Highlights

o	Atlantic salmon harvest volumes for Q3 2023 were 17,760 MT WFE, up 24%
compared to Q3 2022, which was aligned with the harvesting plan. 

o	The higher harvest volume has not been reflected in sales, as September closed
with Atlantic salmon sales volumes of 11,311 MT WFE and inventories of more than
9,000 MT WFE.

o	Operating revenue for the quarter was USD 82.1 million, a decrease of 14% over
Q3 2022. The decrease is mainly due to lower sales prices, which were down 13%
and 24% for Atlantic salmon and Coho salmon respectively compared to the same
period last year.

o	Coho salmon sales volumes totaled 438 MT WFE for the quarter and inventories
were over a 1,000 MT WFE. Based on smolt stocking in early 2023, harvest volume
for the 2023-2024 season is expected to double from the previous seasons harvest
volumes of 5,856 MT. Harvest for 2023-2024 season will begin in Q4 2023.

o	Cost of harvested Atlantic salmon (ex-cage live weight) increased 12% to USD
4.69/kg, mainly due to two sites accounting for 70% of harvested volume that
were affected by SRS outbreaks and sea lice presence which increased treatments
costs.

o	Atlantic salmon EBIT/kg WFE was USD 0.05 in Q3 2023, which compares to USD
1.78/kg WFE in Q3 2022. Coho salmon EBIT/kg WFE was negative USD 0.54, down from
positive USD 1.16 in Q3 2022.

o	Q3 2023 EBITDA was USD 2.9 million compared to USD 25.6 million in Q3 2022.
EBITDA for the first nine months was USD 32.6 million, compared to USD 55
million in 2022.

o	Atlantic salmon harvest volumes for 2023 are expected to be between 44,000 and
46,000 MT WFE, while Coho salmon harvest volumes are expected to be 10,000 to
12,000 MT WFE

o	Improvement in biological indicators from the last 12 months (LTM) as of
September, with a reduction in the use of antibiotics by 52%, antiparasitic use
by 38% and an improvement in the biological conversion ratio by 4%, reaching
1.07 compared to LTM as of September 2022.

Santiago, 15 November 2023: Salmones Camanchaca harvested 17,760 MT WFE of
Atlantic salmon in Q3 2023, which was 24% higher than the harvest volume in Q3
2022 at 14,326 MT WFE. This increase was aligned with the company's previously
announced harvesting plan. 

Atlantic salmon sales volumes were 11,311 MT WFE, a decrease of 3.4% over the
same period in 2022, as sales of frozen products reduced inventory rotation
resulting in a stock of over 9,000 MT WFE as of September. The average selling
price of Atlantic salmon was USD 6.86/kg WFE, a decrease of 13% over Q3 2022, as
market salmon prices had fallen. Salmones Camanchaca excels in its ability to
switch formats and markets in response to changing market conditions, so can
successfully capture market opportunities, which has helped to keep its prices
above the market despite these downturns.

 
Coho salmon sales during Q3 2023 were 438 MT WFE, compared to 108 MT WFE in Q3
2022, leaving inventories of over 1,000 MT WFE. Coho salmon harvest volumes for
the 2022-2023 season were 5,856 MT WFE, which was higher than the previous
season's at 2,504 MT WFE. These harvest volumes are expected to double during
the 2023-2024 season, which begins in Q4 2023.

Biological performance (LTM as of September, closed cycle) continues to improve
with the biological conversion ratio reaching 1.07. As did the FIFO indicator,
which was lower than the Salmones Camanchacas long-term target and lower than
the target set by the Sustainability Linked Loan. Smolt productivity, measured
as biomass harvested/number of smolts stocked, was up 21% from the previous
year, while the average harvest weight was 5.2 kg WFE, 14% higher than in 2022
and 4% higher than in 2021.

Atlantic salmon ex-cage live weight costs were USD 4.69/kg in the quarter, an
increase of 12.5% over Q3 2022, mainly due to two sites that accounted for 70%
of the volume harvested in Q3 that were extraordinarily affected by SRS
outbreaks and sea lice presence, which increased treatment costs. These costs
were also affected by higher salmon feed prices.

Quarterly Atlantic salmon processing costs including harvesting were USD 0.98/kg
WFE, which was lower than USD 1.03/kg WFE for Q3 2022, mainly due to higher
harvest volumes. 

Extraordinary mortalities for the quarter were USD 1.0 million, compared to USD
0.6 million in Q3 2022, and were caused by low oxygen events at one farming
site. 

Quarterly expenses incurred on sovereignty and unused assets, such as fallow
farming sites, were USD 2.1 million, which compares to USD 2.9 million in Q3
2022. 

EBIT before fair value adjustments for Q3 2023 was negative USD 1.9 million,
compared to positive USD 21.0 million in Q3 2022. Thus, EBIT/kg WFE for Atlantic
salmon was USD 0.05/kg WFE for Q3 2023, compared to USD 1.78/kg WFE for Q3 2022.
For coho salmon, EBIT/kg WFE was negative USD 0.54, down from positive USD 1.16
in Q3 2022.

Commenting on the Q3 performance of Salmones Camanchaca, vice chairman Ricardo
García, said: 
"This was a very challenging quarter due to the weakness of global demand and
its effects on prices, added to costs that absorbed the higher prices of raw
material inputs for feed, inflation on services, and SRS outbreaks and sea lice
presence that affected harvested fish costs from two sites. Despite this
scenario, the productive and commercial flexibility to focus on the most
attractive formats and markets allowed us to obtained prices above the spot
reference. Besides the challenges we have for the end of 2023, we observe good
health performance, somewhat less cost pressure for early 2024 harvests, and
better prices for the following months. Possibly the main commercial target is
the sale of Coho inventory, which we estimate will be larger at the end of this
season in January 2024. And on the production side, target is to verify the
mitigating measures benefits to face oceanographic incidents."

 
Salmones Camanchaca will present the third quarter 2023 results on Thursday, 16
November 2023 at 13:00 Central European Time (CET). The presentation will be
held on-line by CEO Manuel Arrigada and CFO Daniel Bortnik. 

To join the webcast use the following link:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZTQyZTdiMzQtYzZmNS00YTdmL
TllMjMtYTNkNDVmOWM2Mzg3%40thread.v2/0?context=%7b%22Tid%22%3a%224cbfea0a-b872-47
f0-b51c-1c64953c3f0b%22%2c%22Oid%22%3a%226e6949b8-954f-4a54-89cd-dcc5f36d2b49%22
%2c%22IsBroadca

The presentation and subsequent Q&A session will be held in English. It will be
possible to ask questions online. 
A recording of the webcast will be made available on the Investors section of
the companyŽs webpage.

For more information please contact:
Álvaro Marín, Head of IR, alvaro.marin@camanchaca.cl 
Álvaro Morales, IR, alvaro.morales@camanchaca.cl 

About Salmones Camanchaca 
Salmones Camanchaca S.A. is a vertically integrated salmon producer engaged in
breeding, egg production, recirculating hatcheries for Atlantic salmon and
pass-through or lake hatcheries for Coho salmon, fish farming sites in estuary,
fjord and oceanic waters used mainly for Atlantic salmon, primary and secondary
processing, and marketing and sales of Atlantic and Coho salmon through five
sales offices in its main markets. 

The Company's estimated Atlantic and Coho salmon harvest volumes for 2023 are
between 54,000 and 58,000 MT WFE and a similar harvest is expected in 2024.
Salmones Camanchaca participates in trout farming through a one third share of a
joint venture, which uses Salmones Camanchaca farming sites in coastal-estuarine
waters, and currently plans to harvest an average of 9,000 MT WFE per year until
2028. 

Salmones Camanchaca has 1,800 employees on average, 60% of whom work in its
value-added plant. The main Atlantic salmon sales markets are currently the USA
and Mexico.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
release was published by Álvaro Marín, Head of Investor Relations on 15 November
2023 at 21:30 CET.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.