Interim report
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Q2 Report 2026
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Table of Contents Highlights Q2 2026 . . . . . . . . . . . . . . . . . . . . . Principal Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . Q2 2026 Performance . . . . . . . . . . . . . . . . . . . . . . . . . Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . Licences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Board Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Income Statement . . . . . . . . . . . . . Statement of Financial Position . . . . . . . . . . . . . . Statement of Equity . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Cash Flow . . . . . . . . . . . . . . . . . . . . . . 2 3 4 5 6 7 8 9 10 11 12 Note 1 – General Information . . . . . . . . . . . . . . . Note 2 – Accounting Principles . . . . . . . . . . . . . . Note 3 – Estimates and Risk Exposure . . . . . . . Note 4 - Biological Assets . . . . . . . . . . . . . . . . . . . . Note 5 - Financial Items . . . . . . . . . . . . . . . . . . . . . . Note 6 - Share Capital . . . . . . . . . . . . . . . . . . . . . . . . Note 7 - Shareholders . . . . . . . . . . . . . . . . . . . . . . . . Note 8 - Share Price Development . . . . . . . . . . . 13 13 13 14 15 15 16 17
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Q2 Report 2026 2 Highlights Q2 2026 Strong harvest volumes Quarterly harvest volumes reached 5,595 tonnes, compared with 2,020 tonnes in Q2 2025 (Δ 177% YoY). YTD harvest volumes amounted to 11,624 tonnes, compared with 5,161 tonnes in YTD Q2 2025 (Δ 125% YoY). 2026 guidance steady Guidance for 2026 remains steady at 18.0 thousand tonnes after solid biological performance and growth in Q2 (Δ 22% YoY). Standing biomass is 11,475 tonnes (∇ 15% YoY) Biological performance in the quarter was on par with expectations. The biomass is lower YoY due to much higher harvest volumes than in 2025. Forecasting and seeing lower cost levels, with cost reduction measures continuing to be a key priority moving forward. Improvements from last year on Operational EBIT Operational EBIT saw a significant improvement YoY, mainly due to a lower cost basis and improved economies of scale Arctic Fish became Iceland’s first fish farmer to achieve Global G.A.P. certification, reaffirming its leadership and commitment to responsible, sustainable, and fully traceable salmon farming (EUR ‘000) Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 202 5 2025 Operational revenue and other income 32 ,476 12,5 99 71,12 3 34,655 89 , 336 Operational EBITDA -670 -2,084 3,751 652 -785 Operational EBIT -3,121 - 4,417 - 1,10 3 -3,901 - 10,2 83 Net interest-bearing debt (NIBD) 14 3,182 140,12 9 14 3,182 140,12 9 140,12 9 Underlying EPS (EUR) -0.01 -0.06 0.08 0.07 -0.17 Net cash flow per share (EUR) 0.02 -0. 36 0.04 -0.22 -0.86 ROCE -5.7% -8.6% -1.1% - 3.9% -4.9% Equity ratio 3 2 .8 % 3 5. 7% 3 2 .8 % 35. 7% 35. 7% Harvest Volume (GWT) 5,595 2,020 11,624 5,161 14,791 Operational EBIT - EUR per kg -0.56 -2.19 -0.09 -0.76 -0.70 Harvest ed Volume s HOG Tonnes Revenue (‘000 EUR) 5,595 2 , 020 177% Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 11, 62 4 5,1 61 125% Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 3 2 ,47 6 12 ,599 158% 71,1 23 34, 655 105%
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Q2 Report 2026 Principal Activities The Group's principal activity is salmon farming, producing smolt in its own freshwater hatchery and farming salmon at sea before the fish is harvested and finally sold to the market. 3 Freshwater smolt The Group has a modern freshwater hatchery and smolt facility in Norðurbotn (Tálknafjörður), using RAS technology. The Group owns a 36.3 km2 land area surrounding the facility and securing existing and future expansion with both sufficient land and water capacity. Seawater sites The Group's production capacity 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. This structure enables alternation of production areas to minimize biological risk. The sites are in general considered with high bearing capacity indicated by low and non-impact, proven by regular bottom surveys. The Group currently holds licenses for a production of the 29,800 tonnes thereof 27,000 tonnes for fertile salmon. Processing All processing of the Group's salmon since Q3 2023 and onwards takes place in the company’s brand- new, state of the art harvesting facility in Bolungarvík. The facility has been designed to fulfil the short and long-term needs of Arctic Fish, with extension and growth possibilities for external service contracts for other farmers. Sales The fish is sold through a sales agreement with Mowi. The Group sees substantial potential in utilizing the synergies from the majority owner Mowi with sales being handled by Mowi from September 2023 and onwards. Market routes both domestically and internationally are developing positively, and there is potential to enter markets and customers efficiently, with an increased focus on transport via air freight, especially to China.
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Q2 Report 2026 4 Q2 2026 Performance The second quarter’s performance will be broken down into the main operating categories, investments, and financing. In brackets some historical performance for the year 2025 is provided. Key financial Performance (Figures in brackets = 2025, unless otherwise specified) Revenues and results Revenues amounted to EUR 32.5 million in the quarter, compared with EUR 12.6 million in the corresponding prior- year period, representing an increase of 158% year over year. Operational EBITDA was negative EUR 0.7 million (negative EUR 2.1 million), an improvement of EUR 1.4 million compared with the same period last year. EBIT was negative EUR 10.8 million (negative EUR 8.9 million). The Group recognised a negative fair value adjustment of EUR 6.0 million (negative EUR 1.9 million) on its biomass during the quarter. 5,595 tonnes sold in the quarter, compared with 2,020 tonnes in Q2 2025 (177% YoY). Financial items Net financial expenses amounted to EUR 2.5 million in the quarter (EUR 2.8 million). Net interest expenses were EUR 2.5 million (EUR 2.6 million), while net currency effects resulted in a loss of EUR 0.1 million (loss of EUR 0.2 million). Balance sheet At the end of the second quarter of 2026, total assets amounted to EUR 243.8 million, compared with EUR 246.5 million at the end of the corresponding prior-year period. Biological assets amounted to EUR 76.0 million (EUR 84.9 million), while cash amounted to EUR 7.1 million (EUR 9.3 million). Net interest bearing debt Net interest-bearing debt, excluding the effects of I FRS 16, increased from EUR 141.4 million at the beginning of the quarter to EUR 143.2 million at the end of the quarter. C ash flow from operations was positive EUR 3.6 million (negative EUR 4.3 million). Net capital expenditure amounted to EUR 2.7 million (EUR 6.8 million), while net interest and financial items amounted to EUR 2.3 million (EUR 2.4 million). Equity At the end of the reporting period, the Group ’ s equity totalled EUR 80.0 million, a decrease of EUR 10.6 million from EUR 90.6 million at the end of the first quarter of 2026. The decrease was attributable to the loss recognised during the quarter. The equity ratio was 32.8%, compared with 35.9% at the end of the previous quarter. Sea w ater Biological performance in the quarter was on par with expectations. Standing biomass at quarter end is 15% lower than at the same period last year due to increased harvesting. Smolt production Biological performance in the quarter was under control and on par with expectations.
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Q2 Report 2026 Outlook Markets and sales Harvested volumes in 2025 amounted to 14.8 thousand tonnes and was 39% higher than last year, and is a record-high for the company on an annual basis, Guidance for 2026 is 18.0 thousand tonnes, which is a 22% increase year over year. Harvested volumes HOG ‘000 tonnes 18.0 14.8 Q2: 5.6 10.7 22% 39% Q1: 6.0 5 2024 2025 2026 E Harvested quantity development tonnes 18,000 16,000 14,000 11,87812,000 11,479 10,000 8,561 7,4438,000 6,000 4,000 3,321 2,000 2019 2020 2021 2022 2023 10,667 2024 18,000 22% 14,791 2025 2026 E
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Q2 Report 2026 Capital Expenditures Capital Expenditures have been focused on three main pillars throughout the value chain. 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. In 2026, CAPEX YTD amounted to 7 MEUR and was mainly focused on seawater related investments. 6 Key investment areas throughout the value chain Smolt Production Primary Processing Seawater Operations
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Q2 Report 2026 Licenses 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. 7 Licenses by Fjord Seawater Licenses Freshwater Licenses Pending Trout Licenses 2002,400 29,800 Ísafjarðardjúp 8,000 Önundarfjörður 200 Dýrafjörður 10,000 Arnarfjörður 4,000 Tálknafjörður Patreksfjörður 7,800 2,400 Westfjords
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Q2 Report 2026 Board Declaration Responsibility statement from the board of directors and CEO We confirm, to the best of our knowledge, that the financial report for the second quarter of 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting, as adopted by EU, and gives a true and fair view of the Group’s assets, liabilities, financial position and profits and loss for the period. Furthermore, we confirm that the interim management report includes a fair view of the information required under the Norwegian Securities Trading Act § 5-6, fourth paragraph. 8 17.08.2026 The Board of Directors of Arctic Fish Holding AS Øyvind Oaland Chairman Ivan Vindheim Board member Gunnþór Ingvason Board member Hildur Árnadóttir Board member The Management of Arctic Fish Holding AS Daníel Jakobsson CEO Baldur Smári Einarsson CFO
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Q2 Report 2026 9 Consolidated Income Statement (EUR ‘000) Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 202 5 2025 Revenue 32,476 12,599 71,123 34,655 89,336 Cost of materials -24,188 -7,109 -50 , 087 -2 0 , 006 -59,726 Net fair value adjustment biomass -6, 010 -1,9 04 -13,665 -15,3 0 7 4,733 Salaries and personnel expenses -3,804 -3,4 0 7 -7,2 09 -6,375 -13,439 Other operating expenses -5,155 -4,167 -10 , 0 76 -7,622 -16,956 Depreciation and amortisation -2,451 -2,333 -4,854 -4,553 -9,497 License and production fees / taxes -1,62 0 -633 -3,362 -1,6 04 -4,612 Restructuring costs -1,956 -4,364 -9,653 Earnings before financial items (EBIT) -10,751 -8,909 -18,130 -25,176 -19,814 Interest expenses -2,476 -2,642 -4,857 -5,156 -10 ,474 Net currency effects -85 -21 0 32 -197 18 Other financial items 32 30 72 73 180 Earnings before tax -13,279 -11,731 -22,883 -30,455 -30,090 Income taxes 2,656 2,346 4,577 6, 091 5, 0 39 Profit or loss for the period -10,623 -9,385 -18,306 -24,364 -25,052 Total Comprehensive income for the period attribute to Owners of Artic Fish Holding AS -10 ,623 -9,385 -18,3 06 -24,364 -25, 052 Basic earnings per share (E UR) -0.24 -0.29 -0.41 -0.76 -0.56
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Q2 Report 2026 10 Statement of Financial Position Assets (EUR ‘000) 30.06.2026 31.03.2026 30.06.2025 31.12.2025 Farming licenses 6,856 6,748 6,491 6,650 Goodwill 658 658 658 658 Deferred tax assets 12,687 10,031 9,162 8,110 Other intangible assets 151 168 220 185 Property, plant & equipment 126,899 126,714 125,023 125,224 Other shares and other non-current assets 62 62 62 62 Total non current assets 147,313 144,380 141,615 140,889 Inventory 4,191 2,644 5,470 3,500 Biological assets 75,981 89,966 84,855 111,617 Current receivables 9,140 8,607 5,258 8,332 Cash 7,147 6,613 9,255 11,062 Total current assets 96,460 107,829 104,838 134,510 Total assets 243,772 252,209 246,453 275,399 Equit y an d liabilities (EUR ‘000) 30.06.2026 31.03.2026 30.06.2025 31.12.2025 Equity 79,996 90,620 63,991 98,303 Total equ it y 79,996 90,620 63,991 98,303 Non current interest bearing debt 138,329 136,260 145,301 139,191 Non current leasing liabilities 41 41 143 41 Total non current liabilities 138,370 136,301 145,444 139,232 Current interest bearing debt 12,000 12,000 9,000 12,000 Current leasing liabilities 147 147 184 147 Other current liabilities 13,258 13,141 27,835 25,717 Total current l iabilities 25,406 23,289 37,019 37,864 Total equ it y an d liabilities 243,772 252,209 246,453 275,399
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Q2 Report 2026 Statement of Equity Share capital Other paid in capital Other equity reserves Total equity(EUR ‘000) 2026 Equity 01.01.2026 4,133 129,180 -35,010 98,303 Comprehensive income -18,306 -18,306 Transactions with owners Issued share capital ransactions ith oners Total equity end of period (EUR ‘000) 2025 Equity 01.01.2025 Comprehensive income Transactions with owners Issued share capital ransactions ith oners Total equity 31.12.2025 11 4,133 Share capital 3,032 1,101 4,133 129,180 Other paid in capital 95,281 33,899 129,180 -53,316 Other equity reserves -9,958 -25,052 -35,010 79,996 Total equity 88,355 -25,052 35,000 98,303
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Q2 Report 2026 12 Statement of Cash Flow (EUR ‘000) Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 202 5 2025 Earnings before tax - 13 , 279 - 11 , 731 - 22 , 883 - 30, 455 - 30,090 Interest expense 2 , 476 2 , 642 4 , 857 5, 156 10, 474 Net currency effect 85 21 0 - 32 197 - 18 Other financial item(s) - 32 - 30 - 72 - 73 - 180 Net fair value adjustment and onerous contracts 6 ,010 - 1,904 13 , 665 15 , 30 7 - 4 , 733 Impairment losses, depreciation and amotization 2 , 451 2 , 333 4 , 854 4 ,553 9 , 497 Change in inventory, trade payables and trade receivables 5,937 333 7 ,97 0 11 ,014 1,961 Taxes paid Cash flow from operations 3,647 -4,340 8,360 5,699 -13,090 Purchase of fixed asset and additions to intangible assets - 2 , 727 - 6 , 82 0 - 6 , 7 01 - 12 , 698 - 17 ,969 Sale of assets Cash flow from investments -2,727 -6,820 -6,701 -12,6 98 -17, 969 Net proceeds from new interest-bearing debt 5,000 17 ,500 4 ,999 17 ,500 17 , 245 Downpayments interest bearing debt - 3,000 - 6 ,000 - 3,000 Downpayment leasing debt - 29 -57 - 196 New share capital 35,000 Net interest and financial items paid - 2 , 300 - 2 , 433 - 4 , 605 - 4 ,997 - 10,954 Currency effects -85 - 21 0 32 - 198 18 Cash flow from finan c in g -385 -14,829 -5,573 -12,248 38,113 Change in cash in the period 535 3, 669 - 3,914 5, 249 7 ,055 Cash - opening balance 6 , 613 5,587 11 ,062 4 ,006 4 ,006 Cash — C losin g b alan c e 7,147 9,255 7,147 9,255 11,062
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Q2 Report 2026 NOTE 1 General Information Arctic Fish Holding AS and its subsidiaries (collectively "the Group", or "Arctic Fish Group") is a publicly listed company on Euronext Growth, with the ticker symbol AFISH. Arctic Fish Holding AS is a Company incorporated in Norway with headquarters in Iceland. Arctic Fish´s headquarter is located at Sindragata 10, 400 Isafjordur, Iceland. The consolidated financial statements of the Group were authorised for issue in accordance with a resolution of the Board of Directors. NOTE 2 Accounting Principles The structure of the Group was changed in 2021. Arctic Fish Holding AS is a newly established entity that owns 100% of the shares in Arctic Fish ehf. the Icelandic mother company of the Icelandic subsidiaries Arctic Oddi, Arctic Smolt and Arctic Sea Farm. In the consolidated financial statements of Arctic Fish Group the values of Arctic Fish Iceland and subsidiaries are continued. The Group has accounted for the reorganization as a continuation of Arctic Fish ehf. The consolidated financial statements are presented as if the Group and Arctic Fish Holding AS as the parent company, had always existed. Comparative financial information is provided for the preceding period in the Consolidated statement of comprehensive income, Consolidated statement of financial position and Consolidated statement of cash flows. These condensed, consolidated interim financial statements have been drawn up in accordance with International Financial Reporting Standards (IFRSs) and such interpretations as are determined by the EU and published by the International Accounting Standards Board, including the interim reporting standard (IAS 34). The interim financial statements do not include all the information required of an annual financial report. The condensed consolidated interim financial statements have not been audited. As a result of rounding differences, numbers or percentages may not add up to the total. The consolidated financial statements are presented in EUR which is the functional currency of the Group since 01.07.2023 where the Group converted the operational currency to Euros (EUR) from Norwegian Kroner (NOK). NOTE 3 Estimates and Risk Exposure The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting principles and recognized amounts of assets, liabilities, income and expenses. The most significant estimates relate to the valuation of biological assets. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on the management’s best assessment at the time of reporting. All changes in estimates are reflected in the financial statements as they occur. Arctic Fish is exposed to a number of risk factors: Operational risks, licenses, legal and regulatory framework and financial risk. The “Operational risk and risk management” section in the Annual Report contains a detailed description of risks and mitigation actions. 13
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Q2 Report 2026 NOTE 4 Biological Assets Net fair value adjustment biomass in the statement of comprehensive income (EUR ‘000) Total Q2 2026 -6,010 Q2 2025 -1,904 YTD Q2 2026 -13,665 YTD Q2 2025 -15,307 2025 4,733 Volumes of Biomass in sea (Tonnes) Total 30 June 2026 11,475 31 March 2026 13,716 31 December 2025 17,159 30 June 2025 13,553 Fair value adjustment on biological assets in the statement of financial position (EUR ‘000) Total 30 June 2026 Fair value adjustment on biological assets 9, 833 Cost on stock for fish in the sea 62,12 8 Cost on stock for freshwater and cleanerfish 4,020 Total biological assets 75,981 31 March 2026 Fair value adjustment on biological assets 15, 843 Cost on stock for fish in the sea 68 ,461 Cost on stock for freshwater and cleanerfish 5,662 Total biological assets 89,966 31 December 2025 Fair value adjustment on biological assets 23,49 8 Cost on stock for fish in the sea 84,542 Cost on stock for freshwater and cleanerfish 3,577 Total biological assets 111, 617 14
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Q2 Report 2026 NOTE 5 Financial Items (EUR ‘000) Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 2025 Interest expenses -2,476 -2,633 -4,857 -5,139 -10,466 Interest expenses leasing (IFRS 16) -8 -17 -9 Net interest expenses -2,476 -2,642 -4,857 -5,156 -10,474 Net currency effect on short term positions -85 -210 32 -197 12 Currency effects on leasing (IFRS 16) 6 Net currency effects -85 -210 32 -197 18 Net other financial items 32 30 72 73 180 Other financial items 32 30 72 73 180 Net financial items -2,528 -2,822 -4,753 -5,279 -10,276 NOTE 6 Share Capital (EUR ‘000) No . of shares Share Capital Other p aid in cap ital Share Capital Issued at the beginning of 2026 45,004,953 4,133 94,170 Ch anges duri ng t he perio d -18,306 Issued at the end of period 45,004,953 4,133 75,864 15
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Q2 Report 2026 NOTE 7 Shareholders Major shareholders as of 30.06.2026 Numb er of Sh ares Ownership % Mowi ASA 24,223,804 53. 82% Síldarvinnslan hf.** 16,151,004 35. 89% J.P. Morgan SE ** 1,942,824 4 . 32% Íslandsbanki hf. 554,433 1. 23% Landsbankinn hf. 509,265 1. 13% KVERVA FINANS AS 207,425 0 . 46% VERDIPAPIRFONDET EIKA SPAR 167,406 0 . 37% MP PENSJON PK 165,000 0 . 37% CLEARSTREAM BANKING S.A. 150,755 0 . 33% PACTUM AS 131,201 0 . 29% VERDIPAPIRFONDET EIKA NORGE 121,659 0 . 27% State Street Bank and Trust Comp 85,259 0 . 19% ROTH 80,000 0 . 18% RAMSFJELL AS 40,849 0 . 09% VERDIPAPIRFONDET EIKA ALPHA 33,705 0 . 07% Saxo Bank A/S 27,766 0 . 06% Håheim 25,905 0 . 06% DNB Luxembourg S.A. 25,231 0 . 06% NORDNER LIVSFORSIKRING AS 21,809 0 . 05% VERDIPAPIRFONDET EIKA BALANSERT 18,630 0 . 04% HØSTLUND 18,000 0 . 04% Total 20 largest shareholders 44,701,930 99.33% Total other shareholders 303,023 0 . 67% Total number of shares 30.06.2026 45,004,953 100.00% ** Síldarvinnslan hf is a part of the nominee account "J.P. Morgan SE". Ar c tic Fish Holding AS does not own an y of its own shares 16
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Q2 Report 2026 NOTE 8 Share Price Development Share price development at Euronext Growth (ticker AFISH) End of Q1 2026 35.0 End of Q2 2026 26.4 38 36 34 32 30 28 26 24 Volume 10,000 5,000 0 17 Apr 07 Apr 13 Apr 20 Apr 27 May04 May 11 May 18 May 28 Jun Dec 08 Dec 15 Dec 22 Forward looking statements This quarterly report includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology. These forward-looking statements are not historic facts. The forward-looking statements are not guarantees of future performance. The Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements. The Company cannot guarantee that the intentions, beliefs, or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties, and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward- looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
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Q2 Report 2026 Arctic Fish Sindragata 10, 400 Ísafjörður, Iceland www.arcticfish.is