First income in a long time for Andfjord Salmon
The land-based fish farmer reports continued strong biological development, with an overall survival of 98.04% and a biomass growth of 57% in less than two months.
The company, which operates a land-based flow-through facility at Kvalnes on the Norwegian island of Andøya, also regained revenue in the second quarter after its first sale of post-smolts in June.
The overall survival rate in the company’s three operational pools – K0, K1 and K3 – is now 98.04%, after 11, nine and a half and three months in the pools respectively. Approximately 550,000 smolts were stocked into pool K3 in early June, the company says in its Q2 report.
As of yesterday, August 26, the total standing biomass was 1,969 tonnes of live salmon. This corresponds to a net increase of 713 tonnes since June 30, or a growth of 57% in under two months. The accumulated feed conversion ratio (FCR) is now 1.02 kg of feed per kilo of salmon produced.
However, Andfjord’s Q2 presentation mentions that the smolt population in K3 had higher mortality immediately after stocking, before survival later returned to what the company refers to as normal Andfjord levels. After three months, survival in K3 is 96.90%, while the FCR in this pool is very good at 0.85.
“Overall, we are very satisfied with the development in fish production. Good biological conditions are reflected in high growth, while overall survival remains at a level that is among the best in the industry. We look forward to repeating this in more pools in the future,” writes Martin Rasmussen, chief executive of Andfjord Salmon.
Increases production volume
Andfjord Salmon is gradually ramping up production capacity by putting new pools into operation. Pool K2, which was completed during the summer, was filled with seawater this week and is now entering a testing period. Pool K4 is nearing completion.
When K2 and K4 are commissioned, Andfjord Salmon will have almost doubled its installed production capacity to 11,000 tonnes (HOG and post-smolts), from the current 6,000 tonnes. Andfjord Salmon plans to stock smolts in both K2 and K4 in the fourth quarter.
First sale of post-smolts
On April 20, Andfjord Salmon announced that the company had entered into a strategic partnership on post-smolts with Eidsfjord Sjøfarm. The first sale of post-smolts through this partnership took place in mid-June, when approximately 450,000 post-smolts, corresponding to a live biomass of 562 tonnes, were transferred from pool K1 at Kvalnes to Eidsfjord Sjøfarm.
The Q2 report shows that in Q2 Andford Salmon received NOK 51.3 million (£4.03m) in customer revenue, which was sales of post-smolts. This corresponds to approximately NOK 91.4/kg live weight, or around NOK 114 per fish.
Approximately 290,000 fish are retained in K1 for on-growing to harvest size.
The report states that the already good growth was further stimulated when the biomass was reduced after the 450,000 fish were sold as post-smolts. The remaining fish had reached an average of 2.51 kg on August 26, compared to 1.33 kg at the end of Q2.
“Our first sale of post-smolts was an important milestone because it shows how our infrastructure solutions make it possible to scale up and optimise pool capacity and production. It shortens the time to revenue and improves cash flow. It was satisfying to return to revenue in the second quarter, after a three-year period of development and fish production,” writes Rasmussen.
Results for Q2
As mentioned above, Andfjord Salmon had revenue from customer contracts of NOK 51.3m in the second quarter, compared to NOK 0.1m in the corresponding period last year. Operational EBITDA, excluding value adjustments, was NOK -17.5 million (NOK -22.1m). The company reported a net loss of NOK 20.2m in the second quarter (NOK -26.8m).
Andfjord Salmon raised NOK 385 million in new equity and increased its bank facility by NOK 200m during the second quarter. As of June 30, 2026, the company had total available liquidity and funding of NOK 745m. This includes NOK 32m in restricted cash to cover interest payments in 2026 on the company’s senior secured bond loans.
Outlook
Harvesting of the salmon in pools K0 and K1 is planned for the third and fourth quarters of 2026. The harvesting will probably be carried out in several rounds.
The post-smolts in pool K3 are scheduled for delivery in the fourth quarter of 2026.
When K2 and K4 are put into operation, Andfjord Salmon expects to enter 2027 with a significantly higher production base.