Andfjord Salmon: Healthy biological performance and growth | Returning to revenue generation | Q2/H1 2026 financial results
27.8.2026 07:00:08 CEST | Andfjord Salmon | Half year financial report
Andfjord Salmon Group AS ("Andfjord Salmon" or "the company") is pleased to announce continued strong biological performance, with an aggregate survival rate of 98.04% and 57% biomass growth in less than two months, maintained through the second quarter and into the third quarter. Further, the company returned to revenue generation in the second quarter following its first post-smolt sale in June.
The aggregate survival rate in the company's three operational pools - K0, K1 and K3 - currently stands at 98.04% following eleven, nine-and-a-half, and three months in the respective pools. Approximately 550,000 smolt were released into pool K3 in early June.
As of 26 August, total standing biomass was 1,969 tonnes of live salmon, reflecting a net production of 713 tonnes since 30 June, equivalent to 57% growth in less than two months. Accumulated feed conversion ratio currently stands at 1.02 kg feed per kilo salmon produced.
"Overall, we are very satisfied with the fish farming performance. Healthy biological conditions are manifested in high growth rates, while the aggregate survival rate is maintained at industry-leading levels. We look forward to replicating this in more pools going forward," says Martin Rasmussen, CEO of Andfjord Salmon.
INCREASING PRODUCTION VOLUME
Andfjord Salmon is gradually ramping up production capacity through adding new pools. Pool K2, which was completed during the summer, was this week filled with seawater and now enters a test period. Pool K4 is near completion.
Once pools K2 and K4 are in use, Andfjord Salmon will have nearly doubled its installed production capacity to 11,000 tonnes (HOG and post-smolt), from today's 6,000 tonnes. Andfjord Salmon plans to release smolt in both K2 and K4 in Q4.
FIRST POST-SMOLT SALE
On 20 April, Andfjord Salmon announced that it had entered into a strategic post-smolt partnership with Eidsfjord Sjøfarm. The first sale of post-smolt under this partnership took place in mid-June when approximately 450,000 post-smolt, equivalent to live biomass of 562 tonnes, were transferred from pool K1 at Kvalnes to Eidsfjord Sjøfarm. Approximately 290,000 fish have been retained in K1 for grow-out purposes.
"Our inaugural post-smolt sale was an important milestone as it demonstrates how our infrastructure solutions enable scaling and optimising of pool capacity and production, which shortens our runway to revenue and improves our cash flow. It was satisfying to return to revenue generation in the second quarter, following a three-year period of construction and fish farming operation," adds Martin Rasmussen.
Q2 2026 RESULTS
Andfjord Salmon had revenue from contracts with customers of NOK 51.3 million in the second quarter, versus NOK 0.1 million in the corresponding period last year. Operational EBITDA, excluding fair value adjustment, was NOK -17.5 million (-22.1). The company reported a net loss of NOK 20.2 million in the second quarter (-26.8).
Andfjord Salmon raised new equity of NOK 385 million and increased its bank facility with NOK 200 million during the second quarter. As of 30 June 2026, the company had NOK 745 million in total available liquidity and financing, including restricted cash of NOK 32 million that will cover interest payments in 2026 for the company's senior secured bond.
OUTLOOK
Harvests of the grow-out salmon in pools K0 and K1 are scheduled for Q3/Q4 2026.
The harvests are likely to be conducted in several batches.
The post-smolt in pool K3 is scheduled for delivery in Q4 2026.
With K2 and K4 entering operation, Andfjord Salmon expects a materially higher production base going into 2027.
PRESENTATION AT 08:00 (CEST) TODAY
Andfjord Salmon will provide an operational update and present the company's second quarter and half-year 2026 results at 08:00 today. The presentation will be streamed online.
The webcast presentation can be viewed from this URL:
https://qcnl.tv/p/xrxJbFEEdWPAwqBNenR9fQ
The presentation material and half-year 2026 report are enclosed to this announcement.
CONTACTS
* Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345,
bjarne.martinsen@andfjord.no
* Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +47 975 08 665,
martin@andfjord.no
ABOUT ANDFJORD SALMON
Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world's most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon. For more information, see www.andfjordsalmon.com - http://www.andfjordsalmon.com.
ATTACHMENTS
Andfjord Salmon Interim financial report HY.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/19039645/16238/Andfjord%20Salmon%
20Interim%20financial%20report%20HY.pdf
Andfjord Salmon Group Q2 2026 presentation.pdf -