND-BASED FARMING 1 1 AVOIDS PROBLEMS OPTIMAL WATER WITH SALMON LICE TEMPERATURES AND POISONOUS ALGAE 2 2 OXYGEN-RICH AND NATURAL ESCAPE CLEAN ARCTIC PREVENTION SEAWATER 3 LOW ENERGY 3 COSTS. NO CO
Slide 4: January 2025
Q4 2025 JANUARY 2025 First pool, K0
Slide 5: Agenda
Q4 2025 Q4 2025 AGENDA • QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • Fish farming operations • Status Kvalnes build-out • Financials • Summary and outlook
Slide 6: Highlights Q4 and Subsequent Period
Q4 2025 HIGHLIGHTS Q4 AND SUBSEQUENT PERIOD K1 STOCKED WITH FISH FINANCING SECURED TO SOLID MOMENTUM STRONG FISH FARMING SUPPORT CURRENT FOR CONTRACTORS PERFORMANCE Released 750,000 smolt BUILD-OUT PHASES 10-12 November Mobilisation concluded, Healthy biological Continued support from site logistic
Slide 7: Agenda
Q4 2025 AGENDA • Quarterly highlights and subsequent events • FISH FARMING OPERATIONS • Status Kvalnes build-out • Financials • Summary and outlook
Slide 8: Exceptional Survival Rates
Q4 2025 EXCEPTIONAL SURVIVAL RATES Survival rate (%) 100,00% • Stable biological conditions in both pools 99,59% 99,58% K0 2025 • Current survival rates in both batches even higher than the successful smolt release in 99,00% K1 2025 K0 in 2022 98,71% SMOLT RELEASES 98,47% • POOL K0: ̴350,000 smolt a
Slide 9: Growth Above Expectations
Q4 2025 GROWTH ABOVE EXPECTATIONS 1350 • Fish now being fed specially designed feed: K0 2025 Calanus® Plus by Andfjord Salmon K1 2025 • Relatively high water temperatures throughout Q4 2025 and Q1 2026 have positively affected appetite and growth • Improvements in feeding system and light regime 576
Slide 10: Biomass Reached 900 Tonnes
Q4 2025 BIOMASS REACHED 900 TONNES ACCUMULATED STANDING BIOMASS (TONNES, LIVE WEIGHT) FEED 902 800 CONVERSION 750 RATE 700 431 600 352 530 500 240 400 336 300 271 139 471 0.97 200 131 398 in pool K0 296 100 66 119 140 197 0.88 0 in pool K1 1 Oct 1 Nov 12 Nov 1 Dec 1 Jan 1 Feb 22 Feb Generation K0 Ge
Slide 11: Agenda
Q4 2025 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • STATUS KVALNES BUILD-OUT • Financials • Summary and outlook
Slide 12: Kvalnes Build-out Phases and Pools
Note: Illustration of pools showing the next phases of build-out. PHASE 2 B: K11 K12 POOLS K10 K9 – K12 K9 K0 Stocked with ~350,000 fish K8 PHASE 2 A: K7 POOLS K6 K5 – K8 K5 K4 K3 Operational Q3 2026 PHASE 1: Operational Q2 2026 POOLS K1 – K4 K1 K2 Stocked with ~750,000 fish Operational Q2/Q3 2026 O
Slide 13: Pool K2, K3, K4 – Progress as Planned
Q4 2025 POOL K2, K3, K4 – PROGRESS AS PLANNED Photo: Pool K3
Slide 14: 6,000 Tons of Production Capacity, Fast Approaching 11,000 Tons
[MAY] Q4 2025 6,000 TONS OF PRODUCTION CAPACITY, FAST APPROACHING 11,000 TONS CAPEX PER PHASE1, KVALNES SITE OPERATIONAL PRODUCTION CAPACITY COMMENTS 17 000 • Certain concrete works outstanding on the Added Accumulated Capex1 Only certain concrete two remaining Phase 1 production pools at Phase, Kva
Slide 15: Agenda
Q4 2025 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • FINANCIALS • Summary and outlook
Slide 16: Statement of Comprehensive Income
Q4 2025 STATEMENT OF COMPREHENSIVE INCOME All amounts in 1,000 NOK Statement of comprehensive income Q4 2025 Q4 2024 2025 2024 1.10 – 31.12 1.10 – 31.12 1.1 – 31.12 1.1 – 31.12 Unaudited Unaudited Unaudited Operating income and expenses Revenue from contracts with customers - 8 884 190 Other operati
Slide 17: Statement of Financial Position
Q4 2025 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Assets 31.12.2025 - Unaudited 31.12.2024 Intangible assets 39 714 16 420 Property, plant & equipment 4 233 925 2 230 854 Right-of-use assets 123 676 13 060 Other non-current assets 980 139 Total non-current assets 4 398 296 2 260 473 B
Slide 18: Statement of Financial Position
Q4 2025 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Equity and liabilities 31.12.2025 - Unaudited 31.12.2024 Total equity 2 365 743 1 254 355 Borrowings 1 592 463 832 309 Lease liabilities 52 137 6 163 Total non-current liabilities 1 644 600 838 472 Borrowings - - Lease liabilities 16 2
Slide 19: Statement of Cash Flows
Q4 2025 STATEMENT OF CASH FLOWS All amounts in 1,000 NOK Statement of cash flows Q4 2025 Q4 2024 2025 2024 1.10-31.12 1.10-31.12 1.1 – 31.12 1.1 – 31.12 Unaudited Unaudited Unaudited Net cash flow from operating activities -116 015 -28 807 -199 221 -69 945 Net cash flow from investing activities -48
Slide 20: Agenda
Q4 2025 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • Financials • SUMMARY AND OUTLOOK
Slide 21: Summary and Outlook
Q4 2025 SUMMARY AND OUTLOOK K1 STOCKED WITH FISH FINANCING SECURED TO SOLID MOMENTUM FOR STRONG FISH FARMING SUPPORT CURRENT CONTRACTORS PERFORMANCE Released 750,000 smolt BUILD-OUT PHASES 10-12 November Mobilisation concluded, Healthy biological Continued support from site logistic improvements co
Slide 22: Q&A
Q4 2025 Q&A
Slide 23: Next Quarterly Update
Q4 2025 NEXT QUARTERLY UPDATE: Q1 2026 presentation – 28 May 2026 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO Andfjord Salmon bjarne.martinsen@andfjord.no.
Andfjord Salmon Group — Q4 2025 Earnings Presentation on 6ix