Andfjord Salmon (ANDF) Q3 2025 earnings summary

Executive summary

• Achieved highly successful smolt releases in K0 and K1 pools, with survival rates exceeding previous cycles and industry averages; 1.1 million fish stocked in Q3 and early Q4 2025.

• Strong operational start with rapid fish growth and efficient feed conversion, supported by new underwater feeding solutions.

• Construction progress at Kvalnes continues, with new contractors engaged after a NOK 1+ billion claim against the previous contractor and no material impact expected on production plans.

• First salmon sales completed in Q3 2025, marking transition to operational phase.

• Sale of Andfjord Salmon Harbour AS for NOK 400 million, with proceeds received in June 2025.

Financial highlights

• Q3 2025 revenue was NOK 12,546 thousand, up from NOK 181 thousand in Q3 2024, reflecting first salmon sales.

• Operating loss for Q3 2025 was NOK -20.8 million, with a year-to-date operating loss of NOK -68.2 million.

• Net loss for Q3 2025 was NOK -45.2 million, and year-to-date net loss was NOK -90.1 million.

• Cash and cash equivalents at quarter-end were NOK 411.8 million, with NOK 309 million restricted.

• Secured NOK 300 million in equity funding and NOK 200 million in expanded bank debt to support ongoing build-out.

Outlook and guidance

• Five pools expected to be operational by mid-2026, increasing annual production capacity to 11,000 tons, with further expansion to 17,000–23,700 tons by mid-2027.

• Planning to release 3.2–3.8 million smolt in 2026, with first release in spring.

• No material effect on production plans expected from contractor changes.