Q2: Good market conditions and solid production costs

In Q2 Arctic Fish was in recovery mode after the Q1 incident. The company made
advances with license applications as well as securing the long term harvesting
volume, which included finalizing a strategic cooperation in Isafjardardjup. 
With the agreement in Isafjardardjup the planned output structure was secured as
well as a new site in Arnarfjordur that was started in the quarter.

Markets were strong in the quarter which resulted in high prices, but the price
achievement was affected negatively with the high percentage of the sold volume
being sold through fixed price contracts that were lower than the spot prices.
The price achievement was 84.6 NOK pr. kg. The production cost amounted to 47.7
NOK pr. kg which is slightly higher than the costs in the previous quarter.  A
farming EBIT margin of 36.8 NOK pr. kg harvested was achieved, the best
performance the company had since the start of 2021.

Within the quarter the company harvested 1,029 tonnes, a significant decrease
compared to the same period last year. The revenue amounted to 87 MNOK and an
operational EBIT of 36 MNOK in the quarter.  The company continued to invest in
its growth projects, both the smolt expansion in Talknafjordur and the
harvesting facility in Bolungarvik. Total capital expenditure amounted to 97
MNOK in the quarter.

The company expects to harvest 10,600 tonnes of salmon throughout the year. The
company will also invest more in its growth projects over the next couple of
months and thus securing larger parts of the value chain, improving operational
scale, mitigating biological risk, and ultimately increasing overall
competitiveness.

The presentation materials and an interim report are attached to this notice and
can also be found on the company website. 

https://www.arcticfish.is/investor-relations/ and
https://www.arcticfish.is/presentations/

A recorded presentation is also available via the company website and questions
from investors should be sent to ir@arcticfish.is, and questions will be
answered as soon as possible and subsequently posted on the company website.  

If investors want to schedule a meeting with management and for further general
information, please contact:
Neil Shiran Thorisson
Email: nst@afish.is
Tel: +354 8315300