Arctic Fish : Quarterly report Q2 2022

Arctic Fish

Q2'22 Presentation

31st of August 2022

Disclaimer

Cautionary note regarding forward-looking statements

This presentation is the managements summary of the 2nd quarter report, it includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology.

These forward-looking statements are not historic facts. The forward-looking statements are not guarantees of future performance. The Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements.

The Company cannot guarantee that the intentions, beliefs, or current expectations upon which its forward-looking statements are based will occur.

By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties, and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements.

These forward-looking statements speak only as at the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this presentation.

1	Highlights for the period
2	Operational performance & Group financials
3	Key features
4	Growth projects
5	Outlook and summary

Highlights in Q2 2022

• Farming Operational EBIT of 36.8 NOK pr. kg An improvement of 27.2 NOK pr. kg from Q2 2021
• High salmon prices in market
  Price achievement amounted to 84.6 NOK pr. kg
• Harvesting quantities
  Harvested 1.029 tonnes in the quarter - a 44% decrease YoY
• Production costs of 47.7 NOK pr. kg
  Production costs have increased by 2.6 NOK pr. kg from Q2 2021
• Output in Arnarfjordur a new site, and cooperation finalized for output in Isafjardardjup.
  The overall 2022 output structure maintained, with 2 new areas, as previously planned and future harvesting volume targets secured.

Operational KPI's

Harvested volumes

In thousand tonnes, HOG

5,6	5,3
-7%
		1,8
			1,0
2021 H1	2022 H1	Q2'21	Q2'22

Revenue
MNOK
	369,5
268,6
38%
		99,8	87,0
2021 H1	2022 H1	Q2'21	Q2'22

Operational EBIT pr. Kg (Farming)

NOK pr. kg

			36,8
	23,6
7,0		9,7
239%
2021 H1	2022 H1	Q2'21	Q2'22

• Arctic Fish has harvested 5.250 tonnes YTD, which is 7% less than at the same period last year.
• The company would have harvested more in Q2'22 but the mortality incident in Q1'22 impacted harvestable volumes substantially.

• Revenues increased drastically which is due to improved market prices realized.
• Revenue has increased 38% YTD compared to the same period last year.

• The operations improved substantially, combining the two main factors, production cost stabilization and stronger market prices which resulted in the Operational EBIT developing emphatically.