Earnings release
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28 May 2025 Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") reports continued strong operational progress across all workstreams at its land-based aquaculture facility at Kvalnes, Andøya, and reiterates plans to release smolt in this year’s third quarter. The Company also presents its nancial results for the rst quarter of 2025. Q1 2025 RESULTS Q1 2025 results, smolt release plan, revised CAPEX budget, completed equity issue, and fixed income meetings
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Due to the ongoing construction at Kvalnes, Andfjord Salmon did not produce salmon in Q1 2025, resulting in zero revenue for the period (Q1 2024: NOK 0). The Company reported a net loss of NOK 18 million for the quarter, compared to a loss of NOK 15.7 million in Q1 2024. PLANNED SMOLT RELEASE The Company con rms its plan to initiate smolt release in September 2025, pending successful testing of pools and technical infrastructure in July and August. Smolt will be released starting with pools K0 and K1, with subsequent splitting/transfers to pools K3, K2 and K4 as biomass density increases. "The upcoming smolt release marks a signi cant milestone for Andfjord Salmon. After more than two years of construction, we look forward to seeing sh in our pools again," said Martin Rasmussen, CEO of Andfjord Salmon. Following the initial release, Andfjord Salmon expects to continuously introduce new batches to maintain consistent salmon production. +20% INCREASE IN PRODUCTION CAPACITY In Q1 2025, Andfjord Salmon announced an optimized build-out plan that increases production capacity at the Kvalnes site by approximately 20%. Enhanced pool utilization, improved sh logistics systems, and reinforced concrete infrastructure have expanded expected capacity from 8,000 to 11,000 tonnes (HOG + post-smolt) for Phase 1. Under the Company’s existing license, total expected production output at Kvalnes will increase from 19,000 to 23,700 tonnes. REVISED CAPEX BUDGET
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While all ongoing workstreams at Kvalnes remain on schedule, updated projections now show that the nal construction costs will exceed initial projections. In dialogue with the main contractor Hæhre, the total CAPEX for current and future build-out phases has been revised upwards by NOK 500 million, of which NOK 400 million is related to ongoing construction workstreams. Cost increases are primarily related to concrete production, additional mobilization of manpower and equipment, design adjustments, and adverse weather impacts. The additional CAPEX has been allocated across multiple phases: ~40% to Phase 1, ~45% to Phases 2A and 2B, and ~15% to future Phases 4 and 5. The Company has chosen to front-load selected investments to preserve long-term development momentum and generate future e ciencies. Once fully scaled, the Kvalnes facility is expected to produce 48,100 tonnes. Blended CAPEX is now estimated at NOK 115/kg. COMPLETED EQUITY ISSUE To nance part of the updated CAPEX for the Kvalnes facility, Andfjord Salmon has today secured an equity injection of NOK 400 million through issuance of 10,869,565 new shares to certain existing shareholders, which includes Jerónimo Martins Agro-Alimentar S.A., the Company's largest shareholder. The subscription price per new share is NOK 36.80 per share. The equity issue was conducted as direct private placement resolved by the board pursuant to authorization granted by the Company’s annual general meeting on 29 April 2025. The board has considered the structure of the equity raise in light of relevant equal treatment obligations and guidelines, and is of the view that the ability to e ciently secure the additional capital required at current market price with no discount and without project or production interference is in the common interest of the Company and all its shareholders. Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, Nordea Bank Abp, lial i Norge and SpareBank 1 Markets AS have been appointed as nancial advisors to Andfjord Salmon in connection with the equity issue. CONTEMPLATED BOND ISSUANCE
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To further support the production ramp-up, the Company is considering additional working capital nancing through a potential new bond issue. The Company has appointed Arctic Securities AS, Nordea Bank Abp, lial i Norge and SpareBank 1 Markets AS to explore such potential issue, and xed income meetings is expected to commence 30 May 2025. PRESENTATION AT 08:00 (CEST) TODAY Andfjord Salmon will provide an operational update and present the company’s rst quarter 2025 results at 08:00 today. The webcast presentation can be viewed from this :. The presentation material is enclosed to this announcement. CONTACTS Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, bjarne.martinsen@andfjord.no Media: Martin Rasmussen, CEO, Andfjord Salmon 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 sh-friendly aquaculture facility of its kind. Through a proprietary ow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its rst 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.
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Recent news Investor Investor Q1 2025 results, smolt release plan, revised CAPEX budget, completed equity issue, and fixed income meetings Contemplated bond issue
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Investor Investor Investor Invitation to Q1 2025 results presentation Successful completion of outlet waterway
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Andfjord Salmon is a Norwegian company established in 2014. The company is listed on the Oslo Stock Exchange (ANDF), and based in Kvalnes on the northernmost island of Andøya in Vesterålen, Norway. Notice of annual general meeting in Andfjord Salmon AS