Preparing for smolt release | Q2 and H1 2025 financial results
4 September 2025
Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") today announces that the Company is on track to initiate its second ever smolt release in September. The plan is to release a total of 1.1 million smolt this autumn.
“Our team of fish farming experts are thoroughly looking forward to once again focusing on fish health, welfare and optimizing pool and grow-out conditions for the salmon. We believe that we have an even better fish farming concept now than we had two years ago, and we look forward to demonstrating it,” says Martin Rasmussen, CEO of Andfjord Salmon.
ADVANCING KVALNES
Andfjord Salmon is currently developing its land-based aquaculture facility at Kvalnes, Andøya, Norway. Under the Company's existing license, total expected production output at Kvalnes is 23,700 tonnes (HOG + post smolt). However, area infrastructure such as waterways and harbour area has been developed to support a future production volume of 48,000 tonnes salmon at Kvalnes.
The important waterways, which will supply the pools with fresh Arctic seawater, are now complete. The latest milestones include the successful breakthrough to sea for the inlet tunnel and the completion of the branch tunnel to pool K0, where Andfjord Salmon’s first production cycle was successfully undertaken.
Pool K0 is this week being filled with water and the Company will initiate the final preparations prior to smolt release. Pool K1 is nearly complete. The tunnel infrastructure below the pools is currently filled with seawater, which has circulated for a while to ensure good water quality once smolt is released. Moreover, the harbour area is operationally ready to receive wellboats with smolt.
FORTHCOMING SMOLT RELEASE
Andfjord Salmon plans to release around 350,000 smolt in pool K0 in ultimo September.
The initial smolt release will be followed up by the release of 750,000 smolt in pool K1 in ultimo October. Smolt from K1 will, with the new logistics system, be split into new units as the biomass increases.
“Our planned release of 1.1 million smolt represents a significant scale up of commercial operations for Andfjord Salmon. This is what we have worked tirelessly towards for the past two years, with strong support from our shareholders,” adds Martin Rasmussen.
FINANCING AND Q2 2025 RESULTS
During the second quarter, Andfjord Salmon presented a revised build-out budget that was designed to maintain maximum progress and achieve efficiency gains for current and future build-out phases at Kvalnes. To support the Company’s development, funds of approximately NOK 1.55 billion were raised in the quarter, including a NOK 400 million private placement of new shares, a NOK 750 million bond issue for investments and working capital for the Kvalnes expansion, and completion of the NOK 400 million sale-leaseback agreement related to the Kvalnes harbour property.
Due to the ongoing construction at Kvalnes, Andfjord Salmon did not produce salmon in Q2 2025, resulting in close to zero revenue for the period (Q2 2024: NOK 0.1 million). The Company reported a net loss of NOK 26.8 million for the quarter versus a loss of NOK 18.8 in the same quarter last year.
PRESENTATION AT 08:00 (CEST) TODAY
Andfjord Salmon will provide an operational update and present the company's second quarter and half-year 2025 results at 08:00 today. The webcast presentation can be viewed from this link.
The presentation material and half-year 2025 report are enclosed to this announcement.
CONTACTS
Investors:
Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, bjarne.martinsen@andfjord.no
Media:
Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665, martin@andfjord.no
ABOUT ANDFJORD SALMON
Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world's most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon.
Andfjord Salmon is a Norwegian company established in 2014. The company is listed on the Oslo Stock Exchange (ANDF), and based in Kvalnes on the northernmost island of Andøya in Vesterålen, Norway.
