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Q2 2025 Presentation 20 August 2025
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Arctic Fish in brief Arctic Fish (AFISH), listed at Euronext Growth market in Oslo, is a leading salmon farmer in Iceland with an attractive and sustainable value chain from smolt to sales. 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. The company's value chain consists of a state-of-the-art RAS hatching and smolt production facility, attractive sea sites with high bearing capacity and high-energy equipment, and a newly completed harvesting facility with sufficient capacity to secure the utilization of the licenses and growth objectives for the company. The salmon is eventually sold under the branding of “Mowi Arctic” utilizing the substantial synergies that is available through the majority owner. Q2 Presentation 2025
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Highlights Q2 2025 Q2 Presentation 2025 (EUR ‘000) Operational revenue and other income Operational EBITDA Operational EBIT Net interest-bearing debt (NIBD) Underlying EPS (EUR) Net cash flow per share (EUR) ROCE Equity ratio Harvest volume (GWT) Operational EBIT - EUR per kg Q2 2025 12,599 -2,084 -4,417 145,046 -0.13 -0.36 -8.8% 26.0% 2,020 -2.19 Q2 2024 11,608 4,473 2,324 118,628 0.05 -0.12 5.0% 37.5% 1,275 1.82 YTD Q2 2025 34, 6 55 652 -3,9 0 1 14 5 , 0 46 -0.15 -0.22 -3.9% 2 6.0% 5,161 -0.76 YTD Q2 2024 35,74 6 16,296 1 2 , 0 49 118,628 0.27 0.02 13.0% 37.5% 3,806 3.17 2024 8 0 ,9 02 23,794 15,1 0 5 132,6 50 0.30 -0.26 7.8% 3 5 . 4 % 10,667 1.42 Harvested quantities amounted to 2,020 tonnes compared to 1,275 tonnes f or the same period last year, which is an increase o f 58% year over year. Operational EBIT pr. kg amounted to -2.19 EUR pr. kg compared to an Operational EBIT o f 1.82 EUR pr. kg o f last year, which is largely due to lower price achievement. Biological per f ormance in the quarter was strong with steady growth and good lice control. UUA has f or the second time ruled in f avor o f Arctic F ish regarding M AST decision o f not renewing the companys trout license in Ö nundar fjö r ð ur . The company is working on getting the license re-issued which could lead to f uture license growth . Capital e x penditures amounted to 6.8 M EUR, mainly related to seawater equipment and setup o f new sites. Harvested Volumes HOG Tonnes 1,275 2,020 Q 2 2024 Q 2 2025 3,806 5,161 2024 H1 2025 H1 5 8% 36% Revenue (‘000 EUR) 11,608 12,599 9% Q 2 2024 Q 2 2025 35,746 34,655 2024 H1 2025 H1 -3%
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Equity considerations Q2 Presentation 2025 Equity share is somewhat below the covenant requirement at the end of the quarter, with reference to challenging market conditions and the company being in a build-up phase. A waiver has been obtained from the bank syndicate until the end of Q3. Arctic Fish has no earnings covenants. The Board has decided to summon an EGM where the Board proposes an equity increase to strengthen the balance sheet. The proposed equity increase is a private placement of MEUR 35 in which its two largest shareholders, Mowi ASA and Síldarvinnslan, will be invited to participate at a share price on or around market price. The board intends to consider a limited subsequent offering to other shareholders.
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Financials Q2 Presentation 2025
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Profit & Loss Q2 Presentation 2025 Revenues amounted to 12.6 MEUR in the quarter, compared to 11.6 MEUR in the corresponding prior-year period, the difference is largely due to price achievement differences year over year. The sold volume HOG was 2,020 tonnes in the quarter, compared to 1,275 tonnes harvested in the same period last year, which is an increase of 58% year over year. The Group achieved a negative operational EBIT of EUR -4.4 million (Q2’2024: EUR 2.3 million). (EUR ‘000) Operational revenue and other income Operational EBIT Net fair value adjustment of biomass License and production fees / taxes Restructuring costs EBIT Net financial items Earnings before tax Profit or loss for the period Basic EPS (EUR) Underlying EPS (EUR) Net cash flow per share (EUR) Operational EBIT margin Harvested tonnes GW Operational EBIT per kg RO C E Q2 2025 12,599 -4,417 -1, 9 04 -633 -1, 9 56 -8,909 -2,822 -11,731 -9,385 -0.2 9 -0.13 -0.36 -35.1% 2,020 -2.1 9 -8.8% Q2 2024 11,608 2,324 -4,363 -322 -35 9 -2,720 -2,3 9 5 -5,115 -4,092 -0.13 0.05 -0.12 20.0% 1,275 1.82 5.0% YTD Q2 2025 34,655 -3,901 -15,307 -1,604 -4,364 -25,176 -5,27 9 -30,455 -24,364 -0.76 -0.15 -0.22 -11.3% 5,161 -0.76 -3. 9 % YTD Q2 2024 35,746 12,049 -2, 9 72 - 9 63 -786 7,327 -5,0 9 0 2,237 1,790 0.06 0.27 0.02 33.7% 3,806 3.17 13.0% 2024 80,902 15,105 3, 9 40 -2,704 -2,238 14,103 -10,5 9 2 3,511 2,615 0.08 0.30 -0.26 18.7% 10,667 1.42 7.8%
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Financial Position Q2 Presentation 2025 At the end of the second quarter 2025, total assets amounted to EUR 246.5 million, which is an increase of EUR 18.7 million from the prior period (Q1’2025). This is mainly due to an increase of biological assets, inventories and capital expenditures. At the end of the reporting period, the Group’s equity totalled EUR 64.0 million, a decrease of EUR 9.4 million from the end of the previous quarter. The equity ratio at the end of the quarter amounted to 26.0%, which is a decrease of 6.2% from the previous quarter. The Group’s net interest-bearing debt (NIBD) increased by EUR 13.9 million, from EUR 131.1 million at the end of Q1 2025 to EUR 145.0 million at the end of Q2 2025. (EUR ‘000) Non-current assets Current assets Total assets Equity Non-current liabilites Current liabilities Total equity and liabilities Net interest bearing debt Equity ratio 30.6.2025 141,615 104,838 246,453 63,991 145,444 37,019 246,453 145,046 26.0% 31.3.2025 134,782 93,009 227,791 73,376 130,900 23,515 227,791 131,142 32.2% 30.6.2024 139,751 93,531 233,283 87,530 126,914 18,838 233,283 118,628 37.5% 31.12.2024 127,379 122,537 249,917 88,355 133,856 27,705 249,917 132,650 35.4%
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Cash flow & Net interest-Bearing Debt Q2 Presentation 2025 From the start of the year, the main impact factors affecting the NIBD have been CAPEX and financial items. Net interest bearing debt has increased from 131.1 MEUR to 145.0 MEUR in the quarter as a result of negative operational cash flow and Capital Expenditures. The financial items also contribute to the increase in NIBD, with the net change in the quarter amounting to EUR 13.9 million. (EUR ‘000) NIBD beginning of period* Operational EBITDA* Change in working capital License and production fees / taxes Other adjustments Cash flow from operations Net CAPEX Cash flow from Investments Net interest and financial items paid Other items Currency effect NIBD end of period* Q2 2025 -131,142 -2 ,0 8 4 333 -6 33 - 1,95 6 -4,340 -682 0 -6,820 -2 ,433 - 101 -2 10 -145,046 Q2 202 4 -112,339 4,4 7 3 -6 , 78 9 - 3 22 - 359 -2,997 -8 33 -833 -2 ,31 8 - 9 6 4 -118,628 YT D Q2 2025 -132,650 6 5 2 11,014 - 1, 6 04 - 4,3 6 4 5,699 - 1 2 , 6 9 8 -1 2 ,698 - 4,99 7 -2 0 2 - 19 8 -145,046 YT D Q2 2024 -114,289 1 6 , 2 9 6 -7 , 777 - 9 6 3 -786 6,769 - 5,9 2 5 - 5 ,9 25 - 4, 7 3 8 - 19 2 -2 54 -118,628 202 4 -114,289 2 3, 7 94 - 1 8 ,09 2 -2 , 7 04 -2 , 2 3 8 7 0 6 -8 , 7 10 -8,71 0 - 9,405 -266 -7 40 -1 3 2,650 *Excluding effects of IFR S 1 6 NIBD Development (‘000 EUR) Opening Increase Decrease Closing 1 32,6 5 0 14 5 , 0 46 - 11 ,0 14 1, 604 4,364 1 2,69 8 4 ,99 7 202 198 -6 52 NIBD 2 0 2 4 Operationa l EBITDA Change in W C Licence & prod. fees /taxes Other CAPEX Other items Currency effect NIBD Q 2 2 0 2 5 Financial items
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Capital Expenditures Q2 Presentation 2025 Seawater Operations Smolt Production Primary Processing Capital Expenditures have been focused on three main pillars throughout the value chain. Capital expenditure development (MEUR) 43 37 9 13 20232022 2024 2025 E Substantial CAPEX in prior years has built up a sustainable growth foundation throughout the value chain, with current investments focused on expansions and growth initiatives. Expected CAPEX in 2025 is 13 MEUR and will be focused on seawater related equipment.
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Volume Guidance Q2 Presentation 2025 The guidance for the harvested volume in 2025 is unchanged from last quarter, and remains at 14 thousand tonnes in 2025, which is 31% more than was harvested in 2024. Harvested volumes (HOG tonnes) 31% 10.7 14.0 3.1 2.0 4.0 4.9 14.0 2024 2025 E Q1’25 Q2’25 Q3’25 E Q4’25 E 2025 E
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Appendix Q2 Presentation 2025 Appendix Q2 Presentation 2025
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License Portfolio Q2 Presentation 2025 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 the 29,800 tonnes, 27,000 tonnes are for fertile salmon. Additionally, the Group holds a license for land-based smolt production on its own property in Norðurbotn, with an annual production capacity of 2,400 tonnes. Ísafjarðardjúp Önundarfjörður Dýrafjörður Arnarfjörður Tálknafjörður Westfjords 4,000 2,400 10,000 7,800 8,000 29,800 Licenses by Fjord 2,400 Freshwater Licenses Seawater Licenses Patreksfjörður
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Q2 2025 Presentation Thank you