Slides
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27 AUGUST 2026 Photo: Pool K1 Q2 2026 STATUS AND PROGRESS
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ANDØYA – THE HOMEOF ATLANTIC SALMON The natural conditions for Atlantic salmon in the ocean off Andøya are truly optimal. Here, the salmon have grown strong for millions of years. 69°N ANDØYA VESTERÅLEN NORWAY Q2 2026
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LOW ENERGY COSTS. NO PUMPING, HEATING OR COOLING3 AVOIDS PROBLEMS WITH SALMON LICE AND TOXIC ALGAE NATURAL ESCAPE PREVENTION COLLECTION AND RECYCLING OF BIOWASTE3 OPTIMAL WATER TEMPERATURES OXYGEN-RICH AND CLEAN ARCTIC SEAWATER 1 2 1 2 THE BEST OF TWO WORLDS – LAND AND SEA 3 BENEFITS OF LAND-BASED FARMING3 BENEFITS OF SEA-BASED FARMING Q2 2026
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JANUARY2025 Photo: First pool, K0 Q2 2026
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• QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS • Fish farming operations • Status Kvalnes build-out • Financials • Summary and outlook AGENDA Q2 2026 Photo: Pool K1
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HIGHLIGHTS Q2 AND SUBSEQUENT PERIOD Q2 2026 SMOLT RELEASE IN POOL K3 550,000 smolt released on 1 June Third pool with fish farming operations STRONG SHAREHOLDER AND BANK SUPPORT NOK 385m private placement Signed term sheet for NOK 200m increase of bank facilities SOLID BIOLOGICAL PERFORMANCE High survival rates, healthy growth and strong FCR… …resulting in solid biomass development in Q2 and subsequent period GRADUALLY INCREASING POOL CAPACITY K2 completed as planned and filled with water, currently undergoing testing K4 near completion RETURNED TO REVENUE GENERATION 450,000 post-smolt sold to Eidsfjord Sjøfarm in mid-June Part of strategic post-smolt partnership with Eidsfjord Sjøfarm announced in April
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-22,1 -14,3 -25,9 -29,7 -17,5 -35 -30 -25 -20 -15 -10 -5 0 OPERATIONAL EBITDA EXCL. FAIR VALUE ADJUSTMENT 0,1 0 0 0 51,3 0 10 20 30 40 50 60 REVENUE FROM SALES TO CUSTOMERS Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 FINANCIAL HIGHLIGHTS: RETURNED TO REVENUE GENERATION Q2 2026
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Q2 2026 • Quarterly highlights and subsequent events • FISH FARMING OPERATIONS • Status Kvalnes build-out • Financials • Summary and outlook AGENDA Photo: Pool K1
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BIOMASS DEVELOPMENT Q2 2026 64 532 1196 1255 1969 562 0 500 1000 1500 2000 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 until 26/8 STANDING BIOMASS (TONNES, LIVE WEIGHT) 351 663 559 713 0 100 200 300 400 500 600 700 800 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 until 26/8 NET PRODUCTION PER QUARTER (TONNES, LIVE WEIGHT) Post- smolt sold Post- smolt sold
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STRONG SURVIVAL RATES AND FCR* Q2 2026 0,885 0,946 1,063 1,016 Q4/25 Q1/26 Q2/26 26.aug ACCUMULATED ECONOMIC FCR 99,74% 99,44% 98,41% 98,04% AVERAGE ACCUMULATED SURVIVAL RATE Q4/25 Q1/26 Q2/26 26 Aug 99,72% 99,47% 99,10% SURVIVAL RATE | POST-SMOLT SOLD Q4/25 Q1/26 Q2/26 until 20/6 10 Nov 2025 20 June 2026 FCR | POST-SMOLT SOLD 0.989 *FCR = feed conversion ratio
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180 842 1675 2283 2900 0 500 1000 1500 2000 2500 3000 3500 Q3/25 Q4/25 Q1/26 Q2/26 26 Aug AVERAGE WEIGHT PER FISH (GRAMS) 64 295 584 792 1001 0 100 200 300 400 500 600 700 800 900 1000 Q3/25 Q4/25 Q1/26 Q2/26 26 Aug STANDING BIOMASS (TONNES, LIVE WEIGHT) K0: CLOSING IN ON HARVEST Q2 2026 COMMENTS • ~350,000 smolt at average weight of around 180 grams released on 30 September 2025 • Excellent survival rate throughout the entire production cycle • Continued solid growth • Pool enhancements identified in early summer, resulting in improved water quality and fish farming performance 1.09 FEED CONVERSION RATIO (FCR) 98.62 SURVIVAL RATE (%) 11 MONTHS SINCE SMOLT RELEASE
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160 317 819 1325 2510 0 500 1000 1500 2000 2500 3000 12 Nov Q4/25 Q1/26 Q2/26 26 Aug AVERAGE WEIGHT PER FISH (GRAMS) 131 238 612 381 719 562 0 100 200 300 400 500 600 700 800 900 1000 12 Nov Q4/25 Q1/26 Q2/26 26 Aug STANDING BIOMASS (TONNES, LIVE WEIGHT) K1: FIRST POST-SMOLT SALE IN JUNE Q2 2026 COMMENTS • ~750,000 smolt released at an average weight of around 160 grams on 10–12 November 2025 • Inaugural post-smolt sale of ~450,000 salmon, at an average weight of 1,234 grams per fish following pre-transfer fasting, at the end of June • Remaining batch of ~290,000 to be utilized for grow-out purposes • The already strong growth rate has been further stimulated by the biomass reduction in June • High survival rate throughout the production cycle 0.98 FEED CONVERSION RATIO (FCR) 97.84 SURVIVAL RATE (%) 9.5 MONTHS SINCE SMOLT RELEASE Post- smolt sold
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K3: SMOLT RELEASED IN JUNE Q2 2026 COMMENTS • Approx. 550,000 smolt released in early June, at an average weight per smolt of around 100 grams • Entire batch expected to be utilized for post-smolt production • Mortality was slightly higher immediately after smolt release, but the survival rate has since returned to robust Andfjord levels • Strong growth since smolt release 60 82 248 0 50 100 150 200 250 2 June Q2/26 26 August STANDING BIOMASS (TONNES, LIVE WEIGHT) 110 151 0 50 100 150 200 250 300 350 400 450 2 June Q2/26 26 August FISH GROWTH (GRAMS) 0.85 FEED CONVERSION RATIO (FCR) 96.90 SURVIVAL RATE (%) 3 MONTHS SINCE SMOLT RELEASE
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Q2 2026 • Quarterly highlights and subsequent events • Fish farming operations • STATUS KVALNES BUILD-OUT • Financials • Summary and outlook AGENDA Photo: Pool K1
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PHASE 2B: POOLS K9 – K12PHASE 1: POOLS K1 – K4 PHASE 2A: POOLS K5 – K8 Note: Illustration of pools showing the next phases of build-out. K1 K2 K3 K4 K5 K6 K7 K8 K9 K10 K11 K12 POOL K1 Stocked with ~290,000 fish Operational Q4 2025 POOL K3 Stocked with ~550,000 fish Operational Q2 2026 POOL K0 Stocked with ~350,000 fish POOL K5 Operational H1 2027 K0 POOL K7 Operational H1 2027 POOL K2 Operational Q3 2026 POOL K4 Operational Q3 2026
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POOLS K2 AND K4 – PROGRESS AS PLANNED Q2 2026 K4 K3 POOL K1 Stocked with ~290,000 fish Operational Q4 2025 POOL K3 Stocked with ~550,000 fish Operational Q2 2026 POOL K2 Filled with water, undergoing testing POOL K4 Operational Q3 2026 K1 K2 K3 K4
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Q2 2026 • Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • FINANCIALS • Summary and outlook AGENDA Photo: Pool K1
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6 000 11 000 17 000 5 000 6 000 Current capacity Completed in Q3 2026 Operational by Q3 2026 Phase 2a Production capacity up to phase 2a 6,000 TONNES OF PRODUCTION CAPACITY, FAST APPROACHING 11,000 TONNES • As per 30 June 2026, a total of approx. NOK 3,465 million had been invested at the Kvalnes site up to phase 2a2,3Phase, Kvalnes Capex1 (NOK, est.) Added production (NOK, est.) Accumulated production (HOG, est.) Pilot ~450m +1,200t 1,200t 1 ~2,070m +9,800t 11,000t 2a ~1,380m +6,000t 17,000t 2b ~500m +6,700t 23,700t 3 (license expansion) ~0m +5,100t 28,800t 4 ~360m +5,400t 34,200t 5 ~1,100m +13,900t 48,100t CAPEX PER PHASE1, KVALNES SITE COMMENTS Notes: Production numbers are shown as tonnes HOG + post-smolt. 1) Stated capex numbers relate to investments (working capital/biomass, finance and operational costs not included). Estimates only. 2) Table excludes the disputed NOK 400m added capex paid in Q4 2025, unpaid claims from former main contractor, and NOK 20m mobilization cost related to change of main contractor; 3) Excluding NOK 80m spent on infrastructure for phase 4. OPERATIONAL PRODUCTION CAPACITY Only certain concrete works and technical connections remain K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 K0 K1 K2 K3 K4 K5 K6 K7 K8 Q2 2026
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STATEMENT OF COMPREHENSIVE INCOME Q2 2026 All amounts in NOK thousands Statement of comprehensive income Q2 2026 Q2 2025 HY 2026 HY 2025 2025 1.4 - 30.6 Unaudited 1.4 – 30.6 Unaudited 1.1 – 30.6 Unaudited 1.1 – 30.6 Unaudited 1.1 – 31.12 Operating income and expenses Revenue from contracts with customers 51 349 884 51 349 884 815 Other operating income 72 43 173 43 215 Total operating income 51 421 927 51 522 927 1 030 Change in inventories -15 221 -1 340 8 091 -1 340 17 137 Fair value adjustments of biological assets 6 878 - 19 109 - -14 935 Employee benefit expenses -11 904 -4 184 -20 743 -8 326 -24 128 Depreciation and amortisation expenses -21 166 -6 319 -41 001 -12 270 -36 262 Other operating expenses -31 583 -17 464 -63 568 -26 443 -59 295 Total operating expenses -72 995 -29 307 -98 112 -48 379 -117 483 Operating profit/loss -21 574 -28 380 -46 589 -47 452 -116 454 Financial income and expenses Financial income 1 535 1 811 2 767 3 061 12 905 Net financial costs -205 -222 -339 -433 -530 Net financial result 1 330 1 589 2 428 2 629 12 375 Profit/loss for the period -20 244 -26 791 -44 162 -44 823 -104 079
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FINANCIAL POSITION – ASSETS Q2 2026 Assets 30.06.2026 - Unaudited 31.12.2025 30.06.2025 - Unaudited Intangible assets 37 336 39 714 16 384 Property, plant & equipment 4 974 363 4 293 860 3 349 786 Right-of-use assets 115 127 123 676 14 848 Other non-current assets 771 980 1 129 Total non-current assets 5 127 597 4 458 230 3 382 146 Biological assets 116 812 48 277 - Other inventories 3 919 841 - Trade and other receivables 64 187 2 318 156 Other current assets 60 102 88 840 129 506 Cash and cash equivalents1 65 227 166 091 964 812 Total current assets 310 246 306 366 1 094 474 Total assets 5 437 844 4 764 596 4 476 621 Figures do not include undrawn construction loan of NOK 600 million in total as of 30 June 2026 and undrawn credit facility of NOK 80 million at 30 June 2026. Note: 1) A total of NOK 32.4 million is restricted towards the senior secured bond to cover interest payments in 2026 All amounts in NOK thousands
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FINANCIAL POSITION – AVAILABLE LIQUIDITY* Q2 2026 *Restricted cash of a total of NOK 32.4 million is restricted towards the senior secured bond to cover interest payments in 2026 65 600 80 745 Cash and cash equivalents Undrawn construction loan facility Undrawn credit facility Total available liquidity 0 100 200 300 400 500 600 700 800 All amounts in NOK millions 32* 33 Note: 1) The revolving credit facility is increased from NOK 120 million to NOK 200 million after the end of Q2
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FINANCIAL POSITION – EQUITY AND LIABILITIES Q2 2026 Equity and liabilities 30.06.2026 - Unaudited 31.12.2025 30.06.2025 - Unaudited Total equity 2 750 462 2 425 678 2 177 761 Borrowings 1 602 208 1 592 463 1 537 725 Lease liabilities 48 665 52 137 6 641 Total non-current liabilities 1 650 873 1 644 600 1 544 366 Borrowings 40 181 - - Lease liabilities 16 046 16 205 6 154 Trade payables 185 527 110 203 572 784 Trade payables – disputed* 690 522 458 824 - Other current liabilities 104 232 109 086 175 556 Total current liabilities 1 036 508 694 319 754 495 Total liabilities 2 687 381 2 338 918 2 298 860 Total equity and liabilities 5 437 844 4 764 596 4 476 621 *Related to Andfjord Salmon’s claim against its former main contractor. Figure includes VAT. See stock exchange announcement dated 3 December 2025for further details. All amounts in NOK thousands
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STATEMENT OF CASH FLOWS Q2 2026 Statement of cash flows Q2 2026 Q2 2025 HY 2026 HY 2025 2025 1.4-30.6 Unaudited 1.4-30.6 Unaudited 1.1-30.6 Unaudited 1.1-30.6 Unaudited 1.1 – 31.12 Net cash flow from operating activities -71 903 -38 082 -138 689 -58 140 -178 607 Net cash flow from investing activities -235 171 -262 101 -363 808 -709 132 -1 729 517 Net cash flow from financing activities 286 793 1 086 106 401 632 1 672 888 2 015 018 Net change in cash and cash equivalents -20 281 785 922 -100 864 905 616 106 895 All amounts in NOK thousands
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• Quarterly highlights and subsequent events • Fish farming operations • Status Kvalnes build-out • Financials • SUMMARY AND OUTLOOK Q2 2026 AGENDA Photo: Pool K1
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STRONG SHAREHOLDER AND BANK SUPPORT NOK 385m private placement Signed term sheet for NOK 200m increase of bank facilities SOLID BIOLOGICAL PERFORMANCE High survival rates, healthy growth and strong FCR… …resulting in solid biomass development in Q2 and subsequent period GRADUALLY INCREASING PRODUCTION CAPACITY 550,000 smolt released in K3 on 1 June K2 completed as planned and filled with water, currently undergoing testing K4 near completion SUMMARY AND OUTLOOK Q2 2026 RETURNED TO REVENUE GENERATION 450,000 post-smolt sold to Eidsfjord Sjøfarm in mid-June Part of strategic post-smolt partnership with Eidsfjord Sjøfarm announced in April PLANNING NEXT HARVESTS First harvest of grow-out salmon in K0 and K1 scheduled for Q3/Q4 2026 K3 post-smolt scheduled for delivery in Q4 2026
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Movie – K2 etc.
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Q & A
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NEXT QUARTERLY UPDATE: Q3 2026 Presentation – 17 November 2026 For more information on this presentation and its contents, please contact: Bjarne Martinsen, CFO, Andfjord Salmon bjarne.martinsen@andfjord.no