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Regulatory press release

Andfjord Salmon: Q4 and preliminary full-year 2024 results

Andfjord Salmon Group
26.2.2025 16:33:00 CET | Andfjord Salmon | Inside information

Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") reports strong
momentum for all ongoing workstreams at its land-based aquaculture facility at
Kvalnes, Andøya, and releases its financial results from the fourth quarter 2024
and preliminary full-year 2024.

Andfjord Salmon did not produce salmon in the fourth quarter of 2024 and
consequently had close to zero revenue in the period (Q4 2023: 0). The Company
reported a loss of NOK 19.2 million in the fourth quarter 2024, versus a loss of
NOK 19.4 million in the corresponding period in 2023.

Please find enclosed a presentation that details the fourth quarter and
preliminary full-year 2024 financial results.

COMPANY PRESENTATION

All ongoing workstreams for the current build-out phase at Kvalnes remain on or
ahead of schedule. Later today, Andfjord Salmon will publish a company
presentation that, among other things, provides status of the current Kvalnes
build-out phase and details future build-out plans at Kvalnes.

PRESENTATION ON 11 MARCH 2025

Andfjord Salmon will invite investors, analysts, lenders and media to an
operational update and presentation of the company's fourth quarter and interim
full-year 2024 financial results on Tuesday 11 March 2025.

The presentation will be held physically in Oslo and streamed to online viewers.
An invitation with venue and login details will be shared approximately one week
prior to the event.

CONTACTS

* Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345,
bjarne.martinsen@andfjord.no
* Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +47 975 08 665,
martin@andfjord.no

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord
Salmon is developing the world's most sustainable and fish-friendly aquaculture
facility of its kind. Through a proprietary flow-through system, Andfjord Salmon
combines the best from ocean and land-based salmon farming. In its first
production cycle, the company achieved an industry-leading survival rate of 97.5
percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and
required 1 kWh to produce one kilo of salmon. For more information, see
www.andfjordsalmon.com - http://www.andfjordsalmon.com.

ATTACHMENTS

Q4_2024_presentation 26022025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18436093/5684/Q4_2024_presentatio
n%2026022025.pdf
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