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Martin Kaland ... (+2)

Martin Kaland
Simon Brun

ANDF ANDFJORD SALMON

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

09/15/22 September 15, 2022 1 EN

Martin Kaland ... (+2)

Martin Kaland
Simon Brun

ANDF ANDFJORD SALMON

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

06/27/22 June 27, 2022 1 EN

Martin Kaland ... (+2)

Martin Kaland
Simon Brun

ANDF ANDFJORD SALMON

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

06/03/22 June 3, 2022 1 EN

Martin Kaland ... (+2)

Martin Kaland
Simon Brun

ANDF ANDFJORD SALMON

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

03/23/22 March 23, 2022 1 EN

Martin Kaland

Martin Kaland

ANDF ANDFJORD SALMON

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

12/16/21 December 16, 2021 1 EN

Martin Kaland

Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - On schedule for first smolt release in Q2’22

Limited est. changes apart from lower capex short-term De-risking of laminar water flow in Q4’21-Q1’22 On track for smolt release in Q2’22, we reiterate BUY

12/06/21 December 6, 2021 1 EN

Martin Kaland

Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - Q3’21: Pool testing according to plan

First pool filled with water, testing of water flow up next First smolt release in Q2’22 as previously indicated We expect limited estimate changes to consensus

12/03/21 December 3, 2021 1 EN

Martin Kaland

Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - Q2’21: 1st pool ready for water testing

Water inlet fixed and ready to test the water flow First smolt release in Q2’22 as previously indicated We expect limited estimate changes to consensus

09/03/21 September 3, 2021 4 EN

Martin Kaland

Martin Kaland

LSG Leroy Seafood G...
AUSS Austevoll Seafo... ... (+8)

Sector Fast Comment - New Norwegian aquaculture strategy

Aquaculture strategy (“Havbruksstrategi”) published today Outlines high-level targets towards 2050 Will evaluate the regulatory regime to fuel growth

LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
ANDF ANDFJORD SALMON

07/06/21 July 6, 2021 4 EN

Erlend Godager ... (+2)

Erlend Godager
Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - Increased value potential of Kvalnes 1

Potential to scale up Kvalnes, pushing smolt release Longer to proof of concept, but lower biological risk De-risking of water technology shortly, we reiterate BUY

06/13/21 June 13, 2021 16 EN

Erlend Godager ... (+2)

Erlend Godager
Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - Q4 report: On track for pool testing in Q2

Higher capex in Q4 from fast tracking of Kvalnes 1 On track for first smolt release summer 2021 We expect consensus to make limited estimate changes

03/12/21 March 12, 2021 4 EN

Johan Brown ... (+2)

Johan Brown
Martin Kaland

BOOZT BOOZT AB
ANDF ANDFJORD SALMON

Talking Points - Boozt: Not just a 2020 story

Online penetration still at low levels We upgrade to BUY (Hold), TP SEK 180 (61)

BOOZT BOOZT AB
ANDF ANDFJORD SALMON

12/07/20 December 7, 2020 5 EN

Erlend Godager ... (+2)

Erlend Godager
Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - No time to lose – phase 2 on fast track

Plans to start excavation for the next pools in January Reduces risk of delays and interruption when ramping up We expect important milestones in H1’21, reiterate BUY

12/07/20 December 7, 2020 18 EN

Martin Kaland

Martin Kaland

BMK Benchmark Holdi...
LSG Leroy Seafood G... ... (+10)

Sector Fast Comment - Strong Peruvian anchoveta quota at 2.8mt

’20 2nd anchoveta fishing quota in Peru at 2.8m tonnes Negative for fishmeal and fish oil prices Positive for salmon farming earnings (lower cost)

BMK BENCHMARK HOLDINGS
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
ANDF ANDFJORD SALMON

11/09/20 November 9, 2020 7 EN

Benjamin Silverstone ... (+11)

Benjamin Silverstone
Casper Blom
Haakon Amundsen
Jannick Lindegaard Denholt
John Olaisen
Karl Fredrik Schjøtt-Pedersen
Martin Kaland
Martin Melbye
Peter Kurt Nielsen
Rickard Anderkrans
Tobias Kaj

EQNR EQUINOR ASA
SCA B Svenska Cellulo... ... (+17)

Talking Points - Andfjord Salmon (BUY): Ready for a big backyard pool ...

Skanska (BUY) Preview: Good outlook for EPS growth in ’21e Potential for lower capex and lower cost/kg if successful Initiating coverage with BUY and target price of NOK 62

EQNR EQUINOR ASA
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
AKAST AKASTOR ASA
NOVO B NOVO NORDISK A/S CLASS B
DNORD S NORDEN A/S
GN GN STORE NORD A/S
HUFV A HUFVUDSTADEN AB CLASS A
NCC B NCC AB CLASS B
KOG KONGSBERG GRUPPEN ASA
LUNE LUNDIN ENERGY AB
ALK B ALK-ABELLO A/S CLASS B
WALL B WALLENSTAM AB CLASS B
SKA B SKANSKA AB CLASS B
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
MCAP MEDCAP
ANDF ANDFJORD SALMON

11/02/20 November 2, 2020 6 EN

Erlend Godager ... (+2)

Erlend Godager
Martin Kaland

ANDF ANDFJORD SALMON

Andfjord Salmon - Ready for a big backyard pool party

Land-based salmon farmer with less complex technology Potential for lower capex and lower cost/kg if successful Initiating coverage with BUY and target price of NOK 62

11/02/20 November 2, 2020 52 EN

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