4.9.2025 07:00:01 CEST | Andfjord Salmon | Half yearly financial reports and
audit reports / limited reviews

Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") today announces
that the Company is on track to initiate its second ever smolt release in
September. The plan is to release a total of 1.1 million smolt this autumn.

"Our team of fish farming experts are thoroughly looking forward to once again
focusing on fish health, welfare and optimizing pool and grow-out conditions for
the salmon. We believe that we have an even better fish farming concept now than
we had two years ago, and we look forward to demonstrating it," says Martin
Rasmussen, CEO of Andfjord Salmon. 

ADVANCING KVALNES

Andfjord Salmon is currently developing its land-based aquaculture facility at
Kvalnes, Andøya, Norway. Under the Company's existing license, total expected
production output at Kvalnes is 23,700 tonnes (HOG + post smolt). However, area
infrastructure such as waterways and harbour area has been developed to support
a future production volume of 48,000 tonnes salmon at Kvalnes.

The important waterways, which will supply the pools with fresh Arctic seawater,
are now complete. The latest milestones include the successful breakthrough to
sea for the inlet tunnel and the completion of the branch tunnel to pool K0,
where Andfjord Salmon's first production cycle was successfully undertaken.

Pool K0 is this week being filled with water and the Company will initiate the
final preparations prior to smolt release. Pool K1 is nearly complete. The
tunnel infrastructure below the pools is currently filled with seawater, which
has circulated for a while to ensure good water quality once smolt is released.
Moreover, the harbour area is operationally ready to receive wellboats with
smolt.

FORTHCOMING SMOLT RELEASE

Andfjord Salmon plans to release around 350,000 smolt in pool K0 in ultimo
September.

The initial smolt release will be followed up by the release of 750,000 smolt in
pool K1 in ultimo October. Smolt from K1 will, with the new logistics system, be
split into new units as the biomass increases.

"Our planned release of 1.1 million smolt represents a significant scale up of
commercial operations for Andfjord Salmon. This is what we have worked
tirelessly towards for the past two years, with strong support from our
shareholders," adds Martin Rasmussen.

FINANCING AND Q2 2025 RESULTS

During the second quarter, Andfjord Salmon presented a revised build-out budget
that was designed to maintain maximum progress and achieve efficiency gains for
current and future build-out phases at Kvalnes. To support the Company's
development, funds of approximately NOK 1.55 billion were raised in the quarter,
including a NOK 400 million private placement of new shares, a NOK 750 million
bond issue for investments and working capital for the Kvalnes expansion, and
completion of the NOK 400 million sale-leaseback agreement related to the
Kvalnes harbour property.

Due to the ongoing construction at Kvalnes, Andfjord Salmon did not produce
salmon in Q2 2025, resulting in close to zero revenue for the period (Q2 2024:
NOK 0.1 million). The Company reported a net loss of NOK 26.8 million for the
quarter versus a loss of NOK 18.8 in the same quarter last year.

PRESENTATION AT 08:00 (CEST) TODAY

Andfjord Salmon will provide an operational update and present the company's
second quarter and half-year 2025 results at 08:00 today. The webcast
presentation can be viewed from this URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20250904_1/

The presentation material and half-year 2025 report are enclosed to this
announcement.

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

Q2 2025 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18642068/6409/Q2%202025%20present
ation.pdf

Andfjord Salmon halfyear report 2025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18642068/6410/Andfjord%20Salmon%2
0halfyear%20report%202025.pdf