Arctic Fish : Quarterly report Q4 2022

Arctic Fish

Q4 2022 Presentation

15th of February 2023

Disclaimer

Cautionary note regarding forward-looking statements

This presentation is the managements summary of the 4th 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.

Q4 2022

Presentation

Highlights for the period

Sea Site

Eyrarhlíð

	Highlights in Q4 2022
Revenues:	Revenues amounted to 100.3 MNOK in the
	quarter. For the same period last year revenues
	amounted to 166.3 MNOK.
Harvesting quantities:	The company harvested 1,343 tonnes in the
	quarter. For the same period last year the
	company harvested 2,938 tonnes.
	Increased quantity guidance in Q1 2023 due to
	moved volumes from Q4 2022.
Price achievement:	Price achievement amounted to 74.7 NOK pr. kg,
	for the same period last year price achievement
	amounted to 56.6 NOK pr. kg.

Production costs: Production costs amounted to 52.3 NOK pr. kg, for the

same period last year production costs amounted to

46.5 NOK pr. kg. Increase in production costs can largely be traced to raw material increases and inflation.

Capital Expenditures: CAPEX investments amounted to 113.9 MNOK in the quarter. CAPEX for the full year amounted to 446.9 MNOK.

Key notable events:	MOWI acquired 51,28% of the shares in
	Arctic Fish.

Operational KPI's

Harvested volumes

In thousand tonnes, HOG

11,5
	8,6
-25%
		2,9
			1,3
2021	2022	Q4'21	Q4'22

Revenue
MNOK
595,9	585,8
	-2%
		166,3
			100,3
2021	2022	Q4'21	Q4'22

Operational EBIT pr. kg (Farming)

NOK pr. kg

			22,4
	20,3
8,7		10,1
134%
2021	2022	Q4'21	Q4'22

• Arctic Fish harvested 8.561 tonnes in 2022, or approx. 25% less than last year.
• The mortality incident in Q1 2022, as well as harvesting capacity limitations in the harvesting facility has impacted the harvest volumes in the year.

• Revenues remain roughly the same YoY which is due to improved market prices realized throughout the year.
• Revenue is 2% less in 2022 compared to 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 positively.