Andfjord Salmon Group As · OSL:ANDF

Andfjord Salmon Group As — Q2 2026 Earnings Presentation

27 slides from Andfjord Salmon Group As's earnings presentation, Aug 27, 2026

  1. Slide 1: Q2 2026 Status and Progress

    Q2 2026 STATUS AND PROGRESS 27 AUGUST 2026 Photo: Pool K1

  2. Slide 2: Andøya – The Home of Atlantic Salmon

    Q2 2026 69°N ANDØYA VESTERÅLEN NORWAY ANDØYA – The natural conditions for Atlantic salmon in the ocean THE HOME OF off Andøya are truly optimal. Here, the salmon have grown strong for millions of years. ATLANTIC SALMON

  3. Slide 3: The Best of Two Worlds – Land and Sea

    Q2 2026 THE BEST OF TWO WORLDS – LAND AND SEA 3 BENEFITS OF SEA-BASED FARMING 3 BENEFITS OF LAND-BASED FARMING 1 1 AVOIDS PROBLEMS OPTIMAL WATER WITH SALMON LICE TEMPERATURES AND TOXIC ALGAE 2 2 OXYGEN-RICH AND NATURAL ESCAPE CLEAN ARCTIC PREVENTION SEAWATER 3 3 LOW ENERGY COSTS. COLLECTION AND NO P

  4. Slide 4: Photo: First pool, K0

    Q2 2026 JANUARY 2025 Photo: First pool, K0

  5. Slide 5: Agenda

    Q2 2026 AGENDA • QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • Fish farming operations • Status Kvalnes build-out • Financials • Summary and outlook Photo: Pool K1

  6. Slide 6: Highlights Q2 and Subsequent Period

    Q2 2026 HIGHLIGHTS Q2 AND SUBSEQUENT PERIOD STRONG SHAREHOLDER SMOLT RELEASE RETURNED TO GRADUALLY INCREASING SOLID BIOLOGICAL AND BANK SUPPORT IN POOL K3 REVENUE GENERATION POOL CAPACITY PERFORMANCE NOK 385m private placement 550,000 smolt released on 450,000 post-smolt sold to K2 completed as plan

  7. Slide 7: Financial Highlights: Returned to Revenue Generation

    Q2 2026 FINANCIAL HIGHLIGHTS: RETURNED TO REVENUE GENERATION REVENUE FROM SALES TO CUSTOMERS OPERATIONAL EBITDA EXCL. FAIR VALUE ADJUSTMENT 60 0 51.3 -5 50 -10 40 -15 -14.3 30 -17.5 -20 20 -22.1 -25 -25.9 10 -30 -29.7 0.1 0 0 0 0 -35 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26

  8. Slide 8: Agenda

    Q2 2026 AGENDA • Quarterly highlights and subsequent events • FISH FARMING OPERATIONS • Status Kvalnes build-out • Financials • Summary and outlook Photo: Pool K1

  9. Slide 9: Biomass Development

    Q2 2026 BIOMASS DEVELOPMENT STANDING BIOMASS NET PRODUCTION PER QUARTER (TONNES, LIVE WEIGHT) 800 (TONNES, LIVE WEIGHT) 2000 700 Post- smolt sold Post- 600 smolt sold 1500 562 500 400 1000 713 1969 663 300 559 1196 1255 200 500 351 532 100 0 64 0 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 until Q2/25 Q3/25

  10. Slide 10: Strong Survival Rates and FCR

    Q2 2026 STRONG SURVIVAL RATES AND FCR* AVERAGE ACCUMULATED SURVIVAL RATE ACCUMULATED ECONOMIC FCR 1.063 1.016 99.74% 0.885 0.946 99.44% 98.41% 98.04% Q4/25 Q1/26 Q2/26 26 Aug Q4/25 Q1/26 Q2/26 26.aug SURVIVAL RATE | POST-SMOLT SOLD FCR | POST-SMOLT SOLD 99.72% 99.47% 0.989 99.10% Q4/25 Q1/26 Q2/26 u

  11. Slide 11: K0: Closing in on Harvest

    Q2 2026 K0: CLOSING IN ON HARVEST STANDING BIOMASS (TONNES, LIVE WEIGHT) FEED CONVERSION 1000 RATIO (FCR) COMMENTS 900 800 • ~350,000 smolt at average weight of 700 around 180 grams released on 30 600 September 2025 500 1001 400 792 • Excellent survival rate throughout the 300 584 entire production

  12. Slide 12: K1: First Post-Smolt Sale in June

    Q2 2026 K1: FIRST POST-SMOLT SALE IN JUNE STANDING BIOMASS (TONNES, LIVE WEIGHT) FEED CONVERSION 1000 RATIO (FCR) COMMENTS 900 Post- smolt 800 sold • ~750,000 smolt released at an average 700 562 weight of around 160 grams on 10–12 600 November 2025 500 400 719 • Inaugural post-smolt sale of ~450,00

  13. Slide 13: K3: Smolt Released in June

    Q2 2026 K3: SMOLT RELEASED IN JUNE STANDING BIOMASS (TONNES, LIVE WEIGHT) FEED CONVERSION 250 RATIO (FCR) COMMENTS 200 • Approx. 550,000 smolt released in early June, at an average weight per smolt of 150 around 100 grams 248 100 • Entire batch expected to be utilized for post-smolt production 50 0

  14. Slide 14: Agenda

    Q2 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • STATUS KVALNES BUILD-OUT • Financials • Summary and outlook Photo: Pool K1

  15. Slide 15: Kvalnes Build-Out Phases and Pool Status

    Note: Illustration of pools showing the next phases of build-out. K11 K12 K0 K9 K10 POOL K7 Operational H1 2027 K7 K8 K5 K6 POOL K0 Stocked with ~350,000 fish POOL K5 Operational H1 2027 K3 K4 POOL K3 Stocked with ~550,000 fish POOL K4 Operational Q2 2026 Operational Q3 2026 K1 K2 POOL K1 POOL K2 St

  16. Slide 16: Pools K2 and K4 – Progress as Planned

    Q2 2026 POOLS K2 AND K4 – PROGRESS AS PLANNED POOL K3 POOL K4 Stocked with ~550,000 fish Operational Q2 2026 Operational Q3 2026 K4 K3 K4 K3 K1 K2 POOL K1 POOL K2 Stocked with ~290,000 fish Filled with water, Operational Q4 2025 undergoing testing

  17. Slide 17: Agenda

    Q2 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • FINANCIALS • Summary and outlook Photo: Pool K1

  18. Slide 18: 6,000 Tonnes of Production Capacity, Fast Approaching 11,000 Tonnes

    Q2 2026 6,000 TONNES OF PRODUCTION CAPACITY, FAST APPROACHING 11,000 TONNES CAPEX PER PHASE1, KVALNES SITE OPERATIONAL PRODUCTION CAPACITY COMMENTS 17,000 • As per 30 June 2026, a total of approx. NOK Added Accumulated Capex1 Only certain concrete 3,465 million had been invested at the Phase, Kvalne

  19. Slide 19: Statement of Comprehensive Income

    Q2 2026 STATEMENT OF COMPREHENSIVE INCOME All amounts in NOK thousands Statement of comprehensive income Q2 2026 Q2 2025 HY 2026 HY 2025 2025 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 cust

  20. Slide 20: Financial Position – Assets

    Q2 2026 FINANCIAL POSITION – ASSETS All amounts in NOK thousands Assets 30.06.2026 - Unaudited 31.12.2025 30.06.2025 - Unaudited Intangible assets 37 336 39 714 16 384 Property, plant & equipment 4 974 363 4 293 860 3 349 786 Right-of-use assets 115 127 123 676 14 848 Other non-current assets 771 98

  21. Slide 21: Financial Position – Available Liquidity

    Q2 2026 FINANCIAL POSITION – AVAILABLE LIQUIDITY* All amounts in NOK millions 800 80 745 700 600 600 500 400 300 200 100 65 32* 33 0 Cash and cash equivalents Undrawn construction loan facility Undrawn credit facility Total available liquidity *Restricted cash of a total of NOK 32.4 million is restr

  22. Slide 22: Financial Position – Equity and Liabilities

    Q2 2026 FINANCIAL POSITION – EQUITY AND LIABILITIES All amounts in NOK thousands Equity and liabilities 30.06.2026 - Unaudited 31.12.2025 30.06.2025 - Unaudited Total equity 2 750 462 2 425 678 2 177 761 Borrowings 1 602 208 1 592 463 1 537 725 Lease liabilities 48 665 52 137 6 641 Total non-current

  23. Slide 23: Statement of Cash Flows

    Q2 2026 STATEMENT OF CASH FLOWS All amounts in NOK thousands Statement of cash flows Q2 2026 Q2 2025 HY 2026 HY 2025 2025 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 -71 903 -38 082 -138 689 -58 140 -178 607 Net cash

  24. Slide 24: Agenda

    Q2 2026 AGENDA • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • Financials • SUMMARY AND OUTLOOK Photo: Pool K1

  25. Slide 25: Summary and Outlook

    Q2 2026 SUMMARY AND OUTLOOK SOLID BIOLOGICAL GRADUALLY INCREASING RETURNED TO PLANNING STRONG SHAREHOLDER PERFORMANCE PRODUCTION CAPACITY REVENUE GENERATION NEXT HARVESTS AND BANK SUPPORT High survival rates, healthy 550,000 smolt released in K3 450,000 post-smolt sold to First harvest of grow-out N

  26. Slide 26: Q&A

    Q&A

  27. Slide 27: Next Quarterly Update

    NEXT QUARTERLY UPDATE: Q3 2026 Presentation – 17 November 2026 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO, Andfjord Salmon bjarne.martinsen@andfjord.no

Andfjord Salmon Group — Q2 2026 Earnings Presentation on 6ix