Still attractive

Increased capex, raised capital

NOK >1bn claim against main contractor

Operational update: so far so good

A company milestone

Release the smolt

Q2: On schedule for smolt release in September

More money, more problems

Q1: Capex overruns and new equity raised

Norway: Government suggests substantial changes to farming regulations

Q4: Speeding up expansion plans

Q3: Fast-paced construction continues

Q2: Construction still ahead of schedule

Norway: 17 ktonnes MAB sold at Government auction

Q1: Construction progress and strengthened financials

Andfjord Salmon - Batch #1 continues to show strong metrics

Q2 EBIT in line; capex higher on Phase 2 preparations Continued strong biological performance for Batch #1 Operational metrics support further case de-risking ahead

Andfjord Salmon - Succsessful first smolt release at Kvalnes

Ticking off significant milestone; first smolt in pool The puzzle pieces are coming together in the short-term... …with important months ahead to show proof-of-concept

Andfjord Salmon - Q1: First smolt release only weeks away

Expect limited changes to consensus ‘22e EBIT First release of smolt scheduled for end of June… …a significant milestone for the company

Andfjord Salmon - Q4: water tech de-risked and ready for smolt

We expect limited est. changes to consensus Successful testing of all vital pool functions during Q4 On track for smolt release in Q2’22, we reiterate BUY

Andfjord Salmon - Water flow technology de-risked

Successful testing of the laminar water flow Next significant milestone is smolt release in Q2’22 Expect limited changes to consensus estimates