Andfjord Salmon posts Q1 loss, confirms Q3 smolt release and raises NOK 400 million in equity issue.
Andfjord Salmon reported a net loss of NOK 18 million ($1.73 million/€1.55 million) for the first quarter of 2025, compared to a loss of NOK 15.7 million in the same period last year, as construction continued at its land-based facility in Kvalnes, Andøya. The company generated no revenue during the quarter.
The company confirmed that smolt release is scheduled for September 2025, contingent on successful infrastructure testing during July and August. The release will begin with pools K0 and K1, with subsequent transfers as biomass density increases.
“The upcoming smolt release marks a significant milestone for Andfjord Salmon. After more than two years of construction, we look forward to seeing fish in our pools again,” said CEO Martin Rasmussen.
An optimised build-out plan has increased Phase 1 production capacity at Kvalnes from 8,000 to 11,000 tonnes (HOG + post-smolt). Under its existing licence, total expected production output is now projected at 23,700 tonnes, up from 19,000 tonnes.
The company revised its total CAPEX budget upward by NOK 500 million ($48.1 million/€43.1 million), citing higher concrete production costs, additional equipment mobilisation, design changes, and weather-related delays. Approximately NOK 400 million of this increase relates to ongoing construction work.
To partially fund the additional CAPEX, Andfjord Salmon has raised NOK 400 million through a private placement of 10,869,565 new shares at NOK 36.80 per share. The issue was subscribed by existing shareholders, including largest shareholder Jerónimo Martins Agro-Alimentar S.A.
Once fully scaled, the Kvalnes facility is expected to produce 48,100 tonnes. Blended CAPEX is now estimated at NOK 115/kg, according to a stock exchange update from the company.
The board said the placement was conducted without discount and viewed as in the best interests of shareholders due to the need for timely capital without disrupting project timelines.
In addition, the company is considering a new bond issue to finance working capital and production ramp-up, with fixed income meetings expected to begin on 30 May.