Norway · Delayed Price · Currency is NOK Andfjord Salmon Group AS Earnings Call Transcripts
Fiscal Year 2026
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Strong operational and financial performance with survival rates above 99% and low feed conversion ratios. Facility expansion and strategic partnerships are on track, with first post-smolt sales in June and robust financing secured.
Fiscal Year 2025
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Q4 saw strong operational and financial progress, with survival rates above 99.5%, rapid biomass growth, and fish outperforming industry benchmarks. Construction and financing are on track, supporting expansion to 17,000 tons capacity.
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Highly successful smolt releases and strong fish growth have positioned the company ahead of schedule, with survival and feed conversion rates outperforming industry benchmarks. Construction and financing remain on track despite a major contractor dispute, and production capacity is set to expand significantly by 2026.
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Infrastructure at Kvalnes is complete, enabling a major ramp-up with 1.1 million smolt to be released in autumn 2023. Financing is secured for current expansion, and operational improvements target industry-leading efficiency and fish welfare.
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Major construction milestones were achieved, including the seawater filling of the outlet tunnel and progress on pools and harbor, keeping the project on track for Q3 smolt release. CapEx overruns led to a NOK 400 million equity issue, while production capacity was increased by 20%.
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Kvalnes Phase 1 and 2A construction is progressing well, with a 20% increase in production capacity to 48,000 tons and robust financing secured. Operational improvements, regulatory readiness, and strategic partnerships position the facility for efficient ramp-up and long-term growth.
Fiscal Year 2024
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Construction at Kvalnes is on track, with major infrastructure milestones achieved and strong liquidity maintained. Regulatory changes are under review but do not impact current operations, and expansion plans remain on schedule with conservative financial management.
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Build-out at Kvalnes is on time and budget, with major infrastructure and pools progressing well. Q2 saw NOK 350 million raised in a private placement and the first drawdown of a NOK 825 million construction loan, supporting expansion to 40,000 tons by 2030.