Andfjord Salmon on track for major scale-up despite Q2 financial loss

Norwegian land-based salmon farmer Andfjord Salmon Group today announced it is on track to initiate a significant operational expansion with its second smolt release.

The company's financial results for the second quarter of 2025 reflect its current construction phase, reporting close to zero revenue for the period and a net loss of NOK26.8 million ($2.66 million), which is wider than the NOK18.8 million loss in the same quarter last year. The lack of revenue is due to the company not producing salmon during the period, as it focused on developing its facility at Kvalnes.

The half-yearly report is centred on the operational progress that underpins the company's future production. Andfjord Salmon has been working on its land-based aquaculture facility, where it holds a license for a total expected production output of 23,700 tonnes.

The report highlights the completion of important waterways that will supply its pools with fresh Arctic seawater, including a successful breakthrough to the sea for its inlet tunnel. The infrastructure for the first two pools, K0 and K1, is now operationally ready for the introduction of fish.

According to the company, it plans to release a total of 1.1 million smolt this autumn, representing a significant scale-up of its commercial operations. The initial release is scheduled for late September, when around 350,000 smolt will be placed in pool K0. This will be followed by a second release of 750,000 smolt in pool K1 in late October.

Martin Rasmussen, CEO of Andfjord Salmon, said the team is, “thoroughly looking forward to once again focusing on fish health, welfare and optimizing pool and grow-out conditions for the salmon.”

To support this development, Andfjord Salmon stated it successfully raised approximately NOK1.55 billion during the quarter. This capital was raised through a NOK400 million private placement of new shares, a NOK750 million bond issue, and the completion of a NOK400 million sale-leaseback agreement related to the Kvalnes harbour property.

Andfjord Salmon said this financing was secured to maintain maximum progress and achieve efficiency gains for current and future build-out phases.

The company's focus on capital projects and operational readiness indicates that while its Q2 financial results were negative, it is building the foundation for future growth and profitability in line with its overall strategy.