Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Q3 2025 Earnings Presentation
24 slides from Andfjord Salmon Group As's earnings presentation, Dec 16, 2025
Slide 1: Q3 2025 Status and Progress
Q3 2025 STATUS AND PROGRESS 16 DECEMBER 2025
Slide 2: L Pa
il L 2 Pa ~* pune WORLDS M oy, 3 2025 ™ EISH FARMING “WITHA CLEAR fe NSCI ENCE SH-FRIENDLY ANbSt (oe dy < SAL FARK {NARS HR SN % SALMON Ss ? 2s
Slide 3: Flow-through technology
eS _ NATURAL —FLOW = te tied hl te athe FLOW-THROUGH TECHNOLOGY Closed flow-through system that combines the benefits of both sea and land-based aquaculture while solving a number of traditional farming issues.
Slide 4: Agenda
Q3 2025 AGENDA • QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • Fish farming operations • Status Kvalnes build-out and updated financing • Financials • Summary and outlook
Slide 5: Highlights Q3 and subsequent period
Q3 2025 HIGHLIGHTS Q3 AND SUBSEQUENT PERIOD RE-INITIATION OF FISH K1 COMPLETED AND HIGH STRONG FINANCING SECURED TO FARMING OPERATIONS STOCKED WITH FISH SURVIVAL RATE GROWTH SUPPORT CURRENT BUILD-OUT PHASES Highly successful release Pool completed in Excellent biological Combination of swift of 350
Slide 6: Agenda
Q3 2025 AGENDA • Quarterly highlights and subsequent events • FISH FARMING OPERATIONS • Status Kvalnes build-out and updated financing • Financials • Summary and outlook
Slide 7: Two successful smolt releases
Q3 2025 TWO SUCCESSFUL SMOLT RELEASES POOL K0: 30 SEPTEMBER 2025 POOL K1: 10-12 NOVEMBER 2025 • Meticulous planning and practice in advance of smolt release, • Similar detailed planning and practice regime as the prior by both Andfjord Salmon team and wellboat operator smolt release in K0 • Continge
Slide 8: Exceptional survival rates
Q3 2025 EXCEPTIONAL SURVIVAL RATES 100,00% AGGREGATE SURVIVAL RATE*: 99,81% 99,85% 99.82% – 14 December 99,42% • Stable biological conditions in both pools 99,23% • Fish displays good external health 99,00% • Current survival rates even higher than the successful smolt release in K0 in 2022 98,00% W
Slide 9: Salmon growth above expectations
Q3 2025 SALMON GROWTH ABOVE EXPECTATIONS 690 • Good quality smolt purchased from SalMar K0 2025 • Fish in both pools settled quickly in their new K1 2025 513 seawater flow-through surroundings • Smolt displayed healthy appetite already from the first day in the pool (often takes 2-3 days) • New feed
Slide 10: Considerable ramp up of biomass
Q3 2025 CONSIDERABLE RAMP UP OF BIOMASS STANDING BIOMASS (TONNES, LIVE WEIGHT) 418 LOW FEED 450 CONVERSION RATE 400 336 350 176 271 300 139 250 200 131 150 0.88 242 in pool K0 100 197 0.92 140 119 50 66 0 in pool K1 1 Oct 1 Nov 12 Nov 1 Dec 14 Dec Generation K0 Generation K1
Slide 11: Agenda
Q3 2025 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • STATUS KVALNES BUILD-OUT AND UPDATED FINANCING • Financials • Summary and outlook
Slide 12: Build-out phases of pools at Kvalnes
PHASE 2 B: K11 K12 POOLS K10 K9 – K12 K9 POOL K0 Stocked with ~350,000 fish K8 PHASE 2 A: K7 POOLS K6 K5 – K8 K5 K3 K4 Walls complete, finalising technical equipment. Operational Q3 PHASE 1: Operational H1 2026. 2026 POOLS K1 – K4 K1 K2 Stocked with Wall elements ~750,000 fish. installed. Operationa
Slide 13: New contractors engaged
[MAY] Q3 2025 NEW CONTRACTORS ENGAGED NOK 1+ BILLION COMPENSATION CLAIM NEW CONTRACTORS ENGAGED AT KVALNES Submitted claim (the “Claim”) of NOK 1+bn against previous contractor AF Hæhre & Contractor Entreprenør Harald Nilsen AS engaged, together with concrete specialist Contur Ans (AFHC) Nornebygg A
Slide 14: 6,000 tons of production already operational, fast approaching 11,000 tons
[MAY] Q3 2025 6,000 TONS OF PRODUCTION ALREADY OPERATIONAL, 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
Slide 15: Additional financing to support current build-out phases
[MAY] Q3 2025 ADDITIONAL FINANCING TO SUPPORT CURRENT BUILD-OUT PHASES OVERVIEW OF NEW FINANCING COMMENTS NOKm 500 • As a precautionary measure in relation to the investment budget at Kvalnes Additional and the Claim, Andfjord Salmon has secured the additional funding with NOK liquidity buffer 80 30
Slide 16: Agenda
Q3 2025 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out and updated financing • FINANCIALS • Summary and outlook
Slide 17: Statement of comprehensive income
Q3 2025 STATEMENT OF COMPREHENSIVE INCOME All amounts in 1,000 NOK Statement of comprehensive income Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 1.7 – 30.9 1.7 – 30.9 1.1 – 30.9 1.1 – 30.9 1.1 – 31.12 Unaudited Unaudited Unaudited Unaudited Operating income and expenses Revenue from contracts with custom
Slide 18: Statement of financial position
Q3 2025 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Assets 30.09.2025 - Unaudited 31.12.2024 30.09.2024 - Unaudited Intangible assets 16 016 16 420 16 259 Property, plant & equipment 3 928 605 2 230 854 1 825 558 Right-of-use assets 27 119 13 060 14 068 Other non-current assets 1 027 13
Slide 19: Statement of financial position
Q3 2025 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Equity and liabilities 30.09.2025 - Unaudited 31.12.2024 30.09.2024 - Unaudited Total equity 2 132 609 1 254 355 1 272 107 Borrowings 1 578 702 832 309 607 899 Lease liabilities 11 869 6 163 7 005 Total non-current liabilities 1 590 57
Slide 20: Statement of cash flows
Q3 2025 STATEMENT OF CASH FLOWS All amounts in 1,000 NOK Statement of cash flows Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 1.7-30.9 1.7-30.9 1.1 – 30.9 1.1 – 30.9 1.1 – 31.12 Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities -25 066 -9 408 -83 206 -41 138 -69 945 Net cash
Slide 21: Agenda
Q3 2025 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out and updated financing • Financials • SUMMARY AND OUTLOOK
Slide 22: Summary and outlook
Q3 2025 SUMMARY AND OUTLOOK RE-INITIATION OF FISH HIGH STRONG FINANCING SECURED TO NEW CONTRACTORS FARMING OPERATIONS SURVIVAL RATE GROWTH SUPPORT CURRENT ENGAGED BUILT-OUT PHASES Highly successful release Excellent biological Combination of swift Work on construction site of 350,000 smolt into poo
Slide 23: Andfjord Salmon
SALMON ANDFJORD™ 2
Slide 24: Next quarterly update
Q3 2025 NEXT QUARTERLY UPDATE: Q4/interim full-year 2025 presentation – 25 February 2026 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO Andfjord Salmon bjarne.martinsen@andfjord.no.
Andfjord Salmon Group AS — Q3 2025 Earnings Presentation on 6ix