Annual report
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2025 ANNUAL INTEGRATED REPORT
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FOUNDED Established in 2014, based on an idea originally developed a decade prior. LOC ATED Strategically located at Andøya – with unique access to oxygen-rich seawater at stable temperatures. LISTED Andford Salmon Group AS (Andfiord Salmon) is listed on Euronext Growth Oslo. ANDFJORD SALMON AT A GLANCE PRODUCTION POTENTIAL TONNES /parenleft.capHOG/parenright.cap ˜90,000 Extra growth compared to Skretting’s growth table (2023) Industry average = 83.3% (2023) Industry average = 84.0% (2023) 91.1% Industry average = 1.27 (2023) CONVERSION MADE OF CALANUS FINMARCHICUS, ZOOPLANCTON FROM THE ARCTIC FLOW-THROUGH TECHNOLOGY Closed flow-through system that combines the benefits of both sea and land-based aquaculture while solving a number of traditional farming issues. Total production capacity potential of approximately 48,000 tonnes (HOG/post- smolt) into two first pools at Kvalnes Very high survival rate, growth above expectations, low FCR and rapid increase of biomass Our own specially designed feed including Calanus Finmarchicus, an Arctic zooplankton 2 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 3
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TIME LINE 2014 Andfjord Salmon was established by Roy Bernt Pettersen in June 2014. Pettersen’s vision was to create the world’s most sustainable fish-farming facility of its kind, by utilising the natural conditions at Andøya and in particular the access to the Gulf Stream. 2020 Six years after the company’s inception, Andfjord Salmon was successfully listed on Euronext Growth Oslo in June 2020. The share is traded under the ticker ANDF. 2018 In 2018, we received an official aquaculture permit document for land-based food fish-farming for salmon, trout and rainbow trout at Kvalnes – kick-starting our fish farming adventure. 2023 Nofima and Åkerblå confirmed strong biological conditions, fish health and welfare, and we obtained our Global G.A.P. certification. Successful harvest from first production cycle: 97.5% survival rate, feed conversion ratio of 1.05 and superior share of 91.1%. Ramped up construction of next build out phase at Kvalnes. 2025 Completed waterways, technical infrastructure and two pools. Re- initiated fish farming operations with release of approximately 350,000 smolt in pool K0 in September, followed by further 750,000 smolt in pool K1 in November. Strong biological results from the fish farming operations, with high survival rate and solid fish growth throughout 2025 2021 The first pool and associated inlet and outlet pipelines where completed. Following a period of successful testing, we verified the laminar water flow technology towards the end of the year. 2022 First smolt release. We also developed a specially designed feed together with Skretting, conducted a biodiversity mapping and started our fish sludge treatment project together with NIBIO. 2024 Excavation of 12 new pool pits completed in January 2024. Strong progress on the workstreams in the current build-out phase, including construction of four new pools, technical infrastructure, waterways - including inlet and outlet tunnel and infrastructure below pools – and harbour area. 2026 The plan is to complete the next pools, with associated smolt releases and build-up of biomass at Kvalnes. 4 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 5
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6 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 7 CONTENTS ANDFJORD SALMON AT A GLANCE 2 T IMELINE 4 CEO SUMMARY: STRONG START TO FISH FARMING OPERATIONS 8 S TRATEGY, BUSINESS MODEL AND VALUE CHAIN 1 1 B OARD OF DIRECTORS 1 6 E XECUTIVE MANAGEMENT TEAM 1 8 CORPORATE GOVERNANCE STATEMENT 2 0 BOARD OF DIRECTORS REPORT 2 8 SUSTAINABILITY STATEMENT 3 4 GENERAL INFORMATION 3 6 B ASIS FOR PREPARATION 3 7 GOVERNANCE 3 8 I NTEREST AND VIEWS OF STAKEHOLDERS 4 0 M ATERIAL IMPACTS, RISKS AND OPPORTUNITIES 4 2 ENVIRONMENT 48 E 1 CLIMATE CHANGE 5 0 E 4 BIODIVERSITY AND ECOSYSTEMS 5 4 E 5 RESOURCE USE AND CIRCULAR ECONOMY 5 8 SOCIAL 62 S 1 OWN WORKFORCE 6 4 S 3 AFFECTED COMMUNITIES 6 8 GOVERNANCE 70 G 1 BUSINESS CONDUCT 7 2 ANNUAL CONSOLIDATED FINANCIAL STATEMENTS 7 7 ANNUAL FINANCIAL STATEMENTS: PARENT COMPANY 1 18 INDEPENDENT AUDITOR'S REPORT 1 42 APPENDICES 146 A PPENDIX 1: TRANSPARENCY ACT STATEMENT 2025 1 48 A PPENDIX 2: EQUALITY STATEMENT 2025 1 52 A PPENDIX 3: LIST OF ACRONYMS 1 56 A PPENDIX 4: GRI 13 ASSESSMENT 1 58 A PPENDIX 5: GRI CONTENT INDEX 1 60
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8 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 9 After almost two years of construction work, fish farming operations once again took centre stage for Andfjord Salmon. The biological results have so far been convincingly strong. . For those who remember, we completed our first production cycle in July 2023. This cycle demonstrated high survival rate (97.5%), low feed conversion ratio (1.05), strong growth and high superior share (91.1%). Since our previous production cycle, our team has been working on developing new pools, a harbour area, and waterways that can handle large-scale production at Kvalnes. The on-site shared infrastructure is designed to support future production of approximately 48,000 tonnes (HOG + post-smolt) at Kvalnes, Andøya. One of the main objectives for 2025 and 2026 has been to replicate the conditions that provided the foundation for the results achieved in 2023 – but on a much bigger scale. We have already proven that this is attainable. Initial preparations and start-up Behind almost every great sporting achievement lies weeks, months and years of practice and preparation. It is the invisible part of the job that no-one rarely sees or acknowledges. It is the same for parts of the salmon farming industry. Our in-house team of fish farming experts spent almost two years planning and preparing for the 2025 smolt releases. Our team had Plan A and alternative plans in place for every imaginable scenario. We also conducted “dry runs” where we practiced the smolt release in advance, but without fish involved. Everything was aimed at avoiding hick-ups and delivering the best possible performance on the day of the final – in this case the smolt releases. As you already know, both smolt releases last autumn were highly successful. On 30 September we released around 350,000 smolt into pool K0, and we experienced less than 20(!) mortalities. This was an exceptional result that the Norwegian fish farming industry took notice of. This was followed by release of approximately 750,000 smolt in pool K1 between 10-12 November. This was also a success. Not by chance, but by successful planning, practice and preparation. Solid biological conditions As anticipated, the pools’ biological conditions were good from day one. This supported the smolt in quickly acclimating to their new seawater flow- through environment. Once the fish are in the pools, it is all about trying to control and minimise risks from the fish farming operations. We have invested in advanced technologies that constantly monitor multiple pool conditions parameters as well as fish behaviour. In addition, we conduct regular checks of fish health and welfare through veterinary testing. It has therefore been an absolute pleasure to provide updates for our fish farming performance throughout the second half of 2025 and into 2026. Survival rates have exceeded expectations in both pools, achieving an aggregate survival rate of more than 99.5 percent after several months of operations. Fish growth in both pools has also outperformed expectations in the form of Skretting’s growth table. High survival rates coupled with growth ahead of schedule mean that the facility's standing biomass is growing rapidly. At year-end 2025, total biomass stood at 530 tonnes – and swiftly increasing. All of this has been achieved with an accumulated feed conversion ratio around 0.90, which confirms the robustness of the biology and the efficiency of our flow-through system. Scale-up of operations The strong biological results in K0 and K1 have demonstrated our ability to replicate large-scale flow-through systems and, more importantly, ramps our fish farming operations considerably. However, they only represent the early stages of a much bigger and more voluminous fish farming journey. With completion of pools K0, K1 and K3, Andfjord Salmon will have a production capacity of 6,000 tonnes at Kvalnes. The plan is to complete pools K2 and K4 in the first half of 2026 which will give us a production capacity of 11,000 tonnes. However, we are working towards our long-term production volume ambition at Kvalnes of approximately 48,000 tonnes. As earlier mentioned, we have already completed a lot of the shared infrastructure investments that will enable such a large volume. At full production, this represents a capex of NOK 115 per kilogram salmon produced. Strong support We have ambitious plans, and such plans are impossible to realise without strong financial support. I would therefore like to thank our shareholders, banks and bondholders for their backing throughout 2025. Our rock-solid biological results have been key to earning their continued support. Finally, I would like to mention that this is Andfjord Salmon’s third integrated annual and sustainability report, which showcases how sustainability is integrated with our business strategy. For the benefit of our salmon, Andfjord Salmon and our shareholders. I encourage you to read more about how we do this. Yours sincerely, Martin Rasmussen Chief Executive Officer (CEO) of Andfjord Salmon CEO SUMMARY STRONG START TO FISH FARMING OPER ATIONS
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10 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 11 Andfjord Salmon is a Norwegian company established in 2014. Headquartered at Kvalnes on the northern part of the island of Andøya, in the Arctic Archipelago of Vesterålen, we have developed an innovative aquaculture concept for land-based farming of Atlantic salmon. Our concept represents the best of traditional sea-based salmon farming, combined with the advantages of being land-based. Our patented natural flow-through technology takes advantage of the nearby Gulf Stream, which provides oxygen-rich water at ideal temperatures. We source seawater at 50 metres water depth, which means that we avoid problems with salmon lice or poisonous algae. Our closed pools combined with a 20-kilometre distance to other salmon farms means that we are less exposed to the challenges faced by the traditional salmon farming industry. In addition, salmon cannot escape. The pools are equipped with an innovative cleaning system which not only prevents the pollution of marine life, but which even utilise biological waste as a resource. The result is optimal salmon welfare and sustainable production of Atlantic salmon SBM-1 STRATEGY, BUSINESS MODEL AND VALUE CHAIN THIS IS ANDFJORD SALMON Membership associations We are a member of The Norwegian Seafood Federation (Sjømat Norge) and Norwegian Seafood Association (Sjømatbedriftene). Certifications We work closely with certification bodies in Europe and the Americas, which certify that salmon is farmed in accordance with strict and clearly defined environmental criteria and standards for food safety. The two most important certifications for our industry are the Global Good Agricultu- ral Practices (G.A.P .) and ASC, which covers food safety, animal welfare, sustainability, employment, and traceability. We obtained Global G.A.P . certification in 2023 and plan to obtain ASC certification once we have resumed continuous operation.
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12 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 13 FISH FARMING WITH A CLEAR CONSCIENCE Mission BUILDING THE WORLD’S MOST FISH-FRIENDLY AND SUSTAINABLE SALMON FARMING FACIL IT Y Vision
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OUR VALUE CHAIN 14 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 15 SALES AND MARKETS POST SMOLT TRANSPORT PROCESSINGON SHORE FISH FARMING FEED FROM CALANUS AND CERTIFIED SOY ELECTRICITY /parenleft.capRENEWABLE ENERGY/parenright.cap SEA WATER CONSTRUCTION SMOLT FISH SLUDGE TO BIOFUEL EXCESS HEAT AND GHG EMISSIONS WASTESDISCHARGE WATER
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16 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 17 Roger Brynjulf Mosand Chairman of the board Knut Roald Holmøy Board member Mr Roger Brynjulf Mosand (born 1953) is chairman of Andfjord Salmon, elected in March 2021. Mosand is a highly experienced CEO from the Norwegian aquaculture industry. He has been the CEO of Nordlaks Produkter AS from 2001 to 2021 and multiplied the company's revenues by 15 during this period. As of 31 December 2025, Mosand holds 30,000 shares and 60,000 share options in Andfjord Salmon Group AS. Mr Knut Roald Holmøy (born 1972) is the CEO of Holmøy Maritime, owner of Eidsfjord Sjøfarm (vertically integrated salmon farmer) as well as serving on the board of directors in a number of fishing and fish farming related businesses in Northern Norway. He joined the Andfjord Salmon board of directors in 2019. As of 31 December 2025, Holmøy and associated companies own 3,500,300 shares and no share options in Andfjord Salmon Group AS. Bettina Flatland Board member Kim Strandenæs Board member António Serrano Board member Paul Jewer Board member Ms Bettina Flatland (born 1986) was re-elected to Andfjord Salmon’s board of directors in April 2025. She was previously a board member between 2019 and 2024. Flatland is currently Director of Communication at Strawberry (formerly Nordic Choice Hotels). She was previously political advisor to The Minister of Local Government, as well as a communication advisor for the Norwegian Conservative Party. She is a Norwegian citizen with a master's degree in International Business and Strategy from Copenhagen Business School in Danmark. As of 31 December 2025, Flatland holds 56,700 shares and no share options in Andfjord Salmon Group AS. Kim Strandenæs (born 1986) is CEO of UFO Holding AS, UFI AS, and UFI Capital AS, focusing on listed companies, private equity, and venture capital. He joined Andfjord Salmon’s board in 2019 and has extensive experience in equity sales, derivatives, and asset management from Carnegie AS and Danske Bank. He holds a business finance degree from BI Norwegian Business School. As of 31 December 2025, Strandenæs and associated companies hold 2,440,469 shares and no share options in Andfjord Salmon Group AS. Mr António Serrano (born 1965) is CEO of Jerónimo Martins Agro Alimentar since January 2015, and Professor at the Évora University. He was also Minister of Agriculture, Rural Development and Fisheries of the 18th Constitutional Government of Portugal. Serrano joined Andfjord Salmon’s board of directors in 2022. As of 31 December 2025, Serrano and associated companies holds 33,587,182 shares and no share options in Andfjord Salmon Group AS. Mr Paul A. Jewer (1972) was elected to Andfjord Salmons board of directors in April 2025. He is currently president & chief executive officer of High Liner Foods Incorporated (TSX: HLF), having also served as the company’s chief financial officer from 2014 to 2023. Prior to joining High Liner Foods in 2014, Paul was CFO with Sobeys Inc., a leading Canadian grocery and food distributor. He is a Fellow Chartered Professional Accountant (FCPA) and began his career with Ernst & Young LLP providing audit, tax, valuation and business advisory services for a variety of clients in various business sectors. He is a Canadian citizen. As of 31 December 2025, Jewer and associated companies hold 8,799,930 million shares and no share options in Andfjord Salmon Group AS. Roy Bernt Pettersen Board member Hanne Digre Board member Roy Bernt Pettersen (born 1954) founded Andfjord Salmon in 2014 and has served on the board since, first as chairman and later as director from 2021. He has extensive board experience and has fostered collaboration among seafood companies in Vesterålen, Norway. A fisheries candidate from the University of Tromsø, he has held CEO roles in fish farming, developing smolt production and land-based aquaculture. As of 31 December 2025, Pettersen and associated companies own 4,858,680 shares and no share options in Andfjord Salmon Group AS. Ms Hanne Digre (born 1970) joined Andfjord Salmon’s board of directors in 2024. She is chief of sustainability of aquaculture industry supplier ScaleAQ and has worked with fisheries and aquaculture for more than 25 years. Digre’s key areas of expertise are food quality, fish welfare, stress during harvest, and scientific writing and publishing. She holds no shares or share options in Andfjord Salmon Group AS. BOARD OF DIRECTORS
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18 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 19 Martin Rasmussen CEO Mr Martin Rasmussen (born 1985) has been CEO of Andfjord Salmon since April 2020. Rasmussen has extensive management experience from the seafood industry, including roles as managing director of Primex Norway AS, where was responsible for building the world’s most automated whitefish processing plant, [MA1.1][MA1.2] and manager of Norway Seafood’s facility in Melbu, Norway. He also has experience from Lerøy Seafood Group. Rasmussen holds a master’s degree in Fishery and Science from the University of Tromsø, Norway. 31 December 2025, Rasmussen holds 125,000 shares and 250,000 share options in Andfjord Salmon Group AS. Christian T orgersen COO Mr Christian Torgersen (born 1977) joined Andfjord Salmon in 2020, first as Operations Manager and since November 2023 as Chief Operations Manager. He has more than 25 years’ operations experience from the fish farming value chain. Before joining Andfjord Salmon, Torgersen spent 15 years with Flatanger Settefisk and eight years with fish farmer Nesset fiskeoppdrett in various operations roles. As of 31 December 2025, Torgersen holds 2,739 shares and 40,000 share options in Andfjord Salmon Group AS. Trond R ismo CCO Trond Rismo (born 1978) is a senior seafood executive with over 14 years of specialized experience in the Norwegian seafood industry, including 9 years with the Norwegian Seafood Council in progressively senior roles. As Country Director for Portugal from 2022-2025, Rismo managed an annual marketing budget of 18 million NOK and led integrated marketing campaigns that maintained strong Norwegian Seafood brand positioning through challenging market conditions. Prior to his marketing career, Rismo gained operational experience at Norway Seafoods in quality management and process optimization roles. He holds a Master's degree from the Norwegian College of Fishery Science. As of 31 December 2025, Rismo holds 600 shares and no share options in Andfjord Salmon Group AS Bjarne Martinsen CFO Mr Bjarne Martinsen (born 1979) joined Andfjord Salmon as CFO in January 2021. Martinsen has 20 years’ experience from senior finance roles. He started his career as an auditor with KPMG and was later Finance Manager at TV distributor RiksTV and CFO at insurance company Nemi Forsikring. Prior to joining Andfjord Salmon, he was Head of Finance at the Norwegian Food Safety Authority. Martinsen holds a master’s degree from NHH the Norwegian School of Economics and is a state authorised public accountant. As of 31 December 2025, he holds 40,000 shares and 150,000 share options in Andfjord Salmon Group AS. EXECUTIVE MANAGEMENT TEAM
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20 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 21 The Board of Directors (“the Board”) is responsible for ensuring that Andfjord Salmon Group AS (“Andfjord Salmon” or “the Company”) is organised, managed and controlled in an appropriate and satisfactory manner in full compliance with applicable laws and regulations. The Board considers compliance with generally accepted corporate governance guidelines as an important prerequisite for long-term value creation. The Company strives to ensure that its internal control mechanisms, organisation and management structures comply with good corporate governance principles. The Norwegian Code of Practice for Corporate Governance (the “Code”) does not apply on Euronext Growth Oslo. However, Andfjord Salmon has started to establish corporate governance systems and seeks to comply with the Code, taking into account that the Company is a private (not public) limited liability Company, and provides an annual corporate governance statement regarding its progress. The principal purpose of the Corporate Governance Code is to ensure (i) that listed companies implement corporate governance that clarifies the respective roles of shareholders, the Board and executive management more comprehensively than what is required by legislation and (ii) effective management and control over activities with the aim of securing the greatest possible value creation over time in the best interests of companies, shareholders, employees and other parties concerned. The following statement explains how Andfjord Salmon addresses the 15 governance topics covered by the Code. 1. Implementation and reporting on corporate governance The Board is aware of its responsibility for implementation of internal procedures and regulations to ensure that the Company complies with applicable principles for good corporate governance in line with Norwegian and applicable international standards. The Board of the Company is actively involved in good corporate governance and will seek to ensure that the Company complies with the requirements of section 3-3b of the Norwegian Accounting Act, which is available at www. lovdata.no, and, where applicable, the Norwegian Code of Practice for Corporate Governance (“NUES”), last revised 28 August 2025, available at www. nues.no. If the Company deviates from NUES’s recommendations, Andfjord Salmon will adhere to the “comply or explain” principle for each and every clause in the Code. According to Andfjord Salmon’s own evaluation, the Company deviates from the Corporate Governance Code on the following points: • P oint 6 – General Meetings (GM): The Public Companies Act stipulates that at least 21 days’ notice must be given to call a general meeting of a listed Company. As Andfjord Salmon is not a public limited liability Company, but a private limited liability Company, the Company adheres to the Companies Act which stipulates that at least 14 days’ notice must be given to call a general meeting. Andfjord Salmon also deviates from the recommendation to have all Board members present at the general meeting as the Company has deemed it satisfactory to require the presence of the chairperson of the Board, the chairperson of the nomination committee, and the CEO. • P oint 9 – The work of the Board of Directors: Andfjord Salmon does not have an audit committee as the Company is not considered a large Company or regulated by the Public Companies Act. • P oint 11 – Remuneration of the Board of Directors: Andfjord Salmon deviates from the point that members of the Board and/ or companies with which they are associated should not take on specific assignments for the Company in addition to their appointment as a member of the Board. The Board considers it of value to all shareholders that certain Board members, who possess specialist competence within their fields and have in-depth knowledge of Andfjord Salmon, can provide specific and clearly defined strategic and operational support to the Company’s administration, which remains small in size in line with the Company’s objective of running a cost- effective operation. • P oint 11 – Remuneration of the Board of Directors: Andfjord Salmon deviates from the point that share options should not be granted to members of its Board. The annual general meeting has awarded share options to chairman Roger Brynjulf Mosand. It is the Board’s view that Roger Brynjulf Mosand, who is a highly experienced aquaculture industry executive, is key to the long-term development of Andfjord Salmon. Hence, the option programme has been designed to secure the long-term commitment of Mosand while also aligning Mosand’s interests with the long-term interests of all other shareholders, thereby alleviating concerns of weakened Board independence. • P oint 12 – Remuneration of executive personnel: Andfjord Salmon has not established guidelines for the remuneration of executive personnel as the Company is a private limited liability Company that is not governed by the Public Companies Act. • P oint 14 – Take-overs: Due to the unpredictable nature of a takeover situation, the Company has decided not to implement detailed guidelines on such situations. In the event a takeover were to occur, the Board will act in accordance with applicable regulations as well as the general principles of the stock market. 2. Business Andfjord Salmon (ANDF) has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon. Andfjord Salmon is a limited liability Company organised under the laws of Norway and subject to the provisions of the Norwegian Limited Liability Companies Act. Andfjord Salmon’s purpose is currently defined in the Articles of Association as follows: The Company’s business is to conduct land- based farming of fish and other matters that naturally coincide with this, including participating in other companies with similar activities, acquiring and divesting shares, or otherwise becoming interested in other businesses including provision of consulting services. Each year, Andford Salmon publishes a sustainability report where it presents the main social, societal, and environmental challenges it faces, and how the Company is dealing with them. Based on an updated impact assessment, Andfjord Salmon has identified six focus areas– climate change, biodiversity, resource use and circular economy, own workforce, affected communities and animal welfare - that are integrated in the Company's business strategy. Each year, concrete goals are identified to improve Andfjord Salmon’s performance within these areas. To discuss and evaluate goals, strategy and risk profile, the Board conducts an annual strategy meeting where the main purpose is to set the long-term direction for the Company. This takes into account financial, social and environmental considerations as well as the Company’s local impact. A further description of the Company’s operations, goals, strategy, and risk profile is provided in the Company’s annual report, which shows how its operations and strategies are aligned with objectives defined in the Articles of Association. CORPORATE GOVERNANCE STATEMENT
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22 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 23 3. Equity and dividends The Company’s solidity is continuously assessed based on the Company’s goals, strategies and risk profile. Andfjord Salmon aims to give shareholders a competitive long-term return. Based on Andfjord Salmon’s capital requirements for its ongoing development projects, it is unlikely that the Company will pay out dividends in the near future. Shareholders’ return should therefore primarily be realised through an increase in the value of their shares. However, dividends can be relevant in the future, when the circumstances permit. Any potential future dividend payment will be determined by a General Meeting, based on the Board’s proposal. The shareholders can authorise the Board to increase the share capital or purchase the Company’s own shares at the Annual General Meeting. The General Meeting has authorised the Board to increase the Company’s share capital in connection with capital raises to finance the Company’s business. The mandates given at the General Meetings in 2025 were used in connection with the capital increase that the Company completed in March, April, June and December 2025, respectively. Further, an Extraordinary General Meeting held on 30 December 2025 authorised the Board to increase the share capital in connection capital raisings for the financing of the company's business, and in connection with acquisitions and mergers. The authorisation is valid until the annual general meeting in 2027, however no longer than until 30 June 2027. The General Meeting has also authorised the Board to increase the Company’s share capital in connection with the option programme for employees. This authorization is valid until the ordinary general meeting in 2027, but no longer than 29 April 2027 4. Equal treatment of shareholders Equal treatment of all shareholders is a core governance principle. Andfjord Salmon has one class of shares and is listed on Euronext Growth Oslo under the ticker ANDF. Each share carries one vote at the General Meeting. In situations where normal preferential rights shall be deviated from, the Board shall present the grounds for such a decision to a general meeting pursuant to the Norwegian Code of Practice for Corporate Governance. The Board does currently not have authorisation to acquire shares in Andfjord Salmon, on behalf of the Company. If applicable, any transaction the Company carries out involving its own shares shall be purchased through ordinary trade on Euronext Growth or at the prevailing share price if carried out in any other way. If the Board, on the basis of an authorisation from the general meeting, decides to carry out a capital increase in which existing shareholders’ preferential rights are waived, the reason for this will be given in the stock exchange announcement issued in connection with the capital increase. The justification shall specifically state how the principle of equal treatment of shareholders is safeguarded. 5. Shares and negotiability All Andfjord Salmon shares carry equal rights and are freely negotiable. The Company’s articles of association do not contain any form of restriction on negotiability. 6. General Meetings The interest of the Company’s shareholders is exercised at the General Meetings (GM). The Board strives to enable as many shareholders as possible to exercise their rights by participating and voting at the GM. The Annual General Meeting is usually held between the end of April and beginning of June. The meeting for 2026 is scheduled for 30 April 2026. General Meetings consider a vote on the following matters: • A doption of income statement and balance sheet. • Distribution of pr ofit or coverage of deficit pursuant to the adopted income statement and balance sheet as well as distribution of dividends. • Election of the Boar d of Directors. The General Meeting shall elect the Chair of the Board. • Other issues that pursuant t o the provisions of the Norwegian laws and Articles of Association are to be treated by the General Meeting. All shareholders with a known address registered in the Norwegian Central Securities Depository (VPS) will receive an invitation to the GM. The invitation is sent at least one week prior to the meeting. Other documents will be made available on Andfjord Salmon’s website. A shareholder may request a printed copy of documents relating to matters to be dealt with at the GM. The person who is a shareholder five business days before the GM (the record date) has the right to attend and vote at the GM. The deadline for shareholders to give notice of their intention to attend the meeting is one day prior to the meeting. Shareholders who are unable to attend the GM may vote by proxy. The proxy form is designed in such a way that voting instructions may be given for each item on the agenda. The Company will appoint a person who can act as a proxy for shareholders, if advance voting is not available. Chair of the Board, the chair of the nomination committee and the CEO are present at the GM, in addition to other Board members when appropriate. Andfjord Salmon has not deemed it necessary to require the presence of all members of the Board at the GM. The general meeting is able to elect an independent chairperson for the general meeting. All shares carry an equal right to vote at General Meetings. Resolutions at GMs are normally passed by simple majority unless otherwise required by Norwegian law. The minutes of the GM are made available on Andfjord Salmon’s website. 7. Nomination committee Pursuant to Andfjord Salmon’s Articles of Association, the Company shall have a nomination committee, which is elected by the general meeting. Andfjord Salmon’s nomination committee is called the “election committee”, but is in this document referred to as the “nomination committee”. The committee nominates candidates to chairperson, Board members, any deputy members to the Board, and members of the nomination committee. The nomination committee shall propose Board members for election at the GM, and ensure that the candidates possess the right qualifications and integrity to fulfil their obligations. The nomination committee shall also propose candidates for the nomination committee. As part of its nomination process, the committee will have contact with major shareholders, the Board and the Company’s Executive Management Team to ensure that the process takes both the Board’s and the Company’s needs into consideration. A justification for a candidate will include information on each candidate’s competence, capacity and independence. Further, the nomination committee submits proposals to the general meeting regarding remuneration of the Board and the nomination committee. Andfjord Salmon’s nomination committee currently consists of the following members, who were re-elected at the 2025 Annual General Meeting: Rode S. Rønning-Hansen (chair), Oddvar Fosse and Rita Karlsen. All members of the nomination committee are independent of the Board and the Company’s executive personnel. The nomination committee does not include any executive personnel or any member of the Company’s Board. Information regarding the committee members and its procedures is available on the Company’s website. Information about how input and proposals may be submitted to the committee is available on the Company’s website. The website also includes information about when such proposals must be submitted in order to be considered by the nomination committee. 8. Board of Directors, composition and independence Pursuant to Andfjord Salmon’s Articles of Association, the Company’s Board shall consist of more than five members. The current Board consists of eight members. The chairperson and Board members are elected by the GM. At the annual general meeting in 2025, the shareholders elected the following nine members to the Board: • Roger Br ynjulf Mosand (Chairperson, re-elected) • Ro y Bernt Pettersen (Director, re-elected) • K nut Roald Holmøy (Director, re-elected) • Kim Marius Str andenæs (Director, re-elected) • Gr o Skaar Knutsen (Director, re-elected) • A ntónio Serrano (Director, not up for election) • H anne Digre (Director, not up for election) • Bettina F latland (Director, re-elected) • P aul Jewer (Director, re-elected) On 10 October 2025, Gro Skaar Knutsen stepped down from the Board to assume an operational role within Andfjord Salmon’s large-scale construction activities at Kvalnes, Andøya. Andfjord Salmon strives to ensure that the Board has a composition necessary to safeguard the interests of its shareholders. The Board considers its composition to be diverse and competent with respect to expertise and capacity related to the Company’s objectives, main challenges and the common interests of all shareholders, including on sustainability topics. The Board consists of six men and two women.
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24 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 25 Roy Bernt Pettersen is a major shareholder in the Company. Kim Marius Strandenæs is employed by UFI AS, which is a large shareholder in Andfjord Salmon. António Serrano is employed by Jerónimo Martins Agro-Alimentar, S.A., which is the largest shareholder in Andfjord Salmon. Knut Roald Holmøy is CEO of Holmøy Group, which is indirectly one of Andfjord Salmon’s largest shareholders through Eidsfjord Sjøfarm AS. Paul Jewer is the CEO of High Liner Foods Inc, which is a large shareholder in Andfjord Salmon. All Board members are independent of the of the Company’s executive personnel. Further, three Board members – Roger Brynjulf Mosand, Bettina Flatland and Hanne Digre – are independent of the major shareholders. The Board does not include executive management. Information about each Board member is available on the Company’s website. All Board members apart from Knut Roald Holmøy, António Serrano, Paul Jewer and Hanne Digre own shares in the Company. None of the Board members hold share options, apart from Roger Mosand who holds 60,000 share options awarded at the general meeting in 2023. The options are vested over a period of two years. 9. The work of the Board of Directors The Board has the overall responsibility of overseeing the organisation, operation and management of Andfjord Salmon, whilst the CEO is responsible for day-to-day management. This means that the Board is responsible for organising the Company’s activities and establishing systems in order to ensure that Andfjord Salmon operates in compliance with laws and regulations, corporate governance guidelines and the guidelines defined in the Company’s Code of Conduct. The Board is also responsible for ensuring that the interests of shareholders and other interested parties are safeguarded in a satisfactory manner. The Board has prepared and adopted rules and procedures for the Board. The Board has an annual plan for its work to ensure that all important issues and business areas are covered, emphasising objectives, strategy, and implementation of the Company’s business plan in particular. The rules and procedures for the Board includes instructions to ensure that the Company’s impact on the economy, environment and people is managed adequately. The rules and procedures describe how the Board is responsible for reviewing and approving the organisation’s purpose, value and mission statements, strategies, policies and goals related to sustainable development, and delegate implementation of such matters to the Company’s management. The procedures also include stipulations to ensure that the Company has the necessary due diligence and other processes in place to identify and manage its impacts on the economy, environment and people, and ensure that the management of the Company engages with relevant stakeholders to support these processes. The rules and procedures for the Board also state how the Board and executive management shall handle agreements with related parties. The Board should also present any such agreements in their annual directors’ report. Further, If the chairperson of the Board is personally involved in matters of a material character, the Board’s consideration of such matters will be chaired by another member of the Board. At least annually, the Board reviews the Company’s sustainability performance, including material topics, key performance indicators and priorities going forward. The rules of procedures for the Board incorporates procedures on how potential agreements with related parties shall be handled. Andfjord Salmon does not have an audit committee as the Company is not considered a large Company or regulated by the Public Companies Act. Andfjord Salmon does not have a remuneration committee. As all Board members are independent of the Company’s executive personnel, it is the Board’s view that it is a suitable body to help ensure a thorough and independent preparation of matters relating to compensation paid to the executive personnel. The Board evaluates its own performance and expertise on an annual basis, including its role in overseeing the management of the Company’s impact on the economy, environment and people. The evaluation is submitted to the nomination committee. 10. Risk management and internal control The Board ensures that the Company has good internal control and appropriate systems for risk management in relation to the nature and extent of the Company’s activities. The Board’s work with internal control encompasses the Company’s corporate values and Code of Conduct. Andfjord Salmon has developed and implemented a management framework and internal control systems that are deemed appropriate for the Company’s size and operational maturity. The Board discusses and assesses the group’s risk exposure, systems, routines, and internal control to mitigate such risk on an annual basis. Internal control procedures, limiting authorisations, organisational changes and increased reporting are part of the improvements. Procedures have been established for the regular reporting of financial statements. Furthermore, management regularly reports to the Board on the progress of the Company’s development and other operational processes. As part of ongoing risk management efforts, the Board and executive management carry out specific risk reviews of major investments and contracts. As part of the annual budget and strategy process, the Board and executive management conduct an annual review to discuss and identify external and internal opportunities for and threats to the group. In addition, the Board carries out a thorough review of the Company’s financial status in the annual Directors’ Report. 11. Remuneration of the Board of Directors Remuneration of the Board is determined by the GM, based on recommendations from the nomination committee. The recommendations are normally linked to the Board members’ responsibilities, competence and time commitment, taking the Company’s size and complexity into consideration. The remuneration is not linked to the Company’s performance. The annual general meeting has awarded 60,000 share options to chairman Roger Brynjulf Mosand. The stipulation that members of the Board should not be granted share options is founded on an assumption that this may weaken the Board’s independence. The Board has considered this when developing Mosand’s option programme, which has been designed to secure the long-term commitment of Mosand. For example, the exercise date is set to 1 January 2027 at the earliest and 29 December 2029 at the latest. Consequently, it is the Board’s view that the option programme sufficiently aligns Mosand’s interests with the long- term interests of all other shareholders. Moreover, Mosand also owns shares in Andfjord Salmon, which ensures further alignment with Andfjord Salmon’s shareholders. Members of the Board, including companies with whom they are associated, are usually not given separate assignments by Andfjord Salmon in addition to their function as directors. Any such assignments will be based by approval from the Board. The stipulation that members of the Board should not undertake additional assignments for the Company is based on the need for members of the Board to be independent of the Company’s executive personnel. However, Board member Kim Marius Strandenæs, who has extensive capital markets experience, and chairman Roger Brynjulf Mosand with his extensive aquaculture industry experience, have during 2025 supported the Company’s administration with specialist competence and capacity related to Andfjord Salmon’s financing and business development processes. The Board considers it of value to all shareholders that Board members, who have in-depth knowledge of Andfjord Salmon, can provide specific and clearly defined strategic and operational support to the Company’s administration, which remains small in size in line with the Company’s objective of running a cost- effective operation. Any remuneration in addition to normal directors’ fees is specified in Andfjord Salmon’s annual report. 12. Salary and other remuneration of executive personnel The Board determines the principles applicable to the Company’s policy for compensation of executive management. The Board is directly responsible for determining the CEO’s salary and other benefits. The CEO is, in consultation with the chairperson of the Board, responsible for determining the salary and other benefits for the Group’s other senior executives. As Andfjord Salmon not a public Company governed by the Public Companies Act, the Company is not required to prepare guidelines for the remuneration of executive personnel. The Board’s view on management compensation is that it should be competitive and motivating, but not above observed market levels, and help ensure that the executive personnel and shareholders have convergent interests. Management compensation consists of a fixed sum base salary and share options. The Board has adopted a framework for assessment and potential award of annual performance-related bonuses for executive
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SEAWATER DEPHT TEMP. NATURAL FLOW 100 % 50 m. 7–14°C 26 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 27 personnel. Variable pay is limited to a certain percentage of the base salary. 13. Information and communication Andfjord Salmon’s reporting and communication policy takes into account the requirement for equal treatment of all stakeholders in the financial markets, and the Board shall disclose financial and other information with due regard to the requirements of equal treatment of participants in the securities market. To facilitate this, the Company has established guidelines for reporting of financial and other information. The purpose of these guidelines is to ensure that timely and correct information is made available to shareholders and other stakeholders. A financial calendar and other shareholder information, including the Company’s investor relations policy, is available on the Company’s website. All information distributed to the Company’s shareholders is published simultaneously on the Company’s website and at Newsweb.no (Oslo stock exchange’s distribution channel). 14. Take-overs The Company’s Articles of Association do not include defence mechanisms aimed towards take- over bids, nor are any other obstacles implemented with the objective of reducing the trade and/or transferability of the Company’s shares. The shares are freely negotiable. Transparency and equal treatment of the shareholders are fundamental principles the Company adheres to. No additional principles have been established for how Andfjord Salmon will or should act with respect to takeover bids, but the Board will act in accordance with applicable regulations as well as the general principles of the stock market if such a situation should occur. 15. Auditor The external auditor is independent in relation to Andfjord Salmon and elected by the Annual General Meeting. The auditor’s fee is approved by the GM. The auditor conducts a yearly meeting with the Board in connection with the review of the annual accounts. The Company’s internal control systems and risk management procedures related to financial reporting and sustainability reporting are addressed in the same meeting. The Board reviews the yearly audit plan with the auditor together with identified weaknesses and suggestions for improving the Company’s internal control. It has not been deemed necessary by the Board to implement additional guidelines regarding the use of the auditor for services other than auditing.
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28 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 29 Nature of the enterprise Andfjord Salmon is developing and operating the aquaculture industry of the future and has an ambition of operating a fish-friendly and sustainable aquaculture facility. The benefits of both sea and land-based salmon farming are combined to achieve this. The result is a high level of salmon welfare and sustainable production by using Arctic seawater in land-based pools. Andfjord Salmon is a Norwegian Company that was established in Andøy municipality in 2014. The Company is developing production facilities and operating premises on Andøya. The Company is currently developing the Kvalnes site, which has a long-term production volume potential of approximately 48,000 tonnes (HOG + post- smolt). Andfjord Salmon has also secured coastal properties at Fiskenes and Breivik on Andøya for future expansion. In total, the Company has a long-term ambition of an annual production of approximately 90,000 tonnes HOG from all three sites. Overview of the annual financial statements The financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS®) as endorsed by the European Union (EU). Andfjord Salmon consists of parent Company Andfjord Salmon Group AS and two subsidiaries, Andfjord Salmon AS and Andfjord Salmon Midco AS, together “the Group”. Loss before income tax for 2025 was NOK 104.1 million for the Group, compared to a loss of NOK 67.9 million in 2024. In 2025, the Company employed 27 full-time equivalents and employee benefit expenses amounted to NOK 24.1 million after capitalisation of expenses related to construction. Depreciation and amortisation expenses were NOK 36.3 million in 2025, while other operating expenses totalled NOK 59.3 million. The loss is in line with the Board’s expectations for the current phase of the Company. Focus in 2025 has been on developing the Kvalnes land-based aquaculture facility, including construction of the four next pools and associated pool infrastructure, plus shared infrastructure – such as waterways and harbour area – to support a future total annual production capacity of approximately 48,000 tonnes HOG + post-smolt at Kvalnes. On 30 September 2025, Andfjord Salmon released approximately 350,000 smolt with an average weight of around 180 grams into pool K0. On 10-12 November, around 750,000 smolt with an average weight of approximately 160 grams were released into pool K1. The Group generated sales revenue in 2025 of NOK 815 thousand, which were fish remaining from the first production cycle that was harvested in 2023. Net cash flow from operating activities was NOK -178.6 million, while operating loss was NOK -116.5 million. The Group’s cash flow from investment activities was NOK -1,730 million, which is related to construction of four new pools and associated area infrastructure at Kvalnes. Net cash flow from financing activities was NOK 2,015 million in 2025. BOARD OF DIRECTORS REPORT
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30 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 31 Total assets at the end of 2025 were NOK 4,764.6 million for the group. Total non-current assets were NOK 4,458.2 million, which consisted of investments in property, facility and equipment at Kvalnes, property at the Breivik and Fiskenes locations and intangible assets of NOK 39.7 million. Since its inception in 2014, the group has carried out research and development that has resulted in a patented solution that has been implemented in the first pool. Direct expenses for equipment and external consultants in connection with development of the solution are entered in the balance sheet as intangible assets. Direct expenses related to the patent itself are also accounted for as an intangible asset. Current assets mainly consist of biological assets, bank deposits and current receivables. RISK FACTORS Market risks Liquidity risk Andfjord Salmon has utilised various sources of financing to support the construction of four new pools (K1-K4), which will increase annual production capacity to 11,000 tonnes (HOG + post- smolt), and infrastructure including waterways and a harbour area which will support a future production capacity of 48,000 tonnes per year. The Group has secured a NOK 1.3 billion bank loan facility from a consortium consisting of Sparebank 1 Nord-Norge, Sparebank 1 Sør-Norge, Sparebank 1 SMN and Eksfin, plus a bond loan of NOK 750 million. At the end of 2025, the Group had cash and cash equivalents of NOK 166 million. This figure does not include an undrawn construction loan of NOK 400 million or an undrawn credit facility of NOK 120 million. The latter can be further expanded as standing biomass increases. The Group also has allowance from lenders for leasing financing of up to NOK 175 million. The Group’s growth strategy and future plans are capital intensive and dependent on further future financing to continue to increase the production capacity beyond 11,000 tonnes yearly. The strong biological results achieved in 2025 and into 2026 put the Group in a stronger position to cover necessary future financing requirements. Currency risk The salmon market is international and the group is exposed to currency risk in relation to sales income. In the future, currency hedging will be used to reduce such exposure. Interest rate risk The group is exposed to fluctuations in interest rate levels through interest-bearing debt. Total interest- bearing debt at the end of 2025 was NOK 1,592.5 million. Liquidity reserves are deposited on bank accounts and are thus exposed to interest rate fluctuations. Credit risk The group is currently exposed to credit risk through the placement of surplus liquidity in Norwegian regulated banks. Customer receivables are limited in the current phase. Leverage risk The Group’s financial position is exposed to risks associated with leverage, including sensitivity to changes in market interest rates, refinancing requirements, and covenant compliance. Increases in market rates may adversely affect financing costs and cash flows. Furthermore, the Group’s liquidity position and ability to meet its financial obligations depend on access to adequate funding and the successful refinancing of existing facilities as they fall due. Failure to comply with financial covenants under current or future loan agreements may result in increased financing costs, requirements for additional security, or, in the worst case, cancellation or acceleration of loans. Collectively, these factors may limit the Group’s financial flexibility and could have a material adverse effect on its financial condition and performance. Price risk Andfjord Salmon’s future income will depend on developments in the spot price for salmon, and these prices have historically been volatile. As such the Company is exposed to movements in supply and demand for salmon. Cybersecurity risk Andfjord Salmon depends on IT systems throughout the Company’s operations. The risk of falling victim to a cyberattack is rising to companies in general. Disruptions to critical systems could negatively affect Andfjord Salmon’s ability to operate safely and effectively. Pandemic risk Pandemics may impact Andfjord Salmon and the economy at large. For example, the long term impact on the global economy may result in impairment of assets and future decrease of the market as consumers change their habits and investors reduce their investments. Further, personnel may not be able to work due to illness, quarantines, travel restrictions and social distancing causing a shutdown of operations of the Company and its suppliers. Climate risk Management has assessed the potential effects that climate-related matters may have on Andfjord Salmon’s operations and financial results. We have both assessed physical climate risks, i.e. risks that often involve economic ramifications resulting from climatic events such as extreme weather and long-term environmental changes, and transitional climate risks, i.e risks that relate to regulatory changes, shifts in consumer behaviour and technological advancements. Andfjord Salmon is exposed to both physical risks and transitional risks. However, physical risks have the greatest impact on the group, both in a low- emission and a high-emission scenario. The biggest climate-related risk is linked to our supply chain and specifically feed supply. Additionally, temperature changes (both warmer and colder weather) can have an adverse effect on fish health and product quality. Our closed, land- based pools means that we are well equipped to meet potential challenges, and can also generate some opportunities. We are continuously exploring additional opportunities to withstand physical climate risks, such as converting our own fish sludge into an energy source or the utilisation of new feed ingredients. . The biggest transitional risks are linked to potential policy and legal changes, as well as reputational risks for the industry in general, which can indirectly impact the group. Proactive planning, an integrated strategy and a corporate culture that focuses on transparency and disclosure – and far exceeds legal requirements –reduce the impact of transitional risks. Legal risk Andfjord Salmon has announced that the company has submitted a substantial claim against former main contractor AF Hæhre & Contur Ans, which in turn has presented claims of unpaid invoices to Andfjord Salmon. Andfjord Salmon expects that this matter will develop into formal litigation, and it is inherent in any legal proceeding that the outcome cannot be predicted with certainty. Going concern The accounts have been prepared under the assumption that the companies the Group are a going concern. In accordance with Section 3-3a of the Norwegian Accounting Act, the Board confirms that the companies and the Group fulfil the requirements necessary for them to continue to operate as a going concern. The Board bases this on the Group’s financial position. Working environment The Board considers the group’s working environment to be good. No special measures have been implemented to improve the working environment. Registered sickness absence was 2.88% in 2025, while sickness absence in 2024 was 2.97%. The Group has not had any accidents or incidents in 2025 that have led to personal injuries. Future outlook The Group holds a fish farming licence of 10,000 tonnes MAB and expects to reach a total annual production volume of 23,700 tonnes (HOG + post smolt) at Kvalnes under the current production license. One new pool (K1), plus infrastructure to the previous pilot pool (K0) were completed in 2025. The next three pools – K2, K3 and K4, will be completed in 2026, which will lead to a production capacity of 11,000 tonnes. There are also plans to further develop the Kvalnes site to a total production capacity of 48,000 tonnes per year. Waterways to support this production volume is completed. Further, the group has secured rights to coastal properties at Fiskenes and Breivik on Andøya, enabling a potential future production of more than 90,000 tonnes HOG. The Board considers the future prospects to be good. Successful biological results have strengthened the Company’s position significantly. The land-based facility at Kvalnes will continue to be the Company’s main focal point in the coming years. However, the Company is also working on regulation of the Fiskenes and Breivik sites and will apply for a licence for 20,000 tonnes MAB (25,000 tonnes HOG) for each of the locations. The zoning plan for Breivik was approved by the local municipality in 2022. Andfjord Salmon benefits from the well-developed salmon farming industry in the Vesterålen area, where the necessary infrastructure with sufficient capacity and expertise has already been
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32 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 33 established. This makes it possible to have a fully integrated value chain, from smolt production and salmon farming to sales and distribution to end customers. The Group’s financial position and outlook is primarily dependent on the price of farmed salmon and the level of production costs. Historically, the market price of farmed salmon has been subject to market fluctuations. Andfjord Salmon’s flow-through concept requires low energy consumption. Due to the facilities’ unique location directly adjacent to the Gulf Stream, the Company has access to water at very favourable temperatures year-round. Inlet water is sourced at 50 meters below the levels inhabited by salmon lice. Salmon lice treatment represents a significant production cost in sea based salmon farming, and avoiding this gives a significant production cost advantage compared to traditional sea-based farming. The Company is largely dependent on maintaining its current licence and being awarded new licences in order to develop the business in the future. Corporate governance Andfjord Salmon has prepared a report on corporate governance that is included in the annual report, which is available on the Company’s website. Although the Company is not subject to the Norwegian Code of Practice for Corporate Governance, it aims to comply with the principles of the recommendations. The report on corporate governance sets out the Company’s status in relation to the recommendations. Gender equality and discrimination In 2025, 27 full-time equivalents were performed by employees of the group. At the end of the year, the Board consisted of eight members, of which two are females. At the end of 2025, the Group had 31 employees in total, of which nine are women. Based on an assessment of the size of the Group, the number of employees and job categories, the Board has not found it necessary to take further action with respect to gender equality at this time. However, Andfjord Salmon is keen to further increase the share of female employees, both in senior positions and in the Group in general. Andfjord Salmon shall strive to be a workplace where there is full gender equality between women and men, and it shall ensure that there is no discrimination based on gender. More information on the status of gender equality in the Company can be found in the ESG report, which is part of the annual report available on the Company’s website. The natural environment The Group does not pollute the natural environment to any significant extent in its current phase, but it has nevertheless implemented environmental measures in connection with the development at Kvalnes. It is a clear goal that the business shall have the smallest possible environmental footprint. Biological waste from the facility is captured and refined as a commercial resource, limiting discharges from the facility. The Company has prepared a separate ESG report as part of the annual report, which contains a detailed account of how it works towards achieving sustainability goals. Other matters Andfjord Salmon performs evaluations and assessments of suppliers in line with the Transparency Act. The Group will publish an updated statement on due diligence assessments on its website by the end of June 2026. The Group has taken out insurance for the Board members and the CEO for their possible liability to the group and third parties, with an insurance sum of NOK 600 million. The Board does not know of any other matters of importance to consider the Group’s position and profit/loss, other than those presented in the annual financial statements and notes to the annual financial statements. No matters have arisen after the end of the financial year that have an impact on the Board’s assessment of the annual financial statements. We hereby confirm that it is our sincere conviction that the financial statements for the period 1 January to 31 December 2025 have been prepared in accordance with the provisions and good accounting practices set out in the Norwegian Accounting Act, and that the information in the financial statements provides an accurate picture of the Company’s and the Group’s assets, liabilities, financial position, and profit/loss as a whole. We hereby confirm that the annual report provides an accurate overview of the development, annual profit/loss and position of the Company and the Group, together with a description of the most important risks and uncertainties the enterprise is facing. Roger Brynjulf Mosand Chair Roy Bernt Pettersen Director António Serrano Director Hanne Digre Director Knut Roald Holmøy Director Bettina Flatland Director Kim Strandenæs Director Paul Allan Jewer Director Martin Rasmussen CEO Andøy 13 April 2026
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34 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 35 SUSTAINABILITY STATEMENT
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GENERAL INFORMATION First sustainability report published 2020 First systematic stakeholder dialogue and materiality assessment conducted Second sustainability report publis- hed, in accordance with the 2018 GRI Standards. Completed climate risk assessment Completed financial materiality assessment Sixth sustainability report published, in accordance with the 2021 GRIStan- dards and with reference to the ESRS Standards 2025 Updated systematic stakeholder dialogue and double materiality assessment Fifth sustainability report published, in accordance with the 2021 GRI Standards and with reference to the ESRS Standards 2024 GRI 13 assessment of sustainability topics Fourth sustainability report published, in accordance with the 2021 GRI Standards 2023 Carbon accounting through CEMAsys established Third sustainability report published, in accordance with the 2018 GRI Standards 20222021 36 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 37 General basis for preparation of the sustainability statement (BP-1) General basis for preparation of the sustainability statement Since 2021, Andfjord Salmon has prepared sustainability statements on an annual basis, where the purpose is to inform our stakeholders about our sustainability efforts and offer a clear and transparent picture of our activities. The sustainability statement is prepared on a consolidated basis, where the scope is the same as for our financial statements. The sustainability statements have not been externally assured. The sustainability statement covers our upstream and downstream value chain (see full value chain model on page 16). Our sustainability statement is structured in four main parts: General information, Environment, Social and Governance. Disclosures in relation to specific circumstances (BP-2) Referring to our company strategy, we use the following time horizons: • S hort-term: within the next 12 months • M edium-term: 1-5 years • L ong-term: More than 5 years We rely on upstream value chain data for our carbon accounting. The information is considered accurate and reliable, and we have not identified any sources that are subject to a high level of measurement uncertainty. We have previously prepared our sustainability statement in accordance with the 2021 Global Reporting Initiative (GRI) reporting standard. Although we are not subject to the Corporate Sustainability Reporting Directive (CSRD), the 2024 sustainability statements have been prepared with reference to the European Sustainability Reporting Standards (ESRS). There are no restatements of information from previous reporting periods. BP-1 & BP-2 BASIS FOR PREPARATION
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The role of the administrative, management and supervisory bodies (GOV-1) O ur Board is composed of eight members (five male and three females). Detailed information on composition, independence and the work of the Board can be found in the corporate governance statement, sections 8 and 9. Our sustainability performance is governed by the Board. The Board is responsible for ensuring that the interests of shareholders and other interested parties are safeguarded in a satisfactory manner. The Board has prepared and adopted rules and procedures for the Board. The Board has an annual plan for its work to ensure that all important issues and business areas are covered, emphasising objectives, strategy, and implementation of the business plan in particular. The Board regularly reviews our sustainability performance, including material topics, key performance indicators and priorities. The Executive Management Team is composed of four members. Information on their background and experience can be found in their CV’s. The Chief Financial Officer (CFO) is responsible for the follow- up of sustainability activities and reports back to the rest of the Executive Management Team and the Board, who evaluate the results. Information provided to, and sustainability matters addressed by the Executive Management Team and Board (GOV-2) The CFO oversees our overall sustainability progress and provides updates to the rest of the Executive Management Team and Board on a need-to know basis. Progress is assessed based on existing policies, goals, targets, and actions. The primary report to the Board is the annual report. If required, critical issues related to our significant environmental and social impacts may also be raised and communicated to the Executive Management Team and Board on a need-to-know basis. No critical concerns were communicated to the Board during the reporting period. Integration of sustainability-related performance incentive schemes (GOV-3) There are currently no incentives schemes related to sustainability matters offered to members of the Board or the Executive Management Team. Statement on due diligence (GOV-4) We carry out various due diligence processes to identify impacts, risks, and opportunities (IROs) across our value chain. We rely on third-party suppliers, which means that we are directly and indirectly exposed to supply chain risks, including human rights breaches. In line with the OECD guidelines for multinational enterprises, we conduct due diligence of new suppliers and business partners following our own procedures. In 2024 we started preparing a double materiality assessment (DMA) to map sustainability-related impacts, risks, and opportunities. Key internal stakeholders from all business areas are involved in this process, allowing for a comprehensive evaluation and prioritisation of sustainability issues. Additionally, we perform an annual human rights risk assessment in accordance with the Norwegian Transparency Act. This assessment considers factors such as sector and geographies to identify potential human rights risks in our supply chain. Risk management and internal controls over sustainability reporting (GOV-5) We have developed and implemented a management framework and internal control systems that are deemed appropriate for our company’s size and operational maturity. The Board oversees the risk governance structure, with ownership by the CEO, supported by relevant functions. Material risks are reviewed by the Executive Management Team, where mitigation strategies are defined and implemented. GOV-1 to GOV-5 GOVERNANCE Core elements of due diligence Sections in the report a) Embedding due diligence in governance, strategy and business model Transparency Act statement section 2.0: “Embedding due diligence in governance, strategy and business model” b) Engaging with affected stakeholders in all key steps of the due diligence Transparency Act statement section 3.0: “Engaging with affected stakeholders in all key steps of the due diligence” c) Identifying and assessing adverse impacts Transparency Act statement section 4.0: “Identifying and assessing adverse impacts” d) Taking actions to address those adverse impacts Transparency Act statement section 4.0: “Identifying and assessing adverse impacts” e) Tracking the effectiveness of these efforts and communicating Transparency Act statement section 6.0: “6.0 Tracking the effectiveness of efforts and communicating” 38 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 39
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Stakeholder identification By stakeholders we mean those who can affect or be affected by our activities, or users of sustainability statements (such as lenders, trade unions and analysts). Our main stakeholder groups were first identified in a workshop in 2021 and then re-assessed in 2024 by an interdisciplinary working group representing Finance, Sustainability, Sales, and HR. Our key stakeholder groups are: • Employees • S hareholders (including members of the Board) • Civil society • Government • Suppliers Stakeholder dialogue Having an ongoing dialogue with relevant stakeholders strengthens our relationship with the society in which we operate, and allows us to detect, investigate and manage potential risks arising in our immediate surroundings. We first conducted systematic stakeholder dialogue in 2021 and have resumed systematic interviews with selected stakeholders in 2024. The selection of stakeholders is based on each stakeholders’ relevance. For practical reasons, we have conducted desktop research to identify the interest of certain stakeholder groups, mainly governmental authorities. For the rest of the stakeholders, the interviews were conducted via Teams. The outcome of the stakeholder dialogue was summarised and presented to the Executive Management Team, as part of the DMA, see next chapter for more information. SBM-2 INTEREST AND VIEWS OF STAKEHOLDERS Stakeholder group Relevance Arena for dialogue 2024 stakeholder dialogue Employees We have a direct impact on and are also directly impacted by our employees and access to skilled labour. • Meetings (incl. all-hands-meetings) • Intranet, website and Teams • Phone / e-mail-correspondence • Annual report • Newsletter • Direct dialogue Shareholders and Board of Directors Shareholders and Board members drive our priorities and stra- tegy, including our sustainability approach. • Website • Presentations (company and quarterly presentations) • Reporting • Meetings (Board meetings, AGM and other information meetings) • Media and other public channels • Newsletter • Direct dialogue Civil society We have a direct and indirect impact on civil society and local value creation. • Meetings (private and public) • Media and other public channels • Annual report • Newsletter • Direct dialogue Government The government and local authorities have a direct impact on us through legislation and regulations. • Meetings (industry and local meetings) • Capital Markets Day • Reporting • Audits • Phone / e-mail correspondence Customers Customers drive our priorities and strategy, especially on sustainability topics. We also indirectly impact customers by providing information about fish health and sustainable fish farming. • Phone / e-mail correspondence • Meetings • Trade fairs Suppliers We are dependent on suppliers and business partners for distribution and can also directly and indirectly impact suppliers and business partners through our guidelines and strict requirements. • Phone / e-mail correspondence • Meetings • Trade fairs Yes No (desktop research) 40 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 41 Table 2: Key stakeholders and dialogue EMPLOYEES CUSTOMERS SHAREHOLDERS /ampersand.cap BOARD OF DIRECTORS CIVIL SOCIETY GOVERNMENT SUPPLIERS
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Andfjord Salmon’s material impacts and opportunities have been assessed to be from the topical standards E1 Climate change, E4 Biodiversity, E5 Circular economy, S1 Own workforce, S3 Affected Communities, S4 Consumers and end-users and G1 Business conduct. Risks were also evaluated as part of the double materiality assessment (DMA), but none of the risks listed were perceived as material to the company. The table below briefly describes our material impacts and opportunities, including where in our value chain they are concentrated. More information on how we respond or plan to respond to the effects of the impacts and opportunities are included in the topical sections of this sustainability statement. SBM-3 MATERIAL IM PACTS, RISKS AND OPPORTUNITIES 42 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 43
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Material topics Material sub-topics IRO description IRO type Time horizon Value chain E1 Climate change Climate change mitigation Andfjord Salmon can have a negative impact on climate change mitigation, main- ly through GHG emissions associated with transportation to/from the company’s site, and the use of fish feed as this is based on soy that can potentially lead to deforestation (rainforests are important "carbon sinks"). On the other hand, Andfjord Salmon has designed its own feed which is less dependent on soy than other products currently on the market (soy is replaced by other ingredients), and the combination of its flow-through method and specially designed feed enables a low feed conversion ratio, meaning that fish efficiently convert feed into body mass. Impact (negative), opportunity Short-, medium-, long-term Upstream, own organisation, downstream Energy Andfjord Salmon has designed and patented a flow-through fish farming concept that is very energy efficient compared to existing RAS technology. Not only does this mean that the company has a low energy use, but it is also a cost-effective way of condu- cting land-based fish farming. Opportunity Short-, medium-, long-term Own organisation E4 Biodiversity Direct impact drivers of biodiversity loss Direct drivers of biodiversity loss are changes in land/sea use, overexploitation, climate change, pollution, and introduction of invasive alien species. Land use change is often considered the biggest single threat. Andfjord Salmon's pool design / infrastructure makes it possible to produce high volumes (which is necessary to meet the global food demand) within a smaller area (less land-use). Soy production for fish feed significantly drives deforestation in South America, thre- atening biodiversity. Andfjord Salmon is less dependent on soy than other products currently on the market (soy is replaced by other ingredients), and the combination of its flow-through method and specially designed feed enables a low feed conversion ratio, meaning that the fish efficiently convert feed into body mass. Impact (positive), opportunity Short-, medium-, long-term Own organisation Impacts on the state of species The escape of farmed fish from net pens is perceived as a threat to natural biodiversity in Europe's marine waters. Our land-based facilities and technology provide robust barriers, meaning that the risk of escape is close to zero. Andfjord Salmon is currently exploring the opportunity for the company to engage in post smolt production. If successful, this can mitigate negative impact for ocean-ba- sed fish farmers (the fish will have shorter exposure time for lice and algae in the ocean) and can also lead to extra income (financial opportunity). Impact (positive), opportunity Medium- and long-term Downstream E5 Circular economy Resource outflows, related to products and services Fish sludge negatively impacts the environment through nutrient pollution (nitrogen, phosphorus) leading to eutrophication, harming benthic life, and potentially releasing contaminants like heavy metals into marine ecosystems, while untreated sludge poses risks for soil/water contamination and pathogen transmission. Andfjord Salmon has installed a sludge treatment system and is participating in a research project where the company's fish sludge is utilised to produce biogas. The extraction of phosphorus and nutritional salts from the fish sludge can also be used in the production of fertilisers. Impact (positive) Short-, medium-, long-term Own organisation, downstream Material topics Material sub-topics IRO description IRO type Time horizon Value chain S1 Own workforce Working conditions Andfjord Salmon is dependent on and has succeeded with attracting highly competent people. Employees (including management) and board members have the knowledge and experience to build a successful company, including a thorough understanding of biology, sustainability and land-based fish farming. Opportunity Short-, medium-, long-term Own organisation S3 Affected communities Local value creation (no corresponding ESRS sub-topic) Andfjord Salmon is located in the small community of Andøy in Vesterålen, Norway. Such communities are often vulnerable to loss/lack of qualified personnel, as many young inhabitants will move to places where job opportunities are better and social life richer. The company has a positive impact on local value creation, through the hiring of local talents and people outside the active workforce, through the payment of taxes to local authorities and through buying goods and services from local suppliers, which contri- bute to economic growth in the region. Impact (positive) Short-, medium-, long-term Own organisation S4 Consumers and end-users Social inclusion of consumers and end-users World food access is a critical issue. Andfjord Salmon can have a positive impact on food safety, and the product is also healthy and high-quality. Impact (positive) Short-, medium-, long-term Own organisation G1 Business con- duct Animal welfare Ensuring good fish health and welfare is both an ethical responsibility and the most im- portant factor in achieving good growth, higher quality, and lower costs. A continuous water flow from a deepwater intake ensures that our salmon get access to seawater from where salmon lice and poisonous algae normally do not reside. We conduct regular health checks, have implemented soft protection of pools and developed a feed that is healthy and that the fish really likes. By ensuring good animal welfare and being transparent about our methods, we believe that we can not only mitigate risks but also have a positive influence on the industry. Impact (positive), opportunity Short-, medium-, long-term Own organisation Political engagement and lobbying activities Andfjord Salmon keeps a close dialogue with authorities and the local community in Andøya, where the purpose is to positively impact framework conditions for the industry while also sharing knowledge that can contribute to a more responsible and sustainable fish farming industry. Impact (positive) Short-, medium-, long-term Own organisation 44 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 45
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46 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 47 IRO-1: Description of the process to identify and assess material impacts, risks and opportunities Andfjord Salmon undertook its first materiality assessment in 2022, to identify the company’s positive and negative, actual and potential sustainability impacts. The process was carried out following the guidelines of the Global Reporting Initiative (GRI) Standard and the Euronext Sustainability Guidelines. In this process, Andfjord Salmon’s management team did a stakeholder mapping and conducted several stakeholder interviews (see disclosure SBM-2 Interest and views of stakeholders for more information) and met in a series of workshops to discuss its findings. The main objective was to identify the company’s business impact (across all locations, and directly or indirectly as a result of the company’s business relationships). Since 2020, the list of material topics and related reporting disclosures have been discussed as part of Andfjord Salmon’s annual reporting processes where minor adjustments have been made. Regarding human rights specifically, Andfjord Salmon is conducting a due diligence assessment annually as part of its obligations under the Norwegian Transparency Act. For more information about this process and the company’s human right impacts, please refer to the separate Transparency Act statement (appendix 1). The company is also voluntarily reporting on the Norwegian Activity Duty on diversity and equality, and the report can be found in appendix 2. Double materiality assessment Although not subject to the Corporate Sustainability Reporting Directive (CSRD), Andfjord Salmon initiated a double materiality assessment (DMA) in 2024, which was concluded in 2025. The DMA was carried out in line with the European Sustainability Reporting Standard (ESRS) and specifically the steps outlined in ESRS 1 General Requirements, Chapter 3. As the general starting point of the DMA is the impact assessment (ESRS 1, Chapter 3.3), Andfjord Salmon started the process by revisiting the list of material topics already identified and organised them in line with ESRS topics and sub-topics. In this process, the impact of each topic was carefully re-evaluated considering its scale and scope, and for negative impacts; its irremediability. When evaluating scale, scope and irremediability, the company used a 1-3 scale, giving a total score between 3-9 for negative impacts, and between 2-6 for positive impacts. Negative impacts scoring >7 were considered material, while for positive impacts the score had to be >6. In 2025, Andfjord Salmon’s management team conducted a financial materiality assessment to find out whether a sustainability matter was material from a financial perspective (i.e. if it triggers or could reasonably be expected to trigger material financial effects on the company). As dependencies on natural, human and social resources can be sources of financial risks or opportunities, this was the starting point of the discussion. The working group listed all dependencies (i.e. resources that Andfjord Salmon relies on and in what way), before identifying risks linked to each of them. The financial materiality workshop resulted in a list of risks and opportunities that were scored based on their probability of occurrence and the potential consequence, using a 1-3 scale. All risks and opportunities scoring >7 was determined as material to the company. While several opportunities met this thresholds, none of the risks listed were considered serious enough to be further included in the DMA. The DMA resulted in a list of material sustainability topics (see disclosure SBM-3 Material impacts, risks and opportunities) that was later approved by the company’s Board. All topics confirmed previous analysis, however, the S4 Consumers and end-users topic has been added to the list as of 2025. The background for this is that the company is now moving into a second phase where the interests of this stakeholder group will become more important. The outcome of the double materiality assessment will be reviewed regularly based on changes to Andfjord Salmon’s strategy, business model and other external factors.
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48 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 49 ENVIRONMENT
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50 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 51 E1 CLIMATE CHANGE Material impacts, risks and opportunities (ESRS 2 SBM-3) Climate change mitigation: Andfjord Salmon can have a negative impact on climate change mitigation, mainly through GHG emissions associated with transportation to/from the company’s site, and the use of fish feed as this is based on soy that can potentially lead to deforestation (rainforests are important "carbon sinks"). On the other hand, Andfjord Salmon has designed its own feed which is less dependent on soy than other products currently on the market (soy is replaced by other ingredients), and the combination of its flow-through method and specially designed feed enables a low feed conversion ratio, meaning that fish efficiently convert feed into body mass.Our Scope 1 and Scope 3 emissions are generally low. We are not reliant on any fuels to operate our pools, and we do not own any production equipment that is emission intensive. We do not own any company cars but have some business travel activities, mostly within Norway. Scope 1 and Scope 3 emissions are therefore mainly linked to the construction of four new pool pits at Kvalnes. For example, our pools are made of concrete which produces significant amounts of carbon dioxide. Energy:Fish farming on land and at sea usually requires a significant amount of energy for feeding, water circulation, lifting, moving and transportation, which can negatively affect the climate. Many of the current land-based facilities for fish farming rely on water recycling as the standard technology (Recirculating Aquaculture Systems – RAS). Such systems require significant amounts of energy in order to remove ammonia, particulate matter and CO2. A high energy consumption is not only negative for the environment but can also put restraints on the energy consumption of others. Energy consumption occurs throughout our value chain and is primarily linked to the provision of energy to the fish pools and use of office buildings. For our offices, we rely on a waterborne heating system and a heat exchanger. For the fish pools, we use technological progress to be as energy efficient as possible. Our concept is based on flow-through technology which does not require energy to lift, clean, cool or heat up the water, meaning that there is no need for an energy intensive water treatment plant. As a result, our fish farming facility has low energy consumption. For example, for our first full production cycle which was completed in 2023, we utilised approximately 1 kWh of energy to produce 1 kilogram of salmon. This is significantly lower than most of our land-based peers. Through such technological innovations, we aim to have a positive impact on this topic. Policies (E1-2) Andfjord Salmon is committed to sustainable aquaculture and recognises the urgent need to address climate change. The company’s ambition is to minimise greenhouse gas (GHG) emissions across all aspects of our operations, while promoting transparency, innovation, and continuous improvement. In 2025, we established a climate policy specifically outlining our commitment to climate change mitigation including energy use and across our entire value chain including production, transportation, travel activity, office operations and construction. The general principles state that Andfjord Salmon shall: • Ensur e that operations have a minimal impact on climate, • Utilise climate-friendly technology wher e possible, and • Resear ch the opportunity of replacing traditional energy sources with renewable energy. The climate policy has not been published externally but is available through Andfjord Salmon’s Internal Control System. Progress will be reviewed annually and the policy updated as needed to reflect evolving best practices and regulatory requirements. Actions and resources in relation to climate change (E1-3) Our way of producing fresh salmon is highly dependent on the benefits of the natural environment that we operate in. Climate change is therefore a particular topic of concern to us, even though we have not identified a significant negative impact from our own operation. Since our inception, we have taken part in several projects aiming to combat climate change, for example RESIST, which is a project led by the independent research organisation SINTEF and that aims to improve ability of rural areas` to deal with climate change. Vesterålen is the sole Norwegian region taking part in the project due to its vulnerability to climate change. Other national partners include Vesterålsrådet, Museum Nord, and GAIA Vesterålen. The purpose of the RESIST project is to use technology, innovation, and science to develop regions that will remain sustainable in the face of climate change by conducting large-scale trials of climate adaptation innovations in 12 regions and by sharing knowledge and innovative solutions among the regions. The RESIST project has a budget of EUR 26.6 million, the equivalent of almost NOK 270 million, and has received EU funding through Horizon Europe’s EU Mission Adaptation to Climate Change programme. In 2025 Andfjord commenced operations in two pools, meaning that we will see both operations and construction reflected in our carbon accounting on page 48. To reduce emissions as much as possible, we have used own masses from the carve-out process for the production of concrete, which also means that we have significantly reduced emissions related to transport of masses. “As a business that is not only reliant on the ocean as a resource but also with a clear sustainability focus, the RESIST project was something that we wanted to commit to and take part in.” Stig Pettersen, Head of Public Affairs. Targets related to climate change mitigation and adaption (E1-4) We support the UN’s Sustainability Development Goal 9.4 to upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. We are currently in the process to establish short-, medium and long-term targets related to climate change mitigation and energy, that we will report on in future sustainability statements. Energy consumption and mix (E1-5) Energy consumption and mix (MWh) 2025 2024 2023 2022 Total fossil energy consumption 460.1 51.1 37.0 36.0 Consumption from nuclear sources 0 0 0 0 Total renewable energy consumption (market-based) 107.9 12.0 7.6 11.7 Total energy consumption 1985.0 872.7 971.0 1,088.0 Total energy consumption (GJ) 7146.0 3141.6 3495.7 3916.7 Table 4: Energy consumption and mix
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52 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 53 Gross Scopes 1, 2 and 3 and Total GHG emissions (G1-6) Carbon accounting is a crucial tool to identify tangible measures to reduce greenhouse gas (GHG) emissions. The carbon accounting covers Andfjord Salmon’s operations as well as emissions relating to certain upstream activities such as the construction phase. The input data is based on consumption data from internal and external sources, which are converted into tonnes of CO2 equivalents (tCO2e), using CEMAsys software. The report addresses the following greenhouse gases, all converted into CO2 equivalents: CO2, CH4 (methane), N2O (nitrous oxide), SF6, HFCs, PFCs, and NF3. The carbon accounting is based on A Corporate Accounting and Reporting Standard, an international standard developed by the Greenhouse Gas Protocol Initiative (GHG Protocol). The reporting standard is the most widely used and recognised international standard for measuring GHG emissions and is the basis for the ISO standard 14064-I. The company reports on Scope 1, direct energy use, Scope 2, electricity purchased (Nordic mix), and the following Scope 3 categories: • Categor y 1: Purchased goods and services, • Categor y 2: Capital goods, • Categor y 3: Fuel and energy-related activities, • Categor y 4: Upstream transportation and distribution, • Categor y 5: Waste generated in operations, and • Categor y 6: Business travel. Andfjord Salmon does not have any biogenic CO2 emissions. The base year for all calculations is 2022. Gross direct (Scope 1) GHG emissions in the reporting period totalled 129 tonnes of CO2e (up from 14.3 tonnes of CO2 in 2024). The main Scope 1 emission sources are bulk dieselfor our emergency power supplyand leased company cars. The increase relates to the diesel reserves. Gross market-based energy indirect (Scope 2) GHG emissions totalled 758,1 tonnes of CO2e in 2025 and is higher than the electricity use in 2024 (305 tonnes CO2e). An overall increase is natural as operations has commenced in two pools autumn 2025. In addition we changed emission factor from Electricity Nordic mix to Electricity Norway (NVE). The gross location-based Scope 2 emissions in the reporting period totalled 16.1 tonnes CO2e. Our Scope 2 emissions are calculated using an operational control approach, and the electricity emission factors used are based on national gross electricity production mixes from the International Energy Agency’s statistics (IEA Stat). Gross other indirect (Scope 3) GHG emissions totalled 6,970.9 tonnes of CO2e in the reporting period (compared to 8,745.1 tonnes CO2e in 2024). The main source of Scope 3 emissions relates to the build out of twelve new pools at Kvalnes. Emissions (tCO2eq) 2025 2024 2023 2022 Scope 1 GHG emissions 1 129.0 14.3 10.4 9.6 Scope 2 GHG emissions 16.8 21.9 25.9 27.0 Gross location-based Scope 2 GHG emissions 16.8 21.9 25.9 27.0 Gross market-based Scope 2 GHG emissions 758.1 305 303.9 276.7 Significant Scope 3 GHG emissions 6,970.9 8,745.1 2 2,673.5 1,061.6 3 1 Purchased goods and services 4 1,299.0 0 1,366.8 997.2 2 Capital goods 5 5,525.4 8,652.2 1,117.5 - 3 Fuel and energy-related activities 42.9 17.3 7.8 10.7 4 Upstream transportation and distribution 47.5 0 74.1 - 5 Waste generated in operations 6 1.6 2.0 9.6 6.4 6 Business travel 54.5 73.6 97.6 47.4 Total GHG emissions 7,116.7 8,781.2 2,709.8 1,098.2 Total GHG emissions (market-based) 7,858.0 9,064.4 2,987.7 1,347.9 Table 5: Gross Scopes 1, 2 and 3 emissions and Total GHG emissions 1. Mainly Diesel and Petrol used for leased company cars. From 2025 bulk diesel for emergency power supply. 2. The big increase from 2023 to 2024 mainly relates to the construction work at Kvalnes. 3. 2022 calculations do not include capital goods (2) and upstream transportation and distribution (4). 4. Mainly fish feed. The big increase can be explained with the purchasing of concrete for new pools/port. 5. Mainly Diesel for trucks used by our subcontractors. 6. From 2023: Including fish sludge (organic waste, treated).
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54 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 55 E4 BIODIVERSITY AND ECOSYSTEMS Material impacts, risks and opportunities (ESRS 2 SBM-3) Direct impact drivers of biodiversity loss: Direct drivers of biodiversity loss are changes in land/sea use, overexploitation, climate change, pollution, and introduction of invasive alien species. Land use change is often considered the biggest single threat. Andfjord Salmon's pool design / infrastructure makes it possible to produce high volumes (which is necessary to meet the global food demand) within a smaller area (less land-use). Soy production for fish feed significantly drives deforestation in South America, threatening biodiversity. Andfjord Salmon is less dependent on soy than other products currently on the market (soy is replaced by other ingredients), and the combination of its flow-through method and specially designed feed enables a low feed conversion ratio, meaning that the fish efficiently convert feed into body mass. The company does not introduce invasive species. Impacts on the state of species: Fish farming can negatively impact species through pollution and by spreading diseases and parasites that can cause genetic dilution. Environmental surveys carried out by the Norwegian Directorate of Fisheries show that effluents of nutrients and organic materials from aquaculture are minor environmental issues in Norway, and monitoring of benthic and kelp forest conditions near the outlet points of our Kvalnes site shows no actual negative impact from our operation on the natural ecological state or loss of species. Noise, dust and light pollution during the construction phase of the new pools and pier can potentially disrupt animal communication, foraging and reproduction. So far, we have no indication of this being the case and are monitoring this topic closely. The escape of fish from net pens is perceived as a threat to natural biodiversity in Europe's marine waters. Escaped fish may cause undesirable genetic effects in native populations through interbreeding, and ecological effects through predation, competition, and the transfer of diseases to wild fish. Escapes are normally the result of technical and operational failures of fish farming technology. Our land-based facilities and technology provide robust barriers, meaning that the fish cannot escape. Andfjord Salmon is currently exploring the opportunity for the company to engage in post smolt production. If successful, this can mitigate negative impact for ocean-based fish farmers (the fish will have shorter exposure time for lice and algae in the ocean) and can also lead to an extra income (financial opportunity). Policies related to biodiversity and ecosystems (E4-2) We are committed to complying with both ethical and statutory obligations governed by Norwegian legislation, as well as relevant laws and regulations in the areas we operate, including: • The Regulation on the Establishment and Expansion of Aquacultur e Facilities • The Aquacultur e Operations Regulations • The Aquacultur e Act • The Natur e Diversity Act • The W ater Regulation Act • The Aquatic Biosecurity Regulation • The P ollution Control Act • Internal Contr ol Regulations • Municipal z oning plans The Regulation relating to internal control to meet the requirements set out in aquaculture legislation (IK-Akvakultur). In 2025, Andfjord Salmon established an environmental policy which purpose is to provide a principal description of how Andfjord Salmon shall (among other things) work to: • Saf eguard biodiversity and ecosystems, • Pr event escape, • Ensur e optimal biosecurity, • Ensur e sustainable feed and responsible use of raw materials • Ensur e responsible use of antimicrobial agents The policy applies to Andfjord Salmon’s operations, including production facilities, transportation logistics, office environments, construction projects, and environmental-related reporting. The environmental policy has not been published externally but is available through Andfjord Salmon’s Internal Control System. Progress will be reviewed annually and the policy updated as needed to reflect evolving best practices and regulatory requirements. Actions and resources related to biodiversity and ecosystems (E4-3) We have carried out an Environmental Risk Assessment (ERA) and an Environmental Impact Assessment (EIA), as required by Norwegian law and in compliance with the requirements set out by Global G.A.P . Aquaculture Standards, pursuant to which Andfjord Salmon is up for certification in March 2026. Environmental surveys carried out by the Norwegian Directorate of Fisheries show that effluents of nutrients and organic materials from aquaculture are minor environmental issues in Norway. We take samples regularly from the seabed below and near our production facilities in order to monitor the environmental conditions. As there are currently no environmental standards for land based fish farming, our surveillance / discharge analysis is carried out in accordance with EN:ISO 16655:2013, which correspond to the Norwegian standard for environmental monitoring of benthic impact from marine fish farms (NS 9410). Our biodiversity plan (which was established in 2023 and last updated in 2026) lists 17 species observed within a radius of 1.5 kilometres of our premises at Kvalnes (see table 7). According to Rådgivende Biologer AS, which conducted the biodiversity mapping in 2023, none of these observations indicate that this area is an important nesting and breeding habitat for any of these species. We have carried out a detailed mapping of biodiversity close to our premises at Kvalnes (Figure 1) in order to be able to monitor possible negative impact from effluents in the future. During this ROV mapping, researchers found kelp forest and shell sand near our site, in addition to important spawning and breeding areas for several fish species. We have also mapped the deep-water areas off Kvalnes as a precautionary measure, in which marine habitat sponge communities were registered. Everything that was mapped was assigned specific values, including the distance to our premises, see table 6. We aim to monitor all activities that may have a direct or indirect impact on biodiversity. Firstly, the impact zone of effluents from the production of salmon (organic compounds and dissolved nutrients) has been identified using advanced dispersion models. Next, the effluents' effects are monitored in accordance with monitoring plans, which are more comprehensive than the Norwegian standards for environmental monitoring. This environmental monitoring plan was updated early 2026. During the first generation of salmon production at Kvalnes, both the benthic and the kelp forest conditions were monitored. The results of the monitoring were that no negative impact on the natural ecological state or loss of species was documented in the areas near the outlet point. We have also drawn up an environmental monitoring plan for the ongoing construction of our land-based site at Kvalnes, which closely describes how we aim to protect the environment during the construction work. This is a supplement to the requirements of Norwegian legislation and the terms and conditions of the effluent permits granted by the Norwegian
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56 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 57 environmental authorities. Establishment of the breakwater will result in the loss of 6.5 daa of kelp forest, which constitutes 0.38% of the registered habitat outside Kvalnes. The kelp forest will likely re-establish itself on boulders on the breakwater, and therefore continue to serve as a habitat for fish species in the area. We started working with Norconsult and DNV in 2021 to meet the requirements for escape safety set out in NS 9416 Land-based aquaculture farms for fish. Norconsult and DNV's most recent report gave Andfjord Salmonus the highest score in terms of the prevention of fish escape. In 2024, we entered into agreement with Stermer regarding purification of discharged water to ensure that this will comply with regulatory requirements and our own targets for sludge treatment. We have also conducted modelling of noise in connection with the new pool development. Finally, together with Andfjord municipality, we have continued our participation in Rokdalsvassdraget / the Å River Project on surveillance of wild and humpback salmon. Targets related to biodiversity and ecosystems (E4-4) We support UN Sustainable Development Goal 8.4 to improve global resource efficiency in consumption and production, and endeavour to decouple economic growth from environmental degradation. We are in the process of setting short-, medium-, and long-term targets related to biodiversity and ecosystems. Impact metrics related to biodiversity and ecosystems change (E4-5) Area/sub area Type Size Distance Value 1. Andøya Kelp forest occurrences 171.3 hectares – Large 2. Kvalnes Shell-sand occurrences 37.0 hectares – Large 3. Saura øst Fungal community 33.6 hectares 4 km Large 4. Sula/Klakken Functional area coalfish, red-fish 413.0 hectares 2.1 km Very large 5. Haue Functional area coalfish, red-fish 278.1 hectares 3.9 km Very large 6. Local area in general Regular species including functional areas – – Some Species Scientific name Number of observations Group Category Auk Alca torda 1 Birds Vulnerable (VU) Twite Linaria flavirostris 1 Birds Least Concern (LC) Bluethroat Luscinia svecica 1 Birds Least Concern (LC) Merlin Falco columbarius 1 Birds Least Concern (LC) Fin whale Balaenoptera physalus 1 Mammals Least Concern (LC) Common gull Larus canus 7 Birds Vulnerable (VU) Rough-legged buzzard Buteo lagopus 1 Birds Least Concern (LC) Herring gull Larus argentatus 4 Birds Vulnerable (VU) Mountain hare Lepus timidus 4 Mammals Near Threatened (NT) White-tailed eagle Haliaeetus albicilla 1 Birds Least Concern (LC) European golden plover Pluvialis apricaria 8 Birds Near Threatened (NT) Meadow pipit Anthus pratensis 9 Birds Least Concern (LC) Black-headed gull Chroicocephalus ridibundus 1 Birds Critically Endangered (CR) Gyrfalcon Falco rusticolus 1 Birds Vulnerable (VU) Short-eared owl Asio flammeus 3 Birds Least Concern (LC) Black-legged kittiwake Rissa tridactyla 4 Birds Endangered (EN) Common guillemot Uria aalge 1 Birds Critically Endangered (CR) Atlantic puffin Fratercula arctica 6 Birds Endangered (EN) Common tern Sterna hirundo 1 Birds Endangered (EN) Hen harrier Circus cyaneus 1 Birds Endangered (EN) Harbour porpoise Phocoena phocoena 1 Mammals Least Concern (LC) Spiny dogfish Squalus acanthias 1 Fish Vulnerable (VU) Species Scientific name Number of observations Group Category Common redshank Tringa totanus 8 Birds Near Threatened (NT) Sand martin Riparia riparia 1 Birds Vulnerable (VU) Red-breasted merganser Mergus serrator 1 Birds Least Concern (LC) Whimbrel Numenius phaeopus 2 Birds Near Threatened (NT) Gadwall Mareca strepera 1 Birds Near Threatened (NT) Killer whale Orcinus orca 3 Mammals Least Concern (LC) Turnstone Arenaria interpres 4 Birds Near Threatened (NT) Great cormorant Phalacrocorax carbo 4 Birds Near Threatened (NT) Eurasian curlew Numenius arquata 9 Birds Endangered (EN) Common starling Sturnus vulgaris 1 Birds Near Threatened (NT) Black guillemot Cepphus grylle 5 Birds Near Threatened (NT) Eurasian oystercatcher Haematopus ostralegus 13 Birds Near Threatened (NT) Atlantic cod Gadus morhua 1 Fish Least Concern (LC) Arctic skua Stercorarius parasiticus 1 Birds Vulnerable (VU) Northern lapwing Vanellus vanellus 9 Birds Critically Endangered (CR)
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Feed and biological conditions ? ProcessingResource Business opportunity Fish sludge production Fish sludge collection and cleaning Draining 58 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 59 E5 RESOURCE USE AND CIRCUL AR ECONOMY Material impacts, risks and opportunities on resource use and circular economy (ESRS 2 SBM-3) Resource outflows, related to products and services: Every year, the aquaculture industry produces large quantities of fish sludge, both on land and at sea. Fish sludge negatively impacts the environment through nutrient pollution (nitrogen, phosphorus) leading to eutrophication, harming benthic life, and potentially releasing contaminants like heavy metals into marine ecosystems, while untreated sludge poses risks for soil/water contamination and pathogen transmission. Andfjord Salmon has installed a sludge treatment system and is participating in a research project where the company's fish sludge is utilised to produce biogas. The extraction of phosphorus and nutritional salts from the fish sludge can also be used in the production of fertilisers. Policies related to resource use and circular economy (E5-1) We are committed to both ethical and statutory obligations governed by Norwegian legislation, as well as relevant laws and regulations in the areas in which we operate. Andfjord Salmon’s environmental policy provides a principal description of how the company shall (among other things) work to limit food and plastic waste and ensure good waste management. For more information about relevant laws and regulations as well as the company’s environmental policy, please refer to chapter S4 Biodiversity and ecosystems. These include: Actions and resources related to resource use and circular economy (E5-2) We have implemented several circularity measures to reduce and prevent waste generation in our own activities and upstream and downstream in our value chain. Our main impact is through the production and handling of fish sludge. Here, we have established a process where we focus on everything from feed and biological conditions to processing of sludge generated. Our approach to circularity builds on technological innovation and strong partnerships 1. F eed development: Together with Skretting and Nutreco we have developed a specially designed feed that has a lower sink rate, meaning that more feed is eaten by the fish and less feed end up at the bottom of the pool as waste. 2. Clean and collect: The first step in our method for sludge collection is the pool itself: Fish sludge stemming from production sink and settle on the bottom of the pool. We utilise specially designed and technologically advanced robots (ROV’s) that cleans the walls and floor of the pools for feed residue and feces and pumps the fish sludge to the next processing step. In connection with the build- out of four new pools, we have consulted Norwegian robotics firm Meox that will develop self propelled ROV’s – a newer version of the units that were used at the first pool. 3. Dr aining: After the ROV’s have collected fish sludge from the bottom of the pool, the sludge is pumped through pipes until it reaches our water treatment system. The water treatment system is delivered by Sterner – one of Norway’s leading suppliers of water treatment systems for the aquaculture industry. Sterner’s technology has been adapted to fit our production system and will secure important nutrients that will allow for further circular use of the sludge. 4. Pr ocessing: We deliver our fish sludge to a logistics partner that is specialised in collecting residual raw materials from the aquaculture industry, who, through partners in biogas industry turn the fish sludge into energy. We are also taking part in several innovation projects aimed at utilising fish sludge for other purposes. The HydroAntec Project: Technology for biogas treatment of fish sludge W e are currently taking part in an innovative project aimed at producing biogas exclusively from fish sludge from farmed fish production. The goal of the project is to be able to run fish sludge through a biogas plant without having to use manure or other substrates. In addition to the production of renewable energy, biogas production from fish sludge will also result in lower sludge volumes. If successful, this will both reduce the amount of energy used for drying and reduce logistics costs. The project is a collaboration between the Antec Biogas AS, Norwegian University of Life Sciences (NMBU), the Norwegian Institute of Bioeconomy Research (NIBIO) and Holmøy Maritime, which is engaged in ocean-based fish farming, and feed producer Skretting is also involved in through the reference group. The Research Council of Norway is participating in the project with a grant of NOK 7.45 million. Recycling of phosphorus-rich residual raw materials into new value chains Recycling of phosphorus-rich residual raw materials into new value chains The earth's phosphorus reserves is finite and in decline. Phosphorus is an indispensable nutrient that helps plants to grow and its primary use is in manufacturing synthetic fertiliser to increase crop yields, making it crucial to food security. When dried, fish sludge can contain significant amounts of phosphorus. In 2024, we joined a research project together with other industry players and research institutes such as Yara and NIBIO to identify technological solutions to recycle mineral phosphorus to products with positive value.
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MULT I CLEANING SYSTEM 60 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 61 Andfjord Salmon continues to explore green technologies, backed by public funding. In 2025, the BLÅNE project, which Andfjord Salmon is a partner of, was granted up to NOK 55 million from the Green Platform Initiative – an initiative by the Research Council of Norway, Siva, and Innovation Norway. Through BLÅNE, Andfjord Salmon will test smouldering technology, which can solve the technological and logistical challenges of today's sludge management. Smouldering is a self-propelled combustion process whereby fish sludge is oxidized at a low temperature. The end-product is a mineral-rich ash where the phosphorus is recycled, enabling a more circular value chain for phosphorus, which is currently a critical and limited resource. The project will commence in 2026. Targets related to resource use and circular economy (E5-3) We support UN SDG target 12.5 to substantially reduce waste generation through prevention, reduction, recycling, and reuse. We are in the process of setting short-, medium and long-term targets related to resource use and circular economy. Resource outflows (E5-5) Other waste Aside from the fish sludge, other waste generated through our operations is limited and include combustible waste, metal, cardboard, plastic, wood, and residual waste. Such waste is regularly collected and handled by Reno-Vest, a company in Vesterålen that manages the waste in line with contractual and legislative obligations. Waste stemming from the development of the new pool pits are reported by our sub-contractor and registered in the company’s internal systems. Reno-Vest collect and monitor waste-related data from us, and report this back. We also register relevant data in our own internal systems, and through the CEMAsys portal. Waste (tonnes) 2025 2024 2023 Total amount of waste generated 5.9 4.4 272.2 Total amount of hazardous waste 0.0 0.0 0.0 Total amount of non-hazardous waste 5.9 4.4 272.2 Total amount of waste diverted from disposal 4.5 4.1 272.2 Total amount of non-recycled waste 1.4 0.3 0.0 Waste composition (kg) 2025 2024 2023 Organic waste, treated (fish sludge) - - 260,600.0 Residual waste, incinerated (sorted) - - 5,730.0 Residual waste, incinerated (unsorted) 3,080. 4,010.0 1,440.0 Wood waste, incinerated - - 2,940.0 Cardboard waste, recycled 1,350.0 80.0 313.0 Industrial intern waste (landfill) 1,350.0 320.0 - Metal waste, recycled - - 1,140.0 Table 8: Waste
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62 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 63 SOCIAL
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64 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 65 S1 OWN WORKFORCE Interest and views of stakeholders (ESRS 2 SBM-2) Key stakeholders include employees, unions, the Norwegian Labour Inspection Authority and the Executive Management Team. Their main interest is for Andfjord Salmon to provide safe and positive working conditions. Employees are interested in working for an employer that can provide a good work-life balance and meaningful work, while the Executive Management Team is interested in minimal employee turn-over, sick-leave, accidents, and injuries. Material impacts, risks and opportunities (ESRS 2 SBM-3) Working conditions: Employees are at the core of our operations and business success. The ability to attract and retain skilled workers as well as maintaining a healthy working environment – both physically and mentally – is critical to our existence. So far, Andfjord Salmon has succeeded with attracting highly competent people. Employees (including management) and Board members have the knowledge and experience to build a successful company, including a thorough understanding of biology, sustainability and land-based fish farming. As for any production environment, working at Andfjord Salmon involves health and safety risks, therefore, safe working conditions are a key priority for us. A risk assessment has been conducted to determine potential hazards related to the working environment and main risks identified include fall injuries, falling into pools or moats, drowning, and pinch point hazards. By promoting a good and safety-oriented Company culture, we can positively impact working conditions. Policies related to own workforce (S1-1) Andfjord Salmon is committed to provide a workplace where everyone thrives, feels respected and valued. We shall communicate openly and speak up if we witness unsafe or unjust situations. It is everyone’s responsibility to ensure a healthy and safe working environment. The company operates in accordance with the Norwegian Working Environment Act and associated regulations as well as the Global G.A.P . guidelines. We have also implemented a separate Employee Handbook through Simployer and guidelines for employee conduct are also set out in the Company Code of Conduct. Health and safety guidelines are available at all production departments and shall be complied with by all employees and service suppliers. Processes for engaging with own workforce and workers’ representatives about impacts (S1-2) We engage with employees directly and through employee representatives. We have established a Working Environment Committee (WEC), with the first meeting set to Q1 2026. We have also appointed two safety representatives (one at Kvalnes and one at Sortland) who safeguard the interests of employees in matters relating to the working environment, together with the Human Resources Manager. The Operations Manager is responsible for assessing competence and ensuring that internal communication regarding health and safety is functioning well. Employees are closely involved in the design and development of their own working environment and regularly participate in conversations about this with the Executive Management Team. We arrange monthly meetings where all employees participate, to improve and ensure good communication across all departments in the organisation. We have also implemented the informal social platform “Viva Engage” to respond to employees’ information needs, as well as enabling our employees to interact in an easy and swift manner. Processes to remediate negative impacts and channels for own workers to raise concerns (S1-3) We work systematically to promote a safety culture and always inform employees of potential risks relating to their tasks. We provide health and safety training on a regular basis, including training in the facility’s operating procedures. This training is carried out with the assistance of external course providers, and is mandatory for all employees, suppliers and subcontractors carrying out work at our premises. We also provide training that covers a wide range of topics that extend beyond safety, including training in line with the Norwegian Food Safety Authority’s requirements and Global G.A.P certification. We have an open-door-policy and employees have easy access to the Executive Management Team and can raise concerns directly with them. We have also established a whistleblowing channel. More information about this can be found in the Transparency Act statement (appendix 1). Actions related to own workforce (S1-4) We regularly conduct employee surveys measuring the level of satisfaction in the workplace, the results of which help us identify key areas for improvement. The most recent survey was conducted in December 2024, with a participation rate of 95.65% (up from 91.7% in 2023), covering all levels of the organisation. In the survey, respondents were asked to rank a number of statements about the working environment on a scale of 1 to 5. In 2025, the average score on all questions was 3.97, reflecting a good/very good working environment. We have established a web-based health and management (internal control) system, referred to as the EQS. The EQS is developed by Extend and covers all workers (100%), and all company procedures regarding health and safety are available here. The EQS is internally audited on a rolling basis, where all documents have their own deadline for updating/renewal, which is done by the document owner. The software has a ‘read and understood’ function for procedures and instructions. If relevant, control questions can also be asked before the Operations Manager approves training for operators. The EQS includes a function for employees to report incidents, but incidents can also be reported to the employee’s nearest line manager. Suppliers that have been involved in construction at the Kvalnes site have implemented their own system for reporting incidents to us. In 2025, we arranged first aid courses for all employees , this included how to safely operate an Automated External Defibrillator. We also activated wellbeing measures for all employees such as holiday gatherings, shared lunches every day, in addition to arranging our third annual Andfjord Day. To mitigate health and safety risks, we have established preventive measures, such as walkways around the pool and solid fencing of embankments. Personal protective equipment and rescue equipment are also in place. We conduct safety inspections on a regular basis – annually, at minimum. Targets related to own workforce (S1-5) We are in the process of setting short-, medium-, and long-term targets related to working conditions and health and safety.
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66 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 67 Characteristics of the undertaking’s employees and diversity metrics (S1-6 and S1-9) Information about the characteristics of employees, including diversity metrics, can be found in the Equality statement (appendix 2). Employee characteristics 2025 2024 2023 Men Women Men Women Men Women Newly hired employees (number and rate) 8 2 1 (50%) 1 (50%) 1 (20%) 4 (80%) Employee turnover (number and rate) - 2 2 (100%) - 2 (50%) 2 (50%) Health and safety metrics (S-14) Health and safety is our number one priority. We are not aware of any illness, incidents, or injuries involving employees. In 2025, there were three high- consequence work-related injuries, that caused absence, involving our suppliers during the construction phase. The injuries are categorized as a fall, a cut and a crush injury. All incidents were investigated and followed-up, and corrective measures and improvements were subsequently drawn up. As a good working environment is often characterised by a low absence rate, our ambition is to keep absence due to illness well below the Norwegian industry average, which was 4,71% in the reporting period. At the end of 2025, our absence rate was 2,88%. Health and safety metrics 2025 2024 2023 Number and rate of own workforce who are covered by the health and safety management system 31 (100%) 23 (100%) 23 (100%) Number and rate of workers who are not employees who are covered by the health and safety management system 8 (100%) 1 (100%) 1 (100%) Number of fatalities as a result of work-related injuries and work-related ill-health (own workforce, all categories) 0 0 0 Number of fatalities as a result of work-related injuries and work-related ill-health (workers in the value chain) 0 - - Number and rate of recordable work-related accidents 0 - - Number of cases of recordable ill-health 0 - - Number of days lost to work-related injuries and fatalities from work-related accidents, ill-health and fatalities from ill-health 0 - - Table 9: Employee characteristics
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68 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 69 S3 AFFECTED COMMUNITIES Interest and views of stakeholders (SBM-2) Key affected stakeholders include the local community and local and regional businesses. Other stakeholders include users of sustainability statements such as local and regional authorities and NGOs. Stakeholders’ views, interests and rights inform our strategy and business model. For example, stakeholders expect us to contribute to a good local community and make Andøya an attractive place to work and live. Material impacts, risks and opportunities (SBM- 3) In the surrounding areas of Andøy, there is a well- developed industry for salmon farming with an already established infrastructure. We benefit from excess capacity and competence through local partnerships throughout the value chain, which allows for a fully integrated business structure ranging from smolt production to end-user. We have a positive impact on local value creation, through the hiring of local talents and people outside the active workforce, through the payment of taxes to local authorities and through buying goods and services from local suppliers – which all contribute to economic growth in the region. There are no indigenous people residing in or nearby the area in which we operate. During the Kvalnes construction phase we discovered a medieval finding in Finnvika which we reported to local authorities. On the basis of this, construction was adapted, and we are in the process to assist the county council to preserve the cultural heritage. We have not identified any actual or potential negative impact on this topic. Policies related to affected communities (S3-1) Our goal is to make Andøy an attractive place to work and live and to directly and/or indirectly contribute to economic growth in the region. We are committed to hiring local talents where we can and attract necessary competence to the region. We actively seek out local suppliers and support local projects. We strive to use local subcontractors and collaborate with other local businesses. Actions related to affected communities (S3-4) Our goal is to benefit from local and regional expertise and to employ local talent where possible. However, as we are dependent on certain competence to achieve our business goals, we also take part in different initiatives to attract the necessary workforce to the region. Andøy municipality have adopted an ambitious strategy for business development in the region called Andøy 8060. The name signalises the municipality’s ambition for population growth and transformation. Together with other companies in the region, such as Andøya Spaceport and the Whale, we are committed to achieving this goal. For instance, we are part of the “Job-for two” initiative which goal is to provide jobs, strategic housing, and arrange social gatherings and company visits for people in the region. We also support the municipality’s “Great Place to Live” project (Bo- og-bli-lyst) that aims to make Andøy an attractive place to work and live. For many years, we have collaborated with NAV (the Norwegian Labour and Welfare Administration) to employ those that have ended up outside the active workforce. Since 2023, we have participated in a project to save the local breeding ground for wild salmon. We have contributed with IT and video equipment to monitor the number of spawning salmon and smolt that enters the sea. Our salmon experts also share their competence on how to protect important natural salmon populations in the area. We are also involved in the ongoing project of extending the seasonal Andenes – Senja ferry connection to the whole year, which will be important for local cargo transportation as well as ensuring stable access to the island for visitors and workers. Since our inception, we have supported local cultural events such as music festivals, theatre, and local sports teams. In the operational phase, we collaborate with local companies on several areas, for instance, we source smolt from locally owned Nordland Aqua, whereas external processing facilities nearby perform the slaughtering and processing, and we use local well boat operators for transportation of fish. We were in a construction phase throughout 2025, in which we hired many local suppliers and service providers for the carve out of new pools. Targets related to affected communities (S3-5) We support the UN’s Sustainability Development Goal number 8.2 to achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour- intensive sectors. We are in the process of setting short-, medium and long-term targets relating to affected communities.
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SEAWATER DEPHT TEMP. NATURAL FLOW 100 % 50 m. 7–14°C 70 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 71 GOVERNANCE
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72 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 73 G1 BUSINESS CONDUCT The role of the Executive Management Team and Board (GOV-1) Our Board and Executive Management Team oversees the topic of animal welfare, and both Board members and the Executive Management Team have expertise on fish health and welfare (please refer to the CV section on pages 16-18 for more information). We have appointed our own Fish Health and Quality Assurance Manager, who monitors this topic daily and ensures compliance with national legislation and internal guidelines. The Fish Health and Quality Assurance Manager reports back to the Executive Management Team and the Board on a regular basis. Material impacts, risks and opportunities (ESRS 2 SBM-3) Animal welfare: Ensuring good fish health and welfare is both an ethical responsibility and the most important factor in achieving good growth, higher quality, and lower costs. The salmon farming industry can potentially have a negative impact on animal welfare, for example by not ensuring optimised water quality and environment in the pool, by causing stress to the fish or exposing the fish to lice or other diseases. We have taken several steps to minimise negative impact: A continuous water flow from a water intake 50 metres below sea level ensures that our salmon live in an environment where the risk of introduction of sea lice and toxic algae is significantly lower than in open cages in the sea, we conduct regular health checks, have implemented soft protection of pools and developed a feed that is healthy and that the fish really likes. By ensuring good animal welfare and being transparent about our methods, we believe that we can not only mitigate risks but also have a positive influence on the industry. Political engagement and lobbying activities: Andfjord Salmon keeps a close dialogue with authorities and the local community in Andøya, where the purpose is to positively impact framework conditions for land-based fish farming while also sharing knowledge that can contribute to risk-based flexibility in production and a sustainable fish farming industry. Policies relating to animal welfare (G1-1) Fish health and welfare is at the core of our innovation. Our goal is to mimic the salmon’s natural habitat in the sea as much as possible. Our animal welfare approach is based on the “five freedoms”: 1. Freedom from hunger and thirst 2. Freedom from discomfort 3. Freedom from pain, injury, and disease 4. Freedom to express normal behaviour 5. Freedom from fear and distress Main objective #1 – the fish’s aquatic environment: Provide salmon with optimal water quality and environmental conditions tailored to the fish’s biological needs throughout the entire production cycle. Sub - objectives: • Pr oduce salmon in natural, untreated seawater with high biodiversity and a rich, naturally occurring microbiota • Ensur e that the entire tank volume maintains stable, uniform and high - quality water, enabling the fish to comfortably utilize the full water column • Monit or and actively manage water quality to ensure that all key water quality parameters (Operational Welfare Indicators – OWIs) remain optimal and within defined thresholds • Pr ovide salmon with the opportunity to express natural behaviours, including natural swimming activity, resting, and social interaction • Establish and follow KPIs for specific water consumption, tank biomass density, and density during transport, among others Main objective #2 – the fish: Healthy and resilient fish with high survival rate throughout the entire production cycle. Sub-objectives: • H igh - quality smolt • Pr oduction planning that minimises the risk of fish - health challenges • A chieve an accumulated survival rate of at least 95% • A chieve minimum 95% superior harvest quality • Documented fish - health status through continuous monitoring of fish health KPIs (Laksvel /Fishwell Operative Welfare Indicators (OWIs), with extended health monitoring maintained for all tanks Main objective #3 – feed, nutrition and feeding: The feed shall maintain optimal quality, be suited to our technology, and have the correct nutritional composition tailored to the fish’s requirements throughout the entire production cycle. Sub-objectives: • Biological f eed conversion ratio (bFCR) maximum 1.04 • E conomic feed conversion ratio (eFCR) 1.08 • RGI abo ve 100 (Relative Growth Index) • Maximum 20% siz e variation (CV) • Condition fact or above 1.0 from smolt to harvest. The condition factor varies with life stage and season, making fixed thresholds challenging, but a condition factor below 0.9 is indicative of emaciation • Nutritional composition adapted t o the fish’s physiological needs throughout the production cycle, including periods with elevated health - risk potential • F eed formulation and physical quality suited to our flow - through system, including current direction and velocity, sludge capture, and waterborne feed delivery (SMIR) • F eeding systems with sufficient capacity and equipment to ensure all fish have access to feed with minimal hierarchy formation and reduced stress • Optimisation of f eeding strategy, feeding regime and feeding control (monitoring, adjustments and verification) Main objective #4 – biosecurity: UN Sustainable Development Goal 14 – Life Below Water: Andfjord Salmon aims to maintain the highest level of biosecurity to prevent the introduction and spread of contagious fish diseases and sea lice, and to prevent disease through robust and proactive biosecurity measures. Sub - objectives: • W ater intake and discharge locations designed to minimise the risk of pathogen introduction through waterborne routes (fish pathogens) • Pr event introduction of pathogens through smolt • Implement the r egional biosecurity plan for Production Area 10 (PO10) in our internal control system, including: » Pr event pathogen introduction during smolt release – PCR screening for pathogens, with defined responses based on detection of specific agents in accordance with the Screening Support Document » Pr event pathogen introduction during smolt release – guidelines for selecting wellboats for smolt pick - up in PO9/PO10 and south of PO9 » Pr event internal amplification and spread of pathogens within and between tanks by operating each tank as a biosecurity - separated unit (dedicated personnel and equipment) • Minimise the risk of r eleasing fish pathogens, ensured through strong fish health, thorough fish health monitoring, and maintaining an optimal rearing environment for the fish We are committed to complying with both ethical and statutory obligations governed by Norwegian legislation, as well as relevant laws and regulations in the areas in which we operate, for example: • The Nor wegian Animal Health Law • The Nor wegian Animal Welfare Act • The Nor wegian Act relating to aquaculture • The A quatic Biosecurity Regulation • Regulations on the oper ation of aquaculture facilities Our environmental policy provides a principal description of how the company shall work to minimize impact on wild salmonids. For more information about the environmental policy, please refer to chapter S4 Biodiversity and ecosystems.
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74 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 75 Actions related to animal welfare (MDR-A) In 2019 Andfjord Salmon AS and Nofima AS established a collaboration to document aspects of the welfare and health of the fish produced in Andfjord Salmon’s new land-based farming pool concept from the time the fish were transferred to the system until slaughter. Nofima is a leading institute for applied research within the fields of fisheries, aquaculture, and food research. Production in the pool started when the fish were stocked in the system on 25 June 2022 and ended at slaughter between 29 June and 17 July 2023. Andfjord Salmon applied a very comprehensive welfare and health documentation plan for the first production cycle. Nofima documented the aspects of the welfare and health of the fish for the entire production cycle until slaughter, using a suite of input and outcome-based welfare indicators, in addition to a number of additional health indicators. A wide range of environmental OWIs and LABWIs, such as oxygen and CO2, documented a stable and good water quality throughout the pool during the whole production cycle. Water current speeds, whilst low, did not manifest in poor water quality and may have been increased by the presence of fish in the system. The low natural water temperatures the fish were subjected to over the autumn through spring did not manifest in any welfare or performance risks, or risks for e.g., winter ulcers. Mortalities, excluding the sampling of fish without signs of disease were very low in the rearing system (ca. 2.5% for the entire documentation period) and any minor mortality events were closely monitored and remedial actions, where possible to identify and apply, were taken. Fish adapted to the rearing system and generally utilized the pool in a uniform manner. The injury status of fish in the system was closely monitored during monthly manual audits through the whole production cycle. The injury status of fish in relation to the Laksvel Operational Welfare Indicator (OWI) scoring system (Nilsson et al., 2022) was generally good and the majority of injury based OWIs were scored as absent or mild for most of the production cycle. Appetite was generally good throughout the production cycle and growth performance and condition factor were also good. Gill health was generally good at all timepoints. We conduct comprehensive monthly PCR screening for pathogens using samples taken from the fish. We use Fishwell Operative Welfare Indicators (OWIs) adaptetd to our 100 % seawater flow through rearing system. The OWI toolbox consists of Input (environment) based OWIs addressing the rearing environment, group and individual Outcome-based OWIs refering to the population and individual fish, respectively. The input based OWIs are realtime monitoring of water qyality in the pools as oxygen, temperature, salinity, turbidity, carbon dioxide, pH and total gas pressure. Individual based OWIs according to Laksvel are continuously monitored by Optoscale biomass-and welfare camera system, and monthly by the external fish health service. Our current fish health and welfare monitoring programme is a continuation and expansion of the programme that Nofima used to document the production method of Andfjord Salmon. It includes: • Compr ehensive assessment of smolt health status prior to transfer, including health status of the smolt group, disease history and biosecurity performance at the hatchery, and pathogen screening within the last three weeks prior to delivery • Smolt scr eening prior to delivery according to the pathogen list defined in the joint regional biosecurity plan for sub - region PO10, and the same pathogen panel used for monthly screening at Kvalnes • Daily visual inspections of fish appear ance, behaviour and appetite, carried out by operators and dedicated fish - health personnel • Under water biomass and welfare cameras (Optoscale) providing real - time monitoring of biomass, welfare indicators based on Laksvel (salmon welfare index), and sea - lice levels. Optoscale also includes a dedicated wound - monitoring module that detects and tracks wound development • Daily r emoval of mortalities and moribund fish, including daily categorisation of dead fish • Monthly health e valuation by DNV AOH (Åkerblå), including lice counting, welfare scoring (Laksvel), necropsy, sampling, gill histology, gill index, and screening for relevant pathogens • Expanded monthly pathogen scr eening, with a pathogen panel at minimum aligned with Åkerblå’s recommendations and with the list defined in the regional biosecurity plan for PO10 • Monthly monit oring of the fish’s immune first - line barriers – gills, skin and intestinal mucosal health – using Veribarr analyses (Quantidoc) • Monthly bact oprofiling of gills and skin to assess bacterial community composition, bacterial loads, and the balance between beneficial environmental bacteria and bacteria associated with disease. Bactoprofiling is a metabarcoding method based on the 16S gene, a conserved bacterial marker. Results show the relative proportions of bacterial groups in each sample, enabling mapping of the microbial community in the facility, long - term monitoring, and comparison across units (Patogen) • Use of the Clarify system, which aggr egates all operational data into an analysis - ready database: » Ingestion of water - quality measurements » Integr ation of fish - health monitoring results and production data » A nalysis of historical datasets and causal relationships » T rend analysis, management tools, and optimisation of production planning and operations to safeguard fish health, welfare and the fish’s rearing environment Our patented flow-through technology supplies a continuous flow of 100% seawater. Water is pumped from a depth of 50 meters, which provides more stable water quality, protection against rough weather and storms, and reduces the risk of pathogen intake from surface water. Andfjord Salmon has an agreement with the external fish - health service provider DNV Aquaculture and Ocean Health AS (DNV AOH) for 12 routine health inspections per year, in addition to emergency visits when indicated. We carry out monthly health inspections because all facilities holding more than one million fish are required to have a minimum of 12 routine health inspections per year. Routine health inspections are risk - based and conducted in accordance with the requirements of the Aquaculture Regulations. Beyond the statutory elements of the health inspection, the fish - health personnel conduct the following at each visit: Sea - lice counting, welfare scoring (Laksvel), necropsy, sampling, gill histology, gill index assessment, PCR screening for relevant pathogens, and immune - status assessment of gills, skin and foregut using Veribarr analyses from Quantidoc AS. Adopting a feeding strategy that avoids strong competitive behaviour, ensuring low stress and homogeneous growth is important. In February 2022, we entered into a strategic feed supply agreement with Skretting, which is the aquaculture business line of global leader in animal nutrition and aquafeed, Nutreco. Under this agreement, Skretting has developed a feed that is specifically tailored to our flow-through technology to ensure optimal water quality, fish welfare and growth conditions in the land-based pool. The feed is called “Calanus® Plus by Andfjord Salmon” and consists of ingredients that have a proven track record from land-based salmon farming, including the zooplankton Calanus finmarchicus (Calanus), which we are the first salmon farmer in the world to utilise commercially. The feed will ensure the production of premium quality salmon, but most importantly: It is a sustainable marine source and improves the taste of the feed. In 2025 we implemented a new underwater feeding system for the new farming facility. On 30 September 2025, approximately 350,000 smolt with an average weight of around 180 grams were released into pool K0. On 10-12 November 2025, around 750,000 smolt with an average weight of approximately 160 grams were released into pool K1. Biological performance in both pools were strong throughout 2025. At year-end 2025, Accumulated survival rate was approximately 99.7%. Actions are continuously discussed and decided on by our Executive Management Team. Targets related to animal welfare (MDR-T) We are in the process of establishing short-, medium- and long-term targets related to animal welfare and will report on these in future sustainability statements.
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76 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 77 ANNUAL CONSOLID ATED FINANCIAL STATEMENTS 2025 TABLE OF CONTENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 7 8 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 7 8 CONSOLIDATED STATEMENTS OF CASH FLOWS 80 CO NSOLIDATED STATEMENTS OF CHANGES IN EQUITY 8 1 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 80
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78 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 79 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts in NOK thousand Notes 2025 2024 Revenue from contracts with customers 3.2 815 190 Other operating income 214 134 Total operating revenue 1 029 324 Change in inventories 5.2 17 137 (375) Fair value adjustments of biological assets 5.1 (14 935) - Employee benefit expenses 3.3 (24 128) (21 683) Depreciation and amortisation expenses 4.1, 4.2, 6.3 (36 262) (24 756) Other operating expenses 3.4 (59 295) (25 450) Operating profit/(loss) (116 454) (71 940) Financial income 3.5 12 905 4 914 Net financial costs 3.5 (530) (837) Net financial result 12 375 4 077 Profit/(loss) before income tax (104 079) (67 862) Income tax expense 3.7 - - PROFIT/(LOSS) FOR THE PERIOD (104 079) (67 862) Net other comprehensive income/(loss) - - COMPREHENSIVE PROFIT/(LOSS) FOR THE YEAR (104 079) (67 862) Earnings per share (in NOK): Basic earnings per share 3.6 (1.19) (1.07) Diluted earnings per share 3.6 (1.19) (1.07) CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in NOK thousand Notes 2025 2024 ASSETS Non-current assets Intangible assets 4.2 39 714 16 420 Property, plant and equipment 4.1 4 293 860 2 230 854 Right-of-use assets 6.3 123 676 13 060 Other non-current assets 980 139 Total non-current assets 4 458 230 2 260 473 Current assets Biological assets 5.1 48 277 - Other inventories 5.2 841 1 340 Trade and other receivables 2 318 44 Other current assets 5.3 88 840 76 443 Cash and cash equivalents 5.5 166 091 59 196 Total current assets 306 366 137 023 TOTAL ASSETS 4 764 596 2 397 496 Amounts in NOK thousand Notes 2025 2024 EQUITY AND LIABILITIES EQUITY Share capital 6.6 101 728 67 619 Share premium 6.6 2 534 851 1 440 261 Not registered capital increase 6.6.3 145 865 - Retained earnings (367 165) (263 086) Other reserves 10 399 9 561 Total equity 2 425 678 1 254 355 LIABILITIES Borrowings 6.2, 6.4 1 592 463 832 309 Lease liabilities 6.3, 6.4 52 137 6 163 Total non-current liabilities 1 644 600 838 472 Lease liabilities 6.3, 6.4 16 205 4 276 Trade payables 6.5.2.1 110 203 295 506 Trade payables - disputed 7.2.2 458 824 - 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 4 764 596 2 397 496 Roger Brynjulf Mosand Chair Roy Bernt Pettersen Director António Serrano Director Hanne Digre Director Knut Roald Holmøy Director Bettina Flatland Director Kim Strandenæs Director Paul Allan Jewer Director Martin Rasmussen CEO Andøy 13 April 2026
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80 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 81 CONSOLIDATED STATEMENTS OF CASH FLOWS Amounts in NOK thousand Notes 2025 2024 CASH FLOW FROM OPERATING ACTIVITIES: Profit/(loss) before income tax (104 079) (67 862) Adjustments to reconcile profit/loss before tax to net cash flow: Depreciation and amortisation 4.1, 4.2, 6.3 36 262 24 756 Finance income/(expense), net 3.5 (12 375) (4 077) Share-based payment expense 3.3.2 838 2 282 Fair value adjustments of biological assets 5.1 14 935 - Working capital changes: Change in other inventories and biological assets at cost (62 713) 358 Change in trade and other receivables (2 274) (44) Change in trade payables 20 934 (7 697) Change in other current assets and liabilities 64 174 8 312 Interests received 12 905 4 914 Interests paid (147 214) (30 887) Net cash flow from operating activities (178 607) (69 945) Amounts in NOK thousand Notes 2025 2024 CASH FLOW FROM INVESTMENT ACTIVITIES: Payment for property, plant and equipment 4.1 (1 965 496) (1 204 887) Prepayment of right-of-use assets 6.3 (66 222) - Proceeds from sale of subsidiary 4.1 400 000 - Repayment of short-term liability 4.1.1 (72 846) - Payment for intangible assets 4.2 (24 953) (3 524) Net cash flow from investing activities (1 729 517) (1 208 411) CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from issue of shares net of transaction costs 6.6 1 275 951 326 247 Proceeds from borrowings 6.2, 6.4 746 013 768 517 Repayment of borrowings 6.2, 6.4 - (3 833) Payment of principal portion of lease liabilities 6.3, 6.4 (6 946) (3 411) Net cash flow from financing activities 2 015 018 1 087 519 Net increase/(decrease) in cash and cash equivalents 106 895 (190 836) Cash and cash equivalents as of 1 January 59 196 250 032 Cash and cash equivalents as of 31 December 166 091 59 196 Of which restricted cash 10 83 738 - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Amounts in NOK thousand Notes Share capital Own shares Share premium Not registered capital increase Retained earnings Other reserves Total equity Balance at 1 January 2024 57 008 5 1 124 622 - (195 225) 7 278 993 688 Profit for the year - - - - (67 862) - (67 862) Other comprehensive income - - - - - - - Total comprehensive income - - - - (67 862) - (67 862) Capital increase 6.6 10 606 - 315 641 - - - 326 247 Share based payments to employees 3.3.2 - - - - - 2 282 2 282 Balance at 31 December 2024 67 614 5 1 440 261 - (263 086) 9 561 1 254 355 Balance at 1 January 2025 67 614 5 1 440 261 - (263 086) 9 561 1 254 355 Profit for the yearProfit for the year - - - - (104 079) - (104 079) Other comprehensive income - - - - - - - Total comprehensive income - - - - (104 079) - (104 079) Capital increase 6.6 34 109 - 1 094 589 - - - 1 128 698 Capital increase, approved not registered 6.6 - - - 145 865 - - 145 865 Share based payments to employees 3.3.2 - - - - - 838 838 Balance at 31 December 2025 101 723 5 2 534 851 145 865 (367 165) 10 399 2 425 678 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS SECTION 1. Co rporate information and basis of preparation 82 1.1 Corpor ate Information 82 1.2 Ba sis of Preparation 82 1.3 Su mmary of General accounting policies 84 SEC TION 2. Significant tr ansactions and events during the reporting period 85 2.1 Significant tr ansactions and events during the reporting period 85 SEC TION 3. Results of the y ear 86 3.1 Segment Information 86 3.2 Oper ating income 86 3.3 Emplo yee benefits 87 3.4 Other oper ating expenses 89 3.5 Finance income and costs 89 3.6 Ea rnings per share 90 3.7 Inc ome tax 90 SEC TION 4. Inv ested capital 92 4.1 Pr operty, plant and equipment 92 4.2 Int angible assets 95 SEC TION 5. W orking capital 98 5.1 Biological assets and other inv entories 98 5.2 Change in inv entories 101 5.3 Other curr ent assets 102 5.4 Other curr ent liabilities 102 5.5 Cash and cash equiv alents 102 SEC TION 6. Capital and debt structur e 103 6.1 Financial Assets and Liabilities 103 6.2 Borr owings 104 6.3 Le ases 105 6.4 Re conciliation of Cash-Flows from Financing Activities 108 6.5 Financial risk and capital management 108 6.6 Shar e capital 110 SEC TION 7. Other disclosur es 113 7.1 Re lated parties 113 7.2 Pr ovisions and contingent liabilities 115 7.3 Commitments 116 7.4 E vents after the reporting period 116
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82 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 83 SECTION 1. CORPORATE INFORMATION AND BASIS OF PREPARATION In brief This section includes corporate information, basis of preparation, an overview of general accounting policies, key estimates, and judgements in the Group. 1.1 C ORPORATE INFORMATION These consolidated financial statements are made for the group comprised of Andfjord Salmon Group AS, Andfjord Salmon Midco AS and Andfjord Salmon AS (together the “Company”, “Group” or ”Andfjord” or “Andfjord Salmon”). The parent company of the Group is Andfjord Salmon Group AS, which is a limited liability company incorporated and domiciled in Norway. The shares of the parent company are traded on Euronext Growth Oslo under the ticker ‘ANDF’ and the bonds are traded on Euronext Oslo Børs. Andfjord Salmon is a Norwegian Company that was established in Andøy municipality in 2014. Andfjord Salmon is developing and operating the aquaculture industry of the future and has an ambition of operating a fish-friendly and sustainable aquaculture facility. The benefits of both sea and land-based salmon farming are combined to achieve this. The result is a high level of salmon welfare and sustainable production by using Arctic seawater in land-based pools. Andfjord Salmon is developing production facilities and operating premises on Andøya. The Company is currently developing the Kvalnes site, which has a long-term production volume potential of approximately 48,000 tonnes (HOG + post- smolt). Andfjord Salmon has also secured coastal properties at Fiskenes and Breivik on Andøya for future expansion. In total, the Company has a long term ambition of an annual production of approximately 90,000 tonnes HOG from all three sites. As at 31 December 2025, Andfjord Salmon Group AS has two wholly-owned subsidiaries: Andfjord Salmon Midco AS and Andfjord Salmon AS. The consolidated financial statements for the year ended 31 December 2025 of Andfjord Salmon Group AS were authorised for issue by the Board of Directors on 13 April 2026. 1.2 B ASIS OF PREPARATION The Group’s consolidated financial statements are prepared in accordance with IFRS® Accounting Standards as adopted by the European Union (EU) (“IFRS”). The Group has prepared consolidated financial statements at 31 December 2025, together with the comparative periods for the year ended 31 December 2024. All amounts are presented in NOK (Norwegian kroners), and rounded to the nearest thousand, unless stated otherwise. These 2025 consolidated financial statements have been prepared based on the going concern assumption. When preparing consolidated financial statements, management has assessed the Group’s ability to continue as a going concern. There are no material uncertainties related to events or conditions that may cast significant doubt upon the Group’s ability to continue as a going concern. 1.2.1 C ritical accounting judgements, estimates and assumptions The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The area involving significant estimates or judgements is mainly related to measuring the fair value of the biomass held by the Group at reporting date. See Note 5.1 for further information. Certain degree of judgement was involved when assessing the most appropriate accounting treatment related to the sale of wholly-owned subsidiary Andfjord Salmon Harbour AS. Fact pattern was evaluated against the requirements of IFRS 10 Consolidated Financial Statements, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases as well as interaction between these standards. Judgmental areas included, but were not limited to: • Loss of control over the subsidiary. • Transfer of control to the buyer. • Agent versus principal assessment within the project management agreement. • Treatment of possible cost overruns related to the construction of the Right-of-Use asset. See note 4.1.1 for more information. Other areas that require certain degree of judgement and estimates by Management are listed below: • Capitalisation criteria of expenditures with respect to PPE. • Assessing impairment indicators in the PPE being developed by the Group including considerations about the climate-related risks as specified further below in this note. Estimates and judgements are evaluated on an ongoing basis, and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. 1.2.2 C limate-related risks Management has assessed the potential effects that climate-related matters may have on Andfjord Salmon’s operations and financial results. We have both assessed physical climate risks, i.e. risks that often involve economic ramifications resulting from climatic events such as extreme weather and long-term environmental changes, and transitional climate risks, i.e risks that relate to regulatory changes, shifts in consumer behaviour and technological advancements. Andfjord Salmon is exposed to both physical risks and transitional risks. However, physical risks have the greatest impact on the group, both in a low- emission and a high-emission scenario. The biggest climate-related risk is linked to our supply chain and specifically feed supply. Additionally, temperature changes (both warmer and colder weather) can have an adverse effect on fish health and product quality. Our closed, land- based pools means that we are well equipped to meet potential challenges, and can also generate some opportunities. We are continuously exploring additional opportunities to withstand physical climate risks, such as converting our own fish sludge into an energy source or the utilisation of new feed ingredients. The biggest transitional risks are linked to potential policy and legal changes, as well as reputational risks for the industry in general, which can indirectly impact the group. Proactive planning, an integrated strategy and a corporate culture that focuses on transparency and disclosure – and far exceeds legal requirements –reduce the impact of transitional risks. 1.2.3 N ew standards and interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. Out of these standards, amendments or interpretations, only IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is expected to have a [material] impact on the company’s future reporting periods and foreseeable future transactions, as described below. IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (effective for annual periods beginning on or after 1 January 2027)
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84 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 85 In April 2024, the IASB® issued IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’. IFRS 18 introduces a defined structure for the statement of profit or loss with new totals and subtotals, and in which all income and expenses should be classified in one of the following categories: operating, investing, financing, income taxes and discontinued operations, where the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures. Additionally, IFRS 18 made narrow scope amendments to IAS 7 ‘Statements of Cash Flows’. The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how ‘operating profit or loss’ is defined. The new disclosure requirements for ‘management-defined performance measures’ will enhance transparency. IFRS 18 application is required for annual periods beginning on or after 1 January 2027 and the Group has no intention of early adoption of the standard. Andfjord Salmon is in the process of determining the impact on the Group of applying IFRS 18. The Group currently presents an operating profit subtotal. The Group is performing a detailed assessment to determine the appropriate classification of items to ensure that the operating profit subtotal will comply with the requirements of IFRS 18. Furthermore, the new aggregation and disaggregation requirements may lead to changes to present the most useful structured summary of operating costs. The Group has concluded that it does not have a specified main business activity as defined under IFRS 18. Additionally, changes are anticipated in the presentation of the cash flow statement. In particular, the statement will now be required to begin with the ‘operating profit’ subtotal, while interests received will have to be presented within investing activities and interests paid within financing activities. Currently Andfjord Salmon does not present any measures that could meet the definition of a management-defined performance measure. The Group will continuously assess performance measures used in public communication outside the financial statements in order to determine whether or not these meet the definition of a management-defined performance measure. 1.3 S UMMARY OF GENERAL ACCOUNTING POLICIES 1.3.1 I mpairment of non-financial assets At each reporting date, the Group assesses whether there is an indication of impairment of its non-financial assets, of which the most important asset is the property, plant and equipment held by the Group. Management assesses both internal and external sources of information, including but not limited to technological, market, economic or legal environment considerations, in respect to the salmon industry and affecting the land-based facilities. Management has not found any indication of impairment of its non-financial assets during 2025 or 2024. The Group considers in its assessment whether climate-related risks could have a significant impact on the carrying amount of the Group’s assets, such as the effects of long-term environmental changes on fish farming production, or the introduction of emission-reducing legislations that may increase costs. These risks are included as key assumptions where they materially impact the measure of the recoverable amount. See Notes 1.2.1 and 1.2.2 for more information. 1.3.2 S tatement of cash flows The cash flow statement is prepared using the indirect method. Interest paid on trade payables and interest received on trade receivables are presented as operating cash flows. Interests paid on borrowings are classified as operating cash flows. Cash flows are only classified as investing activities if they result in the recognition of an asset in the statement of financial position. Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented as cash flows from operating activities. SECTION 2. SIGNIFICANT TRANSACTIONS AND EVENTS DURING THE REPORTING PERIOD In brief This section summarises significant transactions and events that occurred during the reporting period. 2.1 S IGNIFICANT TRANSACTIONS AND EVENTS DURING THE R EPORTING PERIOD The main transactions and events in relation to the Group are the following ones: Transactions and events Disclosure notes Completed waterways, technical infrastructure and two pools opera- tional Note 4.1 Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS Note 4.1 Re-initiated fish farming operations with release of approximately 350,000 smolt in pool K0 in September, followed by further 750,000 smolt in pool K1 in November Note 5.1 Bond issue of 750 MNOK Note 6.2 Commitment from existing bank syndicate for a new construction loan of 400 MNOK connected to financing of step 2A of the con- struction project at Kvalnes Note 6.2 Equity issue of 1,309 MNOK in total Note 6.6 Other than those noted above, the Group has presented material information of its financial position, highlighting any material changes, policies, judgements and estimates in the Group for the period presented.
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86 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 87 SECTION 3. RESULTS OF THE YEAR In brief This section provides insights into the financial performance of the Group over the periods presented, including those relating to financing activities, employee costs, taxes and government grants. 3.1 S EGMENT INFORMATION Accounting policies An operating segment is a component of the Group that (a) engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker (CODM) to allocate resources and assess performance, and (c) for which discrete financial information is available. The Board of Directors, acting collectively, is the Group's CODM. The CODM reviews the Group's results and allocates resources at the consolidated level. The Group therefore has a single operating segment — the farming and sale of Atlantic salmon in Norway. Consequently, the segment profit or loss equals the consolidated profit or loss as presented in the consolidated statement of profit or loss. Andfjord Salmon has two operating pools as at 31 December 2025. Further details on the sale of salmon during 2025 has been included in Note 3.2. All non-current assets held by the Group are located in Norway. 3.2 OP ERATING INCOME Accounting policies – Revenue from contracts with customers Revenue was recognised at the point in time salmon was physically delivered to the customer and all significant risks and rewards were transferred to the customer. The transaction price was not subject to any significant variable consideration. Revenue is related to sale of the first salmon produced by the Group. Total operating income 2025 2024 (Amounts in NOK thousand) Revenue from contracts with customers 815 190 Other operating income 214 134 Total operating income 1 029 324 During 2025, the Group has been developing its land-based facilities, and therefore no production activities or sales were carried out during the year. Revenue from contracts with customers in 2025 arose from the sale of frozen salmon that was recognised as other inventories at 31 December 2024. See Note 5.1 for further details in respect to this. 3.3 EMPL OYEE BENEFITS Accounting policies The Group recognises the undiscounted amount of short-term employee benefits expected to be paid to its employees in exchange for their services. Obligations for short-term employee benefits mainly include wages and salaries; bonuses; annual leave and accumulated sick leave that are expected to be settled within twelve months of the reporting date. Employee benefit obligations are included in the ‘other current liabilities’ in the statement of financial position. The Group has incurred the following employee benefit expenses during the periods reported: Employee benefits 2025 2024 (Amounts in NOK thousand) Salary expenses and bonuses 27 699 23 124 Share based payments 838 2 282 Other benefits 356 383 Social security cost 1 556 1 599 Pension cost (defined contribution) 3 451 2 947 Total employee benefits before capitalisation (*) 33 900 30 336 Capitalised employee benefits (9 772) (8 653) Total employee benefits after capitalisation 24 128 21 683 (*) The Group decided to present employee benefits before and after capitalisa- tion made for works performed by the Group, mainly in relation with the constru- ction of its new pools (see Note 4.1). During 2025, the average number of employees was 27 (2024: 23). See Section 7.1.1 for further information on remuneration to the Company’s key management personnel. 3.3.1 Defined contribution plans A ccounting policies The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans. With respect to its defined contribution plans, Andfjord Salmon has a defined contribution plan in accordance with local laws. The defined contribution plan covers all employees and amounts to between 7.0% and 25.1% of the gross salary. As at 31 December 2025 there were 31 members in the plan (2024: 23). 3.3.2 Shar e based payments Accounting policies Share-based compensation programs are provided to the Group’s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group’s own equity instruments. The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as ‘employee benefit expenses’, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity. When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each “tranche” as a separate award.
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88 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 89 The Group recognises social security taxes from its share-based payments in line with IAS 37 ‘Provisions, contingent liabilities and contingent assets’. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate. In June 2022 Andfjord Salmon established a Long-Term Incentive Program for the Group’s Management and employees, under which the Group will deli- ver share options as part of the consideration for the services rendered by its employees. The incentive program consists of equity settled share options. The options granted have equal terms for all employees. The program is divided into three different tranches, with vesting periods ranging from one to three years starting at grant date 30 June 2022. An equal amount of shares vest in each of the three tranches. The earliest exercisable date is 1 January 2027, and the expiry date is 30 June 2031. These dates are the same for all options independently of vesting period or employee. The Group has not granted any new options in 2025. Employee share option plan Earliest exercise date - expiry date Strike price Number of options Number of options as at 1 January 2024 41,945 737 320 Options granted 1 January 2027 - 30 June 2031 41,945 - Correction for employees who have left during the year (10 320) Number of options as at 31 December 2024 727 000 Weighted average remaining vesting period < 1 year Employee share option plan Earliest exercise date - expiry date Strike price Number of options Number of options as at 1 January 2025 41,945 727 000 Options granted 1 January 2027 - 30 June 2031 41.945 - Correction for employees who have left during the year (1 600) Number of options as at 31 December 2025 725 400 Weighted average remaining vesting period < 1 year The Group assessed fair value at the grant date for the options granted in June 2022 was NOK 17.49 per option. The Group has calculated the value of the options using the Black-Scholes options pricing model, with the fair value following main assumptions: Assumptions share-based payment program Expected dividend yield 0.0 % Historical volatility 38.4 % Risk-free interest rate 3.3 % Expected life of option (years) 3 Due to the Group’s limited length of share price history, expected volatility used in the calculations are estimated based on implied volatility of similar traded entities. As any dividend payment during the options’ vesting period is regulated with a proportional adjustment of the exercise price, the dividend parameter is not included in the calculations. 3.4 O THER OPERATING EXPENSES Other operating expenses 2025 2024 (Amounts in NOK thousand) Expenses related to short-term and low-value leases 1 401 1 662 Legal and consultancy services (incl. remuneration to auditors) 31 106 9 952 Sales and marketing costs 4 044 4 244 Maintenance (incl. materials and other small equipment) 2 686 677 Insurance and bank fees 2 255 1 098 Energy expenses (fuel, electricity, water, etc.) 1 879 722 IT costs 6 655 4 481 Other taxes and levies 5 751 174 Other expenses 3 518 2 439 Total other operating expenses 59 295 25 450 (*) NOK 9.4 million are related to the sale of wholly-owned subsidiary Andfjord Salmon Harbour AS. See note 4.1.1 for further information. Auditor’s remuneration 2025 2024 (Amounts in NOK thousand) Statutory audit fees 1 520 812 Other assurance services 388 206 Total auditor's remuneration 1 909 1 018 3.5 FIN ANCE INCOME AND COSTS Finance income and costs 2025 2024 (Amounts in NOK thousand) Financial income 12 905 4 914 Interest from bank deposit 12 872 4 885 Foreign currency gains 31 - Other financial income 1 29 Financial costs: (161 356) (30 887) Interest on borrowings (139 760) (29 792) Net foreign currency loss (13) (6) Interest expense on lease liabilities (1 727) (523) Other financial expense (19 856) (565) Capitalised borrowing costs (*) 160 826 30 049 Net finance result 12 375 4 077 (*) See note 4.1.2 for further information
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90 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 91 3.6 EARNINGS PER SHARE Accounting policies Basic earnings per share is calculated by dividing the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares; by the weighted average number of ordinary shares outstanding during the financial year, adjusted for treasury shares (see Note 6.6). Diluted earnings per share adjust the figures used in the determination of basic earnings per share, to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares. A potential ordinary share is a financial instrument or other contract that may entitle its holder to ordinary share, and whose conversion into an ordinary share would lead to a reduction in earnings per share or an increase in loss per share from continuing operations (i.e. would make the loss per share more negative). Therefore, options granted to its employees by the Group through its Long-Term Incentive Program (see Note 3.3.2 for further information) are considered anti-dilutive in the diluted earnings per share calculation for the periods where the Group incurred a loss from continuing operations. Basic and diluted earnings per share 2025 2024 Profit/(loss) for the year (104 079) (67 862) Weighted average number of shares used as the denominator Weighted average number of shares used in basic earnings per share 87 371 728 63 644 020 Dilutive effect of granted share options - - Weighted average number of shares used in diluted earnings per share 87 371 728 63 644 020 Basic earnings per share (NOK) (1.19) (1.07) Diluted earnings per share (NOK) (1.19) (1.07) The options have not been included in the determination of basic earnings per share. In the future, these options could potentially dilute basic earnings per share. Weighted average number of shares does not include not-registered capital increa- se. See note 6.6.3 for further information. 3.7 INCO ME TAX 3.7.1 Income Tax Expense Accounting policies The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated at 22% of the temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year. The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realised or the deferred income tax liabilities are settled. Income tax expense 2025 2024 (Amounts in NOK thousand) Current income tax - - Change in deferred tax - - Total income tax expense - - 3.7.2 Def erred Tax Balances Accounting policies The Group is subject to ordinary Norwegian company tax with a tax rate of 22%. Because of timing differences between the financial statements and the tax rules, there will be temporary differences that give rise to deferred tax liabilities or deferred tax assets. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses. Deferred tax balances 2025 2024 (Amounts in NOK thousand) Tangible fixed assets (107 957) (20 787) Leases (55 335) (2 621) Inventories biological assets 14 935 - Receivables - - Allocations and more 14 481 14 481 Other differences 6 071 6 071 Total deferred tax relating to temporary differences (127 805) (2 856) Tax losses to carry forward 674 573 352 354 Not included in the deferred tax calculation (546 768) (349 498) Basis for deferred tax assets (liabilities) - - Carrying value of deferred tax assets (liabilities) - - Deferred tax asset is not recognised in the balance sheet. 3.7.3 Reconciliation of Income Tax Expense Reconciliation of income tax expense 2025 2024 (Amounts in NOK thousand) Profit before tax (104 079) (67 862) Expected income tax at statutory income tax rate of 22% (2021: 22%) (22 897) (14 930) Permanent differences (20 502) (5 790) Change in unrecognised deferred tax asset 43 399 20 720 Calculated tax expense/(income) - -
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92 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 93 SECTION 4. INVESTED CAPITAL In brief This section provides insights into the disclosures in relation to the capital invested by the Group in its tangible and intangible assets. 4.1 PRO PERTY , PLANT AND EQUIPMENT Accounting policies Property, plant and equipment (‘PPE’) is initially recognised at cost and subsequently measured at cost less accumulated depreciation and impairments. The following table summarises the useful life and depreciation method by class of asset: Land and buildings Machinery and plant Furniture, tools and others Facilities for farming Assets under construction Depreciation method Buildings: straight-line. Straight-line Straight-line Straight-line Not applicable Land not depreciated Useful life 50 years 5-20 years 3-10 years 5-100 years Not depreciated Estimated residual values and expected useful lives of assets are reviewed by the Group at least annually. In estimating the remaining useful lives of the assets, Management considers the expected level of use; the expected physical wear and tear together with the maintenance plans; and any technical, legal or commercial obsolescence arising from, among others, laws and regulations affecting health, safety or environmental regulations. Each significant component is identified separately for depreciation purposes and depreciated over its individual useful life. Component identification is based on the combination of technical and accounting information and considers: i) cost materiality of the component compared to the overall cost of the asset; ii) if useful life or depreciation method of the component is materially different from the main asset; iii) if the part is replaced or maintained separately during the asset’s life. Depreciation cost of the components that are considered shared assets are allocated based on the operational capacity (e.g. number of pools commissioned) in relation to total capacity when fully operational. When a significant component is replaced, the old component is derecognised and the new component capitalised, if its cost is recoverable. Property, plant and equipment Land and buildings Machinery and plant Furniture, tools and others Facilities for farming Assets under construction Total Year ended 31 December 2024 Opening net book amount 104 592 26 632 4 671 274 040 466 697 876 632 Additions 827 242 568 - 1 370 519 1 372 156 Other movements - - - (149) 149 - Sale - - (11) - - (11) Depreciation (400) (2 929) (1 557) (13 038) - (17 924) Closing net book amount 105 019 23 945 3 671 260 853 1 837 365 2 230 853 At 31 December 2024 Cost 106 240 31 142 8 108 296 150 1 837 365 2 279 005 Accumulated depreciation (1 221) (7 197) (4 437) (35 297) - (48 152) Net book amount 105 019 23 945 3 671 260 853 1 837 365 2 230 853 Year ended 31 December 2025 Opening net book amount 105 019 23 945 3 671 260 853 1 837 365 2 230 853 Additions 312 63 1 648 127 2 347 420 2 349 569 Transfer 44 847 67 813 - 1 774 290 (1 886 950) - Transfer to intangible assets - - - - (24 269) (24 269) Disposals (*) - - - - (237 593) (237 593) Depreciation (844) (4 100) (1 528) (18 231) - (24 702) Closing net book amount 149 333 87 722 3 791 2 017 040 2 035 973 4 293 859 At 31 December 2025 Cost 151 399 99 018 9 756 2 070 567 2 035 973 4 366 713 Accumulated depreciation (2 065) (11 297) (5 965) (53 527) - (72 854) Net book amount 149 333 87 722 3 791 2 017 040 2 035 973 4 293 859 (*) Disposals are mainly related to sale of the harbour property. See note 4.1.1 for further information. Note 6.2.2 discloses information on the amount of property, plant and equipment that are pledged as security for borrowings. Note 7.3 discloses information of contractual obligations to purchase, construct or develop property, plant and equipment or for repairs, maintenance or enhancements.
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94 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 95 4.1.1 Significant mo vements during the period Accounting judgements and estimates Management assesses to which extent costs are directly attributable to bringing the assets into the condition for them to operate in the intended manner. In this sense, Management considers own employees with direct responsibilities for the building of the pools to meet the capitalisation criteria for capitalisation, excluding general management, administrative and finance roles. Kvalnes land-based facility – Phase II The additions during 2025 mainly relate to the development of the Kvalnes land-based facilities. The Group's construction project at Kvalnes has made strong progress through 2025 with two pools of the facility already in opera- tion at the end of the year. Waterways supporting the production of 48,000 tonnes HOG of yearly production are completed. Aforementioned assets are considered to be shared across the facility (see note 4.1 for more informa- tion) and the allocation key used for the reporting period is 2/12 due to two operational pools out of 12 at full capacity of the facility. In total five pools will be operationally ready during Q2 and Q3, which will give a yearly production capacity of 11,000 tonnes HOG. The production capacity at the Kvalnes site will continue to increase up to 17,000 tonnes HOG annu- ally by end of 2027. The total potential at the Kvalnes site is estimated to be approximately 48,000 tonnes HOG annual production. Fiskenes and Breivik The potential annual production capacity at Fiskenes and Breivik is estima- ted to 20,000- 25,000 tonnes HOG on each location. The Breivik site is ready for a license application, while for Fiskenes, the process of zoning plan for the property is still ongoing. Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS On 27 May 2025 Andfjord Salmon Group AS (the parent company) sold 100% of the share ownership in a wholly-owned subsidiary Andfjord Salmon Harbour AS (now renamed Andøya Havn AS) to Asset Buyout Partners AS. The purchase price of the shares was NOK 400 million. The cash transaction price was received in full by Andfjord Salmon Group AS on 18 June 2025. The harbour property located in Kvalnes, Andøya (consisting of the harbour together with the plot of land it is located on) was transferred from Andfjord Salmon AS (the operating company in the Group) to a newly established subsidiary Andfjord Salmon Harbour AS. To determine the appropriate accounting treatment, the transaction was carefully evaluated against the criteria for loss of control of the subsidiary under IFRS 10, as well as the requirements relating to loss of control of the asset in accordance with IFRS 15. This assessment was conducted in the context of a potential sale and leaseback transaction pursuant to IFRS 16, alongside the consideration of a possible IFRS 15 sale of the asset and asso- ciated performance obligation to complete the construction of the harbour. It was concluded that the sale of shares in a subsidiary is the main element in the transfer of harbour property to Asset Buyout Partners AS. Therefore, the transaction is scoped within IFRS 10. At the date of the sale of the subsidiary, the net assets of the Andfjord Sal- mon Harbour AS consisted of asset under construction with a book value of NOK 228 million and a receivable towards the Group of NOK 172 million. There is no gain or loss recognised in the transaction as the consideration of NOK 400 million received is equal to the book value of net assets sold. Given no gain or loss on this sale transaction, the issue of gain recognition based on IFRS 10 (full recognition) or IFRS 16 (partial recognition) is not relevant for Andfjord Salmon for this transaction. The harbour area had been classified as ‘Assets under construction’ prior to the sale. After the sale, the Group has a short-term payable towards Andfjord Salmon Harbour AS of NOK 172 million which represents the agreed estima- te of the remaining construction costs of the harbour property. As of period end 31 December 2025, NOK 73 million has been settled, as such, NOK 99 million is still outstanding at 31 December 2025. As part of the transaction, Andfjord Salmon Group AS and Andfjord Salmon AS (jointly designated as Project Manager) entered into a Project Manage- ment Agreement with Andfjord Salmon Harbour AS. The agreement outlines the Project Manager’s responsibilities and authorises them to act on behalf of Andfjord Salmon Harbour AS within defined limits. Agent versus prin- cipal assessment concluded that Project Manager’s role is administrative in nature and contractually pre-determined. Therefore, Project Manager acts as an agent without significant decision-making authority over the harbour’s construction. Completion of the harbour property triggers the commencement of the har- bour lease agreement. The annual lease payment is approximately NOK 30 million over a lease term of 80 years. Transaction costs of NOK 23.4 million were incurred as part of the transaction, where NOK 14 million is identified as direct incremental cost of obtaining control of the harbour asset through the lease agreement and will be capitalised by Andfjord as part of the acqu- isition cost of the Right-of-use asset. Until the commencement date of the lease this will be recognised in the balance sheet as a pre-paid cost for the Right-of-use asset. Transaction costs not deemed as direct incremental cost have been expensed as other operating expenses in the reporting period. 4.1.2 Capitalisation of borr owing costs Accounting policies Specific borrowing costs that are directly attributable to the construction of an asset that necessarily takes a substantial period to get ready for its intended use (a qualifying asset) are capitalised as part of the cost of the respective asset. The Group interprets ‘substantial period’ as one year or more. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Group has incurred in general borrowings, both from credit insti- tutions and bond, that form part of the funds used to finance a project, and it has capitalised its borrowing costs using a weighted average of rates applicable to relevant general borrowings of the Group during the period. All other borrowing costs are recognised in the statement of compre- hensive income in the period in which they are incurred. The amount of borrowing costs capitalised during the 2025 period has been NOK 160 826 thousand (2024: NOK 30 049 thousand), and the amount of assets under construction have significantly exceeded the amount of bor- rowings held by the Group. 4.2 Intangible assets A ccounting policies Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method. The following table summarises the useful life and depreciation method by class of intangible asset: Licenses, patents, and similar rights Other intangible assets Amortisation method Straight-line Straight-line Useful life 10-20 years 5 years Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
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96 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 97 Intangible assets Licenses, patents, and similar rights costs Other intangible assets Total (Amounts in NOK thousand) Year ended 31 December 2024 Opening net book amount 3 527 10 862 14 389 Additions 3 524 3 524 Amortisation charge (187) (1 307) (1 494) Closing net book amount 3 340 13 079 16 419 At 31 December 2024 Cost 3 745 15 679 19 424 Accumulated amortisation and impairment (405) (2 600) (3 005) Net book amount 3 340 13 079 16 419 Year ended 31 December 2025 Opening net book amount 3 340 13 079 16 419 Additions - 1 422 1 422 Reclassified from Property, plant and equipment - 24 269 24 269 Amortisation charge (187) (2 210) (2 397) Closing net book amount 3 153 36 560 39 713 At 31 December 2025 Cost 3 745 41 370 45 115 Accumulated amortisation and impairment (592) (4 810) (5 402) Net book amount 3 153 36 560 39 713 The additions in «other intangible assets» in 2025 are mainly related to work on licences and software development. 4.2.1 De velopment costs During 2025, the Group was developing its Laminar Flow Technology for its current and future salmon farming pools. Expenditures incurred during the development stages of these pools have been capitalised to the extent that they meet the requirements.
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98 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 99 SECTION 5. WORKING CAPITAL In brief This section provides insights into the disclosures in relation to items considered part of the working capital of the Group, typically with a short-term nature, and related to its operating activities. 5.1 BIO LOGICAL ASSETS AND OTHER INVENTORIES 5.1.1 Summar y of accounting policies for biological assets and other inv entories Accounting policies The smolt is acquired and released into the Group’s operating pools, and typically remain there until it is ready to be harvested, which is when the salmon is considered mature. The company also has the opportunity to sell live fish to sea-based farmers. This will normally be fish between 500 grams and 2000 grams in size. Selling live fish to sea-based farmers gives Andfjord Salmon increased flexibility to fully utilize the production capacity in the pools. The Group's cost allocation methodology for salmon biomass and related inventories ensures that production costs capitalised to biological assets and inventories reflect actual resource consumption and the respective stage of production. Direct production costs, including direct material costs and direct personnel expenses, are fully attributed to the relevant biomass or inventory. Indirect production costs, including depreciation of production-related assets, are allocated on a systematic and rational basis using appropriate cost drivers, including capacity utilisation. As the Group is in a ramp-up phase and production capacity is not yet fully utilised, the cost of production, particularly depreciation of production facilities, is adjusted to reflect unutilised capacity. General and administrative overheads not directly attributable to production are expensed as incurred. Interests are not included in the carrying amount of biological assets or inventories. The accounting treatment of biological assets is regulated by IAS 41 ‘Agriculture’. According to IAS 41, biological assets are recognised and measured at fair value less cost to sell at each reporting period. However, when there is little biological transformation, the cost of biological assets is deemed to be a close approximation to its fair value. This is the case of the smolt that has been acquired but not released into the pools yet. Management has considered the approach to measure fair value of the biomass, in accordance with IFRS 13 ‘Fair value’, at each reporting period during the growing phase. The income approach is applied to estimate the fair value of the salmon stock, by which future cash flows from selling the salmon at harvest date are discounted to a single current amount. The valuation model for the salmon considers the highest and best use for salmon, which Management believes corresponds to the moment when the salmon is ready to be harvested (see Note 5.1.2 for Management’s assumption on optimal weight). The valuation model requires the use of several significant inputs, part of which are not observable. Therefore, the fair value is considered ‘level 3’ in the fair value hierarchy. Significant unobservable inputs include the cost to complete; the biomass’ weight and quality; the implied discount rate and estimated growth rate of salmon. The significant observable inputs are the forward market price of salmon at the expected time of harvest. Environmental or operational incidents leading to mortality exceeding a rate of 3% from that single incident will be recognised under ‘cost of materials” in the statement of comprehensive income. Distinct assumptions are applied to each batch of salmon held in the Group’s pools. The change in the fair value of biological assets is recognised in the statement of comprehensive income as ‘fair value adjustments of biological assets’. The accumulated costs from incident-based mortality will reduce the fair value of the biological assets in the statement of financial position and is recognised as ‘cost of materials’ in the statement of comprehensive income. Other inventories mainly include fodder, packaging materials, frozen salmon and other materials to be used during the maturing process of the salmon. Inventory is measured at the lower of its cost and its net realisable value. Cost of inventories held by the Group mainly include its cost of purchase. Inventory is based on the first-in first-out principle, except for fodder where a weighted average is used. Book value of inventories 31 December 2025 31 December 2024 (Amounts in NOK thousand) Biological assets 48 277 - Raw materials 841 - Others - 1 340 Total 49 118 1 340 The Group held biological assets in the form of live salmon stock at year-end 2025 after smolt was released in the two pools. As at 31 December 2025, the Group does not have any harvested salmon. As at year-end 2024 inventory consists of frozen salmon for sale. 5.1.2 Main ju dgments and assumptions for the valuation of the biomass Accounting judgements and estimates The valuation model for the salmon livestock considers the highest and best use for salmon, which Management believes corresponds to a live weight of approximately 4.8 kg, and a gutted weight of 4.0 kg when harvested. The Group estimates the fair value of the biomass at each reporting period using a model following an income approach. Estimated future cash inflows Future cash inflows are estimated based on the estimated biomass volume, and price at the expected harvesting date. Biomass volumes are estimated based on the number of fish in the pools, adjusted by expected mortality, and multiplied by the expected average weight of salmon at the harvest date. The expected price at harvesting date is calculated using the Salmon Futures on Euronext Paris Commodity Derivatives Market on the settlement (delivery) date, adjusted for costs to sell the fish, such as harvesting costs, transportation etc. . An increase in the forward price will increase the fair value of the salmon biomass. However, the effect will be compensated by the deductions of costs to complete the lifecycle at each point in time. Only changes in prices when the salmon is matured has a full effect on the value of the biomass. Equivalent effects can be expected when the source of the change is due to the deduction of costs to sell. The following forward price was estimated at harvesting time, corresponding to the forward price at optimal weight time, has been considered by the Group for the expected harvesting dates for its biomass:
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100 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 101 Expected harvesting period Forward price at expected harvest dates (Amount in NOK per kg) Batch #1 (Oct-26) 76.27 Batch #2 (Dec-26) 94.03 Estimated future cash outflows Future cash outflows are defined as the costs to complete the salmon lifecycle at each point in time. This includes costs necessary to grow the fish to its optimal weight, which main components are fodder and other direct costs. The estimation of the fodder costs depends on future fodder prices, but also expected conversion rate, measured as gained weight of the salmon stock per kg of fodder released in the fish pools. Fair value interpolation Estimated net cash flows are discounted at each point in time using an interpolation method where the two known data points are the value of the smolt when released into the pool, and the expected cash inflows as described above. The discounting follows a natural interpretation to calculate a discount rate representing the time value of money and hypothetical license fees for the salmon farming permits. Hypothetical license fees are included in the calculation of the discount rate, as it represents the value that a hypothetical buyer of a salmon farming license would have to incur for such a permit, which cannot be obtained in the open market, therefore causing entry barriers. The interpolation model is updated quarterly, considering data on actual forward prices, mortality rates, number of fish in the pools, etc. These estimates are approved by the Group’s Management, supported by real quantitative data samples of the biomass, and updated budgets and forecasts. Sensitivity analysis of biomass 2025 2024 (Amounts in NOK thousand) Change in discount rate +1% (5 130) - Change in discount rate -1% 5 745 - Changes in sales price +1 NOK/kg 1 163 - Changes in sales price -1 NOK/kg (1 163) - Changes in biomass volume +1% kg 838 - Changes in biomass volume -1% kg (838) - Sensitivity analysis evaluates the impact of changes in key estimates on the fair value. It highlights how variations in factors such as sales prices, biomass vol- ume, discount rate and superior share could affect the fair value measurement, providing a clearer understanding of potential financial impacts. 5.1.3 Car rying amount reconciliation The Group holds 531 tonnes of biological assets at 31 December 2025 (31 De- cember 2024: 0 tonnes). The table below provides a reconciliation of the biological assets held by the Group: Tonnes Carrying amount NOK thousand Tonnes Carrying amount NOK thousand Change in biological assets 2025 2025 2024 2024 Biological assets at 1 January - - - - Increase due to production 531 63 212 - - Fair value adjustment at 31.12 - (14 935) - - Decrease due to sale/harvesting - - - - Biological assets at 31 December 531 48 277 - - The table below provides reconciliation of the total value of inventories: Value of inventories Feed Salmon Frozen products Total at cost Fair value adjustment Carrying amount (Amounts in NOK thousand) At 1 January 2025 - - 1 340 1 340 - - Change 841 63 212 (1 340) 62 713 (14 935) 47 778 At 31 December 2025 841 63 212 - 64 053 (14 935) 49 118 5.2 C HANGE IN INVENTORIES Change in inventories 2025 2024 (Amounts in NOK thousand) Change due to production 17 635 - Change due to sale/harvesting (1 340) (375) Change due to incident-based mortality - - Change inventory raw materials 841 - Total 17 137 (375) Change due to production 2025 2024 (Amounts in NOK thousand) Raw material cost 35 387 - Salaries 4 086 - Energy cost 610 - Depreciation 8 263 - Other operating expenses 14 865 - Total 63 212 -
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102 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 103 5.3 O THER CURRENT ASSETS Other current assets 2025 2024 (Amounts in NOK thousand) Other receivables 5 000 - Prepayments 10 684 2 911 VAT receivables 59 154 73 522 Prepayments and transaction cost to ROU asset, not commenced 14 000 - Other current assets 2 10 Total other current assets 88 840 76 443 5.4 O THER CURRENT LIABILITIES Other current liabilities 2025 2024 (Amounts in NOK thousand) Short-term payable to Andøya Havn AS (*) 99 449 - Others 9 637 4 887 Total other current liabilities 109 086 4 887 (*) For further information, see note 4.1.1 5.5 C ASH AND CASH EQUIVALENTS Cash and cash equivalents 2025 2024 (Amounts in NOK thousand) Cash at bank 166 091 59 196 Restricted cash (payroll) 2 077 1 169 Restricted cash (*) 83 738 - Unrestricted cash 80 275 58 028 Total cash and cash equivalents 166 091 59 196 (*) See note 5.5.2 for further information. 5.5.1 S hort-term deposits The Group does not hold bank deposits or other short-term, liquid investments that have been classified as cash equivalents. 5.5.2 R estricted cash 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 83.7 million is restricted towards the senior secured bond to cover interest payments in 2026. For more information on the borrowings, see section 6.2. In addition, part of the cash and cash equivalents disclosed is subject to regula- tory restrictions on payroll tax liabilities and is therefore not available for general use by the Group. SECTION 6. CAPITAL AND DEBT STRUCTURE In brief This section provides insights into Andfjord Salmon’s capital and debt structure, including financial risk and capital management. 6.1 FIN ANCIAL ASSETS AND LIABILITIES None of the financial instruments held by the Group are measured at fair value. The financial instruments’ amortised cost is considered to be a close approximation to their fair value. 6.1.1 Financial Assets Financial assets 2025 2024 (Amounts in NOK thousand) Assets measured at amortised cost: 166 091 59 196 Cash and cash equivalents 166 091 59 196 Total financial assets 166 091 59 196 6.1.2 Financial Liabilities Financial liabilities 2025 2024 (Amounts in NOK thousand) Liabilities measured at amortised cost 2 161 491 1 127 815 Borrowings 877 685 832 309 Senior secured bond 714 778 - Trade and other payables 110 203 295 506 Trade payables, disputed (*) 458 824 - Lease liabilities 68 342 10 439 Total financial liabilities 2 229 832 1 138 254 (*) See note 7.2.2 for further information.
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104 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 105 6.2 BO RROWINGS Accounting policies Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses. Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Group has an unconditional right to defer settlement for at least twelve months after the reporting period. Overview of borrowings 2025 2024 (Amounts in NOK thousand) Non-current Debt to credit institutions 877 685 832 309 Senior secured bond 714 778 - Total non-current borrowings 1 592 463 832 309 Current Total current borrowings - - Total borrowings 1 592 463 832 309 6.2.1 Rele vant terms and conditions Debt to credit institutions The bank financing agreement connected to step 1 of the construction project at the Kvalnes facility, entered into with SpareBank 1 Nord-Norge, Sparebank 1 Sør-Norge, Sparebank 1 SMN and Eksfin consists of a term loan of NOK 900 million at year-end 2025. The loan was converted from construction loan to term loan in December 2025 and maturity is in December 2029. No payments of principal are required until 24 months after the conversion date, starting in December 2027, with quarterly instalments that reflect a repayment period of 12 years. In addition, the Group has a loan agreement for a construction loan of NOK 400 million as part of the financing of step 2A of the Kvalnes build-out. The new construction loan is on similar terms as the loan for the first step. The facility has drawdown available until 31 December 2026. The Group can decide to convert the facility to a term loan maturing 4 years after the conversion date (i.e. latest maturity 31 December 2030). No payment of principal is required until 24 months after the conversion date (i.e. starting at 31 December 2028, at the latest), with quarterly instalments that reflect a repayment period of 12 years. In addition, the financing agreement includes allowance for overdraft facility of up to 200 MNOK to serve as working capital financing. Senior secured bond On 28 May 2025 Andfjord Salmon Group AS successfully completed a new three-year senior secured bond issue of NOK 750 million. The bond bears interest at a rate comprising the 3-month NIBOR plus a margin of 950 basis points and was issued at 98% of its nominal value. The net proceeds from the bond issue will be applied towards investments and associated working capital related to the Company’s expansion of the Kvalnes site. As of 21 November 2025 the bond is listed on Euronext Oslo Børs. 6.2.2 Assets pledged as securities for liabilities All assets of the Gr oup are pledged as security for liabilities, including aquaculture licenses, other inventories, and trade receivables. As of 31 December 2025, assets pledged as security included property, plant and equipment with a carrying amount of NOK 4 293 860 thousand (2024: NOK 2 230 853 thousand), and intangible assets with a carrying amount of NOK 39 714 thousand (2024: NOK 16 419 thousand). 6.2.3 Compliance with co venants Debt to credit institutions Debt to financial institutions entered during 2024 and 2025 (see note 6.2.1 for further information) is subject to the following covenants: • Overdraft facility within 60 % of borrowing base • Total equity at minimum 35 % of Total assets at year-end • Minimum liquidity of NOK 50 million each quarter until 31 December 2027 The following covenants are applicable as of 31 December 2027: • Minimum required working capital of NOK 100 million The following covenants are applicable as of 31 December 2028: • Net interest-bearing debt / EBITDA shall be above 5,00 Senior secured bond Senior secured bond issue entered during 2025 is subject to the following covenants: • Total equity at minimum 35% of Total assets each quarter • Minimum liquidity of NOK 50 million each quarter The Company has complied with the financial covenants during the reporting period, and Management does not expect to breach any covenant in the foreseeable future. The company has received a claim from a previous contractor that is not being paid, as the company has a counterclaim that exceeds the claim from the previous contractor. See note 7.2.2 for further details. If this disputed liability were to be settled at some point in the future, it would be financed from revenue and equity. If in such a case there is a need for strengthened financing, as a result of liquidity needs or financial covenants, the group must raise equity to resolve it. 6.3 LEASES 6.3.1 Natur e of the lessee’s leasing activities Accounting policies The Group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or leases for underlying assets that are of a low value. Management considers as low value those assets that are worth NOK 50 thousand or less when new.
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106 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 107 Active leases The Group has lease agreements related to offices and other buildings; machinery and specialized equipment used in the salmon farming operations; and vehicles. The lease term varies normally from 1 to 8 years with options to both extend and terminate the lease contracts at Management’s discretion. The Group also leases offices, warehouses and machinery, with lease terms being less than 12 months. Some machinery and small equipment also meet the low-value exemption. In both cases, the Group applies the recognition exemption to these leases, and consequently these are recognised as expense linearly over the lease term. These expenses are presented within ‘other operating expenses’ (see Note 3.4 for further information). The Group is not typically subject to variable lease payments for its leases. Leases not yet commenced On 12 June 2025 Andfjord Salmon AS (Lessee) and Andøya Havn AS, previously named Andfjord Salmon Harbour AS, (Lessor) entered into a lease agreement for the leasing of harbour property consisting of the quay, breakwater and the harbour area. See note 4.1.1 for more information on the sale of Andfjord Salmon Harbour AS. The annual lease payment is approximately NOK 30 million over a lease term of 80 years with no early termination or extension options. The harbour asset (lease object) is still under construction as of 31 December 2025. Completion of the harbour asset and commencement of the lease is expected during 2026. 6.3.2 Right-of-use assets A ccounting policies The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities, any lease payments made at or before the commencement date of the lease, less any lease incentives received, and initial direct costs incurred by the lessee. Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. Right-of-use assets Land and buildings Machinery, equipment and other Vehicles Total (Amounts in NOK thousand) At 1 January 2024 853 16 151 636 17 640 Year ended 31 December 2024 Additions 771 - - 771 Depreciation charge (565) (4 317) (468) (5 350) Closing net book amount 1 058 11 834 168 13 060 At 1 January 2025 1 058 11 834 168 13 060 Year ended 31 December 2025 Additions 1 363 118 821 938 121 122 Depreciation charge (326) (8 726) (71) (9 122) Depreciation charge related to construction (1 108) - (275) (1 383) Closing net book amount 987 121 929 760 123 676 Significant additions during 2025 are related to operating equipment to be used on the operational pools, of this NOK 66 million was prepaid. 6.3.3 L ease liabilities Accounting policies Lease liabilities are recognised at the lease commencement date. The lease liabilities are measured as the present value of future lease payments, discounting by the Group’s incremental borrowing rate. Lease payments mainly consist of fixed payments, which are typically updated by changes on consumer price indexes or interest rate levels. Lease liabilities are measured at amortised cost using the effective interest rate method. If there is a change in future lease payments arising from a change in an index or rate, there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or the Group changes its assessment of whether it will exercise a purchase, extension or termination option, the liability is remeasured and a matching adjustment is made to the carrying amount of the related right-of-use asset. No significant changes in this regard have occurred during the period. Lease liabilities 2025 2024 (Amounts in NOK thousand) At 1 January 10 439 13 851 Additions 65 029 773 Interest expense 1 727 521 Lease payments (8 853) (4 706) Balance at 31 December 68 342 10 439 Current 16 205 4 276 Non-current 52 137 6 163 The following table discloses the maturity analysis for lease liabilities. Contractual maturities 2025 2024 (Amounts in NOK thousand) Less than 1 year 16 830 4 375 1-3 years 25 325 6 613 3-5 years 19 568 71 More than 5 years 26 679 - Total contractual cash-flows 88 402 11 060 Recognised as liabilities 68 342 10 439 6.3.4 A mounts recognised in the statement of comprehensive income and statement of cash-flows The following amounts have been recognised in the income statement in relation to leases: Amounts recognised in the income statement 2025 2024 (Amounts in NOK thousand) Interest expense (included in finance cost) 1 727 521 Expense relating to short-term leases 1 330 - Expense relating to leases of low-value assets that are not shown above as short-term leases 133 133 Expense relating to depreciation 10 506 5 350 The total cash outflow for leases in 2025 has been NOK 10 254 thousand (2024: NOK 6 368 thousand).
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108 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 109 6.4 R ECONCILIATION OF CASH-FLOWS FROM FINANCING ACTIVITIES Reconciliation cash flow from financing activities Borrowings Lease liabilities Total (Amounts in NOK thousand) Liabilities from financing activities at 1 January 2024 67 625 13 851 81 476 Financing cash flow (payments) (3 833) (4 185) (8 018) Cash inflows from new borrowings 785 404 - 785 404 Capitalised financing costs (18 625) - (18 625) Amortised financing costs 1 739 - 1 739 New leases - 773 773 Liabilities from financing activities at 31 December 2024 832 309 10 439 842 748 Financing cash flow (payments) - (7 126) (7 126) Cash inflows from new borrowings 800 804 - 800 804 Capitalised financing costs (52 111) - (52 111) Amortised financing costs 11 461 - 11 461 New leases - 65 029 65 029 Liabilities from financing activities at 31 December 2025 1 592 463 68 341 1 660 804 6.5 F INANCIAL RISK AND CAPITAL MANAGEMENT As indicated in Note 6.1, financial assets held by the Group mainly comprise cash and cash equivalents. Financial liabilities are mainly comprised of borrowings, lease liabilities, and trade payables. In conducting its operations, the Group faces the following main types of risks: credit risk, liquidity risk and market risk. Management keeps track of the evolution of the different risks, and the potential impact to the Group. The Group has not entered into any derivative contracts to manage its exposure to financial risks during 2025 or 2024. The following sections provide disclosures on the specific exposure to risks and how they arise; the objectives, policies, and processes for managing the risks and the methods used to measure the risk; and any changes thereof. 6.5.1 C redit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the Group by failing to settle its obligation. The Group is exposed to credit risks in conducting its ordinary activities. Cash and cash equivalents from the Group are managed by the Group’s Finance Department. The Group limits the amount of deposits that can be held in a single bank to limit the concentration of risks. As at 31 December 2025, the Group has NOK 2.3 million in trade receivables toward its financial institution regarding sale of an asset. As such, the Group considers there are no credit risk associated with these trade receivables. 6.5.2 Li quidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Management develops rolling forecasts on liquidity, which are regularly monitored against the contractual maturities of the financial liabilities. 6.5.2.1 Maturities The following table discloses the maturity analysis for non-derivative liabilities (except for lease liabilities, which are disclosed in Note 6.3), showing its undiscounted remaining contractual liabilities: At 31 December 2025 Carrying amount Less than 3 months 3-12 months 1-5 years More than 5 years Disputed Total (Amounts in NOK thousand) Borrowings 1 592 463 - - 1 650 000 - - 1 650 000 Trade payables 110 203 110 203 - - - - 110 203 Trade payables, disputed (*) 458 824 - - - - 458 824 458 824 Other current liabilities 109 086 9 637 59 669 39 780 - - 109 086 Total financial liabilities 2 270 577 119 840 59 669 1 689 780 - 458 824 2 328 114 (*) See note 7.1.1 for further information. At 31 December 2024 Carrying amount Less than 3 months 3-12 months 1-5 years More than 5 years Disputed Total (Amounts in NOK thousand) Borrowings 832 309 - - 159 224 689 971 - 849 196 Trade payables 295 506 295 506 - - - - 295 506 Other current liabilities 4 887 2 576 2 310 - - - 4 887 Total financial liabilities 1 132 702 298 082 2 310 159 224 689 971 - 1 149 588 6.5.2.2 Financing facilities A s at 31 December 2025, the Group has undrawn amounts from its loan facility with a credit institution (as disclosed in Note 6.2) until the end of 2026, which provides the Group with the financing needed to complete the ongoing constru- ction projects of four new production pools by mid-2026. 6.5.3 M arket risk Market risk is the risk that the fair value or future cash flows of a financial instru- ment will fluctuate because of changes in market prices. The Group is mainly exposed to interest rate risk. Foreign exchange risk is not considered relevant for the Group as they do not hold any balances in foreign currencies. The Group is neither exposed to risk related to salmon price as it does not hold any derivatives or other financial con- tracts based on the price of salmon as of 31 December 2025.
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110 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 111 6.5.3.1 I nterest rate risk Impact on equity and profit after tax Amounts recognised in the income statement 2025 2024 (Amounts in NOK thousand) Increase in interest rate of 2% (31 849) (16 646) Decrease in interest rate of 1% 15 925 8 323 The Group’s exposure to interest rate risk arises from long-term borrowings with variable rates (see Note 6.1 and 6.2 for further information) based on the NIBOR rate applicable at each point in time. These instruments have no effect on other comprehensive income. The Group has not entered into any interest rate swaps agreement or other interest rate hedges to mitigate risk related to increase in the variable interest rate of its loans. 6.5.3.2 C urrency risk The Group is currently exposed to currency risk to a small extent. Although some components for the development have been purchased in EUR, both cost and investments are primarily in NOK. The Group will be increasingly exposed to currency risk once it starts operating the fish farming facility and in the case of future fish sales. Currency hedging will be considered to reduce such exposure. Due to a very limited currency risk exposure, no sensitivity analysis has been presented. 6.5.4 C apital management: objectives, policies and processes The Group defines capital as equity, including other reserves. The Group’s main objective when managing capital is to ensure the ability of the Group to continue as a going concern and to meet all requirements imposed by external financing agreements in the form of covenants. 6.6 SH ARE CAPITAL 6.6.1 S hare capital and share premium As of 31 December 2025, the share capital consists of 101 728 028 ordinary shares (2024: 67 619 013 shares), with a par value of NOK 1.00 each. All shares are entitled to equal rights with respect to dividends, voting rights and other rights in accordance with Norwegian corporate law. 6.6.2 A uthorised shares and amounts Number of shares Amounts in NOK thousand Authorised shares 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 Fully paid ordinary shares 101 728 028 67 619 013 101 728 67 619 Total share capital 101 728 028 67 619 013 101 728 67 619 6.6.3 M ovements in ordinary shares Movements in ordinary shares Number of shares Par value per share (NOK) Share capital total (TNOK) Share premium total (TNOK) Total (TNOK) At 1 January 2024 Opening balance 57 012 953 1,00 57 013 1 124 621 1 181 634 Capital increase 10 606 060 1,00 10 606 315 641 326 247 Closing balance at 31 December 67 619 013 1,00 67 619 1 440 262 1 507 881 At 1 January 2025 Opening balance 67 619 013 1,00 67 619 1 440 262 1 507 881 Capital increase 1 17 154 450 1,00 17 154 583 251 600 406 Capital increase 2 10 869 565 1,00 10 870 389 130 400 000 Capital increase Tranche 1 3 6 085 000 1,00 6 085 156 385 162 470 Transaction costs - - - (34 177) (34 177) Closing balance at 31 December 101 728 028 1,00 101 728 2 534 851 2 636 579 1 On 13 March 2025 the Company completed a capital increase of 17 142 858 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 35 per share. The gross proceeds from the issuance amounted to NOK 600 000 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 20 March. A subsequent offering was completed on 2 April, resulting in an increase of 11 592 ordinary shares, and gross proceeds of NOK 406 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 11 April. 2 On 28 May 2025 the Company completed a capital increase of 10 869 565 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 36.8 per share. The gross proceeds from the issuance amounted to NOK 400 000 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 03 June. 3 On 15 December 2025 the Company completed a capital increase of 11 548 126 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 26.7 per share. The gross proceeds from the issuance amounted to NOK 308 335 thousand. The Private Placement was divided into two tranches. The first tranche (Tranche 1) was registered in the Norwegian Register of Business enterprises on 29 December, and consist of 6 085 000 Offer shares, amounted to NOK 162 740 thousand. Tranche 2, amounted to NOK 145 865, was not registered at year-end 2025, and are presented as “Not registered capital increase” in the Balance Sheet as at 31 December.
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112 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 113 Transaction costs directly attributable to the share issues amounted to NOK 34 177 thousand in total, and were deducted from equity. As a consequence, the total share capital increased by NOK 34 109 thousand and share premium increased by NOK 1 095 thousand (net of issuance costs). At 31 December 2025, the Group held 5 thousand (2024: 5 thousand) treasury shares amounting to NOK 185 thousand (2024: NOK 185 thousand). Treasury shares are recognised at cost. These are deducted from equity and no gain or loss is recognised on the purchase, sale, issue or cancellation of these shares. 6.6.4 Lis t of the 20 largest shareholders at 31 December 2025 Shareholders Number of shares Ownership percentage Voting percentage Jerónimo Martins Agro-Alimentar, S.A. 33 587 182 35.12 35.12 High Liner Foods INC 8 799 930 9.20 9.20 Andfjord Holding AS 4 858 680 5.08 5.08 Kg Investment Comp AS 3 999 800 4.18 4.18 Eidsfjord Sjøfarm AS 3 500 330 3.66 3.66 Jan Heggelund 2 287 538 2.39 2.39 Og Invest AS 2 250 991 2.35 2.35 Skagerak Vekst AS 2 032 664 2.13 2.13 Ristora AS 1 956 726 2.05 2.05 Vicama AS 1 900 000 1.99 1.99 Sb1 Markets AS 1 642 273 1.72 1.72 DNB Markets Aksjehandel/-Analyse 1 347 082 1.41 1.41 Karstein Gjersvik 1 291 384 1.35 1.35 Traaseth Property AS 1 262 916 1.32 1.32 Sirius AS 1 080 000 1.13 1.13 Euro Tv AS 1 066 000 1.11 1.11 Farvatn Capital AS 998 830 1.04 1.04 Leonhard Nilsen & Sønner - Eiendom AS 845 257 0.88 0.88 Citibank, N.A. 648 176 0.68 0.68 Bliksmark AS 601 000 0.63 0.63 Total 20 largest shareholders 75 956 759 79.4 79.4 SE CT ION 7. OTHER DISCLOSURES In brief This section provides insights into topics other than those covered in the previous sections, including related parties, provisions, contingent liabilities and events after the reporting period. 7.1 REL ATED PARTIES 7.1.1 K ey management personnel compensation For the year ended 31 December 2025 Salary Board remuneration Pension costs Sharebased payments Other remuneration Total (Amounts in NOK thousand) Martin Rasmussen, CEO 2 377 - 231 240 23 2 872 Bjarne Martinsen, CFO 2 097 - 238 246 31 2 612 Christian Torgersen, COO 1 435 - 216 49 21 1 721 Trond Rismo, CCO (1) 625 - 100 - 4 729 Jostein Nilssen, Project director (2) - - - 43 - 43 Roger Brynjulf Mosand, Chairman - 290 - - - 290 Roy Bernt Pettersen, Board member - 145 - - - 145 Knut Roald Holmøy, Board member - 145 - - - 145 Tore Traaseth, Board member (3) - 27 - - - 27 Hanne Digre, Board member - 145 - - - 145 Kim Marius Strandenæs, Board member - 145 - - - 145 António Serrano, Board member - - - - - - Gro Skaar Knutsen, Board member (4) - 145 - - - 145 Total 6 534 1 042 785 579 80 9 020 (1) From 1 August 2025 (2) Up until 10 November 2025. Nilssen is not employed by Andfjord, but delivers key management services as an independent consultant. In 2025, N OK 3 813 thousand was expensed for his services. The position is no longer a part of the key management personnel in Andfjord Salmon (3) Up until 5 July 2024 (4) Up until 10 October 2025
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114 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 115 For the year ended 31 December 2024 Salary Board remuneration Pension costs Sharebased payments Other remuneration Total (Amounts in NOK thousand) Martin Rasmussen, CEO 2 249 - 231 849 32 3 360 Bjarne Martinsen, CFO 1 991 - 245 565 15 2 816 Jostein Nilssen, Project director (*) - - - 153 - 153 Christian Torgersen, COO 1 249 - 216 129 19 1 613 Roger Brynjulf Mosand, Chairman - 280 - - 1 281 Roy Bernt Pettersen, Board member - 140 - - 4 144 Knut Roald Holmøy, Board member - 140 - - - 140 Tore Traaseth, Board member - 140 - - - 140 Bettina Flatland, Board member - 140 - - - 140 Kim Marius Strandenæs, Board member - 140 - - 3 143 António Serrano, Board member - - - - - - Gro Skaar Knutsen, Board member - 140 - - - 140 Total 5 489 1 120 691 1 696 74 9 070 As at 31 December 2025, Martin Rasmussen owns 125 000 shares, Bjarne Martinsen 40 000 shares, Christian Torgersen 2 739 shares and Trond Rismo 600 shares in Andfjord Salmon Group AS. In addition to their roles as board members, Roger Mosand and Kim Strandenæs have advised the Group in relation to financing. For this, RBM Invest (Roger Mosand) received NOK 270 thousand (2024: NOK 243 thousand) in 2025. KS Invest AS (Kim Strandenæs) received NOK 10 250 thousand (2024: NOK 2 000 thousand). Gro Skaar-Ing AS (Gro Skaar Knutsen) has received NOK 2 291 thousand in 2025 (2024: NOK 0 thousand) for construction advisory. 7.1.2 T ransactions with other related parties Transactions with related parties Relationship 2025 2024 (Amounts in NOK thousand) Financial advisory Board members 10 520 2 320 Other operating expenses Board members - 375 Construction advisory (*) Board members 2 291 - Total related party profit or loss items 12 811 5 140 (*) On 10 October Gro Skaar Knutsen stepped down from the company’s board of directors to assume an operation role within its large-scale con- struction activities as an independent consultant. 7.1.3 Balances with r elated parties No balances with related parties were held by the Group at 31 December 2024 or 2025. 7.2 PRO VISIONS, CONTINGENT ASSETS AND CON TINGENT LIABILITIES 7.2.1 Dismantling obligations It has been assessed b y Management whether dismantling provisions should be recognised, or contingent liabilities disclosed, in connection with any future termination of the business or license expiry. In this respect, the Group operates on its own property, which is regulated for this kind of operations. Future disposal of the property must take care of the ecosystem and water quality in accordance with the Biodiversity Act and the Water Regulations, among others. This also applies in the event of termination of activities. The Group will be able to take care of the environ- ment and comply with statutory requirements without requiring changes to its properties. It is the Group’s assessment that, based on current legislation, there are no obligations related to the potential termination or dismantling of the operations. 7.2.2 Legal claim against former main contr actor On 3 December 2025, Andfjord Salmon announced that the company submitted a claim of NOK 1+ billion against former main contractor AF Hæhre & Contur Ans ("the contractor"). The claim relates to grossly negligent performance of the contractor's obligations and wilful breach of its civil works contract in connection with the construction of Andfjord Salmon's land-based aquaculture facility at Kval- nes, Andøya, Norway. The claim, which exceeds NOK 1 billion, reflects previously communicated budget revisions including the NOK 500 million upward revised capex budget announced on 28 May 2025 as well as earlier communicated changes. The claim against the contractor represents a contingent asset under IAS 37, as the inflow of economic benefits depends on the outcome of ongoing legal proceedings and therefore cannot be recognised as an asset at this stage. Given the inherent uncertainties of litigation, the timing and amount of any potential recovery remain unknown as at 14 April 2026. As of 31 December 2025, the contractor had claimed unpaid invoices of NOK 458.8 million, including VAT. These amounts remain recognised as short-term financial liabilities in accordance with IFRS 9, listed as “Trade payables – disputed” in the balance sheet. Subsequent to year-end 2025, AFHC has claimed further NOK 209.8 million including VAT, in addition to interest on overdue payments. The new claims relate to additional costs following the termination. Andfjord Salmon disputes the claims as the termination is considered unjustified. Even though the liabilities towards the contractor are short-term in nature, Andfjord Salmon expects that this matter will develop into formal litigation. While Andfjord Sal- mon’s legal advisers are of the view that the company has a well-founded case, it is inherent in any legal proceeding that the outcome cannot be predicted with certainty. The timing of settlement of VAT- receivables related to unpaid invoices from AFHC may be affected by Andfjord Salmon’s claims against the contractor, depending on the structure of Andfjord Salmon's final claim, as a result of the rules on deferred payment for disputed invoices in the VAT regulations. The capitalised construction costs associated with the Kvalnes facility, including the costs related to the disputed invoices, continue to be recognised as Property, plant, and equipment in accordance with IAS 16. These costs are expected to generate future economic benefits for the Company.
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116 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 117 7.3 COMMITMENTS The following significant contractual commitments are present at the end of the reporting period: Capital commitments 2025 2024 (Amounts in NOK thousand) Property, plant and equipment 17 396 138 187 Total capital commitments 17 396 138 187 7.4 EVEN TS AFTER THE REPORTING PERIOD The Board of Directors is not aware of any other events that have occurred after the balance sheet date, or any additional new information regarding existing matters, that can have a material effect on the 2025 consolidated financial statements of the Group.
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118 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 119 PARENT COMPANY ANNUAL FINANCIAL STATEMENTS 2025 TABLE OF CONTENTS STATEMENT OF COMPREHENSIVE INCOME 1 20 STATEMENT OF FINANCIAL POSITION 1 20 STATEMENT OF CASH FLOWS 1 22 STATEMENT OF CHANGES IN EQUITY 1 23 NOTES TO THE FINANCIAL STATEMENTS 1 22
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120 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 121 STATEMENT OF COMPREHENSIVE INCOME Amounts in NOK thousand Notes 2025 2024 Other operating income - - Total operating revenue - - Employee benefit expenses 3.1 (1 148) - Other operating expenses 3.2 (15 044) (3 597) Operating profit/(loss) (16 192) (3 597) Financial income 3.3 46 512 30 860 Net financial costs 3.3 (99 727) (27 474) Net financial result (53 215) 3 386 Profit/(loss) before income tax (69 406) (211) Income tax expense 3.4 - - PROFIT/(LOSS) FOR THE PERIOD (69 406) (211) Net other comprehensive income/(loss) - - COMPREHENSIVE PROFIT/(LOSS) FOR THE YEAR (69 406) (211) Amounts in NOK thousand Notes 2025 2024 EQUITY AND LIABILITIES EQUITY Share capital 5.1 101 728 67 619 Share premium 5.1 2 534 851 1 440 261 Not registered capital increase 5.1 145 865 - Retained earnings (260 046) (190 640) Other reserves 10 399 9 561 Total equity 2 532 797 1 326 801 LIABILITIES Borrowings 5.2, 5.3, 5.4 714 778 832 309 Total non-current liabilities 714 778 832 309 Trade payables 3 158 487 Liabilities from group companies - 299 Other current liabilities 528 967 Total current liabilities 3 686 1 752 Total liabilities 718 464 834 061 TOTAL EQUITY AND LIABILITIES 3 251 261 2 160 862 STATEMENT OF FINANCIAL POSITION Amounts in NOK thousand Notes 2025 2024 ASSETS Non-current assets Shares in subsidiaries 4.1 3 108 364 414 651 Total non-current assets 3 108 364 414 651 Current assets Receivables from group companies 4.2 24 924 1 720 090 Other current assets 4.3 6 132 1 376 Cash and cash equivalents 4.4 111 841 24 745 Total current assets 142 897 1 746 211 TOTAL ASSETS 3 251 261 2 160 862 Roger Brynjulf Mosand Chair Roy Bernt Pettersen Director António Serrano Director Hanne Digre Director Knut Roald Holmøy Director Bettina Flatland Director Kim Strandenæs Director Paul Allan Jewer Director Martin Rasmussen CEO Andøy 13 April 2026
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122 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 123 STATEMENT OF CHANGES IN EQUITY Amounts in NOK thousand Notes Share capital Own shares Share premium Not registered capital increase Retained earnings Other reserves Total equity Balance at 1 January 2024 57 008 5 1 124 622 - (190 429) 7 278 998 484 Profit for the year - - - - (211) - (211) Other comprehensive income - - - - - - - Total comprehensive income - - - - (211) - (211) Capital increase 5.1 10 60610 606 - 315 641 - - - 326 247 Share based payments to employees 3.1 - - - - - 2 282 2 282 Balance at 31 December 2024 67 614 5 1 440 263 - (190 640) 9 560 1 326 802 Balance at 1 January 2025 67 614 5 1 440 263 - (190 640) 9 560 1 326 802 Profit for the yearProfit for the year - - - - (69 406) - (69 406) Other comprehensive income - - - - - - - Total comprehensive income - - - - (69 406) - (69 406) Capital increase 5.1 34 109 - 1 094 589 - - - 1 128 698 Capital increase, approved not registered - - - 145 865 - - 145 865 Share based payments to employees 3.1 - - - - - 838 838 Balance at 31 December 2025 101 723 5 2 534 852 145 865 (260 046) 10 398 2 532 798 STATEMENT OF CASH FLOWS Amounts in NOK thousand Notes 2025 2024 CASH FLOW FROM OPERATING ACTIVITIES: Profit/(loss) before income tax (69 406) (211) Adjustments to reconcile profit/loss before tax to net cash flow: Finance income/(expense), net 3.3 53 215 (3 386) Share-based payment expense 3.1 838 2 282 Working capital changes: Change in trade payables 1 159 487 Change in other current assets and liabilities (5 368) 611 Interests received 7 238 30 860 Interests paid (92 294) (27 474) Net cash flow from operating activities (104 619) 3 169 CASH FLOW FROM INVESTMENT ACTIVITIES: Payments for investments and loans in subsidiaries (2 191 581) (1 387 012) Sale of subsidiaries 4.1 400 000 - Net cash flow from investing activities (1 791 581) (1 387 012) CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from issue of shares net of transaction costs 5.1 1 275 951 326 247 Proceeds from borrowings 5.3, 5.4 707 344 832 309 Net cash flow from financing activities 1 983 296 1 158 556 Net increase/(decrease) in cash and cash equivalents 87 096 (225 287) Cash and cash equivalents as of 1 January 24 745 250 032 Cash and cash equivalents as of 31 December 111 841 24 745 Of which restricted cash 4.4 83 738 - SECTION 5. Capital and debt structur e 134 5.1 Shar e capital 134 5.2 Financial liabilities 137 5.3 Borr owings 137 5.4 Re conciliation of cash flows from financing activities 138 5.5 Financial risk and capital managementl 138 SEC TION 6. Other disclosur es 141 6.1 Re lated parties 141 6.2 E vents after the reporting period 141 NO TES TO THE FINANCIAL STATEMENTS SECTION 1. Co rporate information and basis of preparation 124 1.1 Corpor ate Information 124 1.2 Ba sis of Preparation 124 SEC TION 2. Significant tr ansactions and events during the reporting period 126 2.1 Significant tr ansactions and events during the reporting period 126 SEC TION 3. Results of the y ear 127 3.1 Emplo yee benefits 127 3.2 Other oper ating expenses 129 3.3 Finance income and costs 129 3.4 Income tax 130 SEC TION 4. Assets 132 4.1 Inv estments in subsidiaries 132 4.2 Financial assets 133 4.3 Other curr ent assets 133 4.4 Cash and cash equiv alents 133
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124 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 125 In brief This section includes corporate information, basis of preparation, an overview of general accounting policies, key estimates, and judgements in the Company. 1.1 CORPORATE INFORMATION These financial statements have been prepared for Andfjord Salmon Group AS (‘the Company’) which is the parent entity of the Andfjord Salmon Group (‘the Group’). At 31 December 2025, the Group is comprised of Andfjord Salmon Group AS, Andfjord Salmon Midco AS and Andfjord Salmon AS. The Company is a limited liability company incorporated and domiciled in Norway. Andfjord Salmon Group AS was established in 2014 and the registered office is located at Kvalnesveien 69, Andøy. The shares are currently traded on Euronext Growth Oslo under the ticker ‘ANDF’ and the bonds are traded on Euronext Oslo Børs. Andfjord Salmon is developing and operating the aquaculture industry of the future and has an ambition of operating a fish-friendly and sustainable aquaculture facility. The benefits of both sea and land-based salmon farming are combined to achieve this. The result is a high level of salmon welfare and sustainable production by using Arctic seawater in land-based pools. Andfjord Salmon is developing production facilities and operating premises on Andøya. The Company is currently developing the Kvalnes site, which has a long-term production volume potential of approximately 48,000 tonnes (HOG + post- smolt). Andfjord Salmon has also secured coastal properties at Fiskenes and Breivik on Andøya for future expansion. In total, the Company has a long term ambition of an annual production of approximately 90,000 tonnes HOG from all three sites. The Company’s main activities comprise of holding shares in the subsidiaries and ensuring sufficient financing required for the planned investments in the Group. The stand-alone financial statements for the year ended 31 December 2025 of Andfjord Salmon Group AS were authorised for issue by the Board of Directors on 13 April 2026. 1.2 B ASIS OF PREPARATION The Company’s financial statements are prepared in accordance with the simplified International Financial Reporting Standards (IFRS®) Accounting Standards rules as stipulated in the Norwegian Accounting Act’s §3-9 and regulation on simplified IFRS issued by the Norwegian Ministry of Finance in 2022. The Company has prepared financial statements as of 31 December 2025 together with the comparative periods for the year ended 31 December 2024. All amounts are presented in NOK (Norwegian kroners), and rounded to the nearest thousand, unless stated otherwise. Transactions in foreign currencies are translated at the exchange rate applicable at the date of the transaction. Monetary items in a foreign currency are translated to NOK using the exchange rate applicable on the balance sheet date. Foreign exchange differences arising on translation are recognized in the income statement as they occur. SECTION 1. CORPORATE INFORMATION AND BASIS OF PREPARATION The financial statements have been prepared based on the going concern assumption. When preparing financial statements, management has assessed the Company’s ability to continue as a going concern. There are no material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. 1.2.1 A ccounting judgements, estimates and assumptions The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. Due to fairly limited activities of the Company, management notes that these financial statements contain no areas subject to significant judgements or estimates. Estimates and judgements are evaluated on an ongoing basis, and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. 1.2.2 S tatement of cash flows The cash flow statement is prepared using the indirect method. Interest paid on trade payables and interest received on trade receivables are presented as operating cash flows. Interests paid on borrowings are classified as operating cash flows. Cash flows are only classified as investing activities if they result in the recognition of an asset in the statement of financial position. Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented as cash flows from operating activities. 1.2.3 N ew standards and interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company. Out of these standards, amendments or interpretations, mainly IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is expected to have a material impact on the company’s future reporting periods and foreseeable future transactions. We refer to note 1.2.3 in the consolidated financial statements of Andfjord Salmon Group for the description and assessment of the new IFRS 18 standard.
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126 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 127 SECTION 2. SIGNIFICANT TRANSACTIONS AND EVENTS DURING THE REPORTING PERIOD In brief This section summarizes significant transactions and events that occurred during the reporting period. 2.1 S IGNIFICANT TRANSACTIONS AND EVENTS D URING THE REPORTING PERIOD The main transactions and events in relation to the Company are the following ones: Transactions and events Disclosure notes Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS Note 4.1 Bond issue of 750 MNOK Note 5.3 Equity issue of 1,309 MNOK in total Note 5.1 The financial position and the performance of the Company was not, other than mentioned above, particularly affected by any significant events or transactions during 2025. SECTION 3. RESULTS OF THE YEAR In brief This section provides insights into the financial performance of the Company, including those relating to financing activities and taxes. 3. 1 EM PLOYEE BENEFITS The Company is a holding company with no employees. As such, the Company does not have any pension schemes. However, see Section 6.1.1 of the consolidated financial statements for further information on remuneration to the board of directors. 3.1.1 S hare based payments Accounting policies Share-based compensation programs are provided by Andfjord Salmon Group AS (parent company) to Andfjord Salmon AS (the subsidiary)’s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Andfjord Salmon Group AS (parent company)’s own equity instruments. The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost of this share-based payments is recognised as ‘shares in subsidiaries’, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied. At the end of each reporting period, the Company revises its best estimate of the number of options expected to vest, recognising in the investment in subsidiaries the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity. When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Company accounts for each “tranche” as a separate award. The Company recognises social security taxes from its share-based payments in line with IAS 37 ‘Provisions, contingent liabilities and contingent assets’. The Company assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate. In June 2022 Andfjord Salmon Group AS established a Long-Term Incentive Program for its Management and employees, under which the Company will deliver share options as part of the consideration for the services rendered by its employees. The incentive program consists of equity settled share options.
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128 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 129 The options granted have equal terms for all employees. The program is divided into three different tranches, with vesting periods ranging from one to three years starting at grant date 30 June 2022. An equal amount of shares vest in each of the three tranches. The earliest exercisable date is 1 January 2027 and the expiry date is 30 June 2031. These dates are the same for all options independently of vesting period or employee. The Group has not granted any new options in 2025. Employee share option plan Earliest exercise date - expiry date Strike price Number of options Number of options as at 1 January 2024 41,945 737 320 Options granted 1 January 2027 - 30 June 2031 41,945 - Correction for employees who have left during the year (10 320) Number of options as at 31 December 2024 727 000 Weighted average remaining vesting period < 1 year Employee share option plan Earliest exercise date - expiry date Strike price Number of options Number of options as at 1 January 2025 41,945 727 000 Options granted 1 January 2027 - 30 June 2031 41,945 - Correction for employees who have left during the year (1 600) Number of options as at 31 December 2025 725 400 Weighted average remaining vesting period < 1 year The Company assessed fair value at the grant date for the options granted in June 2022 as NOK 17.49 per option. The Company has calculated the value of the options using the Black-Scholes options pricing model, with the following main assumptions: Assumptions share-based payment program Expected dividend yield 0,0 % Historical volatility 38,4 % Risk-free interest rate 3,3 % Expected life of option (years) 3 Due to the Company’s limited length of share price history, expected volatility used in the calculations are estimated based on implied volatility of similar traded entities. As any dividend payment during the options’ vesting period is regulated with a proportional adjustment of the exercise price, the dividend parameter is not included in the calculations. 3.2 O THER OPERATING EXPENSES Other operating expenses 2025 2024 (Amounts in NOK thousand) Legal and consultancy services (incl. remuneration to auditors) 13 709 3 030 Insurance and bank fees 906 50 IT costs 201 345 Other expenses 228 171 Total other operating expenses 15 044 3 597 Auditor’s remuneration 2025 2024 (Amounts in NOK thousand) Statutory audit fees 658 284 Other assurance services 222 159 Total auditor's remuneration 880 443 3.3 FIN ANCE INCOME AND COSTS Finance income and costs 2025 2024 (Amounts in NOK thousand) Financial income 46 512 30 860 Interest from intercompany loan 39 275 26 669 Interest from bank deposit 7 238 4 191 Other financial income - - Financial costs: (99 727) (27 474) Interest on borrowings (99 149) (25 194) Net foreign currency loss (1) - Other financial expense (577) (2 280) Net finance result (53 215) 3 386
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130 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 131 3.4 INCO ME TAX 3.4.1 Income Tax Expense Accounting policies The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated at 22% of the temporary differences between book value and tax value, in addition to tax losses carried forward at the end of the accounting year. The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realised or the deferred income tax liabilities are settled. Income tax expense 2025 2024 (Amounts in NOK thousand) Current income tax - - Change in deferred tax - - Total income tax expense - - 3.4.2 Def erred Tax Balances Accounting policies The Company is subject to ordinary Norwegian company tax with a tax rate of 22%. Because of timing differences between the financial statements and the tax rules, there will be temporary differences that give rise to deferred tax liabilities or deferred tax assets. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses. Deferred tax balances 2025 2024 (Amounts in NOK thousand) Total deferred tax relating to temporary differences Tax losses to carry forward 205 172 101 589 Not included in the deferred tax calculation (205 172) (101 589) Basis for deferred tax assets (liabilities) - - Carrying value of deferred tax assets (liabilities) - - Deferred tax asset is not recognised in the balance sheet. 3.4.3 Reconciliation of Income Tax Expense Reconciliation of income tax expense 2025 2024 (Amounts in NOK thousand) Profit before tax (69 406) (211) Expected income tax at statutory income tax rate of 22% (2021: 22%) (15 269) (46) Permanent differences (7 519) (5 226) Change in unrecognised deferred tax asset 22 788 5 272 Calculated tax expense/(income) - - Permanent differences relate to equity issue costs recognised directly against the share premium.
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132 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 133 In brief This section provides insights into the disclosures in relation to asset items of the Company. 4.1 INVESTMEN TS IN SUBSIDIARIES Accounting policies Investments in subsidiaries are measured at cost. Investment in subsidiaries Registered office Voting/ ownership share Equity, current year Profit (loss), current year Book value (Amounts in NOK thousand) Andfjord Salmon Midco AS Kvalnesveien 69, Andøy 100 % 3 108 172 (192) 3 108 172 Total investments in subsidiaries Incorporation of a new subsidiary Andfjord Salmon Midco AS As part of the bond issue (see note 5.3 for more information), Andfjord Salmon Group AS incorporated a new wholly-owned subsidiary Andfjord Salmon Midco AS. Its purpose is to own shares in Andfjord Salmon AS and act as a guarantor for creditors in Andfjord Salmon Group AS’s issue of a senior secured bond. Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS On 27 May 2025 Andfjord Salmon Group AS sold 100% of the share ownership in a wholly-owned subsidiary Andfjord Salmon Harbour AS to Asset Buyout Partners AS. The purchase price of the shares was NOK 400 million. The cash transaction price was received in full by Andfjord Salmon Group AS on 18 June 2025. The harbour property located in Kvalnes, Andøya (consisting of the harbour together with the plot of land it is located on was transferred from Andfjord Salmon AS (the operating company in the Group) to a newly established subsidiary Andfjord Salmon Harbour AS. At the date of the sale of the subsidiary, the net assets of the Andfjord Salmon Harbour AS consisted of asset under construction with a book value of NOK 228 million and a receivable towards the Group of NOK 172 million. There is no gain or loss recognised in the transaction as the consideration of NOK 400 million received is equal to the book value of net assets sold. Given no gain or loss on this sale transaction, the issue of gain recognition based on IFRS 10 (full recognition) or IFRS 16 (partial recognition) is not relevant for the Company for this transaction. For more information, reference is given to note 4.1 in the consolidated financial statements of the Group. SECTION 4. ASSETS 4.2 F INANCIAL ASSETS Financial assets 2025 2024 (Amounts in NOK thousand) Debt instruments measured at amortised cost: 136 765 1 743 981 Receivables from Group companies 24 924 1 720 090 Cash and cash equivalents 111 841 24 745 Total financial assets 136 765 1 744 835 Receivables from group companies arose as a consequence of the Company’s reorganisation indicated in Section 1.2.1, and it is also disclosed as a balance with related parties 7.1. 4.3 O THER CURRENT ASSETS Other current assets 2025 2024 (Amounts in NOK thousand) Other receivables 5 000 - Prepayments 555 1 199 VAT receivables 577 176 Total other current assets 6 132 1 376 4.4 C ASH AND CASH EQUIVALENTS Cash and cash equivalents 2025 2024 (Amounts in NOK thousand) Cash at bank 111 841 24 745 Restricted cash (payroll) 476 2 Restricted cash (*) 83 738 - Unrestricted cash 27 628 24 744 Total cash and cash equivalents 111 841 24 745 (*) See note 4.4.2 for further information. 4.4.1 S hort-term deposits The Company does not hold bank deposits or other short-term, liquid investments that have been classified as cash equivalents. 4.4.2 R estricted cash 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 83.7 million is restricted towards the senior secured bond to cover interest payments in 2026. For more information on the borrowings, see section 5.2. In addition, part of the cash and cash equivalents disclosed is subject to regulatory restrictions on payroll tax liabilities and is therefore not available for general use by the Group.
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134 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 135 SECTION 5. CAPITAL AND DEBT STRUCTURE STRUCTURE In brief This section provides insights into the Company’s capital and debt structure, including financial risk and capital management. 5. 1 SH ARE CAPITAL 5.1.1 S hare capital and share premium As of 31 December 2025, the share capital consists of 101 728 028 ordinary shares (2024: 67 619 013 shares), with a par value of NOK 1.00 each. All shares are entitled to equal rights with respect to dividends, voting rights and other rights in accordance with Norwegian corporate law. 5.1.2 A uthorised shares and amounts Number of shares Amounts in NOK thousand Authorised shares 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 Fully paid ordinary shares 101 728 028 67 619 013 101 728 67 619 Total share capital 101 728 028 67 619 013 101 728 67 619 (1) On 13 March 2025 the Company completed a capital increase of 17 142 858 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 35 per share. The gross proceeds from the issuance amounted to NOK 600 000 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 20 March. A subsequent offering was completed on 2 April, resulting in an increase of 11 592 ordinary shares, and gross proceeds of NOK 406 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 11 April. (2) On 28 May 2025 the Company completed a capital increase of 10 869 565 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 36.8 per share. The gross proceeds from the issuance amounted to NOK 400 000 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 03 June. (3) On 15 December 2025 the Company completed a capital increase of 11 548 126 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 26.7 per share. The gross proceeds from the issuance amounted to NOK 308 335 thousand. The Private Placement was divided into two tranches. The first tranche (Tranche 1) was registered in the Norwegian Register of Business enterprises on 29 December, and consist of 6 085 000 Offer shares, amounted to NOK 162 740 thousand. Tranche 2, amounted to NOK 145 865, was not registered at year-end 2025, and are presented as “Not registered capital increase” in the Balance Sheet as at 31 December. Transaction costs directly attributable to the share issues amounted to NOK 34 177 thousand in total, and were deducted from equity. As a consequence, the total share capital increased by NOK 34 109 thousand and share premium increased by NOK 1 095 thousand (net of issuance costs). At 31 December 2025, the Group held 5 thousand (2024: 5 thousand) treasury shares amounting to NOK 185 thousand (2024: NOK 185 thousand). Treasury shares are recognised at cost. These are deducted from equity and no gain or loss is recognised on the purchase, sale, issue or cancellation of these shares. 5.1.3 Movements in ordinary shares Movements in ordinary shares Number of shares Par value per share (NOK) Share premium total (TNOK) Share premium total (TNOK) Total (TNOK) At 1 January 2024 Opening balance 57 012 953 1,00 57 013 1 124 621 1 181 634 Capital increase 10 606 060 1,00 10 606 315 641 326 247 Closing balance at 31 December 67 619 013 1,00 67 619 1 440 262 1 507 881 At 1 January 2025 Opening balance 67 619 013 1,00 67 619 1 440 262 1 507 881 Capital increase (1) 17 154 450 1,00 17 154 583 251 600 406 Capital increase (2) 10 869 565 1,00 10 870 389 130 400 000 Capital increase Tranche 1 (3) 6 085 000 1,00 6 085 156 385 162 470 Transaction costs - - - (34 177) (34 177) Closing balance at 31 December 101 728 028 1,00 101 728 2 534 851 2 636 579
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136 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 137 5.2 F INANCIAL LIABILITIES None of the financial instruments held by the Company are measured at fair value. The financial instruments’ amortised cost is considered to be a close approximation to their fair value. Financial liabilities 2025 2024 (Amounts in NOK thousand) Liabilities measured at amortised cost 717 936 833 094 Borrowings - 832 309 Senoir secured bond 714 778 - Liabilities from group companies - 299 Trade and other payables 3 158 487 Total financial liabilities 717 936 833 094 5.3 B ORROWINGS Accounting policies Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses. Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Company has an unconditional right to defer settlement for at least twelve months after the reporting period. Overview of borrowings 2025 2024 (Amounts in NOK thousand) Non-current Debt to credit institutions - 832 309 Senior secured bond 714 778 - Total non-current borrowings 714 778 832 309 Current Total current borrowings - - Total borrowings 714 778 832 309 5.3.1 R elevant terms and conditions Debt to credit institutions Debt to financial institutions was transferred to Andfjord Salmon AS during 2025. The Company does not hold any debt to financial institutions at year-end 2025. For the debt covenant requirement in Andfjord Salmon AS, see note 6.2.3 the consolidated financial statements of Andfjord Salmon Group. Senior secured bond On 28 May 2025 the Company successfully completed a new three-year se- nior secured bond issue of NOK 750 million. The bond bears interest at a rate comprising the 3-month NIBOR plus a margin of 950 basis points and was issued at 98% of its nominal value. The net proceeds from the bond issue will be applied towards investments and associated working capital related to the Group’s expansion of the Kvalnes site. As of 21 November 2025 the bond is listed on Euronext Oslo Børs. 5.1.4 Lis t of the 20 largest shareholders at 31 December 2025 Shareholders Number of shares Ownership percentage Voting percentage Jerónimo Martins Agro-Alimentar, S.A. 33 587 182 35.12 35.12 High Liner Foods INC 8 799 930 9.20 9.20 Andfjord Holding AS 4 858 680 5.08 5.08 Kg Investment Comp AS 3 999 800 4.18 4.18 Eidsfjord Sjøfarm AS 3 500 330 3.66 3.66 Jan Heggelund 2 287 538 2.39 2.39 Og Invest AS 2 250 991 2.35 2.35 Skagerak Vekst AS 2 032 664 2.13 2.13 Ristora AS 1 956 726 2.05 2.05 Vicama AS 1 900 000 1.99 1.99 Sb1 Markets AS 1 642 273 1.72 1.72 DNB Markets Aksjehandel/-Analyse 1 347 082 1.41 1.41 Karstein Gjersvik 1 291 384 1.35 1.35 Traaseth Property AS 1 262 916 1.32 1.32 Sirius AS 1 080 000 1.13 1.13 Euro Tv AS 1 066 000 1.11 1.11 Farvatn Capital AS 998 830 1.04 1.04 Leonhard Nilsen & Sønner - Eiendom AS 845 257 0.88 0.88 Citibank, N.A. 648 176 0.68 0.68 Bliksmark AS 601 000 0.63 0.63 Total 20 largest shareholders 75 956 759 79.4 79.4
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138 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 139 5.3.2 A ssets pledged as securities for liabilities As of 31 December 2025, all assets held by Andfjord Salmon Group AS are pledged as security for its debt to credit institutions. As of 31 December 2025, assets pledged as security included shares in subsidiaries with a carrying amount of NOK 3 108 364 thousand, and receivables from group companies with a carrying amount of NOK 24 924 thousand. Other assets of the Group pledged as security in relation to the outstanding loans and credit facilities also include aquaculture permissions, other inventories, and trade receivables. Please refer to note 6.2.2 in the consolidated financial statements of Andfjord Salmon Group for more information. 5.3.3 C ompliance with covenants Debt to credit institutions Debt to financial institutions was transferred to Andfjord Salmon AS during 2025. The Company does not hold any debt to financial institutions at year- end 2025. For the debt covenant requirement in Andfjord Salmon AS, see note 6.2.3 the consolidated financial statements of Andfjord Salmon Group. Senior secured bond Senior secured bond issue entered during 2025 is subject to the following covenants: • Total equity at minimum 35% of Total assets each quarter • Minimum liquidity of NOK 50 million each quarter The Company has complied with the financial covenants during the reporting period, and Management does not expect to breach any covenant in the foreseeable future. 5.4 R ECONCILIATION OF CASH FLOWS F ROM FINANCING ACTIVITIES Reconciliation cash flow from financing activities Borrowings Total (Amounts in NOK thousand) Liabilities from financing activities at 1 January 2024 - - Cash inflows from new borrowings 849 196 849 196 Capitalised financing costs (18 625) (18 625) Amortised financing costs 1 739 1 739 New leases - - Liabilities from financing activities at 31 December 2024 832 309 832 309 Liabilities transferred to Andfjord Salmon AS (non-cash movement) (*) (832 309) (832 309) Cash inflows from new borrowings 750 000 750 000 Capitalised financing costs (42 656) (42 656) Amortised financing costs 7 434 7 434 Liabilities from financing activities at 31 December 2025 714 778 714 778 (*) See note 5.3.1 for further information 5.5 F INANCIAL RISK AND CAPITAL MANAGEMENT As indicated in Notes 4.2 and 5.2, financial assets held by the Company mainly comprise of receivables from Group companies and cash and cash equivalents. Financial liabilities are mainly comprised of senior secured bond. In conducting its operations, the Company faces the following main types of risks: credit risk, liquidity risk and market risk. Management keeps track of the evolution of the different risks, and the potential impact to the Company. The Company has not entered into any derivative contracts to manage its exposure to financial risks during 2025 or 2024. The following sections provide disclosures on the specific exposure to risks and how they arise; the objectives, policies, and processes for managing the risks and the methods used to measure the risk; and any changes thereof. 5.5.1 C redit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the Company by failing to settle its obligation. The Company is exposed to credit risks in conducting its ordinary activities. Cash and cash equivalents from the Company are managed by the Company’s Finance Department. The Company limits the amount of deposits that can be held in a single bank to limit the concentration of risks. 5.5.2 Li quidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Management develops rolling forecasts on liquidity, which are regularly monitored against the contractual maturities of the financial liabilities. 5.5.2.1 Maturities The following table discloses the maturity analysis for non-derivative liabili- ties (except for lease liabilities, which are disclosed in Note 6.3), showing its undiscounted remaining contractual liabilities: At 31 December 2025 Carrying amount Less than 3 months 3-12 months 1-5 years More than 5 years Total (Amounts in NOK thousand) Borrowings 714 778 - - 750 000 - 750 000 Trade payables 3 158 3 158 - - - 3 158 Other current liabilities 528 528 - - - 528 Total financial liabilities 718 464 3 686 - 750 000 - 753 686 At 31 December 2024 Carrying amount Less than 3 months 3-12 months 1-5 years More than 5 years Total (Amounts in NOK thousand) Borrowings 832 309 - - 159 224 689 971 849 196 Trade payables 487 487 - - - 487 Other current liabilities 299 299 - - - 299 Total financial liabilities 833 094 785 - 159 224 689 971 849 981
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140 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 141 5.5.3 Mark et risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company is mainly exposed to interest rate risk. Foreign exchange risk is not considered relevant for the Company as they do not hold any balances in foreign currencies. The Company is neither exposed to risk related to salmon price as it does not hold any derivatives or other financial contracts based on the price of salmon as of 31 December 2025. 5.5.3.1 Inter est rate risk The following table summarises the effects that a reasonably possible chan- ge in the effective interest rate of the borrowings would have in the profit after tax: Impact on equity and profit after tax Sensitivity of changes in interest rates on borrowings 2025 2024 (Amounts in NOK thousand) Increase in interest rate of 2% (14 296) (16 984) Decrease in interest rate of 1% 7 148 8 492 The Company’s exposure to interest rate risk arises from long-term bor- rowings with variable rates (see Notes 5.2 and 5.3 for further information) based on the NIBOR rate applicable at each point in time. The Company has not entered into any interest rate swaps agreement or other interest rate hedges to mitigate risk related to increase in the variable interest rate of its loans. 5.5.3.2 Curr ency risk The Company is currently exposed to currency risk to a small extent. Due to the very limited currency risk exposure, no sensitivity analysis has been presented. 5.5.4 Capital management: objectiv es, policies and processes The Company defines capital as equity, including other reserves. The Compa- ny’s main objective when managing capital is to ensure the ability of the Company to continue as a going concern and to meet all requirements impo- sed by external financing agreements in the form of covenants. SECTION 6. OTHER DISCLOSURES In brief This section provides insights into topics other than those covered in the previous sections, including related parties, provisions, contingent liabilities and events after the reporting period. 6.1 R ELATED PARTIES 6.1.1 K ey management personnel compensation For key management personnel compensation, we refer to Note 7.1.1 in the Group’s consolidated financial statements. 6.1.2 T ransactions with related parties Transactions with related parties Relationship 2025 2024 (Amounts in NOK thousand) Financial advisory Board members 10 520 2 243 Interest income Sub-subsidiary 39 275 26 669 Total related party profit or loss items 49 795 28 912 6.1.3 B alances with related parties At year-end, the Company has group receivables of NOK 24 069 thousand towards Andfjord Salmon AS. The Company has no liabilities from group companies. 6.2 E VENTS AFTER THE REPORTING PERIOD The Board of Directors is not aware of any events that have occurred after the balance sheet date, or any additional new information regarding existing matters, that can have a material effect on the 2025 financial statements of the Company.
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142 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 143 • • • • • Auditor’s responsibilities for the audit of Ethics Standards Board for Accountants’ The audit firm was appointed by the general meeting in 2019. Following the Company’s Penneo Dokumentnøkkel: 60YTJ-9U43E-WF5LK-VHDNU-0A7FA-GTSC0 fish used in the Group’s model for calculating the Group’s biomass systems and tested the in the Board of Directors’ report and the other information statement and our auditor’s report in the Board of Directors’ report and the other information presented with the financial statem Board of Directors’ report purpose is to consider if there is material inconsistency between the information in the Board of Directors’ or otherwise the information in the Board of Directors’ report We are required to report if there is a material misstatement in the Board of Directors’ report Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • • Penneo Dokumentnøkkel: 60YTJ-9U43E-WF5LK-VHDNU-0A7FA-GTSC0 Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern Auditor’s responsibilities for the audit of the financial statements free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that • • opinion on the effectiveness of the Company’s and the Group’s internal • • Conclude on the appropriateness of management’s use of the going concern basis of accounting events or conditions that may cast significant doubt on the Company’s and the Group’s ability to draw attention in our auditor’s report to the related disclosures in the financial statements or, if evidence obtained up to the date of our auditor’s report. However, future events or conditions • Penneo Dokumentnøkkel: 60YTJ-9U43E-WF5LK-VHDNU-0A7FA-GTSC0 INDEPENDENT AUDITOR'S REPORT
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144 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 145 • ditor’s report unless law or regulation precludes public Management’s responsibilities Auditor’s responsibilities –“Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assuranc As part of our work, we perform procedures to obtain an understanding of the Company’s processes for Penneo Dokumentnøkkel: 60YTJ-9U43E-WF5LK-VHDNU-0A7FA-GTSC0 tagging of the consolidated financial statements and assess management’s use of judgement. Penneo Dokumentnøkkel: 60YTJ-9U43E-WF5LK-VHDNU-0A7FA-GTSC0 Dette dokumentet er signert digitalt via Penneo.com. De signerte dataene er validert ved hjelp av den matematiske hashverdien av det originale dokumentet. All kryptografisk bevisføring er innebygd i denne PDF-en for fremtidig validering. Dette dokumentet er forseglet med et kvalifisert elektronisk segl. For mer informasjon om Penneos kvalifiserte tillitstjenester, se https://eutl.penneo.com. Slik kan du bekrefte at dokumentet er originalt Når du åpner dokumentet i Adobe Reader, kan du se at det er sertifisert av Penneo A/S. Dette beviser at innholdet i dokumentet ikke har blitt endret siden tidspunktet for signeringen. Bevis for de individuelle signatørenes digitale signaturer er vedlagt dokumentet. Du kan bekrefte de kryptografiske bevisene ved hjelp av Penneos validator, https://penneo.com/validator, eller andre valideringsverktøy for digitale signaturer. Signaturene i dette dokumentet er juridisk bindende. Dokument signert med "Penneo™ - sikker digital signatur". De signerende parter sin identitet er registrert, og er listet nedenfor. "Med min signatur bekrefter jeg alle datoer og innholdet i dette dokument." Monica Sørensen Statsautorisert revisor På vegne av: Ernst & Young AS Serienummer: bankid.no no_bankid:9578-5999-4-1163721 IP: 147.161.xxx.xxx 2026-04-13 21:14:55 UTC Penneo Dokumentnøkkel: 60YTJ-9U43E-WF5LK-VHDNU-0A7FA-GTSC0
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146 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 147 APPENDICES
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148 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 149 APPENDIX 1: TRANSPARENCY ACT STATEMENT 2025 About the Transparency Act and this statement In July 2022, The Norwegian Transparency Act entered into force. Its purpose is to promote enterprises’ respect for fundamental human rights and decent working conditions in connection with the production of goods and the provision of services and ensure the general public access to information regarding how enterprises address adverse impacts on fundamental human rights and decent working conditions. Although the Transparency Act applies to larger Norwegian enterprises (meaning organisations with more than 100 employees and therefore not Andfjord Salmon), we have a clear policy to respect human rights and decent working conditions. In this document, human rights are defined as rights inherent to all human beings, regardless of race, sex, nationality, ethnicity, language, religion, or any other status. Decent working conditions means work that safeguards fundamental human rights, health, safety and environment in the workplace, and that provides a living wage. For additional questions about our work on human rights, please contact our CFO, Bjarne Martinsen: bjarne.martinsen@andfjord.no Our commitment We shall always operate legally and with an ethical responsibility, set the highest standards of integrity for our operations and inspire others to do the same. We apply the precautionary principle and shall always respect human rights and ensure decent working conditions. We are headquartered and operating in Norway only, and therefore adhere to Norwegian law, in addition to relevant international rules and regulations on human rights. We support the UN International Bill of Human Rights, the ILO and the ICRC Conventions and the OECD Guidelines for Multinational Enterprises. Our policy commitment is integrated into our organisational strategies, operational policies and procedures, and throughout our business relationships. Embedding due diligence in governance, strategy and business model Our CEO holds the overall responsibility for the day-to-day business being conducted in an ethical manner. All employees, workers who are not employees, suppliers and business partners must ensure that they comply with our policies and procedures, local laws and regulations relating to human rights and decent working conditions. Managers have additional responsibilities that go beyond the basic requirements of all employees. Guidelines To mitigate or minimise the risk of human rights breaches we have established clear guidelines, including a Code of Conduct, Supplier Code of Conduct and a Human Rights Policy. A breach of any of these guidelines will result in consequences for the person in question. Relevant sanctions may be verbal or written warnings and curtailment of prevailing authorisations, and serious breaches of the regulations may result in discharge or dismissal, or the termination or discontinuance of contracts. Code of Conduct Our Code of Conduct was established in 2021 and approved by the Board of Directors in 2022. The Code of Conduct reflects our values, describes common principles, expectations, obligations, and requirements for how employees should act, and forms the foundation of our culture. The Code of Conduct applies to Board members, employees, and contracted labour, at production, administration, and the Executive Management Team, and is communicated to all of these groups as part of the onboarding process. The Code of Conduct is available on our website. Supplier Code of Conduct A Supplier Code of Conduct was established in 2023. The Supplier Code of Conduct (internally referred to as Supplier-Specific Compliance Terms) describes the supplier’s (“Contractor’s”) duty to act lawfully and responsibly. In addition to outlining the supplier’s general obligations, the Supplier Code of Conduct also contains information about topics such as anti-corruption, sanctions and export control, anti-money laundering, human rights, data privacy and information security, and environment and climate. The Supplier Code of Conduct has been read and approved by the Board of Directors and is available on our website. Human Rights Policy A Human Rights Policy was established in 2023. The Human Rights Policy describes our approach to managing human rights risks in our operations and compliments the Code of Conduct and Supplier Code of Conduct. The objective of the Human Rights Policy is to: • D escribe our human rights commitments and how we work to avoid infringements of human rights to employees, business partners and other stakeholders. • C larify our expectations on the importance of conducting business consistently with the principles described in the Policy, and the internationally recognised human and labour standards as listed above. • I mprove our continuous efforts to eliminate human rights abuses. The Human Rights Policy has been read and approved by the Board and is available on our website. Engaging with affected stakeholders in all key steps of the due diligence To minimise risks, we keep a close dialogue with all suppliers and receive documentation that they are operating in line with both our expectations and general terms and conditions for responsible business practice. We are committed to support and protect individuals who, in good faith, report concerns or violations. Retaliation against the reporter is both illegal and punishable. If unsure, employees shall seek advice from their nearest line manager on implementing the organisation’s policies and practices for responsible business conduct. Any suspicion or concerns about actual or potential human rights abuses should immediately be reported to a member of the Executive Management Team, and if possible, the Human Resources Manager. Critical concerns shall be reported to the Board of Directors. Anonymous reporting is available through Euronext Growth IntegrityLog. Employees have been involved in the design, review, operation, and improvement of the whistle blowing channel. Identifying and assessing adverse impacts We rely on third-party suppliers for production and distribution, which means that the company is directly and indirectly exposed to supply chain risks, including human rights breaches. In line with the OECD guidelines for multinational enterprises, we conduct due diligence of new suppliers and business partners following our own procedures, which again draws upon the Norwegian Standard NS 5814 Requirements for Risk Assessment, the NS 9416 Requirements for Land Based Facilities, Global G.A.P. and Aquaculture Stewardship Council (ASC). The latest due diligence assessment of our suppliers was conducted in 2024. In the assessment, we first listed our suppliers based on contract value, size and whether the supplier is considered critical to our business. Next, we looked at the countries and industries that the supplier operates in. This is important as we know that certain countries and industries have a higher risk of human rights breaches. Main risks identified include possible health and safety breaches occurring in the construction phase. This risk is not linked to a specific supplier, but to the risk associated with the work that is performed. We also identified one supplier that have operations in South America, where laws and regulations concerning human rights are not as extensive as they are in Norway.
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150 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 151 We have not identified any actual human rights breaches in the reporting period, nor have we received any reports of suspected misconduct. Taking actions to address adverse impacts We are committed to provide for or cooperate in the remediation of negative impacts that we have contributed to. Our approach to identify and address grievances is mainly based on the guidelines for reporting and relevant stakeholders are involved in the design, review, operation and improvement of the grievance mechanism. Tracking the effectiveness of efforts and communicating The effectiveness of the grievance mechanism will be evaluated on a continuous basis or whenever a report has been filed.
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152 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 153 There are increasing expectations relating to corporate action and transparency on diversity, inclusion, and equal employment opportunities. We aim to be an inclusive workplace that works actively to promote diversity and equality. Recruitment and promotion shall solely be based on the skills, experience, achievements, and potential of each individual. We shall always operate in accordance with the Norwegian Equality and Anti- discrimination Act. Our policy commitment regarding this topic is stated both in the company’s values and Code of Conduct. All numbers in this statement are reported in head count and at the end of the reporting period. Gender balance We continuously strive to achieve a better gender balance at all levels of the organisation. At the end of 2025, our workforce comprised of 22 (70.97%) men and 9 (29.03%) women, a decrease in women of 9% of the total number of employees since the previous reporting period. The number of women in the company has stayed the same since 2024, however the decrease in the percentage of women is explained by employee turnover and an increase in the number of hires related to male dominated fields. During the year, we hired 2 women (full-time employees) and 8 men (full-time employees). APPENDIX 2: EQUALITY STATEMENT 2025 Gender distribution by employee category 2025 2024 2023 Permanent employees Female 9 (30%) 9 (39.13%) 8 (38%) Male 21 (70%) 14 (60.87%) 13 (62%) Total 30 (100%) 23(100%) 21 (100%) Temporary employees Female - - - Male 1 (100%) 2 (100%) 2 (100%) Total 1 (100%) 2 (100%) 2 (100%) Non-guaranteed hours employees Female - - - Male - - 1 (100%) Total - - 1 (100%) Full-time employees Female 9 (29.03%) 9 (39.13%) 8 (35%) Male 22 (70.97%) 14 (60.87%) 15 (65%) Total 31 (100%) 23 (100%) 23 (100%) Part-time employees Female - - - Male - - - Total - - - Gender distribution by leadership level 2025 2024 2023 Board of Directors Female 2 (28.57%) 2 (28.57%) 2 (25%) Male 5 (71.43%) 5 (71.43%) 6 (75%) Total 7 (100%) 7 (100%) 8 (100%) Executive Management Team Female - - - Male 4 (100%) 3 (100%) 3 (100%) Total 4 (100%) 3 (100%) 3 (100%) Non-executive management Female 6 (50%) 6 (55.55%) 6 (50%) Male 6 (50%) 5 (45.45%) 6 (50%) Total 12 (100%) 11 (100%) 12 (100%) Organisation Total Female 11 (28.95%) 11 (36.67%) 10 (31%) Male 27 (71.05%) 19 (63.33%) 22 (69%) Total 38 (100%) 30 (100%) 32 (100%)
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154 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 155 Age diversity 2025 2024 Board of Directors < 30 years 30-50 years > 50 years < 30 years 30-50 years > 50 years Female - 1 1 - - 2 Male - 1 4 - 1 4 Total - 2 6 - 1 6 Executive Management Team < 30 years 30-50 years > 50 years < 30 years 30-50 years > 50 years Female - - - - - - Male - 4 - - 2 1 Total - 4 - - 2 1 Non-executive management < 30 years 30-50 years > 50 years < 30 years 30-50 years > 50 years Female - 5 1 1 4 1 Male - 5 1 - 5 - Total - 10 2 1 9 1 Organisation total < 30 years 30-50 years > 50 years < 30 years 30-50 years > 50 years Female 2 7 2 3 5 3 Male 5 12 10 4 10 6 Total 7 19 12 7 15 9 Age diversity We recognise that inclusion is about more than gender balance and are therefore focused on attracting and recruiting a workforce that is also diverse when it comes to age and other characteristics. Our internship and trainee schemes aim to inspire young people to pursue a career in Andfjord Salmon. Other indicators of diversity In Norway, there are strict rules for how to measure and track other indicators of diversity, such as ethnicity, gender identity, disability, nationality, and more. We are in any case keenly interested in attracting a more diverse workforce beyond gender and age characteristics, as we believe this will further strengthen our business. We encourage all people with the relevant skills and experience to apply for open positions in Andfjord Salmon. Compensation We are committed to paying employees fairly for the work they perform, regardless of personal beliefs or any individual characteristics. Individual compensation for an employee, consultant or contractor only varies based on position, performance and competence. In 2025, women were paid 91.74% of the total that was earned by men. The salary difference between men and women is due to a higher percentage of men in senior management positions. Non-discrimination We prohibit discrimination in any form, whether it is based on political views, membership in workers’ organisations, sexual orientation, gender, disability and/or age, nor do we tolerate any form of violence or harassment. Incidents of discrimination can be reported through our internal whistleblowing channel or to the employee's immediate supervisor. Going forward In 2026, we will continue the process to improve the gender balance of our Board, in line with expected requirements for Norwegian limited liability companies (AS). Our ambition is to build a diverse company and to increase the number of women throughout the entire organisation and on all leadership levels. However, due to our remote location and since we are a company in a growth and development phase, our current priority is first and foremost to attract candidates based on their knowledge and experience from the fish farming industry. Nevertheless, we will highlight diversity in local and international initiatives to which we contribute to and will continue to focus on diversity in our trainee and apprenticeship programmes in the future. Compensation Gender balance in % % salary of women to men Employee category Men Women Total benefits Base salary Bonus Overtime Executive and non-executive management 62.5% 37.5% 83.8% 89.3% 0.0% - Organisation total 71.0% 29.0% 91.8% 96.0% 0.0% 53.6%
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156 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 157 APPENDIX 3: LIST OF ACRONYMS °C Degree Celsius AGM Annual General Meeting ASC Aquaculture Stewardship Council CEO Chief Executive Officer CFO Chief Financial Officer COO Chief Operating Officer CH4 Methane CO2 Carbon dioxide DNV Det Norske Veritas EIA Environmental Impact Assessment EQS Environmental Quality System ERA Environmental Risk Assessment ESG Environmental, Social and Governance EU European Union GHG Greenhouse Gas Global G.A.P . Global Good Agricultural Practices GM General Meeting GRI Global Reporting Initiative GAAP Generally Accepted Accounting Principles HFCs High-fructose corn syrup HOG Head-on Gutted HR Human Resources HSE Health, Safety, and Environment IAS International Accounting Standards IESBA International Ethics Standards Board for Accountants IFRIC Interpretations by the IFRS Interpretations Committee IFRS International Financial Reporting Standards ISA International Standards on Auditing ISO International Organization for Standardiza- tion KG Kilogram KKE Karstein Kristiansen Entreprenør AS KPI Key Performance Indicator KWH Kilowatt-hour LNS Leonhard Nilsen & Sønner AS MAB /MTB Maximum Allowed Biomass / Maksimalt tillat biomasse N2O Nitrous oxide NF3 Nitrogen trifluoride NGAAP Norwegian Generally Accepted Accounting Principles NIBIO Norwegian Institute of Bioeconomic Rese- arch NOFIMA Norwegian Institute of Food, Fisheries and Aquaculture Research NOK Norwegian krone NS Norsk Standard NUES The Norwegian Code of Practice for Corporate Governance OECD Organization for Economic Cooperation and Development PFCs Perfluorinated chemicals PPE Property, Plant and Equipment RAS Recirculating Aquaculture Systems ROV Remotely Operated Vehicle SDGs Sustainable Development Goals SF6 Sulphur hexafluoride tCO2 Tonnes carbon dioxide TSC Technical Screening Criteria UiT The Norwegian College of Fishery Science at University of Tromsø VAT Value Added Tax VPS Norwegian Central Securities Depository WEC Working Environment Committee Acronyms Meaning Acronyms Meaning Acronyms Meaning
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158 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 159 APPENDIX 4: GRI 13 ASSESSMENT GRI 13 Standard: Topic Reason for omission Topic 13.4 Natural ecosystem conversion Andfjord Salmon runs its operations with a minimal impact on natural ecosystems and the company evaluates its impact through established routines and internal control measures. The company’s activities do not lead to substantial and sustained change in natural ecosystems therefore, this topic is determined as not material. Topic 13.5 Soil health Soil health is determined as not material due to fact that our land-based fish farming facility does not take up a lot of space and is not located in an area where operations can negatively or significantly impact soil health. Our operations have a minimal impact on soil health, including soil erosion, soil loss and reduction in soil fertility. Topic 13.7 Water and effluents Water and effluents are determined as not material as we do not withdraw or consume fresh water that can impact the overall access to fresh water. Neither do we discharge water or effluents that can impact the quality of fresh water. We use a normal amount of water in both our operation and production, which does not displace other use. Topic Reason for omission Topic 13.9 Food security Andfjord Salmon aims to produce premium Atlantic salmon that is very nutritious, has perfect texture and superior taste. The company is built on a foundation of innovation and sustainable salmon farming with the intention to feed people both nationally and internationally. Andfjord Salmon contributes to food security and offers a product that meets people’s dietary needs and food preferences for an active and healthy lifestyle. Topic 13.10 Food safety Handling food and feed products in a way that prevents food contamination and food borne illness is of the highest importance to Andfjord Salmon. The company adheres to national and industry regulations concerning food safety, and has established thorough routines to prevent contamination. The company has, together with cooperation partners, developed its own feed for its Atlantic Salmon, which does not contain any antibiotics. As a result of our impact assessment, this topic is determined as not material. Topic 13.13 Land and resource rights Our impact on the availability and accessibility of land for other users is minimal due to our low area use. We are in close contact with the local community regarding for example regarding tenure rights and have no knowledge of any ongoing disputes or complaints. Topic 13.14 Rights of indigenous peoples Our office and production are located at Andøya in Norway, where no indigenous people are or have been residing. Our activities therefore do not negatively impact the collective or individual rights of indigenous people. We keep a close dialogue with the local community in Andøya, including the state administrator as well as the Sami Parliament. Topic 13.22 Economic inclusion Our business has a positive economic impact on the local community at Andøya. We contribute to local value creation, including job creation, for both our own employees as well as suppliers. We keep a close dialogue with the local community, including local farmers and fishermen. Thus, economic inclusion is not determined as a material topic. Topic 13.23 Supply chain traceability Andfjord Salmon’s ability to trace the source, origin or production of raw materials and final products is important to the company. The main impact on this area is linked to the production of salmon feed that Andfjord Salmon uses in its production. The company has implemented internal control routines for identifying and preventing potential negative impacts and also adheres to international standards. As a result of our impact assessment, this topic is determined as not material. Topic 13.24 Public policy Public policy is not determined as a material topic, as our impact is low to non-existent. We keep an ongoing dialogue with all stakeholders, including governmental authorities, and encourage public policy development that benefits society. We do not make any financial or in-kind contributions to political parties, politicians or causes. Agriculture, aquaculture, and fishing industries share common impacts asso- ciated with the production of food as well as non-food products. These indus- tries are crucial to the world’s food systems and the manufacture of a variety of materials. Due to the sector’s widely documented economic, environmental, and social impacts – including those on climate change and biodiversity, food security, farming and fishing practices, and community engagement – GRI has developed a sector standard for our industry (GRI 13: Agriculture, Aquaculture and Fishing Sectors 2022). As a relatively small company located in Norway (where both national laws and industry regulations are in place to ensure responsible operations), not all the topics mentioned in the sector standard are considered equally relevant to Andfjord Salmon.
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160 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 161 APPENDIX 5: GRI CONTENT INDEX GRI 2 - GENERAL DISCLOSURES 2021 Disclosure Disclosure description Reference Omission ESRS 2-1 Organizational details Andfjord Salmon at a glance ESRS 2 BP-1 2 -2 Entities included in the organization’s sustainability reporting" Basis for preparation (General basis for preparation of the sustainability statement) ESRS 2 BP-1 2- 3 Reporting period, frequency and contact point" Basis for preparation (General basis for preparation of the sustainability statement) + End page ESRS 2 BP -1 , BP- 2 2-4 Restatements of information Basis for preparation (Disclosures in relation to specific circumstances) ESRS 2 BP -2 2- 5 External assurance Basis for preparation (General basis for preparation of the sustainability statement) N/A: The report has not been externally assured 2. ACTIVITY AND WORKERS 2-6 Activities, value chain and other business relationships" This is Andfjord Salmon: Strategy, business model and value chain + Membership associations + Basis for preparation ESRS 2 SBM - 1 2-7 Employees Appendix 2: Equality statement (table: Gender distribution, Equality statement, footnote 1) + Actions related to affected communities (Table: Newly hired employees and employee turnover) ESRS S1 -6 2- 8 Workers who are not employees In 2023, Andfjord Salmon had one worker that was not an employee. The person was part of the leadership team and responsible for project management. There have been no significant fluctuations in the number of workers who are not employees in the reporting period or between reporting periods. Information unavailable: We do not report information about workers who are not employees. 3. GOVERNANCE 2-9 Governance structure and composition 8. Board of directors, composition and independence + 9. The work of the board of directors + Board of directors N/A: The Board is responsible for decisionmaking on and overseeing the management of the organisation’s impacts on the economy, environment, and people, but has not delegated this responsibility to any specific Board committee. " ESRS GOV - 1 2-10 Nomination and selection of the highest governance body" 7. Nomination committee 2-11 Chair of the highest governance body 8. Board of directors, composition and independence N/A: The Chair is not a senior executive 2-12 Role of the highest governance body in overseeing the management of impacts" 9. The work of the board of directors ESRS GOV - 1 2-13 Delegation of responsibility for managing impacts" 9. The work of the board of directors ESRS GOV-1, GOV- 2 2-14 Role of the highest governance body in sustainability reporting" 9. The work of the board of directors N/A: The report is approved by the Board. ESRS GOV - 1 2-15 Conflict of interest 9. The work of the board of directors ESRS GOV- 1 2-16 Communication of critical concerns Appendix 1: Transparency Act statement (Engaging with affected stakeholders in all key steps of the due diligence + Identifying and assessing adverse impacts) + Governance: Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS GOV - 2 2-17 Collective knowledge of the highest governance body" Material impacts, risks and opportunities ESRS 2 SBM -3 2 -18 Evaluation of the performance of the highest governance body" 9. The work of the board of directors ESRS GOV- 1 2-19 Remuneration policies 1. Implementation and reporting on corporate governance (Point 12) + 11. Remuneration of the Board of Directors + 12. Salary and other remuneration of executive personnel Information incomplete: The remuneration policies does not contain information about fixed and variable pay; sign-on bonuses or recruitment incentive payments; termination payments; clawbacks; or retirement benefits. ESRS GOV -3 Andfjord Salmon has reported in accordance with the GRI Standards for the reporting period 1 January to 31 December 2025.
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162 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 163 2-20 Process to determine remuneration 11. Remuneration of the Board of Directors + 12. Salary and other remuneration of executive personnel + Annual General Meeting Notices (website) Information incomplete: The results of votes of stakeholders on remuneration policies and proposals are not mentioned. ESRS GOV -3 2 -21 Annual total compensation ratio 7.1.1 Key management personnel compensation Information unavailable: The company does not report the ratio or percentage increase of the annual total compensation for the highest paid individual to the median annual total compensation for all employees. 4. STRATEGY, POLICIES AND PRACTICES 2-22 Statement on sustainable development strategy" CEO summary ESRS 2 SBM -1 2- 23 Policy commitments Appendix 1: Transparency Act statement (our commitment + Identifying and assessing adverse impacts + Embedding due diligence in governance, strategy and business model) + Documents on Andfjord's website: Code of Conduct + Supplier Code of Conduct + Human Rights Policy ESRS GOV -4 2 -24 Embedding policy commitments Appendix 1: Transparency Act statement (Embedding due diligence in governance, strategy and business model + Engaging with affected stakeholders in all key steps of the due diligence) + Documents on Andfjord's website: Code of Conduct + Supplier Code of Conduct + Human Rights Policy ESRS GOV -4 2 -25 Processes to remediate negative impacts" Appendix 1: Transparency Act statement (Taking actions to address adverse impacts + Engaging with affected stakeholders in all key steps of the due diligence + Identifying and assessing adverse impacts + Tracking the effectiveness of efforts and communicating) ESRS GOV -4 2 -26 Mechanisms for seeking advice and raising concerns" Appendix 1: Transparency Act statement (Embedding due diligence in governance, strategy and business model) ESRS GOV -4 2 -27 Compliance with laws and regulations Identifying and assessing adverse impacts (Table: Non-compliance with laws and regulations) N/A: no instances of non- compliance. ESRS GOV -5 2 -28 Membership associations This is Andfjord Salmon (Membership associations) ESRS 2 SBM-1 5. STAKEHOLDER ENGAGEMENT 2-29 Approach to stakeholder engagement Interest and views of stakeholders ESRS 2 SBM-2 2 -30 Collective bargaining agreements Information unavailable: Although the company knows that most of its workers are covered by collective bargaining agreements, it does not have the exact percentage. MATERIAL TOPICS GRI 3: Material topcis 2021 ESRS 2 SBM -3 3 -1 Process to determine material topcis Material impacts, risks and opportunities ESRS 2 SBM-3 3 -2 List of material topics Material impacts, risks and opportunities ESRS 2 SBM -3 , topical ESRS (E1, E4, E5, S1, S3, G1) G1 BUSINESS CONDUCT (ANIMAL WELFARE) 3-3 Management of material topics G1 Business conduct / Animal welfare (Material impacts, risks and opportunities + Policies relating to animal welfare + Actions related to animal welfare + Targets related to animal welfare) + Interest and views of stakeholders ESRS 2 SBM -3 and ESRS G1 (G1 -1 t o G1-9 ) OWN KPIS KPI Survival rate G1 Business conduct / Animal welfare (Actions related to animal welfare) BIODIVERSITY 3-3 Management of material topics E4 Biodiversity and ecosystems (Material impacts, risks and opportunities + Policies related to biodiversity and ecosystems + Actions and resources related to biodiversity and ecosystems + Targets related to biodiversity and ecosystems) + Interest and views of stakeholders ESRS 2 SBM -3 and ESRS E4 (E4 -1 t o E4-6 )
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164 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 165 GRI 304 BIODIVERSITY 2016 304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas E4 Biodiversity and ecosystems / Metrics related to biodiversity and ecosystems change (Table: Biodiversity mapping + Figure: Mapping of marine biodiversity off Kvalnes (Rådgivende Biologer AS) ESRS E4 -5 3 04-2 Significant impacts of activities, products, and services on biodiversity E4 Biodiversity and ecosystems (Metrics related to biodiversity and ecosystems change) ESRS E4 -3 30 4-3 Habitats protected or restored E4 Biodiversity and ecosystems (How we identify and assess biodiversity and ecosystem-related impacts, risks and opportunities) ESRS E4 -3 30 4-4 IUCN Red List species and national conservation list species with habitats in areas affected by operations E4 Biodiversity and ecosystems (How we identify and assess biodiversity and ecosystem-related impacts, risks and opportunities + Table: Red List species in a radius of 1.5 km of Kvalnes (naturbase.no)) ESRS E4 -5 E 5 RESOURCE USE AND CIRCULAR ECONOMY 3-3 Management of material topics E5 Resource use and circular economy (Actions and resources related to resource use and circular economy + Policies related to resource use and circular economy + Targets related to resource use and circular economy) + Interest and views of stakeholders ESRS 2 SBM -3 and ESRS E5 (E5 -1 t o E5-6 ) GRI 306 WASTE 2020 306-1 Waste generation and significant waste-related impacts E5 Resource use and circular economy (Actions and resources related to resource use and circular economy) ESRS E5-1, E5-2 3 06-2 Management of significant waste-related impacts E5 Resource use and circular economy (Actions and resources related to resource use and circular economy) ESRS E5-2 3 06-3 Waste generated E5 Resource use and circular economy / Actions and resources related to resource use and circular economy ESRS E5 -5 E 1 CLIMATE CHANGE 3-3 Management of material topics E1 Climate change (Material impacts, risks and opportunities + Actions and resources in relation to climate change policies + Targets related to climate change mitigation and adaption) + Interest and views of stakeholders ESRS 2 SBM -3 and ESRS E1 (E1 -2 t o E1-5 ) GRI 302: ENERGY 2016 E1 Climate change: Energy consumption and mix (Table: Energy use) N/A: we do not sell electricity, heating, cooling or steam. 302-1 Energy consumption within the organisation E1 Climate change: Energy consumption and mix (Table: Energy use) N/A: we do not sell electricity, heating, cooling or steam. S1 OWN WORKFORCE (OCCUPATIONAL HEALTH AND SAFETY) 3-3 Management of material topics S1 Own workforce (Material impacts, risks and opportunities + Policies related to own workforce + Actions related to own workforce + Targets related to own workforce) + Interest and views of stakeholders ESRS 2 SBM -3 and ESRS S1 (S1 -1 t o S1-1 3) GRI 403: OCCUPATIONAL HEALTH AND SAFETY 403-1 Occupational health and safety management system S1 Own workforce / Actions related to own workforce (Table: Occupational health and safety management system) ESRS S1 -1, S1 -4 4 03-2 Hazard identification, risk assessment, and incident investigation S1 Own workforce (Actions related to own workforce) ESRS S1 -4 4 03-3 Occupational health services S1 Own workforce (Actions related to own workforce) 403-4 Worker participation, consultation, and communication on occupational health and safety S1 Own workforce (Actions related to own workforce) 403-5 Worker training on occupational health and safety S1 Own workforce (Actions related to own workforce) ESRS S1 -4 4 03-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships S1 Own workforce (Processes for engaging with own workforce and workers’ representatives about impacts) 403-8 Workers covered by an occupational health and safety management system S1 Own workforce / Actions related to own workforce (Table: Occupational health and safety management system) N/A: the occupational health and safety system is not audited by an external party. 403-9 Work-related injuries S1 Own workforce (Material impacts, risks and opportunities + Table: Work-related injuries) ESRS S1 -9 S 3 AFFECTED COMMUNITIES 3-3 Management of material topics S3 Affected communities (Material impacts, risks and opportunities + Policies related to affected communities + Actions related to affected communities + Targets related to affected communities) + Interest and views of stakeholders ESRS 2 SBM -3 and ESRS S3 (S3 -1 t o S3-5 ) GRI 401 Employment 401-1 New employee hires and employee turnover S3 Affected communities (Table: Newly hired employees and employee turnover) ESRS S1 -6
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166 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 ANDFJORD SALMON – ANNUAL INTEGR ATED REPORT - 2025 167 ESRS disclosures not covered by GRI S tandard Disclosure Disclosure description ESRS 2 BP- 2 Disclosures in relation to specific circumstances ESRS 2 GOV-5 R isk management and internal control over sustainability reporting ESRS 2 SBM-3 M aterial impacts, risks and opportunities incl. financial materiality ESRS 2 IRO- 1 Description of the process to identify and assess IROs ESRS E1 E1-3 Actions and resources in relation to climate change ESRS E1 E1-4 T argets related to climate change mitigation and adaptation ESRS E1 E1-5 E nergy consumption and mix ESRS E4 E4-2 P olicies related to biodiversity and ecosystems ESRS E4 E4-4 Targets related to biodiversity and ecosystems ESRS E5 E5-3 T argets related to resource use and circular economy ESRS S1 S1 -9 C haracteristics of the undertakings employees and diversity metrics ESRS S1 S1-14 Health and safety metrics ESRS S3 S3-1 Policies related to affected communities ESRS S3 S3-4 Actions related to affected communities ESRS S3 S3-5 Targets related to affected communities ESRS G1 G1-1 Policies related to animal welfare ESRS G1 G1-6 Gross scopes 1, 2 and 3 total GHG emissions
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THE WORLD’S MOST FISH- FRIENDL Y A ND SUSTAINABLE SALMON FARMING FACILITY Publication date: 14 April 2026 Bjarne Martinsen CFO Andfjord Salmon bjarne.martinsen@andfjord.no PHOTOS AND DESIGN: MAVERIX