Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Q2 2025 Earnings Presentation
32 slides from Andfjord Salmon Group As's earnings presentation, Sep 4, 2025
Slide 1: Q2 2025 Status and Progress
Q2 2025 STATUS AND PROGRESS 4 SEPTEMBER 2025
Slide 2: Agenda
Q2 2025 AGENDA • ANDFJORD SALMON IN BRIEF • Quarterly highlights and subsequent events • New regulations for land-based aquaculture • Status Kvalnes build-out • Preparations for smolt release • Financials • Summary and outlook Martin Rasmussen Bjarne Martinsen CEO CFO
Slide 3: Pe FAR
7 Pe FAR \ ts sts =i “Th | % a he a " ut \ b 7 L >E Th! ‘> i i, | / Nv’ Q2 2025 : SEARMING “WITHA CLEAR 0 NSCIENCE * = Xt. yy < if a aay — < — + i DQ sxior sono" e ™
Slide 4: The Best of Two Worlds
Q2 2025 THE BEST OF TWO WORLDS 3 BENEFITS OF SEA BASED NET PEN FARMING 3 BENEFITS OF LAND BASED FARMING First pool, Kvalnes First pool, Kvalnes 1 1 NO PROBLEMS WITH NATURAL OPTIMAL SALMON LICE AND WATER TEMPERATURES POISONOUS ALGAE 2 2 OXYGEN-RICH AND NATURAL ESCAPE CLEAN ARCTIC PREVENTION SEAWATER
Slide 5: Natural Flow – Andfjord Salmon's Flow-Through System
JUNE 2023 NATURAL FLOW – ANDFJORD SALMON’S FLOW-THROUGH SYSTEM
Slide 6: Andfjord Salmon
ANDFJORD™ SALMON Baud
Slide 7: Key Figures – First Production Cycle
Q2 2025 KEY FIGURES – FIRST PRODUCTION CYCLE HIGH LOW FEED STRONGER LOWER ENERGY HIGH SUPERIOR SURVIVAL RATE CONVERSION GROWTH COSTS SHARE RATE 97.5% 1.05 +1 kilo 1 kWh 91.1% Industry average Industry average Extra growth Energy use per kilo Industry average = 83.3%* = 1.27** compared to produced sa
Slide 8: Agenda
Q2 2025 AGENDA • Andfjord Salmon in brief • QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • New regulations for land-based aquaculture • Status Kvalnes build-out • Preparations for smolt release • Financials • Summary and outlook
Slide 9: Highlights Q2 and Subsequent Period
Q2 2025 HIGHLIGHTS Q2 AND SUBSEQUENT PERIOD RAISED FUNDS OF NOK SALE-LEASEBACK WATERWAYS KVALNES PHASE 1 PREPARATIONS FOR 1.15 BN COMPLETED BUILD-OUT ON TRACK SMOLT RELEASE NOK 400 million private Completed sale and Successful and safe Pool K1 completed primo Preparations underway to placement of sh
Slide 10: Agenda
Q2 2025 AGENDA • Andfjord Salmon in brief • Quarterly highlights and subsequent events • NEW REGULATIONS FOR LAND-BASED AQUACULTURE • Status Kvalnes build-out • Preparations for smolt release • Financials • Summary and outlook
Slide 11: New Regulations Land-Based Aquaculture
Q2 2025 NEW REGULATIONS LAND-BASED AQUACULTURE SUMMARY OF REGULATORY CHANGES CONSEQUENCES FOR ANDFJORD SALMON o The regulations removes confusion about which aquaculture facilities are o Andfjord Salmon’s locations at Andøya (Kvalnes, Breivik and Fiskenes) are all defined as being “on land” or “at s
Slide 12: Agenda
Q2 2025 AGENDA • Andfjord Salmon in brief • Quarterly highlights and subsequent events • New regulations for land-based aquaculture • STATUS KVALNES BUILD-OUT • Preparations for smolt release • Financials • Summary and outlook
Slide 13: Phases of Pool Build-Out
Note: Illustration of pools showing the next phases of build-out. PHASE 2 B: K12 K11 K9 – K12 K9 K10 PHASE 2 A: K7 K8 K5 – K8 K6 K5 K3 K4 PHASE 1: POOL K0 K1 – K4 K1 K2
Slide 14: Waterways Completed
Q2 2025 WATERWAYS COMPLETED o Capacity: Supports annual production of 48,100 tonnes (HOG + post-smolt) o Outlet tunnel: Breakthrough to sea/Andfjorden safely conducted on 22 May 2025 o Inlet tunnel: Successful breakthrough to sea early July o Branch tunnel to pool K0: Completed o Inlet tunnel includ
Slide 15: Status and Progress – Pools
Q2 2023 2025 STATUS AND PROGRESS – POOLS 4 POOLS BEING CONSTRUCTED o Pool K0 connected to waterways and filled with seawater – undergoing final preparations for smolt release o Pool K1 completed primo september: Commissioning and testing ongoing o All concrete elements for K3 are produced, and insta
Slide 16: Technical Infrastructure – Status
Q2 2025 TECHNICAL INFRASTRUCTURE – STATUS ALL TECHNICAL INFRA- STRUCUTRE INSTALLED AND TESTING ONGOING o Fish logistics system o Feed system o Sludge handling system o Oxygen system o Fresh seawater support system
Slide 17: Harbour – Operationally Ready
Q2 2023 2025 HARBOUR – OPERATIONALLY READY o Dredging work complete o Installation of armour stone ongoing o The temporary breakwater section, which was initially constructed to shield ongoing work in the harbour, has been removed - thereby re-opening the harbour o Harbour is operationally ready to
Slide 18: Build-Out of Phase 1 at Kvalnes Nearing Completion
Q2 2025 BUILD-OUT OF PHASE 1 AT KVALNES NEARING COMPLETION Construction Production Phase 1 Production Phase 2a Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25e Q2’25e Q3’25e Q4’25e Q1’26e Q2’26e Q3’26e Excavation of Phase 1 and 2 Status: 100% finished Initial schedule First smolt insert First harvest (ahe
Slide 19: Agenda
Q2 2025 AGENDA • Andfjord Salmon in brief • Quarterly highlights and subsequent events • New regulations for land-based aquaculture • Status Kvalnes build-out • PREPARATIONS FOR SMOLT RELEASE • Financials • Summary and outlook
Slide 20: Planned Smolt Release
Q2 2023 2025 PLANNED SMOLT RELEASE ON TRACK TO INITIATE SMOLT RELEASE ULTIMO SEPTEMBER ~1,100,000 smolt in total to be released this autumn o ~350,000 to be released in pool K0 ultimo September o ~750,000 in pool K1 ultimo October o Smolt to be transferred to next pools as biomass density increases
Slide 21: Chasing for Improvements
Q2 2023 2025 CHASING FOR IMPROVEMENTS AIMING TO IMPROVE FEED CONVERSION RATION (FCR) OF 1.05 FROM FIRST PRODUCTION CYCLE NEW FEEDING SOLUTION DEVELOPED: o Using seawater instead of air to distribute the feed = gentler on piping infrastructure and hoses, which releases less microplastics o Releases f
Slide 22: Preparations for Smolt Release
Q2 2023 2025 PREPARATIONS FOR SMOLT RELEASE INFRASTRUCTURE TESTING o Tunnel infrastructure below pools currently filled with seawater to initiate circulation, facilitate particle sedimentation, and start assessment of seawater quality o From end-August: Full scale circulation throughout inlet waterw
Slide 23: Agenda
Q2 2025 AGENDA • Andfjord Salmon in brief • Quarterly highlights and subsequent events • New regulations for land-based aquaculture • Status Kvalnes build-out • Preparations for smolt release • FINANCIALS • Summary and outlook
Slide 24: Financing Secured to Maintain Maximum Progress and Achieve Efficiency Gains
[MAY] Q2 2025 FINANCING SECURED TO MAINTAIN MAXIMUM PROGRESS AND ACHIEVES EFFICIENCY GAINS FOR FUTURE BUILD-OUT PHASES ESTIMATED CAPEX PER PHASE, REVISED COMMENTS Accumulated Revised capex budget announced at end of May Capex1 Added production Phase, Kvalnes production (NOK, est.) (HOG, est.) (HOG,
Slide 25: Statement of Comprehensive Income
Q2 2025 STATEMENT OF COMPREHENSIVE INCOME All amounts in 1,000 NOK Statement of comprehensive income Q2 2025 Q2 2024 HY 2025 HY 2024 2024 1.4 – 30.6 1.4 – 30.6 1.1 – 30.6 1.1 – 30.6 1.1 – 31.12 Unaudited Unaudited Unaudited Unaudited Operating income and expenses Revenue from contracts with customer
Slide 26: Statement of Financial Position
Q2 2025 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Assets 30.06.2025 - Unaudited 31.12.2024 30.06.2024 - Unaudited Intangible assets 16 384 16 420 16 445 Property, plant & equipment 3 349 786 2 230 854 1 443 058 Right-of-use assets 14 848 13 060 15 376 Other non-current assets 1 129 13
Slide 27: Statement of Financial Position
Q2 2025 STATEMENT OF FINANCIAL POSITION All amounts in 1,000 NOK Equity and liabilities 30.06.2025 - Unaudited 31.12.2024 30.06.2024 - Unaudited Total equity 2 177 761 1 254 355 1 287 142 Borrowings 1 537 725 832 309 218 324 Lease liabilities 6 641 6 163 7 869 Total non-current liabilities 1 544 366
Slide 28: Statement of Cash Flows
Q2 2025 STATEMENT OF CASH FLOWS All amounts in 1,000 NOK Statement of cash flows Q2 2025 Q2 2024 HY 2025 HY 2024 2024 1.4-30.6 1.4-30.6 1.1 – 30.6 1.1 – 30.6 1.1 – 31.12 Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities -39 621 -11 141 -58 140 -31 730 -69 945 Net cash f
Slide 29: Agenda
Q2 2025 AGENDA • Andfjord Salmon in brief • Quarterly highlights and subsequent events • New regulations for land-based aquaculture • Status Kvalnes build-out • Preparations for smolt release • Financials • SUMMARY AND OUTLOOK
Slide 30: Summary and Outlook
Q2 2025 SUMMARY AND OUTLOOK RAISED FUNDS OF NOK WATERWAYS KVALNES PHASE 1 TARGETING FCR PREPARATIONS FOR 1.55 BN COMPLETED BUILD-OUT ON TRACK IMPROVEMENTS SMOLT RELEASE NOK 400 million private Breakthrough to Pool K0 ready for smolt Aiming for leading feed Approximately 1.1 million placement of shar
Slide 31: Andfjord Salmon
i ANDFJORD* SALMON.
Slide 32: Next Quarterly Update
Q2 2025 NEXT QUARTERLY UPDATE: Q3 2025 presentation – 27 November 2025 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO Andfjord Salmon bjarne.martinsen@andfjord.no.