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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.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.
Quantify FCR improvement from new feeding
What CapEx reduction for future phases?
Detail biological risk mitigation from 50m depth
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Next Andfjord Salmon earnings date
Q3 202527 Nov, 2025
Next Andfjord Salmon earnings date
Q3 202527 Nov, 2025
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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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