Slides
Page 1
25 FEBRUARY 2026 Q4 2025 STATUS AND PROGRESS Photo: Pool K1
Page 2
ANDØYA – THE HOMEOF ATLANTIC SALMON The natural conditions for Atlantic salmon in the ocean off Andøya are truly optimal. Here, the salmon has grown strong for millions of years. 69°N ANDØYA VESTERÅLEN NORWAY Q4 2025
Page 3
LOW ENERGY COSTS. NO LIFTING, HEATING OR COOLING 3 AVOIDS PROBLEMS WITH SALMON LICE AND POISONOUS ALGAE NATURAL ESCAPE PREVENTION COLLECTION AND RECYCLING BIOWASTE3 OPTIMAL WATER TEMPERATURES OXYGEN-RICH AND CLEAN ARCTIC SEAWATER 1 2 1 2 THE BEST OF TWO WORLDS – LAND AND SEA 3 BENEFITS FROM LAND-BASED FARMING3 BENEFITS FROM SEA-BASED OCEAN FARMING Q4 2025
Page 4
JANUARY2025 First pool, K0 Q4 2025
Page 5
Q4 2025 • QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • Fish farming operations • Status Kvalnes build-out • Financials • Summary and outlook AGENDA Q4 2025
Page 6
HIGHLIGHTS Q4 AND SUBSEQUENT PERIOD Q4 2025 FINANCING SECURED TO SUPPORT CURRENT BUILD-OUT PHASES Continued support from largest shareholders, proven through the latest equity issue of NOK 300m. Enhanced bank debt of NOK 200m from bank syndicate. K1 STOCKED WITH FISH Released 750,000 smolt 10-12 November SUCCESSFUL BREAKTHROUGH TO ANDFJORDEN Successful and safe breakthrough from waterways to Andfjorden, filling tunnels with seawater Testing of tunnel functions and infrastructure ongoing STRONG FISH FARMING PERFORMANCE Healthy biological conditions High survival rate Growth ahead of schedule Low FCR Rapid biomass growth SOLID MOMENTUM FOR CONTRACTORS Mobilisation concluded, site logistic improvements implemented, progress as planned on pools K3, K2 and K4
Page 7
Q4 2025 • Quarterly highlights and subsequent events • FISH FARMING OPERATIONS • Status Kvalnes build-out • Financials • Summary and outlook AGENDA
Page 8
EXCEPTIONAL SURVIVAL RATES Q4 2025 • Stable biological conditions in both pools • Current survival rates in both batches even higher than the successful smolt release in K0 in 2022 SMOLT RELEASES • POOL K0: ̴350,000 smolt at average weight of around 180 grams at 30 September 2025 • POOL K1: ̴750,000 smolt released at average weight of around 160 grams at 10-12 November 2025 99,58%99,59% 98,71% 98,47% 97,00% 98,00% 99,00% 100,00% W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W14 W15 W16 W17 W18 W19 W20 K0: 2025 K1: 2025 K0: 2022 Trendline to 95% survival rate for 15-month production cycle Average survival rate per production cycle for ocean-based salmon farming: 85.8% in 2025. Source: Norwegian Veterinary Institute.85,8% # of weeks since smolt release Survival rate (%) K0 2025 K1 2025
Page 9
GROWTH ABOVE EXPECTATIONS Q4 2025 • Fish now being fed specially designed feed: Calanus® Plus by Andfjord Salmon • Relatively high water temperatures throughout Q4 2025 and Q1 2026 have positively affected appetite and growth • Improvements in feeding system and light regime • K0 growth ̴30% above Skretting’s growth table • K1 growth ̴27% above Skretting’s growth table180 1350 160 576 1 Oct W41 W42 W43 W44 1 Nov W46 W47 W48 1 Dec W50 W51 W52 1 Jan W2 W3 W4 W5 1 Feb W7 W8 22 Feb K0: 2025 K1: 2025 K0 2025 K1 2025 1 Oct 1 Nov 1 Dec 1 Jan 1 Feb 22 Feb
Page 10
BIOMASS REACHED 900 TONNES Q4 2025 66 119 140 197 296 398 471 131 139 240 352 431 0 100 200 300 400 500 600 700 800 1 Oct 1 Nov 12 Nov 1 Dec 1 Jan 1 Feb 22 Feb STANDING BIOMASS (TONNES, LIVE WEIGHT) Generation K0 Generation K1 0.97 in pool K0 0.88 in pool K1 ACCUMULATED FEED CONVERSION RATE 271 336 530 750 902
Page 11
Q4 2025 • Quarterly highlights and subsequent events • Fish farming operations • STATUS KVALNES BUILD-OUT • Financials • Summary and outlook AGENDA
Page 12
PHASE 2 B: POOLS K9 – K12 PHASE 1: POOLS K1 – K4 PHASE 2 A: POOLS K5 – K8 Note: Illustration of pools showing the next phases of build-out. K1 K2 K3 K4 K5 K6 K7 K8 K9 K10 K11 K12 Stocked with ~750,000 fish Operational Q4 2025 Operational Q2 2026 Operational Q2/Q3 2026 Operational Q3 2026 K0 Stocked with ~350,000 fish
Page 13
POOL K2, K3, K4 – PROGRESS AS PLANNED Q4 2025 Photo: Pool K3
Page 14
[MAY]2025 6 000 11 000 17 000 5 000 6 000 Current capacity Completed in H1-26 Operational by spring/summer 2026 Phase 2a Production capacity up to phase 2a 6,000 TONS OF PRODUCTION CAPACITY, FAST APPROACHING 11,000 TONS • Certain concrete works outstanding on the two remaining Phase 1 production pools at Kvalnes, once these are completed and technical works to secure connection to site infrastructure has been carried out, the Company will have installed production capacity of 11,000 tons, expected in spring/summer 2026 • As per 31 December 2025, a total of approx. NOK 3,250m had been invested at the Kvalnes site up to phase 2a2,3 • The ongoing build-out phases are gradually nearing completion, with the total investment budget towards 17,000t production having previously been communicated to NOK 3,650m incl. pilot pool2,3. This includes significant shared infrastructure towards total production at the Kvalnes site of 48,100 tons Phase, Kvalnes Capex1 (NOK, est.) Added production (NOK, est.) Accumulated production (HOG, est.) Pilot ~450m +1,200t 1,200t 1 ~1,850m +9,800t 11,000t 2a ~1,270m +6,000t 17,000t 2b ~500m +6,700t 23,700t 3 (license expansion) ~0m +5,100t 28,800t 4 ~360m +5,400t 34,200t 5 ~1,100m +13,900t 48,100t CAPEX PER PHASE1, KVALNES SITE COMMENTS Notes: Production numbers are shown as tons HOG + post-smolt. 1) Stated capex numbers relate to investments (working capital/biomass, finance and operational costs not included). Estimates only. Table excludes the disputed NOK 400m additional capex and NOK 20m mobilization cost related to change of main contractor; 2) Excludes the disputed additional capex and NOK 20m mobilization cost; 3) Including NOK 80m spent on infrastructure for phase 4. OPERATIONAL PRODUCTION CAPACITY Only certain concrete works and technical connection remains K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 Q4 2025
Page 15
Q4 2025 • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • FINANCIALS • Summary and outlook AGENDA
Page 16
STATEMENT OF COMPREHENSIVE INCOME Q4 2025 All amounts in 1,000 NOK Statement of comprehensive income Q4 2025 Q4 2024 2025 2024 1.10 – 31.12 Unaudited 1.10 – 31.12 Unaudited 1.1 – 31.12 Unaudited 1.1 – 31.12 Operating income and expenses Revenue from contracts with customers - 8 884 190 Other operating income 102 134 145 134 Total operating income 102 142 1 029 324 Cost of goods sold - -101 -1 650 -375 Fair value adjustments of biological assets -14 935 - -14 935 - Employee benefit expenses -7 256 -5 377 -20 042 -21 683 Depreciation and amortisation expenses -7 354 -6 217 -26 101 -24 756 Other operating expenses -18 712 -7 679 -54 688 -25 450 Total operating expenses -48 257 -19 375 -117 416 -72 264 Operating profit/loss -48 155 -19 232 -116 386 -71 940 Financial income and expenses Financial income 3 878 1 371 12 905 4 914 Net financial costs -29 602 -215 -60 464 -837 Net financial result -25 724 1 156 -47 560 4 077 Profit/loss for the period -73 879 -18 076 -163 946 -67 862
Page 17
STATEMENT OF FINANCIAL POSITION Q4 2025 Assets 31.12.2025 - Unaudited 31.12.2024 Intangible assets 39 714 16 420 Property, plant & equipment 4 233 925 2 230 854 Right-of-use assets 123 676 13 060 Other non-current assets 980 139 Total non-current assets 4 398 296 2 260 473 Biological assets 48 277 - Other inventories 841 1 340 Trade and other receivables 2 318 44 Other current assets 88 840 76 443 Cash and cash equivalents1 166 091 59 196 Total current assets 306 366 137 023 Total assets 4 704 662 2 397 496 All amounts in 1,000 NOK Figures do not include undrawn construction loan of NOK 400 million in total and an undrawn credit facility of NOK 120 million. 18 Note: 1) As part of the Groups financing towards both debt to credit institutions and senior secure bonds, part of the cash and cash equivalents is restricted. A total of NOK 109 million is restricted towards the senior secured bond to cover interest payments in 2026
Page 18
STATEMENT OF FINANCIAL POSITION Q4 2025 Equity and liabilities 31.12.2025 - Unaudited 31.12.2024 Total equity 2 365 743 1 254 355 Borrowings 1 592 463 832 309 Lease liabilities 52 137 6 163 Total non-current liabilities 1 644 600 838 472 Borrowings - - Lease liabilities 16 205 4 276 Trade payables 110 204 295 506 Trade payables – disputed* 458 824 - Other current liabilities 109 086 4 887 Total current liabilities 694 319 304 669 Total liabilities 2 338 918 1 143 141 Total equity and liabilities 4 704 662 2 397 496 All amounts in 1,000 NOK *Related to Andfjord Salmon’s NOK 1+ billion claim against former main contractor. Figure includes VAT. See stock exchange announcement dated 3 December 2025 for further details.
Page 19
STATEMENT OF CASH FLOWS Q4 2025 Statement of cash flows Q4 2025 Q4 2024 2025 2024 1.10-31.12 Unaudited 1.10-31.12 Unaudited 1.1 – 31.12 Unaudited 1.1 – 31.12 Net cash flow from operating activities -116 015 -28 807 -199 221 -69 945 Net cash flow from investing activities -487 234 -303 295 -1 763 436 -1 208 411 Net cash flow from financing activities 357 586 229 120 2 069 551 1 087 519 Net change in cash and cash equivalents -245 663 -102 982 106 895 -190 836 All amounts in 1,000 NOK
Page 20
Q4 2025 • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • Financials • SUMMARY AND OUTLOOK AGENDA
Page 21
SUMMARY AND OUTLOOK Q4 2025 FINANCING SECURED TO SUPPORT CURRENT BUILD-OUT PHASES Continued support from largest shareholders, proven through the latest equity issue of NOK 300m. Enhanced bank debt of NOK 200m from bank syndicate. K1 STOCKED WITH FISH Released 750,000 smolt 10-12 November SUCCESSFUL BREAKTHROUGH TO ANDFJORDEN Successful and safe breakthrough from waterways to Andfjorden, filling tunnels with seawater Testing of tunnel functions and infrastructure ongoing STRONG FISH FARMING PERFORMANCE Healthy biological conditions High survival rate Growth ahead of schedule Low FCR Rapid biomass growth SOLID MOMENTUM FOR CONTRACTORS Mobilisation concluded, site logistic improvements implemented, progress as planned on pools K3, K2 and K4 K3 to be operational in Q2 2026
Page 22
Q & A Q4 2025
Page 23
NEXT QUARTERLY UPDATE: Q1 2026 presentation – 28 May 2026 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO Andfjord Salmon bjarne.martinsen@andfjord.no. Q4 2025