20.4.2026 16:43:11 CEST | Andfjord Salmon | Inside information

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Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") today announces
that it has entered into a strategic post-smolt partnership with Eidsfjord
Sjøfarm. The partnership includes substantial deliveries of post-smolt from
Andfjord Salmon to Eidsfjord Sjøfarm in 2026 and 2027. It also secures Andfjord
Salmon smolt sourcing and a processing agreement with Holmøy Havbruk that
secures harvest capacity when required. As part of the strategic partnership,
Eidsfjord Sjøfarm has committed to invest NOK 100 million in Andfjord Salmon
through a private placement of new shares.

The Company has engaged Arctic Securities AS, DNB Carnegie, a part of DNB Bank
ASA, Nordea Bank Abp, filial i Norge and SB1 Markets AS (the "Managers") to act
as Joint Global Coordinators and Joint Bookrunners in connection with a private
placement (the "Private Placement") of new shares in the Company (the "Offer
Shares") to raise gross proceeds of minimum NOK 300 million. The subscription
price per Offer Share will be NOK 27.50 per share (the "Offer Price").

The net proceeds from the Private Placement will be used for advancement of the
Company's construction at Kvalnes to reach production capacity of 17,000 tons
(HOG + post-smolt) and for general corporate purposes.

BUSINESS UPDATE

An updated company presentation is made available at the Company's website: 
https://www.andfjordsalmon.com/en/our-investors/reports-and-presentations/ -
https://protect.checkpoint.com/v2/r02/___https:/www.andfjordsalmon.com/jsdtzw-ns
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ZjOThiNTY3Y2U0YjcyNmZlNWQyZTgzZGEzNjliNzpwOlQ6VA.

Selected highlights are set out below:

Excellent biological performance and operation metrics ahead of plan:

The Company reports strong biological and operational performance in pools K0
and K1, with 1.1 million smolt having been released since September 2025, high
survival rates and growth ahead of plan. The Company targets harvest in Q3 2026,
earlier than previously communicated, and expects to reach 11,000 tons (HOG +
post-smolt) in Q2/Q3 2026.

Strengthened partnership with Eidsfjord Sjøfarm (Holmøy Havbruk):

Eidsfjord Sjøfarm has pre-committed to subscribe for Offer Shares equal to an
amount of NOK 100 million, reinforcing their long-term strategic partnership and
operational alignment with Andfjord Salmon. The parties have signed agreements
for post-smolt deliveries through H1 2027, including deliveries totaling around
1 million post-smolt already in 2026, and a processing agreement with Holmøy
Havbruk securing the Company's harvest capacity, revenue visibility and
execution certainty.

"We are pleased to enter into this strategic partnership. It allows up to
capitalize on our pool capacity, which both shortens runway to revenue and
improves our cash flow. Moreover, the partnership reduces operational risk
through gaining access to smolt and processing capacity, while Eidsfjord Sjøfarm
benefits from releasing a more robust fish into their ocean net pens. It's a
win-win cooperation," says Martin Rasmussen, CEO of Andfjord Salmon.

Revised construction budget addressed by strong investor support and potential
for new bank package:

The construction budget related to the current build-out phase has been revised
upward by approximately NOK 330 million, of which around NOK 155 million relates
to remedial work to be disputed to the previous contractor. The revised budget
also includes investments in upgrading sludge treatment, feeding lines and
logistics system to enable efficiency and capacity gains. The revised budget is
supported by NOK 300 million in pre-committed equity from certain existing
shareholders and investors, including Eidsfjord Sjøfarm and Jerónimo Martins,
and an indicative term sheet received from the Company's existing lending
syndicate as well as a term sheet from a leading Nordic bank for a NOK 200
million increase of the Company's bank facilities to NOK 1.5 billion, providing
further financial flexibility.

PRODUCTION STATUS

Status Pool K0 (all numbers per end of week 16 2026)

- Survival rate: 99.32%

- Average weight: 1,812 grams

- Feed conversion ratio (FCR): 1.03 kilos of feed to produce one kilo of salmon

- Standing biomass in pool: 631 tonnes live salmon.

Status Pool K1 (all numbers per end of week 16 2026)

- Survival rate: 99.39%

- Average weight: 911 grams

- Feed conversion ratio (FCR): 0.92 kilos of feed to produce one kilo of salmon

- Standing biomass in pool: 681 tonnes live salmon.

DETAILS ABOUT THE PRIVATE PLACEMENT

The Company has received pre-commitments for Offer Shares at the Offer Price for
an amount equal to NOK 300 million from certain existing shareholders and
investors, which include i.a.:

- Jerónimo Martins Agro-Alimentar S.A. (holding approx. 40% of the outstanding
shares in the Company and represented on the Board by Antonio Serrano (board
member)), who has pre-committed to subscribe for Offer Shares on a pro rata
basis to its existing shareholding in the Company, equal to approx. NOK 120
million based on an offer size of NOK 300 million