Andfjord Salmon: Strong momentum continues, K1 growth accelerates sharply, K0 surpasses 1 kg ahead of plan

19 Jan 2026 08:00 CET

19.1.2026 08:00:01 CET | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS ("Andfjord Salmon") reports continued strong biological
performance at its Kvalnes facility on Andøya. Salmon in pool K0 has reached an
average weight of 1 kilogram per fish ahead of schedule, while pool K1 has
entered a phase of accelerating growth with results exceeding expectations.

Overall biological performance remains strong, with high growth rates, low
mortality and high feed efficiency across both pools. Total standing biomass at
the facility has exceeded 650 tonnes, marking an all-time high for Andfjord
Salmon.

"Pool K0 continues to deliver strong results. The fish has reached 1 kilogram on
average, almost 30% above Skretting's growth table, with an accumulated survival
rate of 99.74% and a feed conversion ratio of 0.93. This confirms both the
robustness of the biology and the efficiency of our flow-through system," says
Martin Rasmussen, CEO of Andfjord Salmon.

Growth momentum in pool K1 has strengthened materially over recent weeks and is
now a key driver of overall performance. The average fish weight in K1 has
passed 400 grams, with growth running approximately 25% above Skretting's growth
table for the full cycle, and 40-50% above the table during the past two weeks
alone. Accumulated survival rate in K1 stands at 99.68 %, with a feed conversion
ratio of 0.85, reflecting highly efficient feed utilization.

"The acceleration in K1 is particularly encouraging. Growth has stepped up over
the past month, and the combination of strong biomass development, high survival
rate and low feed conversion demonstrates that the biological conditions are
good. This provides strong confirmation of scalability and repeatability in our
production model," Rasmussen adds.

Water temperatures have remained relatively high throughout Q4 and January and
are currently around 6°C, approximately 1°C higher than during the previous
production cycle (2022-2023), supporting strong growth conditions.

On 30 September, approximately 350,000 smolt with an average weight of around
180 grams were released into pool K0. On 10-12 November, around 750,000 smolt
with an average weight of approximately 160 grams were released into pool K1.



STATUS POOL K0

Survival rate: 99.74%

Average weight: 1,007 grams

Feed conversion ratio (FCR): 0.93

Standing biomass in pool: 354 tonnes live salmon.



STATUS POOL K1

Survival rate: 99.68 %

Average weight: 400 grams

FCR: 0.85

Standing biomass in pool: 296 tonnes live salmon.



KVALNES BUILD-OUT

The new main contractor Entreprenør Harald Nilsen AS and concrete specialist
Norne have through their site mobilisation at Kvalnes identified and implemented
several site logistics improvements that will benefit the continued build-out.
They are now well underway with the construction work and will shortly initiate
installation of the prefabricated concrete wall sections that have already been
produced for the next pools.

Consistent with Andfjord Salmon's announcement of 3 December 2025, the company
continues to prepare for a legal dispute against its former main contractor. As
this matter is expected to develop into formal litigation, Andfjord Salmon will
not provide further details at this time.

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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