Andfjord Salmon: Strong biological performance at Kvalnes

25 Nov 2025 07:00 CET

25.11.2025 07:00:01 CET | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS (Andfjord Salmon) today reports survival rates, growth
and ramp-up of biomass at its land-based aquaculture facility at Kvalnes,
Andøya, Norway.

The early release of detailed operational KPIs is conducted today as the Q3
status update presentation, originally planned for Thursday this week, has been
pushed backwards in time due to calendar scheduling issues for the company's
executive management.

STATUS POOL K0

On 30 September, around 350,000 smolt, with an average weight of around 180
grams, were released into pool K0. Pool conditions in K0 have remained solid
since smolt release. As of November 24th:

Survival rate: 99.89%, equivalent to only 397 mortalities in eight weeks.

Average weight: 508 grams, equivalent to a growth of 182 % since smolt release.

Feed conversion ratio (FCR): 0.85 kilos of feed to produce one kilo of salmon.

Escapes: Zero.

Standing biomass in pool: 177 tonnes live salmon.



STATUS POOL K1

Approximately 750,000 smolt, at an average weight of around 160 grams, were
released in pool K1 on 10-12 November. Pool conditions are excellent in this
pool too:

Survival rate: 99.91%, which means 653 mortalities.

Average weight: 174 grams, which corresponds to growth of 8.75 % since smolt
release.

FCR: Too early to provide exact numbers.

Escapes: Zero.

Standing biomass in pool: 129 tonnes live salmon.



TOTAL FIGURES

Aggregate survival rate for both pools stands at 99.90 %. Total standing biomass
at Kvalnes is currently 306 tonnes of live salmon.

"We have completed two successful smolt releases. This has been followed by
smooth acclimatization to the new flow-through seawater environment, which has
led to feed intake from day one in the pool. The results are survival rates that
are higher than forecasted and growth above expectations. We are happy with the
pool conditions and proud of the strong biological results we have delivered so
far," says Martin Rasmussen, CEO of Andfjord Salmon.

KVALNES BUILD-OUT

Construction of the next pool - K3 - has almost been completed.

Andfjord Salmon has already completed site infrastructure, including large
capacity waterways, that support future production of approximately 48,000
tonnes (HOG + post-smolt) at Kvalnes.



NEW DATE FOR Q3 PRESENTATION

Andfjord Salmon will provide another detailed operational update, and present
the company's third quarter 2025 financial results, on 16 December 2025. The
reason for the change is recently arisen travel requirements that have caused
calendar scheduling issues for the company's executive management.

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.

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