Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Q1 2026 Earnings Presentation
29 slides from Andfjord Salmon Group As's earnings presentation, May 28, 2026
Slide 1: Q1 2026 Status and Progress
Q1 2026 STATUS AND PROGRESS 28 MAY 2026 Photo: Pool K1
Slide 2: Andøya – The Home of Atlantic Salmon
Q1 2026 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
Q1 2026 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: Q1
Q1 2026 JANUARY 2025 Photo: First pool, K0
Slide 5: Agenda
Q1 2026 AGENDA • QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • Fish farming operations • Strategic post-smolt partnership • Status Kvalnes build-out • Financials • Summary and outlook Photo: Pool K1
Slide 6: Highlights Q1 and Subsequent Period
Q1 2026 HIGHLIGHTS Q1 AND SUBSEQUENT PERIOD OPERATIONAL METRICS STRATEGIC POST-SMOLT STRONG SHAREHOLDER AND K3 SMOLT RELEASE, INVESTING IN AHEAD OF SCHEDULE PARTNERSHIP BANK SUPPORT K2 AND K4 ON TRACK IMPROVEMENTS High survival rates With Eidsfjord Sjøfarm: NOK 385m private placement K3 smolt releas
Slide 7: Agenda
Q1 2026 AGENDA • Quarterly highlights and subsequent events • FISH FARMING OPERATIONS • Strategic post-smolt partnership • Status Kvalnes build-out • Financials • Summary and outlook Photo: Pool K1
Slide 8: Exceptional Survival Rates
Q1 2026 EXCEPTIONAL SURVIVAL RATES Survival rate (%) 100,00% STRONG BIOLOGICAL CONDITIONS K0 2025 99,24% 99,17% • Strong biological conditions in both pools, 99,00% maintaining survival rates above 99% K1 2025 K0 2022 • Survival rates in both pools higher than the successful K0 production cycle in 2
Slide 9: Growth Above Expectations
Q1 2026 GROWTH ABOVE EXPECTATIONS 2500 2,102 2000 K0 2025 ABOVE SKRETTINGS GROWTH TABLE K1 2025 1500 • Average weight per fish reached important thresholds of 2 kg (K0) and 1 kg (K1) in May. 1,150 • 1kg-threshold particularly relevant for fish 1000 intended for post-smolt purposes • Solid production
Slide 10: Biomass Reached 1,584 Tonnes
Q1 2026 BIOMASS REACHED 1,584 TONNES STANDING BIOMASS (TONNES, LIVE WEIGHT) ACCUMULATED FEED 1700 1,584 CONVERSION RATIO 1,418 1500 1300 1,189 857 1100 951 747 900 613 750 700 536 461 1.03 352 in pool K0 500 0.93 336 240 271 671 727 300 576 139 490 131 398 296 in pool K1 100 197 119 140 66 -100 1 Oc
Slide 11: K3 Smolt Release Ongoing
Q1 2026 K3 SMOLT RELEASE ONGOING STATUS POOL K3 • Pool filled with water during Easter • Successful testing of pool’s flow through system and other pool infrastructure throughout April and May SMOLT RELEASE ONGOING • Approx. 550,000 smolt to be released, expected to be utilized for post-smolt produc
Slide 12: Agenda
Q1 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • STRATEGIC POST-SMOLT PARTNERSHIP • Status Kvalnes build-out • Financials • Summary and outlook Photo: Pool K1
Slide 13: Eidsfjord Sjøfarm Invests NOK 100m to Become Strategic and Operating Partner
[MAY] Q1 2025 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 larg
Slide 14: Strong Strategic Rationale for Both Parties
[MAY] Q1 2025 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-smol
Slide 15: First Post-Smolt Sale Scheduled for Mid-June 2026
[MAY] Q1 2025 2026 FIRST POST-SMOLT SALE SCHEDULED FOR MID-JUNE 2026 Biomass development pool K1 First Second First post- harvest harvest smolt sale SALE: ~450,000 POST-SMOLT Third harvest • ~450,000 post-smolt to be sold from pool K1 in mid-June Smolt • Average weight estimated to be 1.3-1.4 kg at
Slide 16: Agenda
Q1 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Strategic post-smolt partnership • STATUS KVALNES BUILD-OUT • Financials • Summary and outlook Photo: Pool K1
Slide 17: Illustration of pools showing next phases of build-out
Note: Illustration of pools showing the next phases of build-out. PHASE 2 B: K9 – K12 K11 K12 K0 PHASE 2 A: K9 K10 K5 – K8 K0: Stocked with ~350,000 fish K7: Contract signed, K8 PHASE 1: operational H1 2027 K7 K1 – K4 K6 K5: Contract signed, K5 operational H1 2027 K4: Operational K3: Smolt release K
Slide 18: Pool K2 and K4 – Progress as Planned
Q1 2026 POOL K2 AND K4 – PROGRESS AS PLANNED K4 K3 K2 K1
Slide 19: Agenda
Q1 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Strategic post-smolt partnership • Status Kvalnes build-out • FINANCIALS • Summary and outlook Photo: Pool K1
Slide 20: 6,000 Tons of Production Capacity, Fast Approaching 11,000 Tons
[MAY] Q1 2025 2026 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
Slide 21: Signed Term Sheet for Increased Bank Package of up to NOK 1,500m
Q1 2026 SIGNED TERM SHEET FOR INCREASED BANK PACKAGE OF UP TO NOK 1,500M (+NOK 200M INCREASE) Increase of existing bank package to support financial headroom and current build-out NOKm Key terms of increased existing bank package Increase of existing bank Main terms package 1 500 Lenders Existing le
Slide 22: Statement of Comprehensive Income
Q1 2026 STATEMENT OF COMPREHENSIVE INCOME All amounts in 1,000 NOK Statement of comprehensive income Q1 2026 Q1 2025 2025 1.1 – 31.3 1.1 – 31.3 1.1 – 31.12 Unaudited Unaudited Operating income and expenses Revenue from contracts with customers - - 815 Other operating income 101 - 215 Total operating
Slide 23: Statement of Financial Position
Q1 2026 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Assets 31.03.2026 - Unaudited 31.12.2025 31.03.2025 - Unaudited Intangible assets 38 217 39 714 16 350 Property, plant & equipment 4 696 502 4 293 860 2 897 667 Right-of-use assets 118 164 123 676 12 387 Other non-current assets 876 98
Slide 24: Statement of Financial Position
Q1 2026 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Equity and liabilities 31.03.2026 - Unaudited 31.12.2025 31.03.2025 - Unaudited Total equity 2 402 063 2 425 678 1 807 461 Borrowings 1 597 340 1 592 463 830 771 Lease liabilities 49 372 52 137 5 406 Total non-current liabilities 1 662
Slide 25: Statement of Cash Flows
Q1 2026 STATEMENT OF CASH FLOWS All amounts in 1,000 NOK Statement of cash flows Q1 2026 Q1 2025 2025 1.1-31.3 1.1-31.3 1.1 – 31.12 Unaudited Unaudited Net cash flow from operating activities -66 786 -20 056 -178 607 Net cash flow from investing activities -128 637 -447 031 -1 729 517 Net cash flow
Slide 26: Agenda
Q1 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Strategic post-smolt partnership • Status Kvalnes build-out • Financials • SUMMARY AND OUTLOOK Photo: Pool K1
Slide 27: Summary and Outlook
Q1 2026 SUMMARY AND OUTLOOK OPERATIONAL METRICS STRATEGIC POST-SMOLT STRONG SHAREHOLDER AND K3 SMOLT RELEASE, K2 AND INVESTING IN AHEAD OF SCHEDULE PARTNERSHIP BANK SUPPORT K4 ON TRACK IMPROVEMENTS High survival rates With Eidsfjord Sjøfarm: NOK 385m private placement K3 smolt release in process Upg
Slide 28: Q&A
Q&A Photo: Pool K0
Slide 29: Next Quarterly Update
NEXT QUARTERLY UPDATE: Q2/H1 2026 Presentation – 27 August 2026 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO Andfjord Salmon bjarne.martinsen@andfjord.no. Photo: Pool K0
Andfjord Salmon Group AS — Q1 2026 Earnings Presentation on 6ix