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Andfjord Salmon (ANDF) investor relations material

Andfjord Salmon Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary4 Sep, 2025

Executive summary

  • Raised NOK 1.55 billion through private placement, bond issue, and sale-leaseback to fund Kvalnes expansion and working capital.

  • Waterways and harbor infrastructure at Kvalnes are now complete, with Pool K0 and K1 ready for smolt release in September and October.

  • Production capacity at Kvalnes increased by 20% through design improvements and optimized logistics.

  • No salmon production in H1 2025 due to ongoing construction; minor revenue from sale of frozen salmon from first production cycle.

  • New regulations clarify land-based aquaculture requirements, supporting further license applications.

Financial highlights

  • Q2 2025 revenue: NOK 884,000, up from NOK 78,000 in Q2 2024; H1 2025 revenue was NOK 0.9 million, unchanged from H1 2024.

  • Operating loss for Q2 2025: NOK -28.4 million, compared to NOK -19.1 million in Q2 2024; H1 2025 operating loss was NOK 47.5 million.

  • Net loss for Q2 2025: NOK -26.8 million, compared to NOK -18.8 million in Q2 2024.

  • Cash and cash equivalents at 30 June 2025: NOK 964.8 million, up from NOK 59.2 million at year-end 2024.

  • Net cash flow from financing activities in HY 2025: NOK 1,672.9 million.

Outlook and guidance

  • Smolt release of 1,100,000 planned for September and October 2025, marking a significant scale-up of commercial operations.

  • Continuous introduction of new smolt batches expected to maintain consistent production.

  • Production capacity at Kvalnes expected to reach 11,000 tonnes in Phase 1, with a long-term target of 48,100 tonnes by 2030.

  • CapEx is expected to decrease in Q3 and Q4 2025 as major infrastructure is now complete.

  • Step 2A is financed and targeted for completion in 2026, with step 2B planned for 2027 to increase capacity to 23,700 tons.

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Frequently asked questions

Andfjord Salmon AS is a Norwegian aquaculture company focused on land-based salmon farming. The company operates a unique flow-through system that mimics the natural environment, allowing for sustainable and environmentally friendly fish farming. Its farming facility is located in Andøya, Norway, where it aims to produce high-quality Atlantic salmon with minimal environmental impact. The company is headquartered in Andøya, Norway, and its shares are listed on the Oslo Stock Exchange.

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