Andfjord Salmon eyes major scale-up with largest smolt release, robust financing

Andfjord Salmon is preparing for its second smolt release in September 2025, with plans to introduce 1.1 million smolt this autumn into its land-based facility at Kvalnes, Andøya. This follows the successful completion of waterways, including the inlet tunnel and branch tunnel to pool K0, now filled with seawater and undergoing final preparations. Pool K1 is also nearing completion, with smolt scheduled for release in October. The company's area infrastructure, including the harbor, has been developed to support a future production volume of 48,000 tonnes, significantly exceeding its current license for 23,700 tonnes.

To support this expansion, Andfjord Salmon secured approximately NOK 1.55 billion in Q2 2025 through a NOK 400 million private placement, a NOK 750 million bond issue for investments and working capital, and a NOK 400 million sale-leaseback of the Kvalnes harbor property. Despite these advancements, the company reported a net loss of NOK 26.8 million for Q2 2025 due to ongoing construction, with near-zero revenue as no salmon were produced during the period.

The company is also focused on improving its feed conversion ratio, targeting 1.05 from the first production cycle, through new feeding solutions, enhanced monitoring systems, and its proprietary Calanus Plus feed. New regulations for land-based aquaculture have clarified that Andfjord Salmon's facilities are considered "on land," avoiding proposed purification requirements for existing facilities and enabling progress on applications for salmon farming licenses at Breivik and Fiskenes.