Norway · Delayed Price · Currency is NOK Andfjord Salmon Group AS Earnings Call Transcripts
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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Production capacity at Kvalnes increased by 20% with construction progressing on schedule and smolt release planned for Q3. CapEx overruns led to a NOK 400 million equity issue, with strong shareholder support and further financing under consideration.
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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 and financial progress remain strong, with major milestones achieved and liquidity robust. Regulatory changes are not expected to impact current operations, and expansion plans are on track for significant capacity increases by 2030.
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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.