Slide 1: Q4 2025 Presentation
Q4 2025 Presentation 11 February 2026
Slide 2: Disclaimer
Disclaimer Q4 Presentation 2025 Cautionary note regarding forward-looking statements This presentation is the managements summary of the 4th By their nature, forward-looking statements involve, and quarter of 2025, it includes forward-looking statements that are subject to, known and unknown risks,
Slide 3: Arctic Fish in brief
Arctic Fish in brief Q4 Presentation 2025 Arctic Fish (AFISH), listed at Euronext Growth The company's value chain consists of a state-of-the-art RAS market in Oslo, is a leading salmon farmer in hatching and smolt production facility, attractive sea sites with Iceland with an attractive and sustain
Slide 4: Highlights Q4 2025
Q4 Presentation 2025 Highlights Q4 2025 Record harvest volumes Harvested Volumes R even ue Quarterly harvest volumes amounted to 4,229 tonnes compared HOG Tonnes ‘ ( 000 EU )R to 3,456 tonnes in Q4 2024 (Δ 22% YoY) 14,791 8 33 9, 6 80 902 , 10,667 Harvest volumes for 2025 amounted to a record-high 1
Slide 5: Financials
Q4 Presentation 2025 Financials
Slide 6: Profit & Loss
Q4 Presentation 2025 Profit & Loss (EUR ‘000) Q4 2025 Q4 2024 2025 2024 25.7 MEUR revenues in the quarter (24.5 MEUR Operational revenue and other income 25,717 24,481 89,336 80,902 Q4 2024). The increase is volume driven as more volumes were harvested compared to last year Operational EBIT 179 2,12
Slide 7: Financial Position
Financial Q4 Presentation 2025 Position (EUR ‘000) Non-current assets 31.12.2025 140,889 30.9.2025 142,249 31.12.2024 127,379 Current assets 134,510 120,760 122,537 Total assets 275,399 263,009 249,917 Equity 98,303 97,015 88,355 Non-current liabilites 139,232 142,487 133,856 Total assets of 275.4 M
Slide 8: Cash flow & Net interest-Bearing Debt
Cash flow & Net interest-Bearing Debt Q4 Presentation 2025 (EUR ‘000) Q4 2025 Q4 2024 2025 2024 NIBD Development Opening Increase Decrease Closing NIBD beginning of period* -141,441 -133,925 -132,650 -114,289 (‘000 EUR) Operational EBITDA* 2,657 4,383 -785 23,794 Change in working capital 8,732 3,53
Slide 9: Capital Expenditures
Capital Expenditures Q4 Presentation 2025 Capital Expenditures have been focused on three main pillars throughout the value chain CAPEX in 2025 amounted to 18 MEUR and was mainly focused on seawater related equipment Smolt Production Seawater Operations Primary Processing Capital expenditure develop
Slide 10: Volume Guidance
Volume Guidance Q4 Presentation 2025 Harvested volumes in 2025 amounted to 14.8 thousand tonnes Guidance for 2026 is 17.5 thousand tonnes, and was 39% higher than last year, and is a record-high for the which is an 18% increase year over year company on an annual basis Harvested volumes Harvested qu
Slide 11: Appendix
Q4 Presentation 2025 Appendix
Slide 12: License Portfolio
Q 4 Presentation 202 5 License Portfolio Licenses by Fjord The license portfolio for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. Of Ísaf jarðardjúp the 29,800 tonnes, 27,00
Slide 13: Group structure
Group structure Q4 Presentation 2025 Before After The group structure has now been merged into one entity to simplify, save costs and streamline the operational structure with all operations and licenses now within the same entity. Prior to the merger of the operational entities, the group structure
Slide 14: Thank you
Thank you Q4 2025 Presentation