Andfjord Salmon (ANDF) Q2 2025 earnings summary

Executive summary

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

• Completed key infrastructure at Kvalnes, including waterways and harbor, enabling imminent start of fish farming operations with smolt release scheduled for September and October 2025.

• Kvalnes Phase 1 build-out on track, with Pool KO and K1 ready for smolt release.

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

• Regulatory updates confirm facility's land-based status and exemption from new disinfection requirements, supporting operational continuity and 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, reflecting minimal sales activity.

• Operating loss for Q2 2025: NOK -28.4 million; H1 2025 operating loss increased to NOK 47.5 million, mainly due to higher expenses.

• Net loss for Q2 2025: NOK -26.8 million; loss before income tax for H1 2025 was NOK 44.8 million.

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

• Total assets increased to NOK 4,477 million from NOK 2,397 million at the start of the year.

Outlook and guidance

• Smolt release of approximately 1.1 million planned for September/October 2025, scaling up commercial operations.

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

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

• Targeting further improvements in feed conversion ratio (FCR) through new feeding solutions and monitoring systems.

• CapEx expected to decrease in Q3 and Q4 2023 as major infrastructure is completed.