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Andfjord Salmon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Dec, 2025
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.
Assess contractor claim's financial implications
Explain rationale for harbour sale-leaseback
Timeline for Kvalnes revenue generation
How does new financing mitigate contractor dispute?
How will biomass splitting optimize pool use?
Does current performance change 17,000T target?
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Next Andfjord Salmon earnings date
Q4 202513 Apr, 2026
Next Andfjord Salmon earnings date
Q4 202513 Apr, 2026
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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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