Andfjord Salmon on track for first sales in 2026 as biomass builds.
Andfjord Salmon Group reported continued strong biological performance at its Kvalnes facility on Andøya in the fourth quarter of 2025, with growth and survival in pools K0 and K1 exceeding expectations.
Aggregate survival across the two pools stood at 99.59 percent at the start of this week. Total standing biomass reached 902 tonnes live weight, up around 70 percent since the beginning of the year.
In pool K0, survival was 99.58 percent, average weight 1,350 grams, and standing biomass 471 tonnes. Accumulated feed conversion ratio (FCR) was 0.97. In pool K1, survival was 99.59 percent, average weight 576 grams, standing biomass 431 tonnes, and FCR 0.88.
During Q4 2025, the company raised NOK 300 million ($30.0 million) in new equity from existing shareholders and secured NOK 200 million ($20.0 million) in enhanced bank debt.
Total operating income in the quarter was NOK 0.1 million ($0.01 million), unchanged year-on-year. The company reported a net loss of NOK 73.9 million ($7.39 million), compared with a loss of NOK 18.1 million ($1.81 million) in Q4 2024.
At the end of 2025, cash and cash equivalents stood at NOK 166 million ($16.6 million). This excludes an undrawn construction loan facility of NOK 400 million ($40.0 million) and an undrawn credit facility of NOK 120 million ($12.0 million). Borrowings totalled NOK 1,592 million ($159.2 million) at year-end.
Andfjord continues the build-out of additional pools at Kvalnes, with construction progressing on pools K2, K3 and K4. The company remains in the middle of production cycles and expects to begin reporting revenue from salmon sales during 2026.