Disclosure Devil - Summary

Q3 2025 Presentation 5 November 2025 Disclaimer Cautionary note regarding forward-looking statements This presentation is the managements summary of the 3rd quarter of 2025, 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. Q3 Presentation 2025 Arctic Fish in brief Arctic Fish (AFISH), listed at Euronext Growth market in Oslo, is a leading salmon farmer in Iceland with an attractive and sustainable value chain from smolt to sales. The license portfolio for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. The company's value chain consists of a state-of-the-art RAS hatching and smolt production facility, attractive sea sites with high bearing capacity and high-energy equipment, and a newly completed harvesting facility with sufficient capacity to secure the utilization of the licenses and growth objectives for the company. The salmon is eventually sold under the branding of “Mowi Arctic” utilizing the substantial synergies that is available through the majority owner. Q3 Presentation 2025 Highlights 
 Q3 2025 Record-high harvest volumes Highest ever quarterly harvest volumes, as the company harvested 5,401 tonnes compared to 3,407 tonnes Q3 2024 (Δ 59% YoY) Harvest volume guidance for 2025 maintained at record-high 14.0 thousand tonnes GW (Δ 31% YoY) Continued growth in 2026 Guidance for 2026 will be another record year at 17.5 thousand tonnes. (Δ 25% YoY) Positive outlook for 2026 Standing biomass is 15,797 tonnes (Δ 20% YoY) Forecasting lower cost levels and foreseeing previous years sales development leading to improved price achievement Low market prices affect results Operational EBIT amounted to -1.21 EUR pr. kg compared to 0.27 EUR pr. kg in Q3 2024, which is largely due to lower prices Q3 Presentation 2025 Harvested Volumes HOG Tonnes 5,401 3,407 10,561 7,211 Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 58.6% 46.4% Revenue (‘000 EUR) 28,963 20,675 63,618 56,421 Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 40.1% 12.8% (EUR ‘000) Operational revenue and other income Operational EBITDA Operational EBIT Net interest-bearing debt (NIBD) Underlying EPS (EUR) Net cash flow per share (EUR) ROCE Equity ratio Harvest volume (GWT) Operational EBIT - EUR per kg Q3 2025 28,963 -4,095 -6,561 141,441 -0.22 -0.64 -12.2% 36.9% 5,401 -1.21 Q3 2024 20,675 3.115 936 133,925 0.01 -0.40 2.0% 36.6% 3,407 0.27 YTD Q3 2025 63,618 -3,442 -10,462 141,441 -0.37 -0.79 -6.7% 36.9% 10,561 -0.99 YTD Q3 2024 56,421 19,411 12,984 133,925 0.28 -0.38 9.1% 36.6% 7,211 1.80 2024 80,902 23,794 15,105 132,650 0.30 -0.26 7.8% 35.4% 10,667 1.42 Q3 Presentation 2025 Financials Profit & Loss 29.0 MEUR revenues in the quarter (20.7 MEUR Q3 2024). The increase is volume driven as more volumes were harvested compared to last year 5,401 tonnes sold in the quarter, compared to 3,407 tonnes in Q3 2024 (Δ 59% YoY) Negative Operational EBIT of EUR -6.6 million, compared to 0.9 MEUR in Q3 2024 Q3 Presentation 2025 (EUR ‘000) Operational revenue and other income Operational EBIT Net fair value adjustment of biomass License and production fees / taxes Restructuring costs EBIT Net financial items Earnings before tax Profit or loss for the period Basic EPS (EUR) Underlying EPS (EUR) Net cash flow per share (EUR) Operational EBIT margin Harvested tonnes GW Operational EBIT per kg ROCE Q3 2025 28,963 -6,561 11,013 -1,706 -2,640 105 -2,575 -2,470 -1,976 -0.06 -0.22 -0.64 -22.7% 5,401 -1.21 -12.2% Q3 2024 20,675 936 2,420 -850 -250 2,256 -2,791 -534 -427 -0.01 0.01 -0.40 4.5% 3,407 0.27 2.0% YTD Q3 2025 63,618 -10,462 -4,295 -3,310 -7,004 -25,071 -7,855 -32,925 -26,340 -0.83 -0.37 -0.79 -16.4% 10,561 -0.99 -6.7% YTD Q3 2024 56,421 12,984 -552 -1,813 -1,036 9,583 -7,881 1,702 1,362 0.04 0.28 -0.38 23.0% 7,211 1.80 9.1% 2024 80,902 15,105 3,940 -2,704 -2,238 14,103 -10,592 3,511 2,615 0.08 0.30 -0.26 18.7% 10,667 1.42 7.8% Harvested quantities 5,401 58.6% from Q3 2024 Operational EBIT -6,561 -7,499 EUR from Q3 2024 Financial position breakdown Financial Position Total assets of 263.0 MEUR, an increase of 16.6 MEUR from Q2 2025. Mainly due to an increase of biological assets Equity of 97.0 MEUR, an increase of 33.0 MEUR from Q2 2025 Equity ratio of 36.9%, an increase of 10.9% from Q2 2025 Net interest-bearing debt (NIBD) decreased by 3.6 MEUR, from 145.0 MEUR million at the end of Q2 2025 to 141.4 MEUR at the end of Q3 2025 Q3 Presentation 2025 (EUR ‘000) Non-current assets Current assets Total assets Equity Non-current liabilites Current liabilities Total equity and liabilities Net interest bearing debt Equity ratio 30.9.2025 142,249 120,760 263,009 97,015 142,487 23,507 263,009 141,441 36.9% 30.6.2025 141,615 104,838 246,453 63,991 145,444 37,019 246,453 145,046 26.0% 30.9.2024 138,597 99,458 238,055 87,103 136,972 13,980 238,055 133,925 36.6% 31.12.2024 127,379 122,537 249,917 88,355 133,856 27,705 249,917 132,650 35.4% 263,009 Farming Licenses 6,614 Equity 97,015 Non current liabilities 142,487 Current liabilities 23,507 Non current assets 135,634 Biological assets 98,476 Inventories 2,985 Receivables 6,367 Cash 12,932 Cash flow & Net interest-Bearing Debt (EUR ‘000) NIBD beginning of period* Operational EBITDA* Change in working capital License and production fees / taxes Other adjustments Cash flow from operations Net CAPEX Cash flow from Investments Net interest and financial items paid Share capital increase Other items Currency effect NIBD end of period* Q3 2025 -145,046 -4,095 -17,786 -1,706 -2,640 -26,226 -2,606 -2,606 -2,670 35,000 -101 208 -141,441 Q3 2024 -118,628 3,115 -13,853 -850 -250 -11,837 -918 -918 -2,147 - -96 -299 -133,925 YTD Q3 2025 -132,650 -3,442 -6,771 -3,310 -7,004 -20,528 -15,304 -15,304 -7,667 35,000 -303 10 -141,441 YTD Q3 2024 -114,289 19,411 -21,630 -1,813 -1,036 -5,068 -6,843 -6,843 -6,885 - -287 -553 -133,925 2024 -114,289 23,794 -18,092 -2,704 -2,238 706 -8,710 -8,710 -9,405 - -266 -740 -132,650 *Excluding effects of IFRS 16 NIBD Development (‘000 EUR) Opening Increase Decrease Closing 132,650 141,441 6,771 3,310 7,004 15,304 7,667 -35,000 -10 3,442 NIBD 2024 Operational
 EBITDA Change 
 in WC Licence & prod. fees / taxes Other CAPEX Financial 
 items Share Capital inc. Other items Currency effect NIBD Q3 2025 303 Q3 Presentation 2025 Capital Expenditures Seawater Operations Smolt Production Primary Processing Capital Expenditures have been focused on three main pillars throughout the value chain Capital expenditure development (MEUR) 43 37 9 16 2022 2023 2024 2025 E CAPEX in the quarter was mainly related to seawater operations with more sites put into operations Expected CAPEX in 2025 is 16 MEUR and will be focused on seawater related equipment Q3 Presentation 2025 Volume Guidance The guidance for the harvested volume in 2025 remains unchanged from last quarter, and stands at 14.0 thousand tonnes in 2025, which is 31% more than was harvested in 2024 Guidance for 2026 is 17.5 thousand tonnes Harvested volumes (HOG tonnes) 10.7 14.0 30.8% 25.0% 17.5 2024 2025 E 2026 E Q3 Presentation 2025 Harvested volumes (HOG tonnes) 10.7 14.0 17.5 3.1 2.0 5.4 3.5 2024 2025 E 2026 E Q1’25 Q2’25 Q3’25 Q4’25 E 30.8% 25.0% Q3 Presentation 2025 Appendix License Portfolio Licenses by Fjord The license portfolio for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. Of the 29,800 tonnes, 27,000 tonnes are for fertile salmon. Additionally, the Group holds a license for land-based smolt production on its own property in Norðurbotn, with an annual production capacity of 2,400 tonnes. Ísafjarðardjúp Önundarfjörður Dýrafjörður Arnarfjörður Tálknafjörður Westfjords 4,000 2,400 10,000 7,800 8,000 29,800 2,400 Freshwater Licenses Seawater Licenses Patreksfjörður Q3 Presentation 2025 Thank you Q3 2025 Presentation