4.7.2025 08:00:01 CEST | Andfjord Salmon | Non-regulatory press releases

4 July 2025 - Andfjord Salmon Group AS (Andfjord Salmon) is pleased to announce
the successful completion of the inlet waterway at its land-based salmon farming
facility at Kvalnes, Andøya, thereby establishing the artery that will provide
fresh Arctic seawater to all pools at the facility.

"The breakthrough from the inlet waterway to Andfjorden was conducted safely and
in line with our build-out schedule at Kvalnes. We are pleased to tick the box
for completion of another major piece of infrastructure that will facilitate
large-scale production of salmon at Kvalnes," says Martin Rasmussen, CEO of
Andfjord Salmon.

The entry point of the one-kilometre-long inlet tunnel is located at
approximately 50 metres water depth - below the zone where salmon lice and
harmful algae typically reside. The waterway will provide the fish farming pools
at Kvalnes with continuous access to clean, oxygen-rich seawater. In combination
with Andfjord Salmon's proprietary flow-through system, the inlet waterway is a
key component in recreating a natural and healthy salmon farming habitat on
land.

The completed inlet waterway has been designed to support a future production of
approximately 48,100 tonnes (HOG + post-smolt) at Kvalnes.

HARBOUR RE-OPENED

In the current build-out phase, Andfjord Salmon is also developing a new harbour
area and constructing four pools at the Kvalnes site. Both workstreams are on
schedule.

The temporary breakwater section, which was initially constructed to shield
ongoing work in the harbour, has now been removed - thereby re-opening the
harbour and enabling it to start receiving vessels. 

All UHPC (ultra-high performance concrete) wall elements have been installed in
pool K1. In addition, the two buildings that will house control systems for
sludge treatment and feeding systems, respectively, have also been erected.

Andfjord Salmon reiterates its plan to initiate smolt release in September 2025.

CONTACTS

 * 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/.